Mashup Ireland (MASHUP) Q4 2024 earnings summary

Executive summary

• Revenue for H2 2024 reached EUR 6.1m, up 56% year-over-year, with gross profit up 77% to EUR 2.2m.

• Adjusted EBITDA improved to EUR 325k from -EUR 155k in H2 2023, marking the second consecutive period of EBITDA profitability.

• Strategic acquisitions and disposals included Autofulfil, Dessert First, Old Mill, Fettle, and a partial sale of Kollect.

• Change in accounting standards to IFRS investment company model for clearer reporting of investment performance.

• Board changes included new appointments and a CEO transition to Andy Byrne.

Financial highlights

• H2 2024 revenue: EUR 6.1m (H2 2023: EUR 3.9m); gross margin 37%.

• Adjusted EBITDA: EUR 325k (H2 2023: -EUR 155k); EBITDA margin 5%.

• Total assets: EUR 25.1m; net assets: EUR 14.3m as of Dec 31, 2024.

• Net loss after tax for H2 2024: EUR -1.1m (H2 2023: EUR -0.5m); EPS: SEK -0.21.

• Cash position at period end: EUR 91k.

Outlook and guidance

• Trading since period end remains strong, with year-on-year growth in line with internal projections.

• Medium-term strategy focuses on generating dividend income from portfolio companies.

• No dividend proposed for the AGM in June 2025.