AUSTRIACARD - Solid Q324 supports FY24 outlook

AUSTRIACARD's Q324 results confirmed the company made good progress towards its FY24 adjusted revenue and EBITDA targets. The sale of metal cards to banks, a new security printing contract in East Africa and a growing number of digital transformation projects helped generate adjusted revenue growth of 30% y-o-y in Q324 and 14% in the first nine months of 2024 (9M24). Adjusted operating profit grew 52% y-o-y in Q324 and 23% for 9M24, with operating margin expansion of 0.7pp to 10.2% for 9M24. With full-year guidance unchanged, we broadly maintain our forecasts.

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