Lindbergh (LDB) H1 2024 earnings summary

Executive summary

• Revenue for H1 2024 rose 19% year-over-year to €15.61M, driven by HVAC sector expansion, business diversification, and growth in Waste/Circular Economy services.

• EBITDA increased 18% to €2.14M, with a margin of 13.5%.

• Net profit grew 12% to €847.9K, with adjusted growth of 18% excluding a one-off 2023 stock grant reversal.

• Significant acquisitions in HVAC and Waste/Circular Economy sectors, including Alberti Srl, RCR Srl, Vergottini Srl, and EPS Srl.

• Strategic partnership with LVMH for circular economy services and launch of the Regenesis project.

Financial highlights

• Total consolidated revenue: €15.61M (+19% YoY); EBITDA: €2.14M (+18% YoY); EBIT: €1.23M (+19% YoY); Net profit: €847.9K (+12% YoY).

• HVAC BU contributed €2.24M in revenue (new in 2024), Waste/Circular Economy €1.77M (+17% YoY), Network & Warehouse Management €11.33M (-1% YoY).

• Net financial debt increased to €4.9M (+€1.1M from Dec 2023), mainly due to acquisitions.

• Shareholders’ equity: €6.47M (+8% vs. Dec 2023).

• Cash and cash equivalents at €2.36M (+16% vs. Dec 2023).

Outlook and guidance

• HVAC BU expected to see significant revenue growth in H2 2024 due to full consolidation of recent acquisitions and seasonal effects.

• Waste/Circular Economy BU projected to maintain strong growth, supported by new projects with LVMH and Regenesis.

• Network & Warehouse Management BU anticipates slight revenue improvement from new customers and volume stabilization.