Alexandria Group (ALEX) H2 2024 earnings summary

Executive summary

• Revenue increased to €49.4M in 2024, up 11.3% from 2023, with operating profit (EBIT) rising to €11.1M, and adjusted EBIT up 21.5% excluding a €1.2M one-time gain in 2023.

• Net income for 2024 was €8.0M, nearly flat compared to €8.1M in 2023, while EPS remained stable at €0.77.

• Customer satisfaction reached a record high, with NPS at 80 in 2024 and 69 reported in another metric.

• Notable achievements include record fund AUM, expansion in real estate asset management, and the launch of a new online investment platform and private equity fund.

• Structured investment products received European and Nordic awards for performance.

Financial highlights

• EBITA rose to €11.8M in 2024 from €11.0M in 2023; cost-to-income ratio was 0.78 (vs. 0.77 in 2023).

• Fee income grew to €48.4M (+15%) and structured investment product volumes increased by 18%.

• Assets under management (AUM) in funds reached €1,038M (+12%), with positive net subscriptions for 67 consecutive months.

• Board proposes a dividend of €0.79/share, to be paid in two installments.

• Equity ratio was 76.4% (77.2% in 2023); cash and equivalents at year-end were €11.6M.

Outlook and guidance

• Long-term goal is to continue profitable growth and distribute at least 80% of annual net income as dividends; most IPO 2025 targets have been achieved.

• Management expects favorable earnings development, but significant capital market changes could impact results.