Exclusive Networks
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Exclusive Networks (EXN) investor relations material

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Exclusive Networks Q3 2024 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2024 earnings summary4 Nov, 2024

Executive summary

  • Gross sales reached €1,334 million in Q3 2024, up 9% year-over-year at both reported and constant currency, driven by strong APAC (+71%) and Americas (+11%) performance.

  • Year-to-date gross sales grew 9% reported and 10% at constant currency, with M&A, especially the Nextgen Group integration, fueling APAC growth.

  • Retention rates remained robust, with net vendor retention at 105% and net customer retention at 104% on a rolling 12-month basis.

Financial highlights

  • IFRS revenue for Q3 2024 was €415 million, up 10% year-over-year, mirroring gross sales growth.

  • For the first nine months of 2024, gross sales totaled €3,898 million (+9% reported, +10% constant currency), while IFRS revenue was €1,139 million (-1% reported, -1% constant currency).

  • Cloud-based business accounted for 34% of group sales on a rolling 12-month basis, up 6 points from Q3 2023.

Outlook and guidance

  • FY 2024 guidance reaffirmed: gross sales growth of 10–12% at constant currency, net margin €500–515 million, adjusted EBIT €200–210 million, and adjusted operating FCF above 80% of adjusted EBITDA.

  • Management expects a strong Q4, supported by double-digit booking growth in Q2 and Q3.

What is the outlook for net retention rates?
Clarify group organic growth beyond M&A.
Provide an update on the Group refinancing.
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