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Revenue
In 2024, DHI generated revenue of EUR 147.0 million, an increase of 11.3% compared to 2023. The increased revenue was driven by growth in all segments. Order inflow was EUR 170.1 million, up from EUR 162.3 million in 2023.
 
Net project revenue, which is DHI’s own project production (excluding revenue from subcontractors), including revenue from software, was EUR 121.5 million, which was 11.3% higher than in 2023. The growth has been obtained fully through organic growth. Growth was strong in most regions, especially in Europe and Asia & Pacific. However, continuing from 2023, DHI was impacted by a downturn in the Chinese market in 2024. This negatively impacted revenue and earnings for the year.
Earnings
We continued the implementation of the DHI+ strategy to ensure digitally enabled advisory and solutions for our clients. As a result, DHI has continued investing in innovation and services to support clients in all key market segments.
EBITDA (earnings before interest, taxes, depreciation and amortisation) increased by EUR 2.6 million to EUR 5.0 million equivalent to an EBITDA margin of 3.4%, which was 1.6 percentage points higher than in 2023.
 
EBIT (earnings before interest and tax) increased by EUR 2.4 million to EUR 2.4 million.
 
Financial items positively impacted DHI in 2024 with EUR 1.4 million compared to EUR 0.3 million in 2023. Generally, DHI pursues a relatively low-risk investment strategy for investments in bonds and shares.
 
Result for the year
As a consequence of the above, DHI generated a profit before tax of EUR 3.8 million in 2024 compared to a profit before tax of EUR 0.3 million in 2023.
 
Tax for the year contributed negatively by EUR 1.4 million to the net result due to withholding tax on dividends and tax expenses in local jurisdictions.
 
Profit for the year amounted to EUR 2.3 million compared to a loss of EUR 0.6 million in 2023. The profit in 2024 is considered satisfactory.
 
Cash flow
Cash flow from operating activities was positive in 2024, EUR 5.9 million, and on level with the operating cash flow of EUR 5.7 million generated in 2023. The slightly higher operating cash flow in 2024 was primarily due to an improvement in EBIT.
 
Investments in tangible assets amounted to EUR 3.5 million against EUR 3.0 million in 2023.
 
Total net cash flow for the year amounted to EUR 2.2 million against EUR 4.1 million in 2023.
 
Financial position
The financial position of DHI remains solid. Cash position, including securities, as of 31 December 2024 amounted to EUR 46.8 million compared to EUR 43.5 million as of 31 December 2023.
Balance sheet
Total assets increased to EUR 114.3 million from EUR 109.3 million in 2023. The increase was mainly due to the increase in the working capital items and the positive net cash flow for the year.
 
As a result of the profit for the year, equity increased by EUR 2.2 million to EUR 49.4 million. The solvency ratio was 43% as of 31 December 2024 and the solvency ratio remains strong.
 
Events after the balance sheet date
Management is not aware of any events subsequent to 31 December 2024 that are expected to have a material impact on DHI's financial position.
 
2025 outlook
Increasing inflation and salary levels remain a risk as fully compensating index adjustments in consultancy and software sales prices are not always possible due to various contract terms. In addition, the development of the financial markets and the geopolitical instability and the related consequential impacts remain uncertain. Despite these headwinds, we expect revenue in the range of EUR 140-150 million, and EBIT in the range of EUR 2-3 million, due to efficiency measures taken.