EQS-Adhoc: PSI adjusts Outlook for 2023 Operating Result due to One-time Expenses

PSI adjusts Outlook for 2023 Operating Result due to One-time Expenses

Berlin, July 21, 2023 According to preliminary calculations, the PSI Group achieved slightly higher sales of 119 million euros (1^st half year 2022: 116 million euros) and 13% higher new orders of 169 million euros (1^st half year 2022: 150 million euros) in the first half of 2023. The operating result (EBIT) was impacted by non-recurring expenses in the context of the change in the Executive Board, further burdens from Redispatch 2.0 projects, as well as risk provisioning and impairments in legacy projects in the Electrical Networks business, resulting in a significant reduction to 5 million euros (June 30, 2022: 8 million euros). The business in the Production Management segment developed positively, with operating profit increasing by 5% to more than 8 million euros.

For the full year 2023, the Executive Board continues to expect that that the planned year-on-year increases in new orders and sales of 10% can be achieved. With regard to operating profit, the outlook has been reduced by non-recurring expenses to a budgeted figure of between 5 and 7 million euros. Corresponding the operating profit achieved in the 1^st half of the year, the Production Management segment will slightly exceed its full-year targets at 18 million euros. In the long term, the management is maintaining its growth strategy for the PSI Group.

In the Electrical Energy business, a new management team was established effective July 1, 2023, and is working at full speed to clear the risks from old projects and to get the acceptance of the Redispatch 2.0 projects planned for 2023. Initial progress has been made in this respect. Furthermore important, lucrative new contracts have been won, which are subject to a modified process for accepting orders, which minimizes risks from order processing.

PSI will publish the half-year report as planned on Thursday, July 27, 2023, and explain it during an online conference for analysts and investors (starting at 11:00 a.m.).

Contact:

PSI Software AG
Karsten Pierschke
Head of Investor Relations and Corporate Communication
Dircksenstraße 42-44
10178 Berlin
Germany

Tel. +49 30 2801-2727
Email: KPierschke@psi.de