RENK Group (R3NK) Q4 2024 TU earnings summary

Executive summary

• Preliminary, unaudited FY 2024 results show strong operational and financial performance, with all segments contributing to growth and results in line with or exceeding guidance and projections.

• Q4 2024 was particularly strong, significantly boosting year-end figures, with Q4 order intake up 60% year-over-year.

• CEO transition underway, with Susanne Wiegand handing over to Dr. Alexander Sagel.

• First year as a listed company marked by strong financial performance.

Financial highlights

• Order intake rose 13% year-over-year to €1.4 billion, marking an all-time high.

• Revenue grew 23% year-over-year to €1.1 billion, with Q4 revenue up 33% from Q4 2023.

• Adjusted EBIT increased 26% to €189 million, with Q4 adjusted EBIT up 67% year-over-year.

• Adjusted EBIT margin for the full year was 16.6%, with Q4 margin exceeding 21%.

• Net working capital reduced to about 25% of sales, down from nearly 27% at end-2023; net leverage improved to below 1.9x from 2.4x.

Outlook and guidance

• 2024 results met or exceeded the upper end of guidance for revenue (€1.1 billion) and adjusted EBIT (€189 million).

• Midterm targets reaffirmed: 15% average CAGR on top line and €300 million adjusted EBIT within three years.

• Management expects continued growth and profitability in FY 2025, with all business segments contributing.

• 2025 guidance to be provided with full-year results in March.