2023 Earnings Report

Margin growth is proving solid
Adjusted EBITDA up significantly (+59.6%)

Revenue has shown healthy growth, topping the billion euro mark
– €1.057 billion in revenue in 2023, in line with targets
– Strong +16.8% growth over the year, with +16.5% organic growth
– Excellent momentum in the Benelux region highlights the advantages of the group’s geographic positioning

Operating margins have rebounded, with clear improvement in the second half of the year, as announced
– Adjusted EBITDA of €74.6 million in 2023, up sharply by +59.6% compared to 2022 and nearly triple what it was for the second half of that year
– The adjusted EBITDA margin was 7.1% for the year, up 190 basis points and reaching double digits in the Benelux
– The adjusted EBITDA margin was 8.8% for the second half of 2023, well above the first half of the year (5.3%) and the second half of 2022 (3.7%)
– The group share of net income was negative at -€22.7 million, but has improved compared to 2022 (-€50.1 million), alongside clear improvements in all group performance indicators

A solid balance sheet to support growth
– Cash net of bank debt: €5.7 million
– €13.4 million in free cash flow for the year, with a €26.2 million increase in working capital including exceptional impacts

Solid long-term prospects in fast-growing markets
– Powerful drivers of growth: the digital transformation and the energy transition
– We are focused on operational efficiency and cost control, favoring margins over volume
– 2024: Another year of revenue growth, with adjusted EBITDA margins closing in on their medium-term target of double-digit figures