DGAP-News

home24 SE: home24 grows by more than 27% in 2021, thus by almost 80% in the last two years and achieves positive adjusted EBITDA as planned

DGAP-News: home24 SE / Key word(s): Annual Results home24 SE: home24 grows by more than 27% in 2021, thus by almost 80% in the last two years and achieves positive adjusted EBITDA as planned (news with additional features) 24.01.2022 / 18:22 The issuer is solely responsible for the content of this announcement. home24 grows by more than 27% in 2021, thus by almost 80% in the last two years and achieves positive adjusted EBITDA as planned

 

• home24 reports a revenue growth of 27% to EUR 615 million for 2021, representing a 79% growth rate over the last two years (respectively in constant currency).
  • The European segment generated EUR 501 million in 2021, achieving a growth of 29%.
  • Brazil grew by 21% at constant currency to EUR 114 million in 2021.
• Adjusted EBITDA of EUR 1 million is fully within the planned guidance range, resulting in an adjusted EBITDA margin improvement of 8 %-points compared with 2019.
• Cash and cash equivalents at year-end were EUR 131 million, c. EUR 28 million higher than previous year.
• Additional revenue and profitability momentum is expected in 2022 following the completion of the Butlers acquisition.

Berlin, 24 January 2022 - home24 SE ("home24", the "Company") continued its profitable growth in the financial year 2021, gaining significant market share and thus expanding its competitive position. Preliminary, unaudited full-year financials show that the Company generated total revenue of EUR 615 million in 2021, representing a year-over-year growth of 27% at constant currency and two-year growth rate of c. 79%.

The positive development was driven by strong results of the European segment: In Europe, 2021 revenues totaled EUR 501 million, representing significant growth of 29% year-over-year. In 2020, the segment already grew by 40%, revenues in 2021 therefore came in 80% higher than in 2019. Thus, revenue growth of the European business is well within the forecast revenue growth of 28% to 32% for the Group in 2021. Overall, the furniture market in 2021 was characterized by consolidation. Furniture retail in Germany, for example, recorded a decline in revenues in a significant single-digit percentage range. As a result, home24 grew more than 30%-points faster than the market, thus gaining further significant market share. The European segment operated profitably as planned for the year 2021, with an adjusted EBITDA of EUR 3 million and a margin of 1%. The result is in line with the Group's guidance for 2021 to reach an adjusted EBITDA margin in the range of 0% to +2%, reflecting the 2021 strategy of reinvesting additional contribution margins in growth.