Incap (ICP1V) Q4 2024 earnings summary

Executive summary

• Revenue for 2024 reached EUR 230.1 million, up 3.8% year-over-year, with Q4 revenue up 39.7% to EUR 59.3 million compared to Q4 2023.

• Net profit for 2024 was EUR 22.7 million, a 14.7% increase year-over-year; Q4 net profit surged 479.7% to EUR 7.8 million.

• EBIT for 2024 was EUR 29.2 million (12.7% margin), up 3.4% year-over-year; Q4 EBIT rose 132% to EUR 8.6 million (14.4% margin).

• New customer acquisitions, cross-selling, and successful integration of Incap US contributed to growth.

• No dividend proposed for 2024 as focus remains on organic and inorganic growth, including potential acquisitions.

Financial highlights

• Earnings per share for 2024 were EUR 0.77, up from EUR 0.68 in 2023.

• Equity ratio improved to 63.8% (from 60.6%), and net gearing was -30.8% (from -7.7%).

• Cash and cash equivalents at year-end were EUR 72.2 million, an all-time high.

• Investments totaled EUR 6.7 million (2.9% of revenue), mainly in production technology and IT.

• Market capitalization at year-end was EUR 301.4 million, with a closing share price of EUR 10.24.

Outlook and guidance

• Revenue and EBIT for 2025 are expected to be higher than in 2024, with growth in the 0%-20% range.

• Anticipates a slower first half of 2025 due to market hesitancy, with acceleration in the latter half.

• Growth strategy focuses on both organic expansion and M&A, with investments in production capacity and technology.

• Guidance is based on the current organizational structure and excludes potential acquisitions.