Proeduca Altus (PRO) H1 2024 earnings summary

Executive summary

• Revenue grew 14.6% year-over-year to €174.6M in the first half, driven by increased student enrollment and new programs.

• Strong cost control and organizational strengthening supported high profitability and liquidity.

• The group reinforced its leadership in online university education and is preparing for further growth.

Financial highlights

• Net revenue: €174.6M, up from €152.4M year-over-year.

• Net income attributable to the parent: €28.3M, nearly flat versus €28.7M a year ago.

• Operating income: €39.0M, slightly down from €39.5M year-over-year.

• Cash and equivalents: €70.0M at period end, up from €57.0M at August 2023.

• Dividend distributed: €14.99M in the period, with an additional €12M approved post-closing.

Outlook and guidance

• The group expects continued strong growth in online higher education, with investments in academic and research areas to support expansion.

• High liquidity and low debt position the group for future growth and resilience.