(Finance) – Aristona group listed on Euronext Milan and active in renewable and high-efficiency solutions for water and space heating, has closed the first nine months of 2024 with net revenues to €1,906 million, down 14.7%, on an organic basis, compared to the first nine months of 2023, of which €632 million in the third quarter, down 13.7% YoY, due to the prolonged weakness in market demand. EBIT adjusted to 97 million euros, down 56.4% compared to the first nine months of 2023, of which 40 million euros in the third quarter, -43.9% YoY. The adjusted EBIT margin in the third quarter it reached 6.3%, up 200 basis points compared to the previous quarter, thanks to efficiency initiatives.
“In line with our expectations, the market remained weak – commented theCEO Maurizio Brusadelli – We have significantly improved our margins compared to the previous quarter, thanks to a series of initiatives aimed at reducing costs and redefining investment priorities. Furthermore, our disciplined inventory management has resulted in increased cash flows. As we continue to deliver on our product and sustainability roadmaps, Ariston Group’s long-term profitable growth remains our top priority, driven by the energy transition.”
There net financial position (net debt) of €716 million, compared to €611 million as of December 31, 2023, following the payment of dividends, the acquisition of the production facility in Egypt, and the buyback program.
There guidance for 2024 is confirmed. Net revenues in the range between -12% and -15% YoY, on an organic and “like-for-like” basis. The decline is due to weak demand in Europe, especially in the heating sector. Adjusted EBIT margin at approximately 6.0%, due to the reduction in revenues, the effects of operating leverage, the unfavorable country mix and the increase in labor costs, partially mitigated by efficiency initiatives.