ECIT AS - Trading update Q3 2024

07 Nov 2024 15:18 CET

Company announcement No. 269

As of today, ECIT is publishing a trading update as per Q3 2024 shown below:

Q3 Q3 Growth YTD YTD Growth
Group overview (NOKm) 2024 2023 2024 2024 2023 2024

Revenue 856 766 11,7% 2.836 2.505 13,1%
EBITDA 130 118 10,0% 386 355 8,7%

Total revenue growth 11,7% 18,6% 13,1% 23,1%
Organic revenue growth 4,0% 1,6% 3,5% 6,7%
EBITDA margin 15,2% 15,4% 13,6% 14,2%


Q3 Q3 Growth YTD YTD Growth
Divisional overview (NOKm) 2024 2023 2024 2024 2023 2024

F&A Division
Revenue 475 435 9,2% 1.620 1.468 10,4%
EBITDA 81 72 12,5% 271 246 10,2%
EBITDA margin 16,9% 16,3% 16,7% 16,9%

IT Division
Revenue 356 318 11,9% 1.140 1.006 13,3%
EBITDA 47 49 -4,1% 123 128 -3,9%
EBITDA margin 13,1% 15,8% 10,8% 12,8%

Tech Division
Revenue 52 40 30,2% 161 113 43,2%
EBITDA 5 5 0,1% 5 5 -1,6%
EBITDA margin 9,0% 11,7% 2,8% 4,3%

Peter Lauring, CEO:

The third quarter had an organic revenue growth of 4.0% (1.6%) and an EBITDA
result of NOK 130 million (118), representing a margin of 15.2% (15.4%). The
result is perceived as reasonable.

The year-to-date performance is fairly in line with expectations. Organic
revenue growth of 3.5% (6.7%) for the first nine months of the year was based on
acceptable growth in the F&A and Tech Divisions, whereas the IT Division had
lower growth explained by lower consultancy and hardware sales. EBITDA results
were NOK 386 million (355), with a margin of 13.6%, slightly lower than last
year (14.2%). The general cost savings program announced in February 2024 is
progressing as expected.

Note: EBITDA is shown before transactions and restructuring expenses.


Notice to reader
ECIT's results presented in this press release are, unless otherwise stated,
based on IFRS and have not been externally reviewed and audited. The financial
information presented herein is based on internal management accounts, is the
responsibility of management and has not been externally audited, reviewed or
verified. Although the information is believed to be accurate, actual results
may vary from the information contained above and such variations could be
material. As such, you should not place undue reliance on this information. This
information may not be indicative of the actual results for the quarter or any
future period.

Important information
Matters discussed in this press release may constitute forward-looking
statements. Forward-looking statements are statements that are not historical
facts and may be identified by words such as "anticipate", "believes",
"continue", "estimate", "expect", "intends", "may", "should", "will" and similar
expressions. The forward-looking statements in this release are based upon
various assumptions, many of which are based, in turn, upon further assumptions.
Although the Company believes that these assumptions were reasonable when made,
these assumptions are inherently subject to significant known and unknown risks,
uncertainties, contingencies and other important factors which are difficult or
impossible to predict and are beyond its control. Such risks, uncertainties,
contingencies and other important factors could cause actual events to differ
materially from the expectations expressed or implied in this release by such
forward-looking statements. The information, opinions and forward-looking
statements contained in this release speak only as at the date of this release
and are subject to change without notice. For a further discussion of risks and
uncertainties relating to the Company's business, see the Board of Directors'
Report in the Company's Annual Report.

About ECIT
Founded in 2013, ECIT supports a large customer base with accounting, payroll,
and IT services. ECIT has a proven model for acquisitions, combining proximity
to customers, local entrepreneurship, and the strength of a larger international
group. ECIT has a full-year proforma revenue of 3.8 billion NOK per Q3 2024 and
more than 2,500 employees across ten countries. M&A has been key to drive the
Company's growth as ECIT has completed more than 140 acquisitions since 2013.
Read more at www.ecit.com


For further information, please contact
Peter Lauring, Group CEO Mads Skovgaard, Group CFO
peter.lauring@ecit.com mskovgaard@ecit.com
+47 404 53 804 +45 2780 4942

More information:
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631639_ECIT_stockExhangerelease_No 269.pdf