First-quarter 2023 in line with guidance; full-year 2023 outlook confirmed

hGears AG posted Group revenues of EUR 28.0 million and an adjusted EBITDA of EUR 1.5 million in the first quarter of 2023. The Group delivered results in line with the expected phasing of performance throughout 2023. The Management Board of hGears remains cautious and reiterates its 2023 outlook.

CEO Sven Arend commented: “As anticipated, we experienced a slow start to 2023. Since joining in February, I have had some time to get to know the business and the people behind it, and this initial assessment supports my view of a high-quality business with embedded resilience through its business mix and a reputation for quality. These solid business attributes, combined with unrivalled expertise and positioning in structurally growing markets, provide us with solid foundations to capture future growth.”

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