Ostbevern, July 2, 2025 – FRIWO – an international product and system provider of power supplies, charging technology, and digitally controllable drive solutions – has completed the sale of its 49.9 percent minority stake in the joint venture with India’s UNO MINDA, as announced in the first quarter of 2025. In addition to its shareholding, UNO MINDA has also acquired intangible rights such as know-how and intellectual property through its subsidiaries, in particular UNO MINDA EV SYSTEMS, to the products developed by FRIWO for UNO MINDA EV SYSTEMS and manufactured and distributed by the latter, as well as certain test and inspection systems from the companies of the FRIWO Group based in Germany. The acquisition of the e-drives test and inspection systems in Vietnam is currently still in progress. The purchase agreement exclusively covers the two- and three-wheel applications of the e-drives offering worldwide, with the exception of e-bikes and pedelecs. Other e-mobility system offerings, such as those for logistics, construction, golf carts, or the medical sector, remain available to the company. In the course of the closing of the transaction, which is now largely complete, the company has received the contractually agreed net cash inflow of approximately 18 million euros after deduction of transaction costs.
This marks an important step in the financial restructuring and lays the foundation for sustainable profitable growth. The closing of the sale of the business with customized and application-specific power supply solutions for DIN rails, announced at the end of 2024, is scheduled for the third quarter of 2025. FRIWO then expects a further cash inflow of around 10 million euros. After deducting all costs, both transactions will provide the company with financial resources on a scale that will enable it to repay a large portion of its debt to its principal banks in Germany and Vietnam. This will significantly improve the balance sheet quality; subject to confirmation by the auditors, the equity ratio, which was still at an unsatisfactory 2.5% at the end of the first quarter of 2025, is expected to rise to more than 30%. At the same time, substantial funds will be invested in future expansion and in strengthening the company’s position as a leading system provider of power supply solutions.
“We would like to thank everyone involved at our partner UNO MINDA for their professional handling of the transaction,” commented Dominik Woeffen, member of the Management Board of FRIWO AG. Chief Financial Officer Ina Klassen added: “As announced, the significant cash inflow from the transaction will be used to reduce debt and restructure the company’s finances. In addition, we will continue to expand our ongoing internationalization and investments in leading-edge innovations.”
Growth potential in all five business areas
Following completion of the transactions, FRIWO now has a well-diversified product portfolio. The five core business areas of E-Mobility, Transportation & Logistics as well as Medical & Healthcare Solutions, Industrial Applications, Specialized Tools & Equipment, and Lifestyle Solutions offer significant growth potential. The product innovations in the E-Mobility, Transportation & Logistics segment presented at the Eurobike trade fair in Frankfurt at the end of June, such as a new 500W e-bike charger with fast charging function, met with great interest. Internationally, the realignment of global sales has already set the course for the expansion of activities in other focus markets in Europe, the USA, and Asia.
Fully on track for 2025, growth potential defined until 2029
At mid-year, FRIWO is fully on track to achieve its targets for 2025. These include consolidated revenue of between 75 and 90 million euros and a balanced operating result. In addition, the Management Board expects high extraordinary one-off gains from the transactions mentioned above. In the medium term, internationalization, the introduction of new innovative products, improved scalability, and expanded value creation through additional activities are expected to enable annual revenue growth of at least in the higher single-digit percentage range and a sustainably achievable EBIT margin of over 5% by 2029. FRIWO is also reviewing attractive options for external growth steps.
Upcoming publication date: Half-year report and conference call on August 14, 2025.
Contact investor relations and media
FRIWO AG
Sabrina Kiese
+49 (0) 2532 81 0
ir@friwo.com
Peter Dietz
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dietz@gfd-finanzkommunikation.de
Ostbevern, May 8, 2025 – FRIWO – an international product and system provider of power supplies, charging technology, and digitally controllable drive solutions – has made a solid start to 2025. Due to period-related accounting effects, revenue was down on the previous year’s figure of 20.7 million euros at 19.3 million euros. Thanks to further improvements in personnel and material costs and an improved product mix, gross profit improved significantly. Despite one-off expenses from the portfolio transactions announced and problems with a supplier, EBIT improved year-on-year from -1.8 million euros to -0.7 million euros – in purely operational terms, this would have been significantly better. Demand for innovative solutions in the five business segments is picking up noticeably, as hoped. As of 31 March, FRIWO reported order intake of 26.3 million euros, which was more than 60% higher than in the very weak prior-year quarter. At 46.0 million euros, the Group’s order backlog was also significantly higher than a year ago (42.5 million euros).
FRIWO is therefore fully on track to achieve its targets for 2025. These include consolidated revenue of between 75 and 90 million euros, a balanced operating result and, thanks to the expected high extraordinary one-off income from the divestments of the DIN rail business and the minority interest in the joint venture in India, a high reported profit.
“FRIWO has made a good start to the 2025 financial year despite the difficult conditions. Our measures to improve cost efficiency are taking effect and the strategic realignment is proceeding according to plan. The closing of the two portfolio transactions is also progressing as planned,” said Dominik Woeffen, Board Member of FRIWO AG, commenting on the development. His fellow Board Member Ina Klassen adds: “The high cash inflows expected from these transactions will significantly improve our balance sheet quality, as announced. In addition, we are seeing a promising upturn in order intake, enabling us to confirm our annual targets for 2025 without reservation.”
Financial stabilization following cash inflows from portfolio transactions
FRIWO AG’s balance sheet total as of March 31, 2025 decreased further from 63.7 million euros at the end of 2024 to 61.3 million euros, following 71.2 million euros as of December 31, 2023. The financial situation is tense, with an equity ratio of only 2.5% (December 31, 2024: 5.3%). However, this should improve significantly in the coming quarters in view of improved results and the expected transaction-related cash inflows of around 30 million euros by the end of the year. The Management Board therefore continues to expect the equity ratio to recover to more than 30%.
The number of employees fell to 1,110 at the end of the first quarter (end of 2024: 1,206); the majority of the workforce continues to be employed at the Vietnamese sites. Following the extensive changes within the Group, the dimensions of the previous Group headquarters in Ostbevern are no longer necessary. It has therefore been decided to relocate to a modern site in Ostbevern that is more suitable for the smaller workforce. This will be completed in summer 2025.
Clearly on track for growth in the medium term
The aforementioned high cash inflow will be used, on the one hand, for financial consolidation by reducing a large portion of the debt owed to the principal banks in Germany and Vietnam. In addition, investments will be made in future expansion and in strengthening the company’s position as a leading system provider of power supply solutions. This includes greater internationalization with a focus on North America and Asia by 2029, the introduction of new innovative products and improved scalability of offerings, expanded value creation through additional technology-related activities, and the examination of attractive options through external growth. This should enable the company to achieve annual revenue growth in the higher single-digit percentage range and a sustainably achievable EBIT margin of over 5%.
Further information about the company can be found on the investor relations pages of FRIWO.
Contact investor relations and media
FRIWO AG
Sabrina Kiese
+49 (0) 2532 81 0
ir@friwo.com
Peter Dietz
+49 (0) 69 97 12 47 33
dietz@gfd-finanzkommunikation.de
Ostbevern, April 24, 2025 – FRIWO – an international product and system provider of power supplies, charging technology, and digitally controllable drive solutions – is consistently implementing the strategic and financial realignment it began in the first quarter of 2025. This should primarily show initial positive effects in this financial year thanks to successful cost efficiency measures and lead to an improvement in earnings to a balanced consolidated operating EBIT. Consolidated revenue is expected to be between 75 and 90 million euros. Within this range, the two divestments e-drives and the DIN rail business are only included until June 30, 2025. The transactions are also expected to have a significant one-time impact on earnings.
The two divestments will result in a cash inflow of around 30 million euros upon closing. This will be used for financial consolidation by reducing a large portion of the debt owed to the principal banks in Germany and Vietnam. In addition, investments will be made in future expansion and in strengthening the company’s position as a leading system provider of power supply solutions. This should enable the company to achieve annual revenue growth in the higher single-digit percentage range until the 2030 financial year and a sustainable EBIT margin of over 5%.
Focus on implementing the reorganization and developing a platform strategy for 2025
The growth strategy is based on the internationalization of all activities and the expansion of the value chain through innovative product and service offerings in the five newly defined core business areas: E-Mobility, Transportation & Logistics, Medical & Healthcare Solutions, Industrial Applications, Specialized Tools & Equipment and Lifestyle Solutions. All segments are expected to contribute to the aforementioned medium-term growth. To this end, efforts are also underway to develop a platform strategy for improving efficiency. The necessary changes to the sales structure have already been initiated in order to be able to respond to market and customer requirements worldwide. In addition, initial measures to improve operational excellence have been defined, for example, to reduce delivery times and time-to-market and to increase efficiency in logistics.
2024 marked by weak demand in Europe – upturn in order intake
In the 2024 financial year, FRIWO generated consolidated sales of 93.0 million euros within the communicated target range of 90 to 95 million euros. Due to the ongoing weakness in demand in Europe, this was significantly below the previous year’s figure of 111.1 million euros. The largest decline was recorded in the Medical & Healthcare Solutions and Industrial Applications segments, while the Specialized Tools & Equipment and E-Mobility, Transportation & Logistics segments only recorded slight declines. Thanks to the optimization of the sites in Vietnam and Ostbevern and in view of an easing in material costs, EBIT (earnings before interest and taxes) improved to -3.6 million euros (2023: -7.4 million euros). The number of employees fell from 1,701 to 1,206 in the last twelve months, with more than 80% of the workforce still employed at production sites in Vietnam. The renewed loss was based on the significant decline in sales, start-up costs for the joint venture in India, and one-off expenses for the adjustment of production structures and the disposal of the minority interest in the joint venture in India and large parts of the industrial business announced at the end of 2024 and beginning of 2025. Profit before tax amounted to -7.1 million euros (2023: -11.1 million euros). After taxes, the Group reported earnings of – 6.2 million euros (2023: -11.5 million euros) and earnings per share of -0.73 euros (2023: -1.35 euros).
The positive momentum for 2025 is reflected in an increase in order intake from 80.7 million euros to 88.2 million euros; the order backlog remains at a low level at 43.7 million euros (end of 2023: 49.6 million euros).
Equity ratio expected to rise sharply by the end of 2025 thanks to anticipated cash inflows
The decline in business also led to a reduction in total assets from 71.2 million euros to 63.7 million euros. Working capital was reduced from 27.9 million euros to 16.7 million euros. The equity ratio fell from 13.5% to a very low 5.3% as of December 31, 2024. This underscores the urgent need to sell the DIN rail business and the stake in the Indian joint venture. Based on the expected cash inflow following the closing of both transactions, the Management Board anticipates that the equity ratio will recover to over 30%.
The annual report for 2024 and further information on the company can be found on this website.
Download the press release as PDF
The 2024 annual report as a PDF for download
The 2024 annual report in ESEF format
The 2024 annual financial statements as a PDF for download
Kontakt Investor Relations und Medien
FRIWO AG
Sabrina Kiese
+49 (0) 2532 81 0
ir@friwo.com
Peter Dietz
+49 (0 ) 69 97 12 47 33
dietz@gfd-finanzkommunikation.de
Ostbevern, April 15, 2025 – FRIWO – an international product and system provider of power supplies, charging technology and digitally controllable drive solutions – has achieved the annual targets for 2024, which were adjusted in October 2024, according to preliminary, unaudited figures. Consolidated sales of 93.0 million euros were achieved within the communicated target corridor of 90 to 95 million euros. Due to the ongoing weakness in demand in Europe, this was significantly below the previous year’s figure of 111.1 million euros. The decline in revenue, start-up costs for the Indian joint venture as well as one-off expenses for the adjustment of production structures and the disposal of the minority interest in the Indian joint venture and large parts of the industrial business, as announced at the end of 2024 and the beginning of 2025, respectively, led to an EBIT loss (earnings before interest and taxes) of -3.6 million euros. A small EBIT loss had been expected here. Thanks to the optimization of the sites in Vietnam and Ostbevern and in view of an easing of the cost of materials situation, a noticeable improvement was achieved compared to the previous year (-7.4 million euros).
The financial and strategic realignment of FRIWO, as communicated in mid-February 2025, is being consistently implemented. The company expects the two divestments to generate a cash inflow of around 30 million euros over the course of the year following the closing of the transactions. This will be used to repay a large portion of the debt to the principal banks in Germany and Vietnam and to noticeably improve the balance sheet quality. In addition, investments are to be made in future expansion and in the development of the position as a leading system provider of power supply solutions in order to support the planned profitable growth of the company. The focus here is on internationalization and the expansion of the value chain through innovative products and services in the five newly defined core business segments: E-Mobility, Transportation & Logistics, Medical & Healthcare Solutions, Industrial Applications, Specialized Tools & Equipment and Lifestyle Solutions. The sales structure is currently being converted in order to be able to respond more effectively to market and customer requirements. In addition, initial measures to improve operational excellence have been defined, for example, to reduce delivery times and time-to-market in all areas and to increase efficiency in logistics.
As previously announced, FRIWO will report on further details of its strategic development and the investments in the outlined growth in the coming quarters. The first positive operational successes, initially due to the successful cost efficiency measures, should be visible in an improvement in earnings as early as 2025. For the 2025 financial year, the Management Board expects consolidated revenues in the range of 75 to 90 million euros and a balanced consolidated operating EBIT. This forecast is based on the assumption that the two divestments, the e-drives and DIN rail businesses, will be implemented by mid-year, eliminating the corresponding revenues. In addition, the result will be adjusted for the special effects of the divestment transactions.
For the following years, FRIWO expects average annual revenue improvements of at least a high single-digit percentage and a sustainable EBIT margin of over 5%.
FRIWO will publish the audited annual financial statements and the annual report 2024 as planned on April 24, 2025.
Contact investor relations and media
FRIWO AG
Sabrina Kiese
+49 (0) 2532 81 0
ir@friwo.com
Peter Dietz
+49 (0) 69 97 12 47 33
dietz@gfd-finanzkommunikation.de
Ostbevern, March 06, 2025 – FRIWO – an international manufacturer and innovative system provider of technically leading power supply solutions, chargers and e-mobility drive solutions – will be presenting its pioneering technologies at four major trade fairs in 2025. As an experienced OEM and EMS partner, FRIWO offers numerous product innovations and customized solutions for industry, medical technology, maritime applications and modern mobility concepts – from development and production to integration into customer-specific systems.
FRIWO will be represented at the following trade fairs in 2025
Hannover Messe (March 31 – April 4, 2025)
As the world’s leading industrial trade fair, Hannover Messe provides a platform for technological innovations and smart manufacturing concepts. FRIWO will be presenting high-performance power supply solutions for industrial applications, including the new open-frame power supply units and reliable charging electronics.
Vitalis, Gothenburg (May 20 – 22, 2025)
Vitalis is one of the most important European trade fairs for e-health, digital health solutions and medical technology. FRIWO will be exhibiting highly reliable medical power supplies in accordance with IEC 60601, which have been developed for use in diagnostic and therapeutic devices and mobile medical systems, among other things.
Electric & Hybrid Marine Expo, Amsterdam (June 24 – 26, 2025)
The maritime industry is changing – alternative propulsion technologies and emission-free solutions are rapidly gaining in importance. At the Electric & Hybrid Marine Expo, FRIWO will be showcasing its portfolio of high-performance power supply and charging electronics solutions as well as efficient e-mobility drive systems.
Eurobike, Frankfurt am Main (June 25 – 29, 2025)
As the leading trade fair for micromobility and e-bike technologies, Eurobike is the central platform for innovations in the field of sustainable mobility. FRIWO will be presenting its latest solutions for e-bike chargers and various e-mobility products that impress with their performance and durability.
FRIWO – Your partner for powerful, safe and efficient energy solutions
By participating in these leading trade fairs, FRIWO is underlining its claim to be a reliable innovation partner that develops customized solutions for demanding applications and supports its customers in the implementation of future-oriented technologies.
Interested trade visitors are cordially invited to exchange ideas with the FRIWO experts on site and get to know the latest products.
Further information about the company and FRIWO’s products and services can be found on the company website at www.friwo.com.
▪ High cash inflow expected from the sale of the minority stake in the Indian joint venture and from the sale of large parts of the industrial business
▪ Debt to be reduced in large part, equity ratio will exceed 30% after the transactions have been carried out, financial resources for future growth and profitability
▪ New corporate structure with five business areas and a focus on innovative growth drivers
▪ 2025 with solid growth and significantly positive adjusted EBIT – high revenue growth and sustainable EBIT margin of more than 5% planned in the medium term
Ostbevern, February 14, 2025 – FRIWO – an international product and system provider of power supplies, charging technology and digitally controllable drive solutions – is to restructure its finances by comprehensively realigning its portfolio, thereby laying the foundation for sustainable profitable growth. This is due, on the one hand, to the framework agreement concluded at the end of 2024 for the divestment of its business with customized and application-specific power supply solutions for DIN rails and, on the other hand, to the sale of the 49.9% minority stake in the joint venture with the Indian company UNO MINDA, which was agreed today. The implementation of both transactions is still subject to various conditions and is expected to be completed in the first half of 2025. After deducting all costs, both transactions will provide the company with financial resources that will enable it to reduce part of its debt to its principal banks in Germany and Vietnam, while investing in future expansion and in developing its position as a leading system provider of power supply solutions, and thus supporting the planned profitable growth of the company.
“We are very grateful to UNO MINDA for the close partnership and the progress we have made together in the joint venture over the past few years. We wish UNO MINDA and the entire team every success for the future. Thanks to the transaction, FRIWO will be able to successfully realign itself financially and strategically in difficult economic times. This will enable us to finally turn a profit and achieve significant profitable growth in the future on the basis of a well-diversified technology portfolio,” comments Dominik Woeffen, member of the Management Board of FRIWO AG. Ina Klassen, member of the Management Board of FRIWO AG adds: “The expected high cash inflows from the two transactions will restore FRIWO to a financially and balance sheet healthy company. This will provide us with sufficient financial resources to significantly expand our core business by driving internationalization and strengthening our innovation capabilities.”
Financial necessity for divestment of joint venture interest
FRIWO expects the transaction with UNO MINDA, which is still subject to various conditions and is expected to be completed in the first half of 2025, to result in a cash inflow of approximately 20 million euros. In addition, the transaction will lead to an extraordinary contribution to earnings in the amount of a large portion of the purchase price after completion. The joint venture with UNO MINDA was established in the summer of 2022; on this occasion, the Indian company also acquired a 5.24% stake in FRIWO AG. The corresponding capital increase had already generated 15 million euros for the Group at the time. The joint venture for the production of two- and three-wheelers with electric drives in India and Southeast Asia had a good order situation, but the realization of this growth required high start-up costs. Due to the minority interest, no sales revenues were realized by the FRIWO Group from the joint venture. To date, FRIWO has not yet been able to realize any license fees from this due to the joint venture’s high investment requirements to enable the growing business. Further growth of this business would have required substantial additional resources to enable the successful servicing of global customers, including those outside India. This would have necessitated not only substantial financial resources but also an international sales and service network. After a broad and international selection process, FRIWO decided to sell the business to the Indian joint venture partner. On the one hand, this sale secures the necessary resources for the business to continue growing. On the other hand, it provides the financial relief that FRIWO needs to significantly improve its equity ratio, which fell sharply to 10.1% in the third quarter of 2024.
UNO MINDA remains a partner for FRIWO
Sales negotiations were conducted with several interested parties. In UNO MINDA, the ideal buyer was found for all of the company’s stakeholders and for the further strategic positioning of FRIWO in India and Southeast Asia. In addition, there are considerations to use their cost-effective production network for FRIWO’s core business. The purchase agreement only includes the two- and three-wheeler applications of the e-drive range worldwide, with the exception of e-bikes and pedelecs. The company will still have access to other e-mobility system offerings, for example for logistics, the construction industry, golf caddies or in the medical sector. The proceeds expected from the portfolio transactions will significantly improve the balance sheet quality in the long term. For example, the equity ratio is expected to improve to more than 30%, subject to confirmation by the auditors.
The foundation for future profitable growth has been laid
Once the transactions have been successfully completed, FRIWO will have a well-diversified portfolio of products and services with growth potential. The so-called “TIME” segments, i.e. the tools, industrial, medical and e-mobility sectors, are to be expanded in a targeted manner to include strategically suitable business areas. At the same time, FRIWO is opening up to new markets and future-oriented industries to enable further medium- and long-term growth. The new structure will consist of the five business areas:
• E-Mobility, Transportation & Logistics
• Medical & Healthcare Solutions
• Industrial Applications
• Specialized Tools & Equipment
• Lifestyle Solutions
Adjusted for the transactions, the previous TIME segments generated revenue of more than 75 million euros in 2024. Building on this, the targeted profitable growth and the associated turnaround to profitability should be achieved in the future by expanding the business areas, increasing internationalization, particularly in Europe, the USA and Asia with India as a preferred growth market, product innovations and an extended value chain, for which insufficient funds were available in the past. The aim is to provide all areas with a balanced mix of customer-specific OEM products and standard products. In addition, improved results should be achieved by focusing more on sophisticated solutions and further efficiency improvements. The focus is on operational excellence, with the aim of reducing delivery times and time to market in all areas and increasing efficiency in our logistics.
Tapping additional growth potential
The new corporate structure will comprise the following areas of responsibility:
E-Mobility, Transportation & Logistics will include solutions for electric drive systems, charging technology, energy supply and logistics applications, and will account for well over 20% of revenue. In this area, FRIWO already successfully supplies 50% of the largest manufacturers of e-bike drive systems with battery chargers. With well over 5 million e-bike charging systems already delivered, the company is the clear number one in Europe, with a strong focus on the DACH region. After the coronavirus-related boom in 2020, the market has stabilized.
Medical & Healthcare Solutions generates more than 15% of Group revenue with advanced solutions for medical technology, healthcare devices and diagnostic systems. FRIWO sees particularly strong growth and margin potential in this business area. The main focus region is to be the USA. The division is expected to expand its share of Group revenue noticeably.
Industrial Applications will also contribute over 15% of revenue. Our products and solutions for this area are focused on automation, manufacturing technology, industrial control systems, and food processing. Additional potential for this area is also expected to arise from increased customer-related contract manufacturing.
Specialized Tools & Equipment, with its high-quality power supplies for tools and special equipment in various industries, will contribute more than 20% to Group revenue. FRIWO has been a successfully established producer of intelligent e-mobility charging systems for tools and gardening equipment for many years. Future growth is to be achieved primarily through product innovations.
The Lifestyle Solutions business will focus on products for private use, such as household appliances, consumer electronics, and smart home systems. The smallest business area will have a mid-single-digit percentage of revenue.
FRIWO will provide more information on the strategic developments and measures required for the realignment in the coming quarters.
Significant medium-term growth in revenue and earnings aspired, with the ability to pay a dividend
In the coming quarters, FRIWO will report on further details after the closing of the transactions and the strategic development as well as the investments in the outlined growth. As early as 2025, the first positive operational successes, initially mainly due to the successful cost efficiency measures, should be visible in an improvement in earnings. For the following years, FRIWO expects average annual revenue growth at least in the high single-digit percentage range and a sustainable EBIT margin of more than 5%. This should then also enable a balance sheet profit again, allowing the shareholders to participate appropriately in the company’s success through a dividend payment.
The outlined measures and strategic development are also fully supported by the major shareholder Cardea Holding GmbH, a subsidiary of VTC GmbH & Co. KG, and by the Supervisory Board of FRIWO, as confirmed by Richard Ramsauer, Chairman of the Supervisory Board: “The Supervisory Board of FRIWO AG fully supports the strategic steps taken and the planned measures. The two transactions will enable substantial value to be added and realized. This will put FRIWO in a very good financial and strategic position for the future.”
Invitation to the conference call / webcast:
A conference call in German will be held on Monday, February 17, 2025 at 11:30 a.m. (CET) to discuss the latest developments.
To participate in the conference call and to be able to ask a question, please register at
https://webcast.meetyoo.de/reg/sMk9ysuXENxq
The webcast (incl. replay) can be accessed via the following link:
https://www.webcast-eqs.com/friwo-2025-02
Contact investor relations and media
FRIWO AG
+49 (0) 2532 81 0
ir@friwo.com
Peter Dietz
+49 (0) 69 97 12 47 33
dietz@gfd-finanzkommunikation.de
▪ Dominik Wöffen and Ina Klassen new members of the Executive Board as of January 1, 2025
▪ Former Co-CEO Rolf Schwirz becomes advisor to the Supervisory Board
▪ Contract with Roald Gréboval terminated prematurely by mutual agreement
Ostbevern, 17 January 2025 – With effect from January 1, 2025, FRIWO AG will reorganize its Group Executive Board. The Supervisory Board has appointed Dominik Wöffen, previously Chief Operation Officer, and Ina Klassen, previously Senior Vice President Finance & Controlling, to the Executive Board. As announced, the former Co-CEO Rolf Schwirz left the Executive Board on December 31, 2024, but will continue to support the company and in particular the Supervisory Board in an advisory capacity for strategic projects. Meanwhile, the contractual relationship with Roald Gréboval – previously also Co-CEO – was terminated prematurely by mutual agreement.
“In Ina Klassen and Dominik Wöffen, FRIWO AG is gaining two new members of the Executive Board who have known the company very well for many years as managers and will advance the planned future growth course of the company. We thank Roald Gréboval for having formulated FRIWO’s strategic roadmap for the future with the management team. Convinced that “FRIWO AG is in good hands to implement its development plan”, he has decided to pursue other opportunities,” comments Richard Ramsauer, Chairman of the Supervisory Board of FRIWO AG, on the personnel changes.
Dominik Wöffen (46) began his career at FRIWO in 2009 as a sales manager and initially managed the export division before taking on responsibility for the development of new product and business areas as Vice President Business Development from 2013. He then played a leading role in the successful establishment of the FRIWO Group’s manufacturing sites in Vietnam and was appointed Chief Operation Officer (COO) in 2018. Mr. Wöffen will take over departmental responsibility for operations, sales, purchasing, product management, research & development and quality management within FRIWO’s Executive Board.
Ina Klassen (35) has been working for the FRIWO Group for more than 12 years in various management roles, some of which she performed from the company’s locations in Vietnam and China. In fall 2017, she was promoted to Head of Controlling Vietnam, where she played a significant role in the further development of the location. In November 2021, she was promoted to Group-wide Head of Finance and Controlling. Ms. Klassen also held a management position at FRIWO for special strategic topics, such as M&A and transformation projects. On the Executive Board, she will be responsible for finance and accounting, controlling, IT, human resources, marketing, legal, investor relations and sustainability.
Photos of the new Executive Board members and further information about the company can be found on the company’s website: www.friwo.com
Contact investor relations and media
FRIWO AG
Ina Klassen
+49 (0) 2532 81 869
ir@friwo.com
Peter Dietz
+49 (0 ) 69 97 12 47 33
dietz@gfd-finanzkommunikation.de
Ostbevern, 31 December 2024 – FRIWO – an international product and system provider of power supplies, charging technology and digitally controllable drive solutions – today signed a framework agreement to divest its business in customer- and application-specific power supply solutions for DIN rails. The execution of the framework agreement is still subject to various conditions and is expected to be completed in the first half of 2025. In the current fiscal year 2024, FRIWO generated sales of around EUR 11 million with these products, with solid profitability. The purchase price is in the low double-digit million-euro range.
The activities in the area of power supply solutions for DIN rails which are bundled in the business segment Industrial will be acquired by a reputable component and system manufacturer in the field of electrical engineering, electronics and automation, which has already been the sole customer for the relevant FRIWO products and services. The power supply business, which is highly customer- and application-specific, has no organizational or synergistic connection to FRIWO’s other activities. FRIWO plans to invest the funds it expects to receive from the transaction in the expansion and technological development of the group’s core activities.
Contact investor relations and media
FRIWO AG
Ina Klassen
+49 (0) 2532 81 869
ir@friwo.com
Peter Dietz
+49 (0 ) 69 97 12 47 33
dietz@gfd-finanzkommunikation.de
▪ Group revenue falls by 28% to 64.4 million euros after nine months
▪ EBIT deteriorates only slightly to -2.9 million euros thanks to cost efficiency measures, third
quarter slightly positive at 0.1 million euros
▪ E-mobility joint venture in India with strong growth expected in 2024
▪ Outlook for 2024 adjusted at the end of October due to continued weak demand
Ostbevern, November 7, 2024 – FRIWO – an international manufacturer of technologically leading chargers and e-drive solutions – did not see the hoped-for recovery in demand in
the e-mobility and tools segments in the third quarter of 2024. Even after nine months, the ongoing weakness in demand in the e-mobility, industrial and tools segments in Europe is weighing on the operating performance. Accordingly, Group revenue of 64.4 million euros was reported, down 28% on the same period of the previous year (89.5 million euros). In the third quarter, the drop was around 21%. However, the decline in revenue, expected start-up costs for the Indian joint venture and one-off expenses for the adjustment of production structures were largely mitigated by improved cost efficiency, mainly due to the optimization of the sites in Vietnam and Ostbevern, particularly with regard to personnel costs, and falling material costs. As a result, the EBIT loss (earnings before interest and taxes) was limited to -2.9 million euros (9M-2023: -2.3 million euros). In the third quarter, a small profit of 0.1 million euros was even achieved, and a noticeable improvement compared to the same period of the previous year (-0.7 million euros). After taxes, a loss of -5.7 million euros (9M-2023: -5.3 million euros) was incurred after nine months and a loss of -0.8 million euros (Q3-2023: -1.6 million euros) in the reporting quarter.
On 22 October, FRIWO had already revised its outlook for the full year 2024 downwards (see below for details). However, the company generally confirms the fundamentally positive growth expectations for the Group’s e-mobility offerings and services. The joint venture with UNO MINDA in India continues to develop very positively, with an unchanged very good order situation and a doubling of the business volume compared to 2023/2024 expected in the current Indian fiscal year 2024/2025 (31 March). In addition, FRIWO plans to significantly expand its international activities with a focus on the US and Europe excluding the DACH region.
“Unfortunately, the upturn in orders for e-mobility and tools that was forecast at the half-year mark did not materialize to the extent expected. As a result, we have had to adjust our forecast for the year downwards. However, the cost-cutting measures we have initiated have significantly reduced the negative impact on earnings. The continued positive development of our Indian joint venture and indications of a gradual recovery in e-mobility growth make us confident about 2025,” comments Rolf Schwirz, member of the Management Board of FRIWO AG.
Order situation shows little improvement – number of employees adjusted to weak demand
Despite the slight increase in incoming orders from 63.9 to 67.2 million euros, the order backlog as of 30 September 2024 was down year on year, from 54.5 million euros to 46.8 million euros. Excluding the activities no longer included after the separation of activities at the Ostbevern site, the development would have been somewhat more positive. Thanks to the sale of the remaining production activities at the Ostbevern site to an investment company and the acquisition of assets and materials for component production near Saigon by a Hong Kong-based company, FRIWO was able to significantly improve its cost structure. Since then, the buyers have been acting as suppliers for the products and system solutions manufactured by FRIWO. The number of employees fell accordingly from 1,701 at the end of 2023 to 1,138.
As of 30 September 2024, total assets of the FRIWO Group amounted to 66.9 million euros, compared to 74.3 million euros as of 31 December 2023. The equity ratio decreased from 17.1% to 10.1%. Thanks to the extension of the existing syndicated loan and the shareholder loans until the end of 2025, which were agreed in the previous year, FRIWO is solidly financed and in close contact with its principal banks.
Outlook for 2024 adjusted due to continued weak order intake
On October 22, 2024, in view of the ongoing weak order situation in e-mobility and tools in Europe, the Management Board of FRIWO AG adjusted its annual forecast for 2024 downwards. The Management Board now expects full-year sales of between 90 and 95 million euros (previously between 100 and 120 million euros). By contrast, the extensive cost efficiency measures introduced by FRIWO and the easing of material and energy costs are having a noticeably positive effect. Therefore, the revenue shortfall for the year as a whole will only result in a minor adjustment to the earnings targets for fiscal year 2024. Instead of the previously forecast roughly balanced consolidated EBIT (earnings before interest and taxes), a slight EBIT loss is now expected. FRIWO continues to see a fundamentally positive trend in demand for its products and a return to sustainably profitable growth from 2025 onwards.
Further information on the company can be found on FRIWO’s investor relations pages at: www.friwo.com
Contact investor relations and media
FRIWO AG
Ina Klassen
+49 (0) 2532 81 869
ir@friwo.com
Peter Dietz
+49 (0 ) 69 97 12 47 33
dietz@gfd-finanzkommunikation.de
Ostbevern, 22 October 2024 – FRIWO – an international manufacturer of technically leading chargers and e-drive solutions – has to adjust its annual forecast for 2024 downwards in view of the noticeable economic weakness. In particular, the continuing weakness in orders for e-mobility and tools in Europe has meant that the order situation as at 30 September 2024 has hardly changed compared to the half-year figures and the recovery in demand originally expected for the second half of the year, particularly in the final quarter of the year, has failed to materialise. Against this backdrop, the Executive Board now expects full-year sales of between EUR 90 and 95 million. Previously, FRIWO had anticipated sales of between EUR 100 and 120 million. In contrast, the extensive cost efficiency measures introduced by FRIWO and the easing of material and energy costs are having a noticeably positive impact. Therefore the shortfall in revenues expected for the year as a whole will only lead to a slight adjustment of the earnings targets for the 2024 financial year. Instead of the previously forecast, roughly balanced Group EBIT (earnings
before interest and taxes), a small EBIT loss is now expected.
FRIWO continues to see a fundamentally positive trend in demand for its products and a return to sustainably profitable growth from 2025.
FRIWO AG will publish its quarterly statement for the first nine months of the 2024 financial year as planned on 7 November 2024