Teixeira Duarte (TDSA) H2 2023 earnings summary

Executive summary

• Operating income reached €873M, stable year-over-year, with EBITDA up 27.9% to €77M and EBIT up 105% to €38M.

• Net loss of €3M, an improvement of €12M from 2022, mainly due to high taxes and currency devaluation impacts.

• Net financial debt reduced by €51M to €647M, continuing a multi-year deleveraging trend.

• Equity decreased by €82M, mainly due to the devaluation of the Angolan Kwanza.

• Construction remains the core activity, with significant operations in Portugal, Angola, Brazil, and Mozambique.

Financial highlights

• Operating income: €872.9M, down 3.4% year-over-year; sales and services rendered: €767.2M, down 8%.

• EBITDA: €76.8M (+27.9%); EBIT: €38.4M (+105.1%); EBT: €23.9M (vs. -€10.2M in 2022).

• Net income attributable to equity holders: -€11.8M (vs. -€13.3M in 2022).

• Net financial debt: €647.3M, down €50.7M from 2022.

• Equity: €149.3M, down 35.5% from 2022.

• Financial autonomy: 9.8%.

Outlook and guidance

• Construction orders portfolio at €1.08B as of year-end 2023.

• 2024 consolidated operating income expected to exceed €800M.

• Continued focus on deleveraging, operational efficiency, and sustainability.