Eqva (EQVA) Q4 2024 earnings summary

Executive summary

• Achieved 65% year-over-year revenue growth and 215% increase in EBITDA for Q4 2024, driven by volume increases and improved margins in core segments.

• Full-year group revenues reached NOK 1,104 million, up from NOK 670 million in 2023 (adjusted for discontinued operations).

• Industrial Solutions segment drove performance, with 67% revenue growth to NOK 1,034 million and 145% EBITDA growth to NOK 78 million.

• Completed major acquisitions: Kvinnherad Elektro Group in October 2024 and IMTAS Group in February 2025, expanding geographic reach and diversifying revenue streams.

• Order book reached NOK 770 million at year-end, supporting a positive outlook for 2025.

Financial highlights

• EBITDA increased to NOK 81 million from NOK 26 million last year; EBITDA margin improved to 7.3%.

• Net income for 2024 was NOK 35.7 million, compared to a loss of NOK 21.8 million in 2023; EPS NOK 0.47 (vs. -0.28 LY).

• Equity ratio at 37% and net interest-bearing debt at NOK 99 million as of year-end.

• Cash position of NOK 99 million at year-end, with unrestricted cash of NOK 16 million.

• Bonus pool of NOK 8 million established for Industrial Solutions employees, partly paid in shares.

Outlook and guidance

• Management expects continued high activity and further growth in 2025, supported by a robust order book and recent acquisitions.

• Targeting 10-15% annual growth in revenue and EBITA over the multi-year cycle.

• Acquisition of IMTAS Group anticipated to increase pro forma revenues by 30%, contributing NOK 376 million and bringing total pro forma revenue to NOK 1.6 billion for 2024.

• Focus on accretive M&A, organic growth, and operational synergies to drive expansion in Norway and the Nordics.