Administer - Sales grew, profitability slightly soft
Administer’s Q4 report showed positive net sales development, setting the tone for 2025. However, the EBITDA-margin fell short of expectations, while EBIT and EBITA were more impacted than anticipated by goodwill amortization and NRIs.
- Net sales in Q4 were EUR 18.7m (EUR 18.3 m in Q4’23) in line with our estimates of EUR 19.0m. The increase in net sales was mainly driven by Silta and the consolidation of Kuntalaskenta from 1 Sept 2024.
- EBITDA in Q4 was EUR 0.9m (Q4’23 EUR 0.8m) vs. Evli EUR 1.4m.
- EBITA in Q4 was EUR -0.2m (Q4’23: EUR 0.3m) vs. Evli 1.0m.
- Operating result in Q4 was EUR -1.4m (Q4’23: -0.7m) vs. Evli EUR 0.0m.
- EBITDA and operating profit were weighted down by amortization of goodwill from the acquisitions amounting to EUR -1.2m (Q4’23: EUR -1.0m) and non-recurring impairments of EUR -0.6m
- Across main brands, Q4 net sales development was strongest for payroll and HR-services provider Silta, increasing 2.6%. while HR and staffing services provider Econia remained the weak spot, with net sales declining 8.5% in Q4.
- The company’s BOD proposes a dividend of EUR 0.05 per share (Evli est. EUR 0.06).
- Guidance for 2025: Administer estimates that its net sales will be EUR 72-78 million and that its EBITDA-margin will be 7-10% in 2025.
- We currently estimate net sales of EUR 78.2m and EBITDA-margin of 9.2%, both in the upper side of the guidance range.