EQS-News: USU announces business figures for the first quarter of 2024

• Sales increase from 6.3% to EUR 35.4 million
• License sales more than tripled to EUR 4.5 million
• SaaS revenue increases by 10.4% to EUR 4.4 million
• EBITDA grows by 20.6% to EUR 4.6 million
• Record orders at hand of EUR 96.9 million
• public delisting takeover offer to USU shareholders announced

Möglingen, 23 May 2024.

In the first quarter of 2024, USU Software AG and its subsidiaries (hereinafter referred to as the "USU Group" or "USU") continued their growth trajectory and increased consolidated sales by 6.3% to EUR 35.4 million (Q1/2023: EUR 33.3 million). The increase in turnover was mainly driven by large orders from the public sector as well as several smaller and medium-sized orders from the private sector, which contributed to a new record number of orders at hand.

Thanks to several on-premises orders, USU significantly increased license sales in particular, which more than tripled to EUR 4.5 million (Q1/2023: EUR 1.3 million). At the same time, SaaS revenue increased by 10.4% to EUR 4.4 million (Q1/2023: EUR 4 million). Simultaneously, recurring sales, consisting of maintenance and SaaS income, grew by 5.8% to EUR 10.9 million (Q1/2023: EUR 10.3 million).

In the first quarter of 2024, the USU Group increased adjusted EBITDA by 20.6% to EUR 4.6 million (Q1/2023: EUR 3.8 million) thanks to the expansion of high-margin license and SaaS sales. The adjusted EBITDA margin increased disproportionately to sales to 13.0% (Q1/2023: 11.5%). As there were no special effects in the quarter under review, EBITDA corresponded to adjusted EBITDA. At the same time, USU generated EBIT of EUR 3.4 million (Q1/2023: EUR 2.7 million), which corresponds to an increase of 29.0% compared with the previous year. The consolidated profit increased by 41.9% to EUR 2.5 million (Q1/2023: EUR 1.7 million). This corresponds to diluted earnings per share of EUR 0.23 (Q1/2023: EUR 0.17) and basic earnings per share of EUR 0.24 (Q1/2023: EUR 0.17).

Due to the increase in profits, USU increased its equity from EUR 57.2 million as of December 31, 2023 to EUR 59.6 million as of March 31, 2024. With total equity and liabilities of EUR 123.3 million (December 31, 2023: EUR 108.1 million), the equity ratio as at March 31, 2024 was 48.3% (December 31, 2023: 52.9%). With this equity ratio, the increase in Group liquidity to EUR 24 million (December 31, 2023: EUR 13.5 million) and no bank liabilities, the USU Group remains extremely solidly and securely financed.

Following the positive start to the 2024 fiscal year and against the backdrop of the new record orders at hand of EUR 96.9 million, the management board confirmed its planning for the full year 2024. This envisages sales growth to 143–146 million euros with a significant increase in SaaS revenues. Adjusted EBITDA is expected to increase to EUR 14–16 million.

At the same time, the management board confirmed the current medium-term planning, which envisages average organic sales growth of around 10% per year and, with a view to the further growth in SaaS business, an increase in the adjusted EBITDA margin to 17–19% by the end of 2026.

As announced in the ad hoc announcement of 12 March 2024, USU Software AG plans to delist its shares. To this end, the company has entered into an agreement with AUSUM GmbH and its subsidiary NUNUS GmbH under which NUNUS GmbH will submit a public delisting takeover offer to USU shareholders, which was made on 16 May 2024. Accordingly, the offer price set by NUNUS GmbH amounts to EUR 18.50 per share in USU and corresponds to a premium of EUR 1.74 or 10.4% on the minimum price to be paid in accordance with the statutory provisions. The acceptance period ends on 13 June 2024 at 24:00 (CEST), subject to the additional acceptance period.  At the same time, the company is looking for a strategic partner for the product business. This supports USU's strategy of significantly expanding its product business and financing it through strategic partnerships.

The management board and supervisory board consider delisting to be advantageous, since the costs of being listed on the stock exchange are no longer justified due to increasing regulation. The revocation of the listing is still being decided by the Frankfurt Stock Exchange. Following approval, USU will no longer be traded on regulated or comparable markets.

This press release is available on USU’s website.

USU Software AG

As a leading provider of software and service solutions for IT and customer service management, USU enables companies to manage the requirements of today’s digital world. Global organizations use our solutions to cut costs, become more agile, and reduce risks – with smarter services, simpler workflows, and better collaboration. With more than 45 years of experience and locations worldwide, the USU team brings customers into the future.

In addition to USU GmbH, which was founded in 1977, the subsidiaries USU Solutions Inc., USU SAS and USU GK also belong to USU Software AG, which is listed in the Prime Standard of the German Stock Exchange (ISIN DE 000A0BVU28).

Further information: www.usu.com.

Contact

USU Software AG/      
Investor Relations     
Falk Care     
Tel.: +49 (0) 71 41 - 48 67 351   
e-mail: falk.sorge@usu.com 

USU Software AG
Corporate Communications
Dr. Thomas Gerick
Tel.: +49 (0) 71 41 - 48 67 440
e-mail: thomas.gerick@usu.com