Assystem (ASY) Q4 2024 earnings summary

Executive summary

• Revenue reached €611.3m in 2024, up 5.8% year-over-year, with 5.2% organic growth and positive scope and currency effects.

• EBITA rose 7.8% to €40.3m, with a 6.6% margin, driven by improved resource utilization in France.

• Net profit dropped to €7.5m from €102.8m, impacted by the absence of the prior year's €70.9m Framatome gain and Expleo Group's loss.

• Sale of 5% Framatome stake to EDF for €205m, with €185.6m in total dividends paid, including a €170.8m special dividend.

• Continued targeted acquisitions, including Mactech Energy Group, L&T IEL, and Keops Automation, and expanded international presence, notably in the UK and India.

Financial highlights

• France revenue: €380.9m (+1.6% reported, +3.8% organic); International: €230.4m (+13.7% reported, +7.9% organic).

• EBITA: €40.3m (+7.8%); EBITA margin: 6.6% (up 0.1 pt year-over-year).

• Free cash flow: €30.0m (4.9% of revenue), up from €20.4m (3.5% in 2023).

• Net debt at year-end: €49.3m, down €2.9m year-over-year, reflecting acquisitions, disposals, and dividend payments.

• Operating profit fell to €24.3m from €42.1m due to lower non-recurring income and higher share-based payments.

Outlook and guidance

• 2025 targets: slight organic revenue growth and stable EBITA margin, excluding Mactech Energy Group acquisition effects.

• Mactech Energy Group (~£16m revenue) to be consolidated from January 2025.

• Cautious approach due to uncertain economic and geopolitical environment.