Intred (ITD) H2 2024 earnings summary

Executive summary

• FY2024 results aligned with guidance, with revenue up 10.3% to €55.2M, driven by fiber-optic and Ultra Broadband sales, school tenders, and recurring fees.

• EBITDA reached €24.0M, up 6.7% year-over-year, with a margin of 43.0%.

• Net profit declined 15.9% to €6.9M due to higher financial costs, amortization, and depreciation from increased debt and investment.

• Proprietary fibre network expanded by 14.6% to over 13,500 km, supporting growth and market positioning.

• Acquisition and merger of Connecting Italia S.r.l. in April 2024, consolidated retroactively from January 1, 2024.

Financial highlights

• Revenue reached €55.2M (+10.3% year-over-year), with 88.5% from recurring fees.

• EBITDA rose 6.7% to €24.0M (margin 43.0%), while EBIT declined 7.2% to €11.8M (margin 21.0%).

• Net profit fell 15.9% to €6.9M due to higher financial costs from increased debt.

• Net financial position worsened to -€32.9M from -€20.9M, reflecting higher capex and investment.

• Cash and cash equivalents at €10.3M, up 30.7% year-over-year.

Outlook and guidance

• 2027 targets: value of production €67–73M, EBITDA €34–36M, EBITDA margin 50%.

• Double-digit EBITDA growth expected through 2027, with strong cash generation from 2026 and net debt projected near zero by 2028.

• Data center business to contribute meaningfully post-2027; ongoing investments in core business to sustain above-peer growth.

• Early 2025 shows promising sales growth; continued investment in proprietary network and FTTH access.

• Data Center project to drive future business, pending permits; investment expected to decline from 2026, boosting liquidity.