Arteche achieved a net profit of 18.9 million euros in 2024, 56.7% more than in the previous financial year

New contracts grew by 12.3% to 530 million euros, exceeding the 500 million euro barrier for the first time.

The direct margin in absolute terms grew by 22.3% to 163.4 million euros, driven by growth in sales volumes, the product mix and improved internal efficiencies. In turn, the direct margin has consolidated a progressive improvement, closing the year at 35% of sales.

EBITDA reached 51.6 million euros, 26.8% more than in the previous year, which also translates into 11.5% of sales.

The net financial debt at the end of 2024 improves the leverage ratio to 0.5 times EBITDA, compared to 1.0 times as of December 31, 2023. 

Mungia (Bizkaia), March 20, 2025.- Arteche, a global leader in equipment, components and solutions for the energy sector, has presented its financial results for the 2024 financial year, meeting the financial guidelines set. The objectives set out in the Strategic Plan 24-26 “Energizing Futures Together” have also been met, laying the foundations for the company's future. 

Financial figures for the 2024 financial year

Arteche achieved a net profit of 18.9 million euros at the end of the 2024 financial year, an increase of 56.7% compared to the 2023 financial year, surpassing the achievements of the previous financial year. Driven by the good moment the sector is enjoying globally, as well as its positioning, sales have grown by 11.5%, reaching 447.4 million euros. This exceeds the growth target of 10% set in its financial guidelines.

New policies have also grown by 12.3% compared to the previous financial year, a figure that is above the market average, reaching 532.4 million euros.

The growth in sales volumes, the product mix and the improvement in internal efficiencies explain the 22.3% increase in the direct margin in absolute terms, which reached 163.4 million euros. It is also worth noting that the direct margin has consolidated a progressive improvement, closing the year at 35% of sales.

For its part, EBITDA reached 51.6 million euros, 26.8% more than in the previous year, which also translates into 11.5% on sales and demonstrates a good degree of fulfillment of the objectives set in the Strategic Plan.

Regarding net financial debt, as of December 2024, it stood at 25.6 million euros, assuming an improvement in the leverage ratio of up to 0.5 times EBITDA, compared to the figure of 1.0 times as of December 31, 2023, resulting in a strong balance sheet position that increases the company's capabilities for potential inorganic operations.

The total shareholder remuneration during 2024 charged to the results for the 2023 financial year has been set at 0.106 euros per share, equivalent to the distribution of 50% of the Group's net result for the 2023 financial year. In addition, earnings per share at the end of the year amounted to 0.33 euros, which implies an increase of 56.6% compared to the end of 2023. 
 

All business lines once again contribute to growth 

In fiscal year 2024, all business lines have positively contributed to the increase in sales. In addition, the 21.6% growth achieved in the Asia-Pacific region (APAC) stands out, in line with the objectives set out in the Strategic Plan.

By business, in measurement and monitoring:

• Sales in the measurement and monitoring business have increased by 15.9% compared to the previous year.
• Arteche has managed to increase its production capacity by 15% globally in its plants in North America (NAM), Europe, the Middle East and Africa (EMEA) and Asia-Pacific (APAC). 
• Arteche's five main markets in the 2024 financial year were, in this order: the United States, which remains Arteche's main market due to the heavy investment in the renewal of its electrical infrastructure; Spain; Mexico; Australia; and Canada. 
• The company has increased its activity in the optical current transformer segment for high voltage projects due to the proliferation of HVDC (high voltage direct current) links, necessary for the interconnection of offshore wind farms around the world. 
• The range of high voltage measurement equipment and power voltage transformers for auxiliary services with sustainable insulation options is being expanded.

In the transmission and distribution network automation business: 

• For the first time, more than 500,000 auxiliary relays have been produced. 
• The new relay platform has been successfully tested, and its industrial development will continue in 2025 and 2026.
• Protection and control projects have been delivered in 14 different countries throughout the year, with Italy and Singapore standing out as new markets for this segment.
• Arteche has launched the new P51R protection for distribution reclosers, equipment that will allow it to capture more margin from the value chain.

Thirdly, in the network reliability business:

• Increased stake in Teraloop, a company specializing in flywheel technology, an energy storage solution for Power Quality.
• The automated line for the new 15 kV Rce recloser, which reduces its carbon footprint by 5%, has entered into operation.
• A license agreement has been signed with one of the industry's leading technology providers to produce and market single-phase reclosers for the US market.
• The service portfolio has been expanded to ensure compliance with new, more demanding requirements in terms of network codes, short-circuit studies and field services, among others.

A commitment to sustainability and the energy transition in the electricity sector

External evaluations of performance in the energy transition certify Arteche's commitment to ESG (Environment, Social and Corporate Governance) criteria. In two of the most prestigious international rankings, CDP and Ecovadis, the overall score obtained has improved compared to the previous year.

Arteche has managed to reduce its carbon footprint (Scope 1 and 2 emissions) by 26% compared to the 2021 baseline. The group's goal is to reduce it by 50% by 2030, fulfilling this commitment through a gradual transformation. 

Likewise, the consumption of energy generated from renewable sources accounts for 63% of the total, a significant increase compared to the 34% it accounted for at the end of 2023 and a decisive step towards achieving the goal of 100% renewable energy consumption by 2030. 

On the other hand, the percentage of waste recycled and reused has reached 68% of the total waste generated, compared to 58% at the end of 2023. This is in line with the strategy of achieving 100% waste recycling and reuse by 2030.

In terms of social commitment, Arteche has increased the percentage of women in management and leadership positions throughout the group to 30% by the end of the 2024 financial year, taking further steps towards real and effective equal opportunities. 

Finally, in terms of governance, Arteche continues to strengthen the level of effectiveness of its internal control according to the Internal Control over Financial Reporting System (ICFRS).