Robit (ROBIT) Q2 2024 earnings summary

Executive summary

• Orders received in Q2 2024 grew 13.6% to €25.8M, driven by Top Hammer and Geotechnical segments, with Australasia as a key growth market despite only satisfactory construction demand.

• Net sales increased by 0.9% year-over-year to €24.6M in Q2, with H1 2024 net sales up 2.4% to €47.4M; profitability improved due to cost-saving actions.

• Comparable EBIT rose to €0.7M in Q2 (2.7% margin), and H1 EBIT improved by €3.0M to €1.7M (3.7% margin) year-over-year.

• Net income reached €1.1M in H1 2024, compared to a €2.4M loss in H1 2023.

• Emission intensity reduced by 35.7% from 2020 baseline, 10 percentage points lower than end of last year.

Financial highlights

• Q2 2024 net sales: €24.6M (+0.9% YoY); Q2 comparable EBITDA margin: 6.8%; comparable EBIT margin: 2.7%.

• H1 2024 EBITDA: €3.7M (7.9% margin); EBIT: €1.7M (3.7% margin); EPS: €0.05 in H1 2024 (up from -€0.12 in H1 2023).

• Q2 result for the period: €0.6M; net working capital decreased by €4.4M year-on-year.

• Cash and cash equivalents at end of Q2: €13.5M; total interest-bearing loans: €29.9M.

• Equity ratio at 48.6%; gearing improved to 34.6% from 59.6% a year ago.

Outlook and guidance

• Guidance for 2024 unchanged: net sales and comparable EBIT in euros expected to improve from 2023.

• Mining demand expected to remain strong; construction demand satisfactory but below earlier expectations.

• Long-term target: comparable EBIT margin of 10%.