Brockhaus Technologies AG: Significant revenue and earnings growth in the
first quarter of 2024 - forecast 2024 unchanged

EQS-News: Brockhaus Technologies AG / Key word(s): Quarterly / Interim
Statement/Quarter Results
Brockhaus Technologies AG: Significant revenue and earnings growth in the
first quarter of 2024 - forecast 2024 unchanged

15.05.2024 / 07:45 CET/CEST
The issuer is solely responsible for the content of this announcement.

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Brockhaus Technologies AG: Significant revenue and earnings growth in the
first quarter of 2024 - forecast 2024 unchanged

  * Revenue increases by +18.5% to EUR39.6 million, adjusted EBITDA at EUR11.4
    million, up +18.0% from the previous year period

  * Bikeleasing continues growth; revenue rises by +28.7%, and the number of
    corporate customers connected to the digital platform reaches 62,000
    (+32.4% over the last 12 months)

  * IHSE starts the fiscal year as expected; significant business growth is
    planned in the further course of the year

* Group net debt significantly reduced to 0.65x adjusted pro forma EBITDA

* Forecast for 2024 unchanged with revenue of EUR220 million to EUR240 million and adjusted EBITDA of EUR80 million to EUR90 million

Frankfurt/Main, May 15, 2024. Brockhaus Technologies AG (BKHT, ISIN:
DE000A2GSU42) continues its profitable growth trajectory in the fiscal year
2024. In the first quarter of 2024, the technology group reported an
increase in revenue of +18.5% to EUR39.6 million (Q1 2023: EUR33.4 million).
Adjusted EBITDA rose by +18.0% to EUR11.4 million (Q1 2023: EUR9.6 million),
which corresponds to an adjusted EBITDA margin of 28.7% (Q1 2023: 28.8%).
This was achieved despite significantly higher personnel and other operating
expenses to enable long-term growth. Adjusted EBIT increased by +18.3% to
EUR10.2 million (Q1 2023: EUR8.6 million). BKHT is therefore in line with
expectations and on track to achieve the communicated full-year forecast,
with revenue growth to EUR220 million - EUR240 million (2023: EUR187 million) and
adjusted EBITDA of EUR80 million - EUR90 million (2023: EUR62 million).

As four external sales agencies were acquired in the Financial Technologies
segment during the fiscal year 2023, which now contribute to cost savings
due to the elimination of commissions, reporting for the fiscal year 2023 is
additionally presented on a pro forma basis for better comparability. This
approach presents the consolidated financial results of the group as if the
four sales agencies had already been part of Brockhaus Technologies as of
January 1, 2023. Compared to the pro forma figures, there is a +4.1%
increase in adjusted EBITDA for the first quarter (Q1 2023: EUR10.9 million;
32.7% margin) and a +2.9% increase in adjusted EBIT (Q1 2023: EUR9.9 million;
29.7% margin).

Before adjustments, EBITDA amounted to EUR11.1 million (Q1 2023: EUR10.4
million) and EBIT to EUR5.2 million (Q1 2023: EUR5.8 million). EBIT is
particularly influenced by purely consolidation-related PPA amortization.

"We will continue our success story in 2024 and confirm our annual forecast
with revenue between EUR220 million and EUR240 million and adjusted EBITDA of
EUR80 million to EUR90 million. Due to a return to long-term seasonality at
Bikeleasing, with a high proportion of annual business volume in Q2 and Q3,
as well as a solid order backlog at IHSE by the end of April, we expect
particularly strong growth acceleration in the coming two quarters. We are
on track," commented CEO Marco Brockhaus on the development.

As of March 31, 2024, BKHT had high cash and cash equivalents of EUR56.0
million (December 31, 2023: EUR53.7 million), which can be used both for
future growth financing and acquisitions, as well as for further repayment
of acquisition loans. The group's net debt relative to the adjusted pro
forma EBITDA of the last twelve months continued to decrease during the
reporting period, from 0.87x at the end of 2023 to 0.65x. As of March 31,
2024, the group's net debt stood at EUR44.2 million, significantly lower than
the level on December 31, 2023, when net debt was EUR58.5 million.

Bikeleasing continues its profitable growth trajectory in 2024

Bikeleasing (Financial Technologies segment) continues its profitable upward
trend in 2024. The company achieved an increase in revenue of +28.7% to
EUR32.4 million (Q1 2023: EUR25.1 million) and adjusted EBITDA of EUR12.0 million,
which was +13.1% higher than in the same period of the previous year (EUR10.6
million) from a pro forma perspective. This corresponds to an adjusted
EBITDA margin of 37.2% (Q1 2023: 42.3%).

In the first three months of the fiscal year, Bikeleasing increased the
number of companies connected to its platform compared to the previous year
by approximately 2.5 thousand to around 62 thousand (+32.4% compared to
March 31, 2023), representing around 3.4 million employees. The number of
new company bikes brokered in the reporting quarter was approximately 27
thousand representing a slight decrease compared to the same quarter of the
previous year. This is due to the already announced normalization of
seasonality. In 2023, Q1 accounted for 19% of the annual volume of newly
brokered company bikes, which is an unusually high proportion compared to
previous years (long-term average: 13%). This was due to unusually dry
weather conditions in January and February 2023, alongside the still limited
availability of bicycles and e-bikes caused by the aftermath of the COVID-19
pandemic. The latter led many Bikeleasing customers to order their bikes
well in advance in anticipation of the difficult delivery situation, rather
than waiting for the first warm weeks of the year. In the meantime, bike
availability has returned to normal, reducing the lead time for orders
accordingly and leading to a typical, more pronounced seasonality. This
means that an even higher proportion of the annual volume for 2024 is
expected to occur in Q2 and Q3. In April 2024, the number of newly brokered
bikes grew by +30% compared to the same month of the previous year.

This effect, combined with increased expenses for sustainable and long-term
growth, resulted in the lower margin for the first quarter. Looking at the
full year, a significant margin increase is expected.

For the next few years, Bikeleasing expects increasingly positive effects
from the acquisition of sales agencies, improved market penetration with a
continuously increasing number of corporate clients, increased utilization
rates among existing customers and the internationalization of its business
beyond Germany and Austria. In the future, additional employee benefits will
also be offered on the platform alongside bicycles. In this context, the
company strengthened its position in April 2024 by acquiring Probonio, a
software company specialized in employee benefits management.

High order backlog at IHSE promises expected growth for the rest of the year

As expected, the Security Technologies segment (IHSE) recorded a decrease in
revenue of -12.5% to EUR7.3 million in the first quarter of 2024 (Q1 2023:
EUR8.3 million). The main reason for this was a planned production overhaul at
IHSE's headquarter, aimed at achieving increased automation and higher
production efficiency in the future. The adjusted EBITDA was EUR0.5 million
(Q1 2023: EUR1.6 million) and the adjusted EBITDA margin was 7.1%, down from
19.3% in the same quarter of the previous year. The main reason for the
lower margin is primarily the decline in revenue with an unchanged cost base
to enable the expected future growth.

The EMEA region showed positive development with revenues of EUR5.5 million,
significantly higher than the comparative period (Q1 2023: EUR3.9 million). In
the Americas region, revenues in Q1 2024 were EUR1.5 million and therefore
lower than in the previous year (Q1 2023: EUR3.8 million), as the comparative
quarter of 2023 included a large individual order. IHSE's management expects
a strong upward trend for the rest of the year. By the end of April, IHSE's
order backlog had already improved to EUR8.2 million. As of December 31, 2023,
this figure stood at EUR4.6 million. Particularly for the Americas region, a
significant increase in revenue is expected in the second half of the year.
In the upcoming years, IHSE should also benefit from the global trend
towards increased digitization and growing connectivity, as well as the
necessity of protection against the global increase in cyberattacks.
Additionally, the company expects a high potential from the new compliant
standards for highly security-critical applications (Common Criteria and
NIAP), which enable IHSE to supply defense projects with the highest
security clearances; a market that was previously entirely closed.

Growth trajectory for 2024 confirmed: Revenue forecast between EUR220 million
and EUR240 million with adjusted EBITDA of between EUR80 million and EUR90 million

Against the backdrop of a positive start to the fiscal year 2024 and the
outlook for the coming months, the management of Brockhaus Technologies AG
remains optimistic about achieving further revenue and earnings improvements
in 2024, despite ongoing geopolitical and macroeconomic uncertainties. Based
on the expected development and the associated continued growth in the first
quarter, the unchanged forecast anticipates revenue growth to EUR220 million -
EUR240 million with adjusted EBITDA of between EUR80 million - EUR90 million.

For the quarterly statement Q1 2024 and more information on the company,
please visit:
https://ir.brockhaus-technologies.com/websites/brockhaustechnologies/English/3000/publications.html

The earnings call for the 2024 first quarter results in English will take
place today, May 15, 2024, at 4:00 p.m. (CET). Interested parties can
register for the call under the following link:
https://webcast.meetyoo.de/reg/qFSFoJ9MQ11c

About Brockhaus Technologies

Based in Frankfurt am Main, Brockhaus Technologies AG (BKHT, ISIN:
DE000A2GSU42) is a technology group that acquires high-margin, high-growth
technology and innovations champions with B2B business models in the German
Mittelstand. With a unique platform approach and a long-term horizon,
Brockhaus Technologies actively and strategically supports its subsidiaries
in achieving profitable long-term growth, both across industries and
internationally. At the same time, Brockhaus Technologies offers a gateway
into these non-listed German technology champions, which are otherwise
inaccessible to capital market investors. For more information, please
visit: https://www.brockhaus-technologies.com/en/

Contact information
For Investors: For media:
Florian Peter GFD - Gesellschaft für Finanzkommunikation
Phone: +49 69 20 43 40 976 Phone: +49 69 97 12 47 33
Fax: +49 69 20 43 40 971 Fax: +49 69 97 12 47 20
E-Mail: ir@brockhaus-technologies.com E-Mail:
dietz@gfd-finanzkommunikation.de

Consolidated key figures for the 1st quarter 2024*

    in EUR thousand                             Q1 2024     Q1 2023  Chang-
                                                                        e
    Revenue                                    39,624      33,439  +18.5-
                                                                        %
    Financial Technologies (Bikeleasing)       32,366      25,145  +28.7-
                                                                        %
    Security Technologies (IHSE)                7,258       8,293  -12.5-
                                                                        %
    EBITDA                                     11,071      10,350   +7.0%
    Adjusted EBITDA                            11,361       9,624  +18.0-
                                                                        %
    Adjusted pro forma EBITDA                  11,361      10,918   +4.1%
    Financial Technologies (Bikeleasing)       12,045      10,648  +13.1-
                                                                        %
    Security Technologies (IHSE)                  518       1,603  -67.7-
                                                                        %
    Adjusted pro forma EBITDA margin            28.7%       32.7%  -4.0p-
                                                                        p
    Earnings before tax                         1,977       3,507  -43.6-
                                                                        %
    Profit for the period                         471       1.309  -64,0-
                                                                        %

    Cashflow from operating activities          5,246     (8,601)     n/a
    Free cash flow before tax                   5,769     (8,073)     n/a

                                           31.03.2024  31.12.2023  Chang-
                                                                        e
    Total assets                              678,419     666,180   +1.8%
    Cash and cash equivalents                  55,996      53,666   +4.3%
    Equity                                    298,748     297,831   +0.3%
    Equity ratio                                44.0%       44.7%  -0.7p-
                                                                        p
    Net debt                                   44,153      58.539  -24.6-
                                                                        %
    Net debt to adjusted pro forma EBITDA       0.65x       0.87x
    (LTM)

* For the definition of the alternative performance measures, please refer
to page 94 onwards of our Annual Report 2023 and page 13 onwards of our
Quarterly Statement Q1 2024.


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15.05.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS
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   Language:       English
   Company:        Brockhaus Technologies AG
                   Thurn-und-Taxis-Platz 6
                   60313 Frankfurt am Main
                   Germany
   Phone:          +49 (0)69 2043 409 0
   Fax:            +49 (0)69 2043 409 71
   E-mail:         info@brockhaus-technologies.com
   Internet:       https://www.brockhaus-technologies.com/
   ISIN:           DE000A2GSU42
   WKN:            A2GSU4
   Listed:         Regulated Market in Frankfurt (Prime Standard);
                   Regulated Unofficial Market in Berlin, Dusseldorf,
                   Munich, Stuttgart, Tradegate Exchange
   EQS News ID:    1903315

End of News EQS News Service
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1903315 15.05.2024 CET/CEST