Plastic Omnium Half-Year Report 2024
Laurent Favre – Chief Executive Officer of OPmobility said:
“OPmobility recorded solid growth in the first half of 2024 across all business segments, outperforming the market and improving its profitability. In a complex environment, marked by a slowdown in the European automotive market, but also lower than expected growth in electric vehicles, the Group improved all its financial aggregates while continuing to deleverage. OPmobility is fully on track and this performance demonstrates the benefits of the transformation we are pursuing each month to address the new mobility challenges. These good results are also a reflection of our geographical diversification strategy.
Highlights
- H1 2024 economic revenuea) of €5,939 million, up +2.1% (+3.5% LFLc)), outperforming global automotive productioni) by +3.8 points, mainly driven by strong growth in the United States.
- Operating margind) of €234 million, up +€24 million, or +12%, driven by more robust activity in H1 2024 compared to H1 2023, as well as controlled cost management. The three business groups, Exterior, Modules and C-Power, reported an improvement in their operating margin year-on-year.
- Net result, Group share of €100 million in H1 2024, stable on H1 2023, after an increase in financial expenses due to higher interest rates.
- Strong free cash flowg) generation of €157 million. Adjusted for the impact of real estate disposals in H1 2023, free cash flow generation in H1 2024 increased by +€20 million year-on-year.
- Reduction in net debt to €1,491 million, down -€49 million on December 31, 2023, with leverage of 1.6x EBITDA.
- Good commercial momentum in lighting, as well as hydrogen with several orders in rail mobility.
- Ongoing strategic initiatives to achieve Scope 1 & 2 carbon neutrality by 20252.
- Distribution of an interim dividend of €0.24 per share for 2024.
- Confirmation of the outlook for 2024, with an improvement in all financial aggregates compared to 2023: revenue, operating margin, net result Group share, free cash flow and net debt.
