Agile Content (AGIL) H2 2024 earnings summary

Executive summary

• Achieved 2024 guidance targets with stable business continuity after the MassMobile and Orange merger, and secured a renewed, extended contract with MasOrange.

• Strategic shift in revenue mix, with increased guaranteed income from new agreements and international expansion into Italy and Finland.

• Focused on core business by discontinuing non-strategic lines, selling non-core assets, and rebranding to AgileTV in January 2025.

• H2 2024 saw a strong rebound in revenue, EBITDA, and cash flow, with improved year-end EBITDA and OFCF margins over 2023.

Financial highlights

• Gross revenue reached €84.0M in 2024, up 0.8% year-over-year; consolidated revenues (Agile TV + WeTech) were slightly below 2023, but EBITDA and operating cash flow improved.

• EBITDA grew 21.2% to €10.7M, with a margin of 12.8%; OFCF increased 49.6% to €4.9M.

• Net revenues for 2024 reached €62.4M, a 3% deviation below €64M guidance, but EBITDA and OFCF met or exceeded targets (€14.5M and €7.3M, respectively).

• Recurring revenue accounted for 87.4% of net content revenue, up 2.4 percentage points from 2023.

Outlook and guidance

• 2025 guidance targets 2–7% net revenue growth, 5–10% EBITDA growth, and 5–11% OFCF growth for Agile TV; WeTech expects flat to slight EBITDA growth and improved cash conversion.

• Commercial focus on US and DACH regions, with new partnerships and product launches expected to drive medium-term growth, especially from 2026 onward.

• Growth assumptions are based on organic expansion, ongoing contracts, and stable market conditions.