Maps (MAPS) H1 2024 earnings summary

Executive summary

• Profitability increased over 50% in H1 2024, with net profit rising to €577K–€600K from €358K in H1 2023.

• EBITDA rose 57% to €3.2M, and operating margin improved to €1.3M from €489K year-over-year.

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

• Organic revenue growth of 12.6%–13% year-over-year, with H1 2024 revenues at €14.7M.

• Healthcare segment remains the largest contributor, regaining strong profitability.

Financial highlights

• H1 2024 total revenues: €14.7M, up from €13.1M in H1 2023; value of production: €16.1M (+12%).

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

• Operating cash flow increased to €4.4M, up from €3.3M in H1 2023.

• Shareholders' equity rose to €24.6M, supported by profit and warrant exercises.

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

Outlook and guidance

• Management expects continued growth, leveraging digital transformation trends in healthcare and energy.

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

• Market consensus expects revenue to reach €39.3M by 2027.

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

• Focus on upselling new features in healthcare and expanding internationally, especially in energy community management software.