Forsee Power (FORSE) AGM 2024 presentation summary

Financial performance and key figures

• Revenue grew by 54% in 2023, reaching €171.2 million, with strong growth in heavy vehicles (+66%) and light vehicles (+11%).

• Adjusted EBITDA improved by 48% to -€6.8 million, driven by business growth and margin improvements.

• Net result improved to -€28.0 million from -€32.6 million in 2022, with equity at €59.2 million and net financial debt at €41.2 million.

• Investments reached €24.6 million in 2023, mainly for the US plant and new product development.

Strategic direction and outlook

• 2024 revenue is estimated between €180 and €200 million, with a target to reach breakeven.

• Focus on converting order backlog in high-value markets (buses, off-highway, rail, light vehicles) and expanding internationally, especially in Japan, Australia, and the US.

• Ongoing diversification of the client portfolio, including new contracts in rail and off-highway segments.

• Five-pillar strategy: industrial footprint, market expansion, client base growth, technology leadership, and integrated services.

Governance, capital, and shareholder matters

• Top shareholders as of April 2024: Mitsui (26.65%), Eurazeo (23.78%), BPIFrance (12.65%), Ballard Power (7.27%).

• No immediate plan to add individual shareholder representatives to the board, but communication efforts have increased.

• Loss of €30.4 million for 2023 allocated to retained earnings; option to offset with share premium to be considered.

• Multiple board appointments and renewals, including new and existing directors and censors.

• Resolutions cover financial statements approval, capital operations, remuneration policies, and auditor appointments.