Medios (ILM1) Q3 2024 earnings summary

Executive summary

• Achieved record Q3 2024 with EBITDA pre up 42.9% to €24.6 million and margin at 5.0%, driven by Ceban integration and strong PST and Pharmaceutical Supply performance.

• Revenue for the first nine months of 2024 grew 4.2% to €1.4 billion, with EBITDA pre up 20.6% to €55.8 million, reflecting a focus on higher-margin business.

• Integration of Ceban completed in June 2024, expanding international presence and expected to drive future synergies.

• Operating cash flow more than doubled year-over-year to €27.6 million, supporting free cash flow before M&A of €24.0 million.

• Net income after tax for 9M 2024 was €10.4 million, with EPS at €0.43, impacted by higher depreciation, interest, and extraordinary expenses.

Financial highlights

• Q3 2024 revenue was €493.2 million (+0.7% YoY); EBITDA pre €24.6 million (+42.9% YoY); margin 5.0%.

• 9M 2024 gross profit rose 28.3% to €107.3 million, with margin up to 7.7% from 6.2%.

• Extraordinary expenses of €11.7 million, mainly from M&A, stock options, performance-based payments, and ERP implementation, were adjusted under EBITDA pre.

• Free cash flow (before M&A) for 9M 2024 at €24.0 million; investments (CAPEX) at €3.6 million.

• Cash and cash equivalents at September 30, 2024 were about €68 million.

Outlook and guidance

• 2024 revenue expected between €1.9–2.1 billion; EBITDA pre forecasted at €82–91 million, with at least 35% growth and margin around 4.3%.

• Guidance includes integration costs but excludes extraordinary items such as M&A and ERP expenses.

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