ACCENTRO (A4Y) Q1 2023 earnings summary

Executive summary

• Q1 2023 saw a significant decline in revenues and earnings due to weak demand in the German real estate market and high interest rates, with consolidated revenues at EUR 20.8 million, down from EUR 33.7 million year-over-year.

• EBIT dropped to EUR -4.7 million from EUR 3.6 million, mainly due to lower sales volumes and increased operating expenses.

• Rental income increased by 12.5% to EUR 4.5 million, partially offsetting the decline in sales.

• The company confirmed its full-year 2023 guidance despite ongoing market challenges.

Financial highlights

• Consolidated revenues fell by EUR 12.9 million year-over-year to EUR 20.8 million.

• EBIT was EUR -4.7 million, down from EUR 3.6 million in Q1 2022.

• EBT declined to EUR -12.3 million from EUR -0.8 million year-over-year.

• Earnings per share were EUR -0.34, compared to EUR -0.05 in Q1 2022.

• Cash and cash equivalents decreased to EUR 61.1 million from EUR 100.8 million at year-end 2022.

Outlook and guidance

• 2023 revenue guidance remains at EUR 100–120 million, with EBIT expected between EUR 0 and 2 million.

• Management expects continued market challenges in the short term but sees medium- to long-term growth potential in the German residential market.