WINFARM

2023 Full-Year Results and outlook for 2024.

PRESS RELEASE
Loudéac, 28 March 2024

2023 FULL-YEAR RESULTS

Revenue up 5% despite the widespread fall in prices

Sharp fall in activity in the fourth quarter, which weighed on EBITDA

OUTLOOK FOR 2024

A difficult first quarter but gradual growth in business

Strict financial discipline to improve EBITDA

Commitment to reduce the Group’s debt

WINFARM (ISIN code: FR0014000P11 - ticker: ALWF), the number one French distance-seller for the farming industry, today released its consolidated results for 2023.

At its meeting on 28 March 2024, the Board of Directors approved the consolidated financial statements for the financial year ended 31 December 2023. These financial statements have been reviewed by the statutory auditors and the certification reports are currently being prepared. The consolidated financial statements for the 2023 financial year are available on the company's website in the investor space.

Consolidated data, French accounting standards, Audited financial statements in €m	2023	2022
Revenue	137.6	130.9
Gross margin	45.1	41.7
As a % of revenue	32.8%	31.9%
EBITDA	2.3%	4.5%
As a % of revenue	1.7%	3.5%
Depreciation, amortisation, and provisions	(5.0)	(3.6)
Operating income/(loss)	(2.5)	1.1
Net financial income/(expense)	(0.4)	(0.2)
Non-recurring profit/(loss)	(0.0)	(0.2)
Corporate tax	(0.2)	(0.2)
Share of net income of companies accounted for by the equity method		-
Group net income/(loss)	(3.0)	0.6

After a strong inflationary effect in 2022, the Group had to deal with a widespread easing of prices in 2023. This concerned animal nutrition, hygiene products and, to a lesser extent, fencing and spare parts. After increases ranging from 10% to 20% in all these categories since 2021, representing one third of Winfarm’s revenue, prices fell by 15% to 20% over the year.