Haulotte Group (PIG) H1 2024 earnings summary

Executive summary

• Revenue for H1 2024 declined by 10% year-over-year to €364.5 million, reflecting a global market slowdown, especially in Europe and Asia-Pacific, partially offset by strong growth in North America.

• North America grew 9% overall and 14% in equipment sales, now representing the largest market share, while Europe and Asia-Pacific declined and Latin America remained stable.

• Current operating income (excluding FX) rose to €30.9 million (8.5% margin), up from €15.6 million (3.9%) in H1 2023, driven by price increases, improved component and transport costs, and strong North American performance.

• Net income increased to €16.3 million (4.5% margin), a significant improvement from a €0.3 million loss in H1 2023, despite higher financial charges and negative FX effects.

• Gross margin improved to €90 million (24.8% of sales), up €19 million from H1 2023, driven by price increases and cost improvements.

Financial highlights

• Equipment sales fell 12% to €316 million; rental sales dropped 3% to €11 million; services grew 3% to €36 million.

• Net debt (excluding guarantees and IFRS 16) decreased by €30 million to €210 million since December 2023, driven by strong operational performance.

• Fixed costs increased 6% year-over-year, mainly in SG&A.

• Working capital days increased from 127 to 131; DSO rose to 66 days.

• EBITDA and cash flow improved, with gross financial debt at €279.5 million, down from €301.7 million at end-2023.

Outlook and guidance

• Full-year 2024 sales expected to decline by about 10%.

• Current operating margin for 2024 forecasted above 5% of sales (excluding FX gains/losses).

• Focus for H2: margin restoration, working capital optimization, and US market growth.