GL Events (GLO) Q4 2024 earnings summary

Executive summary

• Achieved record revenue of €1.635bn in 2024, up 15% year-over-year, driven by the Paris 2024 Olympics and international expansion.

• EBITDA rose 16% to €232m; current operating income up 13% to €152m; net attributable income up 21% to €77m; EPS up 21% to €2.58.

• Strong operational execution at Paris 2024 Olympics, generating €360m in revenue.

• Strategic expansion and diversification in France, Brazil, Chile, Middle East (ADD Group acquisition talks), and China, with new venue acquisitions and expanded event portfolio.

• Proposed dividend of €0.90/share for FY 2024, up 29% from prior year.

Financial highlights

• Revenue up 15% year-over-year to €1.635bn; EBITDA margin improved to 14.2%.

• Net profit attributable to shareholders increased 21% to €77m; EPS up to €2.58.

• Free cash flow of €62m, despite significant capex for Anhembi and solar projects.

• Net debt stable at €517m; financial leverage ratio at 2.2x, well below 3.5x covenant.

• Net margin improved to 4.7% from 4.5% in 2023; ROCE up 0.9 pts year-over-year.

Outlook and guidance

• 2025 to see continued growth and margin improvement, with major events in all divisions and full-year impact of Anhembi venue.

• Capex budget for 2025 set at €80m, lower than 2024; net debt expected to remain stable.

• Key 2025 drivers: Paris Air Show, Osaka World Expo, favorable biennial effect in Exhibitions, and new venues.