Tinexta (TNXT) Q4 2024 & CMD 2025 earnings summary

Executive summary

• FY2024 revenues reached EUR 455 million, up 15% year-over-year, with adjusted EBITDA at EUR 111 million (+8%) and net profit at EUR 25 million; adjusted net profit was EUR 50 million.

• Major acquisitions included ABF Group (France), Lenovis (Italy), and Defense Tech, expanding international footprint and product offering.

• The group missed initial guidance due to external shocks in France, integration challenges, and macroeconomic headwinds.

• Strategic focus is shifting from M&A-driven expansion to integration, operational efficiency, and unified group strategy.

• Regulatory tailwinds (NIS2, DORA, Industry 5.0) are expected to drive future growth.

Financial highlights

• Revenues grew 15% year-over-year to EUR 455 million; adjusted EBITDA increased 7.7% to EUR 110.8 million, margin at 24.4%.

• Net profit from continuing operations was EUR 24.9 million; adjusted net profit EUR 50.3 million; free cash flow stood at EUR 41.9 million.

• Net financial position (NFP) rose to EUR 322 million (2.79x NFP/EBITDA), reflecting recent acquisitions.

• Q4 2024 revenues grew 18.3% year-over-year to EUR 149.3 million; adjusted EBITDA up 18.9% to EUR 54.8 million.

• Dividend proposal of EUR 0.30 per share, representing 55% payout of FY2024 net profit.

Outlook and guidance

• FY2025 guidance: revenue growth of 12–14% (7–9% organic), adjusted EBITDA up 15–17% (10–12% organic).

• Leverage ratio expected to improve to 2.2–2.5x by end-2025.

• Digital Trust BU targets 7–9% revenue and EBITDA growth; Cybersecurity BU expects >20% revenue and >50% EBITDA growth; Business Innovation BU aims for 10–12% revenue and >15% EBITDA growth.

• Focus on operational efficiency, integration of recent acquisitions, and leveraging regulatory trends.

• Business Innovation recovery hinges on Industry 5.0 incentives and stabilization in France.