029 Group SE announces publication of Annual Report

EQS-Media / 24.04.2024 / 09:30 CET/CEST

Berlin, 24th April 2024. 029 Group SE (ISIN: DE000A2LQ2D0), a global
hospitality and lifestyle platform, announces that it has published its
Annual Report and full financial results for the financial year ended 31
December 2023. The company closed the past financial year with a Net Loss of
EUR 5.6 million (previous year: EUR 0.7 million) in accordance with HGB
accounting standards. The net loss is mainly attributable to the write-down
of the investment in Conscious Good in the amount of EUR 4.9 million, which
was announced in an ad-hoc notification on February 5. The company decided
to cease operations due to the ongoing challenges in the financing markets
and the difficult operating conditions in the UK. 029 Group now holds a
portfolio of five investments across the hospitality, enabling technologies
and consumer categories.

While the annual result of 029 was negative in the 2023 financial year in
accordance with the German accounting standard HGB due to the aforementioned
reasons, the remaining portfolio performed very positively: For instance,
Limestone Capital made significant strides in the European hospitality
market. With the acquisition of the iconic Hotel Axel in Madrid in September
2023 and the addition of a luxurious resort in Costa Smeralda, Sardinia, set
to open its doors in May 2024, Limestone's portfolio expansion is evident.
TRIP, the leading CBD beverage company, continued its exceptional growth
trajectory, achieving significant milestones in 2023. The strong trajectory
of operating performance was manifested by the recognition as the 4th
fastest-growing company in the UK and as Soft Drinks Brand of the Year at
The Grocer Gold Awards, TRIP's continued its strong trajectory of operating
performance.

CEO and Founder Lorin Van Nuland commented: "We are pleased to publish our
report as 029 Group SE. Despite the net loss of the financial year, our
portfolio companies have shown resilience and adaptability in the face of
challenging market conditions. However, despite the market downturn, we have
seen pockets of opportunity as evidenced by our investment into fjor. Our
focus on the hospitality and lifestyle sectors - areas where we believe
long-term trends still favour innovation and new consumer experiences - has
allowed us to identify and support ventures that align with evolving
consumer behaviours and preferences."

The Annual Report and Financial Results are available on the 029 Group's
investor webpage, available at: https://www.029-group.com/investor-relations


End of Media Release

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Issuer: 029 Group SE
Key word(s): Finance

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   Language:       English
   Company:        029 Group SE
                   Neue Schönhauserstraße 3-5
                   10178 Berlin
                   Germany
   E-mail:         ir@029-group.com
   Internet:       www.029-group.com
   ISIN:           DE000A2LQ2D0
   WKN:            A2LQ2D
   Listed:         Regulated Market in Dusseldorf, Munich
   EQS News ID:    1888041

End of News EQS Media
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1888041 24.04.2024 CET/CEST