Tamtron Group (TAMTRON) H1 2024 earnings summary

Executive summary

• Achieved record-high revenue and EBITDA for H1 2024, with revenue up 5.2% year-over-year to €24.8 million and EBITDA up 13% to €2.9 million, despite a challenging market environment.

• Onboard and digital services segments were key growth drivers, with Onboard segment revenue up 17.9% year-over-year, while system solutions/Industrial Weighing faced delayed customer investment decisions, especially in the battery industry.

• Maintained profitability and business model resilience through diversified offerings and customer segments, despite inflationary pressures.

• Continued strategic focus on organic growth, international expansion, and potential acquisitions.

Financial highlights

• Revenue for H1 2024 was €24.8 million, up 5.2% from H1 2023 (€23.6 million).

• EBITDA increased by 13.0% to €2.9 million (11.7% margin), and operating profit grew by 20.9% year-over-year.

• Adjusted operating profit (excluding goodwill amortization) was €2.22 million (8.9% margin).

• Net profit was €0.59 million, up from €0.37 million in H1 2023; EPS was €0.08.

• Order intake rose 1.4% from the previous year, though order backlog declined versus last year but improved from year-end.

Outlook and guidance

• 2024 revenue guidance narrowed to €54–56 million, with EBITDA margin expected to remain at 10–13%.

• Uncertainty remains regarding timing and realization of large system deliveries.

• Focus areas for 2024 include accelerating organic growth, maintaining profitability, and improving cash flow.

• Long-term targets: €96 million revenue and 16% EBITDA margin by 2027, with digital services to reach 10% of revenue.