Puchheim, October 17, 2023

STEMMER IMAGING: Adjustment of Revenue Forecast for Fiscal Year 2023

Puchheim, October 17, 2023 – STEMMER IMAGING AG (ISIN DE000A2G9MZ9 / GSIN A2G9MZ) today announces an adjustment to its revenue forecast for the fiscal year 2023.

The slowdown in orders due to high customer inventory levels expected for the third quarter and the ongoing uncertain economic environment, as anticipated in the half-year report, had a more significant impact in the third quarter than expected, affecting both order intake and revenue. For the fourth quarter, in line with the revised economic outlook by the EU Commission for the EU and Germany^[1], a weaker order intake and revenue situation is now anticipated.

The Executive Board now expects a revenue range of EUR 144 – 151 million for the current fiscal year. This corresponds to a decrease in revenue ranging from 3% to 7% compared to the previous year. The most recent valid forecast for the current fiscal year projected revenues at the lower end of the forecast range between EUR 163 and 176 million.

The Executive Board, based on the positive trend in gross margin throughout the fiscal year and owing to its proactive and timely cost management, still expects a steady financial performance, leading to an EBITDA at the lower end of the existing forecast range of EUR 26 – 32 million for the full year 2023. This means that the EBITDA will either remain at the previous year's level (EUR 28.2 million) or decrease by a maximum of 8%. Accordingly, the EBITDA margin will remain at the previous year’s level (18.1%) despite the expected decline in revenue, placing it in the upper end of the forecasted range of 15% to 19%. One-time expenses totalling EUR 1.2 million, previously announced in the half-year report and primarily stemming from the further integration of the Infaimon subsidiary, are already included. According to the current assessment of the Executive Board and adjusted for these one-time expenses, the EBITDA is expected to develop within a range of -6% to +3.5% compared to the previous year.

The Executive Board has also decided to fully impair intangible assets amounting to EUR 0.9 million in the context of the Infaimon integration, which will have a corresponding impact on the EBIT at the end of the fiscal year.

Despite the current challenging market conditions, the Executive Board is of the opinion that the measures taken in the short term will strengthen STEMMER IMAGING’s position, enabling it to benefit disproportionately from a general economic recovery and from the reduction of increased customer inventories.

The third-quarter report will be released on November 9, 2023.

Contact:
STEMMER IMAGING AG
Michael Bülter
Chief Financial Officer
Gutenbergstr. 9-13
82178 Puchheim
Germany
Phone +49 89 80902-196
ir@stemmer-imaging.com
www.stemmer-imaging.com

^[1] Summer Forecast 2023: EU Economy grows slowly, robust labor market and falling inflation raise hope (europa.eu)