Implenia (IMPN) H1 2024 earnings summary

Executive summary

• EBIT reached CHF 50.5 million, with revenue up to CHF 1,741 million and a high order backlog of CHF 7.1 billion; all divisions contributed positively.

• Equity ratio increased to 20.5%, and all divisions are well positioned with attractive service portfolios.

• 2024 EBIT target of around CHF 130 million and medium-term financial targets are confirmed.

• Management transition announced: Jens Vollmar to become CEO in April 2025; changes in Civil Engineering leadership effective September 2024.

Financial highlights

• Revenue rose to CHF 1,741 million, up 2.7% year-over-year on a currency-adjusted basis.

• EBIT was CHF 50.5 million (H1 2023: CHF 49.9 million); net profit reached CHF 26.4 million.

• EBIT margin stable at 2.9% for H1 2024.

• Free cash flow (excluding Wincasa payment) was CHF -209 million, impacted by real estate investments and lower advance payments.

• Equity increased to CHF 601.5 million, up 20% year-over-year; equity ratio improved to 20.5%.

Outlook and guidance

• 2024 EBIT target of around CHF 130 million reaffirmed; medium-term goals: EBIT margin over 4.5% and equity ratio of 25%.

• Positive outlook for construction output in Switzerland and Europe; German residential market remains challenging.

• Order intake expected to increase in the second half of 2024, supported by easing inflation and interest rates.