According to preliminary figures, Stabilus SE increases revenue by 8.9% to more than €1.2 billion in FY2023.

CORPORATE NEWS

According to preliminary figures, Stabilus SE increases revenue by 8.9% to more than €1.2 billion in FY2023.

• According to preliminary figures, revenue in FY2023 grew by 8.9% to €1,215.3 million (FY2022: €1,116.3 million)

• Adjusted EBIT^[1] at €158.4 million, compared to €156.2 million in the previous year, corresponding to a margin of 13.0% (FY2022: 14.0%)

• Profit at €103.3 million (FY2022: €104.3 million) and adjusted free cash flow (adj. FCF^[1]) significantly increased to €107.3 million (FY2022: €81.7 million)

• Forecast for FY2024 foresees revenue of €1.4 billion to €1.5 billion with an adjusted EBIT margin of 13% to 14% (assuming consolidation of DESTACO from March 2024 and including expected integration costs)

Koblenz, November 10, 2023 – According to preliminary figures for fiscal 2023 (ended September 30, 2023), Stabilus SE (WKN: STAB1L, ISIN: DE000STAB1L8), one of the world's leading suppliers of motion control solutions for a wide range of industries, achieved revenue growth of 8.9% to €1,215.3 million and an EBIT margin of 13.0% in an environment characterized by a complex array of macroeconomic and geopolitical challenges. Stabilus thereby fulfilled its forecast last specified in the context of the reporting for the third quarter of 2023.

After a record fourth quarter of FY2022 due to accumulated demand, in which the company increased its revenue by 39.5%, revenue in the fourth quarter of fiscal 2023 decreased by 4.0% year-on-year to €307.5 million (Q4 FY2022: €320.3 million) in a challenging environment. Adjusted for currency effects, the revenue decline amounted to 1.5% year-on-year. However, the adjusted EBIT margin further increased to 14.0% in the fourth quarter compared to the previous quarters of FY2023. In fiscal year 2023, the adjusted EBIT margin has thus increased steadily with a margin of 11.2% in Q1 FY 2023, 13.1% in Q2 FY 2023 and 13.7% in Q3 FY2023.

On a full-year basis, the Group generated revenue of €1,215.3 million according to preliminary figures, compared to €1,116.3 billion in the previous year. This corresponds to an increase of 8.9% (organically +7.9%) year-on-year. Adjusted EBIT amounted to €158.4 million (FY2022: €156.2 million), corresponding to an adjusted EBIT margin of 13.0%.

Dr. Michael Büchsner, CEO of Stabilus, said: "We were able to continue our organic growth in the fiscal 2023 amidst a difficult environment and to operate profitably. Strategically, we have furthermore provided important impetus for the sustained growth of the company with a long-term concept for the future of the Koblenz site, by increasing our ownership stake in the Cultraro Group and through the agreement to acquire DESTACO to strengthen our industrial business. One of the goals of our STAR 2030 strategy program is to achieve an equal balance between Industrial and Automotive revenue with total revenue of €2 billion by fiscal 2030. Following the completion of the acquisition of DESTACO, which is expected in the first half of 2024, we will be a big step closer to this goal. We are therefore also optimistic about the fiscal 2024 and continue to expect growth above comparative economic indicators, even if the macroeconomic and geopolitical environment requires a certain degree of caution."

Revenue growth in all regions in FY2023

In EMEA, revenue in FY2023 increased by 5.8% to €496.6 million (FY2022: €469.4 million). In the Americas, revenue grew by 16.3% year-on-year to €450.5 million (FY2022: €387.5 million). In Asia-Pacific (APAC), the company recorded revenue growth of 3.4% year-on-year to €268.2 million (FY2022: €259.4 million).

Automotive Powerise achieves particularly strong growth in Europe and Asia

In terms of business units, Stabilus recorded organic revenue growth of 11.4% to €429.3 million at Automotive Powerise (FY2022: €374.6 million) and an increase of 3.9% to €341.4 million (FY2022: €326.0 million) at Automotive Gas Spring. In particular, the EMEA and Asia-Pacific regions benefited from strong organic growth rates of 18.0% and 15.8% respectively in the Automotive Powerise business unit.

The Industrial business unit revenue in FY2023 grew organically by 7.6% to €444.6 million compared to the previous year (FY2022: €415.8 million). Stabilus recorded the strongest development in the industrial business in the market segments Energy, Construction, Industrial Machinery & Automation (ECIMA), Mobility as well as Distributors, Independent Aftermarket, E-Commerce (DIAMEC).

Adjusted EBIT margin of 13.0% in FY2023

Adjusted operating profit (adjusted EBIT) increased by 1.4% to €158.4 million in FY2023 (FY2022: €156.2 million). This corresponds to an adjusted EBIT margin of 13.0%, compared to 14.0% in FY2022.

In FY2023, profit was €103.3 million (FY2022: €104.3 million). The adjusted free cash flow (adj. FCF) amounting to €107.3 million was significantly higher than in the previous year (FY2022: €81.7 million).

Stefan Bauerreis, CFO of Stabilus, said in this context: „We are more than satisfied with the development of the Stabilus Group in the fiscal 2023. We have achieved our targets in terms of revenue and adjusted EBIT margin. I would particularly like to emphasize our profitable growth, which was once again reflected in strong cash generation. In the past fiscal year, we exceeded the adjusted free cash flow threshold of €100 million.”

Forecast for fiscal 2024 foresees revenue of €1.4 billion to €1.5 billion and an adjusted EBIT margin of 13% to 14%

For fiscal 2024, Stabilus expects revenue of €1.4 billion to €1.5 billion and an adjusted EBIT margin in the range of 13% to 14%. The forecast is based on the assumption that the closing of the DESTACO acquisition will take place until end of February 2024 and includes effects from the consolidation of DESTACO (seven months), including expected integration costs. The range of revenue and earnings expectations reflects the current macroeconomic and geopolitical uncertainties.

An accompanying presentation on the preliminary figures for fiscal 2023 is available in English and can be downloaded on the company's website at www.ir.stabilus.com. The final figures and the annual report for the 2023 fiscal year will be published on December 15, 2023.

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^[1] Cf. definition/calculation of KPI’s adjusted EBIT and adjusted free cash flow  (adj. FCF) in our  current financial reports and results presentations, e.g., in our presentation of the preliminary FY2023 results, pp. 24ff., that can be downloaded from the company’s website at  www.ir.stabilus.com. Adjusted free cash flow is defined as the total of cash flows from operating activities and cash flows from investing activities before acquisitions, divestments, and non-recurring items (e.g., restructuring expenses or non-recurring consulting expenses).

Investor contact:

Andreas Schröder
Tel.: +49 261 8900 8198
E-Mail: anschroeder@stabilus.com
Web: www.ir.stabilus.com

Press contact:

Peter Steiner
Tel.: +49 69 794090 27
E-Mail: stabilus@charlesbarker.de
Charles Barker Corporate Communications

About Stabilus

Stabilus is one of the world's leading providers of motion control solutions for customers across a broad spectrum of industries including mobility, health, recreation, furniture, energy, construction, industrial machinery and automation. With more than eight decades of demonstrated expertise, Stabilus offers reliable and innovative motion control solutions that enable, enhance and automate opening, closing, lifting, lowering and adjusting actions. The company's customized damping and vibration isolation technology protects against shocks, vibrations and noise. Employing a workforce of more than six thousand in eleven countries worldwide, the company has its operational headquarters in Koblenz, Germany, and has reported revenue of €1.2 billion in fiscal year 2023 according to preliminary figures. Additionally, the Group maintains regional offices and relations to sales partners in over fifty countries in Europe, North and South America, as well as in Asia-Pacific. Stabilus SE is listed in the Prime Standard segment of the Frankfurt Stock Exchange and included in the MDAX index.

Important Notice

This press release may contain forward-looking statements based on current assumptions and forecasts made by Stabilus Group management and other information currently available to Stabilus. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here.