Implenia (IMPN) H2 2024 earnings summary

Executive summary

• Achieved all 2024 financial targets with increased profitability, stable revenue, and a strong order book of CHF 6.8 billion, maintaining high quality and stability.

• EBIT reached CHF 130.5 million (+6% year-over-year), with a margin of 3.7%, and equity ratio improved to 21.2% from 19.8%.

• Board proposes a 50% higher dividend of CHF 0.90 per share, yielding 2.9%.

• All divisions contributed positively; order book remains high and of good quality.

• Positive free cash flow of CHF 227 million in H2, with consistent EBIT over CHF 40 million per half-year for four years.

Financial highlights

• Revenue stable at CHF 3.6 billion year-over-year.

• EBIT of CHF 130.5 million, including a CHF 31 million one-off from Ina Invest contract adjustment.

• Net income at CHF 93.4 million, not comparable year-over-year due to one-off tax effects.

• Adjusted free cash flow at CHF 58.2 million, excluding strategic investments.

• Equity increased 14% to CHF 656.7 million.

Outlook and guidance

• 2025 EBIT target set at approximately CHF 140 million; medium-term EBIT margin target over 4.5% and equity ratio of 25%.

• Positive order trend expected, supported by a strong pipeline and incoming Ina Invest payment.

• Positive growth forecasts in Switzerland and Europe, especially in civil engineering.

• Anticipates continued dividend payments and sustainable profitability.

• New CEO Jens Vollmar to take over from April 2025.