Flügger A/S : First quarter 2023/24

Flügger at a glance

Key L12M figures Q1 2023/2024

Revenue mDKK

2.561

Full-time employees

2.247

No. factories

12

EBIT mDKK

61

Markets

17

No. stores

346

Flügger's business model

Q1 23/24 highlights - Revenue and EBIT expectations reached despite currency headwind and challenged markets

Revenue (mDKK)

730

741

Gross margin (%)

49.8

51.2

EBIT (mDKK)

(% margin)

70 (9.6%)

88 (11.9%)

Q1 22/23

Q1 23/24

Sales overall at a satisfactory level

• ▪ Historically high Q1 sales and organic growth of 10%

• ▪ Unfavorable currency development of -9% across main markets

Q1 22/23

Q1 23/24

Gross margin slowly normalizes

• ▪ Gross margin is positively affected by a slight downward trend in raw materials, energy, and transportation cost

• ▪ Combined with the implemented price increases the overall gross margin moved towards a more normalized level

Q1 22/23

Q1 23/24

Improvement in main segments

• ▪ Improvement in EBIT is driven by segments 1 and 2

• ▪ Segment 3 Eskaro declined slightly QoQ

Revenue increased +1% compared to last year driven by price increases, but higher underlying organic growth offset by negative currency effect

Revenue development (mDKK)

RevenueRevenue, LTMRevenue

750 700

Revenue, LTM

650

600 550 500 450 400 350 300

Q1 19/20

Revenue effects (mDKK)

-9%

2,700

0%

10%

741

Q1 20/21

730

Q1 21/22

Q1 22/23

Q1 23/24

2,400

2,100

1,800

1,500

1,200

900

Q1 22/23

CurrencyM&A

Organic Growth

Q1 23/24

Improvement in EBIT and in line with expectations, however still affected by difficult market conditions, unfavorable customer mix and higher cost levels

EBIT development (mDKK)

EBITEBIT, LTM

EBIT effects (mDKK)

-100

-150

EBIT

150

100

-50

50

0

EBIT LTM

250

3

88

200

150

100

50

0

-50

-100

-150

-200

-250

Q1 19/20

Q1 20/21

Q1 21/22

Q1 22/23

Q1 23/24

Q1 22/23

GP net

PROD S&D Adm. Eskaro Q1 costs costs costs 23/24