Paragon AG Releases 2023 Annual Financial Report, Confirms Forecast

Paragon GmbH & Co. KGaA announced its 2023 financial results today, confirming the forecast disclosed earlier. The company reported stable sales revenues amounting to EUR 161.6 million, unchanged from the previous year despite the lower demand in the latter half of 2023. The performance of electric vehicle sales did not impact the revenue, as Paragon’s products cater to various types of vehicles.

2023 saw an earned EBITDA of EUR 25.2 million at the Group level, a significant recovery from the prior year, primarily due to stringent cost-cutting and strategic price adjustments. Notably, the Digital Assistance division contributed EUR 7.6 million to the EBITDA.

Financially, Paragon succeeded in reducing its net debt significantly, marking a net gearing ratio of 2.28 by year-end. Both the CHF bond and part of the EUR bond were fully repaid, reducing overall debt by EUR 29.6 million. These actions also set the stage for a reduced interest rate on the remaining EUR bond liabilities starting 2024.

Looking forward, Paragon anticipates the revenue for 2024 to be between EUR 160 million and EUR 165 million, with projected EBITDA between EUR 18 million and EUR 20 million. Paragon’s strategic moves in 2023, paired with ongoing expansions in international markets and product enhancements, lay a strong foundation for the upcoming fiscal year.