28. March 2024 | Corporate News

CANCOM SE: CANCOM publishes Annual Report 2023 and forecasts significant growth

  • Group revenue increases by 17.8 percent to € 1,522.7 million (prior year: € 1,292.9 million) and Group EBITDA to € 115.7 million (prior year: € 104.9 million).
  • Cash flow from operating activities increases by € 148.2 million to € +94.6 million.
  • The Executive Board and Supervisory Board propose a constant dividend of € 1.00.
  • Forecast 2024: CANCOM Group expects significant growth.

Munich, Germany, 28 March 2024 – In the 2023 financial year, Group revenue increased by 17.8 percent to € 1,522.7 million. The CANCOM Group also achieved a significant increase in gross profit of 33.0 percent to € 582.3 million (prior year: € 437.9 million). EBITDA increased by 10.3 percent to € 115.7 million (prior year: € 104.9 million) despite one-off effects, while EBITA rose by 18.0 percent to € 64.1 million (prior year: € 54.3 million).

“Thanks to our successful acquisition strategy, we closed the 2023 financial year with significant growth,” summarises Rüdiger Rath, CEO of CANCOM SE. “At the same time, we have implemented the operational improvements we had planned step by step. Our new ERP system was introduced in the 2023 financial year and we expect it to have a positive impact in the coming years. The efficiency and profitability programme for 2023 has been completed and the high capital commitment at the beginning of the year is decreasing. We are starting the new financial year in a good position and are therefore proposing a constant dividend of € 1.00 per share.”

In the forecast for the development of the CANCOM Group in the 2024 financial year, the Executive Board forecasts, among other things, growth in consolidated revenue to € 1.750 million to € 2,000 million and that consolidated EBITDA will reach a value of € 130 million to € 155 million.

Fiscal year ended with strong cash flow from operating activities, strong development in the International segment

Cash flow from operating activities developed extremely positively, increasing by € 148.2 million year on year to € +94.6 million (prior year: € -53.6 million). Cash and cash equivalents were at a comfortable level of € 222.5 million at the end of the year (prior year: € 393.2 million) after payments of € 107.6 million for company acquisitions and expenditure of € 71.6 million for the 2023 share buy-back programme.

In the CANCOM Group’s financial reporting, the business segments “Germany” and “International” were presented for the first time for the full year. In the “Germany” segment, revenue totalled € 1,135.8 million (prior year: € 1,171.7 million). EBITDA was diluted by one-off costs totalling € 10.2 million and amounted to € 81.1 million (prior year: € 90.9 million). The EBITDA margin was 7.1 percent (prior year: 7.8 percent).

The contribution of the CANCOM Austria Group dominated the development in the “International” segment. Revenue rose to € 386.9 million (prior year: € 121.2 million) and with EBITDA of € 34.6 million (prior year: € 13.9 million), an EBITDA margin of 9.0 percent was achieved.

Integration of the KBC Group progresses

The integration of the KBC Group, which has been operating under the name CANCOM Austria Group since 1 January 2024, has made good progress in recent months. The first joint annual financial statements published with the annual report are another important milestone in the integration of the two companies. In 2024, the focus will be on joint market development with the combined and expanded portfolio of both companies as well as further operational measures to increase profitability.

Forecast 2024: Significant growth in a challenging environment

Despite the challenging economic development in the core markets of Germany, Austria and Switzerland, the Executive Board expects significant growth for the CANCOM Group. Customers’ demands on IT service providers continue to increase. Trend topics such as cyber security, IoT, cloud, modern work and artificial intelligence are leading to a significant increase in demand for consulting and investment in infrastructure. For the 2024 financial year, CANCOM forecasts the following development for revenue, gross profit, EBITDA and EBITA:

CANCOM Group Forecast 2024
Revenue € 1,750 to € 2,000 million
Gross profit € 640 to € 740 million
EBITDA € 130 to € 155 million
EBITA € 75 to € 100 million



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 1.5 billion euros in 2023. The Group parent company CANCOM SE is listed on the Frankfurt Stock Exchange in the SDAX and TecDAX (ISIN DE0005419105).