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

Executive summary

• 2024 saw a 4.3% decline in revenue, 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.

• 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 and Germany.

Financial highlights

• Plant sales declined 7.5%, after-sales increased 2.6%, resulting in a total revenue drop of 4.3% year-over-year.

• Gross profit margin improved by 0.6 percentage points to 13.7%, driven by a higher share of after-sales.

• EBIT fell 13.3% compared to the previous year, ending at DKK 21.2 million.

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

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.