Nagarro, a global digital engineering leader, today announced its audited financial numbers for its full year ended December 31, 2024, and its unaudited financial numbers for the three months ended March 31, 2025. The Management Board and the Supervisory Board will propose to the Annual General Meeting a dividend of €1 per share.
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Manas Human, Co-founder, said, “We are pleased to announce our robust results and confirm that we remain confident in our existing guidance for 2025. We have several growth and maturity initiatives now in motion, and we are excited about their potential to lift our trajectory in the months to come.”
2024 results
Revenue grew to €972.0millionin 2024, up from €912.1millionin 2023, a YoY growth of 6.6%. The constant currency growth in annual revenue was 7.2%. Gross profit grew to €295.8million(as per the current method) and €253.9million(as per the previous method) in 2024from €235.7million(as per the previous method) in 2023. As per the previous method, gross margin was 26.1%in 2024compared to 25.8%in 2023. Adjusted EBITDA grew to €147.5millionin 2024from €126.1millionin 2023. Adjusted EBITDA margin grew to 15.2%in 2024, up from 13.8%in 2023. EBITDA grew to €134.1millionin 2024from €118.6millionin 2023. EBIT grew to €96.7millionin 2024from €83.2millionin 2023. Net profit remained at €49.2millionin 2024, as in 2023. The number of clients doing more than €1 million in annual revenue with Nagarro rose from 181 in 2023to 186 in 2024.
Operating cash flow grew to €86.5millionin 2024from €79.7millionin 2023. Factoring utilization under the non-recourse factoring program was reduced by €3.5millionin 2024. Days of sales outstanding, calculated based on the quarterly revenue and including both contract assets and trade receivables, increased from 84 days on December 31, 2023, to 88 days on December 31, 2024.
Nagarro's cash balance at the end of 2024was €192.6millionas against €110.1millionat the end of 2023. Nagarro's loans and borrowings at the end of 2024were €329.6millionas against €274.7millionat the end of 2023. The company reported 17,695 professionals as of December 31, 2024.
The Management Board and Supervisory Board will, for the first time, propose to the Annual General Meeting the distribution of a dividend of €1.00 per share. The proposed dividend marks an important milestone and underlines the company's long-term value creation strategy.
As part of its commitment to strong corporate governance, the company will propose to the Annual General Meeting to expand the Supervisory Board. The newly proposed candidates – Martin Enderle, Hans-Paul Bürkner, and Jack Clemons – bring deep expertise in digital transformation, platform scaling, professional services, and finance and accounting. The company will also propose to reinstate Carl Georg Dürschmidt as a board member.
Q1 2025 results
Revenue grew to €246.9millionin 3M 2025, against €238.3millionin 3M 2024, a YoY growth of 3.6%. Gross profit was €75.5millionin 3M 2025, against €73.6millionin 3M 2024. Gross margin was 30.6%in 3M 2025, against 30.9%in 3M 2024. Adjusted EBITDA was €30.2millionin 3M 2025, against €39.2millionin 3M 2024. EBITDA was €33.0millionin 3M 2025, against €36.0millionin 3M 2024. EBIT was €24.1millionin 3M 2025, against €26.6millionin 3M 2024. Net profit was €11.2millionin 3M 2025, against €16.6millionin 3M 2024. The number of clients doing more than €1 million in annual revenue in the last 12 months with Nagarro rose from 181 on March 31, 2024, to 186 on March 31, 2025.
Operating cash flow grew to €29.8 million in 3M 2025, against €25.9 million in 3M 2024. Factoring utilization under the non-recourse factoring program was reduced by €6.7 million in 3M 2025 from December 31, 2024. Days of sales outstanding, calculated based on the quarterly revenue and including both contract assets and trade receivables, reduced to 81 days on March 31, 2025, from 88 days on December 31, 2024.
Nagarro's cash balance at the end of March 31, 2025, was €162.2 million as against €192.6millionat the end of December 31, 2024. Nagarro's loans and borrowings at the end of March 31, 2025, were €302.5 million as against €329.6millionat the end of 2024. The company reported 17,496 professionals as of March 31, 2025.
The summarized table for the twelve month period ended December 31, 2024, is as follows:
The summarized table for the three month period ended March 31, 2025, is as follows:
Nagarro SE will hold its analyst and investors meeting as a video call to discuss FY 2024 and Q1 2025 on May 15, 2025, at 1:00 pm CEST (4:00 am PT / 6:00 am CT / 7:00 am ET / 12:00 pm BST / 3:00 pm GST / 4:30 pm IST / 7:00 pm SGT / 8:00 pm JST).
Nagarro SE will hold its retail investors call to discuss FY 2024 and Q1 2025 on May 15, 2025, at 2:30 pm CEST (5:30 am PT / 7:30 am CT / 8:30 am ET / 1:30 pm BST / 4:30 pm GST / 6:00 pm IST / 8:30 pm SGT / 9:30 pm JST).
To attend, please register in advance at https://www.nagarro.com/en/investor-relations/quarterly-statement-call-q1-2025
About Nagarro
Nagarro, a global digital engineering leader, helps clients become fluidic, innovative, digital-first companies and thus win in their markets. The company is distinguished by its entrepreneurial, agile, and global character, its CARING mindset, and its Fluidic Enterprise vision. Nagarro employs around 17,500 people in 39 countries. For more information, please visit www.nagarro.com.
(FRA: NA9) (ISIN DE000A3H2200, WKN A3H220)
For inquiries, please contact press@nagarro.com.
SOURCE Nagarro Software Private Limited
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