Half Year 2024 Opmobility SE Earnings Call Transcript
Key Points
- Solid earnings growth in H1 2024 compared to both H1 and H2 2023.
- US has become the largest revenue-generating country for OPmobility (PASTF), reflecting successful geographic diversification.
- Strong commercial momentum with a robust order intake, particularly in hydrogen and lighting sectors.
- Significant outperformance in North America with 11% growth, now representing 30% of total revenues.
- Improved financial metrics including operating margin, free cash flow, and net result compared to previous periods.
- Underperformance in the Chinese market, particularly in the C-Power and module segments.
- Lighting business continues to suffer from a decrease in sales due to a weak order book prior to acquisition.
- Challenges in the BEV segment with volumes 45% below expectations, impacting investment and operational efficiency.
- H2 and e-Power segments are still in the investment phase, resulting in negative operating margins.
- Market volatility and declining vehicle production forecasts for 2024, posing challenges for future growth.
(video playing).
Good morning, everybody, and welcome to the presentation of our 2024 results. I am here today with Felicie Burelle, bonjour Felicie, and Stephanie Laval, bonjour Stephanie. We will comment for sure the business highlights of the first semester 2024. We will talk as well about the financials, and we will finish with the outlook and with the traditional Q&A session with the with all of you.
But first of all, let me talk about the executive summary. That means the main topics of a semester of 2024. Basically, I want to first of all to thank the OPmobility team because we are very, satisfied with the solid result in the first semester 2024 having a market, which does remain uncertain and volatile, but we continue to develop the company. We continue to transform the company and we continue to outperform the market.
The main topics I wanted to highlight in the executive summary. First of all, solid earnings rose in the first semester of 2024 compared to H1 2023, but also to H2 2023. That means
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