Kitron Asa · OSL:KIT
Kitron Asa — Q4 2024 Earnings Presentation
13 slides from Kitron Asa's earnings presentation, Feb 12, 2025
Slide 1: 2024 Q4 Presentation
2024 Q4 Presentation Kitron Group | 2025-02-12
Slide 2: CEO comments
CEO comments Profitable Execution in a Shifting Market ▪ Kitron closed 2024 Q4 with revenue of 160.6 €M with 7.3% margin. Full-year revenue of 647.2 €M with 7.4% margin ▪ Over the year, demand weakened across Connectivity, Industry, and Electrification with CEE and Asia experiencing the sharpest reg
Slide 3: Outlook
Outlook Strategic contract wins reinforcing market leadership ▪ 15 €M Marine IoT technology deal driving growth in smart maritime applications • 5 €M U.S. Army defense electronics contract Additionally, two major deals were announced in January 2025: • 25 €M Naval Strike Missile electronics contrac
Slide 4: Sector trends Q4
Sector trends Q4 Connectivity: Connectivity • Sector growth: Connectivity sector saw mixed performance with initial weak performance gradually Expect full sector picking up over Q3 and Q4. Order backlog improved by 28% YoY growth returning • Product categories: Sensor and asset tracking solutions dr
Slide 5: Order Backlog Review
Order Backlog Review Performance, Trends, and Strategic Outlook Overview of 2024 Q4 Order Backlog • Total backlog reached 472 M€, reflecting a 3% sequential growth • Defence & Aerospace (+23% YoY) and Connectivity (+28% YoY) were the strongest sectors • Electrification (-21% YoY) and Industry (-31%
Slide 6: 2024 Q4 Highlights
2024 Q4 Highlights ▪ Revenue: 160.6 -19.3 % (199.1) ▪ EBIT: 11.8, -34.6% (18.0) ▪ EBIT margin: 7.3% (9.1%) ▪ ROOC: 18.0% (26.9%) ▪ Cash Cycle Conversion days: 106 (95) ▪ Operating Cash flow: 14.2 (33.4) ▪ NIBD: 113.5 (129.4) ▪ NIBD/EBITDA: 1.7 (1.5) ▪ Net Gearing: 0.57 (0.71) ▪ Equity %: 35.8% (31.6
Slide 7: Year to date 2024 Highlights
Year to date 2024 Highlights ▪ Revenue: 647.2 -16.5% (775.2) ▪ EBIT: 48.1, -32.0% (70.7) ▪ EBIT margin: 7.4% (9.1%) ▪ Underlying EBIT and EBIT %: 54.2 and 8.4% ▪ Operating Cash flow: 43.7 (59.0) ▪ Net Income: 28.0 (51.1) ▪ EPS (EUR): 0.14, -46% (0.26) ▪ Proposed dividend of 0.35 NOK pr share *Perfor
Slide 8: Business sectors
Business sectors Revenue Business Sectors Q4 2024 Q4 2023 Change 31.12.2024 31.12.2023 Change For the year Nordics & North America 89.9 91.4 -1.5 355.6 325.0 30.6 CEE 50.8 77.6 -26.8 205.7 304.8 -99.1 ▪ Nordics & NA: 9% revenue growth, Asia 23.7 32.1 -8.4 95.7 157.4 -61.7 EBIT% at 7.4% (8.4%) Group
Slide 9: Cash flow and working capital
Cash flow and working capital €M Cash Flow Q4 2024 Q4 2023 Change 31.12.2024 31.12.2023 Change Profit before tax 10.3 16.9 -6.6 39.9 64.7 -24.8 ▪ Q4 Cash flow from operating Depreciations 4.8 4.8 0.0 18.7 17.6 1.1 activities at 14.2 €M (33.4 €M). Change in inventory, accounts receivable, contract as
Slide 10: Ratios
Ratios ▪ Net gearing and NIBD/EBITDA 0.6 and 1.7 ▪ Finance cost -1.5 (-1.2) ▪ Proposed dividend of 0.35 NOK pr share ~ 0.03 € Ratios 31.12.2024 31.12.2023 Change R3 NWC % sales 28.8 % 24.4 % 4.4 % R3 ROOC % sales 18.0 % 26.9 % -8.9 % R3 Cash Cycle Conversion 106 95 11 Net Interest bearing debt €M 11
Slide 11: 2024 Q4 Key take-ways
2024 Q4 Key take-ways • Revenue of 160.6 €M, down 19.3% YoY, but order backlog remains strong at 471.9 €M (-4% YoY, +3% QoQ). • Defence & Aerospace was the strongest sector, growing 22% YoY and 6% QoQ, driven by increased NATO investments. • Connectivity backlog improved 28% YoY, reflecting renewed
Slide 12: 2024 Q4 Q&A
2024 Q4 Q&A
Slide 13: Appendix: Definition of alternative performance measures
Appendix: Definition of alternative performance measures Order backlog Return on capital employed (ROCE) Cash conversion cycle (CCC) All firm orders and 4 months of committed customers forecast at EBIT/(Total assets - short term debt) Days of inventory outstanding + Days of receivables outstanding –