Revenues of EUR 415m and EBIT improving to 9.1%, revised outlook for 2024 on the back of soft orders received.
1Result from operations and EBITDA adjusted for PPA related costs, including depreciation and amortization, acquisition related expenses and restructuring costs. In Q4 2023 and Q1 2024, result from operations is also adjusted for one-off write-offs related to product portfolio rationalization.
2Net debt (excluding lease liabilities) / Pro forma LTM adjusted EBITDA (including recent acquisitions) excluding non-cash and one-off costs per Marel's credit agreements.
Latest financial results
Q2 2024 key figures
Revenues of EUR 415m and EBIT improving to 9.1%, revised outlook for 2024 on the back of soft orders received.
415.2m
Revenues in EUR
37.7m
Adjusted EBIT in EUR
393.4m
Orders received in EUR
538.5m
Order book in EUR
“Encouragingly we have now seen sequential margin improvement in the second quarter, reflecting actions we are undertaking to improve our business. We though continue to operate in a challenging market environment which is reflected in our soft orders received. We are reassured that fundamentals in our industry are improving and we should see a pickup in orders during our second half. Whilst this improvement is being seen now, its benefit will be felt in the back end of this year and into the next financial year. Consequently, we now expect to deliver low single digit revenue decline and EBITDA at 13%-14% and EBIT at 9-10% for the current year.
As we look ahead, we remain confident that as we move through the trough of the cycle, our leading position, focus and attractive markets all underpin our confidence in delivering our mid-term targets. Alongside this, we progressed the potential merger with JBT during the half, with the transaction agreement signed and the offer launched in June. We continue to expect the transaction to close before the year end and are excited about the two complementary teams coming together to accelerate progress and better serve customers to the benefit of all stakeholders. I want to commend the dedication and valuable contribution of our teams across the world in navigating this changing environment, driving our business forward and making a meaningful positive impact on food systems worldwide.“
There is continued short-term uncertainty due to rising geopolitical tension, persistent inflation, and the high-interest rate environment. This is evidenced by the lower-than-expected projects orders received in the first half of the year.
Orders received are expected to build up in 2H24, market outlook is improving and there are positive signs in customer sentiment, especially for poultry. To deliver revenue growth and improved operational performance, build up of the order book is needed.
Outlook for full-year 2024 revised to 9-10% EBIT and 13-14% EBITDA and revenue decline of low single digits.
Outlook for the mid-term is unchanged. Marel operates in attractive growth markets with expected long-term average market growth of 4-6% annually, supported by favorable secular trends, focused on automation, robotics technology and digital solutions to optimize processing and address customers’ challenges of better utilization of raw materials, labor scarcity, high input costs and rising number of end products.
Marel will publish its financial results according to the below financial calendar:
Financial results will be disclosed and published after market closing of both Nasdaq Iceland and Euronext Amsterdam.
Marel regularly participates in exhibitions around the world where it showcases the company’s innovative solutions. In addition, Marel hosts its own trade shows and KnowHows in the company’s demonstration facilities. Here are some of Marel’s upcoming events in 2024:
On Thursday 25 July 2024, at 10:30 am CET (8:30 am GMT), Marel will host a virtual investor meeting where CEO Arni Sigurdsson and CFO Sebastiaan Boelen will give an overview of the financial results and operational highlights in the second quarter 2024.
Please note that the investor meeting is virtual only.
The investor meeting will be streamed live via Zoom and a recording will be made available after the meeting on the Investor relations section.
Webcast registrationContact IR
For further information, please contact Marel Investor Relations via email IR@marel.com or tel. (+354) 563 8001
Tinna Molphy
Marino Thor Jakobsson
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