Amper (AMP) H1 2024 earnings summary

Executive summary

• Sales increased 12.4% year-over-year to €203.2M, with EBITDA up 30.5% to €12.2M and EBITDA margin rising 0.8 percentage points to 6.0%, driven by organic growth and efficiency measures.

• Both business units—Defense, Security & Communications and Energy & Sustainability—contributed to growth, with the order backlog reaching €399.6M (+1% YoY, +3.6% vs. Dec 2023).

• Net financial debt/EBITDA improved to 3.9x, down from 4.2x at 2023 year-end, with a target of 3.2x by year-end.

• Results are aligned with annual targets of €428M in sales and €35M EBITDA for organic business.

Financial highlights

• Revenue: €203.2M (+12.4% YoY); EBITDA: €12.2M (+30.5% YoY); EBIT: €3.6M (+38.5% YoY).

• Net result: -€3.8M, mainly due to higher financial expenses and FX losses; would be at break-even including a €3.7M gain from a post-period asset sale.

• Order backlog: €399.6M (+1% YoY, +3.6% vs. Dec 2023).

• Net financial debt: €111.2M (+5% vs. Dec 2023); cash and equivalents: €20.1M.

• Working capital decreased by 6.8% to €30.2M.

Outlook and guidance

• On track to meet 2024 targets: €428M in sales, €35M EBITDA, and net debt/EBITDA ratio of 3.2x.

• Commercial pipeline and backlog support full-year objectives; potential for additional sales and EBITDA from ongoing inorganic growth initiatives.

• Guidance may be affected by acceleration of planned divestments or inorganic growth operations.