Stabilus SE confirms preliminary figures for FY2023 and proposes dividend of €1.75 per share

CORPORATE NEWS

Stabilus SE confirms preliminary figures for FY2023 and proposes dividend of €1.75 per share

• Stabilus confirms preliminary figures: revenue grew by 8.9% to €1,215.3 million in FY2023 (FY2022: €1,116.3 million); adjusted EBIT^[1] at €158.4 million, compared to €156.2 million in the previous year, corresponding to a margin of 13.0% (FY 2022: 14.0%)

• Profit at €103.3 million (FY2022: €104.3 million), and adjusted free cash flow (adj. FCF^[1]) significantly increased to €107.3 million (FY2022: €81.7 million)

• Forecast for FY2024 foresees revenue of €1.4 billion to €1.5 billion with an adjusted EBIT margin of 13% to 14% (assuming consolidation of DESTACO from March 2024 and including expected integration costs)

• The Management Board and the Supervisory Board will propose to the Annual General Meeting that a dividend of €1.75 per share will be paid (FY2022: €1.75 per share)

Koblenz, December 15, 2023 – Stabilus SE (WKN: STAB1L, ISIN: DE000STAB1L8), one of the world's leading suppliers of motion control solutions for a wide range of industries, today confirmed its preliminary financial figures published on November 10, 2023 for fiscal 2023 (ended September 30, 2023) and published its 2023 Annual Report. In an environment characterized by macroeconomic and geopolitical challenges, the company achieved revenue growth of 8.9% to €1,215.3 million (FY2022: €1,116.3 million) and an adjusted EBIT of €158.4 million (FY2022: €156.2 million), corresponding to an EBIT margin of 13.0%.The forecast was therefore achieved in full.

Based on the profit of €103.3 million achieved in FY2023 (FY2022: €104.3 million), the Management Board and the Supervisory Board will propose to the Annual General Meeting taking place on February 7, 2024 that a dividend of €1.75 per share will be paid (FY2022: €1.75 per share). This represents a total dividend payout of €43.2 million (FY2022: €43.2 million) and a pay-out ratio of approximately 42% (FY2022: 42%).

Dr. Michael Büchsner, CEO of Stabilus, said: "Despite the persistently challenging market environment, we are more than satisfied with the past financial year. We will continue to meet these challenges in the coming financial year with motivation and innovation. A principal focus will be on completing the acquisition of DESTACO, which is expected by the end of February 2024, with which we will further expand our already strong industrial business. This brings us a big step closer to our goal of becoming one of the world's leading companies for motion control solutions. We are therefore optimistic about fiscal 2024 and continue to expect growth above comparable economic indicators."

Stefan Bauerreis, CFO of Stabilus, said: "Our profitable growth enables us to pay a dividend to our shareholders despite the sizeable acquisition of DESTACO. The dividend proposal at the previous year's level reflects our capital markets strategy to allow our shareholders to participate in the annual profits and underlines the priority we place on adhering to our dividend policy."

Revenue growth in all regions in FY2023

In EMEA, revenue in FY 2023 increased by 5.8% to €496.6 million (FY2022: €469.4 million). In the Americas,  revenue grew by 16.3% year-on-year to €450.5  million (FY2022: €387.5 million). In  Asia-Pacific,  the company recorded revenue growth of 3.4% year-on-year to €268.2 million (FY2022: €259.4 million).

Automotive Powerise achieves particularly strong growth in Europe and Asia

In terms of business units, Stabilus recorded organic revenue growth of 11.4% to €429.3 million at Automotive Powerise (FY2022: €374.6 million) and an organic increase of 3.9% to €341.4 million (FY2022: €326.0 million) at Automotive Gas Spring. In particular, the EMEA and Asia-Pacific regions benefited from strong organic growth rates of 18.0% and 15.8% respectively in the Automotive Powerise business unit.

The Industrial business unit revenue in FY2023 grew organically by 7.6% to €444.6 million compared to the previous year (FY2022: €415.8 million). Stabilus recorded the strongest development in the industrial business in the market segments Energy, Construction, Industrial Machinery & Automation (ECIMA), Mobility as well as Distributors, Independent Aftermarket, E-Commerce (DIAMEC).

Adjusted EBIT margin of 13.0% in FY2023

Adjusted operating profit (adjusted EBIT) increased by 1.4% to €158.4 million in FY2023 (FY2022: €156.2 million ). This corresponds to an adjusted EBIT margin of 13.0%, compared to 14.0% in FY2022.

In FY2023, profit was €103.3 million (FY2022: €104.3 million). The adjusted free cash flow (adj. FCF) amounting to €107.3 million was significantly higher than in the previous year (FY2022: €81.7 million).

Forecast for FY2024 foresees revenue of €1.4 billion to €1.5 billion and an adjusted EBIT margin of 13% to 14%

For fiscal 2024, Stabilus continues to expect revenue of €1.4 billion to €1.5 billion and an adjusted EBIT margin in the range of 13% to 14%. The forecast is based on the assumption that the closing of the DESTACO acquisition will take place by the end of February 2024 and includes effects from the consolidation of DESTACO (seven months), including expected integration costs. The range of revenue and earnings expectations reflects the current macroeconomic and geopolitical uncertainties.

The 2023 Annual Report, which includes an interview with CEO Dr. Michael Büchsner on the DESTACO transaction and an interview with Jürgen Roland, Head of Stabilus Business Unit Industrial, can be downloaded on the company's website at ir.stabilus.com.

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^[1] Cf. definition/calculation of KPI’s adjusted EBIT and adjusted free cash flow  (adj. FCF) in our  current financial reports and results presentations, .e.g., in our 2023 Annual Report, pp. 48ff., that can be downloaded from the company’s website at ir.stabilus.com.

Investor contact:
Andreas Schröder
Tel.: +49 261 8900 8198
E-Mail: anschroeder@stabilus.com
Web: ir.stabilus.com

Press contact:
Peter Steiner
Tel.: +49 69 794090 27
E-Mail: stabilus@charlesbarker.de
Charles Barker Corporate Communications

About Stabilus

Stabilus is one of the world's leading providers of motion control solutions for customers across a broad spectrum of industries including mobility, health, recreation, furniture, energy, construction, industrial machinery and automation. With more than eight decades of demonstrated expertise, Stabilus offers reliable and innovative motion control solutions that enable, enhance and automate opening, closing, lifting, lowering and adjusting actions. The company's customized damping and vibration isolation technology protects against shocks, vibrations and noise. Employing a workforce of more than six thousand in eleven countries worldwide, the company has its operational headquarters in Koblenz, Germany, and has reported revenue of €1.2 billion in fiscal year 2023 according to preliminary figures. Additionally, the Group maintains regional offices and relations to sales partners in over fifty countries in Europe, North and South America, as well as in Asia-Pacific. Stabilus SE is listed in the Prime Standard segment of the Frankfurt Stock Exchange and included in the MDAX index.

Important Notice

This press release may contain forward-looking statements based on current assumptions and forecasts made by Stabilus Group management and other information currently available to Stabilus. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here.