EQS-News: WashTec AG: Significant EBIT increase of 9.5% despite slight decline in revenue of 2.6%

WashTec AG: Significant EBIT increase of 9.5% despite slight decline in revenue of 2.6%

• Revenue €476.9m | prior year €489.5m
• EBIT €45.5m | prior year €41.9m; EBIT margin 9.5% | prior year 8.6%
• Free cash flow €39.5m | prior year €46.1m
• Dividend proposal: €2.40 | prior year €2.20

Augsburg, March 26, 2025 – The WashTec Group generated a revenue of €476.9m in fiscal year 2024, down 2.6% on the prior year (€489.5m). This was mainly the result of lower sales of new equipment, particularly to key accounts in North America, whereas revenue increased slightly in the Europe and other segment.

Due to the improved gross profit, EBIT, at €45.5m, was higher than in the prior year (€41.9m) despite the lower revenue. The EBIT margin improved to 9.5% (prior year: 8.6%).

During the fourth quarter, revenue rose by 7.4% year on year to €142.6m – the second-highest quarterly revenue figure in the Company’s history. The increase is mainly due to significantly higher sales of equipment to key accounts in the Europe and other segment. EBIT increased during the fourth quarter significantly by €2.9m or 19.3% to €17.9m (prior year: €15.0m) – the highest quarterly figure to date.

Free cash flow, at €39.5m, was lower than the prior year (€46.1m) due to the strong business performance in the fourth quarter and a resulting increase in net operating working capital relative to December 2023.

Equity amounted to €88.5m, compared to €85.8m at the prior-year reporting date. At 31.7%, the equity ratio was on a similar level to the prior year (31.6%).

“During fiscal year 2024, we were able to significantly increase our operating profit (EBIT) in a challenging market environment with slightly lower revenue. We were able to make significant further gains in the last quarter in particular. This is due to an outstanding team performance. We have also taken important steps for the future. Among other things, we have introduced a new organizational structure and initiated various programs to reduce complexity and costs, the full effect of which will only be realized in the coming years” said Michael Drolshagen, CEO of WashTec AG.

Annual General Meeting 2025
The Annual General Meeting of WashTec AG takes place on May 13, 2025. The Management Board and Supervisory Board are proposing a dividend of €2.40 for fiscal year 2024.

Outlook for fiscal year 2025
In fiscal year 2025, WashTec expects revenue growth in the mid-single-digit percentage range (2024: €476.9m) and an increase in EBIT that is disproportionately higher than revenue growth (i.e. in the high single-digit to low double-digit percentage range) (2024: €45.5m).

The Company will continue to work on optimizing net operating working capital in 2025. As a result, the Company expects a free cash flow of between €35m and €45m (2024: €39.5m).

General note on risk
Every forecast is subject to uncertainties that could have a material effect on the forecast revenue and earnings performance.

The annual report for fiscal year 2024 and further information about WashTec can be found on the WashTec: Investor Relations Website.
About WashTec:
The WashTec Group, based in Augsburg, Germany, is the leading provider of innovative solutions for carwash worldwide. WashTec employs around 1,800 people worldwide and has subsidiaries in Europe, North America and Asia/Pacific. WashTec is also represented by independent distributors in around 80 countries.

Key figures:

€m, IFRS	2024	2023	Change in %
Revenue	476.9	489.5	-2.6
EBIT	45.5	41.9	8.6
EBIT margin in %	9.5	8.6	90 bps
EBT	42.3	38.4	10.2
Net income	31.0	28.0	10.7
Earnings per share1) (in €)	2.32	2.09	11.0
Free cash flow	39.5	46.1	-14.3
ROCE in %	23.6	21.5	210 bps

 

€m, IFRS	Dec. 31, 24	Dec. 31, 23	Change abs.
Balance sheet total	279.7	271.3	8.4
Equity	88.5	85.8	2.7
Equity ratio in %	31.7	31.6	10 bps
Net operating working capital2)	94.0	83.5	10.5
Employees on reporting date	1,770	1,687	83

1) Basis: average of 13,382,324 shares; basic = diluted
2) Trade receivables + inventories − trade payables − prepayments on orders
Contact:
WashTec AG
Argonstrasse 7
86153 Augsburg

E-Mail: ir@washtec.com