PRESS RELEASE

Muehlhan AG published third quarter results for 2019

- Business performance within expected range

- EUR218.0 million of sales revenue, EUR8.6 million of EBIT

- Executive Board confirms sales revenue and earnings forecast

Hamburg, November 7, 2019-From January through September 2019, Muehlhan AG (Open Market; ISIN DE000A0KD0F7) generated sales revenue of EUR218.0 million (previous year: EUR199.2 million) and earnings before interest and taxes (EBIT) of EUR8.6 million (previous year: EUR6.8 million). Therefore results are within our range of expectations. Cash flow from operating activities was negative at EUR-2.8 million (previous year: EUR 4.0 million) due to revenue growth and temporary special effects.

A geographic review shows that sales revenue increased year-on-year in all regions. Sales revenue grew significantly in Europe by EUR12.1 million to EUR169.4 million. In the Middle East, sales revenue grew slightly by EUR 0.9 million and amounted to EUR17.7 million after the first nine months of 2019. The business performance in North America was also pleasing with a EUR2.4 million increase in sales revenue to EUR18.7 million. In the Rest of the World sales revenue growth amounted to EUR3.5 million year-on-year, with sales revenue for the end of the period amounting to EUR12.2 million.

In the Ship business segment, sales revenue increased by EUR9.5 million to EUR50.6 million compared to the prior-year period. In the Oil & Gas segment, sales revenue was at EUR57.8 million down by EUR4.7 million. The Renewables business segment was able to significantly increase sales revenue by EUR10.3 million to EUR33.9 million due to the expansion of wind park services and the start-up of production in Cuxhaven. With EUR76.0 million, the Industry/Infrastructure business posted EUR4.1 million higher sales revenue than in the prior-year period as well.

The Executive Board stands by the forecast given for the 2019 financial year and still expects that the Group's upward trend will continue with a slow but steady increase in profitability. With marginally increased sales revenue of approximately EUR280 million, the company also expects EBIT to increase to an amount at the upper end of the expected range of between EUR10.0 million and EUR11.0 million.

The company's key performance indicators are shown in the following table:

¹ EBITDA: Earnings before interest, taxes, depreciation and amortization
² EBIT: Profit from operations (earnings before interest and taxes)
³ EBT: Earnings before taxes
⁴ Fixed assets: Total of non-current assets less deferred tax assets

About Muehlhan: Worldwide, Muehlhan Group is a reliable partner in industrial services. As one of the few full-service providers we offer our customers a broad spectrum of industrial services with professional industrial quality standards. Our customers benefit from our exceptional organizational skills,
on-time delivery, the technical expertise that differentiates us from our competitors, and our more than 130 years of experience. We have an established market presence in the four business segments in which we operate: Ship, Renewables, Oil & Gas and Industry/Infrastructure. Muehlhan AG is a listed company and is traded on the Open Market under ISIN DE000A0KD0F7.

You can find additional information at www.muehlhan.com

Contact: Muehlhan AG; phone: +49 40 75271-150; e-mail: [email protected]