GL Events (GLO) Q4 2024 TU earnings summary

Executive summary

• Achieved record annual revenue of €1.635bn in 2024, representing 15% topline growth year-over-year (+16% like-for-like).

• Raised annual profit guidance to 15% growth in EBITDA and net profit attributable to owners, up from a previous minimum target of 13%.

• Major events included the Paris Olympic and Paralympic Games, new venue inaugurations, and expansion projects in France, Brazil, and Chile.

Financial highlights

• Q4 2024 revenue reached €430.6m, up 5% year-over-year; full-year revenue rose to €1,635.2m from €1,427.3m in 2023.

• GL events Live division grew 24% to €1.024bn, driven by Olympic contracts and strong performance in France, UK, Middle East, and South America.

• GL events Venues revenue increased 13% to €442.6m, with robust activity in France and Brazil.

• GL events Exhibitions revenue declined 20% to €168.2m due to a less favorable biennial effect and sector-specific economic challenges.

Outlook and guidance

• Profit outlook for 2024 raised to 15% growth in EBITDA and net profit.

• Net debt expected to remain stable compared to December 2023.

• CAPEX program set at approximately €115m.

• 2025 growth expected to be supported by a favorable biennial effect and new opportunities, including the Riesco event space in Chile.