Foamit (FOAMIT) H2 2024 earnings summary

Executive summary

• 2024 saw strong financial results, a robust balance sheet, and strategic focus on Foamit Group, restoring stable dividend payments.

• Sale of Finda and Telebusiness InWest holdings for €29.1M improved liquidity and enabled strategic investments.

• Major investments in Foamit Group's production capacity in Norway and Finland support growth targets.

• IFRS reporting transition planned for 2025.

Financial highlights

• Full-year revenue was €41.4M, down from €50.4M year-over-year, mainly due to KPA Unicon's exit.

• EBITDA was €5.8M (13.9% margin), down from €8.2M (16.3%).

• Operating profit (EBIT) was €0.9M, compared to €2.6M in 2023.

• Net profit was €4.7M, a significant improvement from a €0.6M loss.

• Earnings per share rose to €0.13 from -€0.02.

Outlook and guidance

• No short-term guidance due to the nature of the business and ongoing strategy execution.

• Foamit Group targets €100M revenue and over 20% EBITDA margin by 2028.

• Construction market expected to remain challenging in 2025, but infrastructure demand supports Foamit's position.