Antares Vision (AV) Q4 2024 earnings summary

Executive summary

• FY 2024 revenues reached €208M, up 2% year-over-year, with 4Q 2024 sales surging 20% and order intake rising 16%, led by strong growth in Americas (+26%) and Europe (+18%).

• Orders for FY 2024 increased 9% year-over-year, with 4Q orders up 16%, indicating robust demand acceleration.

• Adjusted EBITDA margin for FY 2024 exceeded the guidance range of 11.5–14%.

• Net Financial Position improved to €84M at year-end, down from €104M at end-2023, mainly due to operating cash flow and working capital optimization.

• NFP/EBITDA ratio improved to below 4.1–3.3x, from 7.8x at end-2023.

Financial highlights

• FY 2024 revenues: €208M (+2% year-over-year); 4Q 2024 revenues: €80M (+20% year-over-year).

• Recurring revenues represented 38% of FY 2024 turnover, up from 37% in FY 2023.

• 4Q 2024 recurring revenues grew 6% year-over-year, accounting for 27% of total revenues.

• Europe and Italy drove order growth (+27% and +7% respectively), while Americas saw a 7% decline for the year but rebounded in 4Q (+49%).

• By geography, FY 2024 revenues: Italy +16%, Europe +8%, Americas -9%, Asia & Oceania +8%, Africa & Middle East -9%.

Outlook and guidance

• Adjusted EBITDA margin for FY 2024 is expected to exceed the guidance range of 11.5–14%.

• NFP/EBITDA at year-end 2024 will be lower than the guidance of 4.1–3.3x and significantly improved from 7.8x at year-end 2023.

• Robust 4Q 2024 order acceleration is expected to drive a positive start to 2025.

• Continued focus on cost containment, production efficiency, and working capital management to drive further margin and cash flow improvements.

• FY 2024 results will be published on March 24, 2025; 2025–2027 strategic plan to be presented in Q2 2025.