CIE Automotive (CIE) Q4 2024 earnings summary

Executive summary

• Achieved record 2024 results with sales of EUR 3,960.6 million, EBITDA margin of 18.4%, and net profit of EUR 325.7 million, outperforming the global market by over 2 points at constant exchange rates.

• Improved operating margins across all geographies, with all regions contributing positively.

• Maintained strong liquidity, strict cash management, and robust cash generation, converting 66.1%–67% of EBITDA into operating cash flow.

• Distributed over EUR 120 million in dividends and maintained high shareholder remuneration.

• Demonstrated resilience and outperformance versus the sector despite challenging macroeconomic conditions.

Financial highlights

• Turnover reached EUR 3,960.6 million, nearly flat year-over-year (+0.03%).

• EBITDA was EUR 727.9 million (18.4% margin), EBIT EUR 538.4 million (13.6% margin), and net profit EUR 325.7 million (+1.7% vs 2023).

• Operating cash flow for 2024 was EUR 463.3 million, with efficient working capital management and stable maintenance CapEx.

• Q4 net result was EUR 67 million, representing over 7% of sales.

• Share price at year-end EUR 25.40, -1.2% vs 2023; target price consensus EUR 32.99.

Outlook and guidance

• 2025 guidance targets continued market share gains in all regions, aiming for EBITDA margin above 19% and EUR 500 million operating cash flow.

• All 2025 operational and ESG commitments confirmed, with focus on internationalization, electrification, and ESG progress.

• Consensus for 2025: EUR 4.1 billion sales, EUR 780 million EBITDA, EUR 585 million EBIT, EUR 365 million net profit, and EUR 791 million debt.

• India and Brazil expected to drive growth, while Europe and North America face ongoing challenges.