NNIT (NNIT) Q4 2023 earnings summary

Executive summary

• 2023 revenue grew 15.2% to DKK 1,728m, with 10.8% organic growth; operating profit before special items reached DKK 116m and margin was 6.7%.

• Performance improved through the year, supported by higher capacity utilization, cost efficiencies and growth across Denmark and the US.

• Customer satisfaction was 4.4/5; the strategy now targets profitable growth in regulated and complex industries.

Financial highlights

• Revenue increased to DKK 1,728m from DKK 1,500m in 2022; EBITDA before special items was DKK 144m versus DKK 61m.

• Operating profit before special items was DKK 116m, compared with a DKK 7m loss in 2022; reported operating profit was DKK 47m versus a DKK 285m loss.

• Special items were DKK 69m in 2023, down from DKK 278m in 2022.

Outlook and guidance

• 2024 outlook: organic revenue growth of ~10% and operating profit margin before special items of 8–9%; special items expected below DKK 70m.

• 2024 priorities include higher capacity utilization, greater nearshore/offshore use and continued organic growth and profitability improvement.

• 2026 aspirations: revenue CAGR of 8–10% and average annual margin of 10–13%.