Elis: 2024 Full-Year Revenue - A Resounding Success

Elis, the global leader in circular services at work, has announced its 2024 full-year revenue, marking a resounding success for the company. The financial data disclosed in this press release is currently being audited, and the Group's financial statements will be approved by Elis' Management Board on 5 March 2025. Commenting on the announcement, Xavier Martiré, Chairman of the Management Board of Elis, said:

« In 2024, Elis delivered record revenue close to €4.6bn, up +6.1% compared to 2023. Organic revenue growth was up +5.2%, with +5.0% in Q4, showing sequential improvement compared to the two previous quarters. »



In 2024, commercial dynamism in workwear remained solid in all our geographies, driven by the many initiatives launched by the Group in each country to benefit from organic opportunities identified locally. The 2024 performance was mixed in Hospitality: as expected, the Olympic and Paralympic Games disrupted tourism activity in Paris, with lower occupancy rates over the summer. However, growth benefitted from pricing adjustments implemented to offset the inflation of workforce costs, which remained high in Europe. Furthermore, we are pleased to confirm the return to a normalized retention rate, highlighting our service quality improvement and the very strong levels of client satisfaction we recorded.

In 2024, Elis also continued its strategy of targeted and value-creating acquisitions. The Group closed two acquisitions in the Netherlands, allowing Elis to strengthen its workwear offer and enter the still very fragmented Dutch flat linen market. On July 1, Elis furthermore announced its first acquisition in Asia with Wonway in Malaysia, to service our clients in the cleanroom market, which is growing strongly in the region. All integration processes are well advanced and are being rolled out according to roadmaps. Acquisitions contributed +1.2% to 2024 total revenue growth.

Three additional acquisitions consolidated since January 1, 2025, that allow Elis to strengthen its existing network: Carsan in Spain, Ernst in Germany, and Bodensee in Switzerland; the combined annual revenue of these three acquisitions is c. €50m. 2024 estimated financial results are in line with previously communicated objectives. EBITDA margin at c. 35.2%, up c. +1pp compared to 2023. EBIT margin at c. 16.0%. Headline net income per share above €1.75 on a fully diluted basis. Free cash flow slightly above €340m. Financial leverage ratio as of December 31, 2024 down 0.2x compared to December 31, 2023. Financial data related to the financial year ending December 31, 2024 is based on estimated and unaudited data. Full-year 2024 Group results will be released on March 6, 2025 before market.

Elis' targeted acquisitions strategy, combined with its commercial initiatives and pricing adjustments, contributed to its impressive 2024 full-year revenue growth. The company's ability to adapt to market conditions and capitalize on opportunities has positioned it as a strong performer in the circular services at work sector. As Elis continues to execute its strategic plan, investors can expect the company to maintain its momentum and deliver strong financial results in the coming years.