Press release

va-Q-tec reports dynamic growth in H1 2019 and tripling of EBITDA

- Very strong revenue growth of 26% to EUR 31.3 million in H1 2019 compared to EUR 24.9 million in H1 2018

- Growth in all areas; especially significant revenue growth in the Services division by 69% to EUR 13.9 million compared to EUR 8.2 million in H1 2018

- EBITDA more than triples year-on-year to EUR 4.4 million

- Specification of FY 2019 revenue and earnings forecast at upper end of range

Würzburg, 14 August 2019. va-Q-tec AG (ISIN DE0006636681 / WKN 663668), a pioneer in highly efficient products and solutions in the thermal insulation and TempChain logistics area, today publishes its results for the first half of 2019. Accordingly, in the second quarter of the year, the company continued the dynamic growth of the first quarter. Especially in the high-margin Services business, the uptrend reported since the second half of 2018 has continued during the first half of 2019. Together with the efficiency gains achieved under the "Power 20+" program initiated in the previous year, this led to a significant jump in earnings before interest, tax, depreciation and amortization (EBITDA) to reach a level equivalent to 13% of total income.

Revenue in H1 2019 reported a marked increase of 26% to EUR 31.3 million (previous year EUR 24.9 million). Group revenue was driven to a very significant extent by the Services business - in other words, the container and box rental business. Thanks to ongoing diversification of the customer structure and the expansion of business with existing customers, the upswing of the previous quarters is continuing in this division. In terms of revenue, this is reflected in an increase of 69% over the previous year. As a consequence, EBITDA generated in the Services division rose from EUR 8.2 million in the previous year to EUR 13.9 million in the first six months of 2019. Revenues generated by the Products business compared with a strong equivalent period in 2018. At EUR 10.8 million, revenue in this area was stable compared with the previous year, reporting slight growth of 2%. In the Systems business, which is often influenced by large project orders in individual quarters, revenue increased by 5% to EUR 5.9 million (previous year EUR 5.6 million) as of the reporting date. For the second half of the year, va-Q-tec expects more significant revenue growth in the Systems business than in the first half.

Group EBITDA also performed very well. As part of the "Power 20+" program, initial efficiency improvements were achieved in areas such as purchasing and production at the beginning of the year. In addition to accelerated growth in the high-margin Services business, these effects contributed to the considerable earnings improvement in H1 2019. EBITDA tripled year-on-year to EUR 4.4 million (previous year: EUR 1.4 million). This led to an increase in the EBITDA margin as measured against total income from 4% in the previous year to 13% in H1 2019.

Dr. Joachim Kuhn, CEO of va-Q-tec AG, comments: "We are pleased to confirm a continuation of the strong growth we have been achieving in the previous quarters. This positive business performance is based on fundamental trends such as climate protection and energy efficiency, which are of greater concern to society today than ever before. For us as pioneers in the energy efficiency area based on our vacuum insulation technology, we identify the greatest potential in the area of safe transport solutions for temperature-sensitive products, so-called 'TempChain logistics'. Further areas will also develop positively medium- to long-term. Thanks to significant investments since our IPO we have created an optimal basis to participate to an above-average extent in those global trends. Our business performance to date in 2019 confirms that we are taking the right measures with our 'Power 20+ Program' to exploit the potential and to grow sustainably and profitably."

Following the very successful first half of 2019 combined with the very healthy outlook - particularly in the Services segment (Serviced Rental) - the Management Board is specifying its outlook for the 2019 financial year at the upper end of previous expectations. It assumes that consolidated revenue for the full 2019 year will grow by around 20% compared to the previous year. In addition, va-Q-tec expects an EBITDA margin of 11-14% for the 2019 financial year, after an EBITDA margin of 5% in the 2018 financial year, thanks to the very positive performance during the first half of the year.

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IR contact
va-Q-tec AG
Felix Rau
Telephone: +49 931 35942 - 2973
Email: [email protected]

cometis AG
Claudius Krause
Telephone: +49 611 - 20 585 5-28
Email: [email protected]

About va-Q-tec
va-Q-tec is a pioneer in highly efficient products and solutions in the area of thermal insulation and TempChain logistics. The company develops, produces and markets highly efficient and consequently thin vacuum insulation panels (VIPs) as well as phase change materials (PCMs) for reliable and energy-efficient temperature controlling. In addition, va-Q-tec produces passive thermal packaging systems (containers and boxes) through optimally integrating VIPs and PCMs, which can maintain constant temperatures, depending on type, for up to 200 hours without external energy input. To implement temperature-sensitive logistics chains, va-Q-tec - within a global partner network - operates a fleet of rental containers and boxes meeting demanding thermal protection standards. Along with Healthcare & Logistics as the main market, va-Q-tec addresses the following further markets: Appliances & Food, Technics & Industry, Building and Mobility. The high-growth company, which was founded in 2001, is based in Würzburg, Germany. Further information: www.va-q-tec.com