Powersoft (PWS) H2 2024 earnings summary

Executive summary

• 2024 marked continued growth for Powersoft, with consolidated revenues up 2.9% to €72.4M and net income rising 2.4% to €12.3M year-over-year, despite a normalization in the pro-audio sector post-pandemic.

• The year saw significant international expansion, new technological partnerships (notably with Ferrari), and the start of construction for the Human Audio Experience Center.

• The acquisition of a 51% stake in K-Array in early 2025 is expected to drive further growth, efficiency, and margin improvements.

Financial highlights

• Consolidated revenues reached €72.4M (+2.9% YoY); EBITDA was €20.0M (+1.2% YoY, 28.0% margin); EBIT was €16.6M (23.2% margin, stable YoY); net income was €12.3M (+2.4% YoY, 17.3% margin).

• North America drove growth with sales up 54% YoY; Europe and APAC saw declines.

• Operating cash flow fell to €3.6M (-42.3% YoY); net financial position remained positive at €10.2M, down from €17.8M due to dividend payments and inventory buildup.

• Capogruppo (parent) results: revenues €68.5M (+1.4% YoY), EBITDA €19.4M (+0.5% YoY), net income €12.1M (+1.2% YoY).

• Dividend of €0.85/share was distributed in 2024; proposal for €0.82/share in 2025.

Outlook and guidance

• 2025 began with the K-Array acquisition and new global partnerships, expected to boost volumes, margins, and market reach.

• Integration with K-Array is projected to yield pro-forma revenues of €88M and EBITDA near €24M, with a combined workforce of ~300.

• The company expects to maintain strong financial solidity and cash flows, leveraging synergies and expanded product/market coverage.