PALFINGER AG – strong results in 1st HY 2024, further capacity adjustments necessary in EMEA

PRESS RELEASE                Bergheim, Austria. July 26, 2024

PALFINGER AG – strong results in 1st HY 2024,
further capacity adjustments necessary in EMEA
 

• Revenue: EUR 1,175.4 million; EBIT: EUR 112.2 million; very good EBIT margin of 9.5 percent
• Good development in North and Latin America, Asia and the Marine sector
• Due to the difficult market environment in Europe, a weaker second half year result is expected
   

in EUR million	1st HY/2022	1st HY/2023	1st HY/2024	%
Revenue	1,039.0	1,214.9	1,175.4	-3.3%
EBITDA	119.5	157.9	156.4	-0.9%
EBIT	80.2	111.3	112.2	+0.8%
EBIT margin in %	7.7	9.2	9.5	–
Consolidated net result	39.2	63.3	68.3	+7.9%
Employees1)	12,135	12,565	12,651	–

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


In the first half of 2024, PALFINGER AG recorded revenue of EUR 1,175.4 million, an operating result (EBIT) of EUR 112.2 million and consolidated net income of EUR 68.3 million. PALFINGER AG thus generated a strong result despite geopolitical uncertainty and a challenging market environment in the European core markets.

Positive development in most regions – EMEA still at a low level
PALFINGER recorded strong demand for service cranes and truck-mounted forklifts in the North American market (NAM). The ongoing good economic situation and infrastructure investments are ensuring a positive market environment. Profitability in NAM increased significantly.

Thanks to strong demand for loader cranes in the emerging Indian market, the Asia region (APAC) showed good growth from a low level, although there is still no recovery to be seen in China.

In Latin America (LATAM) a positive trend can be seen, mostly driven by Brazil, its largest economy.

The Marine Division recorded a significant increase in growth and profitability caused by additional service business and orders for offshore and marine cranes.
 
In the EMEA region, order intake remains at a low level, particularly in the core European markets of Germany, France and Scandinavia. Due to strong tourism and infrastructure projects, Southern Europe continues to show a positive trend, especially Spain, Portugal, Italy and Greece.

"PALFINGER AG began preparing early for significantly more volatile conditions in the long term. The product mix and global positioning, which proved to be a key resilience factor in the first half of 2024, played an important role," stated Andreas Klauser, CEO of PALFINGER AG. "The markets for access platforms as well as offshore and marine cranes remained stable."

PALFINGER continues to invest in future growth
The Löbau production site in Germany has been significantly expanded and extended in order to fully exploit the growth potential in access platforms. Production started successfully in May this year, positioning Löbau as a central part of PALFINGER's global development and innovation network.

In Madrid, an investment was made in acquiring land for a new Sales and Service Hub. The new location creates synergies and supports the servicing of the Spanish market.

PALFINGER’s Global Sales & Service Conference with over 300 participants from more than 60 countries across all continents took place in June. In particular, strategies and concepts were developed to proactively meet the current economic challenges.

Outlook
PALFINGER expects continued positive development in the NAM, APAC, LATAM regions and in the Marine sector. Due to the persistently low order intake in Europe, further capacity adjustments in production are necessary. For the full year, a slight decline in revenue compared to 2023 (revenue: EUR 2,446 million) is expected. The EBIT forecast is up to 20% below the figure for the record year 2023 (EBIT: EUR 210.2 million). PALFINGER has set a target of EUR 3.0 billion in revenue for 2027 with an EBIT margin of 10 percent and ROCE of 12 percent.


Here you can find the PALFINGER AG interim report of the first half of 2024:https://www.palfinger.ag/en/investors/publications/finance-publications
The online version of the results presentation of the first half of 2024 is available here: https://www.palfinger.ag/en/investors/publications/presentations


+++

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 12,650 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.