EQS-News

GFT with a solid start in a challenging environment

EQS-News: GFT Technologies SE / Key word(s): Quarterly / Interim Statement/Quarter Results GFT with a solid start in a challenging environment 08.05.2024 / 07:30 CET/CEST The issuer is solely responsible for the content of this announcement. GFT with a solid start in a challenging environment

Successful M&A strategy supports growth

• Revenue growth of 13 per cent in the first quarter of 2024
• Adjusted EBIT increased by 6 per cent to around EUR 17 million
• Successful AI solutions and launch of the commercial UDPN All-in-One Sandbox
• Acquired companies targens and Sophos Solutions contribute to growth
• Revenue and earnings growth forecast for 2024 confirmed: Revenue to grow by 15 per cent, adjusted EBIT by 16 per cent

Stuttgart, 08 May 2024 – GFT Technologies SE (GFT) continued its solid growth in the first quarter of 2024 despite the ongoing challenging market environment. Group revenue increased by 13 per cent compared to the same quarter of the previous year. Growth was supported by the successful acquisitions of the German targens GmbH, which was completed in April 2023, and the Colombian company Sophos Solutions in January of this year. Business with banks and industrial customers picked up particularly strongly, with sales increases of 19 and 16 per cent respectively. Adjusted earnings before interest and taxes (adjusted EBIT) rose by 6 per cent. For the current year, the company expects sales to grow by 15 per cent to around EUR 905 million and adjusted EBIT by 16 per cent to around EUR 85 million.

GFT recorded above-average growth in Europe with an increase in revenue of 27 per cent. The most important driver here was the German market. Thanks in part to the acquisition of targens, Germany became GFT's second-largest market with a 61 per cent increase in revenue. The Spanish, Italian and French markets also developed very positively. In addition, GFT also achieved dynamic growth again in Brazil, its largest market, following a successful turnaround: revenue there increased by 11 per cent compared to the same quarter of the previous year.