Brockhaus Technologies AG: Highly profitable growth in H1 2024; revenue increased by +30% to €109 million and adjusted EBITDA by +31% to €38 million (34.6% margin) – 2024 forecast confirmed

Frankfurt am Main, August 6, 2024

Brockhaus Technologies AG (BKHT, ISIN: DE000A2GSU42, "Brockhaus Technologies") achieved revenue of €109.0 million in the first half of the fiscal year, according to preliminary figures, representing a growth of +29.7% compared to the same period last year (H1 2023: €84.1 million). Adjusted EBITDA increased by +31.0% to €37.8 million, representing an adjusted EBITDA margin of 34.6% (H1 2023: €28.8 million; 34.3% margin). Adjusted EBIT increased by +32.7% to €35.5 million, resulting in an adjusted EBIT margin of 32.6% (H1 2023: €26.8 million; 31.8% margin).

Due to the acquisitions of four external sales agencies in the Financial Technologies segment in the fiscal year 2023, the group is also reporting earnings for the previous year period H1 2023 on a pro forma basis for better comparability. Since the acquisitions do not contribute to revenue but solely reduce costs, the pro forma results are higher with unchanged revenue levels. Compared to the pro forma figures for H1 2023, adjusted EBITDA increased by +19.1% in H1 2024 (H1 2023: €31.7 million; 37.7% margin) and adjusted EBIT increased by +19.8% (H1 2023: €29.6 million; 35.3% margin).

Before adjustments, preliminary EBITDA amounted to €35.6 million (H1 2023: €27.9 million) and EBIT to €23.9 million (H1 2023: €18.5 million). EBIT is particularly affected by purely consolidation-related PPA amortizations.

With these results, H1 2024 is within our expectations, except for the following two temporary influencing factors, which are causing revenue shifts to subsequent quarters.

In the Financial Technologies segment (Bikeleasing), revenue increased by +42.8% to €94.7 million in H1 2024. This was mainly driven by the successful ongoing transition of existing and new customers to a variable leasing factor, which significantly positively impacted the revenue per new bike brokered. Despite an increase in sales volumes during the summer months, unsustainable weather and general consumer reluctance had a noticeable impact. In the dry month of April, the number of new bikes brokered grew significantly compared to the same month in the previous year. In May and June, severe weather conditions as well as other factors led to employees being cautious about ordering new company bikes. Regardless, new customer onboarding at Bikeleasing is proceeding as planned. With the number of corporate customers increasing to approximately 67,000 by the end of June 2024, the new customer growth in H1 was the strongest Bikeleasing has ever achieved in any first half-year since its founding, highlighting the successful implementation of its expansion strategy.

In the Security Technologies segment (IHSE), revenue decreased by -19.4% to €14.3 million in H1 2024. This was because, unlike the previous year, many orders were received only shortly before the end of the reporting period. As a result, additional business will be deferred to the second half of the year. Consequently, the order backlog has increased substantially, reaching €10.0 million at the end of the second quarter, compared to €4.6 million at the beginning of the year. Therefore, management remains confident that revenue realization will accelerate significantly in the second half of the year.

Brockhaus Technologies' forecast for fiscal year 2024 remains unchanged, with revenue expected to range between €220 million and €240 million and adjusted EBITDA between €80 million and €90 million.

For the definition of alternative performance measures, please refer to page 94 onwards of our 2023 Annual Report. Additionally, expenses related to the implementation of a new ERP system have been excluded from the adjusted figures for H1 2024.

The financial figures stated in this disclosure are preliminary and unaudited. The half-year financial report H1 2024 will be released on Wednesday, August 14, 2024. The earnings call for H1 2024 is also scheduled for Wednesday, August 14, 2024, at 16:00 CEST.

Contact:
Brockhaus Technologies – Florian Peter
Phone: +49 69 20 43 40 90
Fax: +49 69 20 43 40 971
E-Mail: ir@brockhaus-technologies.com