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SENNHEISER GROUP LOOKS BACK ON A SUCCESSFUL 2023 FISCAL YEAR
The international specialist in professional audio solutions grows for the third consecutive
year

Wedemark, June 10, 2024. The Sennheiser Group achieved revenues of 527.2 million euros
with its professional audio solutions in the 2023 fiscal year. For a further year, revenues
surpassed the previous year's result with a growth of 12.7 percent. 2023 also saw theindependent family-owned company continue to invest sustainably in its future. With
these investments, Sennheiser reinforces its ability to pursue a consistent and ambitious
growth strategy.
The Sennheiser Group closes the 2023 fiscal year very successfully. Accordingly, Co-CEOs
Daniel and Andreas Sennheiser provide a positive overview of the company’s performance:"We are more than satisfied. Overall, we achieved revenues of 527.2 million euros. This has
allowed us to grow for the third consecutive year and further expand our strong position in theglobal audio market. We are particularly proud of this result because, as a family-owned
company, we strive for lasting, sustainable growth." The achieved revenue target once again
exceeded the previous year's revenue for the Sennheiser Group with a growth of 12.7 percent.
Earnings before interest and taxes (EBIT) amounted to 55.4 million euros.

Revenue Growth in All Regions
The family-owned company was able to grow in all regions worldwide: Particularly, the APAC
and EMEA regions achieved strong growth rates. Highest revenues continued to be generated
in the EMEA region, which also recorded the largest revenue growth. Revenue here amountedto 240.6 million euros; an increase of 22.2 percent compared to the previous year. APAC
reached a revenue of 107.2 million euros, growing by 15.3 percent. This growth indicates that
the APAC region is steadily recovering from the pandemic's impact and that the company’s
professional audio product business is gaining strength in markets previously dominated byconsumer products. The Americas region developed steadily: The market generated a total
revenue of 179.4 million euros in 2023, achieving a slight revenue growth of 0.9 percent. The
slowed market growth in the US can be primarily attributed to a general decline in consumer
confidence and purchasing behavior.

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Worldwide, the company’s 21 sales subsidiaries and 55 distribution partners made asignificant contribution to the successful business results. The Sennheiser Group's
professional audio solutions are now distributed in over 100 countries globally.
Building the future means investing in the future“We are driven by the ambition to build the future of the audio industry. To achieve that, wemust invest in the future, and we’ve been doing that for generations,” says AndreasSennheiser, Co-CEO. That’s why the Sennheiser Group once again made significant
investments in 2023, totaling around 62 million euros in research & development,
strengthening the supply chain, and digitalization. In research and development alone,
Sennheiser invested around 46 million euros last year, which is 8.7 percent of revenues, after
having invested 42 million in 2022. Thus, investments increased again compared to theprevious year. More extensive investments are also planned for 2024. As a central function
within the Sennheiser Group, development drives the expansion of the product portfolio, forexample, with innovative solutions that combine hardware and software to offer added value
for international customers.

The supply chain also saw consistent investment in 2023. “We have always kept large parts ofthe value chain in our own hands. This independence has repeatedly proven to be a strategic
advantage given the ongoing global supply chain issues and volatile geopolitical situation overthe past few years. Despite this very dynamic economic environment, we were always able todeliver and thus be a reliable partner for customers. This has set us apart from many othercompanies,” says Co-CEO Daniel Sennheiser.

At the headquarters in Wedemark, significant investments were made in modern andautomated manufacturing processes in 2023. The total investment here amounted to 5.6
million euros. The site specializes in technologies for highly precise, automated processes aswell as the manufacturing of high-end products, including the production of microphone
capsules in its own cleanroom. Last year, the company also continued to expand the factory inBraşov, Romania, investing around 7.5 million euros; the production areas have tripled since
the factory’s opening in 2019. The Romanian factory specializes in manual production as wellas the final testing and packaging of products. The Sennheiser manufacturing team consists of419 employees, with 306 at the main location in Wedemark and 113 in Romania.

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Another important investment area for Sennheiser is the digital value chain. With the goal offocusing even more on customers, Sennheiser invested nearly 3 million euros here in 2023.
These investments lay the foundation for digital business models and the implementation of anagile service organization. This includes the establishment of a shared service center inPoznań, Poland, which opened in May 2023. The shared service center provides various
automated backend processes – from accounting to IT to HR – for the entire globalorganization and forms an important backbone for the company in its growing business.

As a global company with a presence around the world, the Sennheiser Group also advanced
the promotion of DE&I (Diversity, Equity & Inclusion) as part of its sustainability strategy in2023; the progress of these actions will be measured using specific metrics in the future.
Sennheiser’s recognition as a “top employer”, which the company received for the third
consecutive time from employer insights platform kununu, confirmed its employees’ particularappreciation for the company's diversity measures. “The satisfaction of our employees isextremely important to us. Their expertise and passion are the foundation of our success.
Together, we are building the future of the audio world,” says Co-CEO Daniel Sennheiser.

Outlook“2024 will remain a dynamic year, especially due to external factors such as interest ratedecisions by major central banks and ongoing geopolitical conflicts. Uncertainty can trigger
fears about the future, which, like changes in demand, can impact demand. For us, it isimportant to respond flexibly to volatile market conditions. And we can do that thanks to ourindependence,” explain the two Co-CEOs. “With our great team, a clear focus on theprofessional business, and a strong strategy, we are well positioned for the future.”

About the Sennheiser Group
Building the future of audio and creating unique sound experiences for our customers - this is
the aspiration that unites the employees of the Sennheiser Group worldwide. The independent
family-owned company Sennheiser was founded in 1945. Today, it is managed in the third
generation by Dr. Andreas Sennheiser and Daniel Sennheiser and is one of the leading
manufacturers in the field of professional audio technology.
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