ECIT

NO0010939804

Personal Services

Market Closed - Oslo Bors Other stock markets 10:45:00 2024-05-16 am EDT			5-day change	1st Jan Change
6.84 ^NOK	+1.18%		-0.58%	-12.31%

May. 08	ECIT AS Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
May. 07	ECIT AS (OB:ECIT) acquired 91% stake in Pragati Ab.	CI

ECIT : Investor Presentation Q1 2024

May 08, 2024 at 02:17 am EDT

	Agenda
1	2024 highlights
2	Division performance
		Peter Lauring
3	Acquisitions	CEO

4	Financial review
5	Overall
		Mads Skovgaard
		CFO

Highlights

15.8% revenue growth / 3.8% organic
Macroeconomic and political conditions - affect the IT-Division - the F&A Division is doing well
Easter timing
Cost savings program - progress according to plan
EBITDA 112m - Easter effect +15m - normalised in H1 2024

Q1 2024 results

Revenue: 999m (15,8%)

Organic growth: 3.8%

EBITDA: 112m (11.2%)

EBIT: 49m (4.9%)

EPS: 0.05 NOK (0.07)

Free cash flow: 70m (111)

10 largest companies: ~60% (% Total Group)

Mcap: 3.3bn

# shares: 465m

Notes: EBITDA and EBIT are presented before transaction and	3
restructuring costs.

Divisions

F&A division

Financial overview - Q1 2024

	Q1	Q1
(NOKm)	2024	2023
Revenue	573	509

Revenue development

30.0% 30.8%

12.5%

Comments

• Good organic growth.

EBITDA	90	86
Total revenue growth	12.5%	30.8%
EBITDA-margin	15.7%	16.9%

509

390

573

•	EBITDA - Easter effect.
•	Consolidation - on-going.

Q1 2022

Q1 2023

Q1 2024

EBITDA and margin development

15.7% 16.9% 15.7%

8690

Q1 2022

Q1 2023

Q1 2024

• Nearshoring - focus area.

Notes:	5
EBITDA = EBITDA before transactions- and restructuring costs

IT division

Financial overview -	Q1 2024

	Q1	Q1
(NOKm)	2024	2023
Revenue	404	355
EBITDA	30	42
Total revenue growth	13.7%	18.7%
EBITDA-margin	7.5%	11.8%

Revenue development

18.7%

15.0% 13.7%

355404

299

Q1 2022

Q1 2023

Q1 2024

EBITDA and margin development

Comments

Macroeconomic and political conditions.
Easter effect.
Consolidation and mergers

10.7%	11.8%	7.5%

32	42	30

Q1 2022	Q1 2023	Q1 2024

Notes:

EBITDA = EBITDA before transactions- and restructuring costs

Tech division

Financial overview - Q1 2024

	Q1	Q1
(NOKm)	2024	2023
Revenue	54	35
EBITDA	-1	2
Total revenue growth	55.9%	23.6%
EBITDA-margin	-1.7%	5.7%

Annual recurring revenue (core software)

	+24.1%
	103
83
Q1 2023	Q1 2024

Revenue development

93.5%

55.9% 23.6%

2835

Comments

Reasonable growth.
Core software revenue - growth driven by Intect and ECIT Digital.

Q1 2022

Q1 2023

Q1 2024

Notes:

EBITDA = EBITDA before transactions- and restructuring costs	7
Annual recurring revenue = Revenue on an annual basis, that is expected to be received within the next 12 months.

Acquisitions in 2024

M&A - Acquisitions in 2024

Q1 2024

Q2 2024

M&A acquired revenue (NOKm)

Revenue*: NOK 23.3m	Revenue**: NOK 21m
EBITDA*: NOK 4	EBITDA: NOK 4.2m
Employees*: ~13	Employees**: ~14

3739

January	March
February	May
Revenue: NOK 17.5m	Revenue: NOK 21.7m
EBITDA: NOK 0.5	EBITDA: NOK 3
Employees: ~12	Employees: ~21

Notes:

All figures presented are according to the latest published annual report EBITDA, including IFRS16 lease accounting impact

*Associated company - ownership share ~25% **Including acquired customer portfolios

Q1 2022

Q1 2023

Q1+Q2 2024

Acquisitions

Zirius - ERP software (ownership share ~25%).
F&A in Sweden.
Acquired Icelandic F&A customer portfolios from PwC ehf. and Húnabókhald ehf.

Financial review

Attachments

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Disclaimer

Ecit AS published this content on 08 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 May 2024 06:16:03 UTC.

Latest news about ECIT

ECIT AS Reports Earnings Results for the First Quarter Ended March 31, 2024	May. 08	CI
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Ecit Buys 25% Stake in Norwegian Software Company Zirius	Jan. 19	MT
ECIT AS (OB:ECIT) acquired 24.988% stake in Zirius As.	Jan. 18	CI
ECIT AS (OB:ECIT) acquired Aktiv Revisjon Og Regnskap As.	Dec. 14	CI
ECIT Launches NOK7.5 Million Share Buyback Program	Nov. 09	MT
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ECIT AS (OB:ECIT) completed the acquisition of 50.1% stake in Evercom AS for NOK 10 million.	23-10-26	CI
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ECIT AS (OB:ECIT) acquired 50.1% stake in Evercom AS.	23-10-09	CI
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Ecit AS is a Norway-based company, that support its customer with accounting, payroll, and a broad range of Information Technology (IT) services. The Companyâs business operations are carried out by three divisions: Information Technology (IT) that offers IT services based on business understanding, and more than 400 IT-experts are ready to help its customers operate and optimize their IT setup. The Finance & Accounting division improves customersâ efficiency through delivering vital administrative services in a more effective and productive way. The Tech division develop software applications primarily used within Finance & Accounting as well as IT business areas. The company operates in Norway, Denmark, Sweden, Finland, Lithuania, Poland, Germany, Serbia and the United Kingdom.

Sector

Personal Services

Calendar

2024-08-22 - Q2 2024 Earnings Release

More about the company