CEO review – January – December 2024

2024 was a historically weak year for the automotive sector. The number of first registrations of new cars fell far short of the levels of recent decades. Economic uncertainty and low consumer confidence strengthened the negative impacts. Despite the headwinds, we systematically continued to implement our growth strategy. During 2024, we completed 5 company and business acquisitions, including the largest corporate transaction in our history: the sale of Wetteri Power Oy to the Swedish company Persson Invest Ab. The transaction significantly strengthens Wetteri’s balance sheet and its ability to execute strategic acquisitions, and thus provides excellent support for the company’s growth strategy. The strategic business arrangements carried out over the last year will strengthen our position in the automotive market, which is undergoing major changes, and will increase our market share in the overall automotive market.

The turbulence in the operating environment was reflected in our financial performance. Our adjusted EBITDA fell short of the previous year’s level and was EUR 20.7 million. The Group’s revenue increased by 16% from the previous year as a result of corporate transactions, amounting to EUR 514.5 million. The adjusted operating profit was EUR 5.1 million. Of Wetteri’s business segments, the Passenger Cars segment’s net sales rose to EUR 327.8 million and adjusted operating profit turned negative and was EUR -5.6 million. The used cars invoicing increased by 58%. The order backlog of new passenger cars at the end of the year was EUR 36.6 million. The Heavy Vehicles segment’s revenue increased by 23% year-on-year. Its adjusted operating profit decreased by 17% and was EUR 3 million. The adjusted operating profit of Maintenance Services settled to EUR 6.9 million an increase of 21 per cent compared to the previous year.

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