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EQS-News: SURTECO GROUP SE / Key word(s): Annual Report
SURTECO GROUP SE: Good start to the business year 2024 after a difficult year in 2023
2024-04-24 / 07:05 CET/CEST
The issuer is solely responsible for the content of this announcement.
SURTECO GROUP SE: Good start to the business year 2024 after a difficult year in 2023

. Earnings per share in 2023 amount to EUR -0.79 after EUR 1.63 in the previous year
. Sales for 2024 are projected to be in the range EUR 860 to 910 million. Adjusted EBITDA is expected between
EUR 85 and 105 million.
. Good start to the business year 2024 with an increase of 44 % in EBITDA
Buttenwiesen, 24 April 2024 - The sales of the SURTECO Group at EUR 835.1 million in the business year 2023 (2022: EUR
747.7 million) were in the range most recently expected. Owing to weak demand and one-off exceptional effects including
acquisition of the Omnova divisions, earnings before financial result, income tax and depreciation and amortization
(EBITDA) amounted to EUR 66.6 million after EUR 84.2 million in the previous year. After taking the one-off exceptional
effects into account, the Group generated adjusted EBITDA of EUR 86.4 million (2022: EUR 84.2 million) in the business year
2023. Earnings before financial result and income tax (EBIT) amounted to EUR 8.1 million (2023: EUR 40.2 million) and
consolidated net profit fell by -149 % to EUR -12.3 million as a result of one-off exceptional effects and finance costs
for the acquisition. The Supervisory Board and the Management Board decided to retain the liquidity in the company for
this year and to offset the net loss for the year arising in accordance with the German Commercial Code (HGB). A
proposal for paying a dividend will therefore not be forthcoming for submission to the Annual General Meeting.
"The year 2023 was significantly impacted by one-off exceptional effects. However, we have thereby charted a course for
the future, which is already paying off in the first quarter of the new year," commented Wolfgang Moyses, Chairman of
the Management Board of SURTECO GROUP SE.
The weak demand is reflected in all the segments. Sales in Surfaces eased by -4 % and EBIT fell back to EUR -2.6 million
(2022: EUR 1.8 million). On the back of a drop in sales of -7 %, the Segment Edgebands generated EBIT of EUR 14.0 million
after EUR 19.7 million in the previous year. Sales in Profiles eased by -8 % and EBIT amounted to EUR 9.5 million (2022: EUR
12.3 million). Owing to the acquired divisions, which are also allocated to this segment for the Thai business, sales
for North America increased by 125 %. Conversely, EBIT fell to EUR -11.8 million (2022: EUR 7.2 million) owing to the
acquisition-related one-off exceptional effects. Sales in the Segment Asia / Pacific were also impacted with a fall of
-9 %. EBIT amounted to EUR 7.2 million after EUR 10.2 million in the previous year.

Outlook for 2024
SURTECO made a good start to the business year 2024 with preliminary sales of EUR 222.3 million (2023: EUR 205.7 million)
and preliminary adjusted EBITDA of EUR 27.6 million (2023: EUR 19.1 million). Although a recovery in demand is not
currently expected in 2024, one-off exceptional effects related to the acquisition will no longer apply and
improvements are expected to be derived from the Performance Plus programme. As a consequence, the Group is
anticipating sales between EUR 860 and EUR 910 million for the business year 2024 and adjusted EBITDA between EUR 85 and
EUR 105 million.
You will find the Annual Report for the year 2023 and other information about SURTECO GROUP SE on the Internet at
www.surteco.com.
The report for the first quarter of 2024 will be published on 30 April.

Profile of SURTECO
SURTECO GROUP SE with registered office in Buttenwiesen is a mid-sized enterprise listed on the stock exchange with
international operations. The company combines leading national and international brands for surface technology under
one roof. Its comprehensive product portfolio includes papers printed with decor designs, impregnated materials,
release papers, decorative flat foils and edge bandings based on specialist technical papers and plastics. This
portfolio is complemented by skirtings made of plastics, technical extrusions (profiles) for industry, and roller
shutter systems. The Group has a workforce of more than 3,500 employees at 24 production sites worldwide, generating
annual sales of around EUR 835 million. 20 % of these sales are in Germany, 39 % in European countries outside Germany
and a further 41 % in America, Asia and Australia. Customers of the SURTECO Group primarily come from wood-based,
flooring and furniture industries, as well as from interior design.

More information on the company is available at: www.surteco.com

The shares in SURTECO GROUP SE are listed on the official market (Prime Standard) of the Frankfurt and Munich Stock
Exchanges under the ticker symbol SUR and ISIN DE0005176903. They are also traded on the stock markets in Berlin,
Düsseldorf and Stuttgart.

Cautionary note regarding forward-looking statements
This press release may contain statements of future forecasts or expectations and other forward-looking statements and
involves known and unknown risks and uncertainties. There is therefore no guarantee for the statements and expectations
expressed herein. The actual results and developments may differ substantially. The company assumes no obligation to
update any forward-looking statements contained herein or to adapt such information to future results or developments.


Contact:

SURTECO GROUP SE

Martin Miller
Investor Relations
T: +49 8274 9988-508
F: +49 8274 9988-515
www.surteco.com
ir@surteco.com


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Important indicators of SURTECO GROUP SE (in EUR million)

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2022       2023 Variation 
Consolidated sales                            747.7      835.1       +12 
- of which Surfaces                     277.6      265.6        -4 
- of which Edgebands                    162.5      151.1        -7 
- of which Profiles                     148.5      137.4        -8 
-of which North America                102.0      229.1      +125 
-of which Asia / Pacific                57.0       51.9        -9 
Foreign sales in %                               76         80 
EBITDA                                         84.2       66.6       -21 
EBITDA adjusted ^1                             84.2       86.4        +3 
EBIT^ 2                                        40.2        8.1       -80 
- of which Surfaces                       1.8       -2.6      -241 
- of which Edgebands                     19.7       14.0       -29 
- of which Profiles                      12.3        9.5       -23 
-of which North America                  7.2      -11.8      -263 
-of which Asia / Pacific                10.2        7.2       -29 
EBT                                            36.8       -7.7      -121 
Consolidated net profit / loss                 25.2      -12.3      -149 
Earnings per share in EUR^ 3                     1.63      -0.79      -149 
Cash flow from current business operations     69.1      100.6       +46 
Free cash flow                                 30.2     -172.6      -571 1. Less acquisition and integration costs, consultancy costs, provisions for personnel measures and PPAstep-up inventories 2. Difference to balance of segment earnings due to internal clearing 3. Based on a number of shares amounting to 15,505,731 

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2024-04-24 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. The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.eqs-news.com

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Language:     English 
Company:      SURTECO GROUP SE 

Johan-Viktor-Bausch-Str. 2
86647 Buttenwiesen
Germany

Phone:        +49 (0)8274 99 88-0 
Fax:          +49 (0)8274 99 88-5 05 
E-mail:       ir@surteco.com 
Internet:     www.surteco.com 
ISIN:         DE0005176903 
WKN:          517 690 
Listed:       Regulated Market in Frankfurt (Prime Standard), Munich; Regulated Unofficial Market in Berlin, 

Dusseldorf, Hamburg, Hanover, Stuttgart, Tradegate Exchange
EQS News ID: 1886311

End of News EQS News Service
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1886311 2024-04-24 CET/CEST

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April 24, 2024 01:05 ET (05:05 GMT)