Technoprobe (TPRO) Q4 2024 earnings summary

Executive summary

• FY 2024 revenues reached €543.2M, up 32.7% year-over-year, driven by AI segment growth, consumer market stabilization, and contributions from Harbor and DIS Tech acquisitions, while automotive and industrial segments weakened.

• AI-related revenues rose 15% year-over-year, now representing 35% of total revenues, fueled by data center demand and increased manufacturing capacity.

• EBITDA increased 11.2% to €136.5M (25.1% margin), but net profit declined 35.5% to €62.8M due to the absence of prior year tax benefits.

• Net financial position improved to €656.3M, supported by €124M operating cash flow and a €384.7M capital increase.

• No dividend proposed for 2024, with profits allocated to reserves to support growth.

Financial highlights

• Q4 2024 revenues were €156.3M, up 53.3% year-over-year and 7.2% sequentially; full-year gross profit was €223.4M (41.1% margin).

• Q4 EBITDA margin was 26.4% (27.3% adjusted); full-year EBITDA margin was 25.1% (25.4% adjusted).

• Net financial position improved by nearly €395M, with €124M from operations and €385M from a capital increase, offset by €94M in investments, €82M for DIS Tech acquisition, and €35M for share buybacks.

• R&D expenses increased by €6M to €63M, representing 12% of revenues.

• Total shareholders' equity reached €1,237.2M (+51.4% YoY).

Outlook and guidance

• Q1 2025 guidance: revenues of €157M (±3%), gross margin of 44.6% (±2%), and EBITDA margin of 30.2% (±2%).

• AI expected to remain the main growth driver in 2025, with AI-related revenues projected at 35–40% of the total.

• Consumer segment to see slight growth; automotive and industrial segments to remain weak, with stabilization expected in H2 2025.

• 2025 is expected as a transition year, shaped by AI momentum and ongoing technological change.

• EBITDA margin of 30% is expected to be the floor for 2025, with further improvement anticipated as restructuring and integration efforts progress.