Hexaom (ALHEX) H2 2024 earnings summary

Executive summary

• 2024 revenue reached €728.5M, down 28.9% year-over-year amid a historic real estate crisis.

• Operating income was €20.1M, a 47.7% decrease, with net income at €13.7M, down 59%.

• Maintained profitability despite market headwinds through cost control and business model flexibility.

• Net cash position improved to €84.3M at year-end.

• Board proposes a €0.49/share dividend after two years without distribution.

Financial highlights

• Revenue: €728.5M (2024) vs €1,024.4M (2023), -28.9% year-over-year.

• Operating margin: 2.8% (2024) vs 3.7% (2023), -0.9pt.

• Net margin: 1.9% (2024) vs 3.3% (2023), -1.4pt.

• Net cash: €84.3M (2024) vs €81.0M (2023).

• Equity: €227.9M; cash: €148.5M at 2024 year-end.

Outlook and guidance

• 2025 revenue expected to decline by ~10% (non-constant scope), with operating margin above 3%.

• Commercial momentum improving since Q4 2024, with strong order growth in early 2025.

• Market recovery anticipated, supported by lower interest rates and expanded zero-interest loans.

• Diversification to represent over 25% of 2025 activity.