Gevorkyan lagged behind our estimates in preliminary results for FY24, but slightly overcome his sales plan and long -term signed contracts grew. The 4Q24 revenues reached EUR 23.8 million, which is an increase of 17.7 %, but by 8.8 % below our estimate. EBITDA reached EUR 6.4 million, an increase of 69.3 %, but about 18.6 % below our estimate. After adjustment of one -off costs, EBITDA was adjusted EUR 7.1 million. The EBITDA margin was 27.1 % (modified 29.9 %). Year -round plans have managed to overcome the company in sales that reached EUR 94.2 million (vs. 93.5 million EUR). EBITDA, after adjusting for a one -off cost, was at the plan level when it reached EUR 28.2 million (VS. 28.1 million plan). The company lagged behind its plan for FY24. Long -term signed orders grew, especially for 2026 (+9 % Q/Q) and the year 2027 (+15 % Q/Q), when in both cases long -term contracts already make up almost 90 % of the company planned.
The results of the company for 4Q24 were under our estimates when we were more optimistic about both sales and profitability levels. We were slightly disappointed by the lower level of the EBITDA margin (27.1 %, 29.9 % modified), when in 3Q24 it was 32.5 % and the company itself in its results for 3Q24 indicated that it should reach higher levels in 4Q24 again. However, it should be noted that after adjustment its value is close to the long -expected value of 30 % and the company has met its year -round outlook. As a significant positive of results, we perceive the increase in the value of long -term signed contracts for 2026 and 2027 internally by 9 %, respectively 15 % and continuation of the acquisition path. We also like the growth of orders in the defensive sector and the fact that the company does not produce components into internal combustion engines. It was expected that the company would increase its medium -term plan in connection with the publication of these results, but said it was still working on this update due to the ongoing acquisitions. Jan Bystřický, analyst
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