Semperit AG Holding Shows Resilience Amid Market Challenges

Semperit AG Holding reported Q2 revenues of €169 million, marking an 11% increase from Q1 but remaining relatively flat year-over-year. This improvement followed project delays affecting the belting division and silicon rubber tooling within the SEA segment. Despite challenges in end markets, SEA sales rose by 2.6% to €101 million. However, the SIA segment saw a 4.6% decline due to weak demand in the construction sector.

EBITDA for Q2 was €19.6 million, reflecting a 19% year-over-year decrease. Higher raw material prices and personnel costs impacted margins across segments. Yet, the company saw a 76% improvement in EBITDA compared to Q1, driven by a sales rebound and cost-saving measures. Free cash flow for H1 was €13.9 million, reduced by lower earnings and higher tax expenditures.

Semperit maintains its full-year EBITDA guidance between €65-85 million, banking on a stronger H2 performance. With a solid financial position, the company is poised to pursue strategic investments, highlighting its potential for recovery. The target price remains at €18.20, reinforcing its appeal as a cyclical recovery play.