H1 2024 revenue impacted by cyclical factors
- High volatility on electricity prices leading to customers
adopting a wait-and-see attitude
- Agricultural crisis intensified by weather conditions
- Longer-than-anticipated cycle times in the Industries/Local
authorities business
- Q2 2024 revenue at €16.3 million, -18% vs. Q2 2023, backlog1 as
of June 30, 2024 at €34.6 million
Evolution of Groupe OKWIND's strategy as a key player in the
sector’s consolidation
- Development of collective self-consumption (SCC) to support a
global solarization offering
- Expansion of the Offer with the marketing of a hybrid,
optimized and differentiating solution for the BtoB market
Adjustment of 2024 targets and confirmation of 2026
outlook
- Sales momentum expected to rebound in the second half of 2024
across all business lines
- 2024 revenue close to the one recorded in 2023
- 2024 consolidated EBITDA rate above 10%
- 2026 targets confirmed: revenue of €175 million and EBITDA rate
of around 20%
Construction of a new industrial facility, operational by the
end of 2025
- Setting up of a new R&D center
- Production capacity to triple over time
Regulatory News:
Groupe OKWIND (FR0013439627 – ALOKW), which is
specialized in the design, manufacture and sale of smart energy
generation and management systems dedicated to self-consumption,
today announces its revenue for the first half of 2024, ended June
30, 2024.
Louis MAURICE, Founder and Chairman of Groupe OKWIND,
comments: "After delivering solid performances over the last
semesters, the early part of 2024 has been characterized by a less
favorable environment, temporarily impacting our growth trajectory.
As a forerunner in individual self-consumption, we are shifting our
positioning towards collective self-consumption. We are already
offering an enhanced range of products on all our BtoB markets.
Concurrently, we have launched the construction of our new
industrial facility, which will significantly increase our
production capacity. These strategic initiatives will sustain our
future growth and enable us to confirm all our financial targets
for 2026".
Activity for the first half of 2024
in €million
30/06/2024
30/06/2023
Change in %
Revenue
31.4
37.5
-16%
of which BtoB
27.7
33.5
-17%
of which BtoC
3.7
4
-7%
In the first half of 2024, Groupe OKWIND's business was
penalized by several cyclical factors, more particularly a volatile
electricity price environment compared with the previous year.
In the second quarter of 2024, Groupe OKWIND recorded revenue of
€16.3 million, compared with €20 million a year earlier. The
first-half revenue thus amounts to €31.4 million, down 16% compared
with the first half of 2023. The revenue breaks down as
follows:
- 88% of revenue from the BtoB segment: €27.7
million, down 17%, - 12% of revenue from the BtoC segment: €3.7
million, down slightly by 7%.
More specifically, in the Farm business, the Group’s largest
market, the crisis in the sector, particularly adverse weather
conditions and uncertainties linked to the recent economic and
political environment have been impacting the Group's sales
momentum.
In the Industries/Local authorities business line, momentum
remained steady. However, the sales cycle in the Water and
sanitation market turned out to be longer than expected.
Firm order intake totaled €30.6 million as of June 30, 2024,
compared with €45.2 million as of June 30, 2023. The backlog stands
at €34.6 million as of June 30, 2024.
Evolution of Groupe OKWIND’s strategy as a key player in the
sector’s consolidation
The expected development of collective self-consumption is a
strategic driver for which Groupe OKWIND has developed its
Offer.
Groupe OKWIND now provides a comprehensive and optimized
solution for the management and production of any forms of solar
energy. This hybrid Offer broadens the range of solutions available
to all BtoB market business lines.
Development strategy and outlook
Over the course of the second half of 2024, Groupe OKWIND should
experience an acceleration in its sales momentum, with sales growth
across all business lines. In the Farm business, Groupe OKWIND
steps up its initiatives with major private and cooperative groups.
In the Industries/Local authorities business line (including Water
and sanitation), the Group benefits from a significant portfolio of
offers providing opportunity to record order intake in line with
its initial business plan.
The Group also intends to capitalize on the new global energy
management Offer in the coming weeks, which will be featured at the
SPACE (September 2024), POLLUTEC (November 2024) and Salon des
Maires (November 2024) professional exhibitions.
In that respect, the Group revises its short-term targets.
Revenue in 2024 should be close to the level recorded in 2023,
while the consolidated EBITDA rate for the current year should be
above 10%.
The various strategic levers activated enable Groupe OKWIND to
confirm its financial targets for 2026, with revenue of €175
million and an EBITDA rate of approximately 20% in 2026.
Construction of a new industrial facility, operational by the
end of 2025
In line with the strategy presented at the time of the IPO, the
Group has decided to invest in a new industrial facility, in line
with its unchanged growth ambitions. Groupe OKWIND has just
launched the construction of this facility, which will be
operational by the end of 2025. Groupe OKWIND intends to triple its
production capacity ultimately and will also benefit from a new
R&D center.
Next financial announcement: Publication of 2024
Half-Year Results and 2024 Third Quarter Revenue, on October 16,
2024 (after market close)
About Groupe OKWIND
Founded in 2009 by Louis Maurice, Chairman and CEO, Groupe
OKWIND develops solutions for the production and consumption of
green energy in short supply chains. Our comprehensive approach,
combining energy generation and management, aims to strengthen
energy autonomy and thus accelerate the ecological transition.
Thanks to its unique technological ecosystem, Groupe OKWIND enables
self-consumption to assert itself as a new avenue for energy. A
solution that can be quickly deployed, managed in real time and at
a competitive price, without subsidies. Every day, we work to
deploy local, low-carbon, fixed-cost energy for professionals and
individuals. In 2023, Groupe OKWIND generated consolidated revenue
of €82.5 million and today has 235 employees, with more than 3,700
installations throughout France.
For more information: www.okwind.fr
1 The backlog corresponds to orders for which a purchase order
has been signed, some of which are invoiced on delivery and the
remainder on commissioning of the trackers.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240724708699/en/
Groupe OKWIND Investor Relations investors@okwind.fr
NewCap Thomas Grojean/Aurélie Manavarere Investor
Relations okwind@newcap.eu T.: +33 (0)1 44 71 94 94
NewCap Nicolas Merigeau Media Relations okwind@newcap.eu
T.: +331 44 71 94 98
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