ELARIS AG adjusts revenue forecast for 2024 and publishes annual figures for 2023 - 12.07.23 / 17:25

Public disclosure of inside information according to Article 17 of Regulation (EU) No 596/2014

ELARIS AG adjusts revenue forecast for 2024 and publishes annual figures for 2023

• Sales revenues expected to increase to EUR 60-90 million in 2024 (previous forecast: EUR 150-200 million) after EUR 9.7 million in 2023
• Current market frictions due to customs dispute in the automotive sector are temporarily dampening demand
• High order backlog of already more than EUR 40 million remains in place and is a good basis for full-year targets
• ELARIS is currently working intensively on specific solutions to quickly end the negative impact on its own business
• Company does not see fundamental growth strategy jeopardised

 

Bad Dürkheim, 12 July 2024 – ELARIS AG ("ELARIS", ISIN DE000A37FT17) is adjusting its revenue forecast for the current fiscal year due to the current market frictions for electric cars. The Management Board now expects sales revenues for 2024 to be in the range of EUR 60-90 million (previous forecast: EUR 150-200 million). The adjusted revenue forecast means a multiplication of revenue compared to the 2023 fiscal year. During the past year, sales revenues grew to EUR 9.7 million according to the now audited figures in accordance with HGB accounting, versus EUR 3.0 million in 2022. The EBITDA improved to EUR -2.3 million in 2023, compared to EUR -3.1 million during the year before, and the EBIT of EUR -2.4 million was also noticeably better than the previous year's figure of EUR -3.4 million.

The current disputes between the European Union (EU) and the People's Republic of China regarding electric cars, which are associated with punitive tariffs imposed by the EU on the import of Chinese electric cars, have dampened the demand for electric vehicles in Europe in recent months. Nevertheless, ELARIS currently has a robust order volume for electric cars at a record level of around EUR 40 million. Although ELARIS assumes that an agreement regarding the customs dispute will be reached between the EU and the People's Republic of China in the coming months, ELARIS is working in parallel on concrete solutions to end the impact of the economic disputes on its own business. ELARIS is confident that it will be able to present appropriate solutions in the near future. The company does not believe that its fundamental growth path will be jeopardised.

EXPLANATORY PART

Lars Stevenson, CEO and Founder of ELARIS AG: "The current discussion about import duties for electric cars from China is primarily politically driven and, in our view, temporary. The major German industry associations are rightly opposed to the punitive tariffs. Nevertheless, the market situation is impacting the current demand and is therefore forcing us to adjust our revenue forecast for the current year. At the same time, we still expect sales revenues to multiply in the current year and we already have a high order backlog. We are currently working on specific solutions to end the effects of market frictions on our business as quickly as possible and are confident that we will be able to present results in the near future. The fundamental growth story of ELARIS remains intact. With a good market position and innovative ideas, we are ideally positioned for sustainable growth. Our model range, service and sales network as well as

internationalisation are the keywords on ELARIS' path to offering electric cars for everyone that are both in line with demand and affordable."

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