STIF (ALSTI) H2 2023 earnings summary

Executive summary

• Achieved consolidated revenue of €35.5M in 2023, up 14% year-over-year, driven by strong growth in explosion protection products and international expansion.

• EBITDA rose 37% to €4.7M, with net income (group share) up 16% to €2.0M.

• Major strategic moves included a successful IPO on Euronext Growth Paris, raising €9M, and acquisitions in the US and plastics sectors.

• Over 78% of revenue generated outside France, with significant growth in the US and BESS (Battery Energy Storage System) segments.

Financial highlights

• Consolidated revenue: €35.5M (2023) vs. €31.2M (2022), +14%.

• EBITDA: €4.7M (+37% YoY); operating income: €3.2M (+23% YoY).

• Net income (group share): €2.0M (+16% YoY); net margin improved.

• Group equity: €15.2M (2023) vs. €6.0M (2022), reflecting capital increase.

• Net financial debt: -€1.4M (net cash position).

Outlook and guidance

• Targeting €61M revenue by 2025 (CAGR 25% from 2022) and €80M by 2027 (CAGR 21%).

• EBITDA margin expected above 12% in 2025 and 15% in 2027.

• Q1 2024 revenue at €12.8M, +77% YoY, with a major €10M contract signed with Tesla for BESS panels in the US.

• Continued focus on international expansion, especially in the US and Asia.