Allpark Empreendimentos Participações e Serviços (ALPK3) Q4 2024 earnings summary

Executive summary

• FY24 revenue reached R$1,584.8m, up 16.8% YoY; 4Q24 revenue of R$430.5m marked the 10th consecutive record quarter.

• Managerial EBITDA rose 17.7% to R$291.6m; consolidated net loss narrowed 87.2% to R$8.719m.

• Portfolio reached 754 operations across 97 cities and 19 states, with 82 openings and 498,541 parking spaces in 2024.

Financial highlights

• FY24 consolidated gross profit was R$530.739m, up from R$439.946m; gross margin rose to 33.5% from 32.4%.

• FY24 managerial EBITDA was R$291.6m, up 17.7%, with an 18.4% margin; Q4 managerial EBITDA was R$72.9m, with a 16.9% margin.

• FY24 managerial EBIT rose 40.5% to R$122.2m, with a 7.7% margin.

• Adjusted cash gross profit reached R$419.8m, up 16.0%, with a 26.5% margin; Q4 cash gross margin was 24.7%.

• Consolidated net finance expense improved 8.3% to R$214.953m; consolidated net loss narrowed to R$8.719m from R$68.080m in 2023.

Outlook and guidance

• Management expects 2025 to outperform 2024, citing strong January and February trading and continued investment in growth; this was not formal guidance.

• Management anticipates an EBITDA margin above 18% and leverage potentially trending toward 2.3x if planned growth and disciplined capital allocation are achieved.

• Strategy prioritizes organic growth in leased and managed operations, which management described as requiring less capital and having shorter payback periods; digital and electromobility remain growth priorities.