Wiit (WIIT) H2 2024 earnings summary

Executive summary

• Adjusted revenues reached €158.6M, up 21.9% year-over-year, driven by organic growth in Germany and Italy and contributions from acquisitions (Edge & Cloud, Econis AG, Michgehl & Partner).

• Adjusted EBITDA rose 14.4% to €58.0M, with a margin of 36.6%, impacted by recent acquisitions; like-for-like margin would have been 41.1%.

• Net profit increased 11.0% to €9.3M compared to FY2023.

• Multi-year order backlog as of Jan 1, 2025, reached €247.3M, up from €150M, reflecting strong contract renewals and new client wins.

• Proposed dividend of €0.30 per share; shareholders' meeting called for April 29, 2025.

Financial highlights

• Adjusted revenues: €158.6M (+21.9% YoY); Italy €60.0M, Germany €83.5M, Switzerland €15.1M.

• Adjusted EBITDA: €58.0M (+14.4% YoY); margin 36.6% (like-for-like 41.1%).

• Adjusted EBIT: €29.0M (+3.6% YoY); margin 18.3% (like-for-like 21.7%).

• Net profit: €9.3M (+11.0% YoY).

• Adjusted net financial position (debt): €-163.0M (vs. €-154.2M in 2023).

Outlook and guidance

• Expecting further margin improvement in 2025, especially in Germany, due to cost synergies from mergers.

• Anticipating high single-digit revenue growth at group level and double-digit growth in new business lines (Cloud Native infrastructure and AI).

• M&A activity in the DACH region to continue as part of growth strategy.