27.2.2025 09:00:00 EET | Eagle Filters Group Oyj | Company Announcement
This release is a summary of Eagle Filters Group Oyj's financial statement bulletin 2024. The complete report is attached to this release as a pdf file. It is also available on Eagle Filters Group Oyj's website at https://eaglefiltersgroup.com/reports-and-presentations/. The figures in this full-year review are not audited.
HIGHLIGHTS OF THE REVIEW PERIOD
JULY - DECEMBER 2024
- Revenue increased by 30 % and amounted to EUR 3.7 (2.8) million.
- Order intake decreased by 56 % and amounted to EUR 1.7 (3.9) million.
- Order backlog amounted to EUR 1.2 (3.6) million at the end of the period.
- EBITDA was EUR -1.7 (-1.5) million.
- Operating result was EUR -2.2 (-2.1) million.
- Eagle Filters Group may raise additional funding during 2025.
JANUARY - DECEMBER 2024
- Revenue increased by 26 % and amounted to EUR 7.6 (6.0) million.
- Order intake decreased by 19 % and amounted to EUR 5.0 (6.1) million.
- Order backlog amounted to EUR 1.2 (3.6) million at the end of the period.
- EBITDA was EUR -2.1 (-2.6) million.
- Operating result was EUR -3.2 (-3.7) million.
- Eagle Filters Group may raise additional funding during 2025.
Eagle Filters Group's description of risks and uncertainties is included in the complete report which is attached to this release as a pdf file.
KEY FIGURES
EUR '000 | 7-12 / 2024 | 7-12 / 2023 | 1-12 / 2024 | 1-12 / 2023 |
Order intake | 1 736 | 3 949 | 4 961 | 6 118 |
Order backlog | 1 212 | 3 637 | 1 212 | 3 637 |
Revenue | 3 676 | 2 820 | 7 593 | 6 028 |
EBITDA | -1 654 | -1 466 | -2 129 | -2 566 |
EBITDA-% | Neg. | Neg. | Neg. | Neg. |
Operating result | -2 159 | -2 079 | -3 212 | -3 726 |
Operating result-% | Neg. | Neg. | Neg. | Neg. |
Result for the financial period | -2 532 | -2 473 | -3 896 | -4 801 |
Earnings per share (EUR) | -0.01 | -0.02 | -0.02 | -0.03 |
Shareholders' equity at the end of the period | 2 191 | 3 203* | 2 191 | 3 203* |
Equity ratio | 17.6 % | 24.9 %* | 17.6 % | 24.9 %* |
Net debt | 4 900 | 4 206 | 4 900 | 4 206 |
Head count at the end of the review period | 66 | 63 | 66 | 63 |
*Comparison period figures have been adjusted for changes in accounting principles (IAS 40 investment properties). For further information, see section changes in accounting principles, which is included in the attached report.
CEO'S REVIEW
Growth continued during 2024 at the level of 26%, slightly under our targeted 30%. We are still targeting 30% annual growth and 20% EBITDA in the long term. It is to be noted that revenue recognition happens on an individual delivery basis affecting timing of revenue.
Our 2024 order intake decreased by 19% due to timing of new orders. Also the order back-log decreased after large deliveries were delivered. Despite these, our sales pipeline remains strong, and we target sizable deliveries for 2025.
The biggest disappointment for the year was that we were still not able to achieve positive EBITDA during H2. Q4 was very strong, but Q3 failed us significantly. Main reasons for weak production during early H2 were delays in in-bound materials and labor deficiencies. We have costs running every day whether we have the materials and people at site.
In order to correct the situation, we conducted share issuance in September to be able to invest in partial automatization of our factory. This includes robot investments.
Regarding Advanced Materials business, we have recognized first small revenues and are having several offers out for potential new customers. Typically, each new customer runs their own tests before considering buying.
To keep our shareholders and the market better informed, we are bringing back Q1 and Q3 summaries for 2025. Regular H1 and H2 summaries remain unchanged.
After the review period we were able to secure EUR 1.0 million loan with Finnvera improving our financial market and operating capital position.
FINANCIAL TARGETS AND OUTLOOK
Eagle Filters Group has set long-term targets for its 100% owned subsidiary Eagle Filters Oy. Eagle Filters Oy targets an average annual revenue growth of more than 30% and an EBITDA margin exceeding 20% in the long term.
The company's management estimates that the special circumstances caused by Russia's war on Ukraine and growing unrest in the Middle East have caused disturbance in the company's operating environment. These events, however, are not expected to have an impact on Eagle Filters Group's long-term targets.
Eagle Filters Group does not publish a short-term outlook.
For more information:
Jarkko Joki-Tokola, CEO, Eagle Filters Group Oyj. jarkko@eaglefiltersgroup.com
About Eagle Filters Group Oyj
Eagle Filters Group is a material science company that aims to enable a green and healthy environment.
Eagle provides high performance filtration solutions that cut CO2 emissions and increase profitability of the energy industry. Eagle's technology improves performance and energy efficiency while cutting costs. The technology is being used by some of the world's largest energy utilities.
The company group is listed on First North Growth Market Finland under the ticker EAGLE. The Company's Certified Adviser is Carnegie Investment Bank AB (publ).
www.eaglefiltersgroup.com
