Netum Group (NETUM) Q2 2024 earnings summary

Executive summary

• Revenue grew 33.1% year-over-year to EUR 22.8 million for January–June 2024, with organic growth of 6.0%.

• EBITA more than doubled to EUR 2.3 million (10.2% of revenue), and EBITDA reached EUR 2.4 million (10.5% of revenue).

• Net result improved but remained negative at EUR -0.2 million; EPS was EUR -0.01.

• Number of personnel increased 26% to 407.

• Strategy and medium-term financial targets updated, focusing on profitable growth and AI integration.

Financial highlights

• Q2 revenue up 31.0% year-over-year to EUR 11.3 million; EBITA EUR 0.9 million (7.9% margin).

• H1 EBITDA EUR 2.4 million (10.5% margin), EBITA EUR 2.3 million (10.2% margin), operating profit EUR 0.7 million (3.0% margin).

• Cash flow from operations EUR 0.8 million; cash and equivalents at period end EUR 0.3 million.

• Equity ratio 40.0% (down from 47.5%); long-term interest-bearing liabilities increased to EUR 7.9 million.

• No dividend paid for 2023; share price closed at EUR 2.80.

Outlook and guidance

• 2024 revenue expected at EUR 45–49 million; comparable EBITA margin 8–11%.

• Public sector IT demand remains strong, but price competition and economic uncertainty may slow decision-making.

• Cost structure improvements from 2023 expected to support profitability.