Brembo, 9 month revenues are close to 3 billion euros. More challenging context

Brembo 9 month revenues are close to 3 billion euros

(Finance) – Bremboa group listed on Euronext Milan and active in the production of braking systems, closed the first nine months of 2023 with consolidated net revenues equal to 2,919 million euros, up 7% (+8.8% at constant exchange rates) compared to the first nine months of the previous year. L’EBITDA amounts to 500.2 million euros (17.1% of revenues) and compares with 482.3 million euros in the same period of 2022 (17.7% of revenues). L’Net income is 231.1 million euros, down 1.6% compared to the same period of the previous year.

“The results for the first nine months of 2023, approved today by the Board of Directors, reflect Brembo’s growth trend in a increasingly challenging global context – commented the Executive President Matteo Tiraboschi – Despite the general and significant worsening of the macroeconomic and geopolitical scenario, Brembo records revenues of almost 3 billion euros, an increase of 7%, consolidating the already significant results of the first nine months of 2022″.

“The society confirms the ability to generate positive cash flowswhile reducing debt, while continuing with its ambitious investment programs – he added – We remain focused on the innovation of our solutions and, strengthened by the continuous appreciation of customers, we look to the future with confidence, passion and determination”.

L’net financial debt as at 30 September 2023 it stood at 454.1 million euros, down by 176.6 million compared to 30 September 2022. Without the effects of IFRS 16, net financial debt would be 282.4 million euros, down by 123.2 million compared to 30 September 2022.

Despite the significant change in the global geopolitical and macroeconomic scenario and the effects of the strikes called by the UAW (United Auto Workers) in the United States, the company is expected for the current year mid-high single digit growth in revenues and confirmation of percentage margins in line with the previous year.