Quarterly report Q3 2024

Kölleda, 28 November - Funkwerk AG's business divisions were well utilised in the first three quarters of 2024 and developed positively and in line with planning. The leading technology provider of professional communication, information and security systems as well as technical services recorded a significant increase in the Group-wide Incoming orders. Compared to the same period of the previous year, they increased from 118.9 million euros to 203.9 million euros, which was partly due to a new major order in the Technical Services division: in the third quarter, the subsidiary Hörmann Kommunikation & Netze GmbH was commissioned to erect a total of around 100 radio masts along the Hamburg - Berlin railway line, which is being upgraded to a high-performance corridor. The project is expected to run for around two years. The Order backlog in the Funkwerk Group grew to EUR 256.4 million as at 30 September 2024 (30/9/2023: EUR 169.3 million).

Changes in the scope of consolidation compared to the same period of the previous year also contributed to the expansion: Elektrotechnik und Elektronik Oltmann GmbH, Berlin, which specialises in LED display devices for regional and local public transport, has been included in the Funkwerk Group since 1 March 2024. In addition, the Polish company Radionika Sp.z o.o., Krakow, which has been fully consolidated since 1 June 2023, is only included in the previous year's figures on a pro rata basis.

The Turnover in the Funkwerk Group increased by 20.2 % to € 122.9 million in the first nine months of 2024 (previous year: € 102.3 million). The operating result (EBIT) totalled 10.1 million euros (previous year: 12.8 million euros), which was mainly due to the change in the product mix. Including the financial result and after taxes, consolidated net income totalled EUR 5.6 million in the reporting period (previous year: EUR 8.0 million).

The Net assets and financial position of the Funkwerk Group, which as at 30 September 2024, including trainees, had 765 Employees employees (30/09/2023: 695) remained solid: The equity ratio totalled 56.7 % as at the reporting date compared to 57.8 % at the end of 2023. Cash and cash equivalents decreased from 40.7 million euros to 30.9 million euros in the first nine months. In addition to the distribution of EUR 6.0 million paid out to shareholders in July, the reduction was also due to the increase in working capital during the year.

In the Full year 2024 the Executive Board of Funkwerk AG expects consolidated sales in the range of € 168 million to € 175 million (2023: € 156.3 million) and a positive operating result of between € 20 million and € 23 million (2023: € 26.8 million).