Cambi (CAMBI) Q4 2024 earnings summary

Executive summary

• Full-year 2024 revenue surpassed NOK 1 billion for the first time, with EBITDA at NOK 226 million, reflecting strong project execution and organizational growth.

• Paid a record NOK 160 million in dividends for 2023, with plans to distribute up to 80% of 2024 net profits as dividends in 2025, split into two payments.

• Maintained a high order backlog of NOK 1.2 billion at year-end, providing strong visibility into 2025 activity levels.

• Entered new markets with contracts in Spain and India, and delivered successful projects in Bulgaria and South Africa.

• Strategic exit from retail soil market in Grønn Vekst to focus on bulk soil and biosolids for profitability.

Financial highlights

• 2024 revenue reached NOK 1,033 million, up from NOK 977 million in 2023; Q4 revenue was NOK 234 million, down 21% year-over-year.

• 2024 EBITDA was NOK 226 million, down from NOK 249 million in 2023; Q4 EBITDA was NOK 39 million, down from NOK 59 million in Q4 2023.

• Gross margin in Q4 was 58%, up from 52% year-over-year; EBITDA margin was 17%, down from 20%.

• Order intake for 2024 was NOK 724 million, about half of 2023's record; year-end backlog at NOK 1.2 billion, with two-thirds in foreign currencies.

• Net profit for Q4 was NOK 26.2 million, compared to NOK 4.0 million in Q4 2023.

Outlook and guidance

• Confident in delivering another profitable year in 2025, with strong visibility and high activity levels.

• Two new contracts secured in early 2025, including a breakthrough project in India.

• Majority of backlog expected to convert to revenue in 2025; technology backlog to be fully converted by end of 2026.

• Dividend for 2024 planned at up to 80% of net profits, paid in two rounds to balance liquidity.

• Management prepared to adapt to trade barriers and supply chain risks, including local manufacturing.