Airtificial Group

Airtificial confirms the turnaround towards profitability

Madrid, 8 September 2022. The results for the first half of the year confirm the turnaround towards profitability at Airtificial. The Company achieved a turnover of €42 million, 14% higher than in the same period last year (€36.7M); achieved an EBITDA of €1.6M, 533%higher than in the same period of 2021 (€0.3M); and managed to leave its net loss at €0.9M, 76% below the €3.8M of the first half of 2021. In addition, the Company closed the first six months of 2022 with record order intake, with signed contracts valued at €48.2M, up 57% from €30.7M in the first half of last year. This order intake is partly reflected in this first half of the fiscal year and is essential to face the future with guarantees.

After a deep transformation process, the presence in key sectors such as automotive, aerospace, defence, and water engineering, together with the business and geographical diversification strategy applied by the company since the beginning of this year, is bearing fruit. The Company’s recovery, stability and future growth are based on its technological skills and innovation, which allow it to have a high contracting capacity both in the Company’s traditional sectors and in the new industries it has entered, such as micro-mobility, railways, and environmental management. In the first half of the year, Airtifical consolidated its position in sectors with particularly good growth prospects, such as digital transformation, artificial intelligence applied to industrial processes, electric vehicles, and new mobility, as well as sustainable development in water management, transport, and air quality.

In this regard, the recovery of the turnover is a fact in highly demanding technological sectors, materialised in an increase of 14%, compared to the same period of the previous year. By business units, the Intelligent Robots unit, that has a strong presence in NAFTA, the main market where the Group operates, grew by 32% and contributes more than half of the Group’s revenues (€22.3M, equivalent to 54% of the total) and increased its weight compared to the previous year (€16.9M, equivalent to 51% of the total) due to the significant volume of project orders. The Aerospace & Defence division contributes nearly one third of the group’s revenues (€11.8M, 29% of the Group’s total) and has a high long-term revenue visibility thanks to the execution of its large portfolio and the improvement of the engineering business, once manufacturing cadences have recovered, the increase in demand for engineering services is consolidated, and the demand for a product such as the flight stick materialises. This business unit will show higher revenue growth in the second half of the year. Infrastructures contributed 17% of revenues (€7.M) and focuses its activity on projects with a high social and environmental impact in the LATAM region, after reducing risks with the exit of the EPC business.

Airtificial has a stronger balance sheet in the first half of the year. The Company has a positive working capital of €23M, a €9M in cash and maintains the level of leverage due to a change in the mix between the structural debt and current debt. In the first of the year, the divestment of the photovoltaic plant in El Salvador for $6.3M was also materialised. With this sale, the Company disposed of its largest remaining non-strategic asset, which had been funded with its own equity.