Solocal Releases FY 2023 and Q1 2024 Financial Results

Solocal has disclosed its financial results for the fiscal year 2023 and the first quarter of 2024, highlighting a challenging period with significant decreases in revenue and EBITDA. For FY 2023, Solocal reported a revenue of €359.7 million, marking a decrease of 10.1% from 2022. Recurring EBITDA for the year stood at €63.5 million, down by 44.8% compared to the previous year. The company's net financial debt as at year-end was €197 million.

The first quarter of 2024 continued to reflect downward trends, with revenue reporting at €83.3 million, a 10.7% decrease compared to Q1 2023. The customer base also saw a reduction, decreasing to 253,000 customers, along with a churn rate increase to 20.2%. Despite these challenges, Solocal’s management states that the ongoing financial restructuring is expected to stabilize the company’s liquidity needs until the end of April 2025.