Unlimited Travel Group UTG (UTG) Q4 2024 earnings summary

Executive summary

• Revenue for Q4 2024 increased by 28.8% to SEK 329.6m compared to Q4 2023, with EBITA up 143.4% to SEK 29.7m.

• Full-year 2024 revenue rose 15.5% to SEK 847.3m, and EBITA grew 76.7% to SEK 34.1m year-over-year.

• Record results driven by strong demand, successful strategic initiatives, and high-performing subsidiaries.

• Booking position for 2025 is 12.7% higher than the previous year, indicating robust future demand.

• Acquisitions of Sydamerikaexperten (70%) and full ownership of Travel Beyond contributed to growth.

Financial highlights

• Q4 2024 gross margin was 21.3% (18.5% in Q4 2023); full-year gross margin was 21.5% (20.8%).

• Q4 net income was SEK 24.5m (SEK 12.0m in Q4 2023); full-year net income was SEK 26.7m (SEK 16.4m in 2023).

• EPS for Q4 and full-year 2024 was SEK 1.97 (Q4 2023: SEK 0.89; FY 2023: SEK 1.11).

• Cash flow from operations for 2024 was SEK 75.2m (SEK 19.6m in 2023); net cash position at year-end was SEK 62.7m (SEK 22.0m in 2023).

• Board proposes dividend increase to SEK 0.40 per share (SEK 0.35 prior year).

Outlook and guidance

• Booking position for 2025 is 12.7% above prior year, with strong private market demand and longer booking lead times.

• Corporate bookings are 4.5% lower year-over-year, with more planned events but lower average revenue.

• Management expects continued strong demand, supported by economic recovery and interest rate cuts.