KH Group (KHG) Q4 2024 earnings summary

Executive summary

• Revenue/net sales increased to €194.0 million in 2024, with a 2% year-over-year rise, but operating profit declined 11% to €7.2 million (pro forma) and €5.8 million (reported IFRS).

• Indoor Group was classified as a discontinued operation and held for sale, with its sale process initiated in March 2025 and a significant write-down of €28.9 million.

• Sale of HTJ completed in July 2024, generating €13.1 million in proceeds and a €2.6 million gain, enabling the company to become net debt-free.

• The group’s continuing operations now comprise KH-Koneet and Nordic Rescue Group.

Financial highlights

• Q4 2024 revenue: €61.7 million (+22% year-over-year); Q4 operating profit: €3.4 million (-3%).

• Full-year 2024 revenue: €194.0 million (+2%); operating profit: €7.2 million (pro forma), €5.8 million (reported IFRS, up from -€6.7 million in 2023); comparable EBIT: €7.2 million.

• Net profit from continuing operations: €1.4 million; earnings per share: €0.02.

• Parent company’s operating loss reduced to -€1.9 million in 2024 from -€2.9 million in 2023.

• Cash and cash equivalents at year-end: €9.8 million.

Outlook and guidance

• For 2025, both revenue/net sales and comparable operating profit from continuing operations are expected to remain at 2024 levels.

• The Indoor Group sale process is ongoing, with completion targeted for 2025 but no certainty on timing or terms.

• The group aims to invest in core business growth and pay dividends after significant exits, within balance sheet and financing limits.