STEICO (ST5) Q3 2024 earnings summary

Executive summary

• Group sales for the first nine months of 2024 reached €291.0 million, up 3.1% year-over-year, with Q3 demand picking up in some markets.

• Q3 2024 revenues were €100.3 million, up 5.7% sequentially and 8.6% year-over-year.

• Core German market remained stable, while growth was mainly driven by Western European markets.

Financial highlights

• EBITDA for the nine-month period rose 45.9% to €69.1 million year-over-year.

• EBIT increased 86.4% to €47.9 million compared to the same period last year.

• Currency hedging contributed €25.6 million to earnings, up from €9.2 million in the prior year.

Outlook and guidance

• Management expects full-year 2024 revenue of around €375 million, approximately 3% above prior year.

• EBIT for the year is projected at €53–55 million, with Q4 earnings impacted by lower currency hedging and higher depreciation.

• Q4 is typically weaker due to seasonal weather effects.