LU-VE GROUP: FIRST QUARTER 2023 RESULTS IN LINE WITH 2022

LU-VE GROUP: FIRST QUARTER 2023 RESULTS IN LINE WITH 2022

AMID AN UNCERTAIN END-MARKET ENVIRONMENT AS OF MARCH, ORDER BACKLOG UP 16 PERCENT COMPARED WITH DECEMBER 2022

In the first three months of 2023, LU-VE Group achieved the following results:

• Total sales of €151.4 million, + 3.9% growth in product sales (+1.7% growth in total sales compared to Q1 of 2022)
• Order backlog of €218.6 million (+15.8% growth compared to December 2022)
• EBITDA of €19.2 million, or 12.7% of sales, in line with the Q1 2022 result
• Group net income of €6.8 million or 4.5% of sales

Net financial position as of March 31, 2023, amounted to €161.4 million, an increase of €19.1 million compared to December 2022, mainly due to the seasonality of net working capital.

In the period April 1, 2022, to March 31, 2023, cash flow from operations adjusted for nonoperating items was positive by €54.1 million.

Uboldo (Varese), 12 May 2023 - The Board of Directors of LU-VE S.p.A., which met today, has approved the consolidated results as of 31 March 2023.