Nagarro announces preliminary numbers for FY 2024: revenue grows to €972 million, Adjusted EBITDA margin to 15.1%

Rhea-AI Summary

Nagarro, a global digital engineering leader, reported strong financial results for FY 2024, with revenue reaching €972.0 million, marking a 6.6% year-over-year growth. The company achieved a constant currency growth of 7.2%.

Key financial highlights include:

• Gross margin improved to 30.4% under new accounting method
• Adjusted EBITDA increased to €146.5 million from €126.1 million
• EBITDA margin expanded to 15.1% from 13.8% in 2023
• Cash balance strengthened to €192.6 million from €110.1 million

The company maintained a workforce of 17,695 professionals by year-end. Despite macro headwinds, COO Vikram Sehgal expressed satisfaction with 2024's performance and confidence in 2025's start. The audited annual report and Q1 2025 statement will be released on May 15, 2025.

Positive

• Revenue grew 6.6% YoY to €972.0 million (7.2% in constant currency)
• Gross margin improved to 30.4% under new accounting method
• Adjusted EBITDA increased 16.2% YoY to €146.5 million
• EBITDA margin expanded to 15.1% from 13.8% in 2023
• Cash balance strengthened to €192.6 million from €110.1 million

Negative

• Loans and borrowings increased to €329.6 million from €274.7 million
• Revenue growth rate of 6.6% shows deceleration compared to previous years
• Headcount decreased to 17,695 professionals, indicating potential capacity constraints

News Market Reaction

+9.95%

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+9.95% News Effect

On the day this news was published, NGRRF gained 9.95%, reflecting a notable positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

• Revenue of €972.0 million
• Gross margin of 30.4%
• Adj. EBITDA margin of 15.1%

MUNICH, April 29, 2025 /PRNewswire/ -- Nagarro, a global digital engineering leader, today announced its preliminary unaudited financial numbers for its full year ended December 31, 2024. Revenue grew to €972.0 million in 2024, up from €912.1 million in 2023, a YoY growth of 6.6%. The constant currency growth in annual revenue was 7.2%. Nagarro has revised the definition of cost of revenues from Q1 2024 onwards to align it better with that of other IT services companies. Gross profit in 2024 grew to €295.8 million as per the current method (30.4% gross margin) and €253.9 million as per the previous method (26.1% gross margin), up from €235.7 million in 2023 as per the previous method (25.8% gross margin). Adjusted EBITDA grew to €146.5 million in 2024 from €126.1 million in 2023. Adjusted EBITDA margin grew to 15.1% in 2024, up from 13.8% in 2023.

Nagarro's cash balance at the end of 2024 was €192.6 million as against €110.1 million at the end of 2023. Nagarro's loans and borrowings at the end of 2024 were €329.6 million as against €274.7 million at the end of 2023. The company reported 17,695 professionals as of December 31, 2024.

Vikram Sehgal, COO and co-founder, said, "We are pleased to have delivered a robust 2024, despite the macro headwinds, and we have had a sound start into 2025. We are also excited about the many changes we are making to deliver profitable growth reliably in the years to come."

Nagarro will publish both the audited annual report for 2024 and the unaudited quarterly statement for Q1 2025 on May 15, 2025.

KPI	2024 (preliminary, unaudited)	2023	Estimated growth (preliminary, unaudited)
Revenue	€972.0 million	€912.1 million	6.6% YoY 7.2% YoY in constant currency
Gross profit (current method)	€295.8 million	N/A
Gross profit (previous method)	€253.9 million	€235.7 million	7.7% YoY
Gross margin (current method)	30.4 %	N/A
Gross margin (previous method)	26.1 %	25.8 %
Adjusted EBITDA	€146.5 million	€126.1 million	16.2% YoY
Adjusted EBITDA margin	15.1 %	13.8 %

About Nagarro

Nagarro, a global digital engineering leader, helps clients become fluidic, innovative, digital-first companies and thus win in their markets. The company is distinguished by its entrepreneurial, agile, and global character, its CARING mindset, and its Fluidic Enterprise vision. Nagarro employs about 17,700 people in 38 countries. For more information, please visit www.nagarro.com.

(FRA: NA9) (SDAX/TecDAX: DE000A3H2200) (ISIN: DE000A3H2200) (WKN: A3H220)

For inquiries, please contact press@nagarro.com.

Logo: https://mma.prnewswire.com/media/844192/3850575/Nagarro_Logo.jpg

 

FAQ

What is Nagarro's (NGRRF) revenue growth in 2024?

Nagarro reported revenue of €972.0 million in 2024, representing a 6.6% year-over-year growth from €912.1 million in 2023. In constant currency terms, the growth was 7.2%.

How much did Nagarro's (NGRRF) EBITDA margin improve in 2024?

Nagarro's Adjusted EBITDA margin increased to 15.1% in 2024, up from 13.8% in 2023, with Adjusted EBITDA growing to €146.5 million from €126.1 million.

What is Nagarro's (NGRRF) cash position at the end of 2024?

Nagarro's cash balance at the end of 2024 was €192.6 million, significantly higher than the €110.1 million reported at the end of 2023.

How has Nagarro's (NGRRF) gross margin changed in 2024?

Under the new accounting method, Nagarro's gross margin was 30.4% in 2024. Using the previous method, gross margin improved to 26.1% in 2024 from 25.8% in 2023.

What is Nagarro's (NGRRF) total workforce as of December 2024?

Nagarro reported 17,695 professionals as of December 31, 2024.