Hortico (HOR) Q4 2024 earnings summary

Executive summary

• Revenue approached PLN 200 million in 2024, up nearly 30% year-over-year, marking a record high for the group.

• Growth was driven by expansion of the retail network (Mrówka stores) and strong profitability from PNOS.

• All subsidiaries remained profitable, with a focus on further expansion, new products, international markets, and selective acquisitions.

• The company proposes a dividend of PLN 0.35 per share from 2024 profits.

Financial highlights

• Consolidated EBITDA reached PLN 20.08 million, operating profit PLN 17.2 million, and net profit PLN 13.7 million.

• HORTICO S.A. (standalone) reported PLN 154.6 million in sales and PLN 5.55 million net profit; PNOS: PLN 38.9 million sales, PLN 7.3 million net profit; OGROFOL: PLN 9.3 million sales, PLN 0.3 million net profit.

• Group sales: HORTICO 78%, PNOS 18%, OGROFOL 4%; net profit split: 43%/55%/2%.

• Total assets at year-end: PLN 89.4 million; equity: PLN 41.4 million; short-term liabilities: PLN 46.1 million.

• Net cash from operating activities: PLN 2.43 million; cash at year-end: PLN 1.29 million.

Outlook and guidance

• The group aims for continued growth via store expansion, new product lines, internationalization, and acquisitions.

• Management remains open to acquisitions but will proceed cautiously, prioritizing value and strategic fit.