Accelleron Industries AG / CH1169360919

Accelleron upgrades revenues and profitability guidance for 2024 after strong first half-year Half-year revenues at USD 505 million, a growth of 15% year-on-year in constant currency, reflecting continued strong development in marine and energy markets Full-year 2024 constant currency revenues growth guidance increased to 9 – 12% and profitability (operational EBITA margin) expected to be around 25% Baden, Switzerland, July 17, 2024. Accelleron reports continued positive development in the marine and energy markets and increases its outlook for the current year. The strong revenues growth of 15% in constant currency (6% organic; 13% nominal) in the first half year of 2024 was supported by continued strong merchant marine new and service business, successful capacity expansion of the fuel injection factory in Torino and exceptionally large service orders, which are not expected to repeat at the same level in the second half of the year. These positive market dynamics more than offset a temporary reduction in the US gas compression business and a slight decline in the marine low-speed service business from a record high in 2023. The company expects the positive development to continue in the second half of the year. Based on the good performance in the first half-year and the outlook for the second half of 2024, Accelleron is revising its guidance and now expects constant currency revenues growth of 9 to 12% in 2024 (previously 4-6%), of which 4 to 7% organic. Thanks to the strong topline growth and operating leverage, profitability (operational EBITA margin) is expected to be around 25% (previously around 24.5%). With respect to the conversion of free cash flow (90-100%), net leverage (0.5-1.5x) and dividend policy, Accelleron confirms the guidance provided on March 27, 2024.  Accelleron’s Half-Year Report 2024 will be published on August 27, 2024.