9. November 2023 | Corporate News

CANCOM SE: CANCOM Group grows in a difficult economic environment thanks to successful acquisition strategy

  • Group sales grow by 26.2 percent to €415.8 million in the third quarter (prior year: €329.5 million).
  • At €+69.9 million, cash flow from operating activities in the third quarter was significantly above the prior year’s level of €-43.6 million.
  • Revenue from services rose to €365.1 million in the first three quarters of 2023 (prior year: €273.1 million).


Munich, Germany, 9 November 2023 – The CANCOM Group closed the third quarter with very significant growth in a challenging environment. Revenue in the third quarter rose by 26.2 percent to €415.8 million (prior year: €329.6 million) and gross profit also increased strongly by 48.3 percent to €161.7 million. EBITDA amounted to €35.0 million (prior year: € 28.9 million) and the EBITDA margin was 8.4 percent. This means that the CANCOM Group achieved revenue growth of 14.9 percent to €1,062.9 million in the first nine months of the year (prior year: €925.1 million). Gross profit also developed well, increasing by 26.7 percent to €406.9 million (prior year: €321.0 million). With EBITDA of €76.6 million (prior year: €80.0 million), the CANCOM Group’s EBITDA margin after nine months was 7.2 percent. The nine-month figures include special effects on EBITDA totalling €10.2 million, which were caused by the cost-cutting and efficiency programme, M+A costs and the premature termination of projects.

“In the third quarter, our colleagues in Austria achieved excellent results, while in Germany, as expected, we were confronted with significantly weaker demand in the areas of workplace infrastructure and e-commerce,” says Rüdiger Rath, CEO of the CANCOM Group, summarising the results of the third quarter. “The course of business in the third quarter confirms that we are on the right track with our current outlook and that the acquisition of K-Businesscom will strengthen the CANCOM Group in the long term.”

Operating cash flow significantly improved
Cash flow from operating activities also improved significantly in the third quarter, reaching €69.9 million (prior year: €-43.6 million). The significant reduction in inventories of €-18.4 million (prior year: €-23.3 million) and the changes in trade receivables of €54.6 million (prior year: €-32.1 million) improved the operating cash flow in the third quarter. In the nine-month period, cash flow from operating activities reached €-9.9 million (prior year: €-169.7 million). As at 30 September 2023, cash and cash equivalents amounted to €180.4 million (31 December 2022: €393.2 million). The change is primarily due to cash outflows for the acquisition of K-Businesscom.

Strong development in segment International – segment Germany soft
In the Germany segment, which comprises the companies of the CANCOM Group based in Germany, revenue in the third quarter totalled €264.8 million (prior year: €299.8 million). EBITDA in the segment was €20.6 million (prior year: €24.4 million) and the EBITDA margin was 7.8 percent. In the International segment, the consolidation of the KBC Group quadrupled segment revenue to €151.0 million (prior year: €29.8 million). EBITDA also increased significantly, reaching €14.4 million (prior year: €4.5 million) and thus an EBITDA margin of 9.5 percent was achieved.

Usual seasonality expected in the fourth quarter: Executive Board confirms forecast
The Executive Board expects demand to improve in the fourth quarter, particularly in the hardware and software business. Accordingly, the Executive Board confirms the current forecast of the CANCOM Group and expects the following development for the year as a whole:

CANCOM Group Forecast 2023
Revenue €1,520 to €1,580 million
Gross profit €560 to €610 million
EBITDA €116 to €126 million
EBITA €67 to €75 million 


The complete quarterly statement for the third quarter of 2023 of the CANCOM Group is published on the website in the Investors section.



As a hybrid IT service provider, CANCOM accompanies companies into the digital future. We support our customers in reducing the complexity of their IT and expanding their business success through the use of state-of-the-art technology. CANCOM offers tailor-made IT from A to Z from a single source to meet the IT needs of companies, organisations and the public sector.

The CANCOM Group’s range of IT solutions includes consulting, implementation, services and the operation of IT systems. Customers benefit from our extensive expertise and a holistic and innovative portfolio that covers the IT requirements necessary for the successful digital transformation of companies. As a hybrid IT integrator and service provider, we deliver a range of services and solutions that includes business solutions and managed services such as cloud computing, analytics, enterprise mobility, IT security, hosting and as-a-service offerings.

The CANCOM Group’s approximately 5,600 employees and an efficient partner network ensure market presence and customer proximity in Germany, Austria, Switzerland and Belgium, among other countries. The CANCOM Group is managed by Rüdiger Rath (CEO), Jochen Borenich (CSO) and Thomas Stark (CFO). The company is headquartered in Munich. CANCOM generated revenue of around 1.3 billion euros in 2022. The Group parent company CANCOM SE is listed on the Frankfurt Stock Exchange in the SDAX and TecDAX (ISIN DE0005419105).