Martela (MARAS) Q4 2024 earnings summary

Executive summary

• Revenue and operating result declined year-over-year, with 2024 revenue at EUR 86.7 million (-8.2%) and operating loss at EUR -6.5 million (2023: -2.4 million).

• Challenging Nordic market conditions, weak economic development, and increased competition led to lower deliveries and margins.

• Fourth quarter saw a 25% increase in new orders year-over-year, especially in Finland and Sweden, raising the order backlog for 2025.

• Cost-saving and efficiency measures are planned for 2025, targeting annual savings of EUR 1.5–2.0 million and a permanent reduction of around 20 jobs.

Financial highlights

• Q4 2024 revenue: EUR 24.7 million (-6.3% YoY); operating result: EUR -1.8 million (Q4 2023: 1.5 million).

• Full-year 2024 net result: EUR -8.7 million (2023: -3.5 million); EPS: EUR -1.87 (2023: -0.77).

• Cash flow from operating activities: EUR 0.1 million (2023: 0.3 million).

• Gross capital expenditure: EUR 0.4 million (2023: 2.3 million).

• No dividend proposed for 2024.

Outlook and guidance

• Revenue expected to increase in 2025, with comparable operating profit anticipated to be close to zero.

• Demand expected to strengthen slightly in 2025 due to pent-up needs for workspace changes.