Consti - Steady development continues
Consti's net sales in Q4 amounted to EUR 92.3m, slightly above our estimates (Evli est. EUR 89.3m.), with growth of 7.2% y/y. EBIT amounted to EUR 3.6m, slightly below our estimates. Guidance for 2025 stays the same compared to last year as Consti expects 2025 EBIT within range of EUR 9-12m.
- Net sales in Q4 were EUR 92.3m (EUR 86.1m in Q4/23), only slightly above our estimates (EUR 89.3m).
- Public Sector business area net sales fell sharply while we estimated flattish sales.
- Building Technology business area delivered even stronger growth than we had expected.
- Operating profit in Q4 amounted to EUR 3.6m (EUR 3.9m in Q4/23), slightly below our estimate (EUR 3.8m) at a margin of 3.9% (Q4/23: 4.5%, Evli: 4.2%).
- EPS in Q4 amounted to EUR 0.33 (EUR 0.37 in Q4/23), also below our estimates (Evli est. EUR 0.35)
- The order backlog at the end of Q4 was EUR 240.1m (EUR 270.0m in Q4/23), declining 11.1% y/y. Order intake was EUR 67.2m in Q4 (Q4/23: EUR 91.6m).
- Order intake fell compared to last year, order backlog stays at a relatively good level.
- Free cash flow amounted to EUR 4.8m (Q4/23: EUR 2.8m) with less tied in working capital and smaller investments.
- Guidance for 2025: Operating result for 2025 will be in the range of EUR 9–12 million.
- Our current estimate for 2025 EBIT is at EUR 11.8m, at the upper end of the guidance.
- The BoD proposes a dividend of EUR 0.70 per share, below our estimate of EUR 0.75 per share.