Compleo with significant growth in the second quarter of 2022

H1 2022 revenue +142% year-on-year | Charging Stations and Software segments with significant sequential growth | Revenue outlook for fiscal 2022 reduced with stable profit expectation | Increased focus on costs and profitability

Dortmund, Germany, September 15, 2022 – Compleo Charging Solutions AG (“Compleo”), a leading European full-service provider of charging technologies, today reported on its business development in the first half of 2022. According to the report, Compleo was able to consistently continue its growth path from the first quarter of 2022 and generated total sales at Group level of EUR 51.9 million in the first six months of the fiscal year. This corresponds to significant growth of EUR 30.5 million or
142% compared to the same period of the previous year (H1 2021: 21.4 million euros). Compared to the first quarter of 2022, revenues increased by 21%.

The main drivers of this sequential revenue growth were, in particular, the Charging Stations and Software business segments, which increased their revenues organically by 20% and even 39%, respectively, in the second quarter compared to the previous quarter. The gross margin of 19.6% was on a par with the previous year (H1 2021: 19.7%). Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization adjusted for non-recurring items) amounted to EUR -5.9 million in Q2 2022 and EUR -13.2 million in H1 2022. Compleo is thus fully on track to achieve its annual target of adjusted EBITDA of EUR -25 to -30 million.

Business performance in the first half of 2022 at segment level was driven by varying degrees of positive momentum. The Software segment, which was newly created on January 1, 2022 and combines all software activities relating to the operation and marketing of charging stations, performed very well. Revenues in this segment amounted to EUR 8.6 million in the first half of 2022. On a quarterly level, revenues increased sequentially by 39% to EUR 5.0 million in the first half of the year, driven by strong organic growth in the number of connected charging points as well as marketed charging transactions since the beginning of the year. The continued positive business development prompted the Executive Board to significantly increase the revenue outlook for fiscal 2022 for the Software segment from the original EUR 8 to 10 million to EUR 20 to 22 million.

The Charging Stations segment generated sales of 21.5 million euros in the second quarter. This represents a significant sequential growth of 20% compared to the previous quarter. Nevertheless, some of the realized revenues fell short of the underlying forecasts: while business with AC and DC charging stations was largely in line with expectations, sales figures for wallboxes fell short of the targets set at the beginning of the year. For example, the government subsidy program for the installation of wallboxes in the private sector expired at the beginning of the year. As a result, the planned acceptance figures for a major wallbox customer also remained below average. Furthermore, an initially delayed product development led to a postponement of the sales to be realized in future periods. Taking into account the impairments described and the forecast sales volume for the second half of 2022, the Executive Board sees itself compelled to reduce the sales outlook for fiscal year 2022 for the Charging Stations segment from the original EUR 100 to 115 million to EUR 78 to 80 million. At the same time, the forecast revenue range for the Services segment can be further specified from originally EUR 7 to 10 million to EUR 7 to 8 million. As a result, the Executive Board now anticipates sales at Group level of EUR 105 to 110 million for fiscal 2022. The profit target of -25 to -30 million euros adjusted EBITDA remains unchanged despite lower expected Group sales. Likewise, the sales targets for the financial year 2025 – both for the Group and for the individual segments – remain unchanged.

A particular technical highlight in the reporting period was the first-time presentation of the new payment module at an energy trade fair in Essen in June. Compleo is one of the first companies to offer charging stations that already meet the requirements of the charging station ordinance, which will be mandatory from 2023. The new module enables simple payment by common debit or credit card with PIN entry. In addition, payments via smartphones and wearables are also possible.

After the end of the reporting period, Compleo’s Supervisory Board appointed Jörg Lohr to the Executive Board as Chief Commercial Officer (CCO) as of September 1, where he will be responsible for sales and the areas of charging station and software development in his new role. Lohr has already held senior positions in the field of electromobility for more than ten years. He has an excellent knowledge of the customers, the products and the industry. In recent months, he has successfully driven Compleo’s software business in particular. Checrallah Kachouh, Technical Director for many years, left the company at his own request at the beginning of September. Kachouh was responsible for research and development as well as purchasing and product management within the company. Compleo owes him a great debt of gratitude for his outstanding achievements since the company was founded.

Following the successfully completed acquisition of innogy eMobility Solutions GmbH in mid-June 2022, the Management Board is now placing a consistent focus on costs and profitability. Various initiatives are currently being launched to make Compleo even more competitive, customer-centric and efficient. Operational measures were already introduced several weeks ago, aimed in particular at improving profitability, optimizing working capital and streamlining cost structures. Georg Griesemann, CEO of Compleo, explains: “The current realignments are having a positive impact on our cost base and, of course, on earnings. We are also placing the customer even more at the center of our activities. After the realignment, the details of which we will present in the coming weeks, we are significantly more competitive and efficiently positioned in a competitive market.”

The full half-year report is available on the company website https://ir.compleo-charging.com/ in the “Results” section.

Appendix:

Condensed statements of income and comprehensive income for the years ended June 30, 2021 and June 30, 2022

Calculation of adjusted EBITDA

Condensed balance sheet as of December 31, 2021 and June 30, 2022