FRIWO Reports 2023 Financial Performance, Eyes Return to Profitability in 2024

FRIWO AG, a manufacturer of chargers and e-drive solutions, reports a decline in its 2023 group revenue to 111.1 million euros, slightly above its revised forecast but down from 184.9 million euros the previous year. This decrease was influenced by declining demand and disruptions mainly in the European market but offset by growth in the medical segment. The company recorded an EBIT of -7.4 million euros, aligning with their mid-single-digit million euro loss expectation.

The firm is optimistic about a recovery in demand by the second half of 2024, supported by its newly established e-mobility joint venture in India. For 2024, FRIWO forecasts revenue between 100 to 120 million euros and aims for a balanced EBIT. Substantial market opportunities in e-mobility, particularly in Asia, are expected to drive future growth. Despite a challenging environment, FRIWO's aggressive cost management and strategic realignments, including a significant reduction in workforce and the optimization of production, position it towards returning to profitability.