Austriacard Holdings (ACAG) H1 2024 earnings summary

Executive summary

• Revenue grew 7.0% year-over-year to €192.0m in H1 2024, driven by Digital Transformation Technologies and Document Lifecycle Management, especially in Greece and Romania.

• Adjusted EBITDA rose 11.2% to €28.8m, with margin up to 15.0%. Adjusted EBIT increased 12.4% to €20.5m.

• Profit after tax declined 6.2% to €11.2m, mainly due to higher management participation program expenses and increased tax expenses.

Financial highlights

• Gross profit I increased 12.4% to €87.7m; gross margin I improved to 45.7%.

• Adjusted profit before tax rose 10.1% to €17.0m; adjusted profit after tax up 4.9% to €13.3m.

• Net working capital increased 27.3% to €74.1m, mainly due to higher inventories and receivables.

• Net debt rose 8.7% to €103.3m; Net Debt/Adjusted EBITDA stable at 2.0x.

• Operating cash flow improved to €8.3m from €2.5m year-over-year.

Outlook and guidance

• No material changes in risk exposure or future development are expected for the second half of 2024 compared to prior disclosures.