hGears AG Group: Annual General Meeting approves all agenda items

EQS-News: hGears AG / Key word(s): AGM/EGM
hGears AG Group: Annual General Meeting approves all agenda items

12.06.2024 / 18:00 CET/CEST
The issuer is solely responsible for the content of this announcement.

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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


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12.06.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS
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   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

End of News EQS News Service
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1923883 12.06.2024 CET/CEST