Vincit (VINCIT) Q4 2024 earnings summary

Executive summary

• Revenue declined 13.7% year-over-year to EUR 84.6 million, with Q4 revenue at EUR 21.5 million, down 8.9% from Q4 2023, and profitability also down significantly.

• Adjusted EBITA fell to EUR 0.8 million (0.9% of revenue), impacted by costs from a discontinued acquisition, cyber attack recovery, and business dispute provisions.

• EBITA for 2024 was EUR 0.3 million (0.3% margin), a significant decline from EUR 1.7 million (1.8%) in 2023; Q4 EBITA was EUR -0.4 million.

• Cost-saving measures and organizational restructuring, including office and operational cuts, yielded EUR 2 million in annual savings and included temporary layoffs.

• The company faced a cyberattack in December 2024, impacting Q4 results.

Financial highlights

• Revenue for 2024 was EUR 84.6 million, down from EUR 98.1 million in 2023.

• Adjusted EBITA was EUR 0.8 million (0.9% margin), compared to EUR 3.7 million (3.8%) last year.

• EBIT for 2024 was EUR -3.7 million (-4.4% margin), compared to EUR -2.2 million (-2.2%) in 2023.

• Cash flow from operating activities after interest and taxes was EUR -0.5 million, down from EUR 5.3 million.

• Earnings per share was EUR -0.22, compared to EUR -0.17 in the previous year.

Outlook and guidance

• Revenue in 2025 is expected to be lower than in 2024, but relative profitability is forecast to improve.

• Financial targets for 2025–2027 include a return to 10% organic revenue growth and a 10% adjusted EBITA margin, equity ratio above 50%, and net debt/EBITDA below 2.