Vincit (VINCIT) Q4 2024 earnings summary

Executive summary

• Revenue for 2024 was EUR 84.6 million, down 13.7% year-over-year, with Q4 revenue at EUR 21.5 million, down 8.9% from Q4 2023.

• EBITA for 2024 was EUR 0.3 million (0.3% margin), a significant decline from EUR 1.7 million (1.8%) in 2023; Q4 EBITA was EUR -0.4 million.

• Earnings per share for 2024 were EUR -0.22, compared to EUR -0.17 in 2023.

• Cost-saving measures, including office and operational cuts, yielded EUR 2 million in annual savings.

• The company faced a cyberattack in December 2024, impacting Q4 results.

Financial highlights

• Adjusted EBITA for 2024 was EUR 0.8 million (0.9% margin), down from EUR 3.7 million (3.8%) in 2023.

• EBIT for 2024 was EUR -3.7 million (-4.4% margin), compared to EUR -2.2 million (-2.2%) in 2023.

• Cash flow from operating activities was EUR -0.5 million, down from EUR 5.3 million in 2023.

• Equity ratio at year-end was 64.9%, up from 63.4% in 2023; net debt to EBITDA remained negative.

• Dividend proposal of EUR 0.11 per share, up from EUR 0.10 last year.

Outlook and guidance

• 2025 revenue expected to be lower than 2024, but relative profitability is expected to improve.

• Financial targets for 2025-2027: adjusted EBITA margin of 10% by 2027, 10% organic revenue growth in 2026-2027, equity ratio above 50%, and net debt/EBITDA below 2.