CABASSE: 2022 turnover: EUR 10.1 million – 2023 objectives: double-digit growth in activity and increase in the gross margin rate – 02/02/2023 at 6:00 p.m.

2022 turnover: €10.1 million

2023 objectives: double-digit growth in activity and increase in the gross margin rate

• Launch of two major new products in 2
  
  ^n/a
  
  half of 2023 to expand the widest range of the Luxury Wireless Home Audio market

• Collaboration agreements with two major luxury houses for the development of their audio label

Plouzané, February 2, 2023 – 6 p.m. –

Cabasse (Euronext Growth® Paris – FR001400DIY6 – ALCAB)

a French luxury high-fidelity audio company, publishes its consolidated annual revenue for the financial year ended December 31, 2022.

In 2022, Cabasse’s consolidated sales amounted to €10.1 million, down -8%.

The end of the year was penalized by the later than expected marketing of new Luxury Audio wireless products from the new “Classic Connected” collection (RIALTO wireless speakers and ABYSS connected amplifier) ​​due to difficulties supply or sometimes unavailability for certain key electronic components (amplifiers and digital-analog converters). Also at the end of the year, Cabasse had to deal with reduced order intake from specialist mass retailers, leading destocking policies (stock levels at their lowest at the end of December).

In total, Cabasse assesses its shortfall at approximately €1.5 million in sales over the last quarter (€3.0 million in sales in the 4

^th

quarter of 2022 down -33%).

Export sales recorded sustained growth of +14% in 2022. At the end of the financial year, exports represented 46% of Cabasse sales (compared to 38% in 2021 and less than 30% in 2020 ). In the long term, Cabasse aims to achieve 80% of its export sales in its target areas: North America (United States, Canada), Asia (South Korea, Japan, China, Singapore), Northern Europe ( Finland, Sweden, Great Britain) and Australia.

CONTINUED EXPANSION OF THE WIRELESS AUDIO LUXURY RANGE

The extension of the Wireless Luxury Audio range continued in 2022 with the marketing of two new innovative systems from the new “Classic Connected” collection: the RIALTO wireless speakers and the ABYSS connected amplifier, in addition to the current range of nine high end systems THE PEARL COLLECTION.

The RIALTO are the brand’s first connected active speakers in a classic bookshelf format. This new audio system symbolizes the junction between traditional Hi-Fi and the connected technologies developed over the past ten years by Cabasse. It embeds the best acoustic and software technologies, and consists of two active speakers connected wirelessly, in a compact bookshelf format, and with soft, rounded lines reminiscent of those of Murano speakers.

ABYSS is a high-resolution connected amplifier, which makes it possible to magnify the sound of all passive speakers, and in particular the brand’s high-end floorstanding and bookshelf speakers. Equipped with a control touch screen, ABYSS integrates the best Cabasse acoustic innovation technologies (CRCS: automatic room calibration, DFE: dynamic fidelity improvement, DEAP: digital improvement of acoustic performance) as well as technologies for amplification used in THE PEARL PELEGRINA, the brand’s connected flagship, for tailor-made sound.

Cabasse aims to market two major new products at the end of 2023.

COLLABORATE IN THE DEVELOPMENT OF THE AUDIO LABELING OF MAJOR LUXURY INSTITUTIONS

Through two major brand partnership and acoustic engineering agreements concluded in 2022, two luxury houses have entrusted Cabasse with the development of their audio label.

Cabasse will develop collections of high-performance audio solutions for these players with exceptional sound quality, technical materials and design in line with the brands’ signature.

OUTLOOK

In 2023, Cabasse aims to return to double-digit sales growth over the full year, a pace of growth in line with the company’s ambition to achieve average annual growth of more than +15% over the period 2021-2025.

While the difficulties in supplying key components will gradually be reduced on the 1

^er

half of 2023, the financial year will be marked by an acceleration of growth in the 2

^n/a

semester, with in particular the launch of two major new products at the end of the year which will expand the widest range of the Luxury Wireless Home Audio market.

This growth will be accompanied by a further increase in the gross margin rate, driven by the continued growth of THE PEARL COLLECTION range and transport costs, which will now be normalized in 2023.

In the longer term, Cabasse reiterates its objectives formulated on the occasion of its IPO: average annual growth of more than +15% over the period 2021-2025 and a normative EBITDA margin of 15% in the medium term.

2023 FINANCIAL AGENDA

These dates are given as an indication, they are likely to be modified if necessary. The publications will take place after the closing of the Euronext markets.

ABOUT CABASSE


Created by Georges Cabasse in 1950, Cabasse is a French specialist in acoustics which designs and markets

high-fidelity audio solutions (connected and passive speakers, amplifiers, etc.) for music enthusiasts. Equipped with the famous coaxial speakers, these luxury audio solutions allow sound reproduction and

unequaled music.

The culmination of more than 70 years of innovation and acoustic engineering, Cabasse has launched THE PEARL range since 2018, the most comprehensive collection of high-resolution connected active speakers on the global audio market.

Luxury Home Audio

. With the success of this range, Cabasse has now entered a phase of strong growth, with sales rising from €6.3 million in 2019 to €10.1 million in 2022, i.e. average annual growth in activity by +17% over the last three years.

Cabasse is 42.27% owned by VEOM Group (Euronext Growth – FR0013530102 – ALCG), a leading European group in the world of Smart Home (intelligent home), pioneer of multi-room and streaming technologies.

Cabasse shares are listed on Euronext Growth® in Paris under the ISIN code FR001400DIY6 and the mnemonic code ALCAB.

More information on Cabasse.com.

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