Q2 2024 Instone Real Estate Group SE Earnings Call Transcript
Key Points
- Instone Real Estate Group SE (XTER:INS) delivered a solid operating and financial performance in Q2 2024, indicating resilience in a challenging market.
- The company experienced a moderate demand recovery in the retail customer business, with sales up significantly compared to the previous year.
- Instone maintained a strong balance sheet, high liquidity, and leading profitability, allowing it to act from a position of strength.
- The company successfully extended maturities of its promissory note loan, strengthening its financial profile.
- Instone achieved a high gross margin of 25.7% in H1 2024, showcasing its operational excellence and profitability.
- The institutional market remains difficult, with many investors still reluctant to engage in deals.
- Adjusted revenues for H1 2024 were slightly below the previous year's level, reflecting challenges in the market.
- The company expects its gross margin to decrease slightly in the second half of the year due to changes in the project mix.
- Inflationary pressures continue to affect the supply side, although they are easing.
- The process of closing institutional deals is taking longer than in the past, indicating ongoing market hesitancy.
Good morning, everyone. Thank you for joining our Q2 '24 earnings call. Our CEO, Kruno Crepulja; and our CFO, David Dreyfus, who will walk you through our presentation and give you an update on our current business performance and our outlook. As usual, this will be followed by a Q&A session.
With this, I'd like to hand over directly to Kruno.
Hello, everyone. Thank you for joining our H1 earnings call. If we look at Instone's business performance in the last quarter, I think it is fair to say that we once again delivered a very solid operating and financial performance. We have shown once again that we are managing the market crisis well. The results in the first six months also give us further confidence that we are well on track to achieve our financial targets for full year 2024.
The market is currently stabilizing. After the demand shock we have experienced, the market seems to have found a bottom in terms of transaction volumes and also in terms of prices. We are
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