LECTRA

First nine months of 2023: decline in revenues and EBITDA before non-recurring items in a very degraded environment - Seite 2

Comparisons between 2023 and 2022 are based on 2022 exchange rates unless otherwise stated (“like-for-like”). As the impact of the acquisition of TextileGenesis on the financial statements for 2023 is not material, like-for-like changes exclude only the variations in exchange rates.

Currency changes between 2022 and 2023 mechanically decreased revenues and EBITDA before non-recurring items by 6.4 million euros (-5%) and 2.8 million euros (-10%) respectively in Q3, and by 7.3 million euros (-2%) and 3.0 million euros (-5%) respectively in the first nine months of the year, at actual exchange rates compared to like-for-like figures.

1. Q3 2023

The environment remained highly degraded in the third quarter, owing primarily to expectations of lower growth or even recession in some countries, persistent high energy costs, and historically high interest rates. With many customers also experiencing lower demand for their products, investment decisions continued to be postponed.

As a result, orders for perpetual software licenses, equipment and accompanying software, and non-recurring services (32.3 million euros) were down 26% compared to Q3 2022.

Orders for new software subscriptions, of which the annual value came to 2.2 million euros, continued to rise, displaying a growth of 19%.

Q3 revenues (118.7 million euros) were down 11%.

EBITDA before non-recurring items (23.9 million euros) was down 10% and despite the decline in revenues, the EBITDA margin before non-recurring items rose 0.3 percentage points to 20.1%, thanks to the sharp improvement in gross margin (+5.7 percentage points compared to Q3 2022) and the impact of actions to reduce fixed overhead costs.

2. FIRST NINE MONTHS OF 2023

The uncertainty that characterized the first nine months of the year has led many companies to take a very cautious wait-and-see attitude. In these circumstances, orders for perpetual software licenses, equipment and accompanying software, and non-recurring services (107.1 million euros) were down 29% compared to the same period of 2022.

The annual value of new software subscription orders came to 7.7 million euros, up 27% compared to the first nine months of 2022.

Revenues (358.3 million euros) were down 7%. While revenues from perpetual software licenses, equipment and accompanying software, and non-recurring services (117.6 million euros) decreased by 25%, recurring contract revenues (134.5 million euros), which benefited from the growth in software subscription orders and the acceleration of synergies from the Gerber acquisition, increased by 11%. Revenues from consumables and parts (106.1 million euros) were stable.