SBF AG announces preliminary figures for the first half of 2023 and adjusts revenue and EBITDA guidance for 2023

Leipzig, 24 August 2023. SBF AG (ISIN: DE000A2AAE22; WKN A2AAE2, "SBF"), a listed supplier of LED lighting systems for rolling stock, municipalities, railways and industry, announces preliminary revenue and earnings figures for the first half of 2023. Group revenues for the first half of 2023 decreased to approximately Euro 16.9 million (first half of 2022: Euro 17.7 million). Preliminary consolidated earnings before interest, taxes, depreciation and amortisation (EBITDA) reached approximately €0.4 million in the first half of the year (first half of 2022: €2.0 million).

Based on the preliminary figures for the first half of 2023 and on the basis of current information available for the second half of 2023, SBF AG is therefore adjusting the forecast for consolidated revenue and consolidated EBITDA for the full year 2023.

Accordingly, consolidated revenue of 34 to 35 million euros is now expected for the full year 2023. Group revenue is therefore expected to remain at the level of 2022. Previously, revenue growth to more than 40 million euros was expected for 2023. Group EBITDA for 2023 is now expected to be significantly lower at around 1 million euros. Previously, EBITDA was expected to increase to more than 2.3 million euros compared to EBITDA in 2022.

The preliminary figures for the first half of 2023 and the adjusted forecast for 2023 are essentially due to two factors: In the "Rolling Stock" business field, the significant increase in procurement costs is leading to burdens on earnings for the SBF Group, as the increased procurement costs have so far only been passed on to customers with a time lag or not yet in full. In the business segment "Public and Industrial Lighting", the likewise significant increase in procurement costs and the continuing caution of customers due to the economic situation led to stagnating sales development and consequently to negative earnings development.

The aforementioned preliminary figures for the first half of 2023 and the adjusted forecast for 2023 do not take into account the acquisition of AMS Software & Elektronik GmbH announced on 31 July 2023. The Management Board of SBF AG continues to expect that the acquisition of AMS Software & Elektronik GmbH, after integration into the SBF Group, will lead to an increase in revenue and earnings at Group level in the coming years. After all conditions precedent have been fulfilled, an adjusted forecast for 2023 will be made for the SBF Group including AMS Software & Elektronik GmbH from the date of initial consolidation.