Progress-Werk Oberkirch AG: PWO confirms preliminary figures for an encouraging first quarter of 2021

- Positive development in Czechia, Mexico and China
- High level of new business underpins our solution expertise in electrification, safety and comfort for the mobility of the future

Oberkirch, May 10, 2021 - With today's announcement on the first quarter, PWO is confirming the preliminary figures communicated on April 23, 2021. We have had a good start into the new fiscal year. Our locations in Mexico and China were strong contributors to this positive performance.

The Czech location also increased its revenues. Despite expenses associated to the current site expansion, EBIT before currency effects remained at a high level in the first quarter. At the German and Canadian locations, revenues and EBIT before currency effects were below their respective levels in the same prior-year period. In Germany, we are rapidly implementing a comprehensive package of measures to strengthen the location's competitiveness and to facilitate future growth. In Canada, we can already foresee an improvement in business performance thanks to the start of series production.

We achieved the following key figures for the Group:
Revenue: EUR 110.2 million (p/y: EUR 108.8 million)
EBIT before currency effects: EUR 5.7 million (p/y: EUR 6.8 million)
EBIT including currency effects: EUR 5.9 million (p/y: EUR 6.1 million)
Net income for the period: EUR 4.1 million (p/y: EUR 3.5 million)
Earnings per share: EUR 1.32 (p/y: EUR 1.11)
Some prior-year figures have been adjusted due to a change in accounting.

We are especially satisfied with the high level of new business of EUR 135 million in the first quarter of 2021. This again underscores our outstanding solution expertise for the trends of electrification and safety as well as comfort for the mobility of the future. Larger contract volumes relate to air suspension components for various premium class vehicles of a renowned international manufacturer. These components will be produced in Oberkirch.

The expansion of our Czech location is progressing rapidly, particularly following an additional order for the production of instrument panel carriers at that location. This is an example of our continuing growth strategy of supplying an ever broader range of products to existing customers. We are also pleased that we will start supplying a customer's all-electric touring sedan, which is one of the flagship vehicles of its model range.

Despite the uncertainties resulting from the possible effects of the pandemic, we are confident that we will be able to report further technologically sophisticated new orders from existing and new customers in the course of the year. We are thus focusing on a rapid recovery and the ambitious medium-term growth of the Group.

Further detailed information can be found in our quarterly statement, which is available on our website at https://www.progress-werk.de/en/investors-press/news-publications/reports/quarterly-reports-2021/.

Progress-Werk Oberkirch AG
The Executive Board

Company Profile PWO
PWO is a partner to the global mobility industry for the development and production of advanced metal components and subsystems using lightweight construction. The Group has developed a unique knowledge in the forming and joining of metals over the course of its more than 100-year history since it was founded in 1919. With our expertise in lightweight construction, we contribute to environmentally friendly driving and greater distances.

All of the Group's more than 1,000 products contribute to electrification, safety and comfort. More than 90 percent of its revenues are independent of the vehicle's type of drivetrain. Approximately 3,000 employees on three continents at five production sites and three assembly plants ensure the highest level of delivery reliability and quality.