Puchheim, March 31, 2022


STEMMER IMAGING confirms record figures for 2021 and anticipates double-digit revenue growth for 2022

- Revenue increased by 26.1% to a record level EUR 130.1 million (2020: EUR 103.1 million)

- EBITDA increased by 141.6% to EUR 17.4 million (2020: EUR 7.2 million) - Profitability consistently with double digits across all quarters with 13.3% EBITDA margin for the full year

- Strong operating cash flow of EUR 8.0 million despite an increase in working capital of EUR 5.3 million

- Dividend proposal to the Annual General Meeting: EUR 0.75 per share (previous year: EUR 0.50 per share)

- Forecast 2022: Revenue range EUR 143 - 156 million and EBITDA range EUR 19 - 24 million with an EBITDA margin >13%

Puchheim, March 31, 2022 - STEMMER IMAGING AG (ISIN DE000A2G9MZ9 / GSIN A2G9MZ)
today publishes its final figures for the 2021 fiscal year.

STEMMER IMAGING AG reports significant increases in order intake, revenue and earnings compared to both the previous year and the pre-crisis year 2019, confirming the recently published preliminary figures.

Despite challenging conditions in the international supplier markets and the risks posed by the Corona pandemic, STEMMER IMAGING was able to benefit from the ongoing market momentum through good delivery performance and consistent price and cost management. Measures in procurement and warehousing were able to ease supply shortages.

Order intake increased to EUR 162.1 million, up 42.4% on the same period of the previous year (2020: EUR 113.9 million) and 35.8% on the same period of 2019 (2019: 118.6 million). This results in a book-to-bill ratio of 1.2 compared to 1.1 in the 2020 fiscal year.

Revenue increased by 26.1% to EUR 130.1 million, significantly above the same period of the previous year (2020: EUR 103.1 million) and also significantly above the pre-crisis level of 2019 (2019: EUR 118.6 million) by 9.7%.

The fourth quarter of 2021 again recorded a strong order intake of EUR 40.9 million, 25.5% higher than in the same quarter of the previous year (Q4 2020: EUR 32.6 million). Revenue in the final quarter increased by 18.7% to EUR 30.6 million compared to the same period last year (Q4 2020: EUR 25.8 million). The book-to-bill ratio was 1.3. EBITDA rose by 53.1% year-on-year to EUR 4.9 million (Q4 2020: EUR 3.2 million).

Due to the change in the accounting method for trading in standard software in the annual and consolidated financial statements for the fiscal year ending December 31, 2021, the reported revenue growth compared to 2020 is increased by 0.3 percentage points compared to the previous valuation. As a result of this change, following a clarification of the International Financial Reporting Standards (IFRS) that has been made in the meantime, STEMMER IMAGING classifies the aforementioned revenue as agent and therefore only reports it in revenue in the amount of the gross margin achieved.

STEMMER IMAGING grew significantly above the market in terms of both order intake and revenue. The German Mechanical Engineering Industry Association (VDMA) reports growth of 22.0% in incoming orders and 16.0% in turnover for the machine vision industry in the past fiscal year. Thanks to its broad application-related and regional positioning, as well as its successful positioning in strategic growth markets, STEMMER IMAGING was able to record significant increases in both the sports and entertainment sectors, as well as in the industrial sector, such as e-mobility.

STEMMER IMAGING reported a gross margin of 38.7% for 2021, exceeding the previous year's level of 37.5%. The company benefited from a regional increase due to higher-margin solutions business. At the same time, increased purchasing conditions were largely offset by timely list price adjustments.

Despite one-off effects of EUR 2.7 million in personnel costs and other operating expenses, the operating result (EBITDA) increased to EUR 17.4 million and was thus 141.6% above the previous year's level (2020: EUR 7.2 million) and 61.0% above the level of 2019 (2019: EUR 10.8 million). The cost level in the past fiscal year was EUR 1.1 million below the previous year after deducting the one-off effects.

The EBITDA margin of the STEMMER IMAGING Group was for the first time across all four quarters in the double-digit range and, at 13.3% for the year as a whole, it was within the target corridor of the target margin of 12 - 14% planned over the period of the medium-term guidance.

At EUR 8.0 million, the operating cashflow was below the previous year's level (2020: EUR 10.9 million). The reduction is mainly based on the higher business volume with increasing revenue as well as the difficult delivery situation throughout the reporting period, which led to an increase in working capital due to an active increase in inventory.

Arne Dehn, CEO of STEMMER IMAGING AG:
"We have delivered record figures for 2021 and are able to report improved quarterly operating result (EBITDA) for the eighth time in a row. The implementation of our strategy is visibly bearing fruit. Our employees put in a great performance with their high level of commitment and adaptability. We are pleased that we were able to reward them for this with a special bonus. The ongoing market dynamics, combined with the continued strong order intake, make us optimistic that we will continue to expand on our successful course in 2022."

Dividend
Due to the increased net profit and the steady positive development of the company, a dividend of EUR 0.75 per share (previous year: EUR 0.50 per share) will be proposed to the Annual General Meeting on May 18, 2022. The payout ratio would correspond to 31.6%.

Outlook for 2022
The revenue and earnings forecast is based on the current corporate planning and the assumption that the supply chain situation will ease in the second half of 2022 at the earliest and that any cost increases can be countered with price increases. The continuing supply bottlenecks, the massive increase in energy prices and further pandemic developments are difficult to assess. The ongoing war against Ukraine has once again significantly aggravated the situation, even though the company is not directly dependent on customers and suppliers in this region. At the current time, the macroeconomic risks cannot be comprehensively assessed. Therefore, despite the fundamentally positive market dynamics, the Executive Board foresees a wider range in the possible business development in its full-year forecast. STEMMER IMAGING expects that the ongoing supply chain situation will lead to material and component call-offs being made despite the aforementioned uncertainties in order to reduce the high order backlog of inventory orders. Therefore, the company continues to expect above-average growth of at least 10% at the lower end of the forecast. Due to the high order backlog, growth of up to 20% is considered possible. Accordingly, consolidated revenue in the range of EUR 143 - 156 million and EBITDA of EUR 19 - 24 million are expected for 2022. The company continues to see itself in the target corridor of the mid-term guidance until 2024 with a revenue target of EUR 200 million and an EBITDA margin of 12 - 14% over the medium-term period.

The upcoming Annual General Meeting of STEMMER IMAGING AG will take place on May 18, 2022, in the form of a virtual meeting. Further information will be available shortly on our website under Investor Relations - Hauptversammlung | STEMMER IMAGING (stemmer-imaging.com)

The annual report of STEMMER IMAGING AG for the fiscal year 2021 is available for download at www.stemmer-imaging.com in the Investors section.

A webcast on the financial results for the 2021 fiscal year will be held today (31 March 2022) at 14:00 CEST for analysts, institutional investors and members of the press. To participate in the conference call, participants are asked to register via this link.

About STEMMER IMAGING:
Stemmer Imaging is the leading international partner for machine vision technology. The company combines an extensive commercial range for industrial and non-industrial applications- With a high level of expertise and value-added services STEMMER IMAGING additionally offers pre-configured subsystems dedicated to specifc applications. For 35 years STEMMER IMAGING has been supporting its customers with experienced specialists in Europe and Latin America, to take a leading role in their markets.

Contact:

STEMMER IMAGING AG
Arne Dehn
Chief Executive Officer
Gutenbergstr. 9-13
82178 Puchheim
Phone: +49 89 80902-196
ir@stemmer-imaging.com
www.stemmer-imaging.com