Looking back
In 2024, we reaped the fruits of our efforts and investments from 2023. We achieved a record revenue of € 2,458 million, which is an increase of 2.1% compared to 2023. In 2024, we outperformed the market in all 3 countries, increasing our consumer electronics market share by 2.1% in the Netherlands, 3.1% in Belgium, and an impressive 28.4% in Germany (GfK 2024).
In Germany, our revenue grew to € 237 million. Our record revenues are the result of strongly focusing on NPS, leading to recurring customers, which is our basis for future growth and profitability. We opened 2 new stores, in Dortmund and Frankfurt, and doubled our delivery area by opening depots in Hamm and close to Frankfurt. This enabled us to make a potential 5 million extra customers happy with our own white goods delivery and installation services.
We opened new stores not just in Germany, but also in Belgium, in Hognoul, and in the Netherlands, in Amsterdam, Breda, Hengelo, Leeuwarden, and Rotterdam. As a result, we had a total of 32 stores by the end of 2024. With an increasing number of stores, more and more emphasis gets placed on operational processes. Throughout the year, we focused on improving the quality and efficiency of all our processes, such as our first time right. For example by further automating and mechanizing our operational processes. This resulted in an incredible NPS of 72 (+1 compared to 2023), which in turn led us to increase our EBITDA(*) from € 88.3 million to € 97.8 million (+10.8%).
We achieved an all-time high in services revenue. Among other things, this consists of our White Goods as a Service, which allows customers to take out a subscription and benefit from energy-efficient white goods at a fixed monthly rate. Other increasingly significant service revenues are our insurances and installation services.
We invested € 69.0 million in both tangible and intangible assets (excluding right-of-use assets). For example in the development of our software. We started rebuilding our entire website from the ground up by means of microfrontends. This makes our website significantly faster and prepares it for future improvements. We also implemented new software to process our returns and continued researching potential opportunities for further mechanization of our Package Park. While the true benefits of these investments will become apparent as 2025 progresses, we are already happy with the first results.
We faced a challenging market with Coolblue Energy. To counteract this, we developed ourselves into a full-service installation company. On top of the solar panels and charging stations we already offered, we started offering heat pumps. And for customers with a dynamic energy contract, we launched Free Washing between 12:00 and 15:00 every day.
Our working capital (**) of € -/- 262.1 million at the end of 2024 is in line with last year (2023: € -/- 263.9 million). We financed our growth by reinvesting our profits and optimizing our working capital. The receivable from the shareholder is available on demand up to the unused amount of credit facility. Our shareholder Mondhoekie B.V. has credit facilities in place available until 2027 with an option to extend for 2 years. This consists of a € 100 million Revolving Credit Facility, a € 50 million committed ancillary facility, and a € 50 million uncommitted ancillary facility. In August 2024, we signed a subordinated shareholder loan agreement with HAL Investments B.V. and Sourire B.V. for a total facility of €100 million, available on demand. This loan serves as additional financing to support our growth in Germany.
Adding the net result for 2024 to equity results in a solvability (***) of 23% (2023: 22%), while the current ratio (****) remained stable at 1.0 (2023: 1.0).
- (*) EBITDA = Operating profit + Depreciation and Amortization
- (**) Working capital = Inventory + Receivables -/- Receivable from shareholder -/- Trade and other payables
- (***) Solvability = Equity / (Equity + Liabilities)
- (****) Current Ratio = Short term liabilities / current assets
Looking ahead
In 2024, we achieved our highest NPS yet. This motivates us even more to make 2025 the absolute best Coolblue year ever. We will continue to build on the best customer journeys, also for our business customers. And we will take significant steps with Coolblue Energy, by further rolling out Free Washing and expanding our offering, for example with split air conditioners.
Delivery expansion in Germany
We will continue to invest in Germany by opening 4 new depots in 2025, doubling our delivery area yet again. This way, 17 million potential customers will get to experience our own delivery and installation services. The first depot will open in March, close to Hanover.
New stores
Like in 2024, we will open another 8 new stores in the Netherlands, Belgium, and Germany in 2025. Among others, we will open stores near Antwerp, in Schoten (Belgium) and Hamburg (Germany).
Package Park
In 2025, we will invest even more in the mechanization of our Package Park in Tilburg. This will support our further growth, as it will make our warehouse even more efficient and allow us to make even more customers happy.
