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Azkoyen Group, a multinational technology company providing automated products and services that enhance people’s daily lives, has announced its outstanding financial results for the 2024 fiscal year. The company recorded a historic net profit of €18.8 million, marking a 7.2% increase compared to 2023. Likewise, EBITDA reached €35 million, up 10.5% from the previous year.
The Group has increased its net revenue, surpassing €199 million, representing a 3.4% growth over 2023. Additionally, the gross margin stood at €89.3 million, 7.6% higher than in 2023, accounting for 44.9% of total sales.
Sales, EBITDA, and net profit are the highest in the Group’s 80-year history.
Furthermore, net financial debt has decreased by 66.3% to €10.8 million. As of December 31, 2024, the debt ratio stands at 0.3 times EBITDA.
These figures position Azkoyen Group as a company with a strong financial, economic, and liquidity position.
Following these record-breaking results, the Board of Directors will propose to the General Shareholders’ Meeting to allocate €9.4 million to dividends, representing 50% of the consolidated net income.
Azkoyen Group operates through three business lines. In 2024, the Time & Security division grew by 11.7%, the Payment Technologies division increased its revenue by 9.8%, while the Coffee & Vending Systems division saw a 9.5% decline, primarily due to stockpiling by certain customers in the first half of 2023.
Additionally, in 2024, Azkoyen Group has advanced its sustainability commitments. The efforts made earned the company an overall ESG rating of “A” from the Spanish Institute of Analysts and an improved sustainability assessment from EcoVadis, reinforcing its previously awarded silver medal.
Revenue by Region
Regarding consolidated revenue by region, 27.6% comes from Germany, 17.8% from Spain, 10.3% from the United Kingdom, 8.8% from Italy, 6.2% from Belgium, 16.3% from the rest of the European Union, and 13.0% from other countries. These figures highlight the international scope of Azkoyen Group, which distributes its products and services in more than 100 countries across five continents.
Key Achievements by Division
The Coffee & Vending Systems division accounted for 31.7% of the Group’s revenue. It primarily focuses on manufacturing automatic coffee machines for the vending industry, as well as semi-automatic coffee machines for offices (OCS sector) and the hospitality, restaurant, and café sector (Horeca). Additionally, it produces premium traditional espresso machines and, to a lesser extent, vending machines for cold beverages, snacks, and other products.
The Payment Technologies division, which includes cash management in the retail sector, digital, electronic, and cash payment solutions for vending, as well as global IoT and telemetry solutions, contributed 34.6% to the Group’s revenue.
Finally, the Time & Security division, which offers integrated solutions for access control, personnel management, and time tracking, accounted for 33.7% of Azkoyen Group’s revenue, growing 11.7% compared to the previous year.
According to Juan José Suárez, President of Azkoyen Group, the 2024 results are a source of great satisfaction for everyone working at the company and a testament to its strategic plan, which is based on innovation focused on user experience, internationalization, business diversification, and sustainability as a transversal pillar. He also emphasized the company’s financial strength: “All economic indicators show that we have a solid financial and liquidity position, as well as excellent operational results. After record results in 2023 and 2024, we will continue investing in future growth while maintaining our commitment to shareholders by proposing to the 2025 General Shareholders’ Meeting the approval of a dividend equivalent to 50% of our consolidated net profit.”
Key Outlook
Azkoyen Group’s strong positioning across various businesses and geographies, along with its performance in recent years, demonstrates that the company is well-placed to successfully execute its strategic plan.
According to the company’s current estimates, despite uncertainties caused by a shifting geopolitical context, the technology multinational expects 2025—its 80th anniversary year—to see revenue growth surpassing 2024 figures. This growth will be driven by the following pillars: innovation, sales increase, diversification, efficiency improvements, internal management optimization, and teamwork.
