Preliminary financial statements before audit: Penneo adjusts EBITDA guidance for 2023

Company Announcement No. 2-2024

Copenhagen, 15 January 2024

Penneo adjusts EBITDA guidance for 2023 from negative 10-15M DKK to negative 8-10M DKK.

In Company Announcement no. 03-2023 released on 28 February 2023, Penneo provided guidance for its EBITDA result with a forecast of negative 10-15M DKK for the year 2023. 

As part of the process of preparing end-of-year financial statements for review by our external auditor, we have reached the conclusion that an adjustment of our EBITDA guidance is required.

Consequently, Penneo is now changing its EBITDA guidance for 2023 from negative 10-15M DKK to negative 8-10M DKK.

The changes we have encountered include:

• Overall costs reached a lower level than we anticipated.
• Higher than expected recognized revenue.

Preliminary ARR result
The preliminary ARR amounts to 89.3M DKK. In a fixed currency scenario, based on currency exchange rates end of 2022, the preliminary ARR amounts to 89.9M DKK. This is in line with the guidance of 87-92M DKK that we provided as part of our Q3-2023 financial reporting (Company Announcement no. 31-2023).

Annual report release
Penneo’s annual report is expected to be released on 6 March 2024.