TraWell Co. SpA Approves 2023 Financial Plan Showing Significant Improvement From 2022: Revenues €30.3M, EBITDA €10.2M (+14%), Net Profit €3.3M (+159%)

MILAN--(BUSINESS WIRE)--TraWell Co. S.p.A. (Borsa Italiana, Ticker: TWL, OTCQX New York, Ticker TRWAF), a global leader in protection services, luggage storage, and ancillary travel products and services ("TraWell" or the "Company"), announced today that its Board of Directors has approved the financial statements for the year ending December 31, 2023.

Financial and Asset Results Analysis as of December 31, 2023:

Revenues reached €30.3 million, an increase of €4.0 million (+15% compared to the same period in 2022), confirming the company's international diversification. Europe is the group's largest market, accounting for approximately 53% of revenues, followed by America with 40%, and Asia (including the Russian Federation) with about 7%.

EBITDA was €9.9 million, up €0.9 million from 2022. The EBITDA margin stood at 32.6%. This result was driven largely by €5.7 million from operations at managed airports, which benefited from the full recovery of passenger traffic and new concessions activated during 2023.

Adjusted EBITDA amounted to €10.2 million, calculated by deducting extraordinary and non-recurring items from EBITDA, related to employee transaction costs in Italy, the United States, and France, and costs for extraordinary managerial consultations.

EBT (Earnings Before Tax) was positive at approximately €4.2 million. This figure is influenced by the items impacting EBITDA, as well as depreciation of €0.7 million, right-of-use asset depreciation of €3.4 million, provisions of €0.1 million, and net financial charges of about €1.5 million.

The Net Result was positive at approximately €3.3 million, an increase of €2.0 million compared to the same figure in 2022.

Rudolph Gentile, President and CEO of TraWell Co., stated: "In light of the positive results for the year ending December 31, TraWell Co. is in a position to consider new M&A operations aimed at increasing revenue, EBITDA, and the portfolio of services offered. Our goal is to become increasingly a high-margin airport services aggregator."