Miquel y Costas & Miquel (MCM) Q2 2024 earnings summary

Executive summary

• Consolidated net sales for H1 2024 reached €164.1 million, down 2.1% year-over-year, mainly due to lower industrial product sales despite growth in the tobacco segment.

• EBITDA increased by 8.2% to €44.1 million, and net profit rose 10.5% to €26.8 million compared to H1 2023.

• Operating profit improved by 9.6% year-over-year, confirming margin recovery driven by commercial policies and easing energy cost pressures.

• The group initiated its 2024-2026 investment plan, increasing net fixed assets by €2.0 million after €10.0 million in amortizations.

Financial highlights

• Net sales: €164.1 million (down 2.1% year-over-year).

• EBITDA: €44.1 million (up 8.2% year-over-year).

• Operating profit: €34.1 million (up 9.6% year-over-year).

• Net profit: €26.8 million (up 10.5% year-over-year).

• Cash flow after tax: €36.8 million (up 8.6% year-over-year).

Outlook and guidance

• Expects to maintain growth trajectory in Q3 2024 despite ongoing energy and raw material price volatility and geopolitical instability.

• Reaffirms 2024 objectives, with continued investment in technology and logistics planned for H2.