Brembo:

H1

2024

results

30 July 2024

First half 2024:​

Revenues at €2,004.8 million, +2.8% compared to H1 2023 (+3.3% on a like-for-like exchange rate basis)​

EBITDA at €351.4 million (EBITDA margin: 17.5%); EBIT at €218.8 million (EBIT margin: 10.9%)
                 

Net investments and increases in leased assets at €186.5 million

​
Net financial debt at €613.6 million (€435.0 million prior to the application of IFRS 16), up €51.3 million compared to 30 June 2023.

Brembo Executive Chairman Matteo Tiraboschi stated: 

“Brembo closed the half year exceeding €2 billion revenue for the first time. EBITDA also continued to grow, demonstrating the Group’s ability to ensure profitability despite the pressures of the harsh geopolitical and market situation. Although the context remains complex, we continue to pursue with confidence our ambitious investment plan, in line with the strategies we are implementing to support the expansion of our global manufacturing and project-related capacity, particularly in Asia and in the Aftermarket. Moreover, we are forging ahead with our digital evolution, as witnessed by the recent acquisition of a stake in the U.S. startup Spoke Safety, specialising in connected mobility solutions.”

First half 2024 results

Brembo’s Board of Directors, chaired by Matteo Tiraboschi, examined and approved the Group’s results at 30 June 2024.

In the reporting period, net consolidated revenues amounted to €2,004.8 million, up 2.8% (+3.3% on a like-for-like exchange rate basis) compared to the first half of the previous year.

In the first half of the year, the car segment increased by 4.3%, motorbike applications by 1.0%, and racing applications by 3.8% compared to H1 2023. Commercial vehicles dropped by 6.1%.

At geographical level, sales declined by 1.7% in Italy, while they rose by 1.7% in Germany, by 7.3% in France and by 20.5% in the United Kingdom (+19.0% on a like-for-like exchange rate basis).

The North American market (USA, Mexico and Canada) grew by 0.4% (+0.5% on a like-for-like exchange rate basis), while the South American market (Brazil and Argentina) decreased by 4.6% (-4.5% on a like-for-like exchange rate basis).

India grew by 21.1% (+22.6% on a like-for-like exchange rate basis), and China by 7.2% (+11.1% on a like-for-like exchange rate basis).

In H1 2024, the cost of sales and other net operating costs amounted to €1,290.1 million, with a 64.4% ratio to sales, down in percentage terms compared to the first half of 2023 (65.6% of sales, equal to €1,279.0 million).

Personnel expenses amounted to €371.4 million, with an 18.5% ratio to sales, increasing compared to the same period of the previous year (17.2% of sales).

At 30 June 2024, Brembo People numbered 16,191, compared to 16,149 at 31 March 2024 and 15,653 at 31 December 2023.

EBITDA amounted to €351.4 million (EBITDA margin: 17.5%) compared to €344.0 million (EBITDA margin: 17.6%) for H1 2023.

EBIT amounted to €218.8 million (EBIT margin: 10.9%) compared to €217.9 million (EBIT margin: 11.2%) for H1 2023.

Net interest expense for the period amounted to €18.0 million (€6.6 million in H1 2023) and included interest expense amounting to €13.2 million (€9.9 million in H1 2023) and net exchange losses of €4.8 million (net exchange gains of €3.3 million in H1 2023). Income from investments was €11.1 million compared to €12.2 million in H1 2023.

Pre-tax profit was €211.9 million compared to €223.4 million for H1 2023.

Based on the tax rates applicable under current tax regulations in force in each country, estimated taxes amounted to €53.7 million (€55.0 million in H1 2023), with a tax rate of 25.3% compared to 24.6% for the same period of the previous year.

The first half of the year ended with a net profit of €156.3 million, down 6.8% compared to the same period of the previous year (€167.8 million).

Net financial debt at 30 June 2024 amounted to €613.6 million, up €51.3 million compared to 30 June 2023. Excluding the impact of IFRS 16, net financial debt would have been €435.0 million, up €46.5 million compared to 30 June 2023.

Significant Events After 30 June 2024

On 10 July, Brembo announced the acquisition of a stake in Spoke Safety, a U.S. startup specialising in the development of digital communication technologies between vehicles and the road ecosystem.

With this investment, Brembo continues to strengthen its expertise in software and cloud connectivity for the digital innovation of its solutions. The main goal is to facilitate the communication of braking systems with other connected elements in the surrounding environment.

As a result of the transaction, Spoke Safety has joined the portfolio of Brembo Ventures, the company’s venture capital unit that invests globally in top technological startups to support Brembo’s innovation and accelerate the development of new mobility solutions for tomorrow. ​

Foreseeable Evolution

Despite the significant worsening of the automotive market outlook in recent months and the ongoing geopolitical tensions at global level, Brembo expects to close the year with a moderate revenue growth, with percentage margins in line with those of 2023.

For information:

Luca Di Leo - Chief Communications Officer

E-mail: luca.dileo@brembo.com 

Daniele Zibetti - Corporate Media Relations

E-mail: daniele.zibetti@brembo.com 

Roberto Grazioli - Chief Investor Relations Officer
E-mail: roberto.grazioli@brembo.com

Laura Panseri - Investor Relations Senior Manager
E-mail: laura.panseri@brembo.com