FRIWO Hits 2023 Financial Targets, Predicts Profitability by 2024 and Strong Growth Ahead

• FRIWO achieved guidance in the 2023 financial year and expects to return to profitability in 2024 and subsequent years
• Group revenue fell to 111.1 million euros in 2023, slightly above forecast
• EBIT was -7.4 million euros, impacted by decline in sales, structural adjustments, start-up costs for Indian joint venture, and negative currency effects
• Market recovery in core regions expected in the second half of 2024, with first earnings contribution from e-mobility joint venture in India
• Outlook for 2024: Group revenue expected to be in the range of 100 to 120 million euros, with balanced EBIT forecast
• Subsequent years expected to benefit from trend towards more e-mobility and strong growth in Asia

The next important date, Publication of consolidated/annual financial statements, at FRIWO is on 25.04.2024.

The price of FRIWO at the time of the news was 22,800EUR and was down -8,06 % compared with the previous day.

FRIWO

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ISIN:DE0006201106WKN:620110

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