TOGETHER WE SHAPE YOUR INDUSTRY.

HALF YEAR REVIEW 1.1.-30.6.2023

During the first half of year 2023, Fortaco’s successful growth continued. The growth of net sales was 22 percent in H1-2023, compared to the corresponding period in the previous year, and totaled to EUR 192 (157) million.

Fortaco successfully issued subsequent bonds in the amount of EUR 27.5 million to provide financial resources for ongoing acquisitions and strategic investments in accordance with our targets. I wish to thank our European bond investors – we are honored to have your trust.

We started several development and co-operation projects to strengthen our business and market position. The Poland Gliwice region capacity extension project is a Greenfield investment that consists of a covered production area of 34,000 square meters and new equipment. Fortaco Estonia also extends its capacity by 8,000 square meters.

Our order book remained healthy and was EUR 72.2 million. We have won additional business in the defense market and foresee growth opportunities in the short- and medium term in this segment. We have seen an increased activity from our customers to start operations and localization in the United States. As previously announced, Fortaco’s strategic plan contains actions to offer the same business portfolio in the US as in Europe. Our joint venture with Tata AutoComp in India is proceeding.

In the coming period, we strive to execute further sourcing synergies based on the business growth and acquisitions together with our professional supply chain.