Gloster remains on a growth path: over 13 billion in sales in 2024

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Gloster Infokommunikációs Nyilvánosan Működő Részvénytársaság (company registration number: 13-10-042012; registered office: 2142 Nagytarcsa, Csonka János utca 1/A A/2.; hereinafter: Company, Gloster) hereby informs its esteemed investors of the following in accordance with the relevant legislation and the General Business Rules of the Budapest Stock Exchange.

Gloster remains on a growth path: over 13 billion in sales in 2024

IT company listed in the standard category of the Budapest Stock Exchange publishes its 2024 report

Nagytarcsa, April 25, 2024. – Gloster, which employs 271 people and primarily provides IT services outsourced abroad, saw its adjusted net sales increase by 31% to HUF 13.48 billion in 2024, with adjusted recurring sales growing by 44% to HUF 9.098 billion. Compared to the previous year, adjusted EBITDA grew by 18%, reaching HUF 1,152 million, the upper end of the previously announced range.

Profit after tax according to IFRS (International Financial Reporting Standards) increased by 51% despite the significant negative impact of one-off items, the recognition of one-off impairment losses on MRP's Gloster ordinary shares and expenses related to tender obligations, which reduced the 2024 IFRS net profit after tax by a total of HUF 176 million.

Adjusted EBITDA rose by 18% to HUF 1,152 million compared to adjusted EBITDA for 2023, which confirms the stability of operations and also indicates further potential for efficiency gains. EBITDA calculated in accordance with IFRS rules was HUF 899 million, representing an increase of 23% (HUF 169 million).

Consolidated, audited IFRS data in millions of Hungarian forints

Correction factors for 2023: foundation/reorganization HUF 28,850,000; KIVA reclassification to wage costs HUF 109,574,000, P92 calculated for the entire year 2023.

Correction factors 2024: Systemfarmer Zrt. Results for the period between January 1, 2024 and August 15, 2024 and results of discontinued operations

Export market performance continues to play a key role in Gloster's growth: adjusted export sales revenue increased by 10% to HUF 5.1 billion (which also includes revenue related to exports from discontinued operations), while IFRS export sales revenue was HUF 4.8 billion, representing a 36% increase. As a result, the share of exports in IFRS revenue rose to 46%, exceeding the 30-40% target set out in the long-term strategy. The performance in foreign markets confirms the success of the company's export-oriented operations and reinforces the sustainability of its internationally focused business development.

The ratio of recurring revenues continued to strengthen: 67.5% relative to adjusted revenues and 78.6% according to IFRS. Recurring revenues according to IFRS also increased by nearly HUF 3 billion in absolute terms, representing a 57% increase compared to the previous year.

Business sector performance

In 2024, the primary driver Gloster Infocommunications Plc. for Gloster Infocommunications Plc. was the Cloud business unit. Net sales for this business unit increased by 122% compared to the previous year, taking into account the effects of the recent corporate merger. This significant expansion contributed to a substantial improvement in the profitability of the entire group.

The International Software Development business unit also had a successful year, with sales revenue up 21% compared to 2023. However, the unit's profitability was negatively affected by rapidly rising wage costs due to competition for skilled labor .

The performance of the various business segments underscores the stability of Gloster's diversified business model, while also highlighting the cost challenges facing the technology sector.

Consolidated, audited IFRS data in millions of Hungarian forints

The 2024 results confirm that Gloster's business model is sustainable, stable, and scalable in the long term. In the coming period, the Company will continue to focus on its strategic goals, primarily on further improving operational efficiency, strengthening its presence in foreign markets, and increasing regular revenues.

About Gloster

Gloster is a broad-spectrum IT service provider listed on the Hungarian stock exchange. Over its more than 20-year history, it has grown from a hardware garage company into a software-focused international mid-market IT company. Thanks to its intensive acquisition strategy, Gloster has successfully completed ten acquisitions since 2018 and expanded its activities into the areas of public cloud-based solutions and international software development services. The group currently employs a team of nearly 270 people, with adjusted pre-audit revenue of HUF 13.48 billion and EBITDA of HUF 1,152 million in 2024. Gloster continues to seek IT companies whose acquisition will help it achieve its strategic goals, while continuously integrating solutions that make its existing portfolio more efficient.

Nagytarcsa, 2025. april 25.

Gloster Infocommunications Plc.

Further information:

Dr. Adrienn Karlovich-Szabó

Investor Relations Officer

karlovich.szabo.adrienn@gloster.hu