Public disclosure of inside information according to article 17 MAR

Bertrandt AG: Restructuring & impairment affect prel. figures in Q4 & FY 2023/24 below market expectations; dividend policy

Ehningen (pta034/12.11.2024/20:07 UTC+1)

The Management Board of Bertrandt AG today noted a deviation of the preliminary, unaudited figures for the fourth quarter and the fiscal year 2023/2024 compared to market expectations against the background of extraordinary expenses for restructuring and impairments of fixed assets; all business figures reported below for the fourth quarter and the fiscal year 2023/2024 are preliminary, unaudited figures or were determined on the basis of such figures:

• The Bertrandt Group's total revenues reached around EUR 265 million in the fourth quarter of 2023/2024 (consensus*: EUR 299.8 million, previous year EUR 299.2 million). In FY 2023/2024, total revenues amounted to around EUR 1,186 million (consensus*: EUR 1,221.5 million, previous year: EUR 1,157.4 million). The development of total revenues therefore corresponds to moderate** growth and thus to the forecast last reviewed on July 26, 2024 and partially amended in this respect, which was published in an ad hoc announcement and on August 5, 2024 as part of the quarterly reporting.

• EBIT amounted to around EUR -113 million in the fourth quarter of 2023/2024 (consensus*: EUR -40 million, previous year: EUR 17.4 million). In FY 2023/2024, EBIT amounted to around EUR -98 million (consensus*: EUR -24.8 million, previous year EUR 50.1 million). As expected in the above forecast, EBIT is therefore significantly** below the previous year's figure. EBIT for the year as a whole includes extraordinary expenses totaling around EUR -115 million, in particular for the earnings optimization program and for one-off, non-cash impairments on assets. Based on its current knowledge, the Executive Board currently expects significant annual savings of around EUR 70-90 million to achieve the EBIT margin corridor of 6-9% probably from FY 2025/2026.

• Investments amounted to around EUR 20 million in the financial year (previous year: EUR 26.4 million) and were therefore lower than the forecast (EUR 25 to 40 million) presented in the report on the first half of 2023/2024 (p. 16), which the Executive Board last reviewed on July 26, 2024 and confirmed in this respect.

• The cash flow from operating activities is positive and therefore in line with the forecast. Free cash flow amounted to around EUR 50 million in the 2023/2024 financial year (previous year: EUR 7.1 million).

• In contrast to the forecast presented in the report on the first half of 2023/2024 (p. 16), which the Executive Board last reviewed and confirmed on July 26, 2024, the Digital Engineering, Physical Engineering and Electrical Systems/Electronics segments are not expected to show a positive EBIT trend due to the aforementioned effects. In the Physical Engineering segment, this also applies to total revenues, which has developed positively in the other two segments as expected.

• Consolidated earnings after taxes amounted to around EUR -78 million in the fiscal year (previous year EUR 30.4 million). A net loss is expected for the annual financial statements of Bertrandt Aktiengesellschaft (previous year: net profit of EUR 14.9 million).

• Based on the preliminary, unaudited business figures, the expectations of the net loss for the year and its current assumptions for the preparation and adoption of the annual financial statements with the release of retained earnings, the Management Board currently expects a distributable profit in Bertrandt Aktiengesellschaft's annual financial statements for fiscal 2023/2024, which will enable it to propose a targeted dividend of EUR 0.25 per share (previous year EUR 1.20 per share). The proposal for the appropriation of profits for FY 2023/2024 by the Management Board and Supervisory Board will be adopted by them later, presumably in December 2024. The Annual General Meeting will decide on the appropriation of profits at the 2025 Annual General Meeting.

• For the following years, Bertrandt will return to its long-established dividend policy of distributing 40% of consolidated net income after income taxes.

The full 2023/2024 annual report, which will also contain the quarterly figures for the fourth quarter and an outlook for FY 2024/2025, will be published as planned on 12 December 2024.

*Consensus: Analyst consensus compiled by the company as at 31.10.2024. This is available at the following link: www.bertrandt.com/en/company/investor-relations/financial-data

**Definitions for the forecast from 26.07.2024:

Total revenues

- Moderate change 0% to 10%

- Significant change Over 10%

EBIT

- Moderate change 0% to 10%

- Significant change Over 10%

- "Medium-term": within the next three financial years

The terms "total revenues", "EBIT" and "free cash flow" are explained on page 221 of the Bertrandt Annual Report 2022/2023.

(end)

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Emitter:	Bertrandt AG Birkensee 1 71139 Ehningen Germany
Contact Person:	Björn Voss
Phone:	0703465613076
E-Mail:	bjoern.voss@bertrandt.com
Website:	www.bertrandt.com
ISIN(s):	DE0005232805 (Share)
Stock Exchange(s):	Regulated Market in Frankfurt; Free Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate

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