Aquafil Group
[ECNL:IM] - [ECNLF: OTCQX]
9M 2024 Financial Results
October 28, 2024
1. Key messages
- SHARP PROFITABILITY GROWTH (9M 2024 +30% vs 9M 2023)
- PERCENTAGE MARGINS CONTINUED TO IMPROVE
- ECONYL® BRANDED AND REGENERATED PRODUCTS INCREASED TO 54% OF REVENUES GENERATED FROM FIBERS
- NFP/EBITDA RATIO FURTHER IMPROVED
- USA VOLUMES RECOVERED
- CAPITAL INCREASE WITH OPTION RIGHTS PLANNED BY THE END OF THE YEAR
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2. Financial results
9M
% on Revenues
3Q
% on Revenues
Revenues | EBITDA | Net profit | NFP | ||||||||
2024 | 2023 | Δ% | 2024 | 2023 | Δ% | 2024 | 2023 | Δ% | 30.09.24 | 31.12.23 | Δ% |
416,1 | 442,2 | (5,9)% | 48,1 | 37,0 | 29,9 % | (8,8) | (17,1) | 48,7 % | (265,0) | (248,5) | 6,6 % |
11,6% | 8,4% | (2,1)% | (3,9)% | ||||||||
127,9 | 131,1 | (2,4)% | 15,5 | 5,7 | 171,8 % | (2,6) | (12,9) | 79,5 % | |||
12,1% | 4,3% | (2,1)% | (9,8)% | ||||||||
SALES
VOLUME1
+6,3% compared to 9M23
(2,7)% compared to 3Q23
EMEA and Asia
Market in line with
expectation
USA
Recovery trend
ECONYL®
Ca. 54% of Fiber Revenues in
9M and 56,7% in 3Q
EBITDA
Higher to 9M 2023
Due to
personnel costs decrease
and
lower raw material and
utilities costs
NET PROFIT
Lower to 9M 2023
Mainly due to
Increase of net financial
costs
NFP
Lower vs Dec. 23
NFP/EBITDA LTM
x4,52
on 30th September 2024
x5,23
on 31st December 2023
- Based on "First Grade Product" revenues
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2. Financial results - Revenues by components
Higher volumes of 6,3% compared to 9M 2023 and lower of 2,7% compared to 3Q 2023
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2. Financial results - Volumes
EMEA: volumes +12,2% vs 9M23 and (5,3)% vs 3Q23:
- Recovery trend for NTF shown in 3Q2024
- BCF and Polymers in line with expectations
USA: volumes ca (5,0)% vs 9M23 and +2,1% vs 3Q23 :
- BCF and NTF increasing trend seen in 3Q2024
Asia: volumes +7,8% vs 9M23 and (2,9)% vs 3Q23:
- BCF in line with budget YTD
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2. Financial results - Revenues breakdown by Product Line and Area
9M - Revenues breakdown by Product Line
11,4% | 7,8% |
16,2% | 19,2% |
72,4%73,1%
9M249M23
BCF NTF Polymers
9M - Revenues breakdown by Area
17,6%15,9%
28,8%32,2%
53,2%51,6%
9M249M23
EMEA USA Asia & Oceania
3Q - Revenues breakdown by Product Line
10,2%8,7%
15,9%15,5%
74,0%75,9%
9M249M23
BCF NTF Polymers
3Q - Revenues breakdown by Area
18,2%18,0%
31,8%33,5%
49,6%48,2%
9M249M23
EMEA USA Asia & Oceania
(1) Rest of World not included
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2. Financial results - Revenues: ECONYL® products
ECONYL® products increased accounted for 54% in 9M 2024 and for 56,7% in 3Q 2024
9M - ECONYL Revenues on Fiber %
54,0%49,7%
46,0%50,3%
2024 | 2023 | |||
Other Fibers | ECONYL® | |||
3Q - ECONYL Revenues on Fiber %
56,7%54,2%
43,3%45,8%
2024 | 2023 | |||
Other Fibers | ECONYL® | |||
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2. Financial results - P&L: KPI
9M
2024 | 2023 | Δ% | |
Revenues | 416,1 | 442,2 | (5,9)% |
EBITDA | 48,1 | 37,0 | 29,9 % |
% on net Sales | 11,6 % | 8,4% | |
EBIT | 3,9 | (4,4) | 188,7 % |
% on net Sales | 0,9% | (1,0)% | |
EBT | (10,3) | (14,9) | 30,6 % |
% on net Sales | (2,5)% | (3,4)% | |
NET RESULT | (8,8) | (17,1) | 48,7 % |
% on net Sales | (2,1)% | (3,9)% |
3Q
2024 2023 Δ%
127,9 131,1 (2,4)%
15,5 | 5,7 | 171,8 % |
12,1% | 4,3% | |
0,8 | (8,5) | 109,5 % |
0,6 % | (6,5)% | |
(3,1) | (12,8) | 75,7 % |
(2,4)% | (9,8)% | |
(2,6) | (12,9) | 79,5 % |
(2,1)% | (9,8)% |
Data in € million | 8 |
2. Financial results - NFP and NPF/EBITDA
- NFP on 30th September 2024 equal to 265,0 €/mln vs 248,5 €/mln on 31st December 2023
- Ratio NPF/EBITDA LTM at x4,52
NFP Evolution - €/mil | NFP/LTM EBITDA | ||
265,0 | 5,23 | ||
248,5 | 4,52 | ||
30-set-24 | 31-dic-23 | 30-set-24 | 31-dic-23 |
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3. Outlook
In these first nine months, profitability marked a significant increase over the same period last year with margins exceeding 12 percent in the third quarter.
The net financial position, excluding the impacts of IFRS 16 accounting standard, showed an important decrease from last year. The NFP/EBITDA ratio also continued to improve, as expected.
Demand in Asia Pacific and EMEA confirmed budget forecasts for the current year. The U.S. region showed signs of recovery in both fibers' product lines, despite the impacts of Hurricane Helene in North Carolina.
The fourth quarter is expected to see further profitability improvement, continued decline in debt, and increasing volumes, confirming the Business Plan.
The capital increase operation to support the Business Plan is expected to be completed by the end of the current year. If any rights remain unopted at the end of the subscription period, the final deadline to execute them will be January 31, 2025.
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