Binero Group (BINERO) H2 2024 earnings summary

Executive summary

• Net sales for 2024 reached 416.4 MSEK, up from 327.0 MSEK year-over-year, with annual recurring revenue at 282.4 MSEK as of December 31, 2024.

• EBITDA for 2024 was 19.7 MSEK (26.3 MSEK in 2023), and EBIT was 4.2 MSEK (24.1 MSEK in 2023).

• Net income for 2024 was 12.9 MSEK, a turnaround from -29.1 MSEK in 2023; EPS was 0.12 SEK (after dilution).

• Cost-saving measures initiated in April 2024 resulted in 7.6 MSEK in annualized savings.

• Major acquisitions included Infrateq Group Holding AB and Xpeedio Support Solutions AB, with a significant post-period acquisition of Serit Tromsø and Serit Nidaros in Norway.

Financial highlights

• H2 2024 net sales were 212.3 MSEK (166.5 MSEK in H2 2023); adjusted EBITDA for H2 was 10.7 MSEK (14.8 MSEK).

• Cash flow from operations for 2024 was 7.7 MSEK (70.0 MSEK in 2023); cash at year-end was 33.9 MSEK.

• Solid equity ratio improved to 39% from 9% year-over-year.

• No dividend proposed for 2024.

Outlook and guidance

• New medium-term targets: organic growth of 10% per year (excluding acquisitions), EBITDA margin of 12–14% before acquisition/integration costs, and net debt not to exceed 3x EBITDA.

• Management expects continued growth and improved profitability, leveraging recent acquisitions and a focus on recurring revenue.