SFC Energy (F3C) Q4 2024 earnings summary

Executive summary

• Achieved record organic revenue growth of 22.5% year-over-year to €144.8m, with significant profitability expansion and leadership in stationary fuel cell and power management sectors.

• Defense and public security end market grew over 60%, with Asia (notably India) as the fastest-growing region at 86% growth; Europe remains the largest region, driven by industrial fuel cell business up 36%.

• Expanded global footprint with new manufacturing in India, a US sales and service site, and acquisition of Ballard's stationary business assets.

• Clean Energy segment surpassed €100 million in revenue for the first time, growing 27%; Clean Power Management segment grew nearly 13%.

• Positioned as a leader in clean energy and fuel cell technology, with over 75,000 fuel cells sold and a comprehensive IP portfolio.

Financial highlights

• Adjusted EBITDA margin reached 15.2%, up 2.4 percentage points from 2023; adjusted EBITDA rose to €22.0m, up 45.2%.

• Adjusted EBIT margin rose to 10.7%, with adjusted EBIT at €15.6m, up from €9.7m in FY 2023.

• Gross margin increased by 1.4 percentage points year-over-year, with gross profit at €59.3 million, up 26.8%.

• Cash flow from operating activities was €16.5 million, more than triple 2023; net cash position stable at €56.4 million.

• FY 2024 sales reached €144.8m, up from €118.1m in FY 2023 (+22.5% year-over-year).

Outlook and guidance

• 2025 revenue guidance set at €160.6–181 million, with continued strong demand across regions and segments.

• EBITDA expected in the range of €24.7–28.2 million; EBIT (adjusted) between €17.5–20.6 million.

• Order intake grew 34.4% to €167.7m and order backlog increased 28.6% to €104.6m as of December 31, 2024.

• Defense and public security could rise to 40% of midterm revenue, up from previous 20% scenario.

• US market expansion includes local assembly and production, with new facilities planned to be operational by late Q3 2025.