Harju Elekter (HAE1T) Q4 2024 earnings summary

Executive summary

• Q4 revenue declined 41% year-over-year to €30.0m, with full-year revenue down 16.4% to €174.7m, reflecting lower order volumes and challenging market conditions.

• Q4 net loss was €2.3m (EPS: -€0.12), while full-year net profit was €3.2m (EPS: €0.17), both below prior year results.

• Management remains focused on cost control and efficiency, with a new strategic plan targeting improved performance and growth in electrification markets.

• Dividend of €0.13 per share for 2023 was paid in May 2024; future dividends will depend on 2025 forecasts.

Financial highlights

• Q4 gross profit: €1.8m (margin 5.9%), down from €4.2m (8.3%) in Q4 2023; full-year gross profit: €20.9m (margin 12.0%), slightly improved from 11.3% in 2023.

• Q4 EBIT: -€1.7m (margin -5.8%); full-year EBIT: €6.4m (margin 3.7%), both lower than prior year.

• Q4 EBITDA: -€0.7m; full-year EBITDA: €10.4m, down 16.7% year-over-year.

• Cash flow from operations improved to €20.1m for the year (2023: €1.2m), driven by inventory and receivables reduction.

• Total assets at year-end: €153.7m; equity ratio improved to 59.2% (2023: 50.5%).

Outlook and guidance

• Order intake increased in Q4, but impact expected in Q2–Q3 2025; low season to continue in Q1 2025.

• New strategic plan for 2025–2027 aims to leverage electrification trends and market growth opportunities.