home24 Q2 2021 Earnings Presentation
August 10th 2021
Management Summary Q2 2021
Growth drivers remain intact as markets return to normal
Order Intake Growth
- GOV growth of ~18% LFL1 in Q2 2021, on top of exceptionally high +72% in Q2 2020
- EU: ~+23% LFL (vs. 67% PY)
- LatAm: +0% in CC (vs. 84% PY)
Revenue Growth
- Revenue growth of +41% YoY drives YTD growth rate to 52% YoY, on top of already strong 2020 comparables (Q2 2020 +49%)
- Q2 2021: EU: +42%, LatAm: +39% in CC
- Q2 3Y CAGR since IPO in 2018 of 39%
Profitability
- Adj. EBITDA margin at +2.5%, on target with guidance, confirming reinvestment of additional profit into further growth potential, i.e. 1st order profitable marketing
Cashflow
- Q2 cash flow excl. WC effects positive; WC effects partly reversible as future WC lever
- Group cash position of EUR 170m creates significant headroom for taking advantage of the market opportunity in future quarters
Current Trading
- Q3 to date momentum remains positive with double digit GOV growth QTD against very strong 2020 comparables - in a market environment where the offline retail space is largely back to normal
Outlook
- 2021 guidance specified in upper half:
- Revenue growth at 28% to 38% (in CC); previously: 20% to 40% (in CC) and Adj. EBITDA margin at 0% to +2%
- Well on track to reach EUR 1bn in revenue by end of 2023
Note: Group & LatAm GOV growth numbers displayed in constant currency | 2 |
1. Like for Like calculation considers structurally lower cancellation rates due to new order creation logic as of May 2021 |
home24 at a glance
Our mission:
to be the online destination in Home & Living for everyday people
4
Huge addressable market with low online penetration
Global | ||||
> €560bn | ||||
Home & Living market1 | ||||
home24 footprint2 | ||||
> €110bn | ||||
Home & Living market | ||||
home24 footprint2 | ||||
> €11bn | ||||
Online Home & Living market | ||||
€0.5bn3
(~4-5% mkt. share)
Source: Euromonitor International.
1. Home & Living market defined as Euromonitor Passport: Home and Garden categories "homewares" and "home furnishings" (2019).
2. home24 markets consist of Germany, France, Italy, the Netherlands, Belgium, Austria, Switzerland and Brazil.5
3. home24 revenue 2020
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home24 SE published this content on 10 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 August 2021 05:50:04 UTC.