PALFINGER AG: Outstanding results for PALFINGER AG in the first quarter

PRESS RELEASE                             Bergheim, Austria, April 26, 2024

Outstanding results for PALFINGER AG in the first quarter
 

• EUR 578.5 million revenue, record EBIT of EUR 54.7 million and consolidated net result of EUR 32.5 million
• Good development in North America, Asia and the Marine Sector
• Continued low order intake in European core markets

 

in EUR million	Q1/2022	Q1/2023	Q1/2024	%
Revenue	485.6	591.6	578.5	-2.2%
EBITDA	49.1	69.6	76.6	+10.1%
EBITDA margin in %	10.1	11.8	13.3	–
EBIT	30.4	48.9	54.7	+11.9%
EBIT margin in %	6.3	8.3	9.5	–
Consolidated net result	13.6	25.6	32.5	+27.0%
Employees1)	12,049	12,518	12,776	–

1) Reporting date figures of consolidated Group companies are indicated without equity investments and without contract workers.

In the first quarter of 2024, PALFINGER AG recorded revenues of EUR 578.5 million, an operating result (EBIT) of EUR 54.7 million and consolidated net result of EUR 32.5 million. The company thus achieved its strongest EBIT and consolidated net result in a first quarter. This despite a very challenging economic environment, geopolitical uncertainties and the resulting weakening of core markets in Europe.

Lower order intake in Europe, but positive developments in North America (NAM) and Asia (APAC)
PALFINGER's largest growth region, NAM, recorded further earnings growth and increased production output for service cranes and access platforms in the first quarter of 2024. APAC saw strong demand for loader cranes in India. There are still no signs of a positive trend in China.

In the EMEA region, macroeconomic and geopolitical upheavals continued to result in low order intake, particularly in the core European markets of Germany, France and Scandinavia. Southern Europe, particularly Spain and Portugal, continues to develop very positively driven by strong tourism and infrastructure projects.

“At PALFINGER, we manage challenges proactively, flexible and fast. Thanks to our broad product portfolio and our focus on growth regions such as North America, but also Marine Sector, we secure resilience even in difficult times,” says Andreas Klauser, CEO of PALFINGER AG.

Strong development in the Marine Sector
Orders from offshore wind farm projects in Japan and Taiwan, among others, as well as growth in the servicing of cruise ships and offshore and marine cranes led to revenue growth of around 30 percent and a significant increase in profitability in the Marine sector. Incoming orders are also still at a very high level.

Promissory note loan successfully placed, underlining focus on sustainability
In the first quarter of 2024, PALFINGER placed a significantly oversubscribed ESG-linked promissory note loan to the value of EUR 160 million at attractive conditions. These are linked to two sustainability KPIs: product-related CO₂ emissions and the accident rate. The promissory note loan will be used to refinance maturing loans and complete planned investments.

Outlook
In the current difficult and geopolitically uncertain environment, PALFINGER expects profitable growth in NAM, APAC and the Marine Sector. Due to the continued low level of orders in the EMEA region, production was reduced. For the full year a slight decline in revenue compared to 2023 (revenue of EUR 2,446 million) and an EBIT of around 20 percent below that of the record year 2023 (EBIT of EUR 210.2 million) are expected. The financial targets for 2027 of EUR 3.0 billion in revenue, 10% EBIT margin and 12% ROCE remain unchanged.

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ABOUT PALFINGER AG
PALFINGER is an international technology and mechanical engineering company and the world’s leading producer and provider of innovative crane and lifting solutions. With around 12,800 employees (without contract workers), 30 manufacturing sites and a worldwide sales and service network of around 5,000 service points, PALFINGER creates added value from the challenges of its customers. PALFINGER is consistently continuing on its course as a provider of innovative, complete solutions that deliver increased efficiency and better operability, while leveraging the potential of digitalization along the entire production and value chain.
PALFINGER AG has been listed on the Vienna stock exchange since 1999, and in 2023 achieved record revenue of EUR 2.45 billion.

For further information please contact:  
Hannes Roither | Group spokesperson | PALFINGER AG  
T +43 662 2281-81100 | h.roither@palfinger.com 

Texts and their accompanying images are available in the “News” section of www.palfinger.ag and www.palfinger.com.