FINEOS (FCL) AGM 2025 summary

Opening remarks and agenda

• Meeting opened with confirmation of quorum and proper constitution, with online participation and Q&A functionality explained.

• Board members present were Anne Driscoll and Michael Kelly, with other directors joining remotely due to time zones.

• Chairman Anne O'Driscoll and CEO Michael Kelly led the meeting on 12 June 2025.

• Agenda included board introductions, performance review, formal business, and voting on resolutions.

Board and executive committee updates

• Bill Mullaney stepped down from the board, with a search underway for a new non-executive director.

• David Hollander stood for re-election as director and chair of the audit and risk committee.

Financial performance review

• FY 2024 saw 6.6% growth in subscription revenue, reaching €71.2m at 31 Dec 2024, now 52.5% of total revenue.

• Total revenue for FY24 was €133.2m, with gross profit of €100.4m and a margin of 75.4%.

• EBITDA was €20.2m, margin improved to 15.2% from 7.6% in CY23.

• Gross margins increased by 4.6 percentage points; Q1 FY 2025 cash receipts up 40% year-on-year.

• Cash balance at March 31, 2025, was EUR 35.4 million; year-end cash position was €19.8m, with no debt.

• FY 2025 revenue guidance reaffirmed at EUR 138–143 million, reflecting ongoing large programs and long sales cycles.

• FY25 total costs expected to decrease versus FY24, with continued cost-saving strategies.

• Free cash flow expected in FY25, with a strong sales pipeline.