HÖRMANN Industries publishes annual financial statements for 2024

30 Apr 2025 10:00 CEST

CORPORATE NEWS
of HÖRMANN Industries GmbH, Kirchseeon near Munich

HÖRMANN Industries publishes annual financial statements for 2024

• Challenging economic conditions are having a particularly negative impact on
the Automotive and Intralogistics divisions
• Despite decline in sales to EUR 678.9 million, earnings forecast for 2024
slightly exceeded; EBITDA of EUR 40.3 million and EBIT of EUR 24.3 million
• Forecast 2025: sales between EUR 690 million and EUR 720 million, EBIT between
EUR 21 million and EUR 23 million

Kirchseeon, 30 April 2025 – HÖRMANN Industries GmbH (corporate bond, ISIN:
NO0012938325) today published its annual financial statements for 2024. In the
2024 financial year, HÖRMANN Group generated sales of EUR 678,9 million
(previous year: EUR 830,9 million) and earnings before interest and taxes (EBIT)
of EUR 24,3 million (previous year: EUR 30,7 million). While the Automotive and
Intralogistics divisions had to cope with significant declines in sales as a
result of the challenging economic conditions, the Communication division in
particular once again performed very positively. Earnings before interest,
taxes, depreciation and amortisation (EBITDA) fell slightly to EUR 40.3 million
(previous year: EUR 44.5 million). The 2024 financial year closed with
consolidated net income of EUR 9.2 million (previous year: EUR 9.5 million).

Johann Schmid-Davis, CFO of HÖRMANN Industries GmbH: "The 2024 financial year
was characterised by considerable challenges, particularly due to the
persistently difficult market situation in the Automotive and Intralogistics
divisions. However, we initiated countermeasures at an early stage and largely
compensated for the decline in sales thanks to an intelligent mix of
cost-cutting measures. At the same time, we continued to invest consistently in
all divisions last year in order to further strengthen the competitiveness of
our companies, become even more efficient and introduce new production
technologies. All investments serve the purpose of consolidating the position of
HÖRMANN Industries as a broadly diversified group of companies and promoting
sustainable corporate development so that the future of the HÖRMANN Group is
secured in the long term."

The Group's equity amounted to EUR 138.8 million as at 31 December 2024 (31 Dec.
2023: EUR 136.6 million). Despite an increase in total assets, the equity ratio
thus remained at the previous year's level of 36.2% (31 December 2023: 36.3%).

Development of the business divisions

In the Automotive division, sales fell significantly by 25.6% year-on-year from
EUR 474.9 million to EUR 353.3 million as a result of weak demand from OEM
customers. In Germany in particular, the truck production figures of key
customers fell more than expected in the reporting period due to the difficult
economic situation. However, thanks to a comprehensive programme of measures to
improve earnings, the HÖRMANN Group was able to stabilise the division's
operating result at break-even level with EBIT of EUR -0.5 million, thus largely
compensating for the massive slump in sales. For the 2025 financial year, the
Automotive division anticipates a decline in sales to around EUR 300 million to
EUR 320 million in line with OEM customers' forecasts. Nevertheless, taking into
account current price agreements, planned production volumes and effective
cost-cutting measures, earnings before interest and taxes are expected to break
even.

The Communication division had another good financial year and, with sales of
EUR 214.8 million, was 15.4% above the previous year's level (EUR 199.4 million)
and above plan. Due to a change in the product mix compared to the previous year
and increased material and personnel expenses, the division's EBIT of EUR 27.5
million was slightly below the level of the previous year (EUR 31.1 million).
Particularly noteworthy is the significant increase in incoming orders, which
rose by 42% year-on-year to EUR 324.4 million. The main drivers of this growth
were major orders for electrical planning and installation in the infrastructure
sector as well as products for civil defence and the export of railway products.
For the current financial year, HÖRMANN expects continued good business
development in the Communication division due to the positive international
order trend in the train radio product area and the high order backlog in the
information display product area, with sales growth of around 10% to
approximately EUR 250 million and EBIT of around EUR 25 million.

In the past financial year, the Intralogistics division was adversely affected
by the ongoing noticeable reluctance to invest and had to cope with a decline in
sales to EUR 80.7 million (previous year: EUR 119.7 million). EBIT totalled EUR
1.2 million (previous year: EUR 3.2 million). However, thanks to hard work on
market development, a targeted expansion of internationalisation and innovative
solutions, incoming orders increased by around 45% to EUR 125.9 million compared
to the previous year (EUR 86.8 million). However, a large number of orders were
only acquired in the third and fourth quarters, which is why sales and EBIT in
2025 are expected to remain at the previous year's level due to the late
arrivals of incoming orders and the associated project realisation planning,
which has been postponed to the subsequent years of 2026 and 2027. The forecast
also continues to be influenced by a noticeable reluctance to invest on the part
of customers in Central Europe.

With sales of EUR 30.4 million, the Engineering division was down on the
previous year's figure for 2023 (EUR 36.4 million). Earnings before interest and
taxes fell to EUR 2.8 million after EUR 4.3 million in the previous year.
Despite these declines, the division is well positioned for a future recovery
with an increased order backlog of EUR 60.8 million at the end of the year 2024.
For the current 2025 financial year, the Engineering division anticipates a
moderate increase in sales to around EUR 36 million and earnings before interest
and taxes of between EUR 3 million and EUR 4 million.

Forecast 2025

For the 2025 financial year, HÖRMANN Industries GmbH expects total sales of
between EUR 690 million and EUR 720 million. In this forecast, the company
assumes that the order situation in the Automotive division will develop at the
same level as in 2024 and that the Communication division will achieve sales
growth of around 10% due to the good order situation and high demand. Positive
earnings before interest and taxes (EBIT) of between EUR 21 million and EUR 23
million are forecast for the operating business.

The complete annual financial statements, including an extensive interview with
the management of HÖRMANN Group, Dr Michael Radke and Johann Schmid-Davis, can
be downloaded at
https://www.hoermann-gruppe.com/en/investor-relations/financial-reports/financia
l-publications.

In addition, the HÖRMANN Group also published its fourth Sustainability Report
today. The voluntary preparation of this comprehensive report based on the
international guidelines of the Global Reporting Initiative (GRI standard)
emphasises the long-term orientation of HÖRMANN Industries. The sustainability
report can be downloaded at the following link:
https://www.hoermann-gruppe.com/en/company/sustainability.

Contact:
HÖRMANN Industries GmbH
Hauptstraße 45-47
D-85614 Kirchseeon
T +49 8091 5630 0
F +49 8091 5630 195
info@hoermann-gruppe.com

Financial and business press:
IR.on AG
Frederic Hilke
T +49 221 9140 970
hoermann@ir-on.com


About the HÖRMANN Group
Since the company was founded in 1955, the HÖRMANN Group has grown steadily.
Under the umbrella of HÖRMANN Holding GmbH & Co KG, around 30 subsidiaries
operate in the Automotive, Communication, Engineering and Intralogistics
business divisions with a high level of entrepreneurial initiative and
independence. The aim of the HÖRMANN Group is to provide customers with specific
solutions and services that offer economic advantages and a high level of
customer benefit. To achieve this, the HÖRMANN Group, with around 2,900 highly
qualified employees, uses its entire broadly diversified and networked knowledge
from a wide range of technological fields.
www.hoermann-gruppe.com

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644897_0430_CN GB 2024_EN_final.pdf
644897_hoermann-geschaeftsbericht-2024-en.pdf