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 sales revenue was €69.2 million, up 12.8% year-over-year on a like-for-like basis, with solid performance in Europe and South America, but a slowdown in the US.

• Normalised EBITDA for Q3 2024 reached €9.2 million (13.3% margin), a 5% increase from Q3 2023; nine-month EBITDA was €32.1 million (15.1% margin), up 31.9%.

• Normalised net profit for Q3 2024 was €2.4 million, down 53.2% year-over-year due to higher costs and absence of one-off gains; nine-month net profit was €12.6 million, up 49.5%.

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

Financial highlights

• Q3 2024 sales revenue grew 1.8% to €69.2 million; nine-month sales up 20.4% to €212.3 million.

• Q3 2024 normalised EBIT was €4.5 million (6.4% margin); nine-month EBIT €18 million (8.5% margin), up 36.7% year-over-year.

• Net financial debt at 30 September 2024 was €77 million, down from €83.7 million a year earlier, but up from €73.2 million at year-end 2023.

• Net working capital at 30 September 2024 was 27.7% of revenue, down from 36.3% a year earlier.

• Free cash flow for the first nine months was €6.7 million.

Outlook and guidance

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

• Order intake recently affected by customer inventory reductions, typical for year-end.

• Expansionary monetary policies may support housing and appliance markets in Europe and the US.

• 2025 focus on global market share growth, product diversification, and synergies from acquisitions.