STEMMER IMAGING achieves strong profitability despite challenging market environment

Puchheim, February 28, 2024

STEMMER IMAGING achieves strong profitability despite challenging market environment

• Revenue decline in line with forecast by 5.8% to EUR 146.3 million (previous year: EUR 155.4 million)
• Record gross margin of 39.7% (previous year: 37.6%) based on strategic positioning
• EBITDA only slightly down at EUR 27.0 million despite one-off expenses (previous year: EUR 28.2 million)
• EBITDA margin at all-time high of 18.4% (previous year: 18.2%)

Puchheim, February 28, 2024 – STEMMER IMAGING AG (ISIN DE000A2G9MZ9 / GSIN A2G9MZ) today publishes its preliminary figures for the fiscal year 2023.

Despite challenging market conditions and the burden of one-time special effects for the further integration of the Spanish and Latin American subgroup in the amount of EUR 1.3 million, STEMMER IMAGING achieved a remarkable EBITDA of EUR 27.0 million in fiscal year 2023 (EBITDA adjusted: EUR 28.3 million, previous year: EUR 28.2 million).

According to the preliminary status of the audit, the Group generated revenue of EUR 146.3 million, which corresponds to a decline of 5.8% compared to the strong previous year (EUR 155.4 million). At EUR 27.0 million, the operating result (EBITDA) was only slightly down on the previous year (EUR 28.2 million). The main drivers of this earnings performance were the strong gross margin of 39.7% (previous year: 37.6%) and the alignment of capacities with the Company´s strategic direction. The EBITDA margin increased from 18.2% in the previous year to 18.4%. Adjusted for the one-off expenses for the integration of the Spanish and Latin American subgroup, EBITDA increased to EUR 28.3 million (EBITDA margin: 19.3%) and was therefore higher than in the previous year.

Therefore, revenues and earnings fall within the forecasted revenue range of EUR 144-151 million, which was adjusted in October 2023, and within the EBITDA range of EUR 26-32 million anticipated at the beginning of 2023. Accordingly, the EBITDA margin is already within the medium-term guidance raised in November 2023 of 17% to 21%.

The positive revenue and earnings performance of the first half of 2023 could not be continued in the following two quarters. After closing the third quarter at the strong level of the previous year in terms of revenue and earnings, STEMMER IMAGING was unable to repeat the exceptionally good results of the same quarter of the previous year in the fourth quarter despite another record gross margin of 41.3% and a strong EBITDA margin of 21.2%. This is mainly due to the current macroeconomic development and a temporary decline in incoming orders and revenues caused by overcapacities at our customers.

Arne Dehn, CEO of STEMMER IMAGING AG, comments: "We feel confirmed in our strategic transformation towards a systems house for the machine vision industry, as we have succeeded in improving our gross margin and EBITDA profitability once again in a very challenging market environment and achieved a remarkable result, which, adjusted for extraordinary expenses, is higher than in the previous year. The economic slowdown that we have been experiencing since the second half of 2023 has not led to a fundamental weakening of the market drivers in the machine vision industry, but merely to a temporary shift in demand."

The figures published in this press release are preliminary and unaudited. STEMMER IMAGING AG will publish the final financial results for the 2023 financial year and the forecast for 2024 on March 28, 2024.

About STEMMER IMAGING
STEMMER IMAGING is the leading international systems house for machine vision technology.

With a background of all-round engineering expertise, STEMMER IMAGING delivers the entire spectrum of machine vision services for both, industrial and non-industrial applications – from value-added services to the development of subsystems and its own products, based on an extensive commercial range of products.
 

Contact:
STEMMER IMAGING AG
Michael Bülter
Chief Financial Officer
Gutenbergstr. 9-13
82178 Puchheim
Germany
Phone +49 89 80902-196
ir@stemmer-imaging.com
www.stemmer-imaging.com