Brockhaus Technologies AG

Good afternoon, ladies and gentlemen, and a warm welcome to the investor update call of Brockhaus Technologies 80. At this time, all participants have been placed on a listen-only mode. The floor will be open for questions following the presentation. Let me now turn the floor over to Marco Brockhaus.

Thank you and good afternoon, everyone. Welcome to Brockhaus Technologies earnings call for the first quarter of the fiscal year 2024. Before we begin, I would like to point out that the slides we are presenting will afterwards be published in the Investors' Relations section of our website, brockhaus-technologies.com. After our presentation, we will open the call to questions from your side. To be fair to everyone, please limit yourselves to one question plus one follow-up. Thank you very much in advance. Before we present our results, I encourage all listeners to review the legal notice on page two of our presentation, which explains the understanding of forward-looking statements. Additionally, please refer to note six of our annual report 2023 on page 94 onwards for discussion on alternative performance measures, as well as the reconciliation of non-GAAP figures. For information on risk factors that could cause actual results, to differ materially from forward-looking statements, we kindly refer you to the section on risk and opportunities in the Management Report 2023, starting on page 65. So, flipping over to page 3 to give you a brief summary of what we have achieved in the first quarter of this year. We want to continue our success story in 2024 and confirm our annual forecast. Due to a return to long-term seasonality at bike leasing with a high proportion of annual business volume in Q2 and Q3, as well as a solid order backlog at IHSE by the end of April, we expect particularly strong growth acceleration in the coming two quarters. Brockhaus Technologies generated revenues of €40 million in Q1 2024, which represents organic growth of 18% compared to Q1 of last year. Adjusted pro forma EBITDA grew by 4% to €11 million, corresponding to an adjusted pro forma EBITDA margin of 29%. Adjusted pro forma EBIT also increased by 3% to €10 million, corresponding to an adjusted EBIT margin of 26%. Before adjustments, EBITDA amounted to €11 million and EBIT to €5 million. EBIT is especially influenced by PPA amortizations. On the back of this strong development starting into the year, we confirm our group forecast with revenue between 220 and 240 million euro and an adjusted EBITDA between 80 and 90 million euro. The operating development in Q1 as well as the growth forecast for the full year clearly underline the resilience of our business model despite ongoing geopolitical and macroeconomic uncertainties. Lastly, We further reduced the leverage ratio within the group to 0.7 times adjusted LTM EBITDA. This equips us with significant non-dilutive financing capacity for acquisitions and future growth initiatives, but more on this later in the presentation.

Let us jump right into the quarterly revenue analysis on page four.