Highlights:
- After 2 record-years, Etex’s financial performance remains solid and in line with the company’s 2024 forecasts - despite significant drops on the new build and renovation markets - with contractions averaging double digits across Europe.
- Revenue decrease of 4.2% to EUR 1,931 million compared to the same time last year (-5.7% like-for-like) following volume declines.
- REBITDA decrease of 5% to EUR 377 million compared to the same time last year (-7.5% like-for-like). Margins remain stable and strong at 19.5% of sales, in line with last year, helped by intense costs management.
- Stable financial debt at EUR 1,174 million and continued investments for future growth through capital expenditure and acquisitions. Solid balance sheet.
- Outlook for the rest of 2024: careful and regular evaluation in response to the volatile situation.
Comment from Bernard Delvaux, CEO of Etex: “For over a year now Etex and the construction sector have faced challenging market conditions characterised by a sustained decline in new build and renovation activities across most regions, resulting in a drop in volumes. Nevertheless, we delivered a resilient performance with stable REBITDA margins in the first half of 2024, in line with our anticipations and targets for the period.
Despite this difficult context, we continued to future-proof our activities through significant global capital expenditure and strategic acquisitions to expand in new markets. We also made significant progress towards our 2030 sustainability ambitions and improved the engagement of our people.
For the rest of 2024, we will continue our careful and regular assessment and adaptation to the volatile situation, just as we have done so in previous months and years. These elements combined should help Etex continue to deliver good results and help build living spaces that are ever safer, more sustainable, smart and beautiful.”