Teixeira Duarte (TDSA) H2 2023 earnings summary

Executive summary

• Operating income reached €872.9M in 2023, down 3.4% year-over-year, with EBITDA up 27.9% to €76.8M and EBIT more than doubling to €38.4M. Net loss attributable to equity holders was €11.8M, an improvement from the €13.3M loss in 2022. Net financial debt decreased by €50.7M to €647.3M. Equity fell by €82.2M, mainly due to the devaluation of the Angolan Kwanza.

Financial highlights

• Sales and services rendered were €767.2M, down 8% year-over-year. Portugal's share of operating income rose to 47.3% (from 34.2%), while foreign markets declined to 54.9%. EBITDA margin improved to 8.8%. Financial results improved to -€14.5M from -€28.9M. Net assets decreased 10.6% to €1.52B, mainly due to currency effects.

Outlook and guidance

• The construction order book stood at €1.08B at year-end. For 2024, the group expects consolidated operating income above €800M, with continued focus on operational efficiency and risk management, especially regarding inflation and currency volatility in Angola.