Solutions 30 (S30) H2 2024 earnings summary

Executive summary

• Adjusted EBITDA margin improved to 7.5% in 2024, up 40 bps year-over-year, despite a 5.8% revenue decline, reflecting a margin-focused strategy.

• Adjusted EBITDA rose to €75.1m (+0.7%); net free cash flow turned positive at €5.9m, up from -€17.0m in 2023.

• Germany and Energy segments delivered strong growth, offsetting declines in mature telecom markets.

• Free cash flow increased to €40.2m.

• On track to achieve 2026 objectives, including >10% adjusted EBITDA margin in all major geographies.

Financial highlights

• Revenue declined 5.8% year-over-year to €996.0m, mainly due to increased selectivity in contracts.

• Adjusted EBIT increased 25.6% to €28.4m; operational costs fell 7.0% to €826.1m.

• Adjusted net income (group share) improved to -€6.0m from -€12.9m; consolidated net income at -€15.1m.

• Net free cash flow (post-leases) turned positive at €5.9m, up from -€17.0m in 2023.

• Free cash flow: €40.2m (vs. €13.4m in 2023).

Outlook and guidance

• 2026 ambitions: triple revenue in Germany and French Energy versus 2023; adjusted EBITDA margin above 10% in France, Benelux, and Germany.

• Benelux expected to resume growth in 2025; France to maintain selectivity and triple Energy revenue.

• Germany revenue target: €150–200m by 2026, with continued infrastructure investment.

• Selective bolt-on M&A and improved cash generation remain priorities.