Cliq Digital (CLIQ) H2 2024 earnings summary

Executive summary

• 2024 marked the first sales decline after five years of growth, with a 26% drop in sales to €243 million, driven by fewer customers and higher churn rates.

• The company launched the 'Fit for Future' transformation program, reducing headcount by 22% and incurring over €11 million in one-off costs.

• A goodwill impairment of €26.6 million led to a net loss of €28 million and negative EPS of €4.75.

• The business model was diversified with new digital products, an AVOD monetization model, and an omnichannel marketing approach.

• Foundations have been fixed, and the company is focusing on renewal and future growth opportunities.

Financial highlights

• EBITDA before special items was €21 million, down 57% year-over-year; normalized EBITDA margin was 9%.

• Reported EBITDA after special items was €10 million with a margin of 4%.

• Operating free cash flow was €3 million, down from €19 million in 2023; year-end net cash position was €12 million.

• Customer acquisition cost for the period was €97 million, stable at 40% of sales; Q4 costs improved 15% sequentially and 45% year-over-year.

• Dividend of €0.04 per share proposed, same as last year.

Outlook and guidance

• 2025 EBITDA expected between €10 million and €15 million, with group sales forecasted at €180 million to €220 million.

• Customer acquisition cost planned at €50–75 million for 2025, about 20% less than last year.

• Medium-term outlook suspended due to market volatility; focus remains on stabilizing sales and returning to growth.