Glunz & Jensen A/S: H1, 2024 reporting

To Nasdaq OMX Copenhagen A/S

Company announcement no. 559
August 21^st, 2024

INTERIM REPORT JANUARY 1^ST, 2024 - JUNE 30^TH, 2024 (H1 2024)

The H1 2024 report of the fiscal year was reviewed and approved at the Board of Directors meeting.

Highlights

• The revenue for H1 2024 amounted to DKK 64,9 million (H1 2023: DKK 74,0 million), which is in line with expectations.
• The gross profit amounted to DKK 15,0 million in H1 2024 (H1 2023: DKK 17,9 million), the gross profit margin was 23,1% (H1 2023: 24,2%).
  • The revenue decline in H1 2024 compared to H1 2023 is due to a weaker than expected revenue in Q1 2024 which was communicated in the company announcement no. 556 on April 18^th, 2024. The revenue in Q2, 2024 is at DKK 33,8 million compared to DKK 33,5 million in Q2, 2023.
  • The margin declines last year (full year 2023 at 22,2%) were in part been recovered during H1 2024 and came to 23,1%. The task related to margin improvement is ongoing in H2 2024.
• EBITDA for the period was DKK 4,1 million (H1 2023: DKK 8,2 million).
• Profit before tax for the period H1 2024 was DKK 1,0 million (H1 2023: DKK 5,3 million), corresponding to a result per share (EPS) at DKK 0,4 (H1 2023: DKK 2,3).

Glunz & Jensen changed the previously communicated outlook for 2024 on Group on August 21^st, 2024; The revenue is expected at approximately DKK 135 million (previous outlook: approximately DKK 148 million), the EBITDA* is expected at approximately DKK 12 million (previous outlook: approximately DKK 18 million) and the Profit before tax* is expected at approximately DKK 5 million (previous outlook: approximately DKK 10 million).

*The outlook for the EBITDA and the Profit before tax is before potential adjustments on fair value on the investment property.

For further information please contact:

CEO Henrik Blegvad Funk: phone [phone]

Chairman of the board Flemming Nyenstad Enevoldsen: phone [phone]