Polytec Holding AG

Interim / Quarterly Report • Aug 14, 2024

KEY FIGURES

Unit	H1 2024	H1 2023	Change
EUR m	349.6	339.6	3.0%
EUR m	19.1	17.0	12.7%
%	5.5%	5.0%	0.5%-pts.
EUR m	3.5	0.3	N/A
%	1.0%	0.1%	0.9%-pts.
EUR m	-2.7	-3.7	N/A
EUR	-0.11	-0.18	N/A
EUR m	12.0	9.3	28.6%
%	41.0%	42.0%	-1.0%-pts.
EUR m	69.5	67.0	3.8%
EUR m	306.7	315.5	-2.8%
EUR m	71.1	72.0	-1.1%
FTE	3,906	3,933	-0.7%

Unit	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024
EUR m	171.7	145.6	150.8	172.3	177.3
EUR m	8.6	5.3	4.3	9.2	10.0
%	5.0%	3.7%	2.9%	5.3%	5.6%
EUR m	0.1	-3.0	-4.0	1.4	2.0
%	0.0%	-2.0%	-2.7%	0.8%	1.1%
EUR m	-2.4	-5.0	-5.4	-1.4	-1.3
EUR	-0.11	-0.23	-0.24	-0.07	-0.04
EUR m	5.2	4.7	8.4	5.1	6.9
%	42.0%	42.0%	41.4%	40.7%	41.0%
EUR m	67.0	83.4	64.0	80.8	69.5
EUR m	315.5	321.7	312.5	318.7	306.7
EUR m	72.0	90.0	79.5	93.7	71.1
FTE	3,933	3,906	3,835	3,968	3,906

HALF YEAR FINANCIAL REPORT 2024

This half-year financial report has not been subject to an audit or a review.

KEY FIGURES	2
HALF YEAR FINANCIAL REPORT 2024	3
GROUP MANAGEMENT REPORT H1 2024	4
AUTOMOTIVE INDUSTRY DEVELOPMENT	4
GROUP RESULTS	5
ASSETS AND FINANCIAL STATUS	7
EMPLOYEES	8
RISKS AND UNCERTAINTIES	8
MATERIAL TRANSACTIONS WITH RELATED PARTIES AND COMPANIES	9
MATERIAL EVENTS AFTER THE REPORTING PERIOD	9
OUTLOOK 2024 FINANCIAL YEAR	9
CONSOLIDATED FINANCIAL STATEMENT ACCORDING TO IAS 34	10
CONSOLIDATED INCOME STATEMENT	10
CONSOLIDATED BALANCE SHEET AS AT 30 JUNE 2024	11
CONSOLIDATED CASH FLOW STATEMENT	12
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY	13
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME	13
SELECTED NOTES	14
SHARE & INVESTOR RELATIONS	15
POLYTEC SHARE PRICE DEVELOPMENT	15
SHARE KEY FIGURES	15
DIVIDEND	16
RESEARCH COVERAGE	16
STATEMENT OF ALL LEGAL REPRESENTATIVES	17

GROUP MANAGEMENT REPORT H1 2024

AUTOMOTIVE INDUSTRY DEVELOPMENT

The following tables show the figures for new vehicle registrations in the period from January to June 2024, as compared to the same period of the previous year. While European passenger car registration figures were still increasing, passenger car manufacturers in Europe were already showing lower capacity utilisation and the first declining production figures.

REGISTRATIONS OF NEW CARS IN THE MAJOR INTERNATIONAL MARKETS

in units	H1 2024	Share	H1 2023	Share	Change
China	9,856,000	40.2%	9,541,100	40.1%	3.3%
USA	7,810,700	31.8%	7,653,000	32.2%	2.1%
Europe (EU, EFTA and UK)	6,879,400	28.0%	6,589,200	27.7%	4.4%
Total three major markets	24,546,100	100%	23,783,300	100%	3.2%
Other selected countries
India	2,161,500		2,014,400		7.3%
Japan	1,800,100		2,047,700		-12.1%
Brasil	1,078,300		934,700		15.4%
Mexico	707,700		632,600		11.9%

REGISTRATIONS OF NEW CARS IN EUROPE (EU, EFTA AND UK)

in units	H1 2024	Share	H1 2023	Share	Change
Germany	1,471,641	21.4%	1,396,870	21.2%	5.4%
United Kingdom	1,006,763	14.6%	949,720	14.4%	6.0%
France	914,886	13.3%	889,776	13.5%	2.8%
Italy	885,731	12.9%	840,658	12.8%	5.4%
Spain	535,243	7.8%	505,424	7.7%	5.9%
Other European countries	2,065,174	30.0%	2,006,726	30.4%	2.9%
Europe (EU, EFTA and UK)	6,879,438	100%	6,589,174	100%	4.4%

REGISTRATIONS OF NEW CARS IN EUROPE (EU, EFTA AND UK) – BY DRIVE TECHNOLOGY

in units	H1 2024	Share	H1 2023	Share	Change
Petrol-driven cars	2,424,958	35.2%	2,461,826	37.4%	-1.5%
Diesel-driven cars	775,860	11.3%	842,175	12.8%	-7.9%
Hybrid electric vehicles (HEV)	2,057,667	29.9%	1,697,867	25.8%	21.2%
Plug-in hybrid electric vehicles (PHEV)	487,580	7.1%	480,896	7.3%	1.4%
Battery electric vehicles (BEV)	954,094	13.9%	938,720	14.2%	1.6%
Vehicles with other drive technology	179,279	2.6%	167,690	2.5%	6.9%
Europe (EU, EFTA and UK)	6,879,438	100%	6,589,174	100%	4.4%

REGISTRATIONS OF NEW COMMERCIAL VEHICLES IN EUROPE (EU, EFTA AND UK)

in units	H1 2024	Share	H1 2023	Share	Change
Light commercial vehicles <3.5 t	1,051,857	81.4%	931,113	80.2%	13.0%
Medium commercial vehicles >3.5 t to 16 t	40,105	3.1%	33,968	2.9%	18.1%
Heavy commercial vehicles >16 t	175,567	13.6%	176,676	15.2%	-0.6%
Medium and heavy buses & coaches >3.5 t	25,056	1.9%	19,263	1.7%	30.1%
Europe (EU, EFTA and UK)	1,292,585	100%	1,161,020	100%	11.3%

Sources: German Automotive Industry Association (VDA), European Automobile Manufacturers Association (ACEA)

GROUP RESULTS

SALES REVENUES

The POLYTEC GROUP's consolidated sales revenues in the first half of 2024 amounted to EUR 349.6 million, up 3.0% on the same period of the previous year (H1 2023: EUR 339.6 million).

SALES REVENUES BY MARKET AREA

in EUR m	Q2 2024	Share	Q2 2023	H1 2024	Share	H1 2023
Passenger Cars & Light Commercial Vehicles	128.9	72.7%	126.6	255.8	73.2%	251.4
Commercial Vehicles	24.7	13.9%	30.0	50.5	14.4%	59.7
Smart Plastics & Industrial Applications	23.7	13.4%	15.1	43.3	12.4%	28.5
POLYTEC GROUP	177.3	100%	171.7	349.6	100%	339.6

In the Passenger Cars & Light Commercial Vehicles market area, which with 73.2% (H1 2023: 74.0%) is the POLYTEC GROUP's strongest revenue area, sales revenues of EUR 255.8 million were generated in the months of January to June 2024, up 1.8% or EUR 4.4 million on the same period of the previous year (H1 2023: EUR 251.4 million).

Sales revenues in the Commercial Vehicles market area (share 14.4%; H1 2023: 17.6%) decreased by 15.4% year-onyear, from EUR 59.7 million to EUR 50.5 million.

Since the first quarter of 2024, sales revenues in the Smart Plastic & Industrial Applications market area have shown a pleasing development. During the first half-year 2024, sales revenues in this market area increased very significantly by 51.9% or EUR 14.8 million to EUR 43.3 million (H1 2023: EUR 28.5 million). The share of this market area in the POLYTEC GROUP's consolidated sales rose by 4 percentage points year-on-year, to 12.4%.

SALES REVENUES BY CATEGORY

in EUR m	Q2 2024	Share	Q2 2023	H1 2024	Share	H1 2023
Parts and other sales revenues	159.1	89.7%	144.4	316.5	90.5%	294.7
Tooling and other engineering sales revenues	18.2	10.3%	27.3	33.1	9.5%	44.9
POLYTEC GROUP	177.3	100%	171.7	349.6	100%	339.6

Compared to the first half of the previous year, sales revenues in the serial production category of the POLYTEC GROUP recorded an increase of 7.4% or EUR 21.8 million to EUR 316.5 million (H1 2023: EUR 294.7 million). In contrast, tooling and other engineering revenues in the first six months of 2024 declined from EUR 44.9 million to EUR 33.1 million compared to the same period of the previous year due to numerous completed development projects. This revenue category is subject to cyclical fluctuations.

SALES REVENUES BY REGION

in EUR m	Q2 2024	Share	Q2 2023	H1 2024	Share	H1 2023
Austria	0.3	0.2%	0.9	1.7	0.5%	1.8
Germany	108.9	61.4%	94.4	206.8	59.2%	190.1
United Kingdom	18.5	10.4%	20.7	36.1	10.3%	36.9
Other EU countries	40.6	22.9%	44.8	86.1	24.6%	89.9
Other countries	9.0	5.1%	10.9	18.9	5.4%	20.9
POLYTEC GROUP	177.3	100%	171.7	349.6	100%	339.6

The breakdown of sales by region is determined on the basis of customer locations.

GROUP EARNINGS FIGURES

	Unit	Q2 2024	Q2 2023	H1 2024	H1 2023
Sales revenues	EUR m	177.3	171.7	349.6	339.6
EBITDA	EUR m	10.0	8.6	19.1	17.0
EBITDA margin (EBITDA/sales revenues)	%	5.6%	5.0%	5.5%	5.0%
EBIT	EUR m	2.0	0.1	3.5	0.3
EBIT margin (EBIT/sales revenues)	%	1.1%	0.0%	1.0%	0.1%
Earnings after tax	EUR m	-1.3	-2.4	-2.7	-3.7
Average capital employed	EUR m	306.7	315.5	306.7	315.5
Earnings per share	EUR	-0.04	-0.11	-0.11	-0.18

MATERIAL AND PERSONNEL EXPANSES

In the first six months of 2024, the POLYTEC GROUP's material expenses decreased slightly by 1.9% or EUR 3.5 million compared to the same period of the previous year, from EUR 182.6 million to EUR 179.1 million. The cost of material ratio decreased by 2.6 percentage points to 51.1% (H1 2023: 53.7%).

EUR 7.8 million to EUR 121.8 million compared to the same period of the previous year. The group's workforce ratio increased by 1.2 percentage points to 34.8% (H1 2023: 33.6%).

The group's personnel expenses rose by 6.8% or

EBITDA AND EBIT

As announced in the outlook for the full year 2024 when the 2023 annual figures were published, a significant improvement in the earnings situation was expected for the first quarter of 2024. The positive development continued in the second quarter. The EBITDA of the POLYTEC GROUP increased by 12.7% in the first six months of 2024 compared to the same period of the previous year, from EUR 17.0 million to EUR 19.1 million. The EBITDA margin increased by 0.5 percentage points year-on-year to 5.5%.

Amortisation and depreciation amounted to EUR 15.7 million in the first half-year of 2024 and was below the previous year's level (H1 2023: EUR 16.7 million).

EBIT rose from EUR 0.3 million in the first half of 2023 to EUR 3.5 million in the first six months of 2024. The EBIT margin increased by 0.9 percentage points from 0.1% to 1.0% compared to the same period of the previous year.

FINANCIAL AND GROUP RESULT

The financial result in the first half-year of 2024 amounted to minus EUR 5.8 million (H1 2023: minus EUR 3.6 million). Consolidated earnings after tax in the months January to June 2024 amounted to minus EUR 2.7 million (H1 2023: minus EUR 3.7 million). This corresponds to earnings per share of minus EUR 0.11 (H1 2023: minus EUR 0.18).

ASSETS AND FINANCIAL STATUS

INVESTMENTS

in EUR m	Q2 2024	Q2 2023	H1 2024	H1 2023
Investments in fixed assets	6.9	5.2	12.0	9.3

Investments in fixed assets amounted to EUR 12.0 million in the first half-year of 2024 (H1 2023: EUR 9.3 million) and were thus below the level of depreciation.

GROUP KEY BALANCE SHEET AND FINANCIAL FIGURES

	Unit	30.06.2024	31.12.2023	Change
Equity	EUR m	218.1	220.5	-1.1%
Equity ratio (equity/balance sheet total)	%	41.0%	41.4%	-0.4%-pts.
Balance sheet total	EUR m	531.5	533.0	-0.3%
Net Working Capital 1)	EUR m	69.5	64.0	8.7%
Net working capital/sales revenues	%	10.8%	10.1%	0.7%-pts.

1) Net working capital = current non-financial assets minus current non-financial liabilities

As of 30 June 2024, the group's balance sheet total decreased by EUR 1.5 million to EUR 531.5 million compared to 31 December 2023. The equity ratio was 41.0%, and thus 0.4 percentage points below that of the last annual balance sheet date and shows a solid level for years.

Net working capital increased by 8.7% or EUR 5.5 million to EUR 69.5 million compared to the balance sheet date of 31 December 2023.

	Unit	30.06.2024	31.12.2023	Change
Net debt (+)/assets (-)	EUR m	71.1	79.5	-10.5%
Net debt (+)/assets (-)/EBITDA	Years	2.47	2.98	-17.1%
Gearing (net debt (+)/assets (-)/equity)	-	0.33	0.36	-8.3%

Net debt amounted to EUR 71.1 million as of 30 June 2024, and decreased by EUR 8.4 million compared to the balance sheet date of 31 December 2023 (EUR 79.5 million). The key figure for the fictitious debt repayment period was reduced from 2.98 to 2.47 years.

The gearing ratio decreased from 0.36 at the last balance sheet date to 0.33 as of 30 June 2024. End of June 2024, the POLYTEC GROUP disposed over cash and cash equivalents of EUR 46.6 million (H1 2023: EUR 38.0 million).

EMPLOYEES

Employees (incl. leasing personnel)	End of period			Average of period
Full-time equivalents (FTE)	30.06.2024	30.06.2023	Change	H1 2024	H1 2023	Change
Austria	530	494	36	517	485	32
Germany	2,001	2,057	-56	2,013	2,029	-16
United Kingdom	358	275	83	374	279	95
Other EU countries	888	978	-90	903	939	-36
Other countries	129	129	0	133	129	4
POLYTEC GROUP	3,906	3,933	-27	3,940	3,861	79

As opposed to the same period of the preceding year, average group workforce numbers (including leasing personnel) in the first half-year 2024 grew by 79, or 2.1%, to 3,940 FTE (full time equivalents). The average leasing personnel quota totalled 13.3% (H1 2023: 15.6%).

On the 30 June 2024 reporting date, POLYTEC had a total of 3,906 employees, which was on the level of the previous year's reporting date.

RISKS AND UNCERTAINTIES

Within the scope of its business activities, the POLYTEC GROUP is subject to a variety of risks, which relate directly to entrepreneurial transactions. Risk management is therefore an integral part of POLYTEC's strategy and all of its business processes.

The upheavals in the automotive industry towards emobility are in full swing. The price war and market displacement are becoming increasingly noticeable and pose significant challenges for European companies in particular in the medium and long term.

Although the availability of materials has improved, production disruptions and irregular customer call-offs can occur again at any time in connection with uncertain geopolitical conditions.

Even if inflation rates are declining again, the still high interest rate level represents a massive financial burden for companies and private individuals. Low or even declining consumer behaviour represents a great deal of uncertainty for a number of industries – including the automotive industry.

Climate change and other environmental pressures pose an increasing global threat in a wide variety of areas. Accordingly, companies are particularly faced with the challenge of improving their energy and resource efficiency. The pursuit of these goals is also becoming increasingly important in the automotive supply industry.

It is also unclear how the supply of fossil fuels for energy production in Europe can be secured in the medium and long term, in particular due to the decline in supplies from Russia, and how timely alternative energy sources will be available under economic conditions.

The risks associated with the war in Ukraine and the current unrest in the Middle East and their possible geopolitical consequences are difficult to assess in the medium term.

At present, it is thus impossible to fully assess how significant the influence of the aforementioned risks and uncertainties will be upon the sales and earnings development of the POLYTEC GROUP in the future and whether any further risks and uncertainties will arise. Whatever the case, the management is monitoring developments closely and has initiated numerous measures to keep the financial impact upon the POLYTEC GROUP to a minimum.

With regard to the detailed risk reporting, please also refer to the explanations under items 3. and 4. in the Group Management Report as well as under G. 2 in the notes to the consolidated financial statements published in the Annual Financial Report 2023.

MATERIAL TRANSACTIONS WITH RELATED PARTIES AND COMPANIES

As part of the refinancing of significant promissory note loans of the POLYTEC Holding AG the Huemer Invest GmbH, a company affiliated with the Chairman of the Supervisory Board Friedrich Huemer, made a commitment to Raiffeisenlandesbank Upper Austria at the beginning of 2024 to acquire the fixed assets of POLYTEC Immobilien GmbH, mainly consisting of the plant and property in Hörsching, for a purchase price of at least EUR 20 million.

The purchase and transfer agreement for the acquisition of the shares in the POLYTEC Immobilien GmbH at an enterprise value of EUR 21 million by Huemer Immobilien GmbH was concluded in April 2024. The carrying amount underlying the transaction is EUR 21.6 million as at 31 December 2023. The fixed assets sold in the process have been leased back in the meantime. The deconsolidation resulted in a book value loss of around EUR 0.7 million. A total of EUR 20 million was extended to the POLYTEC GROUP in January 2024 to pre-finance the purchase price.

Beyond this, there were no material changes regarding business transactions with related parties and companies as compared to 31 December 2023, and therefore in this regard reference should be made to the notes contained in the consolidated financial statements of POLYTEC Holding AG as at 31 December 2023.

MATERIAL EVENTS AFTER THE REPORTING PERIOD

No events of material significance occurred after the reporting date 30 June 2024.

OUTLOOK 2024 FINANCIAL YEAR

From today's perspective, the management of POLYTEC Holding AG expects planned consolidated sales revenues in the range of EUR 660 million to EUR 710 million for the 2024 financial year and is targeting an EBIT margin of around 2% to 3%.

The rising sales trend will be strengthened by the ramp-up of new projects, which are a consequence of the high order intakes of previous years.

In the 2024 financial year, the POLYTEC GROUP expects passenger car production figures for Europe to be roughly at the previous year's level. While the production of heavy commercial vehicles is expected to decline slightly, the calloff figures are expected to rise in the Smart Plastic & Industrial Applications market area.

However, the achievement of this outlook is subject to uncertainty. The automotive industry continues to be characterised by a volatile market environment, uncertain demand, and the general transformation towards e-mobility.

The earnings situation of the POLYTEC GROUP in the 2024 financial year will be negatively impacted by the high level of wage and material costs, which have already been taken into account in the outlook. Measures introduced in the previous year to increase operational efficiency, especially for two plants, are already showing improvements. However, their full implementation may still take time.

In the medium-term, the POLYTEC GROUP considers itself to be in a solid strategic position with regard to its ability to transform the changes in the automotive sector into increasing economic success for itself. The high volume of new orders received in recent financial years indicates that with its product portfolio, particularly in the area of emobility, but also outside the automotive sector, the POLYTEC GROUP possesses a very good market standing and can face the future with confidence.

CONSOLIDATED FINANCIAL STATEMENT ACCORDING TO IAS 34

This half-year financial report has not been subject to an audit or a review.

CONSOLIDATED INCOME STATEMENT

for the period from 1 January to 30 June 2024 and from 1 April to 30 June 2024 with comparative figures from the previous year

in EUR k	01.01. - 30.06.			01.04. - 30.06.
	2024	2023	2024	2023
Sales revenues	349,617	339,581	177,338	171,742
Other operating income	2,648	2,583	964	1,080
Changes in inventory of finished and unfinished goods	280	274	-71	317
Other own work capitalised	93	204	64	159
Expenses for materials and services received	-179,072	-182,607	-90,777	-92,342
Personnel expenses	-121,758	-114,035	-60,931	-57,350
Other operating expenses	-31,946	-29,020	-15,893	-15,018
Result from deconsolidation	-723	0	-723	0
Earnings before interest, taxes and depreciation (EBITDA)	19,139	16,979	9,971	8,586
Depreciation	-15,672	-16,698	-7,937	-8,513
Earnings before interest and taxes = operating result (EBIT)	3,467	281	2,034	73
Interest result	-5,822	-3,585	-3,213	-2,372
Financial result	-5,822	-3,584	-3,213	-2,371
Earnings before tax	-2,355	-3,303	-1,178	-2,298
Tax expenses	-364	-431	-92	-142
Earnings after tax	-2,718	-3,735	-1,270	-2,441
thereof result of non-controlling interests	-370	121	-425	61
thereof result of the parent company	-2,348	-3,855	-846	-2,501
Earnings per share in EUR	-0.11	-0.18	-0.04	-0.11

CONSOLIDATED BALANCE SHEET AS AT 30 JUNE 2024

with comparative figures from the last balance sheet as at 31.12.2023

	ASSETS
	in EUR k	30.06.2024	31.12.2023
	A. Non-current assets
I.	Intangible assets	6,574	6,253
II.	Goodwill	0	0
III.	Tangible assets	225,738	242,204
IV.	Other non-current assets	88	1,129
V.	Contract assets from contracts with customers	31,147	31,574
VI.	Deferred tax assets	9,347	8,725
		272,894	289,884
	B. Current assets
I.	Inventories	42,264	41,303
II.	Trade accounts receivable	64,833	52,165
III.	Contract assets from contracts with customers	84,418	70,506
IV.	Other current receivables	17,642	25,895
V.	Income tax receivables	2,839	3,662
VI.	Cash and cash equivalents	46,589	49,610
		258,586	243,141
		531,480	533,025

EQUITY AND LIABILITIES

	in EUR k	30.06.2024	31.12.2023
	A. Shareholders' equity
I.	Share capital	22,330	22,330
II.	Capital reserves	37,563	37,563
III.	Treasury stock	-1,855	-1,855
IV.	Retained earnings	165,085	167,433
V.	Other reserves	-7,025	-8,554
		216,098	216,917
VI.	Non-controlling interests	1,954	3,595
		218,052	220,512
	B. Non-current liabilities
I.	Non-current, interest-bearing liabilities	106,381	88,626
II.	Provision for deferred taxes	844	1,172
III.	Provisions for employees	20,257	20,058
		127,482	109,856
	C. Current liabilities
I.	Current interest-bearing liabilities	53,877	83,638
II.	Liabilities on income taxes	491	622
III.	Advance payments received on orders	207	27
IV.	Trade accounts payable	62,376	63,734
V.	Contract liabilities from contracts with customers	952	1,982
VI.	Other current liabilities	53,333	44,576
VII.	Current provisions	14,709	8,078
		185,946	202,657
		531,480	533,025

CONSOLIDATED CASH FLOW STATEMENT

for the period from 1 January to 30 June 2024 with comparative figures from the previous year

in EUR k		01.01. - 30.06.
		2024	2023
	Earnings before tax	-2,355	-3,303
+	Depreciation on non-current assets	15,672	16,698
-(+)	Non-cash income (expense) from deconsolidation	723	0
-(+)	Interest result	5,822	3,358
+(-)	Other non-cash expenses and income	1,933	-634
+(-)	Increase (decrease) in non-current provisions for employees	78	279
-(+)	Profit (loss) from fixed asset disposals	-753	-56
-(+)	Increase (decrease) in inventories	-495	-4,922
-(+)	Increase (decrease) in trade and other receivables and contract assets	-18,855	-19,091
+(-)	Increase (decrease) in trade and other payables and contract liabilities	7,182	13,362
+(-)	Increase (decrease) in current provisions	6,616	2,034
=	Consolidated cash flow from current activities	15,569	7,724
-	Taxes paid	-536	-1,639
=	Consolidated cash flow from operating activities	15,033	6,085
-	Investments in fixed assets	-12,002	-9,335
-(+)	Acquisition or disposal of subsidiaries less cash and cash equivalents acquired and disposed of position	19,643	0
+	Inflows from the disposal of intangible and tangible assets	6,669	1,014
+	Interest received	303	107
=	Consolidated cash flow from investing activities	14,613	-8,214
-	Repayments of loan financing	-44,069	-2,367
-	Repayments of real estate loan borrowings	-958	-1,233
-	Outflows from leasing agreements	-3,277	-4,070
+(-)	Change in current financial liabilities	-2,233	-2,221
-	Interest paid	-6,744	-3,034
-	Third party dividends	-392	-2,200
+	Inflows from acquisition financing	25,000	0
=	Consolidated cash flow from financing activities	-32,673	-15,123
+(-)	Consolidated cash flow from operating activities	15,033	6,085
+(-)	Consolidated cash flow from investing activities	14,613	-8,214
+(-)	Consolidated cash flow from financing activities	-32,673	-15,123
=	Change in cash and cash equivalents	-3,027	-17,253
+(-)	Effect from currency translations	7	120
+	Opening balance of cash and cash equivalents	49,610	55,136
=	Closing balance of cash and cash equivalents	46,589	38,003

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

in EUR k	Share capital	Capital reserves	Treasury stock	Retained earnings	Other reserves	Shares of POLYTEC Holding AG stockholders	Non controlling interests	Total
As at 01.01.2024	22,330	37,563	-1,855	167,433	-8,557	216,916	3,595	220,512
Earnings after tax	0	0	0	-2,348	0	-2,348	-370	-2,718
Other result after tax	0	0	0	0	1,532	1,532	0	1,532
Dividends	0	0	0	0	0	0	-392	-392
Change due to deconsolidation	0	0	0	0	0	0	-879	-879
As at 30.06.2024	22,330	37,563	-1,855	165,085	-7,025	216,098	1,954	218,052

in EUR k	Share capital	Capital reserves	Treasury stock	Retained earnings	Other reserves	Shares of POLYTEC Holding AG stockholders	Non controlling interests	Total
As at 01.01.2023	22,330	37,563	-1,855	183,700	-8,258	233,480	3,611	237,092
Earnings after tax	0	0	0	-3,855	0	-3,855	121	-3,735
Other result after tax	0	0	0	0	-100	-100	0	-100
Dividends	0	0	0	-2,200	0	-2,200	0	-2,200
As at 30.06.2023	22,330	37,563	-1,855	177,645	-8,358	227,325	3,732	231,056

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

in EUR k
01.01. - 30.06.2024	Group	interests	Total
Earnings after tax	-2,348	-370	-2,718
Currency translations	1,532	0	1,532
Total result	-816	-370	-1,186

in EUR k
	Non-controlling
01.01. - 30.06.2023	Group	interests	Total
Earnings after tax	-3,855	121	-3,735
Currency translations	-100	0	-100
Total result	-3,955	121	-3,835

SELECTED NOTES

GENERAL INFORMATION

POLYTEC Holding AG (listed in the commercial register of the City of Linz under the number FN 197646 g) is an Austrian holding company, which together with its group subsidiaries operates mainly in the plastics processing automotive industries.

ACCOUNTING AND VALUATION METHODS

This half-year financial report as at 30 June 2024 was prepared in accordance with the provisions of the International Financial Reporting Standards (IFRS) and in particular IAS 34 (Interim Financial Reporting). The remaining accounting and valuation methods from 31 December 2023 were retained. The half-year report does not contain all the information and statements issued in the POLYTEC Holding AG consolidated financial statements as at 31 December 2023 and therefore these should be referred to for further details.

SCOPE OF CONSOLIDATION

The consolidated financial statement includes all major Austrian and foreign companies in which POLYTEC Holding AG directly or indirectly holds a majority of voting rights. The POLYTEC GROUP's scope of consolidation now includes 40 fully consolidated companies (31.12.2023: 41) of which 32 (31.12.2023: 32) are foreign entities.

EQUITY

At the 24th Annual General Meeting of POLYTEC Holding AG, held on 21 June 2024, the shareholders present approved to not pay a dividend for the 2023 financial year and to carry forward the profit to new account.

BUSINESS SEASONALITY

The quarterly reporting of total POLYTEC GROUP sales revenues for a complete financial year correlates largely with the car manufacturing operations of the group's main customers. For this reason, quarters in which customers normally close plants for holidays generally produce lower sales revenues than quarters without such effects. In addition, sales from one quarter can also be influenced by the billing of large tooling or engineering projects.

MATERIAL TRANSACTIONS WITH RELATED PARTIES AND COMPANIES

As part of the refinancing of significant promissory note loans of the POLYTEC Holding AG the Huemer Invest GmbH, a company affiliated with the Chairman of the Supervisory Board Friedrich Huemer, made a commitment to Raiffeisenlandesbank Upper Austria at the beginning of 2024 to acquire the fixed assets of POLYTEC Immobilien GmbH, mainly consisting of the plant and property in Hörsching, for a purchase price of at least EUR 20 million.

The purchase and transfer agreement for the acquisition of the shares in the POLYTEC Immobilien GmbH at an enterprise value of EUR 21 million by Huemer Immobilien GmbH was concluded in April 2024. The carrying amount underlying the transaction is EUR 21.6 million as at 31 December 2023. The fixed assets sold in the process have been leased back in the meantime. The deconsolidation resulted in a book value loss of around EUR 0.7 million. A total of EUR 20 million was extended to the POLYTEC GROUP in January 2024 to pre-finance the purchase price.

Beyond this, there were no material changes regarding business transactions with related parties and companies as compared to 31 December 2023, and therefore in this regard reference should be made to the notes contained in the consolidated financial statements of POLYTEC Holding AG as at 31 December 2023.

MATERIAL EVENTS AFTER THE REPORTING PERIOD

No events of material significance occurred after the reporting date 30 June 2024.

SHARE & INVESTOR RELATIONS

POLYTEC SHARE PRICE DEVELOPMENT

Source: Vienna Stock Exchange, price data indexed as per 29 December 2023

SHARE KEY FIGURES

Various stock performance indicators of the POLYTEC share for the period from January to June 2024 compared to the same period of the previous year and further historical periods are contained in the following table:

POLYTEC Share (AT0000A00XX9)	Unit	H1 2024	H1 2023	Change	H1 2022	H1 2021
Closing price last trading day of period	EUR	3.34	4.72	-29.2%	6.00	11.70
Highest closing price during period (on 10.01.2024)	EUR	3.82	5.28	-27.7%	8.30	12.56
Average closing price during period	EUR	3.51	4.84	-27.5%	6.83	10.17
Lowest closing price during period (on 18.04.2024)	EUR	3.25	4.45	-27.0%	5.60	7.88
Market capitalisation last trading day of period	EUR m	74.6	105.4	-29.2%	134.0	261.3
Vienna Stock Exchange money turnover (double counting)	EUR m	13.5	20.6	-34.5%	63.7	91.9
Vienna Stock Exchange share turnover (double counting)	Shares m	3.9	4.2	-7.1%	9.0	9.2
Share turnover (daily average, double counting)	Shares	31,082	33,396	-6.9%	71,340	73,745

Source: Vienna Stock Exchange

DIVIDEND

At the 24th Annual General Meeting of POLYTEC Holding AG, held on 21 June 2024, the shareholders present approved to not pay a dividend for the 2023 financial year and to carry forward the profit to new account.

RESEARCH COVERAGE

The support of the POLYTEC GROUP by national and international investment banks is an important element in its comprehensive investor relations activities and plays a highly significant role in the visibility of the POLYTEC share within the investor community. The following financial institutions publish reports on POLYTEC GROUP and the recommendations and price targets up to the editorial closing date (beginning of August 2024) are contained in the table below:

Institute	Recommandation	Price target
BAADER-Helvea Equity Research, Munich (Peter Rothenaicher)	Buy	EUR 7.00
ERSTE Group Research, Vienna (Michael Marschallinger)	Hold	EUR 4.70
M.M.Warburg Research, Hamburg (Marc-René Tonn)	Hold	EUR 4.00
Raiffeisen Research, Vienna (Markus Remis)	Buy	EUR 5.00
Average price target		EUR 5.18

The current recommendations and price targets can be called up from the investor relations, share, price information and research section of the group's website: www.polytec-group.com/en/investor-

relations/share/research

STATEMENT OF ALL LEGAL REPRESENTATIVES

We confirm to the best of our knowledge that the condensed interim financial statements give a true and fair view of the assets, liabilities, financial position and profit or loss of the group as required by the applicable accounting standards and that the group management report gives a true and fair view of important events that have occurred during the first six months of the financial year and their impact on the condensed interim financial statements, and of the principal risks and uncertainties for the remaining six months of the financial year and of the major related party transactions to be disclosed. This interim consolidated financial statement has not been subject to an audit or a review.

Hörsching, August 2024

The Board of Directors of POLYTEC Holding AG

MARKUS HUEMER CEO/COO, Chairman of the Board of Directors

Responsibilities: Corporate Strategy, Investment Management, Legal Affairs, IT, Corporate Communications, Operations, Sustainability, Project Management, Operational Excellence

PETER BERNSCHER CCO, Deputy Chairman of the Board of Directors

Responsibilities: Sales, Engineering, Marketing, Purchasing, Human Resources

MARKUS MÜHLBÖCK CFO, Member of the Board

Responsibilities: Finance, Controlling, Treasury, Accounting, Investor Relations The Interim Report Q3 2024 to be published on 14 November 2024

Current news see online in the section Investor Relations of corporate website www.polytec-group.com/en/investor-relations/

KONTACT

POLYTEC Holding AG, Paul Rettenbacher, Investor Relations Manager, Polytec-Strasse 1, 4063 Hörsching, Austria; T +43 7221 701-292; eMail paul.rettenbacher@polytec-group.com

NOTE

This half-year financial report has not been subject to an audit or a review. This interim report has been prepared with the greatest possible care and every effort has been made to ensure the accuracy of the data that it contains. Nevertheless, rounding, typographical and printing errors cannot be excluded. The use of automatic calculating devices can result in rounding-related differences during the addition of rounded amounts and percentages. The English translation serves information purposes, and the original German text is the sole legally binding version. This half-year financial report H1 2024 was published on 14 August 2024.

IMPRINT

Editor: POLYTEC Holding AG; VAT number: ATU49796207; LEI: 529900OVSOBJNXZACW81; Commercial Register: FN 197676 g, Commercial Court Linz; Polytec-Strasse 1, 4063 Hörsching, Austria; T +43 7221 701-292; Board of Directors: Markus Huemer, Peter Bernscher, Markus Mühlböck; Chairman of the Supervisory Board: Friedrich Huemer; Photos: © POLYTEC Holding AG; Typesetting: Produced inhouse with firesys; www.polytec-group.com