Allgeier (AEIN) Q4 2024 earnings summary

Executive summary

• Revenue from continuing operations was €403.0 million in 2024, down 4.2% year-over-year, mainly due to delayed public sector projects.

• Adjusted EBITDA from continuing operations was €53.8 million, with a margin of 13.1%.

• The sale of the personnel services business (Experts Group) and the acquisition of Ability GmbH marked significant portfolio shifts.

• The group maintained a strong equity ratio of 41.3% and net debt increased to €128.4 million.

Financial highlights

• Group EBITDA rose 1.9% to €56.8 million; EBIT fell 4.3% to €28.8 million.

• Earnings per share from continuing operations dropped to €0.72 (previous year: €1.07).

• Order backlog at year-end was €80.1 million, down from €115.4 million.

• Cash flow from operating activities was €37.8 million; cash and cash equivalents at year-end were €57.3 million.

Outlook and guidance

• 2025 revenue guidance for continuing operations is €410–450 million, with adjusted EBITDA expected between €57–63 million.

• Management targets a medium-term annual organic sales growth of 10% and an adjusted EBITDA margin above 15%.

• Both segments are expected to contribute to growth, with Enterprise IT targeting €285–315 million revenue and mgm technology partners €125–135 million.