paragon (PGN) Q4 2024 earnings summary

Executive summary

• FY24 revenue fell 16.0% to €135.7m amid lower OEM call-offs and the 2023 starter-battery business disposal; reported EBITDA was €17.8m, while operating EBITDA excluding specified special effects was €19.0m.

• Cost actions supported operating profitability and cash generation, but consolidated net loss was €6.1m and equity remained negative at €10.0m; liquidity carries a material going-concern uncertainty.

Financial highlights

• FY24 sales were €135.7m, down 16.0% YoY; reported EBITDA was €17.8m, up 0.7%, with a 13.1% margin versus 10.9%.

• Excluding specified historical special effects, operating EBITDA was €19.0m, up from €17.7m; operating EBIT was €5.8m versus €1.1m, and operating consolidated net loss was €1.1m versus €3.8m.

• Consolidated net loss was €6.1m versus €3.8m; the FY24 result included a €3.8m EBIT impairment related to an insolvent development partner, while FY23 included a €5.7m deconsolidation gain.

• Operating cash flow was €16.0m versus negative €6.2m; free cash flow was €5.2m versus negative €13.8m.

Outlook and guidance

• FY25 guidance: revenue €140m–€145m and EBITDA €20m–€22m, supported by order visibility, consumer-product launches, China series orders and full-year impact of savings measures.

• Forecast assumptions include stable global automotive production, resilience in premium vehicles, no significant primary-material or semiconductor constraints, and planned consumer-product ramp-up.

• Tariff policy and potential counter-tariffs create uncertainty; management says it can respond flexibly, but actual impacts on customer sales and call-offs remain uncertain.