EQS-News

SURTECO GROUP SE: Good start to the business year 2024 after a difficult year in 2023

EQS-News: SURTECO GROUP SE / Key word(s): Annual Report SURTECO GROUP SE: Good start to the business year 2024 after a difficult year in 2023 24.04.2024 / 07:05 CET/CEST The issuer is solely responsible for the content of this announcement. SURTECO GROUP SE: Good start to the business year 2024 after a difficult year in 2023

• Earnings per share in 2023 amount to € -0.79 after € 1.63 in the previous year
• Sales for 2024 are projected to be in the range € 860 to 910 million. Adjusted EBITDA is expected between € 85 and 105 million.
• Good start to the business year 2024 with an increase of 44 % in EBITDA

 Buttenwiesen, 24 April 2024 – The sales of the SURTECO Group at € 835.1 million in the business year 2023 (2022: € 747.7 million) were in the range most recently expected. Owing to weak demand and one-off exceptional effects including acquisition of the Omnova divisions, earnings before financial result, income tax and depreciation and amortization (EBITDA) amounted to € 66.6 million after € 84.2 million in the previous year. After taking the one-off exceptional effects into account, the Group generated adjusted EBITDA of € 86.4 million (2022: € 84.2 million) in the business year 2023. Earnings before financial result and income tax (EBIT) amounted to € 8.1 million (2023: € 40.2 million) and consolidated net profit fell by -149 % to € -12.3 million as a result of one-off exceptional effects and finance costs for the acquisition. The Supervisory Board and the Management Board decided to retain the liquidity in the company for this year and to offset the net loss for the year arising in accordance with the German Commercial Code (HGB). A proposal for paying a dividend will therefore not be forthcoming for submission to the Annual General Meeting.

“The year 2023 was significantly impacted by one-off exceptional effects. However, we have thereby charted a course for the future, which is already paying off in the first quarter of the new year,” commented Wolfgang Moyses, Chairman of the Management Board of SURTECO GROUP SE.

The weak demand is reflected in all the segments. Sales in Surfaces eased by ‑4 % and EBIT fell back to € -2.6 million (2022: € 1.8 million). On the back of a drop in sales of -7 %, the Segment Edgebands generated EBIT of € 14.0 million after € 19.7 million in the previous year. Sales in Profiles eased by -8 % and EBIT amounted to € 9.5 million (2022: € 12.3 million). Owing to the acquired divisions, which are also allocated to this segment for the Thai business, sales for North America increased by 125 %. Conversely, EBIT fell to € -11.8 million (2022: € 7.2 million) owing to the acquisition-related one-off exceptional effects. Sales in the Segment Asia / Pacific were also impacted with a fall of -9 %. EBIT amounted to € 7.2 million after € 10.2 million in the previous year.