Lindbergh (LDB) H2 2024 earnings summary

Executive summary

• Net group result from continuing operations grew 37% year-over-year to €1.61 million, driven by the sale of French activities and margin improvements in core Italian operations.

• EBITDA increased 26% to €4.33 million (margin 17.9%), and EBIT rose 37% to €2.35 million, despite an 11% revenue decline due to the deconsolidation of Lindbergh France.

• The HVAC BU saw revenue surge 575% to €7.99 million, while Waste/Circular Economy BU grew 24% to €3.76 million; Network Management BU declined 47% due to the French exit.

• Net financial debt improved to €3.42 million from €3.79 million, and net bank debt turned cash positive at €518 thousand.

Financial highlights

• Consolidated revenue was €24.13 million, down 10% year-over-year, reflecting the deconsolidation of French operations.

• EBITDA margin improved to 17.9% from 12.7% year-over-year.

• Net profit margin from continuing operations rose to 6.7% from 4.3% year-over-year.

• Shareholders' equity increased to €8.3 million from €6 million, mainly due to a €2.7 million capital increase from warrant conversion.

• Cash and cash equivalents rose 148% to €5.04 million.

Outlook and guidance

• 2025 is expected to bring organic growth in Network Management BU, though not to pre-2024 levels; new collaborations may drive medium-term revenue.

• Waste/Circular Economy BU is projected to sustain strong organic growth, and HVAC BU is expected to become the group leader in aggregated revenue.