Wirtek (WIRTEK) Q4 2024 earnings summary

Executive summary

• Achieved 2% revenue growth in 2024 to DKK 71.9 million, driven by strategic transformation and acquisitions, with adjusted EBITDA in line with 2023 after accounting for one-time acquisition costs.

• Clean energy revenue surged 84%, now the largest business area at 34% of total revenue.

• Two strategic acquisitions (Pragmasoft in Portugal and Seluxit in Denmark) expanded international presence, CleanTech, and IoT capabilities.

• Shifted to a two-division structure (Services & Solutions) to drive recurring revenue and innovation.

Financial highlights

• EBITDA was DKK 5.2 million, down 16.8% year-over-year; adjusted EBITDA was DKK 6.2 million, nearly flat (-0.8%).

• Earnings per share fell 47% to DKK 0.28.

• EBITDA margin at 7.3%, adjusted margin at 8.7%.

• Equity ratio strong at 51.7%, liquidity ratio improved by 17% to 135%.

Outlook and guidance

• 2025 revenue projected at DKK 70–75 million, representing -3% to +4% growth.

• EBITDA guidance for 2025 is DKK 1–5 million, implying a decline of 81% to 4%.

• Guidance considered conservative due to geopolitical and market uncertainties; over 80% of revenue base already secured.

• Continued investment in business development and solutions division expected to impact short-term profitability but drive medium- to long-term growth.