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

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.

The key figures for Q1/2024 are available here

The online version of the results presentation for Q1/2024 is available here: https://www.palfinger.ag/en/investors/publications/presentations