Inflation and Economic Slowdown necessitate Adjustment of Outlook for 2023

Bocholt, September 6th, 2023 - A current review and assessment of the further course of business for 2023 today have given the Management Board of Gigaset AG cause to adjust the previous forecast.

So far, a medium increase in revenues (EUR 241.3 million in 2022), a significant increase in EBITDA* (EUR 17.9 million in 2022) and a significant increase in free cash flow (EUR 1.0 million in 2022) were expected.

Due to persistently high inflation and a significantly weakening economy, which results in reduced demand for electronic products in both the private and industrial sectors, a significant decline in revenue, EBITDA and free cash flow is now assumed.

The actual revenue to be achieved and the resulting profit are largely dependent on further economic developments as well as the consumer sentiment and investment willingness of both private and business customers during the fourth quarter.

*EBITDA to be interpreted as earnings before interest, taxes, depreciation and amortisation.

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