Vantiva (VANTI) H2 2024 earnings summary

Executive summary

• Achieved all 2024 targets with 19.3% sales growth to €1,865m, driven by Home Networks integration and SCS divestiture, refocusing on Connectivity.

• Cost structure significantly reduced, with cumulative synergies from HN integration projected to exceed €200m by 2026.

• Leadership in Wi-Fi 7, Fiber, 5G-FWA, and OTT set-top boxes, with commercial Wi-Fi 7 launch planned for H1 2025.

• Sustainability recognized with Gold EcoVadis label, ranking in top 1% for environment and top 3% for ESG.

• Net income from continuing operations was a loss of €161m, compared to a €144m loss in 2023.

Financial highlights

• Revenue grew 19.3% year-over-year to €1,865m in FY24.

• Adjusted EBITDA increased to €104m, margin improved in H2 after dual cost structure in H1.

• Free cash flow from continuing operations improved from -€40m in FY23 to €33m in FY24, driven by working capital improvements.

• Adjusted EBITA from continuing operations rose 8.1% to €41m.

• Group net income was a loss of €282m, including a €121m loss from discontinued operations.

Outlook and guidance

• 2025 revenues expected to be stable versus 2024; targets set for Adjusted EBITDA above €150m and positive free cash flow.

• Management confident in sustainable and healthy FCF after financial, tax, and restructuring.

• Cumulative cost synergies from HN integration projected to exceed €200m by 2026.