Asetek A/S

Asetek - Update to Full Year 2019 Revenue Guidance

July 23 2019 - Asetek communicated in its first quarter 2019 report announced 30

April 2019 that the company expected Group revenue growth of 0% to 10% for 2019

compared to 2018. The revenue expectation reflected macro-economic uncertainties

that temper the Gaming and Enthusiast growth outlook compared to recent prior

years and a protracted data center market adoption of liquid cooling solutions.

The company today announces that while preliminary second-quarter results

reflect improved performance for the Gaming and Enthusiast segment compared to

the first quarter, the above-mentioned market uncertainties continue to impact

the market and lead to quarterly revenue variability. Initial forecasts for the

second half of 2019 reflect reduced demand in the DIY (do-it-yourself) market

segment as a result of the 25% import tariff imposed by the US on products

manufactured in China and related working capital and inventory effects for

Asetek's customers.

Based on current indications for Gaming and Enthusiast segment revenue for the

second half of 2019, the full year Group revenue expectation has been adjusted

to a decrease of approximately 20% compared to 2018.

Second-quarter Group revenue is expected at approximately USD 17 million, an

increase of 52% compared to the first quarter of 2019 while down 13% compared to

the same period of 2018. This is line with the revenue expectations communicated

on 30 April. Gross margins are expected to remain at the relatively high level

as recently experienced. Asetek is scheduled to report second-quarter 2019

earnings on 14 August.

For questions or further information, please contact:

CEO and Founder André S. Eriksen, +45 2125 7076, email: [email protected]

CFO Peter Dam Madsen, +45 2080 7200, email: [email protected]

About Asetek:

Asetek is the global leader in liquid cooling solutions for gaming and

enthusiast PCs, data centers and servers. Founded in 2000, Asetek is

headquartered in Denmark and has operations in California, Texas, China and

Taiwan. Asetek is listed on the Oslo Stock Exchange (ASETEK.OL).

For more information, visit: www.asetek.com

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