Publication of inside information pursuant to Article 17 of Regulation (EU) No. 596/2014 GRAMMER AG (WKN 589540, ISIN DE0005895403)
GRAMMER AG: Divergence of earnings performance in the third quarter of 2024 from the previous year and adjustment of revenue forecast for the full year 2024
Ursensollen, November 14, 2024 – According to figures, GRAMMER Group recorded earnings in the third quarter of 2024 below the previous year's level. Operating EBIT of approximately EUR 8.4 million in the third quarter of 2024 is below the previous year (Q3 2023: EUR 13.0 million). Operating EBIT was adjusted for negative currency effects of approximately EUR 4.8 million and restructuring expenses of EUR 31.1 million, refinancing costs of EUR 0.7 million and deconsolidation expenses of EUR 7.0 million. Group revenue for the months July to September 2024 was also below the previous year's level at EUR 472.9 million (Q3 2023: EUR 494.2 million). The financial figures for the third quarter of 2024 and those of the previous year were adjusted for the discontinued operation of the TMD Group.
The operating EBIT in the third quarter of 2024 was impacted by the decline in revenue and higher costs due to volatile plant utilization. In particular, revenues in EMEA and APAC were significantly lower than expected in the third quarter of 2024. This is due to continued weak demand from OEMs as a result of widespread macroeconomic and industry-specific uncertainty.
In light of the business performance to date and the successful sale of TMD Group, GRAMMER is maintaining its full-year operating EBIT forecast of around EUR 56.8 million, which was adjusted in August. The originally forecast revenue of EUR 2.3 billion will not be achieved due to significantly weaker demand and the sale of the TMD Group. Revenues of around EUR 2 billion are now expected for 2024.
The Executive Board
GRAMMER AG