Exsitec (EXS) Q4 2024 earnings summary

Executive summary

• CEO transition: Johan Källblad to move to the board, Niklas Ek to become CEO in March 2025; new CFO Carl Arnesson joined in 2024.

• Business model focuses on digital tools for medium to large Nordic companies, with 5,000 customers and diversified revenue streams.

• Q4 2024 net sales reached 227 MSEK, up 7% year-over-year, driven by acquisitions; organic growth was -5%.

• Recurring net revenue from software grew 32% year-over-year to 184 MSEK, now 23% of total revenue.

• 2024 marked by cautious market sentiment, with customers delaying smaller, operational projects.

Financial highlights

• Q4 net sales: 227 MSEK (211 MSEK in Q4 2023), 7% growth; full-year: 811 MSEK (751 MSEK in 2023), 8% growth.

• Q4 adjusted EBITA: 30 MSEK (45 MSEK), margin 13% (21%); full-year adjusted EBITA: 121 MSEK (133 MSEK), margin 15% (18%).

• Q4 earnings per share: 0.95 SEK (2.10 SEK); full-year: 4.40 SEK (5.28 SEK).

• Board proposes a dividend of 1.75 SEK per share (approx. 24 MSEK), about 40% of earnings after tax, unchanged from last year.

• Recurring software revenue grew 32% for the year, providing a stable revenue base.

Outlook and guidance

• Priorities for 2025: focus on sales execution, operational excellence, efficient integration of acquisitions, and selective M&A.

• Strong Q4 order intake (over 50% higher year-over-year) expected to impact revenue with a 3–9 month lag.

• Employee turnover has decreased, and trainee program size will be reduced in 2025 to match demand.

• Management expects recent acquisitions and increased delivery capacity to support growth and profitability in 2025.

• Positive economic outlook with expectations of lower interest rates and inflation.