Delticom (DEX) H2 2024 earnings summary

Executive summary

• Achieved revenue growth of 1.3% to €481.6m in FY 2024, exceeding original expectations.

• Net income declined by 49.7% to €4.0m, mainly due to lower financial results and higher depreciation.

• Major operational milestones included warehouse relocations and capacity expansion.

• Dividend of €0.12 per share proposed; syndicated loan extended to mid-2028.

Financial highlights

• Gross profit increased by 3.5% to €148.3m; gross margin improved by 1.1 percentage points to 25.5%.

• EBITDA nearly flat at €20.3m, with operative EBITDA rising to €22.7m, offsetting €2.4m in extraordinary costs.

• EBIT decreased by €1.3m to €10.2m, reflecting higher depreciation from new warehouse leases.

• Personnel expenses fell by 3.5% due to headcount reduction.

• Free cash flow dropped from €27.5m to -€5.9m, mainly due to increased working capital for inventory pre-stocking.

Outlook and guidance

• FY 2025 revenue guidance set at €470–490m; operative EBITDA expected between €19–21m.

• Positive free cash flows anticipated in the medium term.

• Plans to acquire at least 700,000 new customers, matching 2024 levels.

• Further cost reduction initiatives to partly offset inflationary pressures.