Mobilezone (MOZN) H1 2024 earnings summary

Executive summary

• Net sales increased 3.0% year-over-year to CHF 488 million (currency adjusted), with organic growth offsetting a -1.7% currency effect.

• EBITDA rose 4.8% to CHF 35.0 million, while EBIT remained stable at CHF 28.1 million with a 5.9% margin.

• Net income was CHF 20.3 million, slightly down from CHF 20.9 million in the prior year.

• MVNO sales grew 22.0% to CHF 36.6 million, with postpaid subscriptions up 13.2% to 334,400 and EBITDA contribution rising to 37.1%.

• Refurbished smartphone sales in Switzerland (jusit brand) more than doubled to 7,900 units.

Financial highlights

• Net sales: CHF 480 million (PY: CHF 474 million); currency adjusted CHF 488 million.

• Gross profit: CHF 94.7 million (PY: CHF 96.4 million); currency adjusted CHF 95.8 million.

• EBITDA: CHF 35.0 million (PY: CHF 33.4 million); currency adjusted CHF 35.4 million.

• EBIT: CHF 28.1 million (PY: CHF 28.1 million); currency adjusted CHF 28.4 million.

• Net income: CHF 20.3 million (PY: CHF 20.9 million); EPS CHF 0.47 (PY: CHF 0.48).

Outlook and guidance

• EBIT guidance for 2024 set at CHF 68–75 million, expected at the lower end.

• Dividend payout ratio targeted at 60–80% of net income.

• EBIT margin expected to increase to 8.0% by 2025.

• Net debt/EBITDA to remain below 2, forecasted between 1 and 1.2 by year-end.

• Capex (excluding customer acquisition) to stay below CHF 10 million annually.