FRIWO AG Lowers 2024 Forecast Amid Weak Demand

On 22 October 2024, FRIWO AG, a company specializing in chargers and e-drive solutions, announced a downward adjustment in its annual forecast for 2024. This decision follows sustained weak demand, especially in the European e-mobility and tools sectors. As a result, the anticipated recovery in the latter half of the year did not occur.

The Executive Board now projects full-year sales to range between EUR 90 to 95 million. This is a decrease from the earlier forecast of EUR 100 to 120 million. Despite the revenue shortfall, FRIWO's cost efficiency measures, along with reduced material and energy costs, have somewhat mitigated the impact on earnings. Consequently, the Group anticipates a slight EBIT loss instead of the previously forecast balanced EBIT.

Looking ahead, FRIWO remains optimistic about a resurgence in demand and profitable growth in 2025. The company plans to release its quarterly report on 7 November 2024.