Comarch (CMR) investor relations material

Executive summary

• Sales revenue for 2024 increased by 5.5% to PLN 1,916.4 million, with operating profitability at 5.3% and net profitability at 3%; net profit attributable to shareholders was PLN 57.6 million, down 42.8% year-over-year.

• Operating profit rose 5% to PLN 101.0 million; EBITDA increased 5.2% to PLN 201.9 million.

• Domestic sales grew 6.3%, foreign sales 4.8%, with foreign sales making up 51.3% of total revenue.

• Major shareholder changes occurred: Chamonix Investments Poland sp. z o.o. acquired 100% of shares, triggering a delisting application and significant management changes.

• Exchange rate fluctuations significantly impacted financial results.

Financial highlights

• Q4 2024 revenue reached PLN 609.1 million, up 12.8% year-over-year; Q4 operating profit was PLN 36.7 million (up 129.4%), but Q4 net profit dropped to PLN 12.1 million from PLN 18.4 million in Q4 2023.

• Full-year operating profit was PLN 101.0 million (up 5%), and net profit attributable to shareholders was PLN 57.6 million, down from PLN 100.6 million in 2023.

• Full-year EBITDA was PLN 201.9 million (+5.2% y/y); net margin: 3.0%; operating margin: 5.3%.

• Cash flow from operating activities was PLN 156.8 million (down from PLN 212.1 million in 2023); net cash at year-end: PLN 557.9 million.

• Dividend of PLN 5.00 per share paid in July 2024.

Outlook and guidance

• Management expects continued revenue diversification and stable operations, focusing on proprietary IT solutions, foreign market expansion, and investments in human capital and infrastructure.

• Strategic review initiated for Public Administration and e-Health sectors, including potential sale.

• Ongoing exchange rate volatility remains a key factor influencing future results.