EQS-Adhoc: Avemio AG: Forecast adjustment for 2023 financial year

Publication of inside information pursuant to Article 17 of Regulation (EU) No 596/2014

Avemio AG: Forecast adjustment for 2023 financial year

Frankfurt/Main, 22 January 2024 – The Executive Board of Avemio AG (ISIN DE000A2LQ1P6, WKN A2LQ1P) today decided to adjust the forecast for the 2023 financial year, primarily following an unexpectedly weak final quarter in the trading business. For this reason, the realization of already planned synergies from the acquisitions made and the integration of existing subsidiaries is to be accelerated in order to strengthen profitability in view of the changed market environment.

Based on the preliminary figures for the fourth quarter of 2023, the Executive Board now expects revenue of around EUR 103 million for the 2023 financial year (previously: EUR 120 million; 2022: EUR 108.7 million), and, taking into account preparations of further acquisitions, and earnings before interest, taxes, depreciation and amortization (EBITDA) of around EUR 0.8 million (previously: EUR 5.0 million; 2022: EUR 4.4 million). According to preliminary calculations, cash flow from operating activities will amount to around EUR 1 million in the past financial year.

The adjustment to the forecast for the 2023 financial year is primarily attributable to an unexpectedly weak final quarter and growing pressure on margins in the trading business. Following the previously strong investments by customers in the coronavirus years, the persistent macroeconomic weakness did not dissipate in the second half of the past financial year, as expected.

With equity of around EUR 12.5 million, corresponding to an equity ratio of around 35%, based on preliminary figures Avemio AG has a stable balance sheet structure as at 31 December 2023. Cash and cash equivalents of around EUR 5.8 million and unused credit lines of around EUR 2.6 million form a solid foundation and also provide for further company growth. The commitment by the state of Hesse to provide mezzanine financing of around EUR 5 million is intended to support growth efforts in an equity-friendly manner.

Notwithstanding the current challenging market conditions, the Executive Board considers Avemio AG to be in a stable market position to benefit from the growth potential and the usual catch-up effects of the trading business in conjunction with the high-margin digitization business when the economy recovers.

Contact:

Investor Relations
Lindsay Lorent
ir@avemio.com
Avemio AG
Schaumainkai 91
60596 Frankfurt
Germany

1820193  22-Jan-2024 CET/CEST