Update on Josef Gartner GmbH – restructuring concluded, business operating as normal

On 22 September 2026, Permasteelisa Group conducted a reorganisation of its German subsidiary Josef Gartner GmbH by transferring the majority of its operations, assets, rights, contracts, and employees to a new subsidiary by way of a pre-packaged asset sale. The reorganisation has resulted in a strengthened capital structure and permitted the implementation of a cost reduction programme.

All the current projects will continue as normal. The new subsidiary has assumed the in-force warranties relating to historical projects of Josef Gartner. Suppliers and service providers to Josef Gartner will not be affected by this restructuring.

The management team of Josef Gartner has transferred to the new subsidiary and will continue in their roles. Approximately 90% of Josef Gartner’s employees have transferred to the new subsidiary. The balance will leave the business as part of a cost reduction programme which has been agreed with the Works Council.

The new subsidiary has committed to the Works Council to maintain the current operations, including design, engineering, and production in Gundelfingen and Wurzburg, and not to make any further headcount reductions for a fixed period.

The Josef Gartner restructuring does not impact any other companies in Permasteelisa Group, or any Parent Company Guarantees or bonds issued with respect to Josef Gartner projects.