Admicom (ADMCM) Q4 2024 earnings summary

Executive summary

• 2024 featured a CEO transition, the first international acquisition (Bauhub), and a strategic focus on becoming a leading European construction software partner, with emphasis on AI, data-driven tools, and sustainability.

• The company is targeting €100 million ARR by 2030, prioritizing internationalization, product portfolio expansion, and a unified company culture.

• AI capabilities were introduced, with the first use cases launched in products and a new Chief Product Officer appointed.

• Dividend of €0.65 per share proposed for 2024.

Financial highlights

• ARR grew 9.8% to €35.7 million in 2024, with Bauhub contributing 4.6 percentage points; Q4 revenue rose 7.5% to €8.8 million.

• Adjusted EBITDA margin was 34.8% for the year and 28.4% in Q4; full-year adjusted EBITDA €12.4 million.

• Net profit for 2024 was €5.9 million, down 7% year-over-year; EPS €1.18.

• Customer churn for 2024 was 5.4%, outperforming the 6% target.

• Net debt at year-end was -€5.1 million, with cash and equivalents at €9.3 million.

Outlook and guidance

• 2025 guidance: ARR growth of 8–14%, revenue growth of 6–11%, and adjusted EBITDA margin of 31–36%.

• Profitability in 2025 will be temporarily impacted by lower annual adjustment fees, Bauhub integration, and R&D resource reallocation.

• Market recovery is expected to be slow, with a 4% industry growth forecast for 2025, mainly in late 2025.