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Investor Relations
Allgeier SE: Allgeier achieves Group planning in Q1 2020 with 21 percent growth in turnover and 26 percent growth in earnings in the Technology business


ALLGEIER SE / Key word(s): Quarter Results/Preliminary Results
Allgeier SE: Allgeier achieves Group planning in Q1 2020 with 21 percent growth in turnover and 26 percent growth in earnings in the Technology business

24-Apr-2020 / 17:20 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP – a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

Munich, April 24, 2020 – Allgeier SE (ISIN DE000A2GS633, WKN A2GS63) achieves its planning for the first quarter of 2020 (January 1, 2020 – March 31, 2020) with significant sales growth and double-digit earnings growth for the Group as a whole according to preliminary figures. The increase was driven particularly by the strong organic growth of the Allgeier Technology division. However, the Allgeier Experts division also performed better than planned and contributed to the Group’s earnings growth with a significant increase in EBITDA. Overall, the Allgeier Group has thus made a very good start to 2020 and is well prepared for the challenges arising from the consequences of the SARS-CoV-2 pandemic in the coming months.

Sales and earnings development in the first quarter of 2020

In the first quarter of 2020 (January 1, 2020 – March 31, 2020), Group revenues rose by 7 percent to EUR 203 million (previous year: EUR 190 million). Group value added (defined as total output less the sales and personnel costs directly attributable to sales) increased by 11 percent to EUR 58 million (previous year: EUR 52 million). Adjusted Group EBITDA (EBITDA before effects that are classified as extraordinary or related to other periods) rose by 50 percent to EUR 21.0 million (previous year: EUR 14.0 million). Group EBITDA (earnings before interest, taxes, depreciation and amortization) rose by 33 percent to EUR 17.8 million (previous year: EUR 13.4 million). The EBIT (earnings before interest and taxes) increased by 61 percent to EUR 9.2 million (previous year: EUR 5.7 million).

Key Group indicators* Q1 2020  Q1 2019 Change
Revenue 203 190 +7 %
Value added 58 52 +11 %
EBITDA 17.8 13.4 +33 %
Adjusted EBITDA 21.0 14.0 +50 %
EBIT 9.2 5.7 +61 %
*Tot*Total Group in accordance with IFRS, figures in EUR million (unless otherwise stated)al Group in accordance with IFRS, figures in EUR million (unless otherwise stated)

The sales growth was mainly generated in the business unit planned for spin-off, consisting of Nagarro, iQuest, Objectiva and the SAP business of Allgeier Enterprise Services. The turnover of this business unit increased by 21 percent to EUR 110 million (previous year: EUR 91 million). The EBITDA of this business unit increased by 26 percent to EUR 14.5 million (previous year: EUR 11.5 million). Global demand for software development services remained high in the first quarter and was met despite a massive shift of our employees worldwide to the home office.

For the Allgeier Group’s business remaining after the intended spin-off, turnover fell by 6 percent year-on-year to EUR 95 million (previous year: EUR 101 million). This decline is due to the planned 12 percent reduction in the turnover of the Allgeier Experts division to EUR 60.7 million (previous year: EUR 68.8 million). The reduction in the first quarter was thus significantly lower than planned, while EBITDA of the Allgeier Experts division of EUR 3.1 million exceeded the forecast for the first quarter (previous year: EUR 0.3 million). The EBITDA of the operating divisions of the remaining Allgeier Group increased by 43 percent overall to EUR 7.3 million (previous year: EUR 5.1 million). After holding costs and consolidation, the increase was 74 percent to an EBITDA of EUR 3.3 million (previous year: EUR 1.9 million). Holding costs in the first quarter of 2020 include a total of EUR 1.1 million in costs for preparing the spin-off.

Key figures of the balance sheet as of March 31, 2020

As of the reporting date March 31, 2020, consolidated equity amounted to EUR 161 million (31 December 2019: EUR 166 million). As of March 31, 2020, the Allgeier Group had cash and cash equivalents of EUR 165 million (December 31, 2019: EUR 97 million). Current and non-current financial liabilities amounted to EUR 243 million (December 31, 2019: EUR 165 million). Total assets amounted to EUR 674 million at the reporting date (December 31, 2019: EUR 587 million). The increase in cash and cash equivalents and financial liabilities is mainly due to the complete utilization of Allgeier SE’s loan facility in March 2020 to create a maximum liquidity reserve. The increase in net debt by approximately EUR 11 million is mainly due to the acquisition of a minority interest and earn-out payments.

Outlook for the 2020 financial year

As explained in the ad hoc announcement of April 16, 2020, the Management Board is currently not issuing any guidance for the entire fiscal year 2020 due to the uncertainty about the possible consequences of the global SARS-CoV-2 pandemic for the global economy. The effects on the various business models of customers worldwide for the coming months cannot be estimated with sufficient clarity and reliability at this time. Due to the high degree of diversification of the Allgeier Group’s customer spectrum in terms of size, region, industries and business models, the Management Board does not see any relevant cluster risks and assumes that, in the medium and long term, customers’ need for support in the digitalization of their business models will continue to rise significantly and is likely to increase in the course of the current corona crisis.

The voluntary interim information as of March 31, 2020 will be published on May 15, 2020 and can then be viewed at

All figures quoted were prepared in accordance with IFRS, are preliminary and unaudited.

It is also pointed out that statements for periods after March 31, 2020 represent expectations of the Management Board based on assumptions and estimates. Future actual developments and future actual results may differ from these assumptions and estimates. Allgeier SE gives no guarantee and assumes no liability that future developments and the actual results achieved in the future will correspond to the assumptions and estimates expressed in this ad hoc announcement.

This document contains supplementary financial indicators – not precisely defined in the relevant accounting framework – which are or may be so-called alternative performance indicators. These supplementary financial figures may have limited suitability as an analytical tool and should not be used in isolation or as an alternative to the financial figures presented in the consolidated financial statements and determined in accordance with relevant accounting frameworks in order to assess the net assets, financial position and results of operations of Allgeier SE. Other companies that present or report alternative performance indicators with a similar designation may calculate them differently and may therefore not be comparable.


Allgeier SE
Corporate Communications & Investor Relations
Dr. Christopher Große
Einsteinstraße 172
81677 Munich
Phone: +49 (0)89/998421-0
Fax: +49 (0)89/998421-11

Allgeier SE is one of the leading technology companies for digital transformation. Allgeier is guiding its customer through the challenges of digital change to ensure their future success. For global corporations and market and industry leaders from many verticals and geographies Allgeier is thinking breakthroughs for new digital business models, taking strategic priorities and executing fast and without fuss groundbreaking projects to create agile and intelligent enterprise for the digital era. With more than 10,600 employees and over 1,200 freelance experts, Allgeier covers the complete IT service spectrum from onsite to nearshore to offshore – with strong footholds in India, China, Vietnam and Eastern Europe. The fast-growing group, headquartered in Munich, Germany, has more than 120 offices worldwide in 28 countries across five continents. In 2019 fiscal year, Allgeier generated sales of EUR 786 million according to preliminary figures with more than 2,000 customers. According to Lünendonk(R) List 2019, Allgeier is one of the ten leading IT consulting and systems integration companies in Germany. According to Lünendonk(R) Market Segment Study 2019 “The market for recruitment, placement and management of IT freelancers in Germany”, Allgeier Experts ranks among the top 3 IT personnel service providers in Germany. Allgeier SE is listed in the General Standard of the Regulated Market of the Frankfurt Stock Exchange (WKN A2GS63, ISIN DE000A2GS633). Further information is available at: