HÖRMANN Industries publishes interim report for the first nine months of 2024

HÖRMANN Industries publishes interim report for the first nine months of 2024

• Difficult macroeconomic conditions and reluctance to invest impact business development in the Automotive and Intralogistics divisions, positive development in the Communication and Engineering divisions continues
• Sales decrease to € 487.2 million (previous year: € 568.6 million), EBITDA to € 13.0 million (previous year: € 22.7 million) and EBIT to € 3.1 million (previous year: € 13.8 million)
• Positive earnings forecast for the full year 2024 confirmed

Kirchseeon, 29 November 2024 - HÖRMANN Industries GmbH (corporate bond, ISIN: NO0012938325) today published its financial results for the first nine months of 2024. In the first three quarters, HÖRMANN Group's sales decreased by 14.3% to € 487.2 million (previous year: € 568.6 million). The decline was mainly due to the Automotive and Intralogistics divisions, which were impacted by the weak economic development in Europe and Germany in particular and the associated uncertainty and reluctance to invest. As a result of the decline in sales, earnings before interest, taxes, depreciation and amortization (EBITDA) in the first nine months of 2024 also fell from € 22.7 million to € 13.0 million and earnings before interest and taxes (EBIT) from € 13.8 million to € 3.1 million compared to the same period of the previous year.

Johann Schmid-Davis, CFO of HÖRMANN Industries GmbH: "In the first nine months of 2024, we have felt the effects of the difficult economic conditions and the reluctance to invest. We find ourselves in a period of stagnation, and accordingly the HÖRMANN Group is facing big challenges. Nevertheless, we are looking into the future with confidence since our diversification strategy still offers good stability for the entire HÖRMANN Group and enables a solid foundation for further investments."

Development of the divisions

In the Automotive division, sales fell by € 87.4 million year-on-year from € 360.5 million to € 273.1 million as a result of significantly weaker demand from OEM customers in the truck and agricultural machinery sectors.

The Communication division continued to benefit from the good business performance of the railway industry in the first nine months of 2024. With sales of € 144.1 million, the division was well above the previous year's level (€ 120.0 million) and above plan. Important major orders were acquired, particularly in the export business.

The Intralogistics division was impacted by the ongoing noticeable reluctance to invest and the postponement of investments in the reporting period. Sales in the first three quarters of 2024 decreased by € 24.9 million to € 43.7 million (previous year: € 68.6 million) due to project durations and postponements.

With sales of € 25.4 million, the Engineering division was € 5.9 million higher than in the same period of the previous year (€ 19.5 million).

By contrast, the HÖRMANN Group's order backlog developed positively and increased by € 103.9 million to € 553.7 million in the first nine months of 2024 compared to December 31, 2023 (€ 449.8 million). However, incoming orders in the reporting period fell by 5.7% to € 595.5 million compared to the same period in 2023 (€ 631.7 million) due to the noticeable reluctance to invest in the industry. Of the order backlog, € 289.9 million was attributable to the Communication division, € 107.9 million to the Intralogistics division, € 100.7 million to the Automotive division and € 55.2 million to the Engineering division.

Forecast for the full year 2024 confirmed

HÖRMANN Industries GmbH confirms its forecast, which was adjusted at the end of May 2024, and continues to expect total sales of between € 680 million and € 700 million in 2024 (2023: € 830.9 million), taking into account and evaluating the current forecasts from the truck industry and the current order situation. Positive earnings before interest and taxes (EBIT) of between € 16 million and € 20 million (2023: € 30.7 million) are forecast for the operating business. The forecast is based on the assumption that the overall economic situation will not deteriorate further over the course of the fourth quarter of 2024.

The consolidated interim report for the period from 1 January to 30 September 2024 of HÖRMANN Industries GmbH is available at https://www.hoermann-gruppe.com/en/investor-relations/financial-reports/financial-publications.

Selected key figures of HÖRMANN Industries GmbH (in € million)
 

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 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 2,950 highly qualified employees, uses its entire broadly diversified and networked knowledge from a wide range of technological fields.

www.hoermann-gruppe.com