(Telestock) – Aquafil closed the first half of the year with revenues of 288.1 million euros, recording a reduction of 7.4% compared to the same period of the previous year. EBITDA stood at 32.6 million, up 4% compared to the previous year, while the EBITDA margin at 30 June 2024 was 11.3% against 10.1% in the same period of the previous year. EBIT was 3.1 million in the half-year.
The semester closes with a net result at a loss for 6.1 million of euros compared to the 4.1 million loss of the same period of the previous financial year.
As of June 30, 2024, the net financial position of the Group is equal to 243.0 million, compared to Euro 248.5 million at 31 December 2023.
Aquafil’s Board of Directors has approved the new Industrial plan for the three-year period 2024-2026with the aim of achieving further consolidation of the Group’s competitive positioning over the Plan period, aimed at supporting an increase in revenues and margins in all business areas. The Plan also includes selected initiatives for technological improvement, efficiency and automation of the production process and cost rationalization.
The Plan includes investments of 90 – 100 million euros of which 30 – 35 million for ordinary investments and 60 – 65 million for
increase and/or optimize production capacity or for the development of new product innovations. Such investments will be financed through the resources currently available, those generated by the characteristic management during the Plan period, as well as by a capital increase of 40 million euros. that the Board of Directors intends to propose to the shareholders’ meeting in order to provide the company with additional resources to support and accelerate the implementation of the Plan. “The capital increase, together with the liquidity that will be generated in the next
exercises – a note underlines – will also provide the Company with financial resources to seize the possible opportunities for acquisitions and mergers that are increasingly presenting themselves and that would allow for further acceleration of growth through a process of consolidation of the market in which it operates”.
In light of the results as at 30 June 2024 and in the context of the definition of the Plan, the company has revised downwards its estimates for the current financial yearpredicting in 2024 volumes growing by approximately 5% compared to the 2023 financial year, at the lower end of the 4% – 7% range indicated in the Guidance 2024/2025. The significant growth in volumes of the Polymers product line (of approximately 40%) was offset by a substantial stability in volumes generated by the other two product lines caused by the weakness of the US market. The volumes expected for the 2025 and 2026 financial years are up compared to the previous year by 15% – 20% and 2% – 4% respectively.
As regards the Group’s margins, EBITDA 2024 expected equal to 65 million up 37% compared to 2023, but 14% lower than the low point of the previously communicated range (76 – 82 million). Expected EBITDA for fiscal years 2025 and 2026 is continuously growing (80 – 87 million and 90 – 96 million respectively).
In terms of Net Financial Position, For 2024, 2025 and 2026 (projecting the effects of the capital increase of Euro 40 million as they have occurred), values of approximately 207 million (in line with the previous 2024 guidance, pre-capital increase), 185 – 195 million and 157 – 167 million are expected respectively.