(Alliance News) - EuroGroup Laminations Spa reported Friday that first-quarter revenues increased to EUR229.8 million from EUR191.2 million in the same period last year.

The growth was driven by the EV & Automotive segment, with development more than doubling from the first of 2022: revenues increased to EUR116.4 million from EUR55.9 million a year earlier; Industrial's revenues, on the other hand, rose to EUR113.4 million from EUR135.3 million a year earlier.

Ebitda improved to EUR27.0 million from EUR19.0 million, and operating income rose to EUR19.9 million from EUR12.8 million.

Net income increased to EUR9.4 million from EUR4.0 million in the first quarter of 2022.

In the first quarter, net investments amounted to EUR25.1 million, up 12 percent from the first quarter of the previous year, when they were EUR22.4 million, supporting the group's expansion plans, mainly related to the EV & Automotive segment, which accounted for 73 percent of the total investments implemented.

Net debt as of March 31, 2023, decreased by EUR98.4 million to EUR259.4 million from December 31, 2022, to EUR135.1 million, resulting in an improvement in net leverage to 1.2 times in the first quarter compared to 2.5 times do December 2022. The performance was mainly due to the effect of proceeds from the listing process completed in February this year.

"The first few months of the current fiscal year were characterized by strong expansion in the EV & Automotive segment, driven in particular by the Battery Electric Vehicles segment, and a slight contraction in the Industrial segment, partly expected by the group," the company explained.

Based on the EV & Automotive segment's order backlog and updated expectations for the Industrial segment, EuroGroup Laminations estimates revenues between EUR980 million and EUR1.00 billion for 2023, Ebitda of EUR122-126 million, Capex of about EUR95 million, and net trade working capital of between EUR170 million and EUR180 million.

In addition, the company confirms the medium-term guidance provided at the time of its listing on the Milan Stock Exchange.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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