Press Release
Results 2024
Vantiva meets its guidance, completes integration of CommScope’s Home Networks business and nears SCS business unit divestiture
ADJUSTED EBITDA1 (continuing operations): 104 MILLION EUROS (97 MILLION IN 2023)
(including SCS: 143 million euros)
ADJUSTED EBITA2 (continuing operations): 41 MILLION EUROS (38 MILLION IN 2023)
(Including SCS: 56 million euros)
FCF3 POSITIVE (continuing operations): 33 MILLION EUROS (-40 MILLION IN 2023)
(including SCS: 55 million euros)
Paris, France – March 13, 2025 – Vantiva (PARIS:VANTI), a global technology leader in connectivity, today announced its 2024 financial results.
The consolidated accounts were approved by the Board of Directors on March 13, 2025. Audit procedures on the consolidated accounts have been completed. The certification report will be issued after the verification of the management report, including the sustainability report.
Fiscal year 2024 results are presented for the ongoing operations with Supply Chain Solutions (SCS) reported as a discontinued business. For the avoidance of doubt, Vantiva has no material risk exposure to Technicolor Group.
Vantiva Financial Highlights:
Sales increased by 19.3% to 1,865 million euros (19.9% at constant exchange rates) thanks to the consolidation of Home Networks (HN) activity.
Adjusted EBITDA increased by +7.0% to reach 104 million euros (+7.6% at constant exchange rate), with the margin in percentage slightly declining at 5.6% of sales vs. 6.2% in 2023.
Adjusted EBITA rose 8.1% to achieve 41 million euros (vs 38 million euros in 2023).
Net income from continuing operations was a loss of 161 million euros, compared to 144 million euros in 2023.
Group net income was a loss of 282 million euros, compared with a loss of 285 million euros, including a loss of 121 million euros from “discontinued operations”, mainly due to a 99 million euros net impairment on SCS.
Free cash flow, after interest and taxes, but before restructuring costs related to the HN acquisition, was positive at 33 million euros, compared to a negative 40 million euros in 2023. This improvement is primarily driven by better working capital management, related to the alignment of HN’s commercial terms with those of Vantiva.
At year-end, Vantiva held cash and cash equivalents of 30 million euros and an undrawn credit line of 64 million euros.
Total net nominal debt (including leases liabilities) amounted to 478 million euros.
The closing of SCS divestiture is scheduled for the end of March and triggers an impairment of about 100 million euros.
Tim O’Loughlin, Chief Executive Officer of Vantiva, said:
“Vantiva has met our 2024 guidance by delivering on our customer commitments during a challenging year. Top-line achievement coupled with disciplined cost management and the successful integration of the Home Networks business were only possible through the incredibly hard work and dedication of our team. With the SCS transaction now nearing closure, Vantiva is fully focused on its connectivity businesses and continuing to drive strong performance for the benefit of all stakeholders.”
I- Key Points 2024 and Outlook 2025
In millions of euros
2024
2023
Real exchange rates
Constant exchange rates
Sales Figures
1,865
1,563
19.3%
19.9%
Adjusted EBITDA
104
97
7.0%
7.6%
As % of sales
5.6%
6.2%
(64) bps
(64) bps
Adjusted EBITA
41
38
8.1%
8.9%
FCF after interest and taxes and before restructuring costs related to HN
33
(40)
73
75
Key Points 2024
The connectivity business continued to face a difficult market in 2024, particularly in the first half of the year. Due to fierce competition between Network Service Providers (NSPs), investment programs were under strict control. However, the introduction of new generations of products and successful inventory adjustments in the industry led to a sequential recovery in the second half of the year.
Breakdown of Sales by Product
In millions of euros
2024
2023
Real exchange rates
Constant exchange rates
Sales Figures
1,865
1,563
19.3%
19.9%
Of which
Broadband
1,153
1,262
(8.6)%
(8.2)%
Video
632
301
ns
ns
Diversification
80
Adjusted EBITDA
104
97
7.0%
7.6%
As % of sales
5.6%
6.2%
Driven by its innovation strategy, Vantiva saw strong commercial success with Wi-Fi 7, Fiber, and FWA 5G products in North America, Asia and certain European markets. Meanwhile, sales in LATAM declined as Fiber demand remained focused on highly commoditized entry level-products, and the video CPE segment remained soft. In this context, Vantiva’s sales reached 1,865 million euros, a 19.3% increase on a reported basis (19.9% at constant exchange rates), primarily due to the consolidation of Home Networks activity.
Adjusted EBITDA was 104 million euros, compared to 97 million euros in 2023. In percentage terms, the margin stood at 5.6% of revenues, down from 6.2% in 2023. The quick cost adjustment and the successful integration of HN allowed for a rebound in the margin during the second half of the year. H2 EBITDA margin more than doubled compared to H1, exceeding 7%.
Adjusted EBITDA benefited from non-recurring synergies amounting to approximately 30 million euros related to the HN acquisition, notably on component supply. However, this positive impact was more than offset by the negative effect of the high-cost structure at the beginning of the year prior to the HN integration.
Free cash flow after financial expenses and taxes, but before restructuring costs related to the HN acquisition, is positive at 33 million euros, compared with -40 million euros in 2023.
Outlook
Given the market environment, Vantiva expects sales in 2025 to remain in line with 2024 levels. At the same time, the company is poised to deliver stronger financial performance, driven by the cost reduction plan and the sustained positive impact of HN integration. These factors are expected to increase adjusted EBITDA throughout 2025 and generate positive Free Cash Flow after financial, tax, and restructuring charges.
Vantiva remains on track to exceed €200 million in cumulative cost synergies by 2026.
The company’s targets for 2025 are:
Adjusted EBITDA > €150 million
Positive FCF
II-
Income Statement Analysis
Income Statement
In millions of euros
2024
2023
Real exchange rates
Constant exchange rates
Sales from continuing operations
1,865
1,563
19.3%
19.9%
Adjusted EBITDA
104
97
7.0%
7.6%
% of sales
5.6%
6.2%
(64) bps
(64) bps
D&A & provisions1 (excluding amortization of intangible assets acquired)
(63)
(59)
6.3%
6.7%
Adjusted EBITA from continuing operations
41
38
8.1%
8.9%
% of sales
2.2%
2.4%
(23) bps
(22) bps
PPA Amortization
(19)
(20)
6.4%
6.3%
Non-recurring items
(75)
(19)
ns
ns
EBIT from continuing operations
(53)
(2)
ns
ns
% of sales
(2.8)%
(0.1)%
(273) bps
(273) bps
Financial income (expense)
(92)
(98)
5.8%
9.4%
Income tax
(16)
(20)
18.5%
17.0%
Contribution from equity affiliates
(1)
(25)
ns
ns
Net income from continuing operations
(161)
(144)
(12.1)%
(10.1)%