Q1 2024 Results - Investor Presentation
Key Highlights - Q1 2024 at a glance
Solid Network sales development of +4.4% in Q1 2024 in a difficult market environment leading to a
+1% EBITDA increase and +25% Free Cash Flow generation vs. Q1 2023.
Network Sales
4.4%
€ 334.2m
€ 320.0m
Reported EBITDA
1.3%
€ 116.7m
€ 118.3m
36.5%
(1.1)pp
35.4%
Free Cash Flow and leverage
25.5%
€ 149.5m
€ 119.1m
n.c.
2.76x
Q1 2023
Q1 2024
Increase in network sales of +4.4% with €334.2m in
Q1 2024 compared to €320.0m in Q1 2023 (of which
€2.1m network sales in Agatha China in Q1 2024
compared to none in Q1 2023 as the entities were
not yet consolidated).
This good performance confirms the ongoing
growth of the group across the board resulting from
all the group projects to develop strong and well-
known brands (+1.9% LFL growth) despite a tougher
market environment.
Q1 2023
Q1 2024
EBITDA increased by €1.5m compared to Q1 2023,
due to the increase in network sales across the
board, resulting from the Group's strategy to limit
price increases to secure volume growth, not offset
by the increase in the cost of goods sold, personnel
expenses and energy costs.
Q1 2023
Q1 2024
Free Cash Flow generation in Q1 2024 increased by
€30.4m as compared to Q1 2023 mainly due to a
more favorable change in Working Capital mainly
related to the sale of €14m physical gold inventory
for hedging purposes, not offset by higher CAPEX
with a higher level of stores' openings.
Leverage as of December 31, 2023 is 2.76x,
compared to 3.14x as of September 30, 2023.
THOM
Q1 2024 Results - Investor presentation March 15, 2024
p.6View entire presentation