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Grenke AG
Earnings Release • Oct 29, 2024
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Earnings Release
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News Details
Ad-hoc | 29 October 2024 23:23
grenke reduces Group earnings guidance
grenke AG / Key word(s): Profit Warning
grenke reduces Group earnings guidance
29-Oct-2024 / 23:23 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by EQS News – a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
grenke reduces Group earnings guidance
Baden-Baden, October 29, 2024: grenke AG is experiencing higher expenses for the settlement of claims and risk provisioning and is therefore adjusting its guidance for Group earnings for the 2024 financial year. The Company now expects Group earnings in the range of EUR 68 million to EUR 76 million for the 2024 financial year (previously EUR 95 million to EUR 115 million).
The cause for the guidance adjustment is the continuously rising number of insolvencies, especially in the core markets of France, Spain, and Germany. As a result, the amount of the settlement of claims and risk provisioning has increased from EUR 26.7 million in the first quarter and EUR 28.3 million in the second quarter to EUR 37.8 million in the third quarter of the current financial year. In the fourth quarter, the settlement of claims and risk provisioning is expected to be at a similar level as in the third quarter of 2024.
The loss rate has increased from 1.1% in the first half-year to 1.5% in the third quarter of 2024. In line with the higher settlement of claims and risk provisioning, the goodwill for the Spanish subsidiary, amounting to EUR 4.4 million in the third quarter, will be written off in full.
Group earnings for the third quarter will be EUR 12.0 million due to these two extraordinary effects (compared to EUR 19.8 million in the first quarter and EUR 25.2 million in the second quarter of 2024).
The forecast for new business in the 2024 financial year of EUR 3.0 billion to EUR 3.2 billion remains unchanged.
grenke AG will soon publish preliminary figures for the third quarter of 2024 and make them available for viewing and download on the Company’s website.
grenke will be holding a conference call on October 30, 2024, at 11:00 am CET.
Further information is available from
Investor contact
Anke Linnartz
Neuer Markt 2
76532 Baden-Baden
+49 7221 5007 8611
Press contact
Stefan Wichmann
Neuer Markt 2
76532 Baden-Baden
+49 171 2020300
End of Inside Information
29-Oct-2024 CET/CEST The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com
| Language: | English |
| Company: | grenke AG |
| Neuer Markt 2 | |
| 76532 Baden-Baden | |
| Germany | |
| Phone: | +49 (0)7221 50 07 8611 |
| Fax: | +49 (0)7221 50 07-4218 |
| E-mail: | [email protected] |
| Internet: | www.grenke.de |
| ISIN: | DE000A161N30 |
| WKN: | A161N3 |
| Indices: | SDAX |
| Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange |
| EQS News ID: | 2018559 |
| End of Announcement | EQS News Service |