Voltatron AG Increased 9M Revenue by 119% to €39.5 Million – Expanded Technology Platform Lays Groundwork for Organic Growth

Voltatron AG Increased 9M Revenue by 119% to €39.5 Million – Expanded Technology Platform Lays Groundwork for Organic Growth

• Revenue from continuing operations increased to €39.5 million in the first nine months of 2026 driven by acquisitions
• Adjusted EBITDA improved by 39% to €2.7 million (margin: 6.9%); adjusted EBT margin (0.6%) was in line with management expectations – integration and start-up costs impacted profitability
• Operational focus on integrating the acquired companies and their complementary capabilities, driving organic growth, and maintaining disciplined working capital management
• Management Board confirms growth forecast for fiscal year 2026 despite a market environment that remains challenging

Fürth, Germany, November 12, 2026 – Voltatron AG (DE000A2E4LE9, the “Company”), a technology company and provider of electronic solutions, particularly for industrial applications, significantly expanded its revenue base in the first nine months of 2026 and strategically broadened its technology basis and range of solution offering. Through the acquisitions of KOMITEC Group and Kurz Elektronik Group, Voltatron strengthened its development and manufacturing capabilities and integrated additional stages of the value chain into the Group. VEMCOM Solutions, founded in the first half of the year, is also expected to drive the development of new sales markets and international market penetration.

In parallel with the expansion of the Group, Voltatron invested in building organizational structures, strengthening sales, and further internationalization. This laid the groundwork for leveraging the newly acquired capabilities more effectively in the future to drive organic growth and achieve a sustainable improvement in profitability.

“In the first nine months of 2026, we significantly broadened Voltatron’s technological and international footprint. With the newly acquired expertise and manufacturing capacity, we can now offer our customers a much more comprehensive range of services. Our task now is to consistently integrate these strengths within the Group and use them to develop additional business,” says Martin Hartmann, CEO of Voltatron AG.

Revenue from continuing operations rose by approximately 119% to €39.5 million in the first nine months of 2026 due to acquisitions (prior year: €18.0 million). The revenue and earnings contributions from Kurz Elektronik GmbH – acquired on 27 August 2026 – including its Lithuanian subsidiary Litalka-Elektronik UAB, were included in these figures for only one month due to the effective date of initial consolidation on September 1, 2026.

With the acquisition of Kurz Elektronik Group, Voltatron expanded its range of services, particularly to include its own patented sensor products as well as expertise in cable assembly, plastic injection molding, and toolmaking. Together with its existing development and manufacturing capabilities, this creates a broader technological offering that opens up additional opportunities for providing more comprehensive support to existing customers and for capturing new business opportunities.

Earnings Reflect Integration and Organizational Development Costs

The operating gross profit margin improved to 47.2% in the first nine months of 2026, up from 38.9% in the prior-year period. Adjusted for the non-cash bargain purchase gain from the KOMITEC acquisition (“bargain purchase”) in the amount of €1.1 million, it stood at 44.4% (prior year: 42.7%). Reported EBITDA from continuing operations increased to €3.8 million (prior year: €1.3 million); the EBITDA margin reached 9.6% (prior year: 7.0%).

Adjusted EBITDA rose by 39.2% to €2.7 million (prior year: €2.0 million). The corresponding adjusted EBITDA margin after nine months was 6.9% (prior year: 10.9%). Earnings in the reporting period were significantly impacted by expenses related to integration and organizational development, as well as start-up and transaction-related costs. These expenses were directly related to the expansion of the Group and the establishment of the foundations for further organic growth.

Since higher financing costs resulting from the acquisition-based growth strategy weighed on the financial result, earnings before taxes (EBT) amounted to −€1.5 million (prior year: −€1.1 million). Adjusted for the non-cash gain related to the KOMITEC acquisition and for amortization effects from purchase price allocations, EBT amounted to €0.2 million. This resulted in an adjusted EBT margin of 0.6% (prior year: €1.1 million, 6.0%).

Continued Gradual Strengthening of the Balance Sheet

The acquisitions and expansion of business operations were also reflected in the development of the balance sheet structure. As of September 30, 2026, total assets rose by approximately 57% to €75.7 million (December 31, 2025: €48.1 million). A key driver of the increase in current assets was inventory, which rose by approximately 215% to €16.1 million (December 31, 2025: €5.1 million). Of this amount, €9.1 million was attributable to the expansion of the scope of consolidation. In addition, in light of ongoing uncertainties in international procurement markets, Voltatron strategically built up inventory to safeguard its ability to deliver and reliably meet customer demand.

Non-current liabilities increased by €13.1 million compared to December 31, 2025, to €54.2 million (December 31, 2025: €41.1 million) – primarily driven by the financing of corporate acquisitions during the reporting period as part of the M&A growth strategy. Under both transactions, part of the purchase consideration was or is to be settled through the issuance of new shares in Voltatron AG to the sellers. Accordingly, reported equity increased to €6.2 million from €3.0 million; the equity ratio rose to 8.1% (December 31, 2025: 6.3%). This was driven in part by the capital increase in kind carried out in connection with the KOMITEC acquisition, which increased both the share capital and the capital reserve.

Taking into account the long-term loans from related companies, which are subject to a qualified subordination clause, economic equity as of the reporting date amounted to €56.9 million. This resulted in an economic equity ratio of 75.1%. This supplementary economic analysis takes into account the equity-like nature of the subordinated financing. For accounting purposes, the corresponding loans continue to be reported as debt.

Operating cash flow from continuing operations amounted to −€2.2 million in the first nine months of 2026, compared with €2.3 million in the same period of the prior year. In particular, the increased capital tied up in inventories as well as higher receivables and other assets had a negative impact. Cash and cash equivalents totaled €2.9 million as of September 30, 2026, compared with €4.4 million at the end of 2025.

Annual Forecast Confirmed Despite Persistently Subdued Market Conditions

The Management Board is maintaining the forecast for continuing operations that was revised on 27 August 2026. For the full year, Voltatron continues to expect consolidated revenue of between €54 million and €57 million, as well as an operating gross profit margin of 41% to 47%. In terms of earnings, the Management Board anticipates an EBITDA margin of 7% to 10%. Both the reported EBITDA margin and the EBITDA margin adjusted for purchase price allocation effects¹ are expected to fall within this range. The adjusted EBT margin² is expected to be between 0% and 1%. For the EBT margin in accordance with IFRS, a range of −4% to −3% is forecast.

The Group Interim Statement as of September 30, 2026, is available on the Voltatron website under the section Investor Relations / News & Publications / Interim Reports & Statements.

¹ EBITDA margin represents operating profit (EBIT) before depreciation, amortization, impairments and reversals of impairments on property, plant and equipment and intangible assets as a percentage of Group revenue. The adjusted EBITDA margin excludes only non-cash earnings effects resulting from purchase price allocations in connection with business combinations under IFRS 3, including any gain from a bargain purchase. This metric is intended to enhance the comparability of the Group’s operating profitability by excluding acquisition-related valuation effects.

² EBT margin represents earnings before income taxes (EBT) as a percentage of Group revenue. To calculate the adjusted EBT margin, the non-cash earnings effects from purchase price allocations under IFRS 3 excluded in calculating adjusted EBITDA, together with purchase price allocation-related depreciation and amortization, are excluded from EBT. Accordingly, the metric reflects earnings development before income taxes excluding acquisition-related, non-operational valuation effects.

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About Voltatron AG

Voltatron AG (ISIN DE000A2E4LE9), listed on the Regulated Market (Prime Standard) of Deutsche Börse AG in Frankfurt am Main, is a provider of innovative technology solutions for industrial lithium-ion battery systems and energy storage solutions, as well as advanced electronic components. Through its specialized subsidiaries, the Group develops, sources, manufactures, integrates and markets complex electronic components, assemblies, devices and systems for industrial applications. In addition to battery and energy storage solutions, its core application areas include industrial electronics, automation and IoT, measurement and control technology, event and audio technology, household appliances, medical technology, as well as industrial e-mobility and rail.

Further information is available at www.voltatron.com.

Media & Capital Markets Contact

Voltatron AG
Stefan Westemeyer
Investor Relations & Corporate Communications
Phone:  +49 160 951 287 54
Email: ir@voltatron.com