LANDI RENZO (LNDR) Q4 2023 earnings summary

Executive summary

• FY 2023 revenue reached €303.3M, down 1.0% year-over-year, with Green Transportation driving 70% of sales, up from 66% in 2022.

• Profitability declined sharply due to unfavorable revenue mix in Green Transportation and delayed major orders in Clean Tech Solutions.

• Net result was a loss of €36.4M, significantly worse than the €14.3M loss in 2022, impacted by higher financial charges and deferred tax write-offs.

Financial highlights

• Group adjusted EBITDA fell to €7.0M from €15.3M year-over-year; EBITDA margin dropped to 2.3% from 5.0%.

• EBIT was negative at €-16.6M, compared to €-6.0M in 2022.

• Net financial position (NFP) worsened by €20.1M, ending at €-112.4M, mainly due to limited profitability, capex, and financial charges.

• Cash and cash equivalents decreased to €26.5M from €63.0M year-over-year.

Outlook and guidance

• 2024 turnover expected in line with 2023, with improved profitability in Green Transportation.

• More favorable sales mix and acceleration of Clean Tech Solutions order intake anticipated to drive improvements in H2 2024.