Amsterdam, the Netherlands, 13 October 2023, 7:00 AM CEST

TomTom launches new maps

TOMTOM’S CHIEF EXECUTIVE OFFICER, HAROLD GODDIJN

"Last quarter marked a pivotal moment with the launch of our new maps in core markets.

Our vision is clear. We are pioneering a unified map standard, empowering both companies and developers to harness consistent specifications for location data. It's exciting to see so many technology firms adopt this standard so quickly.

The new maps are built on this standard and leverage all relevant data sources including open data, making them stand out in terms of coverage, richness, and freshness.

We can now tap deeper into the ever-expanding location technology market, and we are encouraged by the initial feedback from our customers and prospects."

OPERATIONAL SUMMARY

• We launched our new maps of North America and Europe
• We signed a new Traffic deal in the US with StreetLight, powering their cloud-based analytics products
• We reached a new milestone in our longstanding relationship with Stellantis, with our full stack of connected services integrated in the new Peugeot E-3008
• We launched a ChatGPT plugin for location technology, so developers can use AI to build navigation apps  

FINANCIAL SUMMARY THIRD QUARTER 2023

• Group revenue increased by 6% to €144 million (Q3 '22: €136 million)
• Location Technology revenue increased by 10% to €119 million (Q3 '22: €108 million)
• Automotive operational revenue increased by 13% to €85 million (Q3 '22: €75 million)
• Free cash flow¹ is an inflow of €13 million (Q3 '22: inflow of €8 million)
• Net cash of €325 million (Q2 '23: €316 million)

KEY FIGURES

TOMTOM’S CHIEF FINANCIAL OFFICER, TACO TITULAER

“We performed well in the third quarter, with our Location Technology business recording sustained year-on-year growth. Enterprise revenue was in line with our expectations and our Automotive business showed healthy underlying performance. For yet another successive quarter, year-on-year Automotive operational revenue growth outperformed car production trends in our core markets.

Continued revenue growth and a stable cost base enabled us to achieve operating leverage, increasing our free cash flow¹ in the third quarter.

For full year 2023, we reiterate our guidance and expect Group revenue to grow to between €570 million and €600 million, with Location Technology revenue between €480 million and €505 million. Free cash flow¹ is expected to be around +5% of Group revenue.”

View the full TomTom third quarter 2023 results press release on our quarterly results website.