STIF (ALSTI) H1 2024 TU earnings summary

Executive summary

• Sales for H1 2024 surged by 69.3% year-over-year to €27.7 million, driven by strong momentum in explosion protection products and rapid growth in the BESS segment.

• BESS (Battery Energy Storage System) business generated €11.0 million in H1 2024, representing 40% of total sales, compared to zero in H1 2023.

• Major contracts confirmed for 2024 include €13 million with Tesla and €5 million with Sungrow for explosion-proof panels in the USA and China.

Financial highlights

• Total H1 2024 sales reached €27.7 million, up from €16.3 million in H1 2023.

• Explosion protection product sales rose to €16.5 million from €5.2 million year-over-year, accounting for 59.5% of total sales.

• Bulk handling equipment sales remained stable at €10.1 million year-over-year.

• STIF France contributed 86.7% of group sales, up 74% to €24.0 million.

Outlook and guidance

• Sales ambition reiterated at around €80 million by 2027, with growing confidence in achieving this target.

• Commissioning of a new Texas-based production unit in September 2024 will support US market growth.