Visma (VISMA) Q4 2024 earnings summary

Executive summary

• Q4 2024 revenue reached €737 million, up 14% year-over-year, with strong SaaS-driven growth and 2 million customers, a 19.5% increase in customer base year-over-year.

• EBITDA for Q4 was €213 million, up 12% year-over-year, with margin at 28.9%; full-year EBITDA margin improved to 31.8%.

• Eleven acquisitions were completed in Q4, expanding presence in Belgium, Spain, the Netherlands, and France.

• Annualized Repeatable Revenue (ARR) reached €2,662 million, up 17% year-over-year, with all segments showing double-digit ARR growth.

Financial highlights

• Q4 revenue: €737 million (+13.6% YoY, +10% organic).

• Q4 EBITDA: €213 million (+12.2% YoY); EBITDA margin 28.9% (-0.2 ppt YoY).

• Q4 operating profit (EBIT): €103 million (+96.8% YoY).

• Adjusted net income: €110 million (+6.6% YoY).

• Free cash flow: €178 million (+12.4% YoY); LTM cash conversion 99.2%.

• SaaS revenue grew 18.6% YoY; on-premises revenue declined 8.2% as legacy products are phased out.

Outlook and guidance

• Market outlook remains positive with resilient demand for mission-critical software despite some softer market segments.

• OECD projects global GDP growth of 3.3% in 2025; Visma expects continued growth and active M&A in Q1 2025.

• Higher economic activity and softening interest rates seen as potential demand triggers; geopolitical tensions remain a risk.