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STRATEC SE Investor Presentation 2025
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stratec
FINANCIAL RESULTS
FULL YEAR 2024
May 19, 2025
PRECISION TO THE POINT
SAFE HARBOR STATEMENT
stratec
Forward-looking statements involve risks.
This company presentation contains various statements concerning the future performance of STRATEC. These statements are based on both assumptions and estimates. Although we are convinced that these forward-looking statements are realistic, we can provide no guarantee of this. This is because our assumptions involve risks and uncertainties which could result in a substantial divergence between actual results and those expected.
It is not planned to update these forward-looking statements.
FY 2024 FINANCIAL RESULTS - MAY 19, 2025
AGENDA
stratec
- FY 2024 AT A GLANCE
- FINANCIAL REVIEW
- OUTLOOK
- Q&A
FY 2024 FINANCIAL RESULTS - MAY 19, 2025
FY 2024 AT A GLANCE
stratec
HIGHLIGHTS AND ACHIEVEMENTS
Progress in margins ahead of own expectations and strong cash flow dynamics despite challenging market environment
Pipeline progress
E.g. achievement of concluding development milestone for customer products in the field of transfusion diagnostics
New cooperations agreed
E.g. development cooperation in the field of immunodiagnostics aiming to rejuvenate an existing product (including additional functions)
Strengthening of local presence
Enhanced market position in Asia-Pacific and first sales synergies realized in the U.S. on the back of Natech acquisition
Dividend proposal of € 0.60 per share (€ 0.55 in the prior year)
FY 2024 FINANCIAL RESULTS - MAY 19, 2025
FINANCIAL REVIEW
stratec
FINANCIALS AT A GLANCE
| € 000s | FY 2024 | FY 2023² | Change |
|---|---|---|---|
| Sales | 257,624 | 270,414 | -4.7 % |
| (cc: -4.9%) | |||
| Adjusted EBITDA | 49,214 | 44,826 | +9.8% |
| Adjusted EBITDA margin (%) | 19.1 | 16.6 | +250 bps |
| Adjusted EBIT | 33,459 | 30,388 | +10.1% |
| Adjusted EBIT margin (%) | 13.0 | 11.2 | +180 bps |
| Adjusted consolidated net income | 20,496 | 19,009 | +7.8% |
| Adjusted basic earnings per share (in €) | 1.69 | 1.56 | +8.3% |
| Basic earnings per share IFRS (in €) | 1.32 | 1.26 | +4.8% |
bps = basis points
cc = at constant currency
¹ For comparison purposes, adjusted figures have been adjusted to exclude amortization from purchase price allocations in the context of acquisitions, as well as for other one-off items (consulting and reorganization expenses in connection with M&A activities and one-off personnel expenses).
² Restated in accordance with IAS 8.
FY 2024 FINANCIAL RESULTS - MAY 19, 2025
FINANCIAL REVIEW
stratec
IMPACT DUE TO ADJUSTMENT OF ACCOUNTING METHOD
Based on a joint analysis with the new auditor, STRATEC made adjustments in accordance with IAS 8 (Accounting Policies, Changes in Accounting Estimates and Errors) to certain accounting methods. This particularly concerns the recognition of sales of development cooperations in accordance with IFRS 15 and the capitalization of intangible assets pursuant to IAS 38.
| € 000s | FY 2024 | FY 2023 |
|---|---|---|
| Sales | 257,624 | 270,414 |
| Adjusted EBIT | 33,459 | 30,388 |
| Adjusted EBIT margin (%) | 13.0 | 11.2 |
bps = basis points, cc = at constant currency
Delta
| FY 2024 | FY 2023 |
|---|---|
| +18 | +8,503 |
| +966 | +3,317 |
| +40 bps | +90 bps |
Joint analysis with new auditor results in upward adjustments
Before adjustment
| FY 2024 | FY 2023 |
|---|---|
| 257,606 | 261,911 |
| 32,493 | 27,071 |
| 12.6 | 10.3 |
Guidance
| FY 2024 |
|---|
| Stable to slight decline at cc |
| 10.0 – 12.0 |
Targets achieved with beat on margin
FY 2024 FINANCIAL RESULTS - MAY 19, 2025
FINANCIAL REVIEW
stratec
ADJUSTMENTS
EBIT
| € 000s | FY 2024 | FY 2023 |
|---|---|---|
| Adjusted EBIT | 33,459 | 30,388 |
| Adjustments: | ||
| PPA amortization | -3,679 | -3,188 |
| Other¹ | -2,238 | -1,496 |
| EBIT | 27,542 | 25,704 |
¹ Advisory expenses and restructuring costs in connection with M&A activities as well as one-off personnel expenses
Consolidated net income
| € 000s | FY 2024 | FY 2023 |
|---|---|---|
| Adjusted consolidated net income | 20,496 | 19,009 |
| Adjusted earnings per share in € (basic) | 1.69 | 1.56 |
| Adjustments: | ||
| PPA amortization | -3,679 | -3,188 |
| Other¹ | -2,238 | -1,496 |
| Taxes | 1,442 | 1,045 |
| Consolidated net income | 16,021 | 15,370 |
| Earnings per share in € (basic) | 1.32 | 1.26 |
¹ Advisory expenses and restructuring costs in connection with M&A activities as well as one-off personnel expenses
FY 2024 FINANCIAL RESULTS - MAY 19, 2025
FINANCIAL REVIEW
stratec
SALES FY 2024
Sales in € million
As of December 31
FY 2024 sales -4.9% yoy in constant currency to € 257.6 million
- Pandemic related demand disruptions
- Elevated inventory levels of customers at the beginning of the year
- Flatter than expected ramp-up curve of products newly launched onto the market
- Resilient growth with Service Parts and Consumables
- Increased recognition of Development and Service sales
FY 2024 FINANCIAL RESULTS - MAY 19, 2025
FINANCIAL REVIEW
stratec
SALES BY OPERATING DIVISIONS FY 2024
Sales in € million
As of December 31
cc= at constant currency
In % of total sales
FY 2024 FINANCIAL RESULTS - MAY 19, 2025
FINANCIAL REVIEW
stratec
ADJUSTED EBIT AND EBIT MARGIN FY 2024
EBIT in € million
EBIT margin in %
As of December 31
FY 2024 adj. EBIT at € +10.1% to 33.5 million €
Margin improvement of 180 bps YoY to 13.0%
- Strong gross margin development
- Gross margin up 440 bps YoY to 29.7%
- Efficiency measures and structural changes taking effect
- Recognition of high margin sales related to development projects, licensing agreements, and services
- FX
- Still improvement potential for product mix within systems business
- Negative economies of scale and increased functional costs
| € 000s | FY 2024 | FY 2023 |
|---|---|---|
| Research and development expenses | -11,612 | -8,740 |
| Sales-related expenses | -12,456 | -11,952 |
| General administrative expenses | -24,445 | -19,255 |
FY 2024 FINANCIAL RESULTS - MAY 19, 2025
FINANCIAL REVIEW
stratec
CASH FLOW AND NET DEBT
| € 000s | FY 2024 | FY 2023 | Change |
|---|---|---|---|
| Cash flow – operating activities | 48,712 | 19,323 | +152,1% |
| Cash flow – investment activities | -15,970 | -44,054 | n/a |
| Cash flow – financing activities | -20,301 | 35,442 | n/a |
| Free cash flow | 32,742 | -24,731 | n/a |
| € 000s | FY 2024 | FY 2023 | Change |
| --- | --- | --- | --- |
| Cash at end of period | 47,164 | 33,532 | +40,7% |
| Equity ratio (%) | 54.5 | 52.6 | +190 bps |
| Net debt | 87,096 | 111,802 | -22.1% |
- Strong cash flow dynamics due to increased profitability and decrease in trade receivables
- Strong focus to reduce still elevated inventory levels going forward
| € 000s | FY 2024 | FY 2023 |
|---|---|---|
| Inventories | 121,818 | 117,522 |
| Trade receivables | 41,578 | 58,059 |
- Investment ratio¹ at 7.1% of sales and in line with projected corridor of 6.0% to 8.0%
- Net debt / adj. EBITDA at 1.8x (down from 2.5x at the end of FY 2023)
- Negotiations on refinancing of existing bridge loan by a new syndicated loan is ongoing (closing expected in July)
FY 2024 FINANCIAL RESULTS - MAY 19, 2025
¹ Total investments in intangible and tangible assets in % of sales
OUTLOOK
stratec
FINANCIAL GUIDANCE FOR FISCAL YEAR 2025
Consolidated sales for the 2025 financial year expected to grow in a low to medium single-digit percentage range on a constant-currency basis
Based on preliminary calculations, sales in the first quarter of 2025 will amount to around € 60 million
Adjusted EBIT margin of 10.0% to 12.0% (FY 2024: 13.0%)
Earnings contributions from higher-margin development and services sales expected to be lower in FY 2025
Investments in tangible and intangible assets combined of around 8.0% to 10.0% of sales (FY 2024: 7.1%)
Higher investments for development projects and IT
FY 2024 FINANCIAL RESULTS - MAY 19, 2025
OUTLOOK
stratec
FOCUS IN 2025 AND BEYOND
Maintaining cost discipline throughout the company given earnings improvement measures implemented
Continue to grow footprint in selected market focus areas (High-Sensitivity Immunoassays, Advanced Imaging, Cell & Gene Therapy)
Manage and process well filled M&A pipeline according to external growth and diversification strategy
Execute deal pipeline regarding new development and manufacturing agreements
Continue leveraging the combined customer base of both, STRATEC and Natech
Improve cash flow dynamics with strong focus on inventory efficiency
FY 2024 FINANCIAL RESULTS - MAY 19, 2025
FINANCIAL REVIEW
stratec
NEW FINANCIAL CALENDAR 2025
| Publication Quarterly Statement Q1|2025 | 2025-05-30 | Shortened according to minimum requirements
No conference call planned due to the proximity to the publication of FY 2024 |
| --- | --- | --- | --- |
| Annual General Meeting 2025 | 2025-06-27 | |
| Publication Half-Year Financial Report H1|2025 | 2025-08-19 | |
| Publication Quarterly Statement 9M|2025 | 2025-11-07 | |
FY 2024 FINANCIAL RESULTS - MAY 19, 2025
WE ARE HAPPY TO SUPPORT
stratec
FY 2024 FINANCIAL RESULTS - MAY 19, 2025
QUESTIONS
ANSWERS
CONTACT
stratec
STRATEC SE
Gewerbestr. 37
75217 Birkenfeld
Germany
Phone +49 7082 7916-0
Fax +49 7082 7916-999
www.stratec.com
CONTACT
Jan Keppeler, CFA
Head of Investor Relations, Sustainability & Corporate Communications
Phone +49 7082 7916-6515
[email protected]
THANK YOU
FOR YOUR
ATTENTION
FY 2024 FINANCIAL RESULTS - MAY 19, 2025