Netum Group (NETUM) Q2 2024 earnings summary

Executive summary

• Revenue grew 33.1% year-over-year to €22.8M in H1 2024, with organic growth of 6.0%.

• EBITA more than doubled to €2.4M (10.2% of revenue), and EBITDA reached €2.4M (10.5% of revenue).

• Net result improved but remained negative at €-0.2M; EPS was €-0.01.

• Number of personnel increased 26% to 407.

• Strategy and financial targets for 2025–2027 updated, focusing on profitable growth and AI integration.

Financial highlights

• H1 2024 revenue: €22.8M (up from €17.1M), 33.1% growth; organic growth 6.0%.

• Q2 2024 revenue: €11.3M (up from €8.7M), 31.0% growth; organic growth 4.9%.

• H1 2024 EBITA: €2.3M (up from €1.0M), 10.2% EBITA margin; EBITDA: €2.4M (10.5% margin); operating profit: €0.7M (3.0% margin).

• Cash flow from operations €0.8M; cash and equivalents at period end €0.3M.

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

Outlook and guidance

• 2024 revenue expected at €45–49M; comparable EBITA margin forecast at 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.