Investor Relations
Allgeier SE shows significant revenue growth and disproportionate earnings increase in the first nine months of 2022

11/09/2022

Publication of inside information pursuant to Article 17 MAR

Munich, November 09, 2022 – Allgeier SE (ISIN DE000A2GS633, WKN A2GS63) achieved revenue growth of 21 percent in the first nine months of 2022 (January 01, 2022 – September 30, 2022) according to preliminary figures and a disproportionate increase in earnings. The adjusted EBITDA margin was 12 percent. In the third quarter of 2022 (July 01, 2022 – September 30, 2022), Allgeier increased revenue by 24 percent and adjusted EBITDA by 55 percent, corresponding to an adjusted EBITDA margin of 13 percent.

Business performance of continuing operations in the first nine months of 2022

In total, revenue from continuing operations of the Allgeier group increased by 21 percent to EUR 351.6 million in the first nine months of 2022 compared with the first nine months of 2021 (previous year: EUR 291.2 million). Gross profit (defined as total output less cost of sales and personnel expenses directly attributable to sales) increased by 25 percent to EUR 111.5 million in this period (previous year: EUR 89.3 million). Adjusted EBITDA (earnings before depreciation, amortization and impairment losses on property, plant and equipment, interest and taxes, adjusted for extraordinary items and items relating to other periods) increased by 44 percent to EUR 41.5 million (previous year: EUR 28.7 million). EBITDA (earnings before interest, taxes, depreciation and amortization) grew by 84 percent to EUR 41.2 million in the reporting period (previous year: EUR 22.4 million). EBIT (earnings before interest and taxes) amounted to EUR 21.5 million (previous year: EUR 9.5 million), corresponding to an increase of 127 percent.

Key group figures* Q1-Q3 2022 Q1-Q3 2021 Change
Revenues 351.6 291.2 + 21%
Gross profit 111.5 89.3 + 25%
Adjusted EBITDA 41.5 28.7 + 44%
EBITDA 41.2 22.4 + 84%
EBIT 21.5 9.5 + 127%

*Continuing operations according to IFRS, figures in EUR million (unless otherwise stated)

Business performance of continuing operations in the third quarter of 2022

In the third quarter of 2022, the Allgeier group increased its revenue from continuing operations by 24 percent year-on-year to EUR 122.8 million (previous year: EUR 98.8 million). In the same period, gross profit increased by 30 percent to EUR 41.2 million (previous year: EUR 31.8 million). At EUR 16.6 million, adjusted EBITDA for the third quarter of 2022 was 55 percent higher than in the same period of the previous year (previous year: EUR 10.7 million), corresponding to a margin of 13.3 percent. EBITDA amounted to EUR 15.3 million (previous year: EUR 10.4 million), corresponding to an expansion of 47 percent compared to the same period of the previous year. EBIT rose to EUR 8.7 million (previous year: EUR 5.7 million).

Key balance sheet data as of September 30, 2022

According to preliminary figures, consolidated equity increased to EUR 171 million as of the reporting date September 30, 2022 (December 31, 2021: EUR 163 million). The Allgeier group had cash and cash equivalents of EUR 52 million at the end of the third quarter of 2022 (December 31, 2021: EUR 69 million). The group’s net debt at the balance sheet date amounted to EUR 126 million, of which EUR 42 million were liabilities from rental and lease agreements (December 31, 2021: EUR 114 million, of which EUR 45 million were liabilities from rental and lease agreements). The current and non-current financial liabilities stood at EUR 136 million at the end of the third quarter of 2022 (December 31, 2021: EUR 138 million). Total assets amounted to EUR 498 million as of September 30, 2022 (December 31, 2021: EUR 485 million).

Outlook for the fourth quarter of 2022

The expectation for the business development in 2022 is within the range of the guidance for the financial year 2022 published in the ad hoc announcement of December 17, 2021, as well as in the Allgeier SE Annual Report 2021.

Notes

The voluntary interim information as of September 30, 2022, of Allgeier SE will be published on November 14, 2022, and can then be viewed at www.allgeier.com.

All figures stated have been prepared in accordance with IFRS, are preliminary and have not been audited.

It should also be noted that disclosures for periods after September 30, 2022, represent expectations of the Management Board based on assumptions and estimates. Future actual developments and future actual results may deviate from these assumptions and estimates. Allgeier SE assumes no guarantee and no liability that future developments and actual results achieved in the future will correspond to the assumptions and estimates expressed in this ad hoc announcement.

This document contains supplementary financial measures – not precisely defined in relevant accounting frameworks – that are or may be so-called alternative performance measures. These supplementary financial measures may be of limited use as an analytical tool and should not be used in isolation or as an alternative to the financial measures presented in the consolidated financial statements and determined in accordance with relevant accounting frameworks in assessing the financial position, financial performance and cash flows of Allgeier SE. Other companies that present or report alternative performance measures with a similar title may calculate them differently and therefore they may not be comparable. For more information on the alternative performance measures used by Allgeier SE, please refer to the Annual Report 2021.