Immsi (IMS) Q3 2024 earnings summary

Executive summary

• Net sales for the first nine months of 2024 were €1,391.6 million, down 15.2% year-over-year, reflecting a challenging global economic environment and reduced consumer spending.

• EBITDA was €222.7 million, down 13.5%, but margin improved to a record 16% from 15.7% in 2023.

• EBIT fell 20.8% to €115.9 million, with margin at 8.3%, down from 8.9%.

• Net profit including non-controlling interests was €34.3 million, down 40.8% from €58 million in 2023.

• Net financial debt increased to €868.1 million from €827.4 million at year-end 2023.

Financial highlights

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

• EBITDA: €222.7 million (16% margin, up from 15.7% in 2023).

• EBIT: €115.9 million (8.3% margin, down from 8.9%).

• Net profit: €34.3 million; Group profit: €10.6 million (down from €22.7 million).

• Profit before tax: €56.9 million, income tax: €22.6 million.

• Group shareholders' equity: €387.5 million at 30 September 2024, down from €395.3 million at 31 December 2023.

• Net financial debt: €868.1 million, up €40.7 million from December 2023.

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

• Approval of a 2024 interim per-share dividend of 1 eurocent.

Outlook and guidance

• Outlook depends on geopolitical and economic stability to support consumer demand.

• Industrial sector to focus on margin and productivity, with investments in new products and ESG initiatives, especially in two-wheeler and commercial vehicle segments.

• Marine/naval sector expects significant expansion in order book and production capacity due to a major contract for coastal minesweepers.

• Real estate and hospitality sector to continue marketing and rental activities, aiming to increase resort clientele.