EQS-News

GRAMMER AG publishes results for the first quarter of 2024

EQS-News: GRAMMER Aktiengesellschaft / Key word(s): Quarter Results/Quarterly / Interim Statement GRAMMER AG publishes results for the first quarter of 2024 29.04.2024 / 09:00 CET/CEST The issuer is solely responsible for the content of this announcement. GRAMMER AG publishes results for the first quarter of 2024

•  GRAMMER Group revenue down 5.5% at EUR 556.6 million in the first quarter of 2024
• Operating EBIT significantly lower than same quarter of previous year at EUR 2.4 million (Q1 2023: EUR 13.9 million)
• Business performance impacted by weaker demand owing to general economic and industry uncertainty
• Forecast confirmed: Revenue to match prior-year level and further improvement in profitability

 Ursensollen, April 29, 2024 – The GRAMMER Group has today published it’s figures for the first quarter of 2024. Consolidated revenue declined by 5.5% to EUR 556.6 million in the reporting period (Q1 2023: EUR 589.1 million). In particular, revenue was lower than expected in the EMEA and APAC regions. In APAC, however, the revenue generated in the first quarter of 2024 was slightly up on the previous year at EUR 121.3 (Q1 2023: EUR 117.4 million), while revenue in the EMEA region also fell year-on-year by 11.9% to EUR 289.5 million (Q1 2023: EUR 328,5 million). In the AMERICAS region, revenue was stable year-on-year at EUR 159.9 million (Q1 2023: EUR 159.5 million). An overview of the product areas showed stagnation in the Automotive area, albeit with different trends in the regions. Revenue in the Automotive product area totalled EUR 369.1 million (Q1 2023: EUR 371,9 million). In the higher margin Commercial Vehicles product area, revenue fell by 13.7% to EUR 187.5 million (Q1 2023: EUR 217.2 million). Consolidated EBIT amounted to EUR 3.9 million (Q1 2023: EUR 11.7 million) in the first quarter of 2024. Operating EBIT declined as well, from EUR 13.9 million in the same quarter of the previous year to EUR 2.4 million in the first three months of 2024. Operating EBIT was adjusted for positive currency translation effects of around EUR 1.5 million. The operating EBIT of the GRAMMER Group was squeezed by the decline in revenue, higher costs due to volatile capacity utilization at plants, ramp-up costs for the new Commercial Vehicles plant in the US and translation effects. In particular, revenue was lower than expected in the EMEA and APAC regions on account of the generally considerable economic and industry uncertainty. Free cash flow improved to EUR 40.2 million in the first quarter (Q1 2023: EUR 8.7 million). The increase mainly resulted from an improvement in working capital.