Crayon Q4 2024: Strong profitability and cash flow

12 Feb 2025 07:00 CET

Crayon Group Holding ASA today reported its fourth quarter and full-year 2024
results. For Q4 the company delivered a gross profit growth of 2% percent and an
adjusted EBITDA margin of 19.6 percent - an increase of 5 percentage points
compared to Q423. The company also delivered its strongest ever Net Working
Capital at NOK minus 1,473.

“I’m pleased that we continue to deliver strong gross sales growth of 28
percent, profitability improvements and solid working capital performance.
However, I’m disappointed that we didn’t deliver the expected Gross Profit.
Tougher market dynamics in the Enterprise Agreements space and underperformance
within Enterprise Software, impacted the growth in the quarter. On the positive
side, we entered into several strategically important public sector agreements
that in the long-term will become more profitable through increased cross- and
upsell opportunities,” said CEO Melissa Mulholland.

Key figures Q424 2024
Gross Profit NOK 1, 637m NOK 6,283m
Adjusted EBITDA NOK 321m NOK 1, 174 m
Net Working Capital NOK - 1,473m NOK - 1,121m

In 2024, Crayon demonstrated its ability to deliver solid profitable growth. The
company achieved an 11 percent increase in gross profit, and a 28 percent
increase in adjusted EBITDA.

“We have delivered on our commitment to improve working capital, resulting in a
strong operating cash flow at NOK 1.3bn. Additionally, 2024 has marked
significant milestones. We received the Global Microsoft Partner Award and the
AWS Industry Partner of the Year Award for Telco in EMEA, recognizing our
dedication to innovation and excellence in cloud solutions. These
accomplishments position us well for future opportunities and continued
success,” said Mulholland.

For the full year 2025 the company provides the following outlook:
• Gross Profit growth 15-20%
• Adjusted EBITDA Margin 19-22%
• Net Working Capital ~-15%

The financial report and presentation for Q4 2024 are enclosed and available at
https://www.crayon.com/investor-relations. CEO Melissa Mulholland and CFO Brede
Huser will present the results in a live webcast at 8:30 am CET that can be
accessed at www.crayon.com/investor-relations. It will be possible to submit
questions online. To join the conference call by telephone and ask questions,
please use the information below.

Dial in numbers:
DK: +45 7876 8490
SE: +46 8 1241 0952
NO: +47 2195 6342
UK: +44 203 769 6819
US: +1 646-787-0157
DE: +49 30 21789327
Conference Code: 115901

A recording of the webcast will be available on-demand after the live event has
concluded.

Investor contact:
Kjell Arne Hansen
Head of Investor Relations and Corporate Finance
ir@crayon.com
+47 950 40 372

About Crayon: Crayon is a customer-centric innovation and IT services company
with over 4,000 team members across 45 countries. We optimize businesses’ IT
estate to help them innovate with expertise they can trust. Our services create
value for companies to thrive today, and scale for tomorrow. For more
information, visit www.crayon.com.

More information:
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638301_Crayon Group Q4 24 Earnings presentation.pdf
638301_Crayon Group Q4 24 Financial Report.pdf