Administer (ADMIN) Q3 2024 earnings summary

Executive summary

• EBITDA increased by 129% year-over-year to €4.6 million for January–September 2024, reflecting a successful profitability program and improved operational synergies.

• Net sales declined by 2.7% year-over-year to €56.0 million, mainly due to weaker economic conditions and staffing impacts.

• Operating profit turned positive at €0.1 million, up from a loss of €2.3 million in the prior year period.

• Majority stake acquisition of Kuntalaskenta Oy completed in September, strengthening public sector partnership capabilities.

• Revised strategy focusing on profitable growth and business synergies is being implemented as planned.

Financial highlights

• Revenue for Q3 2024 was €17.6 million, down 3.9% year-over-year; 9M 2024 revenue was €56.0 million, down 2.7%.

• EBITDA for Q3 2024 was €1.0 million (5.8% margin), up 121% year-over-year; 9M 2024 EBITDA was €4.6 million (8.2% margin), up 129%.

• Operating profit for Q3 2024 was -€0.5 million, improved from -€1.0 million; 9M 2024 operating profit was €0.1 million, up from -€2.3 million.

• EPS for 9M 2024 was -€0.04, improved from -€0.22 year-over-year.

• Average personnel decreased by 4.8% year-over-year to 1,051.

Outlook and guidance

• Full-year 2024 revenue expected at €74–76 million, with EBITDA margin forecast at 7–9%.

• Focus remains on both organic and inorganic growth investments.