Swissnet AG Achieves Strong Revenue Growth and Announces New Contracts

Swissnet AG has released its preliminary results for 2024, showcasing notable financial performance. The company's revenue surged by 112% year-over-year, reaching EUR 13.1 million. When considering a pro forma basis—including recently acquired entities—revenue experienced a 25% increase to EUR 21 million. This growth was bolstered by a significant share of recurring revenues, accounting for 77%.

Key developments include winning substantial contracts, such as a EUR 1.2 million deal with Philip Morris International for IoT services and a EUR 6.2 million infrastructure modernization project with a European drugstore chain. EBITDA improved from EUR -0.4 million to EUR 2.5 million, driven by operational efficiencies. Swissnet's free cash flow was positive at EUR 2.6 million, with cash reserves of EUR 4.4 million and equity of EUR 11 million. Quirin Privatbank has raised its target price to EUR 21, maintaining a “Buy” recommendation.