Execus (EXEC) H2 2024 earnings summary

Executive summary

• FY24 sales rose 105.0% YoY to €4.621m, largely reflecting full-year consolidation of Adasta and Differens; against FY23 pro forma, sales declined 9.6%.

• Reported EBITDA fell to €293k from €615k on the consolidated comparison; the FY24 net loss was €411k, including a €549k loss attributable to the parent and €138k profit attributable to non-controlling interests.

Financial highlights

• Production value reached €5.199m, up 127.2% YoY on the consolidated comparison and down 0.6% versus FY23 pro forma (€5.233m).

• Versus FY23 pro forma, EBITDA was €293k, down 76.3%, and EBIT was a loss of €418k versus €668k income; FY24 net loss was €411k versus €416k pro forma income.

• Adjusted EBITDA was €265k, excluding a €226k non-recurring deconsolidation gain and €198k extraordinary ABB costs.

• FY24 operating cash flow was negative €736k, investing cash flow negative €860k, and financing cash flow positive €1.626m; cash increased €30k to €1.537m.

Outlook and guidance

• 2025 costs are expected to remain higher, temporarily compressing margins as sales capacity, systems integration, and go-to-market for new platforms advance.

• Priorities include integrating acquired businesses, capturing operating synergies, commercializing new technology platforms, and training the direct sales network to sell the broader portfolio.

• Growth plans emphasize recurring-revenue products, proprietary AI solutions, direct sales expansion, and selective M&A; the distribution channel is expected to be progressively phased out.