Maps (MAPS) H2 2024 earnings summary

Executive summary

• Achieved record-level profitability in 2024, with an 8% increase in total revenues and a 47% rise in EBITDA compared to 2023, driven by scalable software products and recurring revenues.

• Healthcare Business Unit contributed 62% of group revenues, remaining the main growth driver, while ESG and Energy units also showed robust performance.

• Net financial position improved significantly, with debt halved by 44% versus 2023, supported by strong operating cash flow and effective working capital management.

Financial highlights

• Total revenues reached €29.8 million, up from €27.5 million in 2023.

• EBITDA rose to €7.4 million (25% margin), up from €5.0 million (18% margin) in 2023.

• Net profit increased to €1.9 million from €0.93 million year-over-year.

• EBIT more than doubled to €3.3 million from €1.37 million in 2023.

• Shareholders’ equity increased to €25.7 million from €22.3 million in 2023.

Segment performance

• Healthcare led with €18.4 million in revenues (62% of group), 29% EBITDA margin, and 56% contribution margin.

• ESG segment posted a 50% operating margin, with all revenues from software products.

• Energy, ESG, and Lab segments contributed €2.4M, €3.0M, and €6.0M in revenues, respectively.

• Healthcare, Energy, and ESG segments all posted double-digit revenue growth year-over-year, while Lab declined by 9%.

• Maps Lab saw increased product revenues, though not enough to offset custom project declines.