LU-VE Group: record EBITDA and cash generation amid soft markets
Uboldo (Varese), 13 November 2024 - The Board of Directors of LU-VE S.p.A which met today, has approved the results as of 30 September 2024.
In the first nine months of 2024, the Group achieved:
· sales of €438.4 million, a decrease of 5.6% compared to the same period in 2023
· net of the decline in heat pump sales, product sales grew +2.6% (+6.3% in the third quarter of 2024)
· order backlog of €172 million, an increase of 10.1% compared to December 2023
· reported EBITDA of €64.1 million, or 14.6% of sales, with a growth of 4.6%
· net income - adjusted for extraordinary costs and income – of €28.2 million at 6.4% of sales, in line with the 2023 result.
The net financial position as of 30 September 2024 showed a marked improvement, standing at €125.8 million, with a reduction of €41.8 million compared to the same date in 2023.
“In a context of weak markets, LU-VE Group reaches a new record in terms of EBITDA and cash generation. By the end of 2024, we expect a contraction in sales volumes, but thanks to all the actions implemented to streamline processes and the review of the organization at a global level, we will be able to improve profitability levels. – declared Matteo Liberali, President and CEO of LU-VE Group – In this scenario, we expect the Group to grow in the medium and long term, in line with our strategy and guidance. Finally, I would like to thank all the women and men of LU-VE Group for their sense of responsibility and their passion. It is thanks to this team that we look to the future with optimism.”