Brockhaus Technologies (BKHT) H1 2024 earnings summary

Executive summary

• Revenue grew 30% year-over-year to €109.0 million in H1 2024, driven by strong performance in the HR Benefit & Mobility Platform segment and record new customer growth at Bikeleasing.

• Adjusted EBITDA increased by 19% to €37.8 million, with a margin of 34.6%; adjusted EBIT rose by 20% to €36 million (33% margin).

• Net profit declined to €2.2 million from €5.3 million due to a one-time €8.2 million write-down of an earn-out receivable.

• Integration of Probonio is progressing, with a broad rollout to existing customers expected in H2 2024 and positive EBITDA contribution anticipated from 2025.

• Maintained strong financial reserves and a conservative leverage ratio, supporting future growth initiatives.

Financial highlights

• H1 2024 revenue reached €109.0 million, representing 30% organic growth year-over-year.

• Adjusted pro forma EBITDA grew by 19% to €37.8 million (34.6% margin); adjusted pro forma EBIT increased by 20% to €36 million (33% margin).

• Free cash flow before tax improved to €2.3 million in H1 2024 from €-0.1 million in H1 2023; free cash flow before tax grew at a 105% CAGR from 2021 to 2023, reaching €44 million in 2023.

• Adjusted pro forma EPS rose 53% to €0.66 in H1 2024 versus €0.43 in H1 2023.

• Dividend of €0.22 per share paid in June 2024.

Outlook and guidance

• 2024 revenue guidance confirmed at €220–240 million, with adjusted EBITDA of €80–90 million.

• Medium-term outlook for 2025: revenue of €290–320 million and adjusted EBITDA margin of 40%, assuming no further acquisitions.

• Probonio expected to contribute a mid-single-digit million EUR to EBITDA in 2025.