SIT (SIT) H2 2024 earnings summary

Executive summary

• 2024 was marked by economic, industry, and political uncertainties, prompting a focus on business model flexibility and cost structure optimization.

• Efforts were made to diversify revenue streams and technology portfolio through new ventures and projects.

• SIT received notable ESG recognitions, including Ecovadis Gold rating and gender equality certification.

• Consolidated revenues for 2024 were €299.5 million, down 8.2% year-over-year, with Q4 revenues at €76.7 million, down 8.9% from Q4 2023.

• Adjusted net result was a loss of €10.5 million versus a near break-even in 2023.

Financial highlights

• FY 2024 consolidated revenues were €299.5M, down 8.2% year-over-year.

• Adjusted EBITDA margin improved to 9.2% from 8.9% in 2023; normalized EBITDA reached €30.5M (10.2%).

• Adjusted net income was -€10.5M versus -€0.3M in 2023; reported net income was -€31.6M, impacted by impairments.

• Cash flow from operations improved to €18.2M from -€14.9M in 2023.

• Net debt reduced by €7.8M to €145.9M; Net Debt/EBITDA Adj stable at 5.3x.

Outlook and guidance

• High single-digit consolidated revenue growth expected in 2025, mainly in H2, driven by market share gains and new product launches.

• Adjusted EBITDA margin anticipated to return to double digits, supporting further net debt reduction.

• Product diversification in Heating & Ventilation and cost optimization initiatives to support top-line and margin improvement.

• Guidance does not factor in potential impacts from duties and tariffs.