Revenue growth of around 8% and outstanding profitability expansion in the second quarter of 2022 despite an exceptionally high comparison base
Strong revenue growth, above the reference market, despite a particularly challenging comparison base (~+20% in the second quarter of 2021 compared to the second quarter of 2019)
Excellent increase in profitability with the recurring ebitda margin up 40 basis points compared to the second quarter of 2021, even after significant investments in the business
Strong cash generation with free cash flow of 107.6 million euros in the first half and net financial position at 895.3 million euros, after investments of around 180 million euros in capex, m&a, share buyback and dividends
The company is positive on its previously issued FY2022 outlook
MAIN RESULTS FOR H1 2022
- Consolidated revenues of 1,037.2 million euros, an increase at current exchange rates of 11.3% and of 9.1% at constant exchange rates compared to the first half of 2021
- Recurring EBITDA amounted to 260.1 million euros, an increase of 12.7% compared to the first half of 2021, with the margin at 25.1%, thanks to greater operating efficiency, even after significant investments in the business
- Recurring net profit reached 89.9 million euros, 14.4% higher than in the same period of 2021
- Free cash flow came to 107.6 million euros, lower than in the first half of 2021 due to higher Capex
- Net financial debt was 895.3 million euros compared to 871.2 million euros at December 31st, 2021, after Capex of 48.0 million euros, net cash-out for M&A of 31.0 million euros, share buyback of 42.9 million euros and dividends of 58.2 million euros, with financial leverage at 1.67x at June 30th, 2022
MAIN RESULTS FOR Q2 2022
- Consolidated revenues of 541.4 million euros, an increase at current exchange rates of 7.6% and of 5.0% at constant exchange rates compared to the second quarter of 2021
- Recurring EBITDA amounted to 147.3 million euros, an increase of 9.2% compared to the second quarter of 2021, with the margin rising 40 basis points to 27.2%
- Recurring net profit was 57.0 million euros, 5.2% higher than in the second quarter of 2021
ENRICO VITA, CEO
“We are truly satisfied with the results achieved in the second quarter, considering the exceptionally challenging comparison with the same period of 2021. We grew more than the market, further increasing our share in core markets, and we also recorded an outstanding profitability expansion, even after significant investments in the business.
Looking ahead, we are confident of being ideally positioned to continue to grow and create value in any possible scenario, including in a volatile and uncertain environment as the current one.”
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