Maps (MAPS) H1 2024 earnings summary

Executive summary

• Achieved double-digit revenue growth for the seventh consecutive semester, with 1H 2024 revenues up 12.6% year-over-year to €14.7 million.

• Gross margin improved to 52% in 1H 2024 from 44% in 1H 2023, and EBITDA rose 57.3% to €3.2 million.

• Net profit increased to €0.6 million in 1H 2024 from €0.36 million in 1H 2023.

• Healthcare segment accounts for more than half of revenues and has regained strong profitability.

• Net financial position improved to €7.9 million from €12.5 million at year-end 2023.

Financial highlights

• 1H 2024 total revenues: €14.7 million, up from €13.1 million in 1H 2023.

• EBITDA margin rose to 22% from 15% year-over-year.

• Operating cash flow increased 34.5% to €4.4 million in 1H 2024.

• CAPEX decreased to €1.4 million from €2.2 million year-over-year.

• Shareholders' equity increased to €24.6 million from €22.3 million at end-2023.

Outlook and guidance

• Plans to increase market penetration in southern Italy and expand internationally, especially in energy community management software.

• Management expects continued growth in 2024 and beyond, supported by sector trends and strategic investments.

• Analyst consensus forecasts significant upside, with an average target price of €4.86 and average upside of 93%.

• Market consensus expects continued revenue growth, reaching €39.3 million by 2027.

• Positive impact anticipated from national energy transition and healthcare digitalization initiatives.