Qben Infra (QBEN) Q4 2024 earnings summary

Executive summary

• Achieved SEK 2.7 billion in revenue and SEK 237 million in adjusted EBITDA for 2024, reflecting strong growth across all business areas.

• Listed on Nasdaq First North Premier in November 2024, strengthening market position.

• Entered 2025 with a record order book of SEK 1.6 billion, providing robust visibility for the coming year.

• Completed major acquisitions, including Inin Group, Team Bygg AS, Holtekilen Bolig AS, and ICP Founders AS, reinforcing all segments.

• Integration of acquisitions led to increased costs and impacted results.

Financial highlights

• Revenue grew by 20% year-over-year, averaging 20% annual net organic growth from 2022–2024.

• Adjusted EBITDA increased to SEK 237 million (9% margin), up from SEK 182 million (7%) in 2023.

• Q4 2024 net sales: 292 MSEK (up 24% year-over-year); full-year 2024: 687 MSEK (down 2% year-over-year).

• Order book at year-end 2024 reached SEK 1.6 billion, with SEK 973 million in standard contracts and SEK 626 million in secured call-offs.

• Forecast for 2025: revenue of SEK 3.1 billion and EBITDA of SEK 310 million (10% margin).

Outlook and guidance

• Expects continued strong growth in all business areas for 2025, with organic revenue growth of 15%.

• Well positioned for future growth, especially in rail, electrification, and power grid expansion in the Nordics.

• Long-term financial targets: organic growth >15% per year, EBITA margin >10%, net debt/EBITDA <2.0x, dividend up to 30% of net profit.

• 2025 guidance excludes potential new acquisitions.

• No dividend proposed for 2024.