AUSTRIACARD - FY24 net income growth of 20%

AUSTRIACARD's FY24 adjusted revenue and EBITDA met guidance, although slightly below our forecasts. Document lifecycle management and digital transformation technologies were the key drivers of revenue growth (up 20% and 70%, respectively). While identity and payments revenues were flat, underlying growth adjusting for discontinued chip module sales was 10%. With growth drivers in place, we expect continued revenue and profit growth in FY25 and FY26, albeit at a slightly moderated rate.

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