Allgeier (AEIN) Q3 2024 earnings summary

Executive summary

• Revenue for the first nine months of 2024 declined 8% year-over-year to €335.4 million, mainly due to delayed public sector digitalization projects.

• EBITDA was negatively impacted by €8 million from project postponements, but core earnings targets were met.

• Net profit for the period rose to €11.8 million, up from €6.3 million year-over-year.

• Strategic sale of the personnel services business (sales volume ~€52 million) to emagine GmbH to focus on core IT and software services.

Financial highlights

• Q1–Q3 2024 revenue: €335.4 million (down 7.8% year-over-year).

• Gross profit: €116.2 million (down 3.9%); gross margin improved to 34.2% from 32.8%.

• EBITDA: €42.7 million (up 16.3%); adjusted EBITDA: €37.2 million (down 7%).

• EBIT: €22.4 million (up 21.2%); net profit: €11.8 million (up from €6.3 million).

• Q3 2024 revenue: €110.5 million (down 9% year-over-year); Q3 EBITDA: €21.7 million (up 48%).

Outlook and guidance

• Q4 2024 revenue expected at €120–125 million; adjusted EBITDA at €18–19 million (or €21–22 million excluding public sector impact).

• Full-year 2024 guidance: revenue €455–460 million, adjusted EBITDA €55–56 million (or €67 million excluding exceptional effects).

• Reported EBITDA for 2024 expected around €60 million, up from €58 million in 2023.