Melexis Q4 and FY 2024 results – Full year sales of 932.8 million EUR

Press release - Regulated Information

Intermediate declaration by the Board of Directors
Ieper, Belgium – February 5th, 2025, 07.00 hrs CET

Sales for the full year 2024 were 932.8 million EUR, a decrease of 3% compared to the previous year. The EUR/USD exchange rate evolution had no impact on sales compared to 2023. The gross result was 401.4 million EUR or 43.0% of sales, a decrease of 9% compared to last year. R&D expenses were 11.8% of sales, G&A was at 5.5% of sales and Selling was at 2.1% of sales. The operating result was 219.9 million EUR or 23.6% of sales, a decrease of 16% compared to 261.3 million EUR in 2023. The net result was 171.4 million EUR or 4.24 EUR per share, a decrease of 18% compared to 209.5 million EUR or 5.18 EUR per share in 2023.

Sales for the fourth quarter of 2024 were 197.4 million EUR, a decrease of 21% compared to the same quarter of the previous year and a decrease of 20% compared to the previous quarter. The EUR/USD exchange rate evolution had no impact on sales compared to the same quarter of last year and a positive impact of 1% on sales compared to the previous quarter. The gross result was 77.6 million EUR or 39.3% of sales, a decrease of 31% compared to the same quarter of last year and a decrease of 28% compared to the previous quarter. R&D expenses were 15.3% of sales, G&A was at 7.2% of sales and Selling was at 2.8% of sales. The operating result was 27.6 million EUR or 14.0% of sales, a decrease of 55% compared to the same quarter of last year and a decrease of 57% compared to the previous quarter. The net result was 18.3 million EUR or 0.45 EUR per share, a decrease of 63% compared to 49.8 million EUR or 1.23 EUR per share in the fourth quarter of 2023 and a decrease of 64% compared to the previous quarter.

Dividend

The Board of Directors approved on February 3, 2025 to propose to the Annual Shareholders meeting to pay out over the result of 2024 a total dividend of 3.70 EUR gross per share. This amount contains an interim dividend of 1.30 EUR per share which was paid in October 2024 and a final dividend of 2.40 EUR per share which will be payable after approval of the Annual Shareholders meeting. The Melexis shares will start trading ex coupon on May 20, 2025 (opening of the market). The record date is May 21, 2025 (closing of the market) and the dividend will be payable as from May 22, 2025.

Outlook

Melexis expects sales in the first quarter of 2025 to be in the range of 190 to 200 million EUR. For the first half of 2025, Melexis expects sales to be around 400 million euro, with a gross profit margin around 40% and an operating margin around 16%, all taking into account a EUR/USD exchange rate of 1.03. Sales in the second half of 2025 are expected to grow significantly compared to the first half of 2025. For the full year 2025, Melexis expects CAPEX to be around 50 million EUR.

Business update

Fourth quarter 2024 sales of 197.4 million EUR sales was below guidance in a quarter where Melexis worked with its automotive customers to significantly reduce their inventories. Sales for the full year 2024 of 932.8 million EUR decreased 3% compared with 2023. The outperforming product lines of 2024 were motor drivers and position sensors.

Melexis launched 20 new products in 2024 for automotive and beyond automotive applications across many different product lines. Examples include a magnetic sensor technology for high-precision position sensing in robotic joints, enabling more affordable and efficient robotic systems. The company also released a DC fan driver for servers which reduces costs and complexity while improving efficiency and reliability. In line with our automotive strategy to address all types of powertrain, we launched advanced magnetic sensing ICs for next generation assisted drive, and a miniaturized robust pressure sensor for electric vehicle thermal management systems.

Sales to automotive customers represented 90% of total sales in the fourth quarter of 2024, as well as for the full year 2024.

Quote from CEO Marc Biron

"2024 was a year of contrasts in our markets. Starting the year, most of our products were still in allocation and the order book reflected good visibility. Towards the end of the third quarter, automotive customers indicated they wanted to significantly reduce their inventories and since then we are working closely with them to achieve this. We have to face the fact that Melexis did not achieve its original 2024 sales target of around 1 billion EUR, which is disappointing. While customer inventory corrections are continuing in the first half year, we are cautiously optimistic that customer demand will start to improve around the summer.

Melexis has consistently brought innovative products to the market and 2024 was exceptional in this regard, as we realized a record number of product launches, nearly double last year's. We also had a strong design win performance across all types of powertrain, outside the powertrain, and beyond automotive. Our global footprint allows us to capture new opportunities in growing markets, such as China. As we continue to invest in innovation, I believe that the seeds for the next phase of Melexis' growth are now being sown."

The statutory auditor, PwC Bedrijfsrevisoren BV / PwC Réviseurs d’Entreprises SRL represented by Mieke Van Leeuwe, acting on behalf of Mieke Van Leeuwe BV, has confirmed that the audit, which is substantially completed, has not to date revealed any material misstatement in the draft consolidated accounts, and that the accounting data reported in the press release is consistent, in all material respects, with the draft consolidated accounts from which it has been derived.

Financial Calendar

• Publication Q1 Results 2025: April 30, 2025 (at 7 hrs CET)
• Annual Shareholders Meeting: May 13, 2025
• Dividend ex coupon date: May 20, 2025
• Dividend record date: May 21, 2025
• Dividend pay date: May 22, 2025
• Publication Q2 Results 2025: July 30, 2025 (at 7 hrs CET)
• Publication Q3 Results 2025: October 29, 2025 (at 7 hrs CET)
• Publication FY 2025 Results: February 4, 2026 (at 7 hrs CET)

The company’s results will be discussed in a conference call and an audio webcast on Wednesday, February 5, 2025 at 10:30 hrs CET.

To register for the conference call (possibility to ask questions)

The conference call will be in English. You have to register for this conference call in advance. You can register by clicking here and filling out the requested information. After registration, you will receive the conference call number, a participant user pin, conference pin and instructions on how to join the conference call. For security purposes, all participants must register individually if they wish to join the call.

To register for the audiocast (no possibility to ask questions)

To register for the audiocast, click here.

For more information:
Investors
Investor Relations
Email: investor@melexis.com

Journalists
Brand & Communications
Email: brandcomms@melexis.com

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