Exclusive Networks Reports Solid Growth in H1-24

Exclusive Networks, a global cybersecurity leader listed on Euronext Paris (EXN), announced its financial results for the first half of 2024. Gross sales grew by 10% to €2,564 million, with 11% growth at constant currency. The net margin increased to €235 million, representing 9.2% of gross sales.

The adjusted EBIT stood at €88 million, maintaining close to 38% of the net margin. Cash performance was robust, with operating free cash flow nearing 50% and gross cash at €330 million at the end of H1-24. The leverage ratio was stable at 1.0x Net Debt/Adjusted EBITDA.

During Q2-24, gross sales reached €1,309 million, a 14% increase year-over-year. Geographically, APAC showed a significant rebound with 75% growth at constant currency. Despite a 13% decline in IFRS revenue due to hardware market trends, the group's software and support sectors continued to grow strongly.

The first half's results reflect Exclusive Networks' diversified and resilient business model. The company also completed the acquisition of Nextgen Group in ANZ and APAC regions, contributing to its gross sales growth. The company remains confident in achieving its full-year outlook for FY24.