Powersoft (PWS) H2 2024 earnings summary

Executive summary

• Consolidated revenue reached €72.4 million, up 2.9% year-over-year, driven by strong U.S. market growth in Live Touring and Install sectors.

• EBITDA rose 1.2% to €20.0 million, with an EBITDA margin of 28.0%; adjusted EBITDA was €20.2 million (28.3% margin), excluding K-Array acquisition costs.

• Net profit increased by 2.4% to €12.3 million, representing 17.3% of sales.

• Net financial position was a positive €10.2 million, down from €17.8 million at year-end 2023, mainly due to dividend payments and inventory buildup.

• Key strategic partnerships were signed, including with Ferrari and Cohesion, and the acquisition of 51% of K-Array is nearing completion.

Financial highlights

• Revenue: €72.4 million (+2.9% YoY); U.S. sales up ~54%, Europe down 13.7%, APAC down 22.5%.

• EBITDA: €20.0 million (+1.2% YoY), margin 28.0%; Adjusted EBITDA: €20.2 million, margin 28.3%.

• EBIT: €16.6 million, flat YoY; EBIT margin 23.2%.

• Net profit: €12.3 million (+2.4% YoY).

• Net financial position: €10.2 million (net cash), down from €17.8 million at end-2023.

• Dividend proposed: €0.82 per share, payout ratio 85%, yield 5.0%.

Outlook and guidance

• 2024 marked a normalization in the pro-audio sector, with excess demand from intermediaries starting to subside.

• 2025 outlook is positive, with the integration of K-Array expected to drive further growth, product diversification, and margin improvement.

• Focus remains on organic growth, strategic acquisitions, and expanding into new market segments and geographies.