Slides
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1 Annual results2024 A N N U A L R E S U L T S 2 0 2 4 - S F A F H e n r i M o r e l, C E OD a m i e n C h a u v e i n c, D e p u t y C E OS o p h i e M o r e l, C o r p o r a t e S e c r e t a r yN i c o l a s L o y a u, C h i e f F i n a n c i a l O f f i c e r
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2A N N U A L R E S U L T S 2 0 2 4 - S F A F Introducing Sfpi Groupfor those who are new to us today
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3 SFPI Group was created in France in 1985 by entrepreneurs led by Henri Morel, who wanted to engage in the recovery and development of industrial compagnies. In 2024, SFPI Group generated a turnover of about 666 million euros, in the safety industry.47% of these sales were generatedinternationally.At December 31st 2024, SFPI Group has 4 011 employees, 45% of them outside France. Independent, industrial, European
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4 A N N U A L R E S U L T S 2 0 2 4 - S F A F Key financial figures 2024 SA LE S R E CU R RI NG OP E RA TIN G IN CO MEE BIT DA N ET FINA NC IAL E XC E SSN ET C AS H P OSI TION29,7 M€ 665,8 M€55,7 M€76,4 M€145,1 M€
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5 A N N U A L R E S U L T S 2 0 2 4 - S F A F Key extra financial figures 2024 O T I F( O N T I M E D E L I V E R Y I N F U L L )NP S( N E T P R O M O T E R S C O R E )C ARB ON F OO T P RI NT 40,786,1 %308 000 t CO25,2 %13,8 % Managerial responsabilityEnvironmental responsabilityCommercial responsabilityAB S E NT E E I S MS T AFF T URNO VE R RAT E202383,4%29,8342 000 t16,0%5,5%
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6 F O R T H O S E W H O D I S C O V E R U SA group structured around two branches Locking and access control equipment and systemsTurnover : 235 M€DOM SecurityGROUP SALES IN 2024 Windows, blinds, awnings, garage doors for residential and non residential buildingsTurnover : 221 M€MAC Air treatment solutions for the industryTurnover : 134 M€NEU-JFK Heat exchanger and sterilizationequipment and systemsTurnover : 76 M€MMD 456 M€68%of sales 202432%of sales 2024A N N U A L R E S U L T S 2 0 2 4 - S F A FC O N S T R U C T I O N S E C T O RSecurity and comfort for buildingsI N D U S T R Y S E C T O RAir treatment and energy control210 M€
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7A N N U A L R E S U L T S 2 0 2 4 - S F A F Industry sector
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8 M€ 2023 2024Sales136,6 133,9Gross margin, as % of sales49,3 % 49,6 %Recurring operating income7,6 7,4Operating income7,9 7,4A N N U A L R E S U L T S 2 0 2 4 - S F A F NEU-JKF - Solid results in a stable market668employees1,0 M€investmentsMarket down in the UK Gross margin maintained in a competitive environmentLower payroll and other expenses despite additional depreciation (+€0.4m) and one-off costs related to the ERP project in France (+€0.8m)
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9 NEU-JKF maintains its sales momentum and accelerates its digital transformationDelta NEU Ltd supplies and installs a JKF Super Blower dust collector for the cardboard industry in England, a solution with no competitive equivalent in treatment capacity.Development by JKF of specific dedusting solutions for the recycling industry, for turnkey plant suppliersNEU-JKF Automation's Building Management System (BMS) project: comfort management (blinds, etc.), lighting, HVAC (heating, ventilation and air conditioning), electrical systems, air handling units, chillers, etc.In 2024/2025 implementation of INFOR LN Cloudsuite at NEU
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10 A N N U A L R E S U L T S 2 0 2 4 - S F A F MMD – Performance driven by the exchanger market285employees2,3 M€investments9% growth in exchanger marketSlight deterioration due to higher volumes Very good results, 16% of sales and improved net cash M€M€ 2023 2024Sales70,3 76,4Gross margin, as % of sales58,2 % 57,0 %Recurring operating income12,0 12,3Operating income12,0 12,3
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11 MMD – A branch that is building its future, innovating and becoming carbon-freeSTERIFLOW celebrates its 50th anniversaryInnovation: a Cupronickel heat exchanger with a special welding procedure for a major player specializing in solutions for industry and healthcareInvestments in new automated welding equipment: cobot and digital welding gantry craneInstallation of photovoltaic panels @Cipriani
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12A N N U A L R E S U L T S 2 0 2 4 - S F A F Construction sector
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13 In 2024, a difficult context for the building industry A difficult year for construction in Europe. The decline in the construction sector is between 6.5% and 8.5% in France, 4% to 6% in Italy, and between 1.5% and 3.5% in Germany (Bain & Company study).A very rainy year with little sunshine(Météo France), which does notencourage renovation, landscaping or extension construction for single-family homes.Against a backdrop of great uncertainty,household savings rates are rising throughout Europe (Eurostat).A N N U A L R E S U L T S 2 0 2 4 - S F A F
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14 A N N U A L R E S U L T S 2 0 2 4 - S F A F MAC – A recovery plan launched in a sector in deep crisis 1 342 employees4,1 M€investments Improved gross margin in a context of strong competition and overcapacityWindow, blind and shutter markets down between 10 and 20%.Recession and inflation in AustriaLower payroll and other expenses5 M€ related to the settlement of the Wo&Wocase (legal costs 1 M€ and asset depreciation 4 M€ ) M€ 2023 2024Sales250,2 220,5Gross margin, as % of sales51,3 % 55,9 %Recurring operating income-7,2 -9,9Operating income-26,5 -14,9
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15 MAC – To speed up recovery, the division is investing in its futureCreation of a new range of wooden shutters in Capdenac to meet growing demand for more durable productsSmartphone-based digitalization of our installers' product selection: first step, the fabric selectorInvestment in a paint booth and implementation of an operational excellence program at WO&WOSuccessful go-Live ERP in Austria in January 2024
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16 A N N U A L R E S U L T S 2 0 2 4 - S F A F DOM Security – Increased sales and improved profitability1 705employees7,8 M€investmentsGrowth of 1.3% despite tighter trading conditions at the end of the yearImproving purchasing performance Improved productivity and sound management of fixed costs M€ 2023 2024Sales232,0 235,2Gross margin, as % of sales67,5 % 68,7 %Recurring operating income16,4 20,8Operating income15,8 14,7Impairment of assets (€5.6m) and goodwill adjustment (€0.9m)
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17 DOM Security - Digitization and a strong investment programStrong growth in our access control business in Europe, with our TAPKEY cloud offering up 14%+9% of visitors to our E-Net platform, a b-to-b e-commerce solutionfor our partnersImproved industrial and commercial synergies with the transfer of our DOM CR business from Turin to VIRO's Bologna site.Commissioning and continued investment in decarbonization through the installation of photovoltaic panels •DOM Allemagne (January 2024)•DENY SECURITY (September 2024) •DOM HOBERG (October 2024)
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18 A N N U A L R E S U L T S 2 0 2 4 - S F A F Financial presentation
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19 A N N U A L R E S U L T S 2 0 2 4 - S F A F F I N A N C I A L P R E S E N T A T I O NM€2023% of sales2024% of salesSales688,8 665,8Gross margin393,2 57,1 % 394,7 59,3 %Payroll expenses(223,8) 32,5 % (223,0) 33,5 %Other operating costs(112,4) 16,3 % (111,1) 16,7 %Taxes(4,6) (4,9)Depreciation(23,9) 3,5 % (26,0) 3,9 %Recurring operating income28,5 4,1 % 29,7 4,5 %Non-recurring cost and amortisation(19,6) (11,2)Operating income8,9 1,3 % 18,5 2,8 %Financial result0,3 2,1Corporate income tax(8,6) (6,0)Consolidated Net Income0,9 0,1 % 14,7 2,2 %Group share1,2 14,5 Consolidated financial data : improved profitabilityGross margin up more than 2.2 ptWell-controlled expenses Improved financial results thanks to financial investmentsEBITDA up from 7.6% to 8.4% of sales
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20 A N N U A L R E S U L T S 2 0 2 4 - S F A F F I N A N C I A L P R E S E N T A T I O NIn 2024 : strong cash generation
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21 A N N U A L R E S U L T S 2 0 2 4 - S F A F F I N A N C I A L P R E S E N T A T I O NA solid balancesheet: net financial surplus of €76.4 million (+68% vs. 2023) 1 2 / 2 0 2 41 2 / 2 0 2 3 Tangible and intangible assets175,4Other nc assets 25,0Working Capital95,1Net financial excess45,3 Shareholder’s equity247,9Non-current liabilitiesand provisions92,9 Tangible and intangible assets160,3Other nc assets 27,5Working Capital86,6Net financial excess76,4 Shareholder’s equity262,3Non-current liabilitiesand provisions88,5 Assets LiabilitiesAssetsLiabilities
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22 60,55%10,53%4,21%2,28%22,44%Capital structure on April 16th2025Free Float As a reminder, on April 18th 2024, the Board of Directors decided to cancel treasury shares representing 5% of the share capitalNumber of shares : 94 352 007ISIN Code : FR0004155000 Listing market : Compartiment Euronext B BNP Paribas Développement Self-detentionArc Management / (Morel Family)Crédit Mutuel Equity A N N U A L R E S U L T S 2 0 2 4 - S F A F
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23A N N U A L R E S U L T S 2 0 2 4 - S F A F For 2025
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24 Recovery underway in core business segments with long-term potential An anticipated recovery in the real estate and construction sector, and the continuation of policies to support building renovation. A clearer regulatory context for environmental reporting, and a net-carbon 2050 trajectory maintained. In France and Germany, the relaunchof nuclear, construction and defense projects, which are key to the Group's business.A wait-and-see attitude at the end of March in the face of the new customs situationR É S U L T A T S A N N U E L S 2 0 2 4 - S F A F
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25 A N N U A L R E S U L T S 2 0 2 4 - S F A F F O R 2 0 2 5 A stable and consolidated business2 0 2 4 2 0 2 5 666 M€668 M€of salesof sales
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26 A N N U A L R E S U L T S 2 0 2 4 - S F A F F O R 2 0 2 5Dividends 8 centsThe Board of Directors proposes paymentof 8 cent per shareat the Annual General Meeting on June 20th 2025 (i.e. 7,5 M€).
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27A N N U A L R E S U L T S 2 0 2 4 - S F A F Thanks for your attention