(Finance) – EuroGroup Laminationsa company listed on Euronext Milan and active in the design and production of stators and rotors for electric motors and generators, has closed its first nine months of 2024 with revenues equal to 649.1 million euros, an increase compared to the first nine months of 2023 (in which they were equal to 644.2 million). The result was driven by solid growth in the EV & Automotive segment, which more than offset the contraction in the Industrial segment.
THE’Adjusted EBITDAwhich excludes non-recurring costs, was 82.1 million euros, compared to an adjusted EBITDA of 83.2 million in the same period of 2023.net profit it amounted to 21.6 million euros, compared to 30.5 million in the same period of 2023. Depreciation and financial charges increased.
“The results obtained in September 2024 confirm the continued growth in global demand for electrification of the automotive sectorwith a very positive trend in China, a strategic area for our Group and where revenues continue to record triple-digit growth, with a particular acceleration observed in the third quarter of this year – commented theCEO Marco Arduini – We are also happy to announce the closing of the acquisition and control of Kumar. This operation continues the strengthening of the global positioning of our Industrial Business Unit. We are entering a new market, the Indian one, characterized by great growth potential in the coming years which will allow us to achieve synergies and increase production flexibility”.
THE’net financial debt at 30 September 2024 it amounted to 214.3 million euros, compared to 110.8 million at 31 December 2023, with a financial leverage of 1.9x as of September 30, 2024, compared to 1.0x as of December 31, 2023.
The Order portfolio of the EV & Automotive segment stands at an estimated value of 5.6 billion, to which is added approximately 5.1 billion in the Pipeline as of 30 September 2024
Confirmed goals for 2024 at the low end of the guidance with consolidated revenues of approximately 900 million, EBITDA of approximately 120 million, net investments of approximately 80 million and commercial net working capital of approximately 200 million. The medium-term growth targets have been confirmed, which see a CAGR for the 2024-2026 period of Revenues and EBITDA of between 24% and 27%.