Broadpeak (ALBPK) H2 2024 earnings summary

Executive summary

• Returned to sales growth in 2024 with a 0.9% increase, accelerating to 5.9% in the second half after a first-half decline.

• Strong performance in EMEA (+12.7% annual sales), offset by declines in Americas (-5.6%) and APAC (-20.6%).

• Product mix shifted further toward Maintenance & SaaS (+22%), now 39.5% of revenue; equipment sales contracted sharply.

Financial highlights

• Revenue reached €39.4m in 2024, up 0.9% year-over-year; gross margin rate increased to 81.7%.

• EBITDA improved to -€2.5m (from -€4.7m in 2023), with a positive €1.7m in H2; adjusted EBITDA for the year was €2.0m.

• Net loss narrowed to -€4.0m (from -€4.2m in 2023), with a positive result in H2.

• Free cash flow recovered to +€1.1m, driven by improved trade receivables and working capital.

• Equity at year-end was €20.2m, cash rose to €4.1m, and net debt decreased to €6.9m.

Outlook and guidance

• Expects revenue growth and positive EBITDA in 2025, supported by cost savings and SaaS acceleration.

• 2027 targets confirmed: annual revenue over €50m, 50% recurring, and EBITDA margin around 15%.

• Aims for at least 40 new SaaS customers in 2025, up from 32 in 2024.