EQS-Adhoc

Allgeier SE: Transformation to higher gross margins characterizes the first quarter of 2024

EQS-Ad-hoc: ALLGEIER SE / Key word(s): Quarter Results/Preliminary Results Allgeier SE: Transformation to higher gross margins characterizes the first quarter of 2024 06-May-2024 / 14:29 CET/CEST Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by EQS News - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. Munich, May 06, 2024 – Allgeier SE (ISIN DE000A2GS633, WKN A2GS63) generated Group revenue of EUR 113 million in the first quarter of 2024 (January 1, 2024 - March 31, 2024) according to preliminary figures (previous year: EUR 124 million). The reduction in revenue compared to the first quarter of the prior year is mainly due to the gradual reduction of low-margin business in the Personnel Services business unit since the second quarter of 2023. The Allgeier Group's gross profit (defined as total operating performance less the cost of sales and personnel expenses directly attributable to sales) remained stable at EUR 39 million in the first three months of 2024 (previous year: EUR 40 million). This resulted in a higher gross margin of 33.7% (previous year: 31.5%). Adjusted EBITDA (EBITDA before effects that are classified as extraordinary or relating to other accounting periods) amounted to EUR 11.2 million (previous year: EUR 12.5 million), corresponding to an adjusted EBITDA margin of 9.8% (previous year: 10.0%). EBITDA for the first quarter of 2024 amounted to EUR 10.7 million (previous year: EUR 12.0 million), corresponding to an EBITDA margin of 9.4% (previous year: 9.6%). Key balance sheet data as of March 31, 2024 As at the reporting date of March 31, 2024, Group equity amounted to EUR 190 million (December 31, 2023: EUR 189 million). The Allgeier Group had cash and cash equivalents of EUR 46 million at the end of the first quarter of 2024 (December 31, 2023: EUR 83 million). Interest-bearing financial liabilities (excluding liabilities from leases) decreased to EUR 139 million as at March 31, 2024 (December 31, 2023: EUR 154 million). Net debt amounted to EUR 137 million at the end of the first quarter (December 31, 2023: EUR 117 million). Total assets amounted to EUR 498 million as at the reporting date (December 31, 2023: EUR 525 million).