Koenig & Bauer (SKB) Q4 2024 earnings summary

Executive summary

• Achieved all sub-targets for 2024 despite a challenging global economic environment, supported by a strong Q4 and successful implementation of the "Spotlight" focus program.

• Order intake and revenue outperformed industry averages, with the highest year-end order backlog in company history.

• Major restructuring underway: new segment structure from 2025, reduction of Executive Board, and leadership transitions planned.

Financial highlights

• Revenue for 2024 was €1,274.4m, down 3.9% year-over-year; operating EBIT (adjusted for extraordinary items) was €25.8m.

• EBIT impacted by €50.4m in non-operating extraordinary items from "Spotlight" and €10.5m from drupa, resulting in reported EBIT of €-35.1m.

• Net loss for 2024 was €-69.8m (PY: €2.8m); EPS at €-4.24 (PY: €0.16).

• Free cash flow improved to €31.6m (PY: €-93.4m), with a strong Q4 contribution.

• Net financial position improved to €-128.1m (PY: €-147.6m); equity ratio at 23.3%.

Outlook and guidance

• 2025: Slight revenue growth to €1.3bn expected, with operating EBIT in the €35–50m range.

• 2026: Revenue target of €1.4–1.5bn and operating EBIT margin of 5–6%, contingent on global economic and geopolitical developments.

• Positive cash flow development anticipated for 2025, with most extraordinary "Spotlight" items already recognized.