Meier Tobler Group (MTG) H2 2024 earnings summary

Executive summary

• Revenue declined 9.1% to CHF 496.2 million in 2024, mainly due to a historic 23% drop in the heating market.

• EBITDA fell 14.8% to CHF 41.3 million; EBITDA margin at 8.3%.

• Net income decreased 21.6% to CHF 21.3 million, impacted by CHF 10.3 million goodwill amortization.

• Dividend per share increased to CHF 1.60 (from CHF 1.30), split equally between retained earnings and capital reserves.

• SAP S/4HANA ERP system successfully implemented, supporting digital transformation.

Financial highlights

• Gross margin slightly improved as lower operating costs partially offset revenue decline.

• Cash flow from operations (net) was CHF 30.8 million, down from CHF 42.9 million.

• Net debt at CHF 10.9 million; net debt/EBITDA ratio of 0.26x.

• Equity ratio increased to 53.4% (prior year: 52.0%).

• Dividend payout and share buybacks totaled CHF 25.3 million.

Outlook and guidance

• Long-term trend toward heat pumps remains intact; high renovation potential in Switzerland with over 1 million buildings.

• Positive construction market outlook due to lower interest rates and rising building permits.

• No financial guidance for 2025 due to uncertainty on timing and strength of market recovery.