Meier Tobler Group (MTG) H1 2024 earnings summary

Executive summary

• Revenue declined 13.6% year-over-year to CHF 238.7 million due to lower sales in trading and heat generation, impacted by lingering logistics issues and a sharp drop in the heat pump market.

• EBITDA fell 36.2% to CHF 17.1 million, with net income halved to CHF 8.0 million compared to CHF 16.0 million in the prior year.

• Service business remained stable, while the sale of Meier Tobler Lüftungshygiene AG in June 2024 supported focus on core operations.

• Logistics performance improved, but full recovery of customer trust and pre-incident sales volumes remains challenging.

Financial highlights

• Net revenue: CHF 238.7 million (down 13.6% year-over-year).

• EBITDA: CHF 17.1 million (down 36.2%), EBITDA margin 7.2% (prior year 9.7%).

• EBIT: CHF 9.9 million (down 49.9%), net income: CHF 8.0 million (down 49.9%).

• Operating cash flow: CHF -14.5 million (prior year CHF 6.3 million), impacted by lower earnings and seasonal effects.

• Dividend of CHF 1.30 per share paid, totaling CHF 14.4 million.

Outlook and guidance

• Significant improvement in revenue expected for H2 2024, but full-year results will remain below 2023.

• Dividend at prior-year level is considered secure.

• ERP system upgrade and logistics centralization to be completed by January 2025, positioning for future growth.

• Long-term prospects supported by energy transition trends in Switzerland.