28. Mar 2024 | Press Releases

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

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:


Forecast 2024


€ 1,750 to € 2,000 million

Gross profit

€ 640 to € 740 million


€ 130 to € 155 million


€ 75 to € 100 million



As a leading Hybrid IT Service Provider, CANCOM accompanies organizations into the digital future. We support our customers to simplify complex enterprise IT and increase their business success through the implementation of modern technology. In order to comprehensively meet the IT needs of companies, organizations, and the public sector, CANCOM delivers tailor-made IT end to end from a single source. 

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

The more than 5,600 employees of the internationally active CANCOM Group, with around 80 locations in the DACH region, Belgium, Slovakia, Romania and the Czech Republic, as well as an efficient partner network, ensure market presence and customer proximity. The CANCOM Group is managed by Ruediger Rath (CEO), Jochen Borenich (CSO) and Thomas Stark (CFO). The company’s headquarters are in Munich. CANCOM generated annual revenues of around €1.5 billion in 2023. The Group parent company CANCOM SE is listed on the Frankfurt Stock Exchange in the TecDAX and SDAX (ISIN DE0005419105).