FRIWO AG revised earnings guidance for the year 2023. The company is adjusting its annual forecast for 2023 against the backdrop of a noticeable drop in demand in Europe, particularly from the e-mobility segment. After the booming year of 2022, the company had already anticipated a much more subdued development and communicated a revenue forecast of €140 million- €160 million (2022: €185 million) with a slight increase in profitability at the end of March 2023.

Following a considerably lower development in the second quarter compared to the previous year, the company's Executive Board has now reduced the annual targets for 2023 to €120 million- €130 million revenue with a balanced EBIT (earnings before interest and taxes). These targets include the substantial start-up costs for the India joint venture as well as negative currency effects. In the light of a continuing positive trend towards e-mobility drive solutions, FRIWO expects a return to sustainable profitable growth from 2024 onwards, at which time a significant upturn in earnings is anticipated based on the expected profit contributions from the fast-growing e-mobility business in India as well as a significant pick-up in business activity in Europe and North America.