Sabaf (SAB) Q3 2024 earnings summary

Executive summary

• Achieved record nine-month revenue of €212.3 million, up 20.4% year-over-year (+12.7% like-for-like), with strong organic growth and new market share gains globally.

• Q3 2024 normalised revenue rose 12.8% year-over-year to €69.2 million, with solid performance in Europe and South America, but a slowdown in the US.

• Expansion of new production plants in Mexico and India contributed to growth, with further impact expected in 2025.

Financial highlights

• Nine-month normalised EBITDA increased 31.9% to €32.1 million (15.1% margin), and normalised EBIT rose 36.7% to €18 million (8.5% margin).

• Normalised net profit for nine months was €12.6 million, up 49.5% year-over-year.

• Q3 2024 normalised EBITDA was €9.2 million (13.3% margin), up 5% year-over-year; normalised EBIT was €4.5 million, down from €6 million due to a prior-year capital gain.

• Q3 2024 normalised net profit was €2.4 million, down 53.2% year-over-year, impacted by higher production costs.

Outlook and guidance

• 2024 revenue expected between €276–280 million, up 15–17% from 2023.

• Anticipates positive effects from expansionary monetary policies and further growth in 2025, especially from new plants and recent acquisitions.