CombinedX (CX) Q4 2024 earnings summary

Executive summary

• Q4 2024 revenue reached 258.0 MSEK, up 22.5% year-over-year, with organic growth at -7.1% and adjusted EBITA margin at 9.9%.

• Full-year 2024 revenue was 929.9 MSEK, up 21.4% year-over-year, with organic growth at -2.3% and adjusted EBITA margin at 8.7%.

• Market conditions remained challenging, impacting organic growth and profitability, but strategic steps and acquisitions were taken to strengthen the business.

• Several new customer wins and successful integrations of acquired companies contributed to future positioning.

• Cash flow from operations improved to 55.0 MSEK in Q4 and 124.3 MSEK for the year.

Financial highlights

• Q4 adjusted EBITA was 25.5 MSEK (down from 29.1 MSEK), with an adjusted EBITA margin of 9.9% (down from 13.8%).

• Full-year adjusted EBITA was 81.2 MSEK (down from 94.6 MSEK), with an adjusted EBITA margin of 8.7% (down from 12.3%).

• Q4 net income was 19.5 MSEK; full-year net income was 51.0 MSEK.

• Earnings per share for the year were 2.82 SEK before dilution.

• Soliditet (equity ratio) at year-end was 57.2%.

Outlook and guidance

• Management expects market conditions to improve in 2025, with a focus on sales effectiveness and clear offerings.

• The financial target is now a rolling 12-month adjusted EBITA margin of at least 12%.

• The company aims for organic growth above the IT consulting market and total revenue of at least 1 billion SEK by 2025.