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

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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.

Further information
CEO, Christian Stendevad
Mobile (+45) 27 29 50 02

About Penneo A/S

Penneo is a provider of Software-as-a-Service (SaaS), and was initially established for the purpose of assisting businesses with digital document signing and digitizing workflows. Today, the company has developed into an eco-system of digital solutions that automate work routines within for example anti-money laundering (AML) - a RegTech software that offers businesses an efficient and cost-saving way to comply with legislation. 

The original and widespread product "Penneo Sign", which helps customers secure easy online signing of documents, is still continuously developed by the company - while at the same time new products appear, such as Penneo KYC (Know Your Customer) - a product that digitizes the work-flows in businesses and contributes to complying with legal requirements in connection with onboarding and identification of customers. Penneo holds a strong position across the geographical markets it operates in. 

In total, 1.8 million individuals signed documents electronically with Penneo in 2022 across all of the markets we operate in. In April 2022, Penneo was listed on Nasdaq Copenhagen following a listing on Nasdaq First North in June 2020. This transition contributes to strengthening the company's focus on European expansion. 

For information about Penneo, please visit https://penneo.com/investor

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