KONČAR, a leading player in both domestic and international technology markets, maintained its strong growth momentum in 2024, achieving record financial performance and further expanding its global reach. The year was marked by record-breaking results, strategic advancements, and key partnerships, reinforcing the company’s long-term vision. According to unaudited financial statements, KONČAR reported consolidated revenue of EUR 1,055.6 million from product and service sales in 2024, reflecting a year-on-year increase of EUR 161.5 million (18.1%). A strong indicator of sustained growth, the order backlog surged to EUR 2,034.3 million, representing a 43% increase from the beginning of the year. We also maintained robust commercial momentum, with order intake reaching EUR 1,667.4 million – an increase of EUR 357.3 million compared to 2023. Exports remained a key driver of revenue, contributing over 70% of total sales. We closed the year with an impressive net profit of EUR 163.3 million, marking a EUR 92.4 million increase over the previous year, further strengthening its position as an industry leader with a solid foundation for future growth.

Despite ongoing global market uncertainties, we have outperformed our ambitious financial targets set at the beginning of the year, delivering record-breaking results across key financial indicators. A major highlight is the backlog for 2025, which stands at EUR 1.1 billion, ensuring that the business plan for the year is nearly fully secured. Moreover, the backlog continues to grow for 2026 and beyond, with order intake totaling EUR 925.8 million. Year-on-year, export revenue from product and service sales has grown across nearly all markets, with the most significant increase recorded in the European Union – a highly competitive and demanding market. EU exports rose by EUR 133 million, reaching EUR 551.7 million, now representing 74.2% of total export sales. Exceptional sales performance also drove a significant year-on-year increase in profitability. In addition to strong net profit growth, EBITDA surged to EUR 183.2 million, marking a 100% increase compared to the previous year. The EBITDA margin expanded to 17.4%, up from 10.2% in the same period last year, reflecting a substantial improvement in operational efficiency and profitability.

„Driven by continuous transformation, strategic investments in innovation, production capacity expansion, and the digitalization of our portfolio, KONČAR has further strengthened its position as a leading technology manufacturer and regional leader in power engineering, urban mobility, renewable energy, and digital solutions. Our expertise, commitment to quality, and reliability are globally recognized, as evidenced by our robust backlog, which reached an impressive EUR 2 billion at the end of 2024, with export markets accounting for 74.4% of total contracts. Looking ahead, we remain deeply committed to accelerating our transformation and strengthening KONČAR’s global presence. Our investment strategy is driven by innovation, focusing on a digitalized portfolio of products, solutions, and services for the energy, transport, and industrial sectors, alongside the expansion of production capacities and sustainable, long-term growth. At the heart of our success are our people, and we will continue to attract, develop, and retain top talent, ensuring that expertise, creativity, and leadership propel KONČAR forward in the years to come“, stated MSc. Gordan Kolak, our CEO.

In 2024, we advanced our operational restructuring efforts, further optimizing our business framework. A key milestone of the year was the signing of a joint investment agreement between KONČAR and Siemens Energy, resulting in the establishment of a new company, KONČAR – Transformer Tanks d.o.o. This initiative is part of our broader strategy to strengthen our technological foundation through strategic partnerships and targeted investments, ensuring both partners are well-positioned to meet the increasing global demand for transformers.

Finally, it is worth highlighting that nearly all business segments within KONČAR Group delivered strong growth in 2024, with the power transmission and distribution segment driving expansion, as expected. Transformers remained a cornerstone of success, reinforcing their position as KONČAR’s most powerful export driver and playing a pivotal role in the company’s overall financial performance. Strong performance was also recorded across other business segments, with urban mobility and infrastructure standing out as one of the most dynamic areas in 2024, driven by the signing of several major contracts. A defining moment of the year was KONČAR’s showcase at InnoTrans in Berlin – the world’s premier trade fair for transport technology – where the company unveiled two cutting-edge trains: a battery-powered multiple unit with a dedicated charging station and a high-precision measurement train. Both showcased trains demonstrated exceptional expertise, innovation, and technological advancement, reaffirming the capabilities of Croatian industry and engineering excellence. With this debut, KONČAR once again positioned itself as a competitive player on equal footing with Europe’s largest rail manufacturers.

Our strong performance in 2024 garnered significant attention from the investment community, as reflected in our market capitalization, which exceeded EUR 1.1 billion by year-end. This achievement places KONČAR among a select group of Zagreb Stock Exchange-listed companies with a market valuation surpassing EUR 1 billion, underscoring its growing market strength and investor confidence. Further cementing this success, KONČAR was honored with the prestigious Golden Stock of the Year award, presented by the Zagreb Stock Exchange, recognizing its exceptional financial performance and sustained value creation for shareholders.

Find out more details in the unaudited annual financial report for the year 2024.