DGAP-Adhoc

Progress-Werk Oberkirch AG expects positive development in fiscal year 2021

DGAP-Ad-hoc: Progress-Werk Oberkirch AG / Key word(s): Forecast Progress-Werk Oberkirch AG expects positive development in fiscal year 2021 22-March-2021 / 18:43 CET/CEST Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. Ad hoc announcement pursuant to Article 17 MAR

PWO expects positive development in fiscal year 2021

- Rapid expansion of market position and further strengthening of locations to be focus

- Significant improvement in key financial ratios expected

Oberkirch, March 22, 2021 - The Executive Board of PWO AG today submitted its expectations for the development of the 2021 fiscal year. These expectations were formed against the backdrop of a continued worsening of the corona pandemic and are still subject to a high degree of uncertainty.

Despite the continuing major challenges, the Executive Board expects an improvement in the Group's earnings situation in 2021. Based on expected revenue of over EUR 380 million (2020 preliminary figure: EUR 371.2 million), EBIT before currency effects is expected to be clearly positive again, as the high charges and negative extraordinary items in connection with restructuring measures that occurred in the 2020 fiscal year are not expected to occur to this degree in 2021. EBIT of over EUR 10.0 million is expected (2020 preliminary figure: EUR -8.1 million). The prior-year figures stated also below relate to the preliminary figures for 2020 communicated on February 24, 2021.

The further rapid expansion of our market position will be at the center of our efforts in the new fiscal year. Based on the current tenders and the high number of new customer inquiries, we expect a significant increase in new business in the direction of a lifetime volume of EUR 500 million (2020 preliminary figure: around EUR 400 million). With planned investments of around EUR 20 million (2020 preliminary figure: EUR 13.8 million), we intend to further increase the efficiency of the production processes at all our locations and, at the same time, prepare for new series start-ups.