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EQS-News: hGears AG / Key word(s): AGM/EGM
hGears AG Group: Annual General Meeting approves all agenda items
2024-06-12 / 18:00 CET/CEST
The issuer is solely responsible for the content of this announcement.
hGears AG Group: Annual General Meeting approves all agenda items
HIGHLIGHTS OF THE ANUAL GENERAL MEETING 2024
. hGears held its third Annual General Meeting as a listed company
. 70.04 % of the share capital were represented at the 2024 AGM
. All proposed resolutions have been approved
. CEO Sven Arend looked back on a financial year that was once again characterized by challenges and
changes
Schramberg, 12 June 2024 - At the Annual General Meeting in Frankfurt am Main on 11 June 2024, the shareholders of
hGears AG approved all items on the agenda. The event was held in a virtual format but allowed shareholders to ask live
questions to ensure that they were able to make full use of their shareholder rights. 70.04 % of the share capital were
represented at the Annual General Meeting. The proposals for the resolutions put to the vote were adopted by a large
majority of the shareholders. Furthermore, the Annual General Meeting approved the actions of the Management Board and
the Supervisory Board with 99.80 % and 96.46 % of the votes respectively and approved the compensation report with
96.56 %.
The past year was once again characterized by considerable economic challenges and, contrary to expectations, the
geopolitical situation deteriorated further. In addition, our customers were confronted with excessive inventories,
sharply rising interest rates and weak consumer sentiment. These factors had a negative impact on demand for the
company's products and necessitated organizational adjustments. A milestone in 2023 was the introduction of Sven Arend
as the new CEO, who took over from Pierluca Sartorello on 1 February 2023 and immediately streamlined the company's
structures and made the organization more efficient. The management is convinced of both the medium-term and long-term
prospects of the reorganized business areas and confirms its forecast for 2024, which envisages sales in the range of
EUR 100 - 110 million and adjusted EBITDA of EUR 1 - 3 million. The company should be able to generate a free cash flow
of EUR 0 to minus EUR 3 million in 2024. In the medium term, i.e. in the next three to five years, hGears is aiming for
strong growth, particularly in the e-Bike business area, albeit from a lower base, and expects to achieve consolidated
sales of around EUR 150 - 180 million.
For a detailed summary of the individual voting results, please refer to the heading "Annual General Meeting" in the
Investor Relations section on our website (www.hgears.com).
Contact

hGears AG
Christian Weiz
Brambach 38
78713 Schramberg

T: +49 (7422) 566 222
E: christian.weiz@hgears.com


About hGears
hGears is a global manufacturer of mission-critical high-precision gears and components with a focus on products for
e-mobility applications. The Company's strategic focus is on the e-Mobility business area, where products include
gears, shafts, and other mission-critical components to be used in electrical drive applications for e-bikes and
electric and hybrid vehicles. In the e-bikes segment, hGears is the European market leader in the supply of
high-precision gears and components, and its parts are contained in almost every second e-bike sold in Europe. This
puts the Company in a good position to capitalize on the dynamically growing end-markets for e-bikes and electric and
hybrid vehicles. hGears has three distinct business areas for which it develops and manufactures high-precision
components: e-Bike, e-Tools and
[e]-Mobility (i.e. for premium and luxury cars, EHVs and recreational all-terrain vehicles).
hGears combines over 65 years of experience in advanced machined steel metal processing and state-of-the-art powder
metal production. It is one of the few companies offering customers both processes worldwide. hGears works together
with its customers in a "co-development" role to design components and find technologically optimal solutions to
satisfy the customer's specifications. hGears' blue-chip customer base includes several major suppliers (Tier 1) as
well as original equipment manufacturers (OEMs). The Company benefits from long, stable and sustainable relationships
with its customers and has worked with many key customers for over 15 years.
hGears is headquartered in Schramberg, Germany, and operates globally with production facilities in Schramberg,
Germany, Padua, Italy, and Suzhou, China. Find us on the web: www.hgears.com

2024-06-12 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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Archive at www.eqs-news.com  
Language:     English 
Company:      hGears AG 

Brambach 38
78713 Schramberg
Germany

Phone:        +49 (7422) 566 0 
Fax:          +49 (7422) 566 883 
E-mail:       info@hgears.com 
Internet:     https://hgears.com 
ISIN:         DE000A3CMGN3 
WKN:          A3CMGN 
Listed:       Regulated Market in Frankfurt (Prime Standard) 
EQS News ID:  1923883 

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1923883 2024-06-12 CET/CEST

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June 12, 2024 12:00 ET (16:00 GMT)