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Sunlight Group: Remarkable Trajectory Enters Its Third Consecutive Year

Athens, 30 April 2024

New Heights of Profitability, revenue €1.087.7 million and adjusted EBITDA of €110.2 million.

  • €1.087,7 million euro revenue and 161.2% strong Revenue Growth (120,7 mil net revenue growth or 12,6% on a Like For Like basis)

  • Adjusted EBITDA of €110.2 million.

  • €124.4 million CAPEX invested towards lithium production and innovation as well as lead acid capacity expansion.

  • More than 28% of the revenue in Motive Power was generated by Lithium-Ion Solutions

  • The US Motive Power business accounts already for more than 20% of the Motive Power sales of the Group with a high growth trajectory.

  • Payroll, social contributions and benefits to employees reached €155.8 million approx. vs €53.3 million in 2022

Sunlight Group, member of the Olympia Group, achieves robust operational and financial performance in 2023. With revenue reaching €1.087,7 million euro, a substantial increase from €416.5 million in the previous year and more than €120 million on a like for like basis, Sunlight Group’s growth was propelled by several key factors. Firstly, the first-time consolidation of recently acquired businesses played a significant role. Additionally, a surge in sales driven primarily by volume, particularly in the North American market, and heightened demand for our innovative New Energy Solutions further fueled our expansion. While revenue soared by an impressive 161.2%, earnings also saw a remarkable improvement of 141%, underscoring Sunlight Group's commitment to driving both top and bottom-line growth while investing substantial amounts to new ventures in the technology and innovation space.

In 2023, Sunlight Group embarked on an extensive series of M&A transactions, accelerating its innovation program, and achieving sustainable volume growth. At the same time expanded customer base and entered in new applications which will play key role in future sales and profitability generation.

Furthermore, €124.4 million was allocated to CAPEX investments in 2023, with a primary focus on expanding innovation and production capacities in lithium-ion technology as well as to expanding production capabilities in the lead-acid legacy technology. This strategic allocation of resources reflects Sunlight's dedication to meeting the growing demand for energy storage solutions in a technology agnostic approach.

Commenting on the release of the 2023 financial results, Lampros Bisalas, CEO of Sunlight Group, noted: ”The 2023 operating and financial results underscore Sunlight Group's resilience and commitment to sustainable growth amidst challenging economic conditions, with strategic investments driving robust performance across key metrics. Despite significant headwinds such as a declining Motive Power market due to increasing interest rates, financial uncertainty, macro-economic and geopolitical reasons, rising energy costs and substantial inflationary pressure across materials and labor costs, our organization is poised to pursue leadership role, particularly in the EMEA, US and Southeast Asia-Oceania markets, where we operate a total of 16 plants and 35 sales and service facilities.

In 2023, we reached a pivotal juncture in our journey, focusing on bolstering our talent pool to propel our growth trajectory forward. With a strengthened team in place, we are embarking on a comprehensive reorganization aimed at fostering greater flexibility and structural clarity in decision-making processes. This strategic move will empower us to pursue more ambitious targets with confidence, speed, and efficiency.

With unwavering support from our shareholders and Board of Directors, we are steadfast in our commitment to achieving our strategic objectives. Sunlight Group continues to earmark substantial resources from our balance sheet for innovation, particularly focusing on lithium-ion technologies across various sectors. Of notable importance are our investments in Grid Scale Energy Storage systems, alongside the development of lithium cells tailored for off-road industrial applications, marked by the establishment of our production scale pilot line in Xanthi, Greece. While the revenue impact of the new ventures may require several more quarters or even years to materialize, we remain confident that these investments will define our future as a leading global Energy Storage Solutions provider. I would like to thank all our associates who they continue to be a source of inspiration for us. Our people are the enablers of this success, and I am looking forward to seeing what we can all achieve next".

In pursuit of continued growth opportunities, Sunlight Group remains steadfast in cultivating a robust and skilled workforce. As of December 31, 2023, the Group boasted a total of 3,630 employees, marking a substantial increase of 2,075 individuals compared to the previous year—a remarkable growth rate of 133%. As of December 31, 2023, 56.2% of the workforce operates beyond the borders of Greece, with notable expansions observed particularly in Germany and the United States. Demonstrating its commitment to employee welfare, the company's expenditure on salaries, benefits, and social security rose to €155.8 million in 2023, compared to the previous year's €53.3 million.