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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Norva24 Group
Norva24 Group (NORVA) investor relations material
Norva24 Group has been delisted
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 currency-adjusted organic growth of 6.2% and all segments contributing positively.
Margin improvements in Norway, Sweden, and Denmark; Germany impacted by underperformance in Jutzy.
Strong operational cash flow and cash conversion at 90.8% for the full year, reflecting improved working capital and capital efficiency.
Excluding underperforming Jutzy in Germany, Q4 growth was 21.5% and organic growth 11.3%.
Continued robust M&A activity, with over 90% of acquisitions bilateral and a rich pipeline of opportunities.
Financial highlights
Q4 2024 total operating revenue: NOK 989 million, up 15.5% year-over-year; full year: NOK 3,631 million, up 15.2%.
Adjusted EBITA Q4: NOK 81.4 million (margin 8.2%), down 1.3 percentage points year-over-year; full year adjusted EBITA: NOK 384 million (10.6% margin).
Excluding Jutzy, full-year adjusted EBITA was NOK 400 million (11.5% margin).
Q4 operating cash flow was NOK 298 million, up NOK 92 million year-over-year; full year: NOK 660.6 million.
Net interest-bearing debt/adjusted EBITDA at 2.1x, with net debt at year-end NOK 1,550.6 million.
Outlook and guidance
Expectation to continue organic growth in 2025, supported by capacity increases and potential price adjustments.
Margin improvement methodology and business process tools being implemented, especially in Germany.
Targeting NOK 4.5 billion in statutory revenue and adjusted EBITA margin of 14–15% by 2025, though acknowledged as challenging.
ERP and field service management system rollout in Germany anticipated to drive operational improvements in the second half of 2025.
M&A activity expected to pick up, with a prudent approach to capital allocation.
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Frequently asked questions
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.