Slide 1: Q4 2024 Presentation
Q4 2024 Presentation February 6, 2024
Slide 2: Highlights – Q4 2024
Highlights – Q4 2024 Gross sales of NOK 16.5 billion Pre-tax profit of NOK 329 million Up 14.9% from last year Up 5.8% from last year Revenue (IFRS) of NOK 10.6 billion Operating cash flow of NOK 2,154 million Up 12.9% from last year Up NOK 521 million y-o-y
Slide 3: Income statement – Q4 2024
Income statement – Q4 2024 • Rapid growth in sales based on strong demand for hardware and software • Margin pressure due to price competition and customer / revenue mix CURRENCY: MNOK Q4 2024 Q4 2023 Growth FY 2024 FY 2023 Growth Hardware 7,684 6,467 18.8% 23,817 24,130 -1.3% Software 5,969 5,144 1
Slide 4: Business unit performance – Q4 2024
Business unit performance – Q4 2024 • Strong sales growth in Norway, Denmark and Sweden driven by higher demand for products • Very positive EBIT development in Norway and Baltics Gross sales EBIT (adjusted)** Currency: Local in million Q4 2024 Q4 2023 Growth% Q4 2024 Q4 2023 Growth% Norway, NOK 4,2
Slide 5: Cash flow from operations – Q4 2024
Cash flow from operations – Q4 2024 • Cash flow from operations of NOK 2,154 million in Q4 2024, an increase of NOK 521 million from Q4 last year 2,500 2,000 1,500 1,000 NOK in million 2021 500 2022 2023 0 2024 -500 -1,000 -1,500 Q1 Q2 Q3 Q4
Slide 6: Net financial position
CURRENCY: MNOK 31 Dec 2024 31 Dec 2023 Interest-bearing liabilities -622 -625 Net Cash and cash equivalents 2,004 1,587 financial Net financial position* 1,382 961 position EBITDA - rolling 4 Q* 1,908 1,932 Net cash balance of Net debt / EBITDA, end of quarter (ratio) -0.7 -0.5 NOK 1,382 million Loa
Slide 7: Revenue growth (2022 – 2024, by quarter)
Revenue growth (2022 – 2024, by quarter) • Atea returns to strong revenue growth following a period of unusual cyclicality after the COVID pandemic 30.0 % Key trends 25.0 % Q2 2022 – Q2 2023: 20.0 % • Exceptionally high revenue growth in “post-pandemic” period, with return to the 15.0 % workplace an
Slide 8: Hardware – Gross sales growth (2022 – 2024, by quarter)
Hardware – Gross sales growth (2022 – 2024, by quarter) • High cyclicality after COVID pandemic, with sales returning to strong growth in Q4 2024 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 -5.0% -10.0% -15.0% -20.0%
Slide 9: Hardware – Q4 2024 Gross sales growth by key product category
Hardware – Q4 2024 Gross sales growth by key product category • Solid growth in sales across all product categories 45.0% 40.0% 35.0% 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% PC Servers/Storage Networking Other Total HW
Slide 10: Software – Gross sales growth (2022 – 2024, by quarter)
Software – Gross sales growth (2022 – 2024, by quarter) • Software shows continued strong growth • Higher sales of productivity and cloud solutions 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24
Slide 11: Services – Gross sales growth (2022 – 2024, by quarter)
Services – Gross sales growth (2022 – 2024, by quarter) • Many of Atea’s services follow a product delivery • Services sales growth tends to lag product sales growth by 1 to 2 quarters 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 -5.
Slide 12: Headcount – full time equivalents (2022 – 2024, quarter end)
Headcount – full time equivalents (2022 – 2024, quarter end) • Atea has reduced staffing throughout 2024 and was 163 FTEs below last year at end-Q4 2024 8,300 8,200 8,100 8,000 7,900 7,800 7,700 7,600 7,500 7,400 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24
Slide 13: IDC market forecast
IDC market forecast Category 2025 2026 2027 2028 Hardware 7.4% 6.1% 5.2% 4.0% Software 14.0% 13.6% 13.0% 12.3% Services 6.2% 6.6% 6.8% 6.8% Total 9.1% 8.7% 8.5% 7.9% Country 2025 2026 2027 2028 Norway 8.3% 8.1% 8.0% 7.9% Sweden 9.2% 9.1% 9.0% 7.7% Denmark 9.7% 8.5% 7.9% 7.9% Finland 9.5% 9.6% 8.7% 8
Slide 14: Business outlook – key growth areas
Business outlook – key growth areas Defense IT security • Atea is a key supplier for defense in all countries • Cybersecurity is now more critical than ever • Defense spending will increase significantly • One driver for IT security investments is the • NATO membership is a driving force EU Network
Slide 15: Dividend
8.00 Dividend 7.00 6.25 7.00 7.00 6.00 5.50 The Board will propose a 5.00 5.00 dividend of NOK 7.00 per share at the 2025 AGM 4.00 3.00 Corresponds to 2024 EPS 2.00 1.00 0.00 2021 2022 2023 2024 2025 Dividend per share (NOK)* * For Norwegian tax purposes, the dividend shall be considered as repaymen
Slide 16: Summary – FY 2024
Summary – FY 2024 Gross sales of NOK 53.9 billion Pre-tax profit of NOK 1,002 million Up 3.7% from last year Down 1.9% y-o-y Operating cash flow of NOK 2,028 million Net financial position of NOK 1,382 million Up NOK 150 million y-o-y Compared with NOK 961 million last year
Slide 17: We build the future with IT.
We build the future with IT.
Slide 18: Q4 2024 Presentation – Fact pack
Q4 2024 Presentation Fact pack February 6, 2025
Slide 19: Highlights – Group
Highlights – Group Q4 Q4 Full year Full year NOK in million 2024 2023 2024 2023 Gross sales 16,538 14,396 53,862 51,938 Revenue 10,614 9,399 34,583 34,704 Gross profit 2,843 2,804 10,397 10,249 EBIT 366 405 1,171 1,244 EBIT margin (%) 3.4% 4.3% 3.4% 3.6% Net profit 253 250 775 800 Earnings per share
Slide 20: Consolidated statement of financial position – Group
Consolidated statement of financial position – Group NOK in million 31 Dec 2024 31 Dec 2023 ASSETS Property, plant and equipment 498 514 Right-of-use assets 1,448 1,314 Deferred tax assets 170 209 Goodwill 4,465 4,336 Other intangible assets 712 572 Other long-term receivables 168 182 Non-current as
Slide 21: Full-time employees – Group
Full-time employees – Group FTEs, end of period 31 Dec 2024 31 Dec 2023 Norway 1,775 1,785 Sweden 2,623 2,709 Denmark 1,432 1,483 Finland 546 561 Baltics 739 741 Logistics 290 280 Atea Global Services 520 530 Atea ASA 9 10 AppXite 55 53 Atea Group 7,989 8,152
Slide 22: Financial performance actual – Segment
Financial performance actual – Segment NOK in million Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Norway 1,874.7 2,035.0 2,081.9 2,296.6 1,900.1 2,114.2 1,968.0 2,817.8 Sweden 3,171.3 3,536.1 2,739.5 3,397.8 2,909.4 3,100.2 3,033.4 3,713.0 Denmark 2,310.0 1,920.1 1,651.0 2,224.2 1,615.9 1,813.9
Slide 23: Financial performance pro forma – Segment
Financial performance pro forma – Segment NOK in million Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Norway 1,874.7 2,035.0 2,081.9 2,296.6 1,900.1 2,114.2 1,968.0 2,817.8 Sweden 3,171.3 3,536.1 2,739.5 3,397.8 2,909.4 3,100.2 3,033.4 3,713.0 Denmark 2,310.0 1,920.1 1,651.0 2,224.2 1,615.9 1,813
Slide 24: Income statement actual – Group (NOK million)
Income statement actual – Group (NOK million) NOK in million Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Hardware 6,146.4 6,139.5 5,377.2 6,466.9 4,950.1 5,627.0 5,555.9 7,684.4 Software 3,717.4 5,956.8 3,072.8 5,144.4 4,010.4 6,416.5 3,413.6 5,969.1 Product sales 9,863.9 12,096.3 8,450.0 11,611
Slide 25: Income statement pro forma – Group (NOK million)
Income statement pro forma – Group (NOK million) NOK in million Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Hardware 6,146.4 6,139.5 5,377.2 6,466.9 4,950.1 5,627.0 5,555.9 7,684.4 Software 3,717.4 5,956.8 3,072.8 5,144.4 4,010.4 6,416.5 3,413.6 5,969.1 Product sales 9,863.9 12,096.3 8,450.0 11,
Slide 26: Income statement actual – Norway (NOK million)
Income statement actual – Norway (NOK million) NOK in million Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Product sales 2,083.6 2,338.7 2,308.8 2,958.2 2,176.0 2,504.0 2,188.9 3,513.9 Services sales 610.8 635.7 557.5 668.4 616.8 682.6 591.1 697.1 Gross sales 2,694.4 2,974.3 2,866.4 3,626.6 2,792
Slide 27: Income statement actual – Sweden (SEK million)
Income statement actual – Sweden (SEK million) SEK in million Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Product sales 4,022.0 5,278.5 3,207.4 4,635.0 3,912.0 5,071.1 3,446.0 5,483.0 Services sales 897.9 984.4 824.3 1,071.3 903.6 960.8 787.3 1,054.7 Gross sales 4,919.8 6,262.9 4,031.8 5,706.3 4
Slide 28: Income statement actual – Sweden (NOK million)
Income statement actual – Sweden (NOK million) NOK in million Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Product sales 3,944.3 5,347.8 3,080.7 4,701.5 3,956.8 5,079.3 3,542.5 5,602.9 Services sales 880.6 1,000.0 796.8 1,085.4 915.2 963.1 810.0 1,078.8 Gross sales 4,824.9 6,347.8 3,877.5 5,786.9
Slide 29: Income statement actual – Denmark (DKK million)
Income statement actual – Denmark (DKK million) DKK in million Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Product sales 1,651.6 1,899.7 1,076.9 1,559.9 1,090.9 1,929.8 1,173.7 2,011.0 Services sales 395.9 399.6 395.7 453.7 408.6 450.7 381.8 485.0 Gross sales 2,047.4 2,299.4 1,472.6 2,013.6 1,49
Slide 30: Income statement actual – Denmark (NOK million)
Income statement actual – Denmark (NOK million) NOK in million Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Product sales 2,437.4 2,961.3 1,652.3 2,436.5 1,668.9 2,999.5 1,850.5 3,168.5 Services sales 584.2 625.1 605.5 707.2 625.7 698.2 602.1 764.2 Gross sales 3,021.6 3,586.4 2,257.8 3,143.7 2,29
Slide 31: Income statement actual – Finland (EUR million)
Income statement actual – Finland (EUR million) EUR in million Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Product sales 98.8 101.0 93.9 89.6 78.9 99.7 92.2 86.5 Services sales 12.3 12.9 12.0 15.0 13.5 14.2 13.7 15.1 Gross sales 111.1 113.9 105.9 104.6 92.5 113.8 105.9 101.6 Product margin (%) 9
Slide 32: Income statement actual – Finland (NOK million)
Income statement actual – Finland (NOK million) NOK in million Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Product sales 1,084.9 1,176.8 1,071.4 1,046.0 902.1 1,151.0 1,083.5 1,016.3 Services sales 135.3 150.4 137.2 174.4 154.6 163.8 161.7 177.5 Gross sales 1,220.3 1,327.2 1,208.6 1,220.4 1,056.
Slide 33: Income statement actual – Baltic (EUR million)
Income statement actual – Baltic (EUR million) EUR in million Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Product sales 31.7 22.7 28.5 36.7 25.5 28.9 28.3 32.0 Services sales 13.4 14.4 13.8 16.3 13.9 13.8 13.9 17.3 Gross sales 45.1 37.0 42.3 53.0 39.3 42.7 42.1 49.3 Product margin (%) 10.7% 14.1
Slide 34: Income statement actual – Baltic (NOK million)
Income statement actual – Baltic (NOK million) NOK in million Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Product sales 348.5 267.1 325.0 425.6 290.6 332.6 332.7 375.8 Services sales 147.3 167.3 156.8 189.5 158.4 159.9 163.3 203.8 Gross sales 495.8 434.4 481.8 615.1 449.0 492.5 496.1 579.6 Produ
Slide 35: Income statement actual – Group Shared Services (MNOK)
Income statement actual – Group Shared Services* (MNOK) NOK in million Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Product sales 1,867.0 1,899.4 1,894.0 2,216.3 1,640.4 1,985.9 2,237.9 3,141.0 Services sales 238.3 265.1 265.5 282.3 296.2 307.8 339.9 350.1 Gross sales 2,105.3 2,164.6 2,159.6 2,49