FY 2024 Results
4 March 2025
Message from the CEO
Giovanni Ranieri,
CEO of NextGeo
"2024 has been a year of strong growthfor NextGeo, with double-digit increases across all key financial indicators, a solid expansion of our backlog and commercial pipeline.
We continue to demonstrate the strength of our business model and our ability to meet the evolving demands of the market. We have strengthened our operational capacity through strategic investments, including the acquisition of NG Surveyor and NG Explorer, the expansion of our Work Class ROV fleet alongside key strategic equipment, and the integration of Subonica S.r.l. into the NextGeo Group.
These developments have reinforced our leadership in the offshore renewable energy and interconnector sectors, while also expanding our presence in Oil&Gas.
At the same time, we are exploring new opportunities in the environmental sector, adopting a targeted approach to diversifying our business while maintaining a strategic focus on expanding our footprint through organic growth and new development opportunities. 2024 also marked a key milestone with our listing on Euronext Growth Milan, a strategic step that will enable us to accelerate our growth and strengthen our position in the sector.
With a solid financial structure and a favourable market outlook, we enter 2025 with determination, ready to seize new opportunities and create long-term value for all our stakeholders."
Next Geosolutions
Europe SpA
100% | 100% | 80% | 100% | 100% | 50% |
Next | Next | Seashiptanker | Phonix Offshore | ||
Geosolutions | Geosolutions | Subonica Srl | NextPoli Srl | ||
Srl | Srl | ||||
UKCS Ltd | BV | ||||
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NEXTGEO at a Glance
Key 2024 Results
€203.3 m | 36.8% | ||
Total Revenues | |||
Total Revenues | YoY Growth | ||
60.4% | 31.2% | 3.6% | 4.8% |
Interconnector | Wind Farm | Oil & Gas | Other |
80% | |||
Renewables | |||
€54.0 m | €47.9 m | ||
EBITDA | EBIT | ||
26.5% | 23.6% | ||
EBITDA | EBIT | ||
Margin1 | Margin2 | ||
Backlog3 | |||
~€335 m |
as of 31.12.2024
Notes: 1) EBITDA / Total Revenues; 2) EBIT / Total Revenues; 3) Backlog includes all signed contracts excluding pipeline
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2024 Revenues by Area & Market
North Sea | |
Area | Mediterranean Sea |
Main Projects of 2024
Geographic | 43% | |
57% | ||
segments | Interconnector | 122.8 M |
60.4 % | ||
Wind Farm | 63.4 M | |
31.2 % | ||
Market | Other | ||||
9.8 M | |||||
Oil & Gas | 7.3 M | ||||
3.6 % | |||||
4.8 % | |||||
0 50 100
Value expressed in millions of Euro
Nederwiek 1&2
Offshore Wind Farm
Bay of Biscay
Interconnector
Poseidon
Offshore
Wind Farm
Gas
Pipeline
LionLink
Interconnector
&
Eastern Green Link 3
Interconnector
SACOI 3
Interconnector
Courseulles
Offshore
Wind Farm
Great Sea
Interconnector
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2024 Top Client by Revenues
Client 1 | |||||||||||||||||||||||||
44.7 M | |||||||||||||||||||||||||
22 % | |||||||||||||||||||||||||
Client | Client 2 | 39.3 M | |||||||||||||||||||||||
14 % | |||||||||||||||||||||||||
21 % | |||||||||||||||||||||||||
5 | Client 3 | 29.3 | M | ||||||||||||||||||||||
Client 4 | 22.8 M | ||||||||||||||||||||||||
Top | |||||||||||||||||||||||||
11 % | |||||||||||||||||||||||||
Client 5 | 19.4 M | ||||||||||||||||||||||||
10 % | |||||||||||||||||||||||||
Other | 47.8 M | ||||||||||||||||||||||||
22 % | |||||||||||||||||||||||||
0 | 10 | 20 | 30 | 40 | 50 | ||||||||||||||||||||
by 2024 Revenues
Value expressed in millions of Euro
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Roadmap since IPO
IPO on | Award of | Purchasing of | Acquisition of |
Euronext Growth Milan | ISPRA project - €42.5 M | HD ROV - Schilling | "Subonica Srl" |
May | July | July | Augut | ||
2024 | 2024 | 2024 | 2024 | ||
January | January | January | December | December | |
2025 | 2025 | 2025 | 2024 | 2024 | |
Award of | Purchasing of | Award of | Award of | Purchasing of | |
Prysmian projects - €41 M | NG Surveyor | TenneT project - €27 M | TenneT project - €43 M | NG Explorer |
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Backlog & Pipeline
BACKLOG1
~Euro 335 M | 2028 |
As of | Last year |
31.12.2024 | covered |
PIPELINE 2
~Euro 510 M | 2031 |
As of | Last year |
31.12.2024 | covered |
Value expressed in millions of Euro
Notes: 1) Represents the value of signed or awarded contracts/orders; 2) Represents the value of submitted bids for which a probable award is expected
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2024
Financial Results
Economics
Total
Revenues
EBITDA
EBIT
Net
Income
Value expressed in millions of Euro
2023 - 2024 | ||||||||||
Growth | 2023 - 2024 | |||||||||
Total | 203.3 | |||||||||
Revenues | 148.6 | |||||||||
36.8% | ||||||||||
YoY Growth | ||||||||||
2023 | 2024 | |||||||||
EBITDA | 26.5% | |||||||||
27.3% | ||||||||||
margin | ||||||||||
33.3% | 40.5 | 54.0 | ||||||||
YoY Growth | ||||||||||
2023 | 2024 | |||||||||
EBIT | 23.6% | |||||||||
23.8% | ||||||||||
margin | 47.9 | |||||||||
35.5% | 35.3 | |||||||||
YoY Growth | ||||||||||
2023 | 2024 | |||||||||
21.2% | ||||||||||
Net Income | 19.6% | 43.1 | ||||||||
margin |
47.8%29.2
YoY Growth
20232024
- Total revenues growth driven by:
- Projects with higher size;
- Increasing number of projects;
- Favourable market trends.
- Impressive marginality thanks to:
- Economies of scale from larger project size;
- Optimization of personnel costs;
- Efficient management of vessels;
- Strong investments (around 16.1% of total revenues) allowing cost savings and new technologies;
- ROI is equal to 63%.
- Net income amounts to 43.1 millions (21.2%), after 0.2 millions of net financial expenses (-1.7 millions compared with 2023) and 4.6 millions of taxes.
- ROE is equal to 17.5%.
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