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Norva24 Group (NORVA) investor relations material
Norva24 Group Q4 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2024 earnings summary19 Feb, 2025
Executive summary
Achieved 15.5% year-over-year revenue growth in Q4 2024, with all segments contributing positively and currency-adjusted organic growth of 6.2%.
Margin improvements in Norway, Sweden, and Denmark; Germany impacted by underperformance in Jutzy/Jutze, with margin improvement excluding this unit.
Strong operational cash flow and cash conversion at 90.8% for the full year, reflecting improved working capital and capital efficiency.
Continued robust M&A activity, with over 90% of acquisitions bilateral and a rich pipeline of opportunities.
Focus remains on operational efficiency, margin improvement, and profitable growth.
Financial highlights
Q4 2024 total operating revenue: NOK 989 million (Q4 2023: NOK 855.7m); full year: NOK 3,631 million (2023: NOK 3,151.9m); currency-adjusted organic growth 4.6% for the year.
Adjusted EBITA for Q4: NOK 81.4 million (margin 8.2%, down 1.3pp); full year: NOK 384 million (10.6% margin), up from NOK 347.7 million in 2023.
Excluding Jutzy/Jutze, full-year adjusted EBITA was NOK 400 million (11.5% margin), up from NOK 309 million in 2023.
Net profit for Q4 was NOK 49.4 million, down 26.2% year-over-year; full-year profit was NOK 176.8 million, down 22%.
Net debt at year-end was NOK 1,550.6 million, with net interest-bearing debt/Adj. EBITDA at 2.1x, well below the 4.0x covenant.
Outlook and guidance
Management expects 2025 to be a transformation year for Jutzy/Jutze, aiming for a return to profitability without significant restructuring costs.
Margin improvement methodology and business process tools being implemented, especially in Germany.
Medium-term targets: adjusted EBITA margin of 14–15%, revenue of NOK 4.5bn by 2025, and net debt/EBITDA below 2.5x.
Expect continued organic growth in 2025, supported by capacity increases and price adjustments.
M&A activity expected to pick up, with a prudent approach to capital allocation.
Explain the margin reduction in Germany.
Assess the impact of discontinuing Jutzy's project business.
What is the plan for capital reinvestment?
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Norva24 Group provides underground infrastructure maintenance services including pipe cleaning, inspection, and repair. The company serves municipalities, industries, and property owners with non-disruptive and environmentally friendly solutions. It operates service units across multiple countries in Northern Europe. The company is headquartered in Oslo, Norway, and its shares are listed on the STO.
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