Medios (ILM1) Q2 2024 earnings summary

Executive summary

• Revenue grew 6.3% year-over-year to €907.3 million in H1 2024, with EBITDA pre up 7.3% to €31.1 million, including one month of Ceban's contribution.

• Ceban acquisition completed in June 2024, fully consolidated for one month, expanding international presence and marking a milestone in European specialty pharma expansion.

• Strong operating cash flow of €34 million, a significant turnaround from -€75.2 million in H1 2023, driven by positive operating result and working capital management.

• Executive Board expanded and contracts extended; Luxempart became a new strategic shareholder with a 14.9% stake.

• Medios reincluded in the Deutsche Börse SDAX index as of July 15, 2024.

Financial highlights

• H1 2024 revenue: €907.3 million (+6.3% YoY); EBITDA pre: €31.1 million (+7.3% YoY); EBITDA pre margin stable at 3.4%.

• Gross profit rose to €60.4 million, with margin up to 6.7% from 6.4% year-over-year.

• Operating cash flow reached €34 million; free cash flow before M&A at €32.3 million.

• Net income after tax declined 30.9% year-over-year to €6.4 million; EPS at €0.27 (down from €0.39).

• Equity ratio decreased to 53.9% from 78.8% at 2023 year-end due to new debt for Ceban acquisition.

Outlook and guidance

• 2024 guidance confirmed: revenue expected at €1.9–2.1 billion, EBITDA pre at €82–91 million, with at least 35% EBITDA pre growth and margin of ~4.3%.

• Guidance reflects delayed Ceban consolidation and regulatory price adjustments in Germany.

• Adjusted EBITDA pre excludes €5.7–6.6 million in extraordinary expenses for 2024.