Assemblin Caverion Group (ACG) Q4 2024 earnings summary

Executive summary

• 2024 marked a successful integration of Assemblin and Caverion, capturing synergies and improving profitability, despite a challenging market and restructuring activities.

• The group is a northern European leader in technical service and installation solutions, serving 76,900 customers across 9 countries with 21,000 employees.

• Adjusted EBITA margin rose to 6.7% for the full year, up from 5.7%, reflecting operational optimization and synergy capture.

• Major restructuring and integration were completed, incurring one-off costs but positioning for sustained margin uplift.

• Free cash flow was strong at SEK 3,414 million, with a cash conversion rate of 121%.

Financial highlights

• Q4 2024 net sales were SEK 11,060 million, down 5.9% year-over-year; full-year net sales were SEK 42,020 million, down 3.1%.

• Adjusted EBITA for Q4 was SEK 924 million (8.4% margin); full-year adjusted EBITA was SEK 2,832 million (6.7% margin).

• EBITA for Q4 dropped to SEK 38 million; full-year EBITA fell to SEK 1,323 million, mainly due to non-recurring items.

• Net result for Q4 was SEK -653 million; full-year net result SEK -589 million, impacted by PPA amortizations and restructuring costs.

• Order backlog at year-end reached SEK 30,805 million, up 1.1% year-over-year.

Outlook and guidance

• The group expects continued profitability improvement and stable net sales, with clear underlying growth potential and strong order intake.

• Market volatility and uncertainties persist, but signs of recovery are emerging in some regions.

• Diversified business model and strong megatrends (e.g., climate change mitigation) position the group for sustainable growth.