Klappir Grænar Lausnir (KLAPP) H2 2024 earnings summary

Executive summary

• Achieved strong growth in 2024 with total revenue up 5.1% year-over-year to ISK 602.9 million, driven by an 18.2% increase in subscription revenue.

• Expanded global presence to over 30 countries and 2,000+ companies in the business ecosystem.

• EBITDA margin improved to 25.5% from 16.9% in 2023, reflecting operational efficiency.

• Net profit surged to ISK 81.4 million from ISK 8.8 million in 2023; adjusted net profit (with periodical allocation) was ISK 31.8 million.

• Continued investment in R&D, AI, and customer success programs to support product innovation and market expansion.

Financial highlights

• Total revenue: ISK 602.9 million (+5.1% YoY); subscription revenue: ISK 384.3 million (+18.2% YoY).

• EBITDA: ISK 153.9 million (25.5% margin) vs. ISK 97.2 million (16.9%) in 2023.

• Operating profit (EBIT): ISK 97.0 million vs. ISK 46.0 million in 2023.

• Net profit: ISK 81.4 million vs. ISK 8.8 million in 2023; adjusted net profit: ISK 31.8 million.

• Cash and cash equivalents at year-end: ISK 265 million.

Outlook and guidance

• Anticipates continued growth in subscription revenue and global expansion, with a focus on AI-driven product innovation.

• Expects increasing demand for sustainability solutions, especially in Nordic markets.

• Ongoing investment in R&D and customer success to maintain product leadership.