ECIT (ECIT) Q4 2024 earnings summary

Executive summary

• 2024 saw satisfactory performance across most financial metrics, with revenue of NOK 3.8 billion, up 11.5% year-over-year, and EBITDA of NOK 562 million at a 14.7% margin, slightly higher than last year. Major events included the acquisition by TowerBrook Capital Partners and Long Path Partners, delisting from Euronext Growth, and the establishment of ECIT TopCo AS as the new parent company in November 2024.

• Nine acquisitions were completed, including the largest to date, Qlosr Group, strengthening managed services and IT supply in Sweden. Free cash flow increased by nearly 23% to NOK 354 million.

• The group operates in 10 countries with over 2,700 employees and continues to focus on M&A-driven growth, integration, and sustainability initiatives.

Financial highlights

• Full-year revenue reached NOK 3.8 billion, up 11.5% year-over-year, with 3.5% organic growth.

• EBITDA was NOK 562 million, margin 14.7%, driven by cost-saving programs.

• Adjusted profit for 2024 was NOK 190 million, up nearly 3% year-over-year.

• Free cash flow was NOK 354 million, up 23% year-over-year.

• Net interest-bearing debt (excl. leases) at year-end was NOK 678 million; financial gearing ratio at 1.45x.

Outlook and guidance

• Focus for 2025 is on improving profitability, disciplined cost management, and operational efficiency.

• Continued M&A activity expected, with several acquisitions already completed in early 2025.