KH Group (KHG) Q4 2024 earnings summary

Executive summary

• Revenue increased to €194.0 million for 2024, up from €124.0 million, reflecting structural changes and growth in continuing operations.

• Operating profit (EBIT) improved to €5.8 million from a loss of €6.7 million, with net income from continuing operations at €1.4 million versus a loss of €10.4 million.

• Indoor Group classified as discontinued; sales process initiated in March 2025, with significant restructuring and a €28.9 million impairment.

• Divestment of HTJ completed in July 2024, generating a €2.6 million gain.

Financial highlights

• Pro forma revenue for continuing operations grew 2% year-over-year to €194.0 million; pro forma EBIT declined to €7.2 million from €8.1 million.

• IFRS-reported EBITDA was €20.3 million (10.5% margin), up from €2.6 million (2.1%).

• Net gearing rose to 283.4% (195.4% prior year); equity ratio fell to 18.7% (23.2%).

• EPS from continuing operations was €0.02, up from -€0.18.

• Cash at year-end was €9.8 million.

Outlook and guidance

• 2025 guidance: revenue and comparable EBIT for continuing operations expected to remain at 2024 levels (€194.0 million and €7.2 million, respectively).

• Strategic focus remains on building an industrial group around KH-Koneet and divesting other segments.