SBO with high cash flow despite lower earnings, advancing strategic expansion into growth regions

EQS-News: Schoeller-Bleckmann Oilfield Equipment AG / Key word(s): Half Year Results SBO with high cash flow despite lower earnings, advancing strategic expansion into growth regions 22.08.2024 / 07:00 CET/CEST The issuer is solely responsible for the content of this announcement. Press release

SBO with high cash flow despite lower earnings, advancing strategic expansion into growth regions

• H1 2024 sales of MEUR 288.1 remained close to the record level of 2023
• Group EBIT of MEUR 36.6 well below last year due to an earnings shortfall in the OE division; the AMS division continued to deliver excellent results
• Quarterly bookings up by 9.6% in Q2 after 1.7% growth in Q1
• Free cash flow improved to MEUR 27.7, and MEUR 31.5 returned to shareholders through the dividend payment

Ternitz, 22 August 2024. Schoeller-Bleckmann Oilfield Equipment AG (SBO), listed in the leading index ATX of the Vienna Stock Exchange, successfully continued its expansion strategy in the first six months of 2024. The acquisition of Praxis Completion Technology, completed at the end of 2023, has created a strong basis for the expansion steps in the Middle East, which are now gaining further momentum through the enlargement of SBO’s local presence and a targeted extension of the product portfolio for this market. In the Middle East as well as in Latin America, SBO was able to grow its customer base in the first half of 2024 and further increase its market reach.

Besides these successes in expansion, the SBO Group faced a mixed market environment in the first half of 2024, reflected in the varying performance of the two business divisions. Bookings of MEUR 248.7 stayed behind the exceptional H1 2023 (1-6/2023: MEUR 299.2). Nevertheless, on a quarter-over-quarter basis, the bookings development showed a positive trend in the first half of this year, increasing by 1.7% in Q1 and 9.6% in Q2. At MEUR 288.1, sales remained at a high level (1-6/2023: MEUR 294.7) despite a weaker and challenging US market, which was particularly evident in the OE division. The Group’s order backlog amounted to MEUR 180.4 at the end of June (31 December 2023: MEUR 225.4).