Antolin continued to improve margins and profitability in the first half of 2024, even as it faced an increasingly challenging and volatile industrial environment. The company increased gross operating profit (EBITDA) by 12% to €180 million, thanks to the improvement in efficiency and strict cost controls that helped offset the drop in sales.

The EBITDA margin stood at 8.4%, 1.7 percentage points higher than in the same period of last year, further progressing towards the target of reaching a double-digit margin in the medium term. Operating profit (EBIT) increased by 44% to €61 million.

Global vehicle production fell by 0.2% to 43.6 million units in the first half of the year. This slowdown, coupled with the conclusion of certain programs in North America and the impact from exchange rates, led to Antolin posting sales of €2,155 million between January and June, versus €2,401 million (-10%) in the same period of the previous year. Adjusted for exchange rates and on a like-for-like basis following the divestment of the Austrian Ebergassing plant last year, revenue fell by 5%.

As part of its transformation plan, Antolin is focused on offering more value-added products to its customers by leveraging its capabilities in lighting, electronics, and HMI solutions, which has resulted in a significant portfolio of new projects. The order book secured in recent years (€5.5 billion in 2023 and €7 billion in 2022) will drive profitable growth as of 2025, especially in North America.

Another focus of this growth is India, where Antolin has recently developed several projects for the new Tata Curvv, consolidating the company’s activity in this dynamic market, especially in intelligent lighting systems. Antolin supplies the headliner substrate with perimeter lighting, which accentuates the vehicle’s panoramic roof, creating a wow effect for passengers, as well as the decorative insert with ambient lighting for the instrument panel and the overhead lighting console. Another recent project is the touch control for the instrument panel of the new Tata Punch. These last three components are manufactured at the recently inaugurated plant in Chakan (Pune) with the aim of boosting the lighting and HMI business.

Refinancing

Antolin recently closed the issuance of a new bond valued at €250 million maturing in 2030, as well as an agreement with its banks to renew the syndicated loan. In total, the company has refinanced more than €750 million of debt, providing further flexibility and strengthening its medium-term financial structure. This will enable it to advance in its transformation plan, which focuses on generating profitable growth in the long term. The company has no significant debt maturities until 2028.

Antolin also completed asset sales valued at €111 million, as part of the announced divestment plan of €150 million between 2024 and 2025. The goal is to strengthen its balance sheet and reduce debt to support the transformation plan.

By region

By region, Antolin recorded sales of €1,087 million in Europe and the Rest of the World, down from €1,220 million in the same period in 2023 (-11%). Stripping out the effect of the sale of the Ebergassing plant, sales in this region fell by 3%, in line with the production drop in the market. The company's revenues in Asia reached €375 million, versus €369 million in the first half of the previous year (+2%); adjusting for the impact of exchange rates, revenue grew by 6%, while the overall market rose 1%.

Meanwhile, in North America, revenue stood at €693 million, compared to €812 million in the first six months of last year (-15%).