Fubotv earnings beat by $0.10, revenue topped estimates
Auman AG reported a robust financial performance in Q1 2025, driven by significant growth in its eMobility segment. Revenue increased by 7.9% year-over-year to €312.3 million, while EBITDA surged by 73.4% to €35.8 million, reflecting an improved EBITDA margin of 11.5%. The company faced challenges with a decline in order intake and backlog. According to InvestingPro analysis, Auman maintains impressive gross profit margins of 36.75% and shows strong financial health with a "GREAT" overall score. The stock currently appears undervalued based on InvestingPro’s Fair Value calculations, presenting a potential opportunity for investors interested in the eMobility sector.
Key Takeaways
- Revenue rose 7.9% year-over-year to €312.3 million.
- EBITDA increased by 73.4%, reaching €35.8 million.
- eMobility segment revenue grew by 30%.
- Order intake and backlog both saw significant declines.
- Strong cash position with €145 million available.
Company Performance
Auman AG’s performance in the first quarter of 2025 was marked by a notable increase in revenue and profitability, primarily driven by the eMobility segment, which saw a 30% growth to €258.5 million. However, the company experienced a 41% decline in order intake to €200.1 million and a 39% reduction in order backlog to €184 million, indicating potential challenges in sustaining future growth.
Financial Highlights
- Revenue: €312.3 million, up 7.9% year-over-year
- EBITDA: €35.8 million, up 73.4% year-over-year
- EBITDA Margin: Improved from 7.1% to 11.5%
- eMobility Revenue: €258.5 million, up 30%
Outlook & Guidance
Looking ahead, Auman AG forecasts revenue between €210 million and €230 million for 2025, with an expected EBITDA margin of 8% to 10%. The company anticipates an industry recovery in the second half of the year and is expanding into new market segments including aerospace, cleantech, and life sciences. Auman AG has also announced a proposed dividend increase to €0.22 per share and initiated a 10% share buyback program. InvestingPro data reveals the company has maintained dividend payments for 8 consecutive years, with an impressive 100% dividend growth in the last twelve months. The company’s strong financial position is evidenced by a healthy current ratio of 2.33 and an Altman Z-Score of 9.19, indicating very low bankruptcy risk.
Executive Commentary
CEO Sebastian Rolle highlighted the company’s strong EBITDA growth: "2024 was a strong year for OMA. We increased our EBITDA by over 70%." Despite anticipating a revenue decline, Rolle emphasized the company’s focus on maintaining robust EBITDA margins. CFO Jan Henrik Pollard noted the challenging market environment: "The market environment and the noticeable reluctance to invest in 2024 will lead to a decline in revenue."
Risks and Challenges
- Declining order intake and backlog may impact future revenue.
- Market reluctance to invest could affect growth prospects.
- Dependence on the eMobility segment for revenue growth.
- Potential supply chain disruptions in new market segments.
- Economic uncertainties impacting consumer demand.
Q&A
During the earnings call, analysts inquired about the sustainability of maintenance revenue, which accounts for approximately 10% of sales. Executives reiterated their commitment to maintaining IP rights for production line technologies and discussed exploration into defense and drone production markets. Additionally, the scalability of modular production systems was highlighted, capable of handling 1,000 to 50,000 units per month.
Full transcript - Aages SA (AAG) Q4 2024:
Sarah, Host/Moderator: My name is Sarah and I’m delighted to be your host today. And with me is Aman’s CEO Sebastian Rohl and CFO Jan Henrik Pollard. So the gentleman will speak shortly and guide us through the presentation and the results. And as always, afterwards, you have the opportunity to ask your questions directly to them.
So having said this, Sebastian, I already hand over to you.
Sebastian Rolle, CEO, Auman AG: Yeah. Thank you. Good afternoon, everyone. And thank you for the kind introduction and a warm welcome from both of us. So let me quickly introduce myself.
My name is Sebastian Rolle, and I’m the CEO of OWL. Joining me today is my colleague, Jan Henrik Pollard, our CFO, and I really appreciate your interest in AUMAN and this earnings call. So over the next few minutes, we will take you through a brief overview of AUMAN, our view on the current market trends, especially in e mobility and automation, and, of course, a look at our key financials, including our strong financial performance in 2024. So let’s start with our business model. So we build high end, fully automated production lines tailored to the needs of our global customers.
With decades of experience, industry leaders rely on Oman’s solutions to set new production standards. One of our competitive advantage is staying ahead in fast growing markets, enabling us to quickly provide customized solutions. This is why the automotive market, especially the eMobility sector, remains so attractive for us. The transition to e mobility and the shift in products continues to create strong momentum. In addition, there’s a fast growing robotics and automation market.
Trends like demographic change, labor shortages, and cost pressure are driving demand. We plan to expand our focus on these opportunities going forward. Let’s take a quick look at Alman’s solutions. Our portfolio ranges from modular solutions and complex process solutions to large scale production solutions. So in modular solution, Aumann offers standardized cell systems.
They enable our customers to react, flexible and cost optimized, on market demands. In addition, Armand develops production lines for complex processes such as winding, coating, and testing. The aim is to implement special processes steps in the most efficient way. Moreover, Oman offers customized large scale production solutions built for maximum output while ensuring high quality. Thanks to Armand’s wide range of solutions, we can fully support different production goods of our customers.
So this slide shows how Armand became a technology leader in e mobility. Starting from the traditional automotive market, eMobility was identified as a target market. Through strategic M and A, Armand took the first step into the eMobility. Building on our know how, we developed different solutions for the rotor, quickly followed by solutions for the stator, and finally, the full eMOTOR assembly. After the eMOTOR, we continued our journey using our skills to sell large scale production solutions for battery modules and pads.
In addition, we introduced our own modular systems, for example, for inverter assembly. Furthermore, with our latest acquisition, we entered into a new field, converting technologies. This enables us to provide production solution for electrode manufacturing. This illustration shows the result of our journey. It present the drivetrain of a fully electric car, and with the exception of the tires, every single component can be produced on Oman production lines.
Of course, this requires a colorful mix of competences. This means alongside our key competences such as assembly, automation, and joining, we also offer specialized processes like converting, winding and testing. Right from the start, AUMAN placed a clear focus on the eDrive unit. Currently, each customer follows very different approaches in development. As a turnkey provider, Aumann offers all the latest production solutions for both stators and rotors.
In addition to its existing operations, Aumann has ventured into the inverter business over the past two years. Now let’s shift our focus to our battery portfolio. Our growth over the last years is mainly driven by our strong position in the field of battery systems. From our perspective, we benefit for two reasons. Firstly, as a pioneer in technology, we cover the full range from battery modules and packs to Cell2X solutions.
Secondly, new designs, like Cell2X, set high demands and we delivered the production technology to match. Additionally, with our converting technology, we are able to provide production solutions for electrode manufacturing. Last but not least, we round out our e mobility portfolio with over fifteen years of experience in fuel cell technology. Alman delivers cutting edge production solutions from coating and stacking to final assembly. The result, tailor made solutions across the entire value chain.
Let’s take a look at the e mobility market. BEV sales are growing fast. Triple digit growth is expected worldwide over the next five years. China stays in the lead, but The US market, which currently shows the lowest volume in comparison, is growing by more than 360%. Europe also grows over 300%, reaching 7,600,000 units.
By 02/1930, BEVs are expected to make up 40% of sales by 02/1935, even two thirds. So the future seems bright, and our global customers are fully committed. Nevertheless, as you know, the industry has faced a slowdown in 2024. As a result, investments were put on hold and timelines were shifted. The EU is now likely to adjust emission targets, giving our customers more time.
The transformation is still underway, and much of the traditional capacity still needs to be converted. Let us return to the beginning of the presentation. As mentioned, beside the automotive industry, we are shifting our focus on other industries that need more efficient operations, higher productivity, and fewer manual steps and errors. At the same time, rising labor costs and the lack of skilled workers are driving companies to automate. In this context, we had moved the classic segment from opportunistic to a strategic approach.
Now called Next Automation, this segment focuses on growth industries beyond automotive, such as cleantech, aerospace and life science. Let’s take a closer look. In our segment, NEXT Automation, we have defined three strategic pillars. This positioning is now supported by recent market and political developments. Aerospace is booming.
Demand is rising in Civil Aviation and defense budgets all over Europe are boosting. We are putting real focus here. For example, drones are a perfect fit for us, from electric motors, battery packs, full system integration to the end of line testing. It’s the same core technology as e mobility, just new applications. Besides aerospace, cleantech is gaining momentum.
German government is putting 500,000,000,000 into infrastructure and climate. This is driving more investments into renewables, hydrogen and energy grids. Our third key growth area is Life Science. With an aging population, rising investments and solid margins, it’s a highly promising industry and one we are keen to expand in. Now I would like to hand over to Jan.
Jan Henrik Pollard, CFO, Auman AG: Yes. Thank you, Sebastian, and also a warm welcome from my side. I would now like to share with you the financial figures of the financial year 2024. Let me start with a quick overview. In the profit and loss statement, we are looking at a very successful financial year with new record values in revenue and earnings.
Our revenue increased by 7.9% year over year to €312,300,000 and EBITDA jumped by 73.4% to €35,800,000 After the strong past years, this year’s order intake is influenced by a challenging market environment. With EUR 200,000,000 order intake in 2024, we are 41% below the strong previous year’s figure. This led also to a reduction in order backlog by 39% to EUR184 million, while profitability in the order backlog remained high, thanks to a good price realization. Furthermore, our balance sheet remains strong with EUR145 million net cash and EUR138 million cash. Let us now jump into a few details.
Based on the strong order backlog at the end of twenty twenty three, we forecasted significant revenue growth in 2024. Due to the softer order intake in 2024, we ended the financial year slightly below our guidance achieving a revenue of €312,300,000, which represents an increase of 8%. In our eMobility segment, we increased revenue by 30% to EUR 258,500,000.0. Our profitability shows an even more significant development. EBITDA jumped from 20,600,000.0 to €35,800,000 and the EBITDA margin from 7.1% to 11.5%.
Also here, the eMobility segment is the main driver of the development. EBITDA doubled to €33,800,000 which means a margin increase of 5.6 percentage points to 13.1% EBITDA margin. Not shown on this slide, but worth mentioning is that 13.1% EBITDA margin overall mean 10.2% EBT margin and therefore almost €32,000,000 earnings before taxes. The achieved historical highs in revenue and earnings underscore the strong market position and demonstrate the company’s performance and profitability. In contrast, order intake and order backlog have fallen significantly below the previous year’s level due to the challenging market environment.
Across segments, we see a decline in order intake of 41% year over year to EUR 200,100,000.0. We saw a reluctance to invest in the automotive sector for several reasons. The end customer demand for electric vehicles was lower than expected. OEMs were partly faced with technical or software problems and high costs. Vehicle models and platforms were under review, and the regulatory framework had been uncertain.
This results in a decreased total order backlog of €184,000,000, which means a total reduction of 39% year over year. After the record high order backlog up to and including Q1 of this year, the current level decreased but is very solid in terms of profitability, thanks to a good price realization. However, the lower order backlog level will lead to a decline in revenue in 2025. Let us jump into the segments in detail. Starting with the eMobility segment.
Order intake of €163,500,000 in 2024 is 40% under the previous year due to the mentioned market conditions. As a result, order backlog decreased by 38% to 189,700,000. At the same time, revenue increased significantly with 30% to €258,500,000 resulting in an increased EBITDA of plus 98% to EUR 33,800,000.0, which means a 5.6 percentage point improvement of the EBITDA margin to 13.1%. Let’s continue with the next Automation segment. Important to know is that the figures are not really affected by the new positioning of the segment yet.
Order intake decreased notably year over year to EUR 36,600,000.0 as 2023 included a large scale order. Order backlog came down to EUR 34,500,000.0 and revenue is with EUR 53,800,000.0 11 percent below previous year’s level. And the EBITDA margin increased slightly the EBITDA increased slightly to EUR 5,800,000.0, which means an EBITDA margin of 10.8%. Before we come to our balance sheet, I would like to give you a short idea of our group cash flow in 2024. Cash flow from operating activities is at €19,200,000.
This includes on the one hand the excellent results of the financial year, but it also includes on the other hand an increase in working capital compared to the very low level at the end of twenty twenty three, which benefited from high prepayments. In total, cash is again at a very high level of EUR 139,000,000 and including our securities of EUR 6,000,000, our total cash lands at EUR 145,000,000. By the end of twenty twenty four, our balance sheet continues to be in an excellent shape with an equity ratio of 62% and EUR 145,000,000 cash, of which EUR 138,000,000 are net cash. This solid financial foundation allows us to respond flexibly to market opportunities and continue investing in technologies that enhance our competitiveness and innovation. Following the very successful year 2024, we will propose a dividend payment at the AGM and have already initiated a public share buyback offer.
After doubling our dividend to $0.2 last year, we have decided this year to combine a modest dividend increase to $0.22 per share with a public share buyback offer of 10% of Oman shares at €12.37 per share. Before I explain the guidance for 2025, let us look again at the development of the last three years. From 2022 to 2024, we increased our revenue by almost 50% and EBITDA by more than 300%. Unfortunately, we cannot continue this trend in 2025. The market environment and the noticeable reluctance to invest in 2024 will lead to a decline in revenue to between EUR210 million and EUR230 million.
However, on the profitability side, we can benefit from our high quality order backlog and the flexible structure of our company. We will therefore also achieve a strong EBITDA margin of 8% to 10% in 2025. We also expect initial signs of recovery in the industry and are simultaneously accelerating our activities in the next automation segment. Let me now hand over to Sebastian.
Sebastian Rolle, CEO, Auman AG: Thanks, Jan. So in summary, 2024 was a strong year for OMA. We increased our EBITDA by over 70% to $36,000,000 achieving an EBITDA margin of 11.5 percentage, a clear sign of strong profitability even in challenging market environments. Thanks to these results, we are giving back to our shareholders with a dividend increase of 10% and a share buyback at the premium. For 2025, we are facing a decline in revenues.
Nevertheless, we are targeting a continued strong EBITDA margin of 8% to 10%, and we expect to see, as Jan mentioned before, the first signs of recovery in our industry. At the same time, we are pushing next Automation, unlocking growth beyond automotive. To sum up, fueled by solid liquidity and the clear strategic focus, Alman is ready to shape what’s next. So thank you very much for your attention, and we will now answer your questions.
Sarah, Host/Moderator: Thank you so much for the presentation. So as already mentioned, we will now move over to our q and a session. So to keep this conversation engaging, we’d appreciate it if you would ask your questions in person via audio line. To do so, just raise up your virtual hand. And if you have dialed in by phone, you can do this by pressing star key 9 to enter the queue, followed by pressing star key six to unmute yourself and for sure you are able to submit your questions in our chat box as well, so then we will read them out for you.
And we already received the first hand from Amit, so, please go ahead and ask your question.
Amit, Analyst/Investor: Hi. Can you hear me?
Sebastian Rolle, CEO, Auman AG: Yeah.
Amit, Analyst/Investor: Okay. So my first question was regarding the annual recurring revenue that we would get from maintenance and services. So, what percentage of this is, of sales is, this kind of revenue?
Sebastian Rolle, CEO, Auman AG: Yeah. I mean, maintenance and service is roughly 10% of our revenue. And the margin, as you can imagine, is much higher than the margin in our normal business.
Amit, Analyst/Investor: Right. And the margins also, since you supply, for example, robots, etcetera. So are you are you also including that in your sales, which are third party products?
Sebastian Rolle, CEO, Auman AG: It’s depending. Yeah. I mean, in many cases, the customer is ordering, for example, the robotics itself, yeah, and we just integrate that.
Amit, Analyst/Investor: Okay. Can I have one more question?
Sebastian Rolle, CEO, Auman AG: Sure. Sure.
Amit, Analyst/Investor: Okay. So now my next question is, when you give this automation, which is through PLCs and robots, etcetera, you do programming, you do put some kind of an IP to make that production, the way it is. So does the IP lie with you or the the code is transferred, which customer is free to use? And, just trying to understand our stickiness there.
Sebastian Rolle, CEO, Auman AG: Yeah. So normally, the IP of the end product for sure is with our customer, but the IP of the production line is with us. And honestly speaking, in the past, we had a lot of these discussion, especially with companies coming out of the Silicon Valley because in in their understanding, they, they normally also are grabbing the IP, which which for us is not possible because, because for sure, we want to sell these kinds of IP rights indirectly in our production lines also to other customers. So that means, in general, the IP is with us.
Amit, Analyst/Investor: Alright. I’ll go back in the queue. Thank you.
Sarah, Host/Moderator: Thank you so much for your questions. So we’re gonna now move on with the questions from Carlos. So please go ahead.
Carlos, Analyst/Investor: Hello. Can you hear me?
Sebastian Rolle, CEO, Auman AG: Yeah.
Carlos, Analyst/Investor: Hi. I was wondering, if you could just provide some color on how you think the new positioning for your next automation segment will impact margins, specifically for that segment. So like one of your main competitors, Mons, recently went bankrupt in December. So and it’s my understanding that the reason for that was that it expanded too aggressively into multiple niches, which was too capital intensive. So I was just wondering if you have any thoughts on on that.
Sebastian Rolle, CEO, Auman AG: Yeah. I mean I mean, for sure, I cannot I cannot speak for months. And if it is just because of the of the niches or if it’s more to the link to the topic that this kind of gear factories, we’re not building we’re not built up in Europe, which I think is also is also a topic, or was a topic for them. Nevertheless, I mean, Oman, Oman tries to maintain margins. Yeah?
So, I mean, also in 2024, yeah, when the margin of the order intake was very, very good, yeah, because we are not just looking for volume. Yeah. We are also looking for margins. Nevertheless, I mean, now stepping in next automation means also stepping in new areas, and there might be a strategic price here or there. But all over all, we for sure would like to maintain our margin position.
I think this is also possible because in next automation, yes, we see also other customers, yes, and which maybe, which have also this need to speed up production. And, in fast growing markets, it’s also more question, is it possible to deliver? Is it possible to set up this new production line for this new product design of the end customer? Yeah. So, and that’s normally a situation where where pricing can be very favorite for us as well.
Carlos, Analyst/Investor: Okay. Okay. Thank you.
Amit, Analyst/Investor: Do do
Carlos, Analyst/Investor: you have any idea when, you’ll start seeing orders for, for for that segment? For that For
Sebastian Rolle, CEO, Auman AG: the information? Yeah. Yeah. I mean, as as Jan as as Jan said, it’s it’s it’s it’s starting now step by step. Yeah?
So I think we see more orders in the second half of the year. But nevertheless, I mean, even in Q4, I mean, the 36,000,000 order intake in, during the whole year, yeah, in 2024, Out of this, NOK 14,000,000 was just in the fourth quarter twenty twenty four. So you can see that we are really pushing this.
Carlos, Analyst/Investor: Great. Thank you so much.
Sarah, Host/Moderator: Thank you so much, Carlo, for your questions. So we have a similar question from Fabian Schutz in the chat box. But first of all, he wants to congratulate you and your team to your full year results. You successfully delivered. Keep pushing.
So what kind of Thank you. And his first question is, 2024 was characterized by a general reluctance to invest on the part of OEMs. Have there been first signs of recovery in the industry from your side? Perhaps you can shed some light on the start into the fiscal year 2025 and how this development materializes into your order intake?
Sebastian Rolle, CEO, Auman AG: Yeah. I mean, as we said, we think that 2025 cannot get worse in comparison to 2024, honestly speaking. Yeah. There are the first, the first signs. For example, if you have a look at the at the BEF cells in the beginning of the year 2025, January and February, for example, in in Europe, it’s plus 29%.
In Germany, it’s, it’s plus 48% sure coming from previous year, which was really down. Nevertheless, yeah, we really see the first signs. For example, we had the yes, we had in Q1 twenty twenty five, the first big project again, yes, with the project size we didn’t have in 2024, yes? So there might be a recovery step by step. And we also have the feeling that, yes, I mean, that all our customers are now a little bit more clear in their investments.
Yeah. For example, the SSP platform from VW is is there’s now a restart in in in in this platform. You know that this was postponed. So yes, there are minor signs here and there, but I think we will see the first impacts coming out of this in the second half of the year.
Sarah, Host/Moderator: Alright. Thank you so much. And the last question belongs to Fabian as well. So next to Cleantech, Aerospace and Life Science. Science is the renamed classic segment Next Automation also addresses the defense sector with its competitors in automation and production solutions.
Have there been any material project wins yet? And can you name any major customers? How satisfied are you with the overall performance of Next Automation in 2025?
Sebastian Rolle, CEO, Auman AG: Yeah. I mean, we for example, I mean, we have we have shown in our presentation that especially defense is very interesting for us. We see that drones might be very interesting, as I said, due to the fact that we have there included an electric motor battery packs, but also we can we can assemble the whole system and, as well, we can do all the end of line testing, which, which is needed. So what’s what’s the status there? So we are in very interesting discussions with really different customers and customers from I mean, on the one hand, we have customers who just manufacture the whole drone or who are interested in the drone, but we also have customers who want or who are delivering key components to the market.
Yeah? So and both is interesting for us as you might imagine. So what have we done? Because this is still a market. Yeah.
There are a lot of startups and all the things. Yeah. So it’s now a question who of these, who of these, players, yeah, will have will have a significant volume for us. And therefore, what we did is that we, we have developed a range of production lines, yeah, for all these different areas. But it’s a very modular system, and it is it’s designed to to scale up very flexible.
Yeah? So that means from a few thousand units per month up to 50,000 units per month. Yeah? And I think, and we have offered already this system. So I think this might be an interesting system.
And for sure, I hope that we will get an order as soon as possible.
Sarah, Host/Moderator: Thank you so much for answering. So in view of the time, we need to come to the end of today’s earnings call. So thank you everyone for your interest in the Alman AG and for the questions. So should further questions arise at a later time, please feel free to contact us and also big thank you to you Sebastian and Jan for your time today. And, from my side, I wish you all a lovely remaining week and hand back for some final remarks, which concludes our call for today.
Sebastian Rolle, CEO, Auman AG: Yeah. We are pleased with our 2024 performance, both in terms of revenue and profitability. For the automotive industry, 2025 can only get better. And at the same time, we are expanding into growing markets beyond automotive. And yes, thank you very much for your interest.
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