GRENKE AG raises profit forecast for 2021

Baden-Baden, July 28, 2021: GRENKE AG, a global financing partner for small and medium-sized enterprises, is raising its profit forecast for 2021. The Board of Directors now expects a Consolidated Group net profit after taxes of between EUR 60 million and EUR 80 million, compared to the previous forecast of EUR 50 million to EUR 70 million published with the publication of the 2020 Annual Report. According to preliminary figures, Consolidated Group net profit reached EUR 32 million in the first six months
(1H 2020: EUR 33.2 million).

Based on the preliminary half-year figures for 2021, the need for risk provisioning ended up decreasing. Due to the high level of uncertainty resulting from the pandemic, the Board of Directors had previously projected a higher level of risk provisioning. The main reason for the change in the assessment is the continued stable payment behaviour of customers. The Board of Directors of GRENKE AG expects this to continue in the second half of 2021. The target range for net profit in the current fiscal year was raised as a result.

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