Ladies and gentlemen, welcome to the conference call of Medios AG. At our customer's request, this conference will be recorded. As a reminder, all participants will be in a listen-only mode. After the presentation, there will be an opportunity to ask questions. If any participant has difficulties hearing the conference, please press zero, followed by the hash key, for operator assistance. May I now hand over to Claudia Nickolaus, Head of Investor and Public Relations and ESG Communications at Medios?
Welcome, everybody, to our earnings call for the first nine months of 2024. As always, all relevant documents can also be downloaded from our Investor Relations website. Additionally, this presentation can be followed in parallel via the internet link provided to you in the invitation. Today, with me is our CEO, Matthias Gärtner, our CFO, Falk Neukirch, and our CIM, Constantijn van Rietschoten. Matthias will start with an executive summary, followed by Falk, who will then provide details on the financials for the first nine months of 2024 and the guidance for 2024. Finally, Matthias will comment on the status of Medios' growth strategy. After the presentation, we will begin the Q&A session. I would now like to hand over to Matthias.
Thank you, Claudia. Ladies and gentlemen, welcome to our conference call for the first nine months of 2024. Overall, we posted strong nine-month figures and an excellent third quarter 2024, the best quarter ever. The main highlights of the third quarter 2024 are shown on slide three. Let's start with the financials of group level. Earnings were up significantly in Q3. For the first time, we reached the 5% mark for our EBITDA pre-margin, mainly driven by PST and Ceban. And worth to mention, PST has achieved the turnaround in earnings with an EBITDA pre-growth of more than 10% compared to Q3 2023. Now, some comments to the financials for the first nine months. We achieved a revenue growth of more than 4% to EUR 1.4 billion and a disproportionate EBITDA pre-increase of more than 20% to EUR 55.8 million.
Our segment, International Business, is included for four months from June to September, and we are very happy with the performance of Ceban in these first months of consolidation. We are also happy that our strategy to trade in lower margin revenues for higher margin revenues is working, especially in the Pharmaceutical Supply. This helped to improve our margins as well. We posted a strong operational cash flow of EUR 27.6 million, a plus of more than 100% compared to the same period last year, and we confirm our guidance 2024. Falk will provide more insights on the financials later. The integration of Ceban is well on track and progressing very smoothly and quickly. When we look at synergies, we are mostly focusing on the cross-selling opportunities and best practices and knowledge sharing. Plus, of course, the economies of scale that the combination will benefit from.
First steps have been taken here, and we clearly see the potential benefits, but it is too soon to already see them reflected in the Q3 results. Briefly, on slide four, you can see the status of our European platform, which gives us a leading position in the specialty pharma compounding in Europe. This European network is an excellent basis for our further European expansion and the realization of synergies and cross-selling opportunities. Furthermore, it will support the development of our activities in the field of advanced therapies, the future of individualized medicine. In August, shareholders approved an expansion of the supervisory board from four to five members at our AGM. Following the AGM, an ESG committee was implemented by the supervisory board, which is headed by its chairman.
As already outlined at our H1 earnings call, we are proud that Medios was re-included in the SDAX index on July 15. Now, some further comments on the financials for Q3 and the first nine months of 2024. Slide five shows the quarter-on-quarter development of our two KPIs, revenue and EBITDA pre. In Q3 of this year, EBITDA pre and the respective margin grew disproportionately. We reached the 5% EBITDA pre-margin for the first time. This was mainly a result of the contribution of our segment, International Business, in short IB, the earnings growth in the PST business in Germany, and overall higher margins in the PS business. This very positive development is also reflected on slide six, illustrating the disproportionate EBITDA pre growth of more than 40%. Now, the same illustration for the first nine months shown on slide seven.
Whereas revenue for the first nine months of 2024 remained almost flat, EBITDA pre strongly grew by more than 20% compared to the first nine months of 2023. As already mentioned, this is fully in line with our strategy to further focus on margin improvement. This is all from my side for the moment. I now hand over to Falk to provide more details on the financials for the first quarter, the first nine months of 2024, and the guidance for 2024.
Thank you, Matthias. Also welcome from my side. I will give you a more detailed overview on the financials for the first nine months of 2024, including the third quarter. The full financial statements can be found on our website. Nine months in Q3 financials are characterized by Ceban's strong contribution for four months shown in our new segment, International Business. Let's start with slide nine. All in all, we had a good first nine months 2024 with a strong and disproportionate EBITDA pre growth. Revenues increased by 4.3% to EUR 1.4 billion, mainly driven by the operational segment, Pharmaceutical Supply, and International Business. Gross profit increased to EUR 107.3 million with a higher gross profit margin of 7.7% compared to 6.2% in the previous year. The increase in gross profit was mainly contributed by PS and IB segments.
PST gross profit decreased due to the deconsolidation of Kölsche Blister in June 2023, regulatory headwinds, and higher performance-based payments for additional compounding orders. The increase of personnel cost by EUR 9.7 million to EUR 35.8 million results from the consolidation of Ceban, a plus of EUR 9 million, as well as the provisions for bonuses for the successful completion of the Ceban acquisition. Other operating expenses increased from EUR 16.1 million to EUR 27.4 million. Of this increase, EUR 6.3 million were caused by Ceban. The remaining amount was mainly due to the higher legal and consulting costs largely attributable to the acquisition of Ceban, EUR 2.6 million, and ERP implementation cost, EUR 1.5 million, both extraordinary expenses which were adjusted under EBITDA pre.
The disproportionately higher EBITDA pre of 55.8 million EUR compared to 46.3 million EUR resulted in a strong EBITDA pre-margin of 4.0%, mainly impacted by the very good EBITDA pre-margin of the segment IB and our continuous efforts to improve the margins of the existing business. EBITDA pre was adjusted by extraordinary expenses in the amount of 11.7 million EUR compared to 4.8 million EUR last year. This consists of 1.1 million EUR expenses for stock options, 4.3 million EUR for M&A-related costs, mainly due to the Ceban acquisition, 4.8 million EUR performance-based payments for increased compounding volumes, and 1.6 million EUR for ERP system implementation. Depreciation and amortization rose to 21.8 million EUR. The increase compared to the previous year period is attributable to the Ceban Group.
The financial result of -EUR 5.9 million is EUR 4.4 million below previous year level and mainly includes accrued interest and costs for the financing of the Ceban acquisition. Consequently, undiluted EPS for nine months 2024 decreased from EUR 0.69 to EUR 0.43 because of raised depreciation and amortization, higher interest payments due to the acquisition of Ceban, and furthermore, due to the adjusted extraordinary expenses, which mainly increased because of significantly higher M&A-related expenses and ERP implementation costs. In the first nine months, we generated a strong operating cash flow of EUR 27.6 million that more than doubled compared to the previous year period. This mainly resulted from the higher operating result, plus EUR 2.6 million, and a lower net working capital increase compared to the beginning of the year, minus EUR 11.9 million, mainly because of inventory levels and trade receivables have been actively managed in 2024.
Lower tax payments in the reporting period compared to the previous year had a further positive impact on operational cash flow. Consequently, we posted a strong free cash flow before M&A of 24.0 million EUR. Investing cash flow of around minus 221.3 million EUR reflects primarily payments made for the acquisition of Ceban Group, approximately minus 100 million EUR, and the repayment of Ceban loans, approximately 127 million EUR, less acquired cash of 6.2 million EUR. The share contribution, which was part of the consideration transferred, is not included here. Financing cash flow of 190.3 million EUR reflects the drawing of the 200 million EUR bridge loan for the Ceban acquisition in June 2024, less interest payments of 4.9 million EUR for commitment fees and loan drawings in the reporting period. Payments for rental agreements, minus 3 million EUR, and the repayment of working capital line of 1 million EUR.
Cash and cash equivalents of roughly EUR 68 million consisted mainly of unrestricted bank deposits. The equity ratio decreased from 78.8% by end of 2023 to 55.6% by the end of the first nine months 2024 because of raised debt amounts for the acquisition of Ceban and the replacement of Ceban loans. On slides 10 and 11, we provide a breakdown of the organic and inorganic growth by segment for the first nine months 2024. Inorganic growth reflects the contribution of Ceban for four months fully allocated to the operational segment IB. Let's go to slide 10. Revenue grew organically by EUR 9.8 million or plus 0.7%. Inorganic revenue growth amounted to EUR 47.3 million or plus 3.5% due to the acquisition of Ceban. Slide 11 shows the organic and inorganic EBITDA pre breakdown by segment for the first nine months of 2024.
EBITDA pre increased inorganically by EUR 9.8 million or 21.1%, fully dedicated to the segment IB. The slight decline of organic growth was compensated by the strong contribution of IB. Increased personnel and other operating costs for central functions are reflected in the Segment Services. Let's go to slide 12, providing an overview on the segments. The 4.2% increase of group revenue is mainly driven by IB for four months and to a lower extent by Pharmaceutical Supply. The external revenue of the PS segment rose by 2% to around EUR 1.2 billion. External revenue generated by the PST segment decreased by 7.7% to EUR 161.6 million, a decline of EUR 13.4 million. Around EUR 6 million of this decline are attributable to the sale of Kölsche Blister in June 2023.
In addition, as already mentioned, regulatory price adjustments as well as higher performance-related payments for the acquisition of compounding volumes had also a negative impact on revenue in the reporting period. The IB segment contributed EUR 47.3 million. Please keep in mind that it is too soon to already see any synergies deriving from the Ceban acquisition reflected in the nine months' result. EBITDA pre for the PS segment amounted to EUR 37.0 million, a plus of EUR 3.3 million or 10%. The EBITDA pre for the PST segment declined by around EUR 1.1 million to EUR 16.7 million, 6.1% below the previous year, mainly due to the described effects I already mentioned. However, it is important to mention that PST posted an 18% EBITDA pre growth in Q3 2024 compared to the previous quarter and more than 10% growth compared to the previous year quarter. This is a turnaround.
Ceban contributed with a very strong EBITDA pre of EUR 9.8 million for the period June through October 2024 and a margin of 20.7%. Slide 13 provides the status information on the debt financing. We financed the main part of the cash component of the Ceban acquisition via bridge facility of EUR 200 million. The bridge facility has common market interest rates. Adding other debt items and considering the cash of around EUR 68 million, the net debt amounts to approximately EUR 166 million on September 30, 2024. The syndicated loan was not drawn on September 30, 2024. As said at our six-month earnings call, we shortly intend to replace the bridge facility by the following financing facility with a total amount of EUR 225 million consisting of two facilities. Facility A will be a term loan of EUR 125 million with a term of five years.
Repayment will start in March 2025. Facility B, a revolving credit facility of EUR 100 million with a term of five years and the option to extend two times for one further year. Furthermore, it has a step-up option of EUR 50 million. Facility B will be available to finance future growth. The bank syndicate for the financing facilities will comprise nine banks. Based on an estimated future free cash flow, less interest payments, an annual amount of EUR 30 million-EUR 40 million would be available for repayment of Facility A starting as of March 2025. Let's go to slide 15, providing our guidance for the full year 2024 for the Medios group, including Ceban. We confirm our guidance for 2024.
For 2024, we expect revenues to reach the range of EUR 1.9-EUR 2.1 billion, and EBITDA pre is expected to be in the range of EUR 82-EUR 91 million. The EBITDA pre forecast is negatively impacted by the one-month later change of control of Ceban Group than originally planned and regulatory price adjustments in Germany. We expect EBITDA pre growth to be at least 35% with a substantially higher EBITDA pre margin of around 4.3%. The EBITDA pre guidance includes integration costs, but it is adjusted for extraordinary expenses like M&A-related costs, expenses for stock option programs, performance-based payments for compounding volumes, and implementation costs for an ERP system. The summary of our strategic priorities is outlined on slide 16. For this, I hand back to Matthias.
Thank you, Falk. Our growth strategy strongly advanced with Ceban. Its three pillars are outlined on this slide.
In addition to strengthening our core business in Germany, Ceban will enable us to further expand our operations into other European countries. And we believe Ceban positions us strongly to benefit from the very positive compounding dynamics in certain European countries, also driven by an evolving more favorable regulatory environment. Also, we intend to further diversify our business model by entering the production of advanced therapies, meaning medicines based on genes, tissues, or cells, all expensive and complex therapies, the future of individualized medicine. This is a very good fit for Medios, as we are already a trusted partner for high-value drugs in Germany, and we will be one in our new European markets as well. Medios aims to exploit the enormous potential of cutting-edge healthcare technologies in the field of advanced therapies and thus generate additional added value for society.
We will use our state-of-the-art GMP laboratories in Germany and Europe as well as our expertise in compounding to make high-quality personalized therapies available to all patients. This shows that there is a lot of potential ahead for Medios. Our growth story is well on track. Thank you for your attention. Falk, Constantijn, and I am now available to answer your questions. Operator, could you please read out the instructions?