NZX Governance Explorer

How EROAD makes money

Where ERD’s revenue went in FY2024: operating costs, depreciation, interest and tax, and what was left as net loss. Built from the income statement in the filed annual report, and drawn only when the figures reconcile with each other. ERD company profile

How EROAD makes money — FY2024

Revenue $182.0m · EBITDA $53.3m (29.3% of revenue) · Net loss $300k (-0.2% of revenue) · Financial year ending March (from the issuer record)

EROAD (ERD) FY2024: where revenue of $182.0m wentRevenue → EBITDA: $53.3mRevenue → Operating costs (net of other income): $128.7mEBITDA → EBIT: $800kEBITDA → Depreciation & amortisation: $52.5mEBIT → Interest: $800kIncome tax credit → Interest: $6.7mNet loss → Interest: $300kRevenue: $182.0mRevenue$182.0mEBITDA: $53.3mEBITDA$53.3mOperating costs (net of other income): $128.7m (derived)Operating costs (net ofother income)$128.7m · derivedEBIT: $800kEBIT$800kDepreciation & amortisation: $52.5m (derived)Depreciation &amortisation$52.5m · derivedIncome tax credit: $6.7mIncome tax credit$6.7mNet loss: $300kNet loss$300kInterest: $7.8mInterest$7.8m

Band widths are proportional to NZD amounts. Dashed outlines mark derived figures; the hatched node is a balancing item (net profit less every line above it).

EROAD FY2024 figures used in the chart
FY2024AmountStatusNote
Revenue$182.0mReported
Operating costs (net of other income)−$128.7mDerived *
EBITDA$53.3mReported
Depreciation & amortisation−$52.5mDerived *
EBIT$800kReported
Interest (net finance costs)−$7.8mReported
Income tax credit+$6.7mReported
Other items (net gain)+$0Balancing item *Net profit less the lines above; covers fair-value movements, impairments, associates and anything else not itemised.
Net loss-$300kReported
  • * depreciation amortisation: $52.5m = EBITDA − EBIT (may include impairments)
  • * operating costs: $128.7m = Revenue − EBITDA
Checks run on these figures (6)
  • Passed: Revenue is within the scale of a column stored in thousands.
  • Passed: Revenue in the income statement ($182m) vs the summary table ($182m): agree within 2%.
  • Passed: D&A not recorded; derived as EBITDA − EBIT.
  • Not met: Operating expenses not recorded; costs derived as revenue minus operating profit.
  • Passed: Balancing item $0m is 0.0% of revenue (limit 25%).
  • Not met: Fewer than two operating segments with revenue; shown as one Revenue figure.

Figures extracted automatically from the annual report; check against the report. NZD thousands as stored, shown in millions. Source: annual_report_pdf · method: claude_haiku_pdf · extracted 7 March 2026.

Annual report: FY24 Annual Report (PDF, NZX)

EBITDA bridge, FY2023 → FY2024

What moved EBITDA between the two years: the change in revenue, less the change in operating costs (revenue less EBITDA, net of other income; not a reported line). The costs are one net figure; no split by type is held, so none is shown.

ERD EBITDA bridge FY2023 to FY2024FY2023 EBITDA: $45.2m$45.2mFY2023 EBITDARevenue change: +$7.1m+$7.1mRevenue changeCost change (derived): +$1.0m+$1.0mCost change (derived)FY2024 EBITDA: $53.3m$53.3mFY2024 EBITDA
ERD EBITDA bridge FY2023 to FY2024: figures
StepFY2023FY2024Effect on EBITDAStatus
FY2023 EBITDA$45.2m$45.2mAs charted
Revenue$174.9m$182.0m+$7.1mReported
Operating costs (net, derived)$129.7m$128.7m+$1.0mDerived: revenue − EBITDA
FY2024 EBITDA$53.3m$53.3mAs charted

$45.2m +$7.1m +$1.0m = $53.3m, which equals FY2024 EBITDA of $53.3m. EBITDA is the figure stored from each statement; companies that headline an adjusted measure (EBITDAF, underlying EBITDA) can report a different number.

What changed from FY2023 to FY2024

MeasureFY2023FY2024ChangeChange %
Revenue$174.9m$182.0m+$7.1m+4.1%
EBITDA$45.2m$53.3m+$8.1m+17.9%
Net profit-$3.0m-$300k+$2.7mn/m
EBITDA margin25.8%29.3%+3.4 pts—
Net margin-1.7%-0.2%+1.6 pts—

Both years passed the same checks. Margins are shares of revenue; their change is in percentage points. n/m = not meaningful (prior-year figure at or below zero). Each year holds the figures from its own annual report; restated comparatives are not applied.

Margins over time

EBITDA, EBIT and net profit as a share of revenue for each year whose figures passed the checks (4 of 9 years from FY2017). The shaded line is the median of 22 other listed Industrials operating companies, using each one’s same financial year where it passed the checks; the number of companies in each median is in the table. Gaps are years that were not charted.

EBITDA margin
ERD ebitda margin by financial year, with peer median-10%15%40%FY17FY18FY20FY22FY24FY25FY2017: not charted — not from annual reportFY2018: not charted — not from annual reportFY2019: ERD 25.4%; peer median 8.7% (7)FY2020: not charted — no EBITDA/EBIT splitFY2021: not charted — no EBITDA/EBIT splitFY2022: not charted — operating lossFY2023: ERD 25.8%; peer median 15.0% (11)FY2024: ERD 29.3%; peer median 13.9% (9)FY2025: ERD 30.7%; peer median 14.6% (12)
EBIT margin
ERD ebit margin by financial year, with peer median-10%15%40%FY17FY18FY20FY22FY24FY25FY2017: not charted — not from annual reportFY2018: not charted — not from annual reportFY2019: ERD 0.1%; peer median 6.4% (9)FY2020: not charted — no EBITDA/EBIT splitFY2021: not charted — no EBITDA/EBIT splitFY2022: not charted — operating lossFY2023: ERD 1.0%; peer median 8.6% (12)FY2024: ERD 0.4%; peer median 7.1% (10)FY2025: ERD 3.5%; peer median 7.9% (12)
Net margin
ERD net margin by financial year, with peer median-10%15%40%FY17FY18FY20FY22FY24FY25FY2017: not charted — not from annual reportFY2018: not charted — not from annual reportFY2019: ERD -8.0%; peer median 4.7% (9)FY2020: not charted — no EBITDA/EBIT splitFY2021: not charted — no EBITDA/EBIT splitFY2022: not charted — operating lossFY2023: ERD -1.7%; peer median 6.1% (12)FY2024: ERD -0.2%; peer median 3.2% (10)FY2025: ERD 0.7%; peer median 5.2% (12)

ERD   peer median   below the axis: year not charted (reason in the table). All panels share one scale.

ERD margins by year with peer medians
YearEBITDA margin: ERD · peer median (n)EBIT margin: ERD · peer median (n)Net margin: ERD · peer median (n)Note
FY2017—13.1% (6)—9.0% (6)—6.0% (6)Not charted: not from annual report
FY2018—11.2% (8)—7.2% (8)—6.4% (8)Not charted: not from annual report
FY201925.4%8.7% (7)0.1%6.4% (9)-8.0%4.7% (9)
FY2020—14.0% (7)—6.7% (8)—6.3% (8)Not charted: no EBITDA/EBIT split
FY2021—13.2% (9)—6.1% (11)—5.0% (11)Not charted: no EBITDA/EBIT split
FY2022—14.0% (8)—8.4% (10)—6.5% (10)Not charted: operating loss
FY202325.8%15.0% (11)1.0%8.6% (12)-1.7%6.1% (12)
FY202429.3%13.9% (9)0.4%7.1% (10)-0.2%3.2% (10)
FY202530.7%14.6% (12)3.5%7.9% (12)0.7%5.2% (12)

Peer medians use only peer-years that passed the same checks; a median of fewer than two companies is not shown. Years are grouped by financial-year label, and year-end months differ between companies.

Not yet available: where the cash goes (operating cash flow to capex, dividends and debt) and underlying versus reported earnings. The figures they need are not yet validated.

Years not charted

These years are on file but their figures did not pass the checks, so no chart is drawn for them.

  • FY2022: EBIT is -$7.2m. This layout does not draw an operating loss.
  • FY2021: EBITDA is recorded but neither EBIT nor depreciation is, so the step from operating profit to net profit cannot be placed.
  • FY2020: EBITDA is recorded but neither EBIT nor depreciation is, so the step from operating profit to net profit cannot be placed.
  • FY2018: Figures were not read from a filed annual report (source: not recorded).
  • FY2017: Figures were not read from a filed annual report (source: not recorded).

All companies with a chart

Data sourced from NZX company annual reports (income statements). Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz.

For informational purposes only. Not investment advice.

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