SEAT S.A. achieves highest financial results ever in first half of 2024, advancing toward sustainable profitability

• Continued volume increase and efficiency improvements drive an operating profit of 406 million euros, 9.4% more than between January and June 2023

•Sales revenue reaches 7.8 billion euros (+4.6%)

•CUPRA completes the best first half of year in its history with 125,700 cars delivered (+17.2%)

•The SEAT brand maintains its double-digit growth with 171,700 deliveries, up 11.4%

•Total deliveries of SEAT S.A. increased by 13.8% to 297,400 units

Results showed an operating profit of 406 million euros (H1 2023: 371 million euros, +9.4%), while return on sales also increased, reaching 5.2% (+0.2 p.p. versus January to June 2023). The total sales revenue of SEAT S.A. reached 7.752 billion euros, which represents a 4.6% increase compared to the previous year (7.411 billion euros).

'Our dedicated work to advance our strong performance has driven us to our best-ever first-half year results, a remarkable milestone in the current context,' said Wayne Griffiths, CEO of SEAT and CUPRA. 'Both SEAT and CUPRA brands are stronger than ever and keep increasing their deliveries. As we accelerate on our journey towards electrification, we are expanding our line up with the arrival of new models this year,' he continued.

'SEAT S.A.'s path to sustainable profitability continues with the best operating profit, sales revenue and return on sales registered for a first-half year in the company's history,' explained David Powels, Vice President for Finance and IT at SEAT S.A. 'Nevertheless, the external environment and competitor framework foresee highly challenging months ahead. To reach our targets, we must have an even clearer focus on strategic priorities: managing revenue and improving efficiency,' he added.

Consistent delivery growth drives financial results

The continued growth in deliveries of the CUPRA and SEAT brands led SEAT S.A.'s consistent growth in financial results. The company delivered a total of 297,400 cars between January and June, an increase of 13.8% compared to the same period in 2023 (H1 2023: 261,400).

Sales of electrified vehicles grew to 45,900, a 36.1% increase compared to the same period in 2023 (33,800), powered by the increasing success of the company's PHEV vehicles.

CUPRA extends its record-breaking journey, registering the best first-half year in its history by delivering 125,700 cars, an increase of 17.2% compared to 2023 (107,300). The success of the unconventional challenger brand led it to reach an unprecedented 27,500 deliveries in June. Since its creation in 2018, CUPRA has delivered more than 650,000 cars, continuously boosting SEAT S.A.'s results.

The CUPRA Formentor remains the company's best-selling model with 61,700 units delivered in the first six months of the year. It was followed by the CUPRA Leon family, which recorded 36,000 units delivered, a 59.8% increase since H1 2023. The arrival of the new versions of both models is expected to further reinforce the position of the brand in Europe, where Germany maintained its position as the brand's best market with 42,000 cars delivered (+30%), followed by the United Kingdom (13,900; +22%) and Spain (12,900; +13%).

The SEAT brand consolidated its position as an essential lever for the company and maintained its double-digit growth. Between January and June, SEAT delivered 171,700 vehicles, up 11.4% on the same period in 2023 (154,200).

The iconic SEAT Ibiza, which celebrates its 40th anniversary this year, leads the brand's sales with 56,300 units delivered (+29% vs H1 2023), followed by the SEAT Arona with 50,400 deliveries. Spain remains the brand's main market (36,200; +2%), followed by Germany (35,200; +26%) and the United Kingdom (21,300; +34%).

Photo credit: SEAT | CUPRA
posted on conceptcarz.com