Einhell Germany AG: Preliminary financial figures as at 30 September 2023 / adjustment to forecasts

Preliminary financial figures as at 30 September 2023 / adjustment to forecasts

Einhell Germany AG, listed in the Prime Standard of Deutsche Börse AG

(ISIN: DE 0005654933) announces the following:

After the Einhell Group achieved sales growth of approximately 87% in the past 5 years, the group will not achieve its planned growth targets in 2023.

According to the provisional sales figures as of September 30, 2023, the Einhell Group was able to achieve sales of approximately EUR 750 million (previous year: EUR 805.7 million) in the period January - September 2023.

A stronger euro compared to the currencies of major foreign subsidiaries leads to lower sales in euros. The conversion from the Australian dollar and the Canadian dollar alone will probably result in a reduction in sales of around 15 million euros.

After the very subdued business development in the third quarter of 2023, which was below expectations, the Einhell Group is correcting its forecast for the end of the year.

Sales of EUR 1.0 billion (previously approximately EUR 1.06 billion) and a pre-tax return of approximately 8.0% are now expected for the 2023 financial year.

The planned sales could not be achieved, especially in Germany. Customers are initially continuing to reduce their inventories here. This means that orders are not placed as expected. However, customers for their part achieve good sales of Einhell's products in the market. According to DIY market figures from the first half of the year that are now available, the Einhell brand was even able to gain further market share, especially for battery-operated devices. This shows the strength of the Einhell brand.

From today's perspective, the Einhell Group is very confident about the year 2024.

Sales should grow again after customer inventories normalize. Due to the recent acquisition of important new customers and additional new product listings, a further increase in the presence of the Einhell brand is expected. A calming effect on the foreign exchange markets will also have a positive effect on sales development.

Landau/Isar, October 5, 2023

The Board of Directors