PALFINGER AG: Record High in First Three Quarters 2023

• The best Q1-Q3 result in the company's history with revenue of EUR 1,798.9 million, an EBIT of EUR 165.0 million and a consolidated net result of EUR 90.9 million
• Strong growth in North America
• Management expects revenue of EUR 2.4 billion and EBIT above EUR 200 million for the full year 2023.

Bergheim, Austria on October 30, 2023

At a global level, 2023 is characterized by the effects of geopolitical developments, high interest rates and continued high inflation. Despite these difficult conditions, in the first three quarters of 2023 PALFINGER AG once again achieved record figures with EUR 1,798.9 million in revenue, EUR 165.0 million EBIT and a consolidated net result of EUR 90.9 million as a result of a very good product mix and the implemented price increases taking full effect. The reduction in costs for freight and materials began to take effect during Q3. However, a highly challenging economic environment is forecast for 2024, for which PALFINGER is already preparing today.

Growth market North America and Asia Pacific
The high demand for service cranes and truck-mounted forklifts led to growth in revenue of more than 30 percent in North America. As a result, the region remained an important growth driver despite the limited availability of truck chassis and resulting lower output. The recovery of the economy in Asia Pacific outside China also had a positive impact on order intake in the loader crane sector, particularly in the future market of India, where PALFINGER sees great potential for further growth. The marine sector experienced a good order intake as well.

Steep economic downturn in EMEA
In Europe, inflation and high interest rates have had a negative impact on the economic environment, and the construction industry in particular is suffering from the negative effects with reduced order intake. The delivery reliability of our suppliers improved significantly compared to the previous year, but the continued low level of delivery reliability for trucks in EMEA led to bottlenecks in the installation network so that the inventory levels of prefabricated equipment remained high.

Outlook
Based on the current order book coverage, which lasts until the end of Q1 2024, PALFINGER expects revenue of EUR 2.4 billion and an EBIT of over EUR 200 million in 2023. Geopolitical developments and the challenging macroeconomic conditions remain factors of uncertainty for 2024.
A noticeable market recovery in the EMEA region is currently not foreseeable, the market environment in NAM and in the marine sector remains positive.