2023 Nine-Month Performance Meets Expectations Amid Industry Changes; Efficiency Drive Continues

• hGears AG's nine-month 2023 performance was in line with expectations, with group revenues at EUR 84.1 million, down 18.8% year-on-year (y-o-y)
• The company faced ongoing supply and demand imbalances in the e-bike market and weaker end-market in e-Tools
• Conventional business area continued to grow, with revenues up 7.1% y-o-y
• Gross profit was at EUR 42.6 million, down 20.3% y-o-y, with a gross margin of 50.7% compared to 51.6% in 9M 2022
• Adjusted EBITDA was at EUR 4.0 million, down 66.2% y-o-y, with an adjusted EBITDA margin of 4.8%
• The company confirmed its full-year 2023 guidance and medium-term targets.