HÖRMANN Industries publishes annual financial statements for 2024

HÖRMANN Industries publishes annual financial statements for 2024

• Challenging economic conditions are having a particularly negative impact on the Automotive and Intralogistics divisions
• Despite decline in sales to EUR 678.9 million, earnings forecast for 2024 slightly exceeded; EBITDA of EUR 40.3 million and EBIT of EUR 24.3 million
• Forecast 2025: sales between EUR 690 million and EUR 720 million, EBIT between EUR 21 million and EUR 23 million

Kirchseeon, 30 April 2025 –  HÖRMANN Industries GmbH (corporate bond, ISIN: NO0012938325) today published its annual financial statements for 2024. In the 2024 financial year, HÖRMANN Group generated sales of EUR 678,9 million (previous year: EUR 830,9 million) and earnings before interest and taxes (EBIT) of EUR 24,3 million (previous year: EUR 30,7 million). While the Automotive and Intralogistics divisions had to cope with significant declines in sales as a result of the challenging economic conditions, the Communication division in particular once again performed very positively. Earnings before interest, taxes, depreciation and amortisation (EBITDA) fell slightly to EUR 40.3 million (previous year: EUR 44.5 million). The 2024 financial year closed with consolidated net income of EUR 9.2 million (previous year: EUR 9.5 million).

Johann Schmid-Davis, CFO of HÖRMANN Industries GmbH: "The 2024 financial year was characterised by considerable challenges, particularly due to the persistently difficult market situation in the Automotive and Intralogistics divisions. However, we initiated countermeasures at an early stage and largely compensated for the decline in sales thanks to an intelligent mix of cost-cutting measures. At the same time, we continued to invest consistently in all divisions last year in order to further strengthen the competitiveness of our companies, become even more efficient and introduce new production technologies. All investments serve the purpose of consolidating the position of HÖRMANN Industries as a broadly diversified group of companies and promoting sustainable corporate development so that the future of the HÖRMANN Group is secured in the long term."

The Group's equity amounted to EUR 138.8 million as at 31 December 2024 (31 Dec. 2023: EUR 136.6 million). Despite an increase in total assets, the equity ratio thus remained at the previous year's level of 36.2% (31 December 2023: 36.3%).

Development of the business divisions

In the Automotive division, sales fell significantly by 25.6% year-on-year from EUR 474.9 million to EUR 353.3 million as a result of weak demand from OEM customers. In Germany in particular, the truck production figures of key customers fell more than expected in the reporting period due to the difficult economic situation. However, thanks to a comprehensive programme of measures to improve earnings, the HÖRMANN Group was able to stabilise the division's operating result at break-even level with EBIT of EUR -0.5 million, thus largely compensating for the massive slump in sales. For the 2025 financial year, the Automotive division anticipates a decline in sales to around EUR 300 million to EUR 320 million in line with OEM customers' forecasts. Nevertheless, taking into account current price agreements, planned production volumes and effective cost-cutting measures, earnings before interest and taxes are expected to break even.

The Communication division had another good financial year and, with sales of EUR 214.8 million, was 15.4% above the previous year's level (EUR 199.4 million) and above plan. Due to a change in the product mix compared to the previous year and increased material and personnel expenses, the division's EBIT of EUR 27.5 million was slightly below the level of the previous year (EUR 31.1 million). Particularly noteworthy is the significant increase in incoming orders, which rose by 42% year-on-year to EUR 324.4 million. The main drivers of this growth were major orders for electrical planning and installation in the infrastructure sector as well as products for civil defence and the export of railway products. For the current financial year, HÖRMANN expects continued good business development in the Communication division due to the positive international order trend in the train radio product area and the high order backlog in the information display product area, with sales growth of around 10% to approximately EUR 250 million and EBIT of around EUR 25 million.

In the past financial year, the Intralogistics division was adversely affected by the ongoing noticeable reluctance to invest and had to cope with a decline in sales to EUR 80.7 million (previous year: EUR 119.7 million). EBIT totalled EUR 1.2 million (previous year: EUR 3.2 million). However, thanks to hard work on market development, a targeted expansion of internationalisation and innovative solutions, incoming orders increased by around 45% to EUR 125.9 million compared to the previous year (EUR 86.8 million). However, a large number of orders were only acquired in the third and fourth quarters, which is why sales and EBIT in 2025 are expected to remain at the previous year's level due to the late arrivals of incoming orders and the associated project realisation planning, which has been postponed to the subsequent years of 2026 and 2027. The forecast also continues to be influenced by a noticeable reluctance to invest on the part of customers in Central Europe.

With sales of EUR 30.4 million, the Engineering division was down on the previous year's figure for 2023 (EUR 36.4 million). Earnings before interest and taxes fell to EUR 2.8 million after EUR 4.3 million in the previous year. Despite these declines, the division is well positioned for a future recovery with an increased order backlog of EUR 60.8 million at the end of the year 2024. For the current 2025 financial year, the Engineering division anticipates a moderate increase in sales to around EUR 36 million and earnings before interest and taxes of between EUR 3 million and EUR 4 million.

Forecast 2025

For the 2025 financial year, HÖRMANN Industries GmbH expects total sales of between EUR 690 million and EUR 720 million. In this forecast, the company assumes that the order situation in the Automotive division will develop at the same level as in 2024 and that the Communication division will achieve sales growth of around 10% due to the good order situation and high demand. Positive earnings before interest and taxes (EBIT) of between EUR 21 million and EUR 23 million are forecast for the operating business.

The complete annual financial statements, including an extensive interview with the management of HÖRMANN Group, Dr Michael Radke and Johann Schmid-Davis, can be downloaded at https://www.hoermann-gruppe.com/en/investor-relations/financial-reports/financial-publications.

In addition, the HÖRMANN Group also published its fourth Sustainability Report today. The voluntary preparation of this comprehensive report based on the international guidelines of the Global Reporting Initiative (GRI standard) emphasises the long-term orientation of HÖRMANN Industries.  The sustainability report can be downloaded at the following link: https://www.hoermann-gruppe.com/en/company/sustainability.

Selected key financial figures of HÖRMANN Industries GmbH (in EUR million)
 

1) Consolidated net income before depreciation and amortisation, financial result and income taxes, 2) Consolidated net income before financial result and income taxes, 3) Equity/total assets, 4) Inventories plus trade receivables less trade payables, 5) Cash-in-hand and bank balances plus marketable securities, less liabilities to banks, 6) Average number for the year without trainees

Contact:

HÖRMANN Industries GmbH
Hauptstraße 45-47
D-85614 Kirchseeon
T +49 8091 5630 0
F +49 8091 5630 195
info@hoermann-gruppe.com

Financial and business press:

IR.on AG
Frederic Hilke
T +49 221 9140 970
hoermann@ir-on.com

About the HÖRMANN Group

Since the company was founded in 1955, the HÖRMANN Group has grown steadily. Under the umbrella of HÖRMANN Holding GmbH & Co KG, around 30 subsidiaries operate in the Automotive, Communication, Engineering and Intralogistics business divisions with a high level of entrepreneurial initiative and independence. The aim of the HÖRMANN Group is to provide customers with specific solutions and services that offer economic advantages and a high level of customer benefit. To achieve this, the HÖRMANN Group, with around 2,900 highly qualified employees, uses its entire broadly diversified and networked knowledge from a wide range of technological fields.

www.hoermann-gruppe.com