EQS-News: Palfinger AG / Key word(s): Annual results PALFINGER achieves historic record year in 2023 03/07/2024 / 06:56 CET/CEST The issuer/publisher is responsible for the content of the announcement. ═════════════════════════════════════════ ═════════ PALFINGER achieves 2023 historic record year • Sales despite difficult conditions of EUR 2.45 billion, EBIT of EUR 210.2 million and consolidated profit of EUR 107.7 million • Best EBIT margin since 2008 and record dividend • North America, Asia and Marine as growth markets – profitability increases in all regions EUR million 2021 2022 2023 % Sales 1,841.5 2,226.2 2,445.9 + 9.9% EBITDA 243.7 229.6 302.9 + 31.9% EBIT 155.0 150.4 210.2 + 39, 8% EBIT margin in % 8.4% 6.8% 8.6% – Group result 86.6 71.4 107.7 + 50.8% employees ^1) 11,733 12,210 12,728 ^1) – Dividend in EUR ^ 2) 0.77 0.77 1.05 ^2) – 1) Reporting date values of consolidated group companies are stated without equity investments and without hired workers. 2) Proposal to the Annual General Meeting A record year in sales, EBIT and consolidated earnings: In 2023, PALFINGER AG can look back on its most successful financial year in the company’s history. Despite ongoing geopolitical upheavals, rising interest rates and inflation, the global technology and mechanical engineering company generated record sales of EUR 2.45 billion, the highest ever operating result of EUR 210.2 million and a record consolidated result of EUR 107.7 million The economic environment is extremely challenging, especially in Europe. “At PALFINGER we know how to deal with volatile conditions. We proved this impressively in 2023 and we will also master the challenges that will continue to grow in 2024,” emphasizes Andreas Klauser, CEO of PALFINGER AG. Improved supply chain enables high output Thanks to improved supply chains and increased delivery reliability, output was significantly increased in the first half of 2023 and production backlogs were reduced. From September 2023, weakening demand in EMEA and LATAM affected production, which is why capacities had to be adjusted. However, delivery difficulties for truck chassis continued in the first three quarters, which, combined with bottlenecks in the construction network, led to high finished goods inventories. North America, Asia and Marine growth drivers; Order intake in Europe at a low level The PALFINGER growth regions NAM and APAC as well as the marine sector recorded the highest increases in profitability in 2023 – with an increase in sales of around 17 percent, NAM remained the strongest growth driver. With the opening of its new regional headquarters in Schaumburg (Illinois) in June 2023, PALFINGER is once again demonstrating its claim to market leadership in its second largest region. The positive economic development in the APAC region, with the exception of China, led to high order intake in the loader crane sector. The Marine division was able to gain significant sales and profitability thanks to increases in the service of cruise ships and in offshore and wind cranes. The EMEA region recorded incoming orders at a low level due to the weak construction economy. However, due to the fully effective price increases, significant increases in sales and an improvement in profitability were achieved for all product lines. Strong connections for long-term success In order to meet the high demand in NAM, Steyr Automotive was won as an assembly partner for PALFINGER truck-mounted forklifts for the North American market from September 2023. By 2027, 1,700 truck-mounted forklifts are expected to be delivered to North America every year. PALFINGER reached an important milestone in the digitalization of its product range through its partnership with Aker BP and Optilift. As part of the long-term collaboration, remote-controlled offshore cranes are being developed for the marine industry. Outlook for 2024 The economic environment in Europe is currently very challenging. The order backlog lasts until the end of the second quarter of 2024. For the first half of the year, PALFINGER expects stable sales compared to the previous year and good profitability. There is currently very limited visibility for the second half of 2024. In 2024, PALFINGER will focus on further increasing resilience through optimization of working capital, stringent investment management and targeted cost reductions. The ambitious financial targets for 2027 remain unchanged: in 2027, sales of EUR 3.0 billion are to be achieved with an EBIT margin of 10 percent and a return on capital employed of 12 percent. Here you can find the 2023 annual report of PALFINGER AG: (1) https://www.palfinger.ag/de/investoren/publikationen/finanz-publikationen
Here you can find the magazine “&beyond” that accompanies the 2023 annual report of PALFINGER AG: (2) https://www.palfinger.ag/de/investoren/publikationen/finanz-publikationen
+++ ABOUT PALFINGER AG The international technology and mechanical engineering company PALFINGER is the world’s leading producer and provider of innovative crane and lifting solutions. With around 12,700 employees (not including temporary workers), 30 production locations and a global sales and service network of around 5,000 bases, PALFINGER meets the challenges of its customers and creates added value from them. PALFINGER is consistently continuing its path as a provider of innovative, smart complete solutions with increased efficiency and better usability and exploiting the potential of digitalization along the entire production and value chain. PALFINGER AG has been listed on the Vienna Stock Exchange since 1999 and achieved record sales of EUR 2.45 billion in 2023. Inquiry note: Hannes Roither | Group spokesman | PALFINGER AG T +43 662 2281-81100 | (3)h.roither@palfinger.com Text and corresponding images are available under “News” on the website
www.palfinger.ag, www.palfinger.com available. ═════════════════════════════════════════ ═════════ ═══════════════════════════════ 03/07/2024 CET/CEST Publication of a corporate news/financial announcement, transmitted by EQS Group AG. www.eqs.com
═════════════════════════════════════════ ═════════ ═══════════════════════════════ Language: German Company: Palfinger AG Lamprechtshausener Bundesstraße 8 5020 Salzburg Austria Telephone: +43 (0 )662/2281-81101 Fax: +43 (0)662/2281-81070 Email: ir@palfinger.com
Internet: www.palfinger.ag
ISIN: AT0000758305 Stock exchanges: Vienna Stock Exchange (official trading) EQS News ID: 1852819 End of message EQS News Service 1852819 03/07/2024 CET/CEST References Visible links 1. https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=9c171e7634a271cb6052a78eb0fa9dc8&application_id=1852819&site_id=apa_ots_austria~~~18b544d0-9c71-4160-bd95-cc8b9aff9fbf&application_name=news
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3. h.roither@palfinger.com