PFISTERER Holding SE plans Initial Public Offering in the second quarter of 2025 to accelerate growth worldwide

Winterbach, April 24, 2025 - PFISTERER Holding SE (the “Company” or “PFISTERER”), a family-owned and independently operating global technology company developing, manufacturing and selling products for the connection and insulation of electrical conductors for power grid interfaces, announced plans for an Initial Public Offering (“IPO”). The public offering is intended to comprise new and existing shares of the Company and the subsequent inclusion of the Company’s shares to trading on the Open Market (Freiverkehr) of the Frankfurt Stock Exchange (Scale segment) in the second quarter of 2025, subject to market conditions. The targeted free float of at least 25 percent is expected to create a liquid market for the Company’s shares. The existing shareholders and the Company will be committed to customary lock-up agreements.

PFISTERER intends to outperform growth in underlying addressable markets across power grid interfaces through its broad product portfolio and strong positioning in high and extra-high voltage. To support this, the Company plans to invest in total approximately EUR 215 million over the mid-term, which should be financed by a combination of IPO proceeds and operating cash-flow. The gross proceeds of approximately EUR 100 million from the issue of new shares would be used primarily to further accelerate the Company's profitable growth. The use of proceeds will comprise investments in Germany and abroad in the expansion of its manufacturing capacities, particularly by enhancing its existing production sites and/or by acquisitions, upgrading machinery and equipment, advancing automation, and improving infrastructure and logistics (including investments in warehouse technology and the modernization of key facilities to support increased production efficiency and scalability). Investments will also be made in the development of innovative technologies, products and solutions, particularly in the field of high voltage direct current (HVDC) technology including a high voltage innovation development and testing laboratory, as well as developing other innovative product solutions to meet evolving market demands. In a smaller portion the proceeds will be used for strategic M&A investments to drive international market growth and strengthen PFISTERER’s technological leadership. A good example for this selected M&A strategy was the recent acquisition of Power CSL, a leading specialist engineering company providing products and services for the connection of subsea cables for the global offshore industry which enables the Company to expand its portfolio by adding and scaling these new solutions with immediate effect.

PFISTERER serves its customers with an extensive product portfolio of mission-critical cable accessories and components across all voltage levels – low, medium and high voltage. Through its local-for-local footprint with production sites in Germany, the Czech Republic, and the United States, and a global presence with 17 operative locations in 15 countries, PFISTERER is well-positioned for future growth.

“The planned IPO marks the next chapter in PFISTERER’s success story and will strengthen our leading position. It allows us to accelerate our growth through several well-identified initiatives, to strengthen our financial capabilities and to maintain our independence as specialised pure-play supplier for electrical connection and insulation solutions for power grid interfaces”, says Johannes Linden, Co-CEO and speaker of PFISTERER Holding SE.

Large and fast-growing market
PFISTERER is well-positioned to capitalize on large and dynamic market opportunities fuelled by the increasing demand for electricity (resulting from underlying megatrends such as electrification, urbanization, and the rise of AI), higher penetration of renewables and required modernization of ageing electricity grid infrastructure.

Unique positioning
PFISTERER is uniquely positioned in the relevant geographies worldwide. As a cable-agnostic pure-play supplier of electrical connection and insulation solutions and with its in-house expertise, PFISTERER is positioned across all voltage levels. In particular, the requirements of the high-voltage and extra-high-voltage sectors lead to high barriers to entry, requiring advanced design, manufacturing, testing and certification expertise. Further, PFISTERER maintains long-term, stable relationships with transmission system operators and distribution system operators all over the world, which provides a strong and lasting competitive advantage to the Company, enabling ongoing market presence and access to long-term projects. PFISTERER also enables pure-play cable suppliers to offer integrated cable solutions to compete with integrated cable system manufactures. PFISTERER maintains a well-diversified offering with the largest single product accounting for only c. 3.5 percent and the single largest customer for less than 5 percent of the total revenue of the Company in the financial year 2024.

Global Operational Excellence
PFISTERER has a global footprint with presence across more than 90 countries. It adapts to local environments by aligning its product offerings with regional regulatory requirements, while also tailoring its solutions to meet specific customer needs in each market. For instance, in addition to its German plants, PFISTERER also produces in the Czech Republic for cost efficiency reasons and in the United States to comply with local content rules and tariff barriers. With its state-of-the-art laboratories for electrical, mechanical and environmental product and type tests up to 1,100 kV, PFISTERER translates regulations into real life procedures. Combining a global, local-for-local industrial presence with strong supplier and logistics partnerships, vertical integration, and proven operational track record, PFISTERER responds quickly to local market demands and captures growth opportunities worldwide. This structure makes PFISTERER to some degree resilient against supply chain and geopolitical disruptions.

Core Competencies
The core focus of PFISTERER’s operations lies in silicone processing for high voltage applications, as well as metal processing to produce essential components like connectors and terminations. This is supplemented by PFISTERER’s in-house expertise in silicone material formulation leading to high-performance insulation, crucial for the longevity and reliability of high voltage components under extreme environmental conditions. PFISTERER's comprehensive control of silicone processing enables it to achieve consistently high product quality, fast innovation cycles and a high degree of adaptability to changing customer requirements and regulatory specifications.

Excellent financial profile
The operational strength of PFISTERER is clearly reflected in its attractive financial profile. The financial year 2024 showed a strong increase in order intake and revenues resulting from a favourable market development and focused execution. In the financial year 2024, revenue growth remained strong with a growth rate of 14.7 percent to EUR 383.1 million (2023 EUR 334.1 million), again outperforming the projected addressable market growth of 11.6 percent (CAGR 2023-2030) as derived by Roland Berger.
 
PFISTERER had a continuously strong increase in order intake to EUR 423.2 million in 2024 reflecting a year-on-year growth of 18.6 percent. The order book amounted to EUR 234.9 million as of 31 December 2024.

Adjusted EBITDA increased overproportionally from EUR 52.3 million in 2023 by EUR 12.3 million to EUR 64.6 million in 2024, reflecting an increase of 23.6 percent, Adjusted EBITDA margin increased by ca. 130 basis points from 15.6 percent in 2023 to 16.9 percent in 2024. The full annual report for the 2024 financial year is available at the following link: https://reports.pfisterer.com/annual-report/2024.

On the back of its excellent position, PFISTERER sees the potential to grow revenues in the medium term towards a range of EUR 665-735 million, thus exceeding the average annual growth forecasted for its addressable market in a recent study of Roland Berger. The Adjusted EBITDA margin is expected to increase to the upper range of the high teens margin corridor in the medium term, profiting from a favourable product mix shift and geographical scope as well as economies of scale from increasing revenues.
 
Given the cash generation of its business, PFISTERER paid a dividend of EUR 11.7 million in 2025 (representing 34.7 percent of its earnings after taxes) and intends to distribute dividends of c. 30 percent of earnings after taxes in the future.

Further growth supported by multi-faceted strategy
PFISTERER’s strategy 2030 focuses on growth, process optimization, scaling the existing production footprint, leveraging the global supplier and logistics network, innovation, market expansion, and sustainability. PFISTERER aims to be the preferred partner for innovative, reliable, and mission-critical electrical connection and insulation solutions. The strategy builds on the Group’s strengths in high and medium voltage with a focus on expanding in core markets and developing innovative technologies enabling electricity demand and supply structure changes. PFISTERER seeks to introduce new solutions to complement its existing product portfolio and to expand its direct presence in the United States and in certain growth markets, such as Saudi Arabia. In the Middle East, PFISTERER focuses on local partnerships and investments in infrastructure to benefit from the expansion of energy networks in the region.

Additionally, PFISTERER invests into the development of innovative solutions, particularly in the field of HVDC technology and connecting solutions for renewable energies and long-distance transmission. PFISTERER aims to build up further in-house laboratories for R&D and electrical end-of-line testing.

Overall, PFISTERER follows a growth-oriented strategy that includes product innovation, geographic and product expansion as well as process optimization.

Further details on the intended IPO
The offering is expected to consist of a public offering in Germany and international private placements including an U.S. private placement according to Rule 144A to Qualified Institutional Buyers. The shares of PFISTERER Holding SE are planned to be included in the SME Growth Market Segment Scale of the Frankfurt Stock Exchange. To further enhance the transparency standards, PFISTERER intends to comply on a voluntary basis with the follow-up disclosure obligations applicable to listed companies of the Prime Standard at the Frankfurt Stock Exchange.
 
Berenberg and COMMERZBANK (in cooperation with ODDO BHF) are acting as Joint Global Coordinators and Joint Bookrunners with Landesbank Baden-Württemberg as Co-Global Coordinator and Joint Bookrunner and ICF BANK as Co-Manager in connection with the planned transaction.

[1] Adjusted EBITDA is defined as operating profit before depreciation and amortization and adjusted for personnel expenses related to the one-off IPO related virtual share option program.

ABOUT PFISTERER
PFISTERER is a globally leading and independent technology company headquartered in Winterbach near Stuttgart. The company develops, produces and sells solutions for insulating and connecting electrical conductors for the interfaces in power grids - from the generation and transmission to the distribution of electrical energy - on land, at sea and in the air. With its innovative strength, state-of-the-art production and worldwide distribution network, PFISTERER offers advanced solutions to the challenges of electrification. Since its foundation in 1921, PFISTERER has established itself internationally as a pioneer in modern energy infrastructure and is an attractive employer in a future-oriented industry with exciting development opportunities for more than 1,200 employees. PFISTERER Holding SE is represented worldwide with 17 operating locations in 15 countries.

Press Contact FOR FURTHER QUESTIONS
Gregor Vollbach
Head of Marketing & Communications
PFISTERER Holding SE
Rosenstr. 44
73650 Winterbach
Germany

Tel.:        +49 7181 7005 487
E-Mail: gregor.vollbach@pfisterer.com 
Web:     www.pfisterer.com


INVESTOR RELATIONS CONTACT FOR FURTHER QUESTIONS
Stefanie Eberding

Tel.:          +49 7181 7005 149
E-Mail:     stefanie.eberding.extern@pfisterer.com
 

Disclaimer
This announcement is not and does not form a part of any offer or solicitation to purchase or subscribe for securities in the United States, Canada, Australia, South Africa or Japan or in any other jurisdiction in which such offer or solicitation is not authorized or to any person to whom it is unlawful to make such offer or solicitation.

The securities to which this announcement relates have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States except pursuant to an exemption from, or in an offering not subject to, the registration requirements of the Securities Act. There will be no public offering of the securities in the United States.

In any member state of the European Economic Area or the United Kingdom, this communication is only addressed to and is only directed at qualified investors in such member state or the United Kingdom within the meaning of the Regulation EU 2017/1129 (the “Prospectus Regulation”) or the Prospectus Regulation as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 (the “UK Prospectus Regulation”), respectively, and no person that is not a qualified investor may act or rely on this communication or any of its contents.

This communication is being distributed to and is only directed at: (i) persons who are outside the United Kingdom; or (ii) to persons who are “qualified investors” within the meaning of Article 2 of the UK Prospectus Regulation and who are also (a) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (b) high net worth companies, and other persons falling within Articles 49(2)(a) to (d) of the Order (all such persons in (i) and (ii) above together being referred to as “relevant persons”). Any invitation, offer or agreement to subscribe for, purchase or otherwise acquire securities will be engaged in only with relevant persons. Any person who is not a relevant person should not act or rely on this communication or any of its contents.

This communication constitutes neither an offer to sell nor a solicitation to buy securities. The public offer in Germany will be made solely by means of, and on the basis of, securities prospectus which is to be published. An investment decision regarding the publicly offered securities of PFISTERER Holding SE should only be made on the basis of the securities prospectus (including any supplements thereto, if any) approved by the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht; BaFin), which approval should not be understood as an endorsement of the securities offered. The securities prospectus will be available free of charge on PFISTERER Holding SE’s website ([www.pfisterer.com]).

The present material contains various statements relating to the future development of PFISTERER Holding SE. These statements are based on assumptions and estimates. Although we are convinced that the forward-looking statements are realistic, they are not guarantees of future performance since our assumptions involve risks and uncertainties that could cause actual the actual performance and results as well as the financial and net asset position to differ materially from those anticipated. Such factors include market fluctuations, the development of world market prices for commodities or spare parts as well as financial markets and exchange rates, changes in national or international laws and regulations or fundamental changes in the economic and political environment. PFISTERER Holding SE does not intend to and does not undertake any obligation to update any forward-looking statements in order to reflect events or developments after the date of this material.

Each of Joh. Berenberg, Gossler & Co. KG, COMMERZBANK Aktiengesellschaft, Landesbank Baden-Württemberg and ICF Bank AG (together, the “Banks”) is acting exclusively for PFISTERER Holding SE (the “Company”) and the Selling Shareholders and no one else in connection with the planned offering of shares of the Company (the “Offering”) and will not be responsible to anyone other than the Company for providing the protections afforded to their respective customers or for providing advice in relation to any offering or any transaction or arrangement referred to herein. Each of the Banks and their respective affiliates expressly disclaim any obligation or undertaking to update, review or revise any forward looking statement contained in this announcement whether as a result of new information, future developments or otherwise.

In connection with the planned Offering, the Banks and any of their affiliates, acting as investors for their own accounts, may subscribe for or purchase securities of the Company and in that capacity may retain, purchase, sell, offer to sell or otherwise deal for their own accounts in such securities and other securities of the Company or related investments in connection with the planned Offering or otherwise. Accordingly, references in the prospectus, once published, to the securities being issued, offered, subscribed, acquired, placed or otherwise dealt in should be read as including any issue or offer to, or subscription, acquisition, placing or dealing by the Banks and any of their affiliates acting as investors for their own accounts. In addition, certain of the Banks or their respective affiliates may enter into financing arrangements (including swaps or contracts for differences) with investors in connection with which such Banks (or their affiliates) may from time to time acquire, hold or dispose of the Company’s shares. The Banks do not intend to disclose the extent of any such investment or transactions otherwise than in accordance with any legal or regulatory obligations to do so.

None of the Banks or any of their respective representatives accepts any responsibility or liability whatsoever for or makes any representation or warranty, express or implied, as to the truth, accuracy or completeness of the information in this announcement (or whether any information has been omitted from the announcement) or any other information relating to the Company, its subsidiaries or associated companies, whether written, oral or in a visual or electronic form, and howsoever transmitted or made available or for any loss howsoever arising from any use of this announcement or its contents or otherwise arising in connection therewith.

The information contained in this release is for background purposes only and does not purport to be full or complete. No reliance may be placed by any person for any purpose on the information contained in this release or its accuracy, fairness or completeness. The expected date of the inclusion in trading of shares of the Company on the Scale segment of the Open Market (Freiverkehr) of the Frankfurt Stock Exchange (Frankfurter Wertpapierbörse) (the “Listing”) may be influenced by things such as market conditions. There is no guarantee that Listing will occur and no financial decision should be based on the intentions of the Company in relation to Listing at this stage. Acquiring investments to which this release relates may expose an investor to a significant risk of losing all of the amount invested. Persons considering making such investments should consult an authorised person specializing in advising on such investments. This release does not constitute a recommendation concerning the Offering. The value of shares can decrease as well as increase. Potential investors should consult a professional advisor as to the suitability of the Offering for the person concerned.