WashTec AG: First-quarter EBIT margin at prior-year level despite slow start
to the year

EQS-News: WashTec AG / Key word(s): Quarterly / Interim Statement
WashTec AG: First-quarter EBIT margin at prior-year level despite slow start
to the year

06.05.2024 / 07:00 CET/CEST
The issuer is solely responsible for the content of this announcement.

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WashTec AG: First-quarter EBIT margin at prior-year level despite slow start
to the year

* Revenue EUR100.8m (prior year: EUR109.2m)

* EBIT EUR5.1m (prior year: EUR5.5m); EBIT margin 5.1% (prior year: 5.0%)

* Free cash flow EUR9.3m (prior year: EUR1.9m)

* Guidance for fiscal year 2024 confirmed


Augsburg, May 6, 2024 - The WashTec Group generated revenue of EUR100.8m in
the first three months, down 7.7% on the prior year (EUR109.2m). On an
exchange rate adjusted basis, revenue was 7.9% down on the prior year. This
was mainly the result of lower sales of equipment, particularly to key
accounts in North America.

Despite the lower revenue, Group EBIT in the first three months amounted to
EUR5.1m, only slightly down on the prior year (EUR5.5m). As a result, the EBIT
margin increased slightly to 5.1% (prior year: 5.0%). Adjusted for one-off
expenses of around EUR1m, EBIT rose by around 11% compared to the prior-year
quarter.

Free cash flow improved in the first three months to EUR9.3m (prior year:
EUR1.9m) due to lower capital expenditure and a refund of investment income
withholding tax.

Orders received were lower in the first quarter than in the prior-year
quarter due to the drop in demand in the market as a whole. Due to the lower
orders received, the order backlog as of the end of March also fell below
the prior-year figure.

The WashTec Group confirms the guidance for fiscal year 2024 and expects
revenue on a similar level to the prior year and an increase in EBIT in the
mid single-digit percentage range.

"I have been part of the WashTec AG team since May 1, 2024. For me, WashTec
AG is a jewel that has established a successful market position in recent
years with a sustainable product and service portfolio and an innovative
digital platform. Our task for the near future is to systematically build on
this position with the cross-functional expertise of our employees. The
focus remains on profitability. I look forward to this," explained Michael
Drolshagen, CEO of WashTec AG.

The full Q1 statement and further information about WashTec can be found on
the WashTec: Investor Relations Website.

About WashTec:
The WashTec Group, based in Augsburg, Germany, is the leading provider of
innovative carwash solutions. WashTec employs around 1,700 people worldwide
and has subsidiaries in the markets of Europe, North America and
Asia/Pacific. In addition, WashTec is on the map in some 80 countries
through independent dealers.



Key figures:

    EURm, IFRS                 Q1 2024  Q1 2023  Change in %
    Revenue                  100.8    109.2    -7.7
    EBIT                     5.1      5.5      -7.3
    EBIT margin in %         5.1      5.0      10bp
    Net income               3.1      3.5      -11.4
    Earnings per share1 (EUR)  0.23     0.26     -11.4
    Free cash flow           9.3      1.9      389.5

bp: basis point (1/100th of a percentage point)

    EURm, IFRS                        31.03.24  31.12.23  Change abs.
    Balance sheet total             263.1     271.3     -8.2
    Equity                          89.1      85.8      3.3
    Equity ratio (%)                33.9      31.6      2.3
    Net operating working capital2  89.9      83.5      6.4

1 Basis: average of 13,382,324 shares; basic = diluted
2 Trade receivables + inventories - trade payables - prepayments on orders



Contact:
WashTec AG
Argonstrasse 7
86153 Augsburg

Tel.: +49 (0)821 - 5584 - 0
Fax: +49 (0)821 - 5584 - 1135


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06.05.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS
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   Language:       English
   Company:        WashTec AG
                   Argonstraße 7
                   86153 Augsburg
                   Germany
   Phone:          +49 (0)821 55 84-0
   Fax:            +49 (0)821 55 84-1135
   E-mail:         washtec@washtec.de
   Internet:       www.washtec.de
   ISIN:           DE0007507501
   WKN:            750750
   Listed:         Regulated Market in Frankfurt (Prime Standard);
                   Regulated Unofficial Market in Berlin, Dusseldorf,
                   Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange
   EQS News ID:    1895649

End of News EQS News Service
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1895649 06.05.2024 CET/CEST