EQS-News

KAP DEVELOPS IN LINE WITH ADJUSTED EXPECTATIONS IN A DIFFICULT ENVIRONMENT IN 2023 AND IMPLEMENTS FURTHER MEASURES TO INCREASE EFFICIENCY IN 2024

EQS-News: KAP AG / Key word(s): Preliminary Results KAP DEVELOPS IN LINE WITH ADJUSTED EXPECTATIONS IN A DIFFICULT ENVIRONMENT IN 2023 AND IMPLEMENTS FURTHER MEASURES TO INCREASE EFFICIENCY IN 2024  14.03.2024 / 12:53 CET/CEST The issuer is solely responsible for the content of this announcement. KAP DEVELOPS IN LINE WITH ADJUSTED EXPECTATIONS IN A DIFFICULT ENVIRONMENT IN 2023 AND IMPLEMENTS FURTHER MEASURES TO INCREASE EFFICIENCY IN 2024

• Revenue reaches €316.7 million and normalised EBITDA €15.1 million (adjusted for the companies sold in April 2023)
• Business develops in line with adjusted annual guidance forecast
• Dividend to be suspended to strengthen the capital and financing base
• Further adjustments and efficiency improvements are planned for the current financial year

Fulda, 14 March 2024 – KAP AG (“KAP”), a medium-sized industrial holding company listed on the stock exchange, generated revenue of €337.0 million in the 2023 financial year according to preliminary figures. The decline of 22.3% on the previous year is mainly due to the sale of a subsection of the flexible films segment as well as adverse economic factors. Excluding the divested operations in the reporting period, revenue amounted to €316.7 million, down 12.1% year on year.

Normalised earnings before interest, taxes, depreciation and amortisation (normalised EBITDA) totalled €16.8 million in 2023, falling short of the previous year’s figure by 53.2%. The margin came to 5.0% (previous year: 8.3%). This was due in particular to declines in earnings in the engineered products, flexible films and surface technologies segments. Normalised EBITDA without the contributions to earnings of the divested companies decreased by 35.7% to €15.1 million. This results in a normalised EBITDA margin of 4.8% for 2023 (previous year: 6.5%).

KAP is therefore in line with the guidance forecast as adjusted in August 2023, in which the Management Board expected significantly lower revenue and significantly lower normalised EBITDA for the full year, in each case with an anticipated year-on-year change in the low double-digit percentage range.