LONGARONE, Italy—Marcolin reported significant gains for the first six months of 2022, ended June 30. Net sales increased to €283.7 million, up 19.6 percent compared to 2021. At €40.5 million, adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) in the first half of 2022 increased by 21.3 percent compared to €33 million in the first half of 2021; the percent margin to net sales was positive at 14.3 percent (14.1 percent in the first half of 2021).

Compared to the same period of the previous year, the Group increased sales in all geographical areas at current exchange rates, notably in Europe, the Middle East and Africa (EMEA) (+17.4 percent) and the Americas (+18.8 percent), which together account for almost 90 percent of consolidated net sales. The Group also saw strong results in high-potential geographical areas such as Asia (+5.3 percent) and the Rest of the World (+51.2 percent).
Adjusted EBITDA rose to €40.5 million, up +21.3 percent compared to the same figure as of 30 June 2021. Adjusted EBITDA margin was also positive, rising to 14.3 percent of net sales, up from 12.3 percent in the first half of 2019. The Group said these “results were made possible by an excellent sales mix, both in terms of brands and distribution channels, and by a continuous drive for production and procurement efficiency despite the difficulties related to the negative effect of inflation, which mainly impacted transport costs (with respect to the increase in electricity costs, which although present, did not have a significant effect on margins).”
Finally, despite business seasonality—which typically sees a cash outflow in the first half of the year—the Group’s adjusted net financial debt remained almost stable and consistent with the end of 2021. This is due to a disciplined net working capital management, the Group said.