Secunet Security Networks (YSN) Q4 2024 earnings summary

Executive summary

• Achieved first approval for classified information on SINA Cloud, marking a significant milestone in cloud security offerings.

• Launched SINA Mobile for Android, with iOS approval expected soon, expanding secure communications to mobile devices.

• Secured approval for Highspeedkonnektor 2.0 in the German eHealth market, supporting new telematics infrastructure.

• Recorded 11th consecutive annual sales record, surpassing €400 million in revenue, with 7% growth in the public sector and 14% in international business.

• Workforce grew to over 1,000 employees, with continued selective hiring to support new markets.

Financial highlights

• Revenue exceeded €400 million for the first time, with a 16% CAGR over the last 10 years.

• EBIT reached €42.5 million, supporting a dividend per share of €2.73.

• Strong cash inflow, close to 40%, maintaining a robust cash position.

• International sales increased from €35 million to €40 million, with additional indirect international sales via partners.

• German sales grew by 2%, with higher growth in the public sector.

Outlook and guidance

• Revenue guidance for 2025 set at €400–425 million, with an EBIT margin target of 9.5–11.5%.

• Dividend per share proposed at €2.73, maintaining a 50% payout ratio.

• Order backlog exceeds €200 million, supporting future growth.

• Continued focus on R&D and portfolio enhancements, especially in cloud and eHealth.

• Medium-term EBIT margin target of 15%, with 12% achievable as early as next year depending on market developments.