Teixeira Duarte (TDSA) H1 2024 earnings summary

Executive summary

• Returned to profitability with consolidated net income of €11M, reversing a €3M loss in H1 2023; order book in construction rose 15% to €1.24B.

• Revenue grew 0.6% year-over-year to €377M, with strong real estate performance offsetting declines in construction and automotive.

• EBITDA fell 7.4% to €42M, mainly due to lower real estate revaluations in Angola; construction became the largest EBITDA contributor.

• Net financial results worsened due to negative FX effects, but lower financial charges partially offset this.

Financial highlights

• Operating income (EBIT) was €24.9M, down 7.9% year-over-year; EBITDA at €41.7M, down 7.4%.

• Net income attributable to shareholders was €9.5M, compared to a €3M loss in H1 2023.

• Net debt increased to €684M, up €37M from December 2023; financial autonomy improved to 10.4%.

• Total assets decreased 1.2% to €1.5B, mainly due to FX translation adjustments.

• No dividends were distributed in 2024.

Outlook and guidance

• Expects to maintain operations across all sectors, with continued inflation and FX volatility risks, especially in Angola and Brazil.

• Maintains guidance for consolidated operating income of around €900M for 2024.

• Construction order book at €1.24B supports future revenue.