Schaeffler AG revises combined guidance for full year 2024

Publication of inside information pursuant to Article 17 of Regulation (EU) No. 596/2014

Schaeffler AG revises combined guidance for full year 2024

Herzogenaurach, 22 July 2024 - With the announcement of its consolidated financial statements 2023, Schaeffler AG has issued a combined guidance for the financial year 2024 that includes Schaeffler Group's earnings for the first nine months and assumes full consolidation of Vitesco Technologies Group AG as of 1 October 2024.

As a consequence of today’s adjustment of the earnings forecast of Vitesco Technologies Group AG, the Board of Managing Directors of Schaeffler AG has decided to also revise the combined guidance for the full year 2024 for Schaeffler AG.

With an unchanged combined guidance of considerable sales growth, the Board of Managing Directors of Schaeffler AG now expects a combined adjusted EBIT margin of 5 to 8% (previously 6 to 9%) and a combined free cash flow before cash in- and outflows for M&A activities of EUR 200 to 300 million (previously EUR 300 to 400 million) for the full year 2024. The decision to adjust the guidance also reflects the continuing weak performance of the Bearings & Industrial Solutions division.

Based on preliminary figures, Schaeffler Group's revenue (excluding the fully consolidated Vitesco Technologies Group AG) amounted to EUR 4,191 million in the second quarter of 2024 (prior year: EUR 4,056 million), which corresponds to an increase in revenue excluding the impact of currency translation of 4.2 % over the prior year (prior year: 9.9 %). In particular, the weaker than expected profitability of the Bearings & Industrial Solutions division led to an EBIT margin before special effects at Group level of 4.9 % in the second quarter (previous year: 7.1 %) which is below market expectations. Free cash flow before cash in- and outflows for M&A activities will amount to EUR 75 million in the second quarter (previous year: EUR 103 million).

The final results for the second quarter of 2024 will be published on 6 August 2024.

Contact:

Heiko Eber, Head of Investor Relations, Schaeffler AG, Herzogenaurach, Germany phone: +49 9132 82-88125, email: heiko.eber@schaeffler.com

Dr. Axel Lüdeke, Head of Group Communications & Public Affairs, Schaeffler AG, Herzogenaurach, Germany phone: +49 9132 82-8901, email: axel.luedeke@schaeffler.com