Hybrid Software Group releases Q3 results

PRESS RELEASE - REGULATED INFORMATION

HYBRID SOFTWARE GROUP RELEASES Q3 RESULTS

Cambridge (UK) 26 October 2023 (08.00 CEST) – Hybrid Software Group PLC (Euronext: HYSG) provides a trading update for the nine months ended 30 September 2023.

CEO Mike Rottenborn comments, “The third quarter of 2023 was marked by overall consistent performance compared to the same period of 2022, with consolidated revenues up 3% and yielding a 19% EBITDA margin. Last year’s third quarter EBITDA was very favourably impacted by the one-time sale of an unused asset (approximately 69,000 IPv4 internet addresses) for a net amount of €3.3 million. On an equivalent basis, EBITDA for the quarter declined to €1.9 million from €2.3 million a year ago.

In September the company attended Labelexpo Europe in Brussels, Belgium and successfully launched several significant products for label and packaging production. A major new OEM also introduced SmartDFE, an integrated Digital Front End for digital printing devices built with leading-edge technology from across Hybrid Software Group, at Labelexpo. Q4 will bring additional exhibitions in the USA and China to further promote our products.

Although business conditions remain challenging in many of our markets, we have a tight control on costs and strong products to insure profitable growth now and in the future.”

Financial highlights for the nine months ended 30 September 2023

The following information is unaudited.

For the quarter ended 30 September 2023

  • Revenue for the period was €11.65 million (2021: €11.29 million)
  • EBITDA for the period was €1.95 million, or 17% of revenue (2021: €4.58 million, 41% of revenue, including €3.3 million of non-recurring revenue from the IPv4 internet address sale)

For the nine months ended 30 September 2023

  • Revenue for the period was €36.54 million (2021: €34.73 million)
  • EBITDA for the period was €5.66 million, or 15% of revenue (2021: €9.20 million, 26% of revenue, including €3.3 million of non-recurring revenue from the IPv4 internet address sale)

Segment analysis

The following tables provide unaudited information about revenue from external customers and EBITDA for the Group's operating segments for the current and previous financial years. EBITDA is calculated by adding back interest, tax, depreciation and amortisation to net profit.

For more information about the Group’s operating segments, refer to the annual report for the year ended 31 December 2022, which is available from:https://www.hybridsoftware.group/investors/financial-reports.

For the quarter ended 30 September 2023:

In millions of euros (unaudited) Enterprise Software Printhead Solutions Printing Software Group Total
           
Revenue from external customers 5.53 2.97 3.14 - 11.65
           
Segment EBITDA 1.16 0.62 0.30 (0.13) 1.95
as a % of revenue 21% 21% 10%   17%

For the quarter ended 30 September 2022:

In millions of euros (unaudited) Enterprise Software Printhead Solutions Printing Software Group Total
           
Revenue from external customers 5.14 2.49 3.66 - 11.29
           
Segment EBITDA 1.36 0.13 (*) 3.40 (0.31) 4.58
as a % of revenue 27% 5% 93%   41%

(*) Q3 2022 EBITDA was favourably impacted by the sale of an unused asset (approximately 69,000 IPv4 internet addresses) for a net amount of €3.3 million.

For the nine months ended 30 September 2023:

In millions of euros (unaudited) Enterprise Software Printhead Solutions Printing Software Group Total
           
Revenue from external customers 16.40 8.43 11.72 - 36.54
           
Segment EBITDA 3.16 1.22 1.95 (0.67) 5.66
as a % of revenue 19% 15% 17%   15%

For the nine months ended 30 September 2022:

In millions of euros (unaudited) Enterprise Software Printhead Solutions Printing Software Group Total
           
Revenue from external customers 16.47 6.10 12.16 - 34.73
           
Segment EBITDA 4.33 0.35 (*) 6.14 (1.62) 9.20
as a % of revenue 26% 6% 51%   26%

(*) Q3 2022 EBITDA was favourably impacted by the sale of an unused asset (approximately 69,000 IPv4 internet addresses) for a net amount of €3.3 million.

About Hybrid Software GroupThrough its operating subsidiaries. Hybrid Software Group PLC (Euronext: HYSG) is a leading developer of enterprise software for industrial print manufacturing. Customers include press manufacturers such as HP. Canon. Durst. Roland. Hymmen. and hundreds of packaging printers. trade shops. and converters worldwide.

Hybrid Software Group PLC is headquartered in Cambridge UK. Its subsidiary companies are colour technology experts ColorLogic. printing software developers Global Graphics Software. enterprise software developer HYBRID Software. 3D design and modelling software developers iC3D. the industrial printhead driver solutions specialists. Meteor Inkjet and pre-press workflow developer Xitron.

Contacts

Floris De Ruyck Joachim Van Hemelen
Legal Counsel & Investor Relations Officer Chief Financial Officer
Tel: +32 (0) 9 329 57 53 Tel: +32 (0) 9 329 57 53
Email: florisdr@hybridsoftware.group Email: joachimvh@hybridsoftware.group
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