VARTA AG adjusts revenue forecast for 2024 due to further slowdown in the energy storage market

Based on current business developments in the first half of 2024, VARTA AG is revising its revenue forecast for fiscal year 2024 issued on August 11, 2023. The Ellwangen-based technology company now expects revenue between € 820 million and € 870 million (previous forecast: at least € 900 million).


The reason for the adjustment is a further significant deterioration in the market environment for energy storage systems, especially in the second quarter of the current year. In addition to a noticeable decline in overall market demand, the market segment for AC (alternating current) energy storage systems in particular, which VARTA serves with its existing product line, is currently losing market share in the domestic market. Delays in connection with the product launch of the DC (direct current)-coupled high-voltage storage system VARTA.wall, with which VARTA plans to enter the largest market segment of the energy storage market in terms of volume (DC storage systems), are also having a negative impact on revenue development in 2024 and contribute to the wide forecast range.

About VARTA AG

VARTA AG produces and markets a comprehensive battery portfolio ranging from micro batteries, household batteries, energy storage systems to customised battery solutions for a variety of applications and sets the industry standards as a technology leader in key areas. As the parent company of the Group, it is divided into the segments "Micro Batteries", "Lithium-Ion CoinPower", "Consumer Batteries", "Energy Storage Systems" and "Other".
The "Micro Batteries" segment includes micro and hearing aid batteries, "Lithium-Ion CoinPower" small-format lithium-ion round cells for OEM applications. "Consumer Batteries" represents the business with household batteries, rechargeable batteries, chargers, portable power (power banks) and lights. “Energy Storage Systems" includes energy storage solutions for primarily private, but also for commercial applications. The "Other" segment includes the "Lithium-Ion Battery Packs" and "Lithium-Ion Large Cells" business units (high-performance lithium-ion round cells for industrial applications in the automotive and non-automotive sectors).
Through intensive research and development, VARTA sets global standards in many areas of lithium-ion technology and in micro batteries, making it a recognised innovation leader in the important growth markets of lithium-ion technology and in primary hearing aid batteries. The VARTA AG Group currently employs around 4,200 people. With five production and manufacturing facilities in Europe and Asia as well as distribution centres in Asia, Europe and the USA, VARTA AG's operating subsidiaries are currently active in over 100 countries worldwide.