Credit Morning 02/28/2025

ELO (Auchan): our comments on the full-year earnings release and meeting|Forvia: 2024 results in line (or even higher) but 2025 guidance disappointing|Nexity: a mixed 2024 publication|FY 24 results: In line with expectations, increases the dividend and aims for 3-5% growth in FY 25|

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/28/2025

MERLIN PROPERTIES: FY2024 RESULTS (ANÁLISIS BANCO SABADELL)

4Q'24 vs. 4Q'23 Results Gross Rents: € 126.86 M (+6.6% vs. +7.1% BS(e) and +7.2% consensus); EBITDA: € 99.96 M (+9.6% vs. +14.9% BS(e) and +8.4% consensus); FFO: € 80.3 M (+17.7% vs. +7.8% BS(e) and +4.3% consensus); FY2024 vs. FY2023 Results Gross Rents: € 500.4 M (+5.2% vs. +5.3% BS(e) and +5.4% consensus); EBITDA: € 379.2 M (+4.9% vs. +6.3% BS(e) and +4.6% consensus); FFO: € 310.8 M (+9.4% vs. +7.0% BS(e) and +6.1% consensus);

AMADEUS: MENSAJES DE LA CONFERENCE CALL RDOS. 4T’24 (ANÁLISIS BANCO SABADELL)

De la conference call de Rdos. 4T’24 destacamos los siguientes mensajes:  Evolución de las reservas. El crecimiento de las reservas ha tenido una fuerte aceleración en el 4T’24

ACS: 4Q’24 RESULTS (ANÁLISIS BANCO SABADELL)

4Q'24 vs. 4Q'23 Results Sales: € 11.931 Bn (+27.7% vs. +17.7% BS(e) and +18.2% consensus); EBITDA: € 777.0 M (+60.5% vs. +45.2% BS(e) and +47.5% consensus); EBIT: € 511.0 M (+44.4% vs. +27.9% BS(e) and +21.5% consensus); Net Profit: € 223.0 M (+9.3% vs. -10.9% BS(e) and -2.5% consensus); FY2024 vs. FY2023 Results Sales: € 41.633 Bn (+16.5% vs. +13.9% BS(e) and +14.0% consensus); EBITDA: € 2.456 Bn (+28.7% vs. +24.8% BS(e) and +25.4% consensus); EBIT: € 1.59 Bn (+19.9% vs. +15.5% BS(e) and +13.8% consensus); Net Profit: € 828.0 M (+6.2% vs. +0.9% BS(e) and +3.1% consensus);