EQS-News

FRIWO achieves guidance in the 2023 financial year – return to profitability in 2024 and clearly positive momentum expected for subsequent years

EQS-News: FRIWO AG / Key word(s): Annual Report/Annual Results FRIWO achieves guidance in the 2023 financial year – return to profitability in 2024 and clearly positive momentum expected for subsequent years 25.04.2024 / 18:20 CET/CEST The issuer is solely responsible for the content of this announcement. FRIWO achieves guidance in the 2023 financial year – return to profitability in 2024 and clearly positive momentum expected for subsequent years

• Group revenue falls to 111.1 million euros in the 2023 financial year, slightly above forecast
• EBIT in line with expectations at -7.4 million euros, impacted by decline in sales, structural adjustments, start-up costs for Indian joint venture and negative currency effects
• Market recovery in core regions expected in the second half of 2024, first earnings contribution from e-mobility joint venture in India
• Outlook for 2024: Group revenue expected to be in the range of 100 to 120 million euros, balanced EBIT forecast
• Subsequent years should benefit from the unbroken trend towards more e-mobility and strong growth in Asia

Ostbevern, April 25, 2024 – FRIWO – an international manufacturer of technically leading chargers and e-drive solutions – achieved the targets adjusted in October last year in the 2023 financial year. Group revenue of 111.1 million euros was achieved, slightly above the forecast of 110 million euros, but significantly below the previous year (184.9 million euros) due to persistently weak demand and order cancellations in Europe in the e-mobility, industrial and tools segments. Only the medical segment was able to report an increase in revenue of more than 16%. The significant decline in sales, start-up costs for the Indian joint venture, one-off expenses for the adjustment of production structures and negative currency effects were only partially offset by improved cost efficiency and significant personnel adjustments in Vietnam. As a result, earnings before interest and taxes (EBIT) amounted to -7.4 million euros in 2023, compared to a profit of 4.3 million euros in the 2022 financial year. The target for full-year EBIT had been a loss in the mid-single-digit million euro range. After taxes, there was a loss of 11.1 million euros, following a slight plus of 0.5 million euros in the same period of the previous year.