Hexaom (ALHEX) H2 2024 earnings summary

Executive summary

• 2024 revenue reached €728.5M, down 28.9% year-over-year amid a historic real estate crisis, with significant declines in construction (-13% YoY), promotion (-18% YoY), and existing home transactions (-22% YoY).

• Operating income was €20.1M, a 47.7% decrease, with net income at €13.7M, down 59%.

• Maintained profitability and strong net cash of €84.3M through cost control and business model flexibility.

• Board proposes a €0.49/share dividend after two years without distribution.

Financial highlights

• Revenue: €728.5M (2024), down 28.9% year-over-year.

• Current operating income dropped 47.7% to €20.1M; net income down 57.9% to €13.7M, including €1.9M in non-recurring restructuring costs.

• Operating margin at 2.8%, net margin at 1.9%.

• Net cash: €84.3M at year-end; equity: €227.9M.

• Cash flow from operations at €28.7M.

Outlook and guidance

• 2025 revenue expected to decline by 10% versus 2024, with operational profitability targeted above 3%.

• Commercial momentum improving since Q4 2024, with strong order growth in early 2025.

• Market recovery anticipated, supported by lower interest rates and expanded zero-interest loans.

• Diversification to represent over 25% of 2025 activity.