EQS-Adhoc: PIERER Mobility AG: Market development in the second half of the year below expectations; guidance 2024 canceled; PIERER Mobility AG reduces Executive Board to two members

EQS-Ad-hoc: PIERER Mobility AG / Key word(s): Change in Forecast/Personnel
   PIERER Mobility AG: Market development in the second half of the year
   below expectations; guidance 2024 canceled; PIERER Mobility AG reduces
   Executive Board to two members

   21-Oct-2024 / 20:02 CET/CEST
   Disclosure of an inside information acc. to Article 17 MAR of the
   Regulation (EU) No 596/2014, transmitted by EQS News - a service of EQS
   Group AG.
   The issuer is solely responsible for the content of this announcement.

   ══════════════════════════════════════════════════════════════════════════

   Ad hoc announcement pursuant to article 17 Regulation (EU) No 596/2014
   (MAR)

   Ad hoc announcement pursuant to article 53 LR

    

   Wels, October 21, 2024

    

   PIERER Mobility AG: Market development in the second half of the year
   below expectations; guidance 2024 canceled; PIERER Mobility AG reduces
   Executive Board to two members

    

   The difficult macroeconomic conditions are lasting longer than expected.
   The European economy is stagnating, with the important German market in
   particular in recession. In the USA, consumer purchasing power remains low
   due to the high cost of living and the long period of expensive consumer
   credit.

   Motorcycle segment: US market as a whole declining, Europe losing momentum

   The second half of the year at PIERER Mobility is generally characterized
   by a high-margin product mix, especially in the offroad segment. However,
   the available registration data for the overall motorcycle market in the
   USA for the period from January to September 2024 shows a decline of 6.3%.
   September was also the weakest month since January 2024 with a decline of
   14.6%, meaning that a rapid recovery cannot be expected.

   In Europe, the registration data for the overall motorcycle market from
   January to September 2024 is at the previous year's level due to increases
   in the low-price segment. However, they show a slowdown in momentum.

   Despite the slight reduction in inventories, further destocking remains an
   important objective. However, PIERER Mobility remains clearly committed to
   supporting dealers and suppliers as a strategic partner in these difficult
   times. As a result of measures taken in this regard, working capital and
   consequently the company's net debt and interest expenses increased.

   Bicycle segment: restructuring is in full swing, destocking continues

   The balance sheet restructuring will be completed in 2024. This will
   involve an additional extraordinary impairment requirement that is higher
   than originally assumed.

   The reduction of the cost structure in the core business with a reduction
   in the headcount and the consolidation of all R&D activities for the Group
   brands has already been implemented to a large extent. The redimensioning
   of the entire bicycle division will be systematically continued in 2025.
   The aim is to operate the bicycle division profitably with a business
   model focused on niches and premium.

   Guidance 2024 canceled

   As a result of these circumstances, PIERER Mobility will fall short of
   expectations in terms of revenue and earnings, as well as with regard to
   the reduction in working capital and net debt in the current financial
   year, and is revoking its guidance for the 2024 financial year. A new
   review of non-cash value adjustments will also be carried out by the end
   of the year.

   PIERER Mobility AG reduces Executive Board to two members

   In the course of the reorientation of PIERER Mobility, the Executive Board
   of the listed holding company will be reduced from six to two members:
   Stefan Pierer (CEO) and Gottfried Neumeister (Co-CEO).

    

    

   Contact:

   Investor Relations

   Hans Lang

   Tel.: +43 676 4140945

   Email: [1][email protected]

   Website: [2]www.pierermobility.com

    

   ISIN: AT0000KTMI02; Swiss Valor Number (Switzerland): 41860974; Ticker
   Symbol: PKTM; Bloomberg: PKTM SW, PKTM AV; Reuters: PKTM.S; PKTM.VI

   End of Inside Information

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   21-Oct-2024 CET/CEST News transmitted by EQS Group AG. www.eqs.com

   ══════════════════════════════════════════════════════════════════════════

   Language:    English
   Company:     PIERER Mobility AG
                Edisonstrasse 1
                4600 Wels
                Austria
   Phone:       +43 (0) 7242 69 402
   E-mail:      [email protected]
   Internet:    www.pierermobility.com
   ISIN:        AT0000KTMI02
   WKN:         A2JKHY
   Listed:      SIX, Vienna Stock Exchange
   EQS News ID: 2012893

   Valorennummer (Schweiz): 41860974 Wertpapierkürzel: PKTM Bloomberg: PKTM
   SW; PKTM AV Reuters: PKTM.S; PKTM.VI

    
   End of Announcement EQS News Service


   2012893  21-Oct-2024 CET/CEST

References

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