Investeringsselskabet af 3. November 2025 (3NOV25) Q4 2024 earnings summary

Executive summary

• 2024 saw a 4.3% revenue decline, mainly due to weak European markets and order postponements, but order intake rose 59% year-over-year to DKK 378 million and order backlog surged 227% to DKK 203 million, driven by major Moroccan contracts.

• Extraordinary dividend of DKK 122 million paid in 2024, following the divestment of the concrete business at the end of 2023.

• Strategic focus is on the recycling segment, the fastest-growing and most innovative area, with investments in pilot plants and expanded sales force in the UK, Germany, Denmark, and Spain.

• Divestment of Concrete activities completed, streamlining operations and halving business size.

• SKAKO Vibration division serves Recycling, Minerals, and Fasteners segments with international presence and 132 employees worldwide.

Financial highlights

• Revenue declined by 4.3% year-over-year to DKK 237.4 million, mainly due to lower plant sales; after-sales grew by 2.6%.

• Gross profit margin improved by 0.6 percentage points to 13.7% (or 30.7% per alternate calculation), driven by a higher share of after-sales.

• EBIT before special items fell 13.9% to DKK 21.2 million; EBIT margin decreased by 1.0pp to 8.9%.

• Cash flow from operating activities was negative DKK 24.1 million, mainly due to delayed payments from large orders.

• Profit for the year was DKK 11.0 million, down from DKK 81.2 million in 2023, reflecting discontinued activities.

Outlook and guidance

• Revenue for 2025 is expected to grow 30%-40%, exceeding DKK 300 million, with EBIT before special items projected at DKK 27-31 million.

• Growth in 2025 is not solely dependent on Moroccan orders; continued order intake is required.

• Ambition to double recycling segment revenue by 2028 and achieve a 10% operating margin remains intact.

• Ambition to grow revenue by 50% from 2023 to 2028, targeting a 10% EBIT margin.

• 2025 guidance subject to higher than usual uncertainty due to market conditions.