Secunet Security Networks (YSN) Q3 2024 earnings summary

Executive summary

• Achieved significant year-over-year growth in both revenue and EBIT for the first nine months of 2024, driven by strong Public Sector demand and positive order intake trends.

• Management anticipates a strong fourth quarter, supported by a high order backlog and seasonal momentum.

Financial highlights

• Revenue rose 7% year-over-year to €254.8 million for the first nine months; Q3 revenue up 26% to €110.5 million.

• EBIT increased 82% year-over-year to €17.6 million; Q3 EBIT nearly tripled to €16.1 million.

• Gross profit grew 29% to €55.7 million, aided by higher sales and a lower material cost ratio.

• Cash flow from operating activities improved to €20.9 million from -€6.6 million year-over-year.

Outlook and guidance

• Revenue forecast for 2024 raised to just over €400 million, up from previous guidance of €390 million.

• EBIT for 2024 is expected to be around €42 million, unchanged from prior guidance.