Etteplan - Soft as was expected
Etteplan’s Q4 performance aligned with our expectations. Our current estimates for 2025E fall within the upper range of the company’s guidance.
- Net sales in Q4 were EUR 91.3m (Evli est. EUR 93.2m, EUR 95.2m in Q4/23), revenue decreased by 4.1% as organic net sales decreased by 7.2%.
- EBIT in Q4 amounted to EUR 5.0m (Evli est. EUR 4.9m, EUR 8.2m in Q4/23), at a margin of 5.4% (Evli est. 5.3%).
- The combined effect of NRI’s on EBITA and EBIT was EUR -0.9m for the quarter.
- EPS in Q4 amounted to EUR 0.12 (Evli est. EUR 0.12, EUR 0.23 in Q4/23).
- Net sales in Engineering Solutions in Q4 were EUR 48.9m (Evli est. EUR 50.3m), EBITA in Q4 amounted to EUR 3.6m (Evli est. EUR 3.3m).
- Net sales in Software and Embedded Solutions in Q4 were EUR 24.4m (Evli est. EUR 25.4m), EBITA amounted to EUR 2.1m (Evli est. EUR 2.0m).
- Net sales in Technical Communication Solutions in Q4 were EUR 17.9m (Evli est. EUR 17.3m), EBITA amounted to EUR 1.1m (Evli est. EUR 1.3m).
- The segments were roughly in line with estimates overall, while Engineering Solutions sales decreased even more than we had estimated.
- Guidance 2025: Revenue is estimated to be EUR 365-400m, EBIT EUR 23-30m.
- Our current estimate for 2025: net sales of EUR 392m and EBIT of EUR 28m, therefore our current estimate is at the higher end of both net sales and EBIT guidance range.