AUSTRIACARD HOLDINGS reports revenues of 385.3 million Euro, up 9.7 percent in 2024

AUSTRIACARD HOLDINGS AG has published its results for the financial year 2024. Adjusted Group revenues increased by 9.7 percent to 385.3 million Euro, driven by 70.6 percent growth in revenues from Digital Transformation Technologies and a 20.3 percent growth in Document Lifecycle Management revenues. Reported IFRS revenues reached 392.3 million Euro (2023: 364.6 million Euro). 

Digital Transformation Technologies revenue surged by 70.6 percent to €27.4 million, driven by public and private sector digitalization projects in Greece and Central and Eastern Europe.

Document Lifecycle Management revenue increased by 20.3 percent to €135.3 million, supported by digital security documents projects in the Middle East and Africa (MEA).

Identity & Payment Solutions revenue remained flat at €222.7 million, reflecting the impact of reduced wholesale chip sales. Excluding wholesale chip sales of 2023, the organic growth is €19.8 million or 9.9 percent.

Adjusted EBITDA grew by 11.4 percent to €54.9 million, supported by increased revenue and gross profit, with the EBITDA margin rising to 14.2 percent from 14.0 percent in FY2023.

Adjusted net profit increased by 16.6 percent to €19.8 million, despite higher taxes, resulting in a net margin of 5.1 percent.

Operating cash flow saw a significant improvement, reaching €34.0 million compared to €9.1 million in FY2023, as chip inventory levels continue to normalize. 

Manolis Kontos, Vice-Chairman and Group CEO of AUSTRIACARD HOLDINGS AG, commented:

“2024 was another strong year for AUSTRIACARD, as we successfully achieved all our targets across various segments and markets. Since 2019, we have experienced a remarkable 185 percent growth in revenue, reaching €385.3 million in 2024, while our EBITDA has increased more than fourfold to €54.9 million. This exceptional growth results from our strategy focused on geographic expansion, successful acquisitions and the continuous enhancement of our product and service portfolio, allowing us to stay ahead of the competition.

Throughout the year, we leveraged our expertise in our key areas such as Identity & Payment Solutions, where we introduced innovative products like metal cards and continued growing our market share both geographically and customer channel wise. In Document Lifecycle Management, we successfully delivered complex digital security documents projects in the MEA region, securing recurring revenue going forward. Additionally, in Digital Transformation Technologies which will continue to be our key contributor for growth as seen in the recent years and in 2024, we expanded our offerings to include projects for state and private sectors with AI technology being integrated in the solutions we deploy.

We entered this new year with confidence having important new ventures to pursue which include further expansion into new markets, enriching our solution offering to be able to provide our clients with new and cutting-edge services.”