EQS-News: Stabilus SE publishes full preliminary figures for FY2024: forecast for revenue and adjusted EBIT margin fulfilled

CORPORATE NEWS

Stabilus SE publishes full preliminary figures for FY2024: forecast for revenue and adjusted EBIT margin fulfilled

• According to preliminary figures, revenue in FY2024 grew by 7.5% to €1,305.9 million (FY2023: €1,215.3 million)

• Adjusted EBIT^[1] at €157.1 million, compared to €158.4 million in the previous year, corresponding to an adjusted EBIT margin of 12.0%

• Profit at €72.0 million (FY2023: €103.3 million) and adjusted free cash flow (adj. FCF^[1]) of €132.8 million (FY2023: €107.3 million)

Koblenz, November 11, 2024 – According to preliminary figures for fiscal 2024 (ended September 30, 2024), Stabilus SE (WKN: STAB1L, ISIN: DE000STAB1L8), one of the world's leading suppliers of motion control solutions for a wide range of industries, achieved revenue growth of 7.5% to €1,305.9 million and an adjusted EBIT margin of 12.0% in an economically very challenging environment, thus fulfilling its forecast for the fiscal year which was adjusted in June 2024.

Revenue in the fourth quarter of FY2024 increased by 9.4% year-on-year to €336.3 million (Q4 FY2023: €307.5 million). This increase was mainly due to the consolidation of Destaco, which had a positive effect on revenue of €46.6 million. Despite a very good performance in the APAC region (+14.1% organic revenue growth), Stabilus recorded at Group level an organic decline in revenue of 2.4% compared to the same quarter of the previous year. The adjusted EBIT margin of 12.5% in the fourth quarter was on a par with the previous two quarters of fiscal 2024.

On a full-year basis, the Group generated revenue of €1,305.9 million according to preliminary figures, compared to €1,215.3 million in the previous year. This represents an increase of 7.5% (organic +0.6%) year-on-year. Adjusted EBIT amounted to €157.1 million (FY2023: €158.4 million) and the adjusted EBIT margin was 12.0%. According to preliminary figures, the Stabilus Group's adjusted free cash flow of €132.8 million in FY2024 was significantly higher than in the previous year (€107.3 million in FY2023). On the one hand, this is due to the free cash flow of the acquired Destaco. On the other hand, the Group-wide increase in adjusted free cash flow is due to optimization of net working capital which for example includes liquidity management measures as part of receivables and payables management. These are expected to be reversed in the following quarters in the amount of €15 million.

Dr. Michael Büchsner, CEO of Stabilus, said: "The past financial year shows that our strategy of diversification and expansion of our industrial business has proved to be successful, especially in a difficult environment. We continue to focus on innovation and the structural trends that benefit our motion control solutions. Destaco's strong position in the industrial automation market not only balances the Stabilus Group's industrial and automotive revenues, but also creates a more favorable risk profile in the current market situation."

Strong organic revenue growth in APAC in FY2024

In Asia-Pacific (APAC), the company recorded strong revenue growth of 16.1% year-on-year to €311.5 million (FY2023: €268.2 million), while revenue in EMEA increased by 5.8% to €525.5 million (FY2023: €496.6 million). In the Americas, revenue grew by 4.1% year-on-year to €469.0 million (FY2023: €450.5 million). The absolute revenue growth in the latter regions is primarily due to the consolidation of Destaco, while organically the revenue declined by 1.2% and 5.7%, respectively. In EMEA, this was mainly due to a weak market for light commercial vehicles and in the Americas because of the weakening Energy & Construction and Automotive sectors.

Automotive Powerise drives organic growth

In terms of business units, Stabilus recorded organic revenue growth of 3.3% to €438.8 million at Automotive Powerise in fiscal year 2024 (FY2023: €429.3 million) and organic growth of 1.4% to €349.5 million (FY2023: €341.4 million) at Automotive Gas Spring. The Industrial Components business unit recorded an organic revenue decline of 2.7% in FY2024. The Industrial Automation business unit, which includes Destaco, generated revenue of €95.4 million after first-time consolidation in the second half of FY2024.

In terms of market segments, Stabilus recorded a strong increase in revenue in Industrial Machinery & Automation, which benefited from the first-time consolidation of Destaco, as well as growth in Aerospace, Marine & Rail (AMR), Health, Recreation & Furniture (HRF) and Automotive (AGS and APR). In the other market segments, there were declines in revenue in the 2024 fiscal year.

Adjusted EBIT margin of 12.0% in FY2024

In FY2024, adjusted operating profit (adjusted EBIT) amounted to €157.1 million, compared to €158.4 million in FY2023. This corresponds to an adjusted EBIT margin of 12.0%, compared with 13.0% in the previous year. In FY2024, profit was €72.0 million (FY2023: €103.3 million). This figure was down significantly year-on-year, driven by depreciation and amortization from Destaco purchase price allocation, acquisition-related advisory costs, as well as higher taxes, after one-time special effects in fiscal 2023.

Stefan Bauerreis, CFO of Stabilus, said in this context: "We have achieved our targets in terms of revenue and margin and have thus proven the stability of the Stabilus Group even in troubled waters. The bridge financing for the Destaco takeover in the amount of €250 million was also replaced in September 2024 by a promissory note with attractive conditions. We have reduced our net debt by more than €50 million in the last six months of the 2024 fiscal year, and our net leverage ratio is stable at 2.8. Our goal is to reduce this to well below 2.0 within the next two to three years.”

An accompanying presentation on the preliminary figures for fiscal 2024 is available in English and can be downloaded on the company's website at ir.stabilus.com. The 2024 annual report with final figures and the forecast for FY2025 will be published on December 9, 2024.

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^[1] Cf. definition/calculation of KPI’s adjusted EBIT and adjusted free cash flow (adj. FCF) in our current financial reports and results presentations, e.g., in our presentation of the preliminary FY2024 results, pp. 27 and 30, that can be downloaded from the company’s website at  ir.stabilus.com.

Investor contact:
Andreas Schröder
Tel.: +49 261 8900 8198
E-Mail: anschroeder@stabilus.com
Web: ir.stabilus.com

Press contact:

Peter Steiner
Tel.: +49 69 794090 27
E-Mail: stabilus@charlesbarker.de
Charles Barker Corporate Communications

About Stabilus

Stabilus is one of the world's leading providers of motion control solutions for customers across a broad spectrum of industries including mobility, health, recreation, furniture, energy, construction, industrial machinery and automation. With more than eight decades of demonstrated expertise, Stabilus offers reliable and innovative motion control solutions that enable, enhance and automate opening, closing, lifting, lowering and adjusting actions. The company's customized damping and vibration isolation technology protects against shocks, vibrations and noise. Employing a workforce of more than six thousand in eleven countries worldwide, the company has its operational headquarters in Koblenz, Germany, and has reported revenue of €1.3 billion in fiscal year 2024 according to preliminary figures. Additionally, the Group maintains regional offices and relations to sales partners in over fifty countries in Europe, North and South America, as well as in Asia-Pacific. Stabilus SE is listed in the Prime Standard segment of the Frankfurt Stock Exchange and included in the MDAX index.

Important Notice

This press release may contain forward-looking statements based on current assumptions and forecasts made by Stabilus Group management and other information currently available to Stabilus. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here.