Quite rare to see this kind of results : + 16.5 % for EBITDA despite - 14.5 % for revenues. Similar trends during H1 24.
Apparently, the main explanation is the gross margin which went from 14.8 % to 20.1 %.
But I was not able to find reasons for this gross margin trend.
It seems that the company was able to more than offset the sales decrease during H1 (- 16 %) by the gross margin increase (19.9 % vs 12 %).
However, gross profit decreased by 2 % yoy during H2 (as the company had a limited potential to further improve the gross margin which was already 18.1 % for H2 23) while sales decreased by 12 % yoy.
Anyway, the stock does not look expensive with a free cash flow yield of 8.8 %.
Not bad for a company which claims to have a "10th consecutive year of strong profit growth".
As @RTheo mentioned it, we probably need some explanation to better understand the trends for sales and gross margin.
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