Civinity achieved strong growth in 2024: revenue reached €88.5M, adjusted EBITDA €8.4M

Civinity achieved strong growth in 2024: revenue reached €88.5M, adjusted EBITDA €8.4M

Civinity, one of the largest building maintenance and engineering solutions groups in the Baltic States, has announced its financial results for 2024. Over the year, the group’s revenue grew to €88.5 million, EBITDA exceeded €7 million and adjusted EBITDA reached €8.4 million.

In 2024, the consolidated group revenue amounted to €88.5 million, €0.8 million more than in 2023 (€87.7 million). According to CEO Virgeda Jackaitė, although the slowdown in the construction sector affected the engineering business segment, these market changes were successfully offset by other areas of the group’s operations.

“In August 2024, we acquired a stake in Latvian mobile payments leader Mobilly, expanding our portfolio into a new business segment – payment solutions. Last year also saw strong growth in residential building maintenance, especially due to the implementation of multi-apartment modernization (renovation) projects. These key factors allowed us to further grow the group’s revenue, despite the slowed construction market” said V. Jackaitė.

Last year, the group’s gross profit reached €17.7 million, a 13.2% increase compared to the previous year (€15.6 million in 2023). EBITDA exceeded €7 million, amounting to €7.02 million, with an EBITDA margin of 7.9%. Adjusted EBITDA – excluding non-recurring expenses and factoring in the impact of the Mobilly acquisition – reached €8.4 million.

The group’s consolidated profit before taxes amounted to €2.8 million, down 20.7% compared to 2023 (€3.54 million), while net profit stood at €2.27 million – 11.7% lower than in 2023 (€2.57 million). These figures were impacted by increased interest expenses, primarily related to financing the Mobilly acquisition.

According to the group’s CEO, this year the company is focusing on growth in its core business segments and exploring new areas, combining organic expansion with strategic acquisitions.

“We are seeing the first signs of recovery in the construction market, which will positively impact the growth of our engineering business segment. By integrating Mobilly into the group – a company offering parking and public transport solutions and developing a unified city app vision – we continue to advance our Smart Green City strategy. Through this strategy, we aim to expand the group’s portfolio with new businesses focused on broader services relevant to urban residents” said V. Jackaitė.

This year, along with its financial statements, Civinity is also publishing its 2024 sustainability report, even though such reporting is not mandatory for the group.

“Demonstrating leadership in sustainability, we are voluntarily publishing our first sustainability report. We have calculated the company’s greenhouse gas emissions and conducted a comprehensive impact assessment of our operations. This report is an important step toward setting clear goals and indicators that will help us pursue progress and shape a long-term sustainability strategy” said V. Jackaitė. Civinity is one of the largest building maintenance and engineering solutions groups in the Baltic States. The group comprises more than 30 companies, maintaining 10 million sq. meters of residential and commercial buildings and has installed hundreds of engineering systems in various European cities. The group is also developing innovative smart city solutions – it owns the payment services company Mobilly and the Valandinis platform, which connects construction specialists and companies. In 2024, the Civinity team employed over 1,600 people across Lithuania, Latvia and the United Kingdom.