Investor Presentation • Mar 3, 2025
Investor Presentation
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2024 December Results Presentation
The 2 nd largest PSS provider in Europe and Africa, 3 rd largest in the world*
One integrated solution for all airline types and sizes, covering the entire business cycle
Industry leader in new-gen IATA ARM / NDC technology standards
Cloud-based and AIsupported, modern and flexible technology infrastructure
2024 Year End
We meet the needs of Partners of various business models all over the world
Visualization of Hitit Partner aircraft movements within a 24-hour period based on FlightRadar 24 data
Visualization of destinations served by Hitit Partners based on live airport data within Crane systems
| Hitit by Numbers |
34,2M USD 2024 Sales Revenues + 34% over 2023 |
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|---|---|---|---|
| 40% EBITDA Margin inline with 2023 |
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| +61% Passenger volumes over 2023 |
72 Partners 6 Continents 50 Countries |
| Hitit by Numbers |
850+ Airports served through Crane DCS in 160 countries |
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|---|---|---|---|
| 102 Countries with border and customssystems integrated with Hitit |
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| 85+ Integrations with different banks and alternative payment systems |
\$8.5 billion Sales volume generated by Hitit Partners in 2024 |
In line with the projects being carried out within the Technopolis regulations, 15.4 million dollars for R&D along with 4.5 million dollars for license, hardware, and fixtures were invested as of 2024.
The effects of these investments, which reduce our costs and increase our revenues, are being realized as they are accomplished.
According to the data published by the London-based independent market research company Travel Technology Research (T2RL), Hitit is the top choice of PSS provider among startup airlines in 2024, as well as the fastest-growing provider in the industry overall.
Cash and cash equivalents at the end of 2024 is \$12.7 million. The cash amount excluding lease liabilities and bank loans for the same period is \$7.3 million dollars.
As of the end of the 2024, sales revenues increased by 34% compared to the same period of the previous year and reached \$34.2 million.
As of the end of the 2024, the number of passengers, which is the basis of SaaS revenues increased by 61% compared to the same period of the previous year.
Both new acquisitions and increase within the business volumes of existing partners have effect in this overall increase.
As of the end of the 2024, the EBITDA amount was 13.7m USD and the EBITDA margin was realized as 40%.
Sales were realized 78% in foreign currency, 22% in TL, with the international / domestic breakdown being 65% and 35%, respectively.
A total of 16 implementation projects were completed in 2024 among existing and new Partners, with another additional 11 implementation projects ongoing as of the end of the year.
As of the end of 2024 we serve 72 Partners in 50 countries on 6 continents.
In addition to the product and service production, sales and marketing activities carried in line with its growth strategy, the company continues its investments to achieve its goals.
Within this framework, as of the end of 2025, on a USD basis;
Net Profit Margin between 25% and 30%
Investment / Turnover ratio between 30% and 35%
is expected. The company meticulously monitors the developments regarding the projections announced above. Where necessary, The company will publish updates on such developments.
Functional currency is USD since 01.01.2020.
2023-12M 2024-12M
11 (*) Based on cost of sales except amortization.
2024 Year End
Approximately 78% of sales are in foreign currency (USD or EUR)
SaaS Share (%)
| PSS | ADS | Other |
|---|---|---|
| 86% | 5% | 9% |
| 2023-12M | 2024-12M | |||
|---|---|---|---|---|
| Revenue Breakdown(USD) | USD | % | USD | % |
| SaaS | 15,893 | 63% | 22,001 | 64% |
| Software Development and Maintenance | 6,386 | 25% | 8,409 | 25% |
| IaaS ve Projects |
3,367 | 12% | 3,828 | 11% |
| Total | 25,646 | 100% | 34,238 | 100% |
SaaS: Software as-a-Service
IaaS: Infrastructure-as-a-Service
Approximately 76% of costs are in TL
Cost Breakdown1
Software support
(1) Cost breakdown including amortization expenses
(2) Personnel expense includes amortization expense resulting from capitalization of personnel expense
(3) Consists of consultancy, rent and office expenses
Developments in 2024
16 implementation projects, with Ajet among them, have been completed across North / South America, Europe, Africa, Middle East and Asia in 2024, and have gone live to start generating additional recurring revenues.
According to IATA Airline Retailing Maturity (ARM) Index, Hitit is the global industry leader in new-generation Offer & Order Management Systems (OOMS) based on the latest NDC v21.3 standards. Several PoC projects targeting 2025 are underway.
Hitit's AI projects have been accelerated through new hires and infrastructure investments in 2024. Real-time pricing and personalized offer capabilities have gone live, with additional AI projectsin operational and other areas under development.
New capabilities in line with OOMS, corporate travel functionality and ''non-air'' (hotel / transfer / car rental etc.) integrations have been developed. On the content distribution front Turkish Airlines has gone live, and new agreements have been signed including APG Network that covers 170 airlines in 200 countries.
28 February 2025: As announced through the KAP platform, Pegasus Airlines has also signed an ADS content distribution agreement.
Revenue Passenger Kilometers (RPK) , Available Seat Kilometers (ASK) and Passenger Load Factor (PLF) Evolution Trends
Source: IATA Economics – Air Passenger Market Analysis (December 2024)
15
Industrial KPIs Revenue Passenger Kilometers (RPK) 5 Year Evolution Trend
Source: IATA Economics – Air Passenger Market Analysis (December 2024)
| Balance Sheet (USD '000) | 31.12.2023 | 32.12.2024 |
|---|---|---|
| Cash and cash equivalents | 7,420 | 8,552 |
| Financial assets | 8,386 | 3,698 |
| Trade receivables | 6,263 | 9,584 |
| Prepaid expenses | 2,063 | 3,047 |
| Other current assets | 1,062 | 771 |
| Total current assets | 25,194 | 25,652 |
| Property, plant and equipment | 5,158 | 4,053 |
| Intangible assets | 25,807 | 40,520 |
| Financial assets | - | 500 |
| Deferred tax assets | 293 | 667 |
| Prepaid expenses | 2,248 | 2,699 |
| Other non -current assets |
61 | 60 |
| Total non -current assets |
33,567 | 48,499 |
| Total assets | 58,761 | 74,151 |
| Trade payables | 2,412 | 2,619 |
| Bank loans | - | 4,542 |
| Lease liabilities | - | 197 |
| Current tax liabilities | 174 | 268 |
| Deferred income | 942 | 1,199 |
| Other current liabilities | 1,636 | 2,005 |
| Total current liabilities | 5,164 | 10,830 |
| Lease liabilities | - | 673 |
| Deferred income | 2,379 | 2,876 |
| Provision for employment termination benefits | 359 | 396 |
| Total non -current liabilities |
2,738 | 3,945 |
| Share capital | 18,812 | 23,908 |
| Share premium on capital stock | 19,368 | 14,272 |
| Legal reserves | 693 | 1,100 |
| Actuarial loss on defined retirement benefit plans, net of taxes | (113) | (87) |
| Currency translation difference | (234) | (234) |
| Profit for the year | 5,934 | 8,491 |
| Retained earnings | 6,399 | 11,926 |
| Total equity | 50,859 | 59,376 |
| Total liabilities and equity | 58,761 | 74,151 |
| Income Statement (USD '000) | 1 January- 31 December 2023 |
1 January- 31 December 2024 |
|---|---|---|
| Net sales | 25,646 | 34,238 |
| COGS (-) | ( 13,180) | ( 17,719) |
| Gross profit before D&A | 15,508 | 20,692 |
| Depreciation and amortization | 3,042 | 4,173 |
| Gross profit after D&A | 12,466 | 16,519 |
| Gross profit margin | 49% | 48% |
| Marketing and sales expense(-) | ( 3,201) | ( 3,531) |
| General administrative expense(-) | ( 3,787) | ( 5,540) |
| Other operating income | 2,515 | 1,343 |
| Other operating expense(-) | ( 2,100) | ( 1,268) |
| Operating profit | 5,893 | 7,522 |
| Income from financial investment activities | 3,459 | 1,940 |
| Finance expense (-) | ( 2,234) | ( 971) |
| Finance income | 127 | 208 |
| Profit before tax | 7,246 | 8,700 |
| Income tax expense | ( 1,312) | ( 209) |
| Net Profit | 5,934 | 8,491 |
| Depreciation and amortization | ( 4,241) | ( 6,298) |
| EBITDA | 10,143 | 13,716 |
| EBITDA Margin | 40% | 40% |
Steps to strengthen equal opportunities in our industry through our employment policies and collaborations with NGOs.
Aiming to mitigate the effects of climate change through our R&D efforts and enhance energy efficiency in our operations and services.
Efforts to protect biodiversity and promote environmental sustainability.
Educational projects in technology, sports, and sustainability; efforts to bridge the digital divide; and academic collaborations.
Projects in collaboration with national and international institutions and organizations. We integrate sustainability into our production, business processes, and social projects. By incorporating ESG strategies into our company evaluations, we embrace a sustainability approach that is committed to society, the environment, and ethical principles.
411 Schools 430 Teachers 160.000 Students Rackets Up project, Hitit's CSR project realized in partnership with the Turkish Table Tennis Federation (TTTF), has so far been realized in different provinces in Türkiye and has introduced many children to table tennis in a professional and sustainable manner.
Rackets Up Provincial Tournaments Rackets Up Provincial Tournaments were organized in the 2Q 2024, and tournaments were held in Çorum, Şanlıurfa and Sakarya in the categories of Star Girls - Star Boys and Junior Girls and Junior Boys, and the winners were determined on the basis of categories in each province.
Transportation Sponsorship
In 2024, the transportation expenses of a national player in international competitions are covered; the national player we supported finished 3rd in the World Table Tennis Berlin Youth Contender competition in this report period.
Mentoring women in technology jobs
Donations to foundations fighting against droughts
Supporting students through grants and internship opportunities
Supporting the healthcare of children with special needs in Pakistan
As a global player, Hitit places utmost importance on its commitments to society and social responsibility
Rackets Up 411 Schools 430 Teachers 160.000 Students
Provincial
Tournaments
Rackets Up project, Hitit's CSR project realized in partnership with the Turkish Table Tennis Federation (TTTF), has so far been realized in different provinces in Türkiye and has introduced many children to table tennis in a professional and sustainable manner.
Rackets Up Provincial Tournaments were organized in the 2Q 2024, and tournaments were held in Çorum, Şanlıurfa and Sakarya in the categories of Star Girls - Star Boys and Junior Girls and Junior Boys, and the winners were determined on the basis of categories in each province.
Transportation Sponsorship
In 2024, the transportation expenses of a national player in international competitions are covered; the national player we supported finished 3rd in the World Table Tennis Berlin Youth Contender competition in this report period.
We support our Partners and the aviation industry, as well as our own internal processes in adopting ESG principles and best practices.
Shareholder Structure
Organizational Structure and Current Values
The Crane Family
Use of IPO Proceeds
* Total of permanent staff and contracted consultants. 23
Seniority and retention of employees above the industry average
According to 2024 LinkedIn data, while the average seniority in the top 10 software companies in Turkey is 2.38 years, this figure is 5 years for Hitit
According to the 2024 WTW data, the turnover rate (employee loss) in IT companies is 9% on average, while the same rate is 7.2% in Hitit.
The average seniority of mid and senior- level managers reaches 11 years, so the hard-won expertise and corporate memory of Hitit are preserved and transferred.
Crane Solutions We provide turn-key solutions for every step of the way in air travel.
A series of mission-critical systems used by airlines for reservations, ticketing, check-in, internet and mobile sales, departure control, loyalty programs and customer care.
Allotment Manager
Communication Manager
Weight and Balance
Baggage Reconcilliation Itinerary
• Airline Travel Merchandising
Agent Portal Plus
Reservation & Cargo Services
Infrastructure, development & improvements for the transition to cloud architecture
Development of software & infrastructure of products and solutions suitable for different markets
Reşitpaşa Mah. Katar Cad. No: 4/1 ARI Teknokent 2 İç Kapı No: 601 34469 Maslak, İstanbul, Türkiye
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