Cint

First quarter 2024

• Effective from the first quarter 2024, Cint implemented changes in its financial reporting. Pro forma figures are presented for the purpose of comparability.
• On a pro forma basis net sales increased by 1.1 percent to EUR 36.4m (36.0 pro forma) and by 1.6 percent on a constant currency basis. Reported net sales decreased by 39.2 percent to EUR 36.4m (59.9m).
• Gross profit amounted to EUR 30.3m (30.9 pro forma) corresponding to a margin of 83.3 percent (85.7 pro forma). Reported gross profit last year amounted to EUR 35.9m
• EBIT amounted to EUR -8.4m (-10.1) with an EBIT margin of -23.1 percent (-28.1 pro forma). Reported EBIT margin last year was -16.9 percent.
• EBITA amounted to EUR 1.5m (0.9) with an EBITA margin of 4.1 percent (2.5 pro forma). Reported EBITA margin last year was 1.5 percent.
• EPS, before dilution amounted to EUR -0.04 (-0.04).
• Adjusted EPS, before dilution amounted to EUR 0.00 (0.00).

CEO Giles Palmer comments:
As we conclude the first quarter 2024, I am pleased to report pro forma net sales growth of 1.1 percent to EUR 36.4m compared to EUR 36.0m in the same period last year (1.6 percent in constant currency). Growth was driven by a continued strong development in Media Measurement where we are growing with existing clients as well as bringing on new clients. Cint Exchange sales decreased, mostly driven by lower demand from a few large clients.

The gross margin was 83.3 percent (85.7 percent pro forma 2023) as a result of higher hosting costs in the period. EBITA amounted to EUR 1.5m, up from EUR 0.9m last year due to lower operating expenditures with an EBITA margin of 4.1 percent (2.5 percent pro forma). Net cash flow was negative, caused by negative cash flow from operating activities and amortization payments of loans.

Our strategic implementation plan is on track. Focus for 2024 is to return to growth and drive innovation while retaining profitability and at the same time improve cash flow from operations.

Q1 presentation today at 10.00 a.m. CEST
The report will be presented by Giles Palmer, CEO and Niels Boon, CFO at 10.00 a.m. CEST today via a webcast conference call. Follow the webcasted presentation and conference call live at: webcast

For participation in the telephone conference, please make sure you are connected to the conference call by calling in and registering a few minutes before the conference begins.

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The presentation material and a recorded version of the conference will be available at Cint™ Investors.