AUSTRIACARD - FY24 growth outlook maintained

AUSTRIACARD reported a step-up in adjusted revenue in Q224 (+12.4% y o y) as payment card sales re-accelerated and digital transformation technologies projects ramped up. H124 adjusted revenue was 7% higher and adjusted EBITDA 11% higher, resulting in margin expansion of 0.6pp to 15.0%. Management reiterated full-year guidance for adjusted revenue and EBITDA, for which our forecasts are unchanged. We have slightly increased our tax rate assumptions and, reflecting a slower unwind of working capital, have increased our net debt forecasts.

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