EQS-News

Solid results: Revenue, adjusted EBIT and free cash flow increase

EQS-News: EDAG Engineering Group AG / Key word(s): Quarter Results/Development of Sales Solid results: Revenue, adjusted EBIT and free cash flow increase 08.05.2024 / 07:05 CET/CEST The issuer is solely responsible for the content of this announcement. Press release

EDAG Engineering Group AG:
Solid results: Revenue, adjusted EBIT and free cash flow increase

• Revenue grows by 2.9% to EUR 217.5 million
• Adjusted EBIT increases to EUR 13.4 million, adjusted EBIT margin stable at 6.1%
• Significant increase in free cash flow to EUR 26.3 million

 

Arbon, 08. May 2024. EDAG, leading independent engineering services provider to the global mobility industry and technology developer for industrial solutions, confirms its growth course with a solid increase in revenue. At 217.5 million euros, Group sales revenue was 2.9% above the previous year's level of 211.4 million euros. The Vehicle Engineering and Production Solutions segments contributed to sales growth in the first quarter with +2.9% and +24% respectively. The Electrics/Electronics segment was unable to continue the strong growth of recent quarters, recording a decline in turnover of 3.4%.

Adjusted Group EBIT amounted to 13.4 million euros (previous year: 13.0 million euros). The adjusted EBIT margin was stable at 6.1% at the previous year's level. The earnings performance in the first quarter is therefore in line with expectations for the full year 2024. Free cash flow increased from EUR 7.3 million to EUR 26.3 million in the first quarter. "This is an excellent result that underlines the strong operating performance under challenging conditions," emphasizes Holger Merz, CFO of the EDAG Group.

As of March 31, 2024, the company had 9,061 employees worldwide (previous year: 8,529 em-ployees).

The EDAG Group expects further growth and stable earnings development for the 2024 financial year. In addition to the opportunities, the forecast is also associated with risks that arise primarily from changes in market developments for our customers and, as a result, for us. Geopolitical uncertainties, the development of energy prices and wage costs as well as the availability of sufficiently qualified personnel also have an influence on this.