STEMMER IMAGING AG

Quarterly Report • Aug 13, 2024

At a glance

Group key figures

in KEUR
	01/01 - 30/06/2024	01/01 - 30/06/2023
Revenue	58,312	78,374
Gross profit	23,296	30,999
Gross profit margin	$40.0 \%$	$39.6 \%$
EBITDA	9,094	14,208
EBIT	7,221	12,184
Consolidated net income	5,106	8,791
Operating cashflow after income taxes	15,491	8,268
Employees (average)	271	315
	30/06/2024	31/12/2023
Total assets	94,739	104,404
Equity	67,895	80,485
Equity ratio	$71.7 \%$	$77.1 \%$
Cash and cash equivalents	30,261	37,570

STEMMER IMAGING in figures

Order intake: EUR 67.9 million

71.7 per cent # equity ratio

271 employees

This report and the results of previous fiscal years in German as well as English translations are available for you to download at: www.stemmer-imaging.com

$0^{0} 0^{0} 0^{0} 0^{0} 0^{0}$

$>5,000$ customers

$16$ subsidiaries and represented in $>20$ countries

Contents

Half-year report for the period from 1 January to 30 June 2024

Shareholder information

Letter to shareholders ..... 2
STEMMER IMAGING on the capital market ..... 3
Consolidated interim management report
Economic report ..... 7
Net assets, financial position and results of operations ..... 8
Risk and opportunities report ..... 10
Report on expected developments ..... 12
Consolidated financial statements
Consolidated statement of financial position ..... 14
Consolidated income statement ..... 16
Consolidated statement of comprehensive income ..... 17
Consolidated statement of cash flows ..... 18
Consolidated statement of changes in equity ..... 20
Condensed notes to the consolidated financial statements ..... 21
Responsibility statement ..... 31
Additional information
Financial calendar ..... 32
Publication details ..... 33

Letter to shareholders

Dear Shareholders,

The first six months of the 2024 fiscal year continued to be shaped by geoeconomic and macroeconomic uncertainty. Despite this challenging market environment, STEMMER IMAGING was able to achieve an order intake of EUR 67.9 million in the first half of the year (H1 2023: EUR 76.1 million). In the second quarter of 2024 the order intake increased to EUR 35.2 million, improving for the second consecutive quarter (Q4 2023: EUR 25.0 million, Q1 2024: EUR 32.8 million, Q2 2024: EUR 35.2 million).

Revenue benefited from the recovery in order intake already reported in the first quarter of 2024. In the first half of 2024, revenue of EUR 58.3 million was achieved, marking a 25.6 per cent decline compared to the strong figure of EUR 78.4 million recorded in the first half of 2023. In the second quarter, revenue amounted to EUR 30.8 million (Q2 2023: EUR 38.0 million). This decline in revenue, both in the second quarter and in the first half of the year, was due to a slowdown in all regions and end markets. The book-to-bill ratio for the first half of the year came to 1.2, indicating a positive revenue trend for the coming quarters.

The gross profit margin in the first half 2024 was a strong 40.0 per cent compared to 39.6 per cent in the same period last year, remaining at a consistently high level. The gross margin in the second quarter was 40.0 per cent (Q2 2023: 40.0 per cent). In the first half of 2024, the company reported EBITDA of EUR 9.1 million (H1 2023: EUR 14.2 million), which already fully accounts for the acquisition costs of Phase 1 Technology. EBITDA profitability came to 15.6 per cent (H1 2023: 18.1 per cent) and is therefore temporarily below the medium-term target range of between 17 per cent and 21 per cent. EBIT totalled EUR 7.2 million (H1 2023: EUR 12.2 million). In the second quarter, STEMMER IMAGING generated EBITDA of EUR 5.0 million (Q2 2023: EUR 6.9 million) and EBIT of EUR 4.1 million (Q2 2023: EUR 5.9 million). The EBITDA margin came to 16.2 per cent (Q2 2023: 18.0 per cent).

With regard to the forecast for the 2024 fiscal year, we continue to see a challenging market environment characterised by a temporary reluctance to invest in key end markets. Based on the continued positive development of the order situation, the Executive Board upholds the revenue range of EUR 140 to EUR 157 million forecast in March for the current fiscal year and confirms the
earnings forecast (EBITDA) of EUR 24 to 31 million. This does not take into account possible special charges affecting earnings in connection with the investment agreement with MiddleGround Capital. The forecast is based on the assumption that demand will continue in the second half of the year in line with business performance so far, that the order backlog can be processed and that there will be an improvement in economic development in the late third quarter at the latest. It is not yet possible to predict how the current distortion on international capital markets will affect the further economic recovery.

On 22 July 2024, STEMMER IMAGING entered into an investment agreement with MiddleGround Capital to unlock long-term growth opportunities for the company. The Executive Board of STEMMER IMAGING is to remain in its previous composition and to continue to run the company. MiddleGround Capital has also announced that it will make a voluntary public takeover offer to acquire all outstanding shares of STEMMER IMAGING AG. The Executive Board and Supervisory Board of STEMMER IMAGING welcome the planned investment and support the announced takeover offer, subject to the review of the offer document yet to be published by MiddleGround Capital. The transaction is subject to customary closing conditions, including regulatory approvals, and is expected to be completed in the fourth quarter of 2024.

We would like to once again thank our employees, whose expertise and dedication lay the foundation for our company's success.

We would like to thank you, our shareholders, for your trust and support in developing the future of our company in a sustainable manner.

Arne Dehn
CEO

Uwe Kemm
COO

STEMMER IMAGING on the capital market

Capital market environment

In the first half of 2024, the financial markets continued to perform strongly in many regions of the world. Market activity was characterised by initial interest rate cuts by the world's leading central banks, economic developments, the dynamics in the field of AI and the ongoing conflicts in Ukraine and the Middle East. Inflation rates fell in the euro area and the USA.

The DAX rose by 8.9 per cent to 18,235 points at the end of the reporting period compared to the closing price on 29 December 2023 (16,752 points). The DAX started the stock market year on 2 January 2024 at 16,769 points and closed the reporting period on 28 June at 18,235 points. The TecDAX, a technology stock index with companies comparable to STEMMER IMAGING, stagnated in the reporting period and finished trading at 3,327 points on 28 June 2024.

Share information

Exchange market	Xetra, Frankfurt, Berlin, Düsseldorf, Hamburg, Munich, Stuttgart, Tradegate
Symbol	591
Total number of shares	$6,500,000$
Share capital	EUR 6,500,000
ISIN	DE000A2G9M29
WKN	A2G9MZ
Market segment	Regulated Market
Transparency level	Prime Standard
Designated sponsor	Hauck \& Aufhäuser Privatbankiers AG

The STEMMER IMAGING AG share opened at a price of EUR 33.30 on 2 January 2024 and closed at EUR 35.40 on 28 June 2024. This corresponds to an increase of 6.3 per cent. The high for the reporting period was EUR 36.30 on 21 June 2024, while the low came in at EUR 28.50 on 22 January 2024. Based on the closing price of EUR 35.40 on 28 June 2024, STEMMER IMAGING AG's market capitalisation was EUR 230.1 million with a total of 6,500,000 shares issued (30 December 2023: EUR 215.8 million with the same number of shares and a price of EUR 33.20 (all figures based on Xetra prices)).

Share: Price performance and trading volume

In the first half of 2024, the average daily trading volume on the German stock markets (including Tradegate) was 3,680 shares compared with 4,878 shares in the first half of 2023. Measured in euros, STEMMER IMAGING shares worth an average of EUR 120,479 were traded per day in the first half of 2024, which corresponds to a year-on-year decline of 38.1 per cent (EUR 194,507).

Share price development

Opening price	2 January 2024	EUR 33.10
Low	22 January 2024	EUR 28.50
High	21 June 2024	EUR 36.30
Closing price	28 June 2024	EUR 35.40
Market capitalisation	as at 28 June 2024	EUR 230.1 million

Annual General Meeting

On 14 May 2024, the Executive Board of STEMMER IMAGING AG informed the shareholders at the Annual General Meeting about the course of the 2023 fiscal year and responded to their questions. When the vote was taken, 82.9 per cent of the share capital was represented. The shareholders expressed their satisfaction with the company's development and adopted the proposed resolutions of the Executive Board and Supervisory Board by a large majority. The proposal of the Executive Board and Supervisory Board to distribute a dividend of EUR 2.70 per eligible no-par value share for the 2023 fiscal year was met with broad approval from shareholders (previous year: EUR 1.00 regular dividend + EUR 2.00 special dividend per share). As a result, a total of EUR 17,550,000.00 was distributed from the net retained profits of STEMMER IMAGING AG. The results of the votes taken at the Annual General Meeting may be viewed at www.stemmer-imaging.com under Investors/Annual General Meeting.

Shareholder structure

The company has a balance between free float and the majority holding of a strategic anchor investor. As at 30 June, 24 per cent of the shares were in free float. The largest shareholder of STEMMER IMAGING AG is PRIMEPULSE SE, which holds 69 per cent of the voting rights. The Management held 7 per cent of the shares as at the same date.

According to our press release of 22 July MiddleGround Capital has already irrevocably secured a stake of approximately $684 \%$ of all outstanding shares through a share purchase agreement with the majority shareholder PRIMEPULSE SE. In addition, shareholders who together hold approximately $8.3 \%$ of all outstanding shares, including the members of the Executive Board of STEMMER IMAGING, have irrevocably undertaken to accept the voluntary public takeover offer from MiddleGround Capital for the STEMMER IMAGING shares held by them, which is yet to be published.

Analyst research

The shares of STEMMER IMAGING AG have been listed in the Prime Standard of the Frankfurt Stock Exchange since 10 May 2019 and are regularly evaluated by qualified securities analysts. Currently, the stock is covered by Hauck \& Aufhäuser Lampe Privatbank, Warburg Bank, and Berenberg Bank. All three analysts take a positive view of the medium- and long-term potential of STEMMER IMAGING AG.

Analyst evaluations

Publisher	Date	Recommendation	Price target
Hauck \& Aufhäuser Re- search	23/07/2024	Sell	EUR 51.00
Warburg Research	23/07/2024	Sell	EUR 48.00
Berenberg Research	23/07/2024	Hold	EUR 48.00

Taking into account the investment agreement concluded with MiddleGround Capital on 22 July 2024 and the announcement of a voluntary public takeover offer at a price of EUR 48.00 per share, the analyses were adjusted and the recommendations changed from buy to sell or hold.

More detailed information is available to potential investors at www.stemmer-imaging.com under Investors/The share.

Investor relations activities

During the reporting period, the Executive Board held a regular dialogue with capital market participants at several conferences. Upon the publication of the full-year figures 2023 on 28 March 2024 and the publication of the quarterly figures on 8 May 2024, STEMMER IMAGING reported in detail on the current business development during a conference call.

Activities

28 February 2024	Publication of the preliminary figures for the 2023 fiscal year
28 March 2024	Publication of the annual report for the 2024 fiscal year
8 May 2024	Publication of Q1/3M 2024 interim report
14 May 2024	Annual General Meeting, Munich
16 - 17 May 2024	HAIB Stockpicker Summit, Kitzbühel
13 August 2024	Publication of Q2/6M 2024 interim report
7 November 2024	Publication of Q3/9M 2024 interim report

In addition, the Executive Board maintained a close dialogue with investors, analysts and the financial and business press. The Investor Relations section of the STEMMER IMAGING AG website - stemmer-imaging.com/investoren provides a comprehensive insight into the company's performance, the latest news and a summary of upcoming events.

Hauck \& Aufhäuser Privatbankiers AG acted as a designated sponsor in the past fiscal year, continuously supporting the appropriate tradability of the STEMMER IMAGING shares through binding bid and ask prices.

[^0]
[^0]: (1) The financial calendar with all
dares can be found on page 32.

Consolidated interim management report

Economic report

General economic environment

In the first half of 2024, the economy showed broad-based development. One of the biggest challenges lay in declining but still high inflation, which continued to weigh on the economy. ${ }^{1}$ Global supply chains became increasingly unstable, leading to delays and bottlenecks in production. The ongoing geopolitical uncertainties related to the war in Ukraine and the Middle East conflict also shaped the development. Another factor that hampered economic development was the rise in interest rates, which dampened investment.

The euro zone reported slight positive economic growth in the first half of the year: the economy grew by 0.3 per cent both in the first and second quarters (both quarter-on-quarter). ${ }^{2}$ In the first quarter of 2023, the German economy was up 0.2 per cent quarter-on-quarter and shrank by 0.1 per cent in the second quarter. ${ }^{3}$ In July 2024, the International Monetary Fund (IMF) currently forecasts global growth of 3.2 per cent for 2024 compared with a forecast of 2.8 per cent in April 2023.

For the euro zone, the IMF anticipates an increase in economic output of 0.9 per cent for 2024, compared with 0.5 per cent in 2023. The German economy is expected to grow by 0.2 per cent this year, according to the IMF. ${ }^{4}$

Sector development

The robotics and automation industry in Germany was supported by foreign business, in particular in a subdued domestic economy. In light of a generally deteriorated economic situation, customers continued to be cautious with investments. International competition intensified due to growing involvement of Chinese suppliers in Europe. ${ }^{5}$ Based on the latest industry data from the German Engineering Association (VDMA) nominal order intake in the first six months fell by 16 per cent for Germany. Order intake in Europe rose nominally by 60 per cent in the same period. VDMA reported nominal market growth in Europe in the first half of the year as a total increase of 13 per cent, while for Germany, the VDMA reported a nominal sales decline of 7 per cent for the first half of 2024.

Regarding the machine vision industry, VDMA reported a revenue decline of 11 per cent in Germany and a decline in order intake of 4 per cent for the first six months of 2024 (both nominal). For the European market, VDMA reported a nominal market decline of 18 per cent in revenue for the first half of the year. Order intake rose nominally by 107 per cent in the same period.

[^0]
[^0]: 1 https://www.destatiscde/DE/Pesse/Pessamittekungen/2024/07/P024_099_811.html
2 https://en.europoseu.wonnetet.de/web/products-euro-indicators/ar/2-30072024-op
3 https://www.destatiscde/DE/Pesse/Pessamittekungen/2024/07/P024_099_811.html
4 https://www.imf.org/en/Publications/IMtO/Issues/2024/07/16/world-economic-outlook-uqstate-july-2024
5 https://www.wmo.org/viewer/-/v2article/render/97416370

Net assets, financial position and results of operations

Net assets

The total assets of the STEMMER IMAGING Group amounted to EUR 94.74 million as at 30 June 2024, a decline compared to 31 December 2023 (EUR 104.40 million). On the assets side of the statement of financial position, this decrease is mainly attributable to the reduction in current assets.

Non-current assets rose to EUR 32.32 million as at 30 June 2024 (31 December 2023: EUR 31.06 million). The increase is attributable to the addition of goodwill and intangible assets due to the purchase price allocation of Phase 1 Technology Corp. in the amount of EUR 2.29 million. This is offset by current depreciation and amortisation of property, plant and equipment and intangible assets, including contract assets from leases in accordance with IFRS 16.

Inventories decreased to EUR 10.86 million in the first half of the 2024 fiscal year (31 December 2023: EUR 12.72 million).

Trade receivables fell from EUR 20.83 million as at 31 December 2023 to EUR 19.36 million as at 30 June 2024.

Cash and cash equivalents were down by EUR 7.31 million to EUR 30.26 million as at 30 June 2024 (31 December 2023: EUR 37.57 million), which can primarily be attributed to the dividend payment in the amount of EUR 17.55 million and the purchase price payment for Phase 1 Technology Corp. in the amount of EUR 2.64 million.

On the equity and liabilities side of the balance sheet, the decline in total assets is mainly reflected in the equity of the STEMMER IMAGING Group, which amounted to EUR 67.90 million as at 30 June 2024 (31 December 2023: EUR 80.48 million). The equity ratio stood at 71.7 per cent (31 December 2023: 77.1 per cent).

As at 30 June 2024, non-current liabilities remained almost the same at EUR 6.00 million compared to 31 December 2023 (EUR 5.98 million).

Current liabilities rose from EUR 17.94 million as at 31 December 2023 to EUR 20.84 million as at 30 June 2024. The increase was first and foremost the result of the EUR 4.92 million rise in current trade payables to EUR 13.21 million (31 December 2023: EUR 8.29 million).

Financial position

The objective of the Group's financial management is to hedge material financial risks. Use is made of discounts wherever possible when settling supplier invoices. The company's solvency was assured at all times.

Net cash flow from operating activities increased by EUR 7.22 million to EUR 15.49 million in the first six months of the 2024 fiscal year and was therefore significantly higher than the previous year's figure (1 January to 30June 2023: EUR 8.27 million). Measures to reduce working capital have a significant positive impact on cash flow.

Cash flow from investing activities amounted to EUR -3.19 million (1 January to 30 June 2023: EUR - 0.69 million) in the first half of 2024. The increase can mainly be attributed to the completion of the acquisition of Phase 1 Technology Corp. (EUR 2.82 million) as well as minor investments in tangible assets and intangible assets.

Cash flow from financing activities of EUR - 19.58 million (1 January to 30 June 2023: EUR - 21.45 million) was largely attributable to the dividend payment in the amount of EUR 2.70 per dividend-bearing share. Other significant factors were scheduled repayments on bank loans and finance lease liabilities totalling EUR 1.95 million (1 January to 30 June 2023: EUR 1.98 million).

Results of operations

At EUR 35.2 million, STEMMER IMAGING recorded a decline in order intake in the second quarter of 2024 compared to the strong same period of the previous year in line with expectations (1 April to 30 June 2023: EUR 40.0 million). This translates into a book-to-bill ratio of 1.1 for the second quarter (1 April to 30 June 2023: 1.1). Throughout the entire reporting period, the STEMMER IMAGING Group recorded an order intake of EUR 67.9 million (1 January to 30 June 2023: EUR 76.1 million).

The STEMMER IMAGING Group generated revenue of EUR 30.82 million in the second quarter of the 2024 fiscal year, which was 18.8 per cent below the strong second quarter of 2023 (1 April to 30 June 2023: EUR 37.98 million). Revenue of EUR 58.31 million was achieved in the reporting period, which represents a decrease of 25.6 per cent compared to the first half of the 2023 fiscal year (1 January to 30 June 2023: EUR 78.37 million). The decline in revenue can be attributed to the weak economic situation, which led to drops in revenue across markets and regions.

The cost of materials of EUR 18.49 million (1 April to 30 June 2023: EUR 22.79 million) developed in line with revenue. At 40.0 per cent the gross profit margin in the second quarter of 2024 is at the level of the second quarter of 2023 at 40.0 per cent and also at the level of the first quarter of 2024 (1 January to 31 March 2024: 39.9 per cent). At 40.0 per cent, the gross profit margin was slightly higher year-on-year (1 January to 30 June 2023: 39.6 per cent).

Personnel expenses came to EUR 5.34 million in the second quarter of the 2024 fiscal year (1 April to 30 June 2023: EUR 6.09 million). Personnel expenses came to EUR 11.34 million in the first half of 2024 (1 January to 30 June 2023: EUR 12.61 million). Despite a reduction in absolute personnel costs, the personnel expense ratio slightly deteriorated from 16.1 per cent in the same period of 2023 to 19.4 per cent in the current year. The average number of employees in the 2024 reporting period was 271 (1 January to 30 June 2023: 315).

Other operating expenses amounted to EUR 2.26 million in the second quarter of 2024 and were therefore below the level of the same quarter of the previous year (1 April to 30 June 2023: EUR 2.75 million). For the first half of 2024, other operating expenses came to EUR 4.14 million (1 January to 30 June 2023: EUR 5.59 million) and were therefore also below the level of the reporting period in the previous fiscal year.

EBITDA came to EUR 5.00 million in the second quarter of the 2024 fiscal year (EBITDA margin: 16.2 per cent), which is below the result of EUR 6.85 million reported for the same quarter in 2023 (EBITDA margin: 18.0 per cent). The deterioration compared to the previous year can largely be attributed to the reduction in gross profit associated with the decline in revenue. The reduction in personnel costs and other operating expenses was only able to partially offset the decline in gross profit. Operating earnings (EBIT) came to EUR 4.10 million in the second quarter of 2024, failing to meet the figure of EUR 5.88 million recorded in the same period of the previous year. As a result, the EBIT margin fell from 15.5 per cent in the previous year to 13.3 per cent. The STEMMER IMAGING Group's consolidated net income was EUR 2.87 million for the reporting period from April to June 2024 (1 April to 30 June 2023: EUR 4.21 million).

EBITDA in the first half of 2024 fell from EUR 14.21 million to EUR 9.09 million with an EBITDA margin of 15.6 per cent. This development is mainly due to the decline in revenue and an adjusted cost structure, which was nevertheless unable to fully offset the weaker revenue development. EBIT amounted to EUR 7.22 million in the first half of the 2024 fiscal year (1 January to 30 June 2023: EUR 12.18 million). In the reporting period, the EBIT margin fell from 15.5 per cent in the first half of 2023 to 12.4 per cent. The consolidated net income for the first half of the 2024 fiscal year was EUR 5.11 million (1 January to 30 June 2023: EUR 8.79 million).

Risk and opportunities report

The risk and opportunities management system in place at STEMMER IMAGING concentrates on detecting and evaluating the potential risks and opportunities facing the company on an ongoing basis. Material risks that are currently relevant for STEMMER IMAGING comprise both market and industry-related risks as well as business-related risks. As with risks, opportunities are also evaluated within the scope of the risk matrix. Keeping the risk matrix up-to-date is an integral part of corporate governance, as this matrix is used to detect, analyse and evaluate risks as well as to define countermeasures.

The assessment of risk in the first half of the 2024 fiscal year was characterised by weak economic development, which has been significantly influenced by global economic uncertainty, investment restraint due to the high interest rate level and multiple geopolitical crises. Overall, the risk of a continuation of declining macroeconomic conditions remains, which could have a negative impact on the further development of STEMMER IMAGING on the market side. STEMMER IMAGING sees other significant risks in dependence on suppliers, product risks, human resources risks and risks arising from competition intensity.

The assessment of risks in relation to human resources remains at a consistently high level. The risks in this area take into account the volatility on the labour market, the shortage of skilled staff as well as inflation-adjusted salary expectations. Staff turnover effects due to the aforementioned developments also exacerbate the risk of losing knowledgeable experts and having to bear increased costs for advertising vacancies and onboarding. The aim of STEMMER IMAGING is to be an attractive employer, to train key employees, retain them over the long term and secure the broadest base possible for the relevant expertise. It is to this end that established measures such as management and specialist training courses, structured succession planning and the company's employer branding programme are to be pursued and expanded further. A structured recruiting process also helps the organisation hire employees for the relevant positions, and additional measures in the area of vocational and further training are being regularly evaluated to further enhance the company's attractiveness as an employer.

STEMMER IMAGING sees an increasing number of risks arising from the dependence on the development of the economy. Among other things, the company sees the risk that a possible reluctance to invest on the part of customers could result in a loss of revenue and earnings that cannot be fully compensated for in terms of costs. The aim of STEMMER IMAGING is to ensure good predictability of incoming orders and sales development by maintaining the closest possible dialogue with its customers on the one hand and to raise the barriers to entry for competitors on the other.

STEMMER IMAGING views competitive intensity as an increasingly relevant risk. The ongoing trend towards consolidation in the market, most notably among manufacturers of image processing components, has led to a higher risk assessment. The management sees a significant risk in price pressure and competitive pressure increasing beyond the current level, which could result in a loss of market share and a reduction in margins. Measures taken to minimise risk include expanding the solution business to improve unique selling points in comparison to competitors, the targeted organisation in all customer-oriented company areas with a focus on optimal customer contact and support along with evaluating acquisitions to supplement and strengthen market position.

In the area of risks arising from dependence on suppliers and product risks, the risk assessment was increased slightly. STEMMER IMAGING introduced a comprehensive set of measures during the supply chain crisis in 2021 and 2022, which continue to be implemented and further developed to minimise risks. In order to reduce supplier dependency, alternative procurement sources are continuously evaluated to reduce dependence on individual suppliers. The optimisation of internal processes such as monitoring the delivery situation, evaluating supplier quality and coordinating warehouse management in line with the delivery situation help STEMMER IMAGING to minimise its risk position and achieve its revenue targets.

STEMMER IMAGING strives not only to reduce the risks identified and assessed during regular risk meetings. An integral part of the risks and opportunities meetings is also the identification and assessment of the opportunities, which can lead to competitive advantages in the course of implementation.

Opportunities related to dealing with the growing skills shortage might include having better access to suitable candidates on the market and securing the long-term loyalty of employees to the Group.

STEMMER IMAGING sees opportunities in the area of competitive intensity and reducing dependency on the economic situation. These include implementing measures to boost efficiency in the area of digitising the organisation in order to optimise market coverage, as well as developing and cultivating new, highgrowth and promising market segments. The purpose of these measures is to gain market share, boost company profit and improve customer support.

Close and trusting cooperation with suppliers and the use of optimised tools for demand planning and management offer the opportunity to strengthen and expand the strategically important supplier relationships. In addition, the measures taken offer the opportunity to increase customer satisfaction and to establish long-term and strategically advantageous customer relationships here as well.

Positive business development at STEMMER IMAGING over the long term depends on its ability to exploit potential opportunities and is therefore an integral part of corporate governance. The presentation of the risks and opportunities reflects the company's current assessment and is subject to ongoing change. Therefore, risks and opportunities that have not yet been identified may become more important within a short period of time. This makes regular identification and assessment a key element in reducing risks and seizing opportunities.

Report on expected developments

Future economic and sector development

After a period of recovery from the effects of the COVID-19 pandemic and geopolitical tensions, including the Ukraine conflict, the economic situation has stabilised in many regions. However, high inflation rates and the response from central banks in the form of interest rate hikes may still slow down economic growth. Continued geopolitical tensions such as the Middle East conflict may also further affect trade and investments.

In July 2024, the International Monetary Fund (IMF) released its growth assumptions of 3.2 per cent for 2024. Outlook therefore remains week by historical standards. This is a further decline in momentum compared to growth of 3.3 per cent in 2022. ${ }^{1}$ GDP is expected to increase 0.9 per cent in Europe compared to 0.5 per cent growth in the previous year. For Germany, the IMF expects a GDP increase of 0.2 per cent; in 2023, GDP in Germany had still fallen by 0.2 per cent.

Sector development

In the first six months of 2024, the nominal order intake of the German robotics and automation industry fell by 16 per cent - while an increase of 60 per cent was recorded for Europe. According to current estimates by the German Mechanical Engineering Industry Association (VDMA), revenue is expected to grow nominally by 2 per cent in 2024. For 2023, nominal growth remained at 13 per cent. ${ }^{2}$ The machine vision sector in Europe recorded a 7 per cent decline in revenue in 2023. For 2024, VDMA forecasts a nominal decline of 3 per cent. ${ }^{3}$

[^0]
[^0]: 1 https://www.imf.org/en/Publications/IMF2/Issues/2024/07/16/world-economic-outlook-update-july-2024
2 https://www.imf.org/external-latetenapper/potfer/WEDWORLD
3 https://www.edmo.org/viewer/-/v2article/sender/91050329

Forecast for the STEMMER IMAGING Group

The STEMMER IMAGING Group was able to continue the positive trend in order intake and revenue development in the second quarter of the fiscal year and achieved revenue, EBITDA, and EBIT in line with expectations.

With regard to the forecast for the 2024 financial year, the Executive Board continues to see a challenging market environment characterized by a temporary reluctance to invest in key end markets. Based on the continued positive development of the order situation, the Executive Board upholds the revenue range from March of EUR 140 to EUR 157 million forecast for the current financial year and confirms the earnings forecast (EBITDA) of EUR 24 to 31 million, which does not take into account possible special charges affecting earnings in connection with the investment agreement with MiddleGround Capital.

This forecast is based on the assumption that demand will continue in the second half of the year in line with business performance so far, that the order backlog can be processed and that economic development will improve in the late third quarter at the latest. It is not yet possible to predict how the current distortion on international capital markets will affect the further economic recovery.

Consolidated statement of financial position as at 30 June 2024

Assets in KEUR	30/06/2024	31/12/2023
Non-current assets
Property, plant and equipment	5,203	6,247
Goodwill	20,926	19,378
Other intangible assets	5,300	4,878
Other financial assets	209	209
Deferred tax assets	686	347
Total Non-current assets	32,324	31,059
Current assets
Inventories	10,855	12,720
Trade receivables	19,356	20,830
Other financial assets	104	121
Income tax receivables	838	515
Other assets and prepaid expenses	1,001	1,589
Cash and cash equivalents	30,261	37,570
Total current assets	62,415	73,345
Total assets	94,739	104,404

Equity and Liabilities in KELIN	30/06/2024	31/12/2023
Capital and reserves
Subscribed capital	6,500	6,500
Capital reserves	47,495	47,495
Revenue reserves	13,900	26,490
Total equity	67,895	80,485
Non-current liabilities
Provisions for pensions and similar obligations	71	71
Trade payables	121	121
Other financial liabilities	4,157	4,140
Other liabilities	557	543
Other provisions	292	275
Deferred tax liabilities	804	827
Total non-current liabilities	6,002	5,977
Current liabilities
Current loans	500	1,500
Other provisions	81	91
Trade payables	13,213	8,290
Advance payments received on orders	307	218
Liabilities to affiliated companies	41	0
Other financial liabilities	1,572	2,151
Income tax liabilities	1,351	1,191
Other liabilities	3,777	4,501
Total current liabilities	20,842	17,942
Total liabilities	26,844	23,919
Total assets	94,739	104,404

Consolidated income statement

Consolidated statement of comprehensive income

Development from 1 January to 30 June 2024
in KELIR

Consolidated net income	$01 / 01-30 / 06 / 2024$	$01 / 01-30 / 06 / 2023$
Other comprehensive income	5,106	8,791
Items that will be reclassified to profit or loss in future under certain conditions	-146	-232
Exchange differences that arose during the reporting period	-146	-232
Other comprehensive income after income taxes	4,960	8,559
Total comprehensive income	4,960	8,559
Of which:
Shareholders of the parent company

Consolidated statement of cash flows

Consolidated statement of changes in equity

From 1 January to 30 June 2023
in KEUR

		Revenue reserves
	Subscribed capital	Capital reserves	Reserve for actuarial gains/losses	Currency translation reserve	Other revenue reserve	Total	Total
As at 1 January 2023	6,500	47,495	30	$-210$	30,264	30,084	84,079
Consolidated net income	0	0	0	0	8,791	8,791	8,791
Dividends paid to shareholders of the parent company	0	0	0	0	$-13,474$	$-13,474$	$-13,474$
Dividends paid on free float shares	0	0	0	0	$-6,026$	$-6,026$	$-6,026$
Other comprehensive income	0	0	0	$-232$	0	$-232$	$-232$
As at 30 June 2023	6,500	47,495	30	$-442$	19,555	19,143	73,138

From 1 January to 30 June 2024
in KEUR

		Revenue reserves
	Subscribed capital	Capital reserves	Reserve for actuarial gains/losses	Currency translation reserve	Other revenue reserve	Total	Total
As at 1 January 2024	6,500	47,495	28	$-32$	26,494	26,490	80,485
Consolidated net income	0	0	0	0	5,106	5,106	5,106
Dividends paid to shareholders of the parent company	0	0	0	0	$-12,172$	$-12,172$	$-12,172$
Dividends paid on free float shares	0	0	0	0	$-5,378$	$-5,378$	$-5,378$
Other comprehensive income	0	0	0	$-146$	0	$-146$	$-146$
As at 30 June 2024	6,500	47,495	28	$-178$	14,050	13,900	67,895

Condensed notes to the consolidated financial statements as at 30 June 2024 Basis for preparing the half-yearly financial report

General information

The consolidated interim financial statements as at 30 June 2024 have been prepared in accordance with the International Financial Reporting Standards (IFRS, as adopted by the EU) applicable on the reporting date and the additional requirements of German commercial law.

This condensed consolidated interim financial report has been prepared in accordance with the provisions set forth under IAS 34. The interim financial statements were prepared in euros.

The interim financial report does not include all of the disclosures normally contained in the financial statements for a full fiscal year. This means that this interim financial report should be read together with the annual financial statements for the fiscal year ending 31 December 2023 and all other public statements issued by STEMMER IMAGING during the reporting period.

The accounting policies used here are the same as those used in the prior fiscal year and the associated interim financial reporting period, along with new and amended standards which were adopted for the first time as explained below.

The consolidated statement of financial position as at 30 June 2024, the consolidated income statement, the consolidated statement of comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the reporting periods ending 30 June 2024 and 2023 and the condensed notes to the consolidated financial statements have not been audited or subjected to an auditor's review.

Application of new accounting standards

The changes due to the amendments to IAS 1 (Presentation of Financial Statements - Classification of Liabilities as Current or Non-current and Long-term Liabilities with Covenants), IFRS 16 (Lease Liability in a Sale and Leaseback), IAS 7 and IFRS 7 (Statement of Cash Flows and Financial Instruments: Disclosures on Supplier Finance Agreements) applicable from 1 January 2024 are of minor importance for accounting within the STEMMER IMAGING Group.

A number of new or amended standards took effect in the current reporting period. These did not, however, have a material impact on the Group's accounting policies or result in the need to make any retroactive adjustments.

Explanation of key changes in the current reporting period

Significant events and transactions
With effect from 7 May 2024, STEMMER IMAGING AG has acquired 100 per cent of the shares in Phase 1 Technology Corp., New York, USA. Phase 1 is a leading distributor that specializes in imaging with a focus on the North American market.

For reasons of simplification, the date of initial consolidation is 1 May 2024.
The purchase price of the shares is EUR 2,644 thousand, EUR 2,179 thousand of which has already been paid in cash. A liability of EUR 465 thousand remains outstanding.

The provisional difference on the assets side based on the provisional purchase price allocation amounts to EUR 1,581 thousand.

Non-capitalisable costs of EUR 186 thousand were incurred in the course of business operations and are reported under other operating expenses.

The following balance sheet items (based on preliminary purchase price allocation) have been taken over with the acquisition:

in KEUR	Fair Value as at 07/05/2024
Fair value total consideration transferred	2,644
Fair value of acquired assets and liabilities
Intangible assets	716
Property, plant and equipment	27
Inventories	667
Trade receivables	553
Other financial and non-financial assets	36
Cash and cash equivalents	47
Deferred tax assets	41
Liabilities to banks	226
Trade payables	606
Other financial and non-financial liabilities	43
Deferred tax liabilities	149
Fair value of acquired net assets	1,063
Goodwill (preliminary)	1,581

Liabilities to credit institutions refer to liabilities of less than 3 months that meet the definition of cash and cash equivalents under IFRS 7

The allocation of the purchase price, in particular the valuation of the acquired assets, had not yet been completed as of 30 June 2024.

Resolution of the Annual General Meeting on 14 May 2024
At the Annual General Meeting of STEMMER IMAGING AG on 14 May 2024 in Munich, a resolution was passed to use the retained profit for the 2023 fiscal year of EUR 17,940,115.78 to pay a dividend of EUR 2.70 on the 6,500,000 eligible no-par value shares (EUR 17,550,000.00) and to carry forward the remaining amount of EUR 390,115.78 to new account.

The dividend was paid on 17 May 2024 after deducting 25.0 per cent capital gains tax and 5.5 per cent solidarity surcharge on the capital gains tax (total deduction 26.375 per cent) and, where applicable, church tax on the capital gains tax by the credit institutions involved in handling the payment of the dividends.

Notes to the consolidated statement of financial position

Intangible assets

The carrying amount of intangible assets on the reporting date is calculated as follows:

in KEUR
	$30 / 06 / 2024$	$31 / 12 / 2023$
Goodwill	20,926	19,378
Concessions, property rights and patents	472	523
Customer base	2,983	2,780
Order backlog	58	0
Technology	276	345
Advance payments	1,511	1,230
Total	$\mathbf{2 6 , 2 2 6}$	$\mathbf{2 4 , 2 5 6}$

In the reporting period, capitalised goodwill of EUR 1,581 thousand and further capitalised assets of EUR 711 thousand were added to intangible assets as part of the provisional purchase price allocation. Advance payments on intangible assets in the amount of EUR 281 thousand (1 January to 31 December 2023: EUR 573 thousand) were made in the reporting period from 1 January to 30 June 2024. The payments related to investments in external services for an expanded website with e-commerce features. The remaining changes are almost entirely attributable to amortisation in the reporting period and adjustments due to the measurement of goodwill denominated in a foreign currency.

As at the end of 30 June 2024, there was no indication of a need for an impairment charge to be applied to the Group's goodwill.

Inventories

Inventories are composed as follows:

in KEUR
	$30 / 06 / 2024$	$31 / 12 / 2023$
Raw materials and supplies	156	156
Goods	10,592	12,459
Advance payments	107	105
Total	$\mathbf{1 0 , 8 5 5}$	$\mathbf{1 2 , 7 2 0}$

In connection with inventories, EUR 35,016 thousand (1 January to 31 December 2023: EUR 88,250 thousand) was expensed as cost of materials during the first half of the 2024 fiscal year.

The total cost of inventories recognised as income in the cost of materials includes write-ups to the net realisable value of EUR 33 thousand (1 January to 31 December 2023: EUR -445 thousand recognised in expenses) due to excess stock, obsolescence, reduced marketability or subsequent costs.

The inventories are expected to be used within twelve months.

Trade receivables

in KEUR
	$30 / 06 / 2024$	$31 / 12 / 2023$
Trade receivables	20,125	21,774
Impairment losses	-769	-944
Total	$\mathbf{1 9 , 3 5 6}$	$\mathbf{2 0 , 8 3 0}$

The Group companies - with the exception of the STEMMER IMAGING Regions Spain, Portugal and Latin America - generally give payment terms of between 30 and 45 days. The Group does not charge interest to the customer for this period of time. Late payment interest will be subsequently charged on the outstanding amount in individual cases and in accordance with customary business practices in the respective country.

For trade receivables, valuation allowances are recorded using the expected loss method in accordance with IFRS 9.

Impairments losses on trade receivables developed as follows:

in KEUR
	$01 / 01-$	$01 / 01-$
	$30 / 06 / 2024$	$31 / 12 / 2023$
As at the beginning of the fiscal year	-944	-1,014
Additions	-34	-292
Utilisation	6	20
Reversals	199	361
Currency adjustments, other changes	11	-19
Change in scope of consolidation	-7	0
Total	$\mathbf{- 7 6 9}$	$\mathbf{- 9 4 4}$

The calculation of impairment losses on trade receivables is explained in section B 11 of the notes to the consolidated financial statements as at 31 December 2023.

The increase in the valuation allowances in the amount of EUR 34 thousand in the 2024 reporting period (1 January to 31 December 2023: EUR 292 thousand) and the concurrent reversal in the amount of EUR 199 thousand (1 January to 31 December 2023: EUR 361) result primarily from the lump-sum measurement in accordance with the expected loss model and from reversals due to individual case assessments.

The carrying amount of trade receivables is largely considered a suitable estimate of their fair value. Trade receivables are due within one year.

Cash and cash equivalents
in KEUR

30/06/2024	$31 / 12 / 2023$
30,292	37,608
$-31$	$-38$
Total	30,261

The reduction of the item as at 30 June 2024 is chiefly the result of the payment of dividends to shareholders and repayments on loans, despite positive operating cashflow.

For cash and cash equivalents, valuation allowances are made using the expected loss method in accordance with IFRS 9.

The following table shows the development of the valuation allowance for cash and cash equivalents:

in KEUR
	01/01 -	01/01 -
	30/06/2024	31/12/2023
As at the beginning of the fiscal year	$-38$	$-42$
Additions	0	$-4$
Reversals	7	8
Total	$-31$	$-38$

The calculation of impairment losses is explained in section B 11 of the notes to the consolidated financial statements as at 31 December 2023.

Dividends

in KEUR

Dividends paid in the six month

01/01 -	01/01 -
30/06/2024	31/12/2023
17,550	19,500

Financial instruments

The following table reconciles the financial instrument items from the statement of financial position as at 30 June 2024 with the classes and measurement categories of IFRS 9. It also shows aggregated carrying amounts for each measurement category and the fair values for each class.

		Measurement according to IFRS 9
	Category according to IFRS 9	Carrying amount 30/06/2024	$\begin{gathered} \text { Amortised } \ \text { cost } \end{gathered}$	Fair value through other comprehensive income	Fair value through profit or loss	$\begin{gathered} \text { Measurement } \ \text { according to } \end{gathered}$	Of which assets and liabilities under IFRS 16	Fair value 30/06/2024
Assets								Summe Total
Trade receivables	Amortised cost	19,356	19,356	0	0	19,356	0	19,356
	Amortised cost	313	313	0	0	313	0	313
Other financial assets	Amortised cost	30,261	30,261	0	0	30,261	0	30,261
Equity and liability
Current loans	Amortised cost	500	500	0	0	500	0	500
	Amortised cost	13,334	13,334	0	0	13,334	0	13,334
Trade payables	Amortised cost	41	41	0	0	41	0	41
Liabilities to affiliated companies	Amortised cost	1,402	1,402	0	0	1,402	0	1,402
Remaining other financial liabilities	Amortised cost	4,327	0	0	0	0	4,327	4,327

The following table provides a reconciliation of the statement of financial position items as of 31 December 2023 relating to financial instruments to classes and measurement categories in accordance with IFRS 9. It also shows aggregated carrying amounts for each measurement category and the fair values for each class.

	Category according to IFRS 9	Carrying amount 31/12/2023	Measurement according to IFRS 9			Measurement according to IFRS 9	Of which assets and liabilities under IFRS 16	Fair value 31/12/2023
			Amortised cost	Fair value through other comprehensive income	Fair value through profit or loss
Assets								Summe Total
Trade receivables	Amortised cost	20,830	20,830	0	0	20,830	0	20,830
	Amortised cost	330	330	0	0	330	0	330
Other financial assets	Amortised cost	37,570	37,570	0	0	37,570	0	37,570
Cash and cash equivalents
Equity and liabilities
Current and non-current loans	Amortised cost	1,500	1,500	0	0	1,500	0	1,500
	Amortised cost	8,411	8,411	0	0	8,411	0	8,411
Trade payables	Amortised cost	1,169	1,169	0	0	1,169	0	1,169
Remaining other financial liabilities	Amortised cost	5,122	0	0	0	0	5,122	5,122

IFRS 13 regulates how fair value is determined along with the related disclosures in the notes to the consolidated financial statements. The standard does not explicitly set out in which cases the fair value must be used. Fair value is defined as the price that independent market participants would receive to sell an asset or pay to transfer a liability in an arm's length transaction at the measurement date. The assets and liabilities measured at fair value are allocated to the three levels

of the fair value hierarchy in accordance with IFRS 13. The individual levels of the fair value hierarchy are defined as follows:

Level 1

Quoted market prices in active markets for identical assets or liabilities

Level 2

Level 2 is based on input factors that are observable for the asset or liability, either directly (i. e., as prices) or indirectly (i. e., derived from prices), and on input factors other than the quoted market prices included within Level 1.

Level 3

Level 3 is based on input factors for the asset or liability that cannot be observed in a market (unobservable inputs).

Notes on the consolidated income statement

Revenue

in KELIR

	$01 / 01-30 / 06 / 2024$	$01 / 01-30 / 06 / 2023$
Revenue from the sale of components and	57,152	77,384
modified components	1,160	990
Revenue from service	$\mathbf{5 8 , 3 1 2}$	$\mathbf{7 8 , 3 7 4}$
Revenue

STEMMER IMAGING AG analyses customer revenue not only by customer region with the highest revenue, but also by industry.

In the first half of 2024, the company was able to once again serve a wide range of industries without having any particular main industry focus. The end markets Factory Automation, Sport \& Entertainment, and Print \& Packaging together account for a revenue share of 29.1 per cent (1 January to 30 June 2023: 35.8 per cent). With regard to total revenue, there are no other material focal points.

A breakdown of revenue by region is also provided below:

in KELIR
	$01 / 01-30 / 06 / 2024$	$01 / 01-30 / 06 / 2023$
Germany	21,193	27,035
Europe (excluding Germany)	34,667	48,639
Rest of world	2,452	2,700
Total	$\mathbf{5 8 , 3 1 2}$	$\mathbf{7 8 , 3 7 4}$

The breakdown of revenue by region is based on the location of the customer, i. e., the place of delivery. STEMMER IMAGING did not generate more than 10 per cent of its total revenue with any one customer either in the first half of the 2024 fiscal year, or in the 2023 fiscal year.

Other disclosures

Related parties

Related parties are shareholders with significant influence on the STEMMER IMAGING Group, associates, joint ventures, non-consolidated subsidiaries and persons with a significant influence on STEMMER IMAGING AG and the financial and operating policies of the Group. Persons with significant influence on the financial and operating policies of the Group are all persons in key positions and their close relatives. Within the Group, this relates to the key management personnel of the parent company.

Disclosures on affiliated companies

As part of ordinary business operations, STEMMER IMAGING AG and its subsidiaries maintain business relationships with numerous companies.

Transactions with PRIMEPULSE SE, Munich

The direct shareholding of PRIMEPULSE SE, Munich, in the company was 69.36 per cent as at 30 June 2024. As at 31 December 2023, PRIMEPULSE SE directly held 69.36 per cent of the shares in STEMMER IMAGING AG.

Transactions with PRIMEPULSE SE, Munich, and its related companies

According to a service agreement dated 1 April 2018, various commercial and organisational tasks can be outsourced to PRIMEPULSE SE, Munich (such as operations and controlling, tax, M\&A support, marketing, PR, IR). In exchange for providing these services, PRIMEPULSE SE, Munich receives daily rates of EUR 1,500 in each case (plus expenses, value added tax and travel costs). In the reporting period from 1 January to 30 June 2024, a gross total amount of EUR 260 thousand (30 June 2023: EUR 271 thousand) (EUR 219 thousand net, 1 January to 30 June 2023: EUR 228 thousand) for purchased services and allocated costs, of which EUR 219 thousand (1 January to 30 June 2023: EUR 228 thousand) was recognised as an expense in the first half of 2024.

Furthermore, invoiced services for information technology by glueckkanja-gab AG, Offenbach am Main were recognised, which amounted to EUR 87 thousand net in the reporting period for the first half of 2024 (1 January to 30 June 2023: EUR 114 thousand). Of this amount, EUR 0 thousand was outstanding on 30 June 2024 (31 December 2023: EUR 1 thousand).

There were no other transactions with the companies of the PRIMEPULSE Group in the reporting period from 1 January to 30 June 2024.

Company bodies

The members of the Executive Board in the 2024 reporting period were: Arne Dehn, Munich, Dipl.-Kfm., Chief Executive Officer Uwe Kemm, Munich, Member of the Executive Board (COO)

In the 2024 fiscal year, Supervisory Board activities were carried out by the following people:

Supervisory Board member, name	Profession, town	Function in the STEMMER IMAGING AG Supervisory Board	Member of other statutory supervisory boards
			Chairman of the Advisory Board of PRIMEPULSE SE, Munich, Chairman of the Supervisory Board of KATEK SE, Munich (until the 12. of March 2024),
	Chairman of the Advisory		Chairman of the Supervisory Board of CANCOM SE, Munich, Deputy
	Board and		Chairman of the Supervisory Board of glueckkanja-gab AG,
	Managing		Offenbach am Main
Klaus	Director of		Deputy Chairman of the Supervisory
Weinmann	PRIMEPULSE SE, Munich	Chairman	Board of KATEK SE, Munich (until the 12. of March 2024), Member of the Board of Directors Autonomous
	Director		Capital AG, Zurich, Switzerland
	Mergers \&
	Acquisitions of
	PRIMEPULSE SE, Munich	Deputy
Markus Saller	Professor at the Technical University of Munich	Chairman	Member of the Supervisory Board Deloitte Deutschland GmbH, Düsseldorf; CANCOM SE, Munich; CENIT AG,
	Department of		Munich and Indus Holding AG,
	Strategy and
Prof. Dr. Isabell	Organisation, Munich	Member
M. Welpe

Other financial obligations

There were no guarantees as at the balance sheet date.
There are other financial obligations from order commitments that fall within the scope of normal business activities. There are no significant rental and leasing obligations in the first half of the 2024 fiscal year. The Group does not expect any significant future payments from sub-leasing agreements.

Events after the end of the reporting period

On 22 July 2024, STEMMER IMAGING concluded an investment agreement with MiddleGround Capital. MiddleGround Capital has also announced a voluntary public takeover offer at EUR 48.00 per share. STEMMER IMAGING has published an ad-hoc announcement and a press release on 22 July 2024, where further information is available.

Responsibility statement

To the best of our knowledge, and in accordance with the applicable reporting principles, the half-year consolidated financial statements give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group, and the interim management report includes a fair review of the development and performance of the business and the position of the Group, together with a description of the principal opportunities and risks associated with the expected development of the Group.

Puchheim, 13 August 2024
STEMMER IMAGING AG
Executive Board

Arne Dehn

Uwe Kemm

Financial calendar ${ }^{1}$

$07 / 11$

2024

Publication of
Q3/9M 2024
interim report

1. Dates may change at short notice.

Publication details

STEMMER IMAGING AG
Gutenbergstraße 9 - 13
82178 Puchheim
Germany
Tel.: +49 89 80902-0
Fax: +49 89 80902-116
de.info@stemmer-imaging.com
Executive Board: Arne Dehn (CEO), Uwe Kemm (COO)
Chairman of the Supervisory Board: Klaus Weinmann
Commercial register: Munich HRB 237247
VAT no. (VAT): DE 128245559

Company responsible: STEMMER IMAGING AG
Text and editing: STEMMER IMAGING AG

Contact

Michael Bülter
Chief Financial Officer
in@stemmer-imaging.com
www.stemmer-imaging.com/investors

The half-year report of STEMMER IMAGING AG is available in German and English. The German version is legally binding.

STEMMER IMAGING is an active member of:

stemmer-imaging.com