Worldline (WLN) Q4 2024 earnings summary

Executive summary

• FY 2024 revenue reached €4,632m, up 0.5% organically, with Merchant Services growing 1.9% and Financial Services declining 5.1%.

• Adjusted EBITDA was €1,070m (23.1% margin), impacted by non-recurring Power24 costs and contract terminations.

• Free cash flow totaled €201m (19% conversion), including €139m non-recurring Power24 expense.

• Normalized net income group share was €434m; reported net income group share was a loss of €297m due to one-off Power24 provision and TSS fair value adjustment.

• New CEO Pierre-Antoine Vacheron appointed, effective March 2025, to drive strategic repositioning and transformation.

Financial highlights

• Revenue: €4,632m (+0.5% organic growth year-over-year; H1 +2.1%, H2 -1.0%).

• Adjusted EBITDA: €1,070m (23.1% margin, -101bps vs. FY'23); margin on NNR basis at 28.7%.

• Free cash flow: €201m (18.8% of adj. EBITDA), with €139m Power24 costs.

• Normalized diluted EPS: €1.53, down from €1.85 in 2023.

• Net debt at year-end: €2,012m (1.9x adjusted EBITDA, including IFRS 16 leases).

Outlook and guidance

• 2025 revenue growth expected to be similar to 2024, with acceleration in H2 2025 after a slow H1.

• Growth in unlevered free cash flow anticipated for 2025.

• New CEO to present next strategic plan in autumn 2025.

• Further details on 2025 outlook to be provided in Q1 2025 update.