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EQS-Adhoc: VARTA AG: VARTA AG adjusts revenue forecast for 2024 due to further slowdown in the energy storage market
EQS-Ad-hoc: VARTA AG / Key word(s): Change in Forecast
VARTA AG: VARTA AG adjusts revenue forecast for 2024 due to further slowdown in the energy storage market
20-Jun-2024 / 20:20 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
VARTA AG, Ellwangen, ISIN: DE000A0TGJ55
Release of inside information pursuant to Article 17 of Regulation (EU) No 596/2014
VARTA AG adjusts revenue forecast for 2024 due to further slowdown in the energy storage market
Ellwangen, June 20, 2024
Based on current business developments in the first half of 2024, VARTA AG is revising its revenue forecast for fiscal year 2024 issued on August 11, 2023. The Ellwangen-based technology company now expects revenue between € 820 million and € 870 million (previous forecast: at least € 900 million).
The reason for the adjustment is a further significant deterioration in the market environment for energy storage systems, especially in the second quarter of the current year. In addition to a noticeable decline in overall market demand, the market segment for AC (alternating current) energy storage systems in particular, which VARTA serves with its existing product line, is currently losing market share in the domestic market. Delays in connection with the product launch of the DC (direct current)-coupled high-voltage storage system VARTA.wall, with which VARTA plans to enter the largest market segment of the energy storage market in terms of volume (DC storage systems), are also having a negative impact on revenue development in 2024 and contribute to the wide forecast range.
Release of inside information pursuant to Article 17 of Regulation (EU) No 596/2014
VARTA AG adjusts revenue forecast for 2024 due to further slowdown in the energy storage market
Ellwangen, June 20, 2024
Based on current business developments in the first half of 2024, VARTA AG is revising its revenue forecast for fiscal year 2024 issued on August 11, 2023. The Ellwangen-based technology company now expects revenue between € 820 million and € 870 million (previous forecast: at least € 900 million).
The reason for the adjustment is a further significant deterioration in the market environment for energy storage systems, especially in the second quarter of the current year. In addition to a noticeable decline in overall market demand, the market segment for AC (alternating current) energy storage systems in particular, which VARTA serves with its existing product line, is currently losing market share in the domestic market. Delays in connection with the product launch of the DC (direct current)-coupled high-voltage storage system VARTA.wall, with which VARTA plans to enter the largest market segment of the energy storage market in terms of volume (DC storage systems), are also having a negative impact on revenue development in 2024 and contribute to the wide forecast range.
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End of Inside Information
20-Jun-2024 CET/CEST The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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| Language: | English |
| Company: | VARTA AG |
| VARTA-Platz 1 | |
| 73479 Ellwangen | |
| Germany | |
| Phone: | +49 (0)791-921-0 |
| E-mail: | info@varta-ag.com |
| Internet: | www.varta-ag.com |
| ISIN: | DE000A0TGJ55 |
| WKN: | A0TGJ5 |
| Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange |
| EQS News ID: | 1930101 |
| End of Announcement | EQS News Service |
1930101 20-Jun-2024 CET/CEST