Linedata Services (LIN) H2 2024 earnings summary

Executive summary

• Revenue remained stable at €183.7M in 2024, up 0.2% year-over-year, following three years of 4.5% average growth.

• EBITDA increased by 1.8% to €54.3M, with margin improving to 29.6% of revenue, reflecting a favorable product mix and recurring business.

• Net income rose 10.3% to €28.1M, with EPS up 10.7% to €5.69 and net margin at 15.3%.

• Board proposes €1.75 per share dividend at next AGM.

Financial highlights

• Operating income grew 5.4% to €39.9M, with margin up to 21.7%.

• Net earnings per share reached €5.69, up from €5.14 in 2023.

• Financial income improved by €1.9M, mainly due to lower net financial debt costs and FX gains.

• Personnel expenses rose by €2.1M due to new hires, salary increases, and one-off reorganization costs.

• External charges fell by €3.5M, benefiting from a better business mix in the US.

Outlook and guidance

• Lending & Leasing segment expects continued growth, especially in Europe and recurring revenue in North America.

• Asset Management faces a slowdown in services, with bookings down 12%, but is expected to return to growth in 2025.

• Next update scheduled for Q1 2025 revenue on April 24, 2025.