Stabilus SE continues successful development with strong start to fiscal 2023

CORPORATE NEWS

Stabilus SE continues successful development with strong start to fiscal 2023

• Revenue increases by 19.3% to €290.7 million in Q1 FY2023: Automotive Powerise is again the growth driver; Industrial business unit also developing well

• Adjusted EBIT^[1] in Q1 at €32.6 million compared to €29.3 million in Q1 FY2022

• Q1 result at €15.5 million (Q1 FY2022: €18.0 million) and free cash flow before acquisitions (adj. FCF^[1]) at €32.7 million (Q1 FY2022: €7.4 million)

Koblenz, January 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, was able to report strong development in the Automotive Powerise and Industrial units in its first quarter of fiscal 2023 ended December 31, 2022 and recorded significant revenue growth.

Group revenue increased to €290.7 million in the first quarter of fiscal 2023 from €243.7 million in the same period last year, corresponding to year-on-year revenue growth of 19.3%.

Dr. Michael Büchsner, CEO of Stabilus, said: "Revenue growth in the first quarter – both in absolute and organic terms – is at the same level as in the very successful fiscal year 2022. Our business development thus continues to defy the challenges posed by difficult macroeconomic conditions worldwide. While the ongoing geopolitical and associated economic uncertainty persists, we remain true to our objective of profitable growth, and our results show that we are able to meet them. "

All regions contribute to growth in Q1 FY2023; the Americas stands out

In the EMEA segment, revenue increased by 3.5% to €109.2 million in Q1 FY2023 (Q1 FY2022: €105.5 million). The main revenue driver with organic growth of 21.7% was the business segment Automotive Powerise, which outpaced the increase in vehicle production in the region. Stabilus achieved the largest revenue increase of all regions in Q1 FY2023 at 41.5% to €109.2 million (Q1 FY2022: €77.2 million) in the Americas segment, whereby currency translation had a supportive effect (organic growth +23.2% compared to the previous year). The growth is attributable in particular to a strong development of the industrial business in all segments as well as a general increase in vehicle production on the continent. In the Asia-Pacific (APAC) segment, the company recorded a year-on-year revenue increase of 18.3% to €72.3 million (Q1 FY2022: €61.1 million), which is mainly attributable to a renewed strong development of the Automotive business unit (organic growth in Automotive Powerise +42.2% and Automotive Gas Spring +2.7% year-on-year).

Automotive Powerise and Industrial drive revenue development

Broken down by business unit, Automotive Powerise remains the fastest-growing segment with organic revenue growth of 31.9% to €107.8 million (Q1 FY2022: €76.7 million), despite an only slight increase in vehicle production worldwide. This is mainly due to the continuing high demand for powered tailgates from end customers. Revenue in the Automotive Gas Spring business unit amounted to €82.1 million (Q1 FY2022: €76.5 million), which corresponds to a gain of 2.7%. The Industrial business unit also grew again with a revenue increase of 8.1% in Q1 FY2023 to €100.8 million (previous year: €90.5 million). The market segment Energy, Construction, Industrial Machinery & Automation (ECIMA) performed particularly well, increasing its share of Industrial revenue from 17% to 23%. This was mainly at the expense of the Health, Recreation & Furniture (HRF) segment, while the Distributors, Independent Aftermarket and E-Commerce (DIAMEC) segment declined only slightly and revenue share in the Mobility segment remained unchanged.

Overall, 35% (Q1 FY2022: 37%) of Group revenue in Q1 FY2023 was attributable to the Industrial business unit and 65% (Q1 FY2022: 63%) to the two automotive business units Automotive Powerise and Automotive Gas Spring.

Adjusted EBIT margin of 11.2% in the first quarter 2023

Adjusted operating profit (adjusted EBIT^[1]) increased by 11.3% to €32.6 million in Q1 FY2023 (Q1 FY2022: €29.3 million). This corresponds to an adjusted EBIT margin of 11.2% compared to 12.0% in the same period Q1 FY2022.

In Q1 FY2023, profit was €15.5 million (Q1 FY2022: €18.0 million) and free cash flow before acquisitions (adj. FCF^[1]) €32.7 million (Q1 FY2022: €7.4 million).

Forecast for fiscal 2023 confirmed

Stabilus confirms its forecast for the full fiscal year 2023 and continues to expect revenue of €1.1 billion to €1.2 billion as well as an adjusted EBIT^[1] margin in the range of 13% to 14%.

The quarterly statement for the first quarter of fiscal 2023 can be downloaded on the company's website at Investors / Financial Reports & Presentations.

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^[1] Cf. definition/calculation of KPI’s adjusted EBIT and free cash flow before acquisitions (adj. FCF) in our Quarterly Statement Q1 FY2023, pages 12 and 14, that can be downloaded from the company’s website at Investors / Financial Reports & Presentations.

Investor contact:
Andreas Schröder
Tel.: + 49 261 8900 8198
E-Mail: anschroeder@stabilus.com

Press contact:
Peter Steiner
Tel.: +49 69 794090 27
E-Mail: Peter.Steiner@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 worldwide, the company has its operational headquarters in Koblenz, Germany. In the 2022 fiscal year, Stabilus has reported revenues of €1.1 billion. Stabilus has a global production network encompassing plants in eleven countries. 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.