LU-VE Group: results in line with expectations in Q1 2024

Uboldo (Varese), 13 May 2024 – The Board of Directors of LU-VE S.p.A., approved the consolidated results as at 31 March 2024.

In the first three months of 2024 the LU-VE Group achieved following results:

• turnover €142 million (-6.3% compared to Q1 2023)
• order backlog of €169 million (+8.1% compared to December 2023)
• EBITDA of €19.6 million or 13.8% of sales (+2.3% compared to Q1 2023)
• net profit – adjusted – of €10.4 million, up 18.2% vs Q1 2023.

Net financial position as of 31 March 2024 amounted to €137.1 million, an improvement of €24.3 million, compared to the same date in 2023.

The Board of Directors of LU-VE and those of its two wholly-owned subsidiaries, Sest S.p.A. and Air Hex Alonte S.r.l., which operate in the design, production and marketing of heat exchangers, approved the joint merger project, by incorporation of Sest and AHA into LU-VE.

“In line with expectations, sales for the first quarter of 2024 showed a 6.3% decline, mainly due to the heat pumps heat exchangers market. Net of this segment, sales grew by 4.9%. LU-VE’s profitability, on the other hand, has increased thanks to the speed of action and flexibility that has allowed us to generally contain operating costs” – said Matteo Liberali, President and CEO of LU-VE Group. – “The data confirm the soundness of our strategy based on the diversification of product applications in sectors whose trends are not correlated. Finally, my thanks go to the long-standing dedication and professionalism of all our employees.”