- FY 2024 revenue from continued operations reached EUR 301.5 million, a 2% decline compared to FY 2023 (EUR 309.0 million)
- Q4 2024 revenue from continued operations increased by 8% to EUR 76.0 million (Q4 2023: EUR 70.5 million)
Normalized EBITDA for FY 2024 from continued operations decreased by 11%, totaling EUR 37.0 million (FY 2023: EUR 41.4 million)
- Q4 2024 normalized EBITDA from continued operations was EUR 7.5 million, a 5% decline from Q4 2023 (EUR 7.9 million)
- Cost reduction program delivering net EUR 9 million in annual savings is fully implemented as of 1 January 2025
- Proposed dividend: EUR 0.45 per share; reflecting a 59% pay-out ratio of normalized full-year net profit before amortization (2023: EUR 0.45 per share)
Joep van Beurden, Kendrion CEO:
"It has been a pivotal year for Kendrion. We successfully executed the strategic decision to divest our automotive franchise in Europe and the US, which had been the cornerstone of our business for many years. This transition allowed us to simplify our organization and sharpen our focus. As part of this, we discontinued all investment and R&D in the remaining Automotive segment and streamlined several Group functions to align our overhead with our smaller, more focused operations. These actions delivered a net cost reduction of EUR 9 million, implemented by the end of the year. As of 1 January 2025, we are fully dedicated to selected, higher-growth, high-margin industrial markets. I am proud of our employees worldwide for successfully achieving our strategic repositioning as a pure-play Industrial company against the backdrop of ongoing economic challenges for our business groups.
Our Q4 2024 revenue from continued operations increased by 8%, driven entirely by our retained mobility operations. During the quarter, industrial revenue remained flat compared to Q4 2023, reflecting continued muted trading in Germany and China. To highlight the improved profitability of the Group following the Automotive divestment, it is insightful to compare the normalized net profit of our continued operations with that of the discontinued operations. For FY2024, the positive impact on our profitability has been significant.
Looking ahead to 2025, we expect the economic environment in the first half of the year to remain similar to 2024. The potential impact of anticipated US trade tariffs on the global economy adds uncertainty. However, we note that analysts see the recent election of a more business friendly German government as a positive. We are also experiencing the first signs of some re-stocking, especially in Europe. For Kendrion, our focus remains on improving our profitability by executing our plan to raise added value margin, particularly in Industrial Brakes, in China, and in the retained Mobility business. We will also maintain strict cost control. With the successful implementation of these initiatives, and assuming the current economic conditions persist, we are confident in achieving our financial target of at least 15% EBITDA from 2025 onwards. We are proposing an annual dividend over 2024 of EUR 0.45 per share, representing a pay-out of 59% of our normalized net profit before amortization."
Read full press release:
https://www.kendrion.com/en/about-kendrion/investor-relations/press-releases/press-releases-detail-page/q4-and-full-year-results-2024
- Q4 2024 revenue from continued operations increased by 8% to EUR 76.0 million (Q4 2023: EUR 70.5 million)
Normalized EBITDA for FY 2024 from continued operations decreased by 11%, totaling EUR 37.0 million (FY 2023: EUR 41.4 million)
- Q4 2024 normalized EBITDA from continued operations was EUR 7.5 million, a 5% decline from Q4 2023 (EUR 7.9 million)
- Cost reduction program delivering net EUR 9 million in annual savings is fully implemented as of 1 January 2025
- Proposed dividend: EUR 0.45 per share; reflecting a 59% pay-out ratio of normalized full-year net profit before amortization (2023: EUR 0.45 per share)
Joep van Beurden, Kendrion CEO:
"It has been a pivotal year for Kendrion. We successfully executed the strategic decision to divest our automotive franchise in Europe and the US, which had been the cornerstone of our business for many years. This transition allowed us to simplify our organization and sharpen our focus. As part of this, we discontinued all investment and R&D in the remaining Automotive segment and streamlined several Group functions to align our overhead with our smaller, more focused operations. These actions delivered a net cost reduction of EUR 9 million, implemented by the end of the year. As of 1 January 2025, we are fully dedicated to selected, higher-growth, high-margin industrial markets. I am proud of our employees worldwide for successfully achieving our strategic repositioning as a pure-play Industrial company against the backdrop of ongoing economic challenges for our business groups.
Our Q4 2024 revenue from continued operations increased by 8%, driven entirely by our retained mobility operations. During the quarter, industrial revenue remained flat compared to Q4 2023, reflecting continued muted trading in Germany and China. To highlight the improved profitability of the Group following the Automotive divestment, it is insightful to compare the normalized net profit of our continued operations with that of the discontinued operations. For FY2024, the positive impact on our profitability has been significant.
Looking ahead to 2025, we expect the economic environment in the first half of the year to remain similar to 2024. The potential impact of anticipated US trade tariffs on the global economy adds uncertainty. However, we note that analysts see the recent election of a more business friendly German government as a positive. We are also experiencing the first signs of some re-stocking, especially in Europe. For Kendrion, our focus remains on improving our profitability by executing our plan to raise added value margin, particularly in Industrial Brakes, in China, and in the retained Mobility business. We will also maintain strict cost control. With the successful implementation of these initiatives, and assuming the current economic conditions persist, we are confident in achieving our financial target of at least 15% EBITDA from 2025 onwards. We are proposing an annual dividend over 2024 of EUR 0.45 per share, representing a pay-out of 59% of our normalized net profit before amortization."
Read full press release:
https://www.kendrion.com/en/about-kendrion/investor-relations/press-releases/press-releases-detail-page/q4-and-full-year-results-2024
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