Pihlajalinna (PIHLIS) Q4 2024 earnings summary

Executive summary

• Achieved all-time high annual result in 2024, driven by 7.8% organic revenue growth and improved profitability.

• Adjusted EBITA for 2024 was EUR 55.2 million, up 46% year-over-year.

• EPS rose to EUR 1.13 from EUR 0.19, and the Board proposes a EUR 0.38 dividend per share.

• Net cash flow from operating activities increased to EUR 100.8 million, a 27.6% rise year-over-year.

• Customer satisfaction improved, with NPS scores rising in both Private and Public Services.

Financial highlights

• 2024 revenue was EUR 704.4 million, down 2.2% year-over-year, mainly due to contract changes and divestments.

• Q4 adjusted EBITA EUR 15.4m (+55% y/y); full-year adjusted EBITA EUR 55.2m (+46% y/y).

• Net profit for the year was EUR 30.2 million, up from EUR 4.6 million.

• Return on equity (ROE) increased to 19.2% from 3.4%; equity ratio improved to 26.8%.

• Operating cash flow Q4 EUR 33.1m (vs. EUR 26.1m); full-year EUR 100.8m (vs. EUR 79.0m).

Outlook and guidance

• 2025 revenue expected to remain at 2024 level (EUR 704.4m).

• Adjusted EBITA margin expected to increase to at least 9% (from 7.8% in 2024).

• Focus on organic growth in Private Healthcare Services and continued profitability improvement.

• Demand expected to remain stable; slow economic growth may impact results.