IMCD (IMCD) Q4 2024 earnings summary

Executive summary

• Achieved revenue of EUR 4,728 million in 2024, up 6% year-over-year (8% at constant currency), with growth driven mainly by acquisitions and a recovery after a weak Q1.

• Gross profit rose 7% to EUR 1,202 million, and operating EBITA/EBITDA increased to EUR 531 million, with three consecutive quarters of growth after Q1.

• Net result declined 5% to EUR 278 million, impacted by higher finance and amortisation costs.

• Completed 12 acquisitions and signed 2 more, adding EUR 300 million in annualised revenues and 493 employees, with a focus on Life Science and Industrials.

• Proposed dividend of EUR 2.15 per share, maintaining a 35% payout ratio adjusted for non-cash amortisation.

Financial highlights

• Forex-adjusted revenue increased 8% and gross profit 9% year-over-year; gross profit margin rose to 25.4%.

• Operating EBITDA increased to EUR 572 million, margin slightly decreased to 12.1%; conversion margin at 44.2%.

• Free cash flow was EUR 450 million, with a cash conversion ratio of 83%.

• Cash earnings per share at EUR 6.34; earnings per share EUR 4.86.

• Net debt stable at EUR 1,282 million; leverage ratio improved to 2.2x EBITDA.

Outlook and guidance

• Remains confident in growth trajectory and value creation, supported by a healthy M&A pipeline and resilient business model.

• Focus on sustainable growth, operational excellence, and leveraging strong teams and infrastructure.

• Visibility remains limited to about six weeks due to ongoing market volatility and customer order shifts.