Loss of sales due to product range adjustments and still limited production capacity prompt Veganz to adjust its 2024 annual forecast and introduce a package of measures

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Loss of sales due to product range adjustments and still limited production capacity prompt Veganz to adjust its 2024 annual forecast and introduce a package of measures

(Berlin, 26 September 2024) Deliberate product range adjustments in the core portfolio of Veganz Group AG to increase profitability, as well as still limited production capacities in the in-house productions and high investment costs in the expansion of production, are having a negative impact on the business of Veganz Group AG. Veganz is therefore adjusting its annual forecast for the 2024 financial year.

Depending on the macroeconomic conditions, Veganz Group AG now expects a significant decline in sales for the 2024 financial year (previously: above the previous year's level) (previous year: EUR 16.4 million) and a significantly lower EBITDA compared to the previous year (previous year: EUR -6.3 million).

In order to take account of the changed corporate situation, the company has initially initiated three key measures with regard to cost savings, efficiency and financing:

As part of the changed corporate structure, a new cost setup was developed that provides for cost savings across all areas.

Efficiency measures to further increase the profitability of production and business operations have been prepared and launched.

In addition, financing measures are currently being pursued in addition to the existing measures.

The half-year report as at 30 June 2024 will be published on 26 September 2024.

Notes on the alternative financial indicators used:

EBITDA is earnings before interest, taxes, depreciation and amortisation. To calculate EBITDA, sales revenue and other operating income are first added together. The cost of materials (consisting of expenses for raw materials, consumables and supplies and for purchased goods), personnel expenses (consisting of wages and salaries as well as social security contributions, expenses for pensions and support) and other operating expenses (adjusted for one-off expenses that are not part of the normal course of business) are then deducted.

Contact Company:

Veganz Group AG
An den Kiefern 7
14974 Ludwigsfelde
Phone: +49 (0)30 2936378 0
E-mail: info@veganz.de

Contact Investor Relations:
Massimo Garau (Chief Financial Officer, CFO)
Phone: +49 (0)151 46569362
E-mail: ir@veganz.de

IMPORTANT NOTICE

This publication may not be released, published, distributed, disseminated or transmitted in or into the United States of America (including its territories and possessions, any state of the United States and the District of Columbia), Australia, Canada, Japan, South Africa or any other jurisdiction in which such release, publication, distribution dissemination, or transmission would be unlawful. This publication constitutes neither an offer to sell nor a solicitation to buy shares or other securities of Veganz Group AG. There will be no public offering of shares or other securities of Veganz Group AG. The shares of Veganz Group AG have not been and will not be registered under the U.S. Securities Act of 1933, as amended.