Ernst Russ AG: Publication of preliminary business figures for the 2021 financial year and upward revision of forecast for the 2022 financial year

Hamburg, 16 March 2022: Based on preliminary figures, Ernst Russ AG (ISIN DE000A161077) is expecting revenue of EUR 92.3 million for the 2021 financial year (previous year: EUR 55.6 million) and an operating result (EBIT, consolidated net income before interest and tax, adjusted for non-operating expenses and income) of EUR 30.8 million (previous year: EUR 2.6 million). Due to the investments made and the sustainable employment concept for the fleet, the group of companies was able to benefit from the very pleasing development of the international shipping markets; the significantly higher charter revenue in particular was a crucial factor. The expansion of the fleet in Q4 2020 and at the beginning of the financial year 2021 has also had a positive impact. By contrast, the acquisition of the majority interest in twelve container ships in December 2021 will not have a positive impact on the ER Group's earnings until 2022.

Against the backdrop of the ongoing positive development of the shipping markets and the largely secured employment situation of the Ernst Russ Group fleet for the 2022 financial year, the Executive Board of Ernst Russ AG is in a position to update its previous forecast for the 2022 financial year, based on the adjusted budget approved today, to the effect that it now expects revenue between EUR 160 and 170 million (previously: between EUR 140 and 145 million) and an operating result between EUR 62 and 67 million (previously: between EUR 41 and 46 million). The forecast is based, among other things, on the assumptions that stable development of the charter markets will continue and there will be a scheduled technical availability of the Ernst Russ Group fleet of approx. 95% and an average exchange rate of USD 1.15/EUR. Any future impact of the Russia-Ukraine conflict on the global economy and the business activities of the Ernst Russ Group has not been taken into account, as it is currently impossible for us to make reliable predictions in this respect.

The 2021 Annual Report will be published as planned on 24 March 2022.