Somero Enterprises, Inc. · LSE:SOM
Somero Enterprises — FY2024 Earnings Presentation
26 slides from Somero Enterprises's earnings presentation, March 2025
Slide 1: 2024 Results Presentation
2024 RESULTS PRESENTATION. INSERT SUBTITLE/ SPEAKER NAME HERE
Slide 2: 2024 Highlights
SOLID TRADING IN H2 DRIVEN BY REVENUE FROM NEW PRODUCTS AND IMPROVED WEATHER CONDITIONS 2024 HIGHLIGHTS Revenue • Final trading results in line with revised market expectations, with improved momentum in H2 2024 over 2024 US$ 109.2 H1 2024 2023 US$ 120.7 • Trading in North America continued to be im
Slide 3: Financial Highlights
FINANCIAL HIGHLIGHTS US$ MILLIONS (EXCEPT PER SHARE DATA) 2024 2023 Commentary: Revenue 109.2 120.7 • Profitability decline primarily attributable to Adjusted EBITDA (1,2) 27.7 36.5 decrease in sales of Boomed screeds in North America and Australia Adjusted EBITDA margin (1,2) 25% 30% • Profit margi
Slide 4: Sales by Territory
SALES BY TERRITORY US$ MILLIONS 2024 2023 Commentary: North America(1) $ 82.2 $ 88.4 • North America declined 7% due to lower large-line Boomed screed sales. Demand for non-residential Europe 14.6 15.1 construction remained healthy, however macro Australia 6.6 9.9 factors impeded trading Rest of Wor
Slide 5: Sales by Product
SALES BY PRODUCT US$ MILLIONS 2024 2023 Commentary: Boomed screeds(1) $ 43.1 $ 53.9 • Product mix is dictated by the size and type of projects Ride-on screeds(2) 20.3 20.4 Remanufactured machines 7.1 6.8 • Sales of Boomed screeds in North America was impacted by severe inclement weather in H1, 3-D P
Slide 6: Operating Results
OPERATING RESULTS US$ MILLIONS 2024 2023 Commentary: Revenue $ 109.2 $ 120.7 • Gross margin primarily reflects net price Gross profit increase partly offsetting continued input 58.8 67.4 cost increases Operating expenses: • Operating expenses increased in part due to Selling, marketing & customer su
Slide 7: Financial Position
FINANCIAL POSITION DECEMBER DECEMBER US$ MILLIONS 31, 2024 31, 2023 Commentary: Cash $ 29.5 $ 33.3 • Cash decrease from year-end 2023 reflects US$ 15.8m dividend payments, capex and share Accounts receivable, net 9.3 8.8 buyback, offset by cash flow from operations Inventory 18.9 19.4 • Accounts rec
Slide 8: Cash Flows
CASH FLOWS US$ MILLIONS 2024 2023 Commentary: Net income $ 18.6 $ 27.9 • Decrease in net income mainly attributable to Adjustments to reconcile to cash 2.4 2.4 the revenue decline in North America and provided by operating activities Australia compared to the prior year period Net working capital ch
Slide 9: Dividend Policy
DIVIDEND POLICY Interim dividend: US$ 0.0800 per share Ordinary Dividend: Final dividend: US$ 0.0889 per share The dividend payout ratio is 50% of adjusted net income. $m 18.6 Less interim dividend 50% 9.3 4.4 4.9 Adjusted Annual dividend net income Supplemental Dividend: Supplemental dividend: $m U
Slide 10: International Growth - Europe
INTERNATIONAL GROWTH - EUROPE ❖ US$ 14.6m in revenue in 2024 (2023: US$ 15.1m) ❖ Revenue from new customers represented 26% of the total European revenue in 2024 (2023: 36%) ❖ Parts and service revenue Kampenhout, BE declined 10% on 2023, relatively consistent with the decline in new machine sales ❖
Slide 11: International Growth - Australia
INTERNATIONAL GROWTH - AUSTRALIA Melbourne, Australia ❖ US$ 6.7m in revenue in 2024, declining 33% from record high US$ 9.9m in 2023 ❖ Trading was impacted by inclement weather that caused significant project delays in H1, which was not recovered in H2 ❖ Revenue from new customers represented 49% of
Slide 12: End Markets and Competitive Position
END MARKETS AND COMPETITIVE POSITION ❖ Historically, the competitive landscape has not changed materially year- over-year ❖ Competitors have been in the market since the beginning (one in US and a handful in Europe) ❖ With the growth of economies and non-residential construction, along with the matu
Slide 13: 2024 New Products
2024 NEW PRODUCTS • The first Somero® battery operated Laser Screed® Machine • No emissions and no compromise on productivity • Same screeding power as gas or diesel • On-board charging (120v or 240v), including generator package • Eight hours of run time on one charge, screed as much as 35,000 sq f
Slide 14: More for 2025
MORE FOR 2025 SRS-4e • The first Somero® battery operated Boomed Laser Screed® Machine • No Emissions and no compromise on productivity • Same screeding power as gas or diesel • On-board charging, including generator package • 5 hours of run time, screed as much as 35,000 sq feet Phase 1.0 per day •
Slide 15: 2025 Outlook
2025 OUTLOOK ❖ Overall US non-residential construction ❖ Europe continued to deliver good results market remains healthy supported by new products and long- term opportunity to deepen market ❖ Elevated interest rates, labor shortages penetration across the region and concrete rationing continued to
Slide 16: Questions
OMERO WSN ENTERPRISES, INC QUESTIONS
Slide 17: Appendices
APPENDICES INSERT SUBTITLE/ SPEAKER NAME HERE
Slide 18: Leaders in Leveling
LEADERS IN LEVELING Actively participate in concrete Building Owners/End-Users Specifying Flat, Level Floors: construction associations ❖ Extensive track record of Golden Trowel Awards for laser screeded floors won using a Somero Laser Screed® ❖ Golden Trowel award given annually to commercial concr
Slide 19: Our Proven Model
OUR PROVEN MODEL WHAT WE DO Somero’s laser-guided technology and wide-placement methods have been specified for use in a wide range of construction projects. Warehousing Assembly Parking WHO WE WORK WITH plants structures Somero operates in markets across the globe and has sold products in 90+ count
Slide 20: Products & Applications
PRODUCTS & APPLICATIONS RELEASE PRODUCT APPLICATION MARKET BOOMED SCREEDS: S-22EZ SRS-6s 2024 SRS-6s 2022 S-PS50 SLAB ON 25,000-50,000+ ft2 placements GRADE 2022 S-28EZ warehouses, manufacturing S-PS50 assembly plants, tilt-panel and 2014 S-22EZ (re-launch in ‘23) CAST-IN- agricultural buildings PLA
Slide 21: Training and Expertise
Training and Expertise Somero does more than sell equipment. The Company helps customers grow profitable businesses by providing access to world class training and concrete placement & finishing expertise. Since 2021, Somero has enhanced its on-demand and virtual training capabilities to meet our cu
Slide 22: Global Reach
GLOBAL REACH LEADERS IN LEVELLING OUR LOCATIONS At Somero we provide industry-leading concrete levelling equipment, North America training, education and support to customers in over 90+ countries. Fort Myers, Florida: Global headquarters and Somero Our innovative technology allows contractors to co
Slide 23: Our ESG Framework
OUR ESG FRAMEWORK Our goal is to strike the right balance between shareholder expectations and the needs and concerns of our employees and customers, the communities we live in, and the environment. Social Somero is dedicated to fostering an open and inclusive working environment for our employees,
Slide 24: ESG in Action
ESG IN ACTION Concrete Industry Harry Chapin Food Bank Management S-485 Donation Industry Support Charitable Donations Employee Volunteering PTO Employee Training Somero Concrete Institute Habitat for Humanity Omega House Customer Training 24
Slide 25: ESG in Action
ESG IN ACTION Environmental Study Phase I: 2021 Middle Tennessee State University research study identified environmental benefits from the use of Somero laser screed equipment over traditional manual methods by reducing concrete. Environmental Study Phase II: Colorado State University study complet
Slide 26: Historical Results
HISTORICAL RESULTS YEARS ENDED DECEMBER 31, US$ Millions (except per share data) 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Revenue 24.2 21 21.9 32.2 45.1 59.3 70.2 79.4 85.6 94.0 89.3 88.6 133.3 133.6 120.7 109.2 Revenue growth -53.4% -13.2% 4.3% 47.0% 40.1% 31.