Robertet (RBT) H1 2024 earnings summary

Executive summary

• Achieved strong sales growth of 10.1% year-over-year in H1 2024, with organic growth at 9.6% and all regions contributing positively.

• Recurring EBITDA margin improved to 21.4% of sales, up 190 basis points from H1 2023, driven by lower unit costs and positive divisional mix.

• Net income attributable to the group rose 29.4%–29.7% year-over-year, reaching €52.1 million.

• Successful integration of Sonarome (acquired December 2023) contributed positively to results and scope effect.

• Maintained industry leadership in ESG, with EcoVadis platinum status and 55 certified supply chains.

Financial highlights

• Consolidated sales reached €414.6–€415 million (+10.1% year-over-year); organic growth 9.6%.

• Recurring EBITDA increased 20.9% to €88.9–€89 million, margin 21.4%.

• Net income: €52.1 million (+29.7% year-over-year); EPS: €24.71 (vs. €19.13 in H1 2023).

• Net operating cash flow improved over 40% to €46.1 million; free cash flow before acquisitions reached €30.4 million.

• Net cash at period end: €154.2 million (vs. €101.5 million in H1 2023).

Outlook and guidance

• Targeting full-year 2024 organic sales growth of 7%, with EBITDA margin expected to improve over 2023.

• H2 EBITDA margin expected to be lower than H1 due to normalization of raw material costs and sales momentum.

• Long-term ambition to surpass €1 billion in sales by 2030, with gradual profitability improvement.