EcoUp (ECOUP) Q4 2024 earnings summary

Executive summary

• Revenue grew 0.5% year-over-year to €30.7M in 2024, with export growth offsetting weak domestic demand.

• EBITDA improved 11.3% to €2.8M (9.0% margin), driven by cost savings and active sales efforts.

• EBIT loss narrowed to -€1.0M from -€1.5M year-over-year.

• Cash flow from operations increased to €2.6M from €1.8M in 2023, up 39.8%.

• Acquisition of Isoleringslandslaget AB and Isoleringslandslaget Försäljning AB completed and consolidated from 1.1.2025.

Financial highlights

• Q4 2024 revenue rose 9.9% year-over-year to €10.1M, mainly due to export and renovation segment growth.

• Q4 EBITDA margin improved to 13.2% from 9.5%, with EBITDA up 52.5% to €1.3M.

• Full-year EBITDA margin reached 9.0%, up from 8.1% in 2023.

• Net investments decreased to €2.4M from €3.6M in 2023, with €1.4M in Technology business.

• Average personnel decreased to 170 from 181.

Outlook and guidance

• 2025 revenue and EBITDA expected to grow compared to 2024.

• Medium-term targets by end of 2026: Insulation business revenue €40–45M, EBITDA €6–8M; technology business to reach positive EBITDA.

• Insulation business anticipates improved new construction market in 2025, though volumes remain below average.

• Renovation market volume expected to grow 1.0% in 2025; company aims to outpace market growth.

• Technology business targets positive EBITDA by end of 2026.