Vitesco Technologies Group AG adjusts guidance for 2024 based on preliminary figures for Q2 2024 and the automotive industry’s dampened recovery

Regensburg, July 22, 2024 – Based on preliminary figures, group sales of Vitesco Technologies Group AG (“company”) in the second quarter 2024 will come in at 2,025 million euros (Q2 2023: 2,442 million euros). Sales of electrification components, which are important for the company, are forecast at 316 million euros (Q2 2023: 354 million euros). According to the preliminary data, the company’s adjusted EBIT for the second quarter will amount to roughly 82 million euros (Q2 2023 (re-stated): 67 million euros), which corresponds to an adjusted EBIT margin of 4.0% (Q2 2023: 2.9%). In the second quarter 2024, in particular planned negative one-off effects related to Contract Manufacturing will presumably result in a free cash flow of -388 million euros (Q2 2023: -21 million euros), based on preliminary figures.
The preliminary results for the second quarter 2024 underline that the automotive industry’s recovery is progressing slowly, especially in the area of battery electric vehicles. Given the reduced call-offs from OEMs, Group sales of Vitesco Technologies Group AG for the full year 2024 will presumably come in at around 8,100 million euros (previously: 8,300 to 8,800 million euros; FY 2023: 9,233 million euros; current market consensus: 8,402 million euros). Based on lower sales and contribution margins, the company predicts an adjusted EBIT margin for the group for the full year of roughly 4.0% (previously: 4.5% to 5.0%; FY 2023: 3.7%; current market consensus: 4.7%) at the operating income level. Free cash flow (excluding integration costs associated with the Schaeffler AG merger) for the full year is forecast to be at around -400 million euros (previously: approximately -350 million euros; FY 2023: 85 million euros; current market consensus: -353 million euros).
Final results for the second quarter 2024 as well as detailed guidance for fiscal year 2024 will be published upon release of the half-year report 2024.

Important information:
This announcement is for information purposes only and does not constitute a solicitation to sell or an offer to buy any of the securities of Vitesco Technologies or Schaeffler.
Insofar as this document contains forward-looking statements, these do not represent facts and are identified by the words “will”, “expect”, “believe”, “estimate”, “intend”, “aim”, “assume” and similar expressions. These statements express the intentions, beliefs or current expectations and assumptions of Vitesco Technologies. The forward-looking statements are based on current plans, estimates and projections made by Vitesco Technologies to the best of its knowledge, but make no representation as to their future accuracy. Forward-looking statements are subject to risks and uncertainties, most of which are difficult to predict and are usually beyond the control of Vitesco Technologies. These expectations and forward-looking statements may prove to be inaccurate and actual developments may differ materially from forward-looking statements. Vitesco Technologies does not assume any obligation to update the forward-looking statements with respect to actual developments or events, general conditions, assumptions or other factors.

Contact:
Vitesco Technologies Group AG
Siemensstraße 12
93055 Regensburg
Germany
Registered with the Commercial Register of the local court (Amtsgericht) of Regensburg under HRB 18842
Listed: Regulated Market (Prime Standard) in Frankfurt
ISIN: DE000VTSC017 / DE000VTSC025

Contact person: Heiko Eber, Head of Investor Relations
Phone: +49 941 2031 72348
E-mail: Heiko.Eber@vitesco.com