Outlook (guidance) 2023

To Nasdaq OMX Copenhagen A/S

Company announcement no. 548
November 21^st, 2023

OUTLOOK (GUIDANCE) FOR 2023
  
Glunz & Jensen has adjusted its outlook for the fiscal year 2023 after having reviewed the effects of the latest development on key factors and events.

Glunz & Jensen has today updated the outlook for full year 2023 as follows:

• The revenue for 2023 is expected at approximately DKK 145 million (previous outlook 2023: DKK 135-140 million level).
• EBITDA for 2023 is expected at approximately DKK 11 million (previous outlook 2023: DKK 13-16). EBITDA is negatively affected by cost Inflation but also by a cost provision for termination of staff. In addition, we have decided to enter negotiations with the property owner of a leased property in Nyborg to reach an agreement on an early exit from the leasehold contract. The EBITDA is also affected by an adjustment of the fair value on investment properties.
• Profit before tax for 2023 is expected at approximately DKK 5 million (previous outlook 2023: DKK 9-12 million level). Besides the EBITDA effects above, we have also experienced higher interest rates, which is affecting the profit before tax.

For further information please contact:

CEO Henrik Blegvad Funk: phone +45 21 39 05 32
Chairman of the board Flemming Nyenstad Enevoldsen: phone +45 40 43 13 03