Corporate News

elumeo SE decides on extensive cost reduction measures with a total volume of EUR 5.9 million in 2025 and adjusts forecast for 2024 downwards

• Elimination of the ancillary cost privilege for cable network operators has been putting pressure on revenue in the German live business since the beginning of 2025.
• According to the opinion of elumeo SE, current feed-in tariffs in the German cable network are significantly excessive in violation of antitrust law on the basis of three expert opinions.
• The company intends to assert claims for damages in double-digit millions in short term.
• As a result of the excessive feed-in fees, live broadcasting will be shortened from 15 to 10 hours, concentrating on jewellery in the price segment above 50 euros.
• Personnel capacities will be adjusted and almost 50 full-time positions will be cut.
• Total savings on a full-year basis of EUR 5.9 million compared to 2024.
• International broadcasting windows continue to grow rapidly, but due to reduced capital expenditures, the #Juwelo100 growth program will be postponed by up to three years. After the merger with Jooli, the launch of Juwelo TV in Poland is planned for Q2/2025.
• Revenue and margin in 2024 are slightly below forecast, adjusted EBITDA misses forecast due to restructuring.

Berlin, 31 March 2025 – The Board of Directors of elumeo SE (ISIN DE000A11Q059), the leading electronic retailer of gemstone jewellery in Europe, has decided on further structural measures in addition to cost-cutting steps already taken last year. The trigger is the increased fees per household reached for the distribution of teleshopping channels in certain cable networks as a result of the abolition of the ancillary cost privilege for network operators.

Attempts by the company to negotiate with the cable network operators about a reduction in distribution costs had failed. For this reason, elumeo SE examined the existing remuneration model by antitrust authorities. After a thorough examination, three independent expert opinions from renowned, internationally active law firms specializing in antitrust law come to the conclusion that elumeo SE is entitled to a reduction in fees in the future as well as to damages in the double-digit million range for overpaid fees in the past. In the meantime, the company has commissioned one of the law firms to assert claims for damages out of court and, if necessary, in court. 

Since the increased distribution costs per household in the TV division as well as the raw material costs for gold and silver cannot be passed on to customers in full in the current economic environment, elumeo SE has decided on a far-reaching restructuring program of the group and will implement it in the short term. The efficiency gains described below were made possible by the rapid progress in digitization and artificial intelligence. From April 1, 2025, daily live broadcasting will be shortened from 15 to 10 hours. In the shortened broadcasting hours, fully automatically created programs will be broadcast in the future on the basis of content that has already been produced. This is where the AI-based technology developed for the international broadcasting windows comes into play. Furthermore, there will be no significant overhead functions as a result of digitization and the increased use of artificial intelligence in all areas. Thirdly, the product range will be concentrated on jewellery in the price segment above EUR 50.

As a result of these measures, the personnel capacities of Juwelo Deutschland GmbH will be adjusted at short notice and almost 50 full-time positions will be cut. In total, this leads to total cost savings of EUR 5.9 million on a full-year basis compared to 2024. The measures required for this will be implemented as early as 31 March 2025.

The #Juwelo100 growth program adopted last year will be continued, but the achievement of the targets is expected to be postponed by up to three years.

Florian Spatz, Chief Executive Officer of elumeo SE: "We regret the structural measures that have now been adopted, in particular the staff reductions. The excessive feed-in fees in certain cable networks make this decision just as necessary as the current reluctance of customers to buy, who are still uncertain in view of the weak German economy." Spatz continues: "The expected savings are intended to secure the future viability and competitiveness of the elumeo Group in the long term."

The internationalization 2.0 of Juwelo TV, which was launched in 2024 using a specially developed multi-language platform, continues to grow and is ahead of plan. The broadcasting windows in Spain and Italy are to be expanded in 2025. The broadcast in France was discontinued due to too few scaling effects. Further broadcasting windows in Poland and the Netherlands are planned for 2025. The multi-language platform records show produced in Germany for live TV broadcasting, translates them into the respective national language using artificial intelligence and automatically plays them out in international markets. In this way, the costs of a classic local broadcasting operation are eliminated, so that the cash flow can reach break-even in the short term. In the course of this concentration on the international broadcasting windows, elumeo SE has also decided to discontinue the further development of the Jooli platform in the Indian market.

The projected revenue from the international broadcast windows (already adjusted for revenue in France) increased by 18% to Euro 240k in the first quarter of 2025 compared to the fourth quarter of 2024, and in February the platform was already able to generate more than EUR 40k in revenue in individual weeks. However, due to the reduced profitability of live TV programming in Germany described above, less can be invested in the international broadcasting windows than planned for 2025. Therefore, the planned target achievement for the growth program #Juwelo100 has been postponed by up to three years to 2033.

Work on the annual financial statements for the 2024 financial year is on schedule, and publication is scheduled for 28 April 2025. Based on preliminary figures, revenue and margin for 2024 are slightly below the forecast, and the forecast for adjusted EBITDA will be adjusted downwards to up to EUR -1 million. For 2024, the company previously expected a slight year-on-year decline in sales of between -4% and -1%, a gross profit margin of between 47% and 49% and adjusted EBITDA of between EUR 0.5 and 1.5 million.

About elumeo SE:

The elumeo Group, headquartered in Berlin, is the leading European company in the electronic direct sale of high-quality gemstone jewellery. Through a variety of electronic sales channels (TV, Internet, Smart TV and smartphone app), the listed company offers its customers colored gemstone jewelry at reasonable prices. The elumeo Group operates home shopping television stations in Germany, Austria, Switzerland, Spain and Italy as well as webshops in Germany, Austria, Switzerland, Great Britain, Italy, France, the Netherlands, Spain and Belgium. The elumeo Group operates the AI-controlled video shopping app Jooli with its 100% subsidiary jooli.com GmbH.

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elumeo SE

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Phone: -231

Fax: -650

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