Gloster's open order book is growing steadily in the fourth quarter of 2024

Gloster Infokommunikációs Nyrt. closed the fourth quarter of 2024 with an order backlog of 4,739 million forints, representing a 15% increase compared to the same period of the previous year. This represents a significant average growth rate of 92% (CAGR) in the order backlog since 2021.

Following the sale of the System Integration division , Gloster’s open order backlog consists exclusively of cloud-based services and software development projects that provide the company with recurring revenue and higher profits. Management is making a concerted effort to participate in high-value, long-term international technology projects that will further strengthen the company’s growth prospects. The order backlog no longer includes orders from the Systems Integration business unit, which was sold on December 12, 2024.

The open order backlog includes all products and services for which all subsidiaries of the Gloster Group have valid orders but which have not yet been fulfilled for customers. Gloster’s quarterly open order backlogs were as follows:

All figures are in millions of forints; these are unaudited, non-consolidated figures

Source: Gloster Finance Department

* The data for Q4 2024 does not include the open order backlog of the System Integration business unit, which was sold on December 12, 2024

The Company’s order backlog increased by 15%, rising from 4,134 million forints in Q4 2023 to 4,739 million forints in Q4 2024. Despite the sale of the Systems Integration business unit, this growth demonstrates that our remaining operations continue to show strong growth and reinforce our company’s fundamental market position.

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All figures are in millions of forints; these are unaudited, non-consolidated figures

Source: Gloster Finance Department

* The data for Q4 2024 does not include the System Integration business unit's outstanding order backlog

Our cloud business unit showed significant growth in the fourth quarter of 2024, as evidenced by our consistent revenue in euros. The European public cloud market reached a size of 150–160 billion USD, and Microsoft Azure’s market share ranged between 22% and 24%. The merger of Gloster Cloud Zrt. and Systemfarmer Zrt. created Hungary’s largest domestically owned Microsoft cloud service partner, further strengthening our market position. Recurring revenue accounts for over 80% of our total revenue, providing us with stability and predictability. AI-based services and the Microsoft AI platform are also contributing to our growth, as more and more companies are adopting these solutions.

We continue to see stable business operations in the international software development sector , and we are optimistic about the coming year in terms of orders; we are receiving a steady stream of orders from our clients, and our framework agreements remain in effect.

At Gloster – Minero IT Hungary Kft., orders for the first half of 2025 are already visible; based on these, we can expect a stable start to the new year, and orders for this year are still coming in steadily throughout the first quarter.

At Gloster - P92 Informatikai Kft., we continue to see stable business operations among our largest clients, and we have orders for our current projects through all of 2025. We are seeing a slight decline in a few smaller projects, but we also have two promising new clients, which gives us an advantage in getting those projects off the ground quickly.

In addition to orders from existing customers, we are also optimistic about opportunities to acquire new customers. Based on the strengthened efforts of our international sales teams and the relationships we have built over the past year, we expect to secure additional new customers and projects in 2025.

Analysts' Target Prices

Glostert is followed by Erste, an independent investment firm. The link to the full analysis and the target price can be found in the table below:

In this report, the quarterly backlog of open orders reflects the total value of orders already contracted at the Group level but not yet fulfilled, as recorded as of December 31, 2024. The quarters referred to in this report refer to calendar quarters. This statement contains preliminary, unaudited, and unconsolidated data.

Upcoming, Scheduled Releases

Q1 2025 Open Order Backlog Report - Second Week of April 2025

This prospectus was prepared by Gloster Infokommunikációs Nyrt. (headquarters: 2142 Nagytarcsa, Csonka János u. 1/A, Building A/2). This prospectus contains only factual information and reasonable conclusions based on reasonable calculations, which have been disclosed by the authorized parties in accordance with applicable legal obligations. This prospectus does not constitute an “investment recommendation” within the meaning of Section 5(1)(9) of the Capital Markets Act (Act CXX of 2001 on the Capital Market) and, pursuant to the Securities Act (Act CXXXVIII of 2007 on Investment Firms and Commodity Exchange Service Providers and the Rules Governing Their Activities), does not contain any analysis, recommendation, or other information regarding investment analysis, financial instruments, exchange-traded products, or their issuers, the disclosure of which, on its own or in any other way, could influence an investor to make their own or another person’s money or other assets, in whole or in part, dependent on the effects of the capital market. Gloster Infokommunikációs Nyrt. and its representatives assume no liability for investment decisions based on conclusions drawn from the information contained in this prospectus, nor for any adverse legal consequences or financial losses resulting therefrom.

Nagytarcsa, January 13, 2025

For more information:

Dr. Adrienn Karlovich-Szabó

investor relations officer

karlovich.szabo.adrienn@gloster.hu