Wolftank Group (WAH) H1 2024 earnings summary

Executive summary

• Sales more than doubled to EUR 62m in H1 2024, reflecting robust growth and successful integration of Petroltecnica.

• EBITDA nearly quintupled to EUR 4.8m, with margin rising to 8% from 3.5% year-over-year.

• EBIT improved to EUR 1.4m from EUR -0.6m, and profit before tax turned positive at EUR 0.25m.

• Net cash flow increased to EUR 6.1m, and group equity rose by a third to EUR 25.5m.

• All business segments reported improved performance, with strong order backlog supporting future growth.

Financial highlights

• Sales: EUR 62.0m (H1 2024) vs EUR 30.1m (H1 2023).

• EBITDA: EUR 4.8m (H1 2024) vs EUR 1.0m (H1 2023); margin 8.0% vs 3.5%.

• EBIT: EUR 1.4m (H1 2024) vs EUR -0.6m (H1 2023); margin 2.2% vs -2.0%.

• Profit after tax: EUR -0.8m (H1 2024) vs EUR -1.4m (H1 2023).

• Net cash flow: EUR 6.1m (H1 2024) vs EUR 1.2m (H1 2023).

Outlook and guidance

• Positive outlook for the remainder of 2024, supported by strong order book and project pipelines.

• Stable yet competitive business environment expected.

• All five research houses covering the company forecast a strong outlook with a consensus target share price of EUR 20.68 and a "buy" recommendation.

• Energy transition and global focus on climate seen as long-term growth drivers.