Immsi (IMS) Q3 2024 earnings summary

Executive summary

• Revenue for the first nine months of 2024 was €1,391.6 million, down 15.2% year-over-year, mainly due to weaker consumer demand globally.

• EBITDA decreased by 13.5% to €222.7 million, but margin improved to 16% of revenue, the highest ever for the group.

• Net profit attributable to shareholders was €10.6 million, down from €22.7 million in the same period last year.

• Net financial debt increased to €868.1 million, up €40.7 million from December 2023, mainly due to lower operating cash flow in the industrial segment.

Financial highlights

• Revenue: €1,391.6 million (down 15.2% year-over-year).

• EBITDA: €222.7 million (down 13.5%), margin at 16% (up from 15.7%).

• EBIT: €115.9 million (down from €146.4 million), margin at 8.3%.

• Net profit: €10.6 million (down from €22.7 million).

• Net financial debt: €868.1 million (up from €827.4 million at end-2023).

• Investments: €133.6 million, mainly in the industrial segment.

Outlook and guidance

• The group expects future performance to depend on geopolitical and economic stability, with continued focus on cost management and investments in new products and ESG initiatives.

• The industrial segment (Piaggio) will prioritize margin and productivity, with investments in product innovation and energy transition.

• The naval segment aims to execute new contracts, notably the major minehunter program for the Italian Navy, ensuring a strong order backlog.