Slide 1: Publication of Results 1st Half Year 2024
PUBLICATION OF RESULTS 1ST HALF YEAR 2024 Lengau, July 26, 2024
Slide 2: Andreas Klauser, CEO
PALFINGCR i peeoall) 4 ANDREAS KLAUSER ou CEO
Slide 3: 1st HY/2024 at a glance
2021 auf einen 1st HY/2024 at Blick a glance 1st HY/2024 STRONG RESULT FOR PALFINGER AG INCREASED PROFITABILITY CONTINUED LOW ORDER INTAKE ONGOING HIGH INVENTORIES DESPITE LOWER REVENUE IN EUROPEAN CORE MARKETS 26/07/2024 / PALFINGER Publication of Results 1st half year 2024 3
Slide 4: Significant events in 1st HY/2024
Significant events in 1st HY/2024 SIGNIFICANT EVENTS IN 1ST HY/2024 Site Löbau, Germany, expansion and modernization successfully completed in May. All four classes of German aerial working platforms located at one site. New sales and service hub Madrid: acquisition of land completed. Integrating fu
Slide 5: PALFINGER at a glance
PALFINGER at a glance NUMBER 1 IN THE WORLD Global market leader for crane and lifting solutions 1 with revenues of EUR 2.45 billion in 2023 Present in all regions with 30 production sites and around 5,000 service centers 12,650 employees (excluding contract workers) at the end of the 1st HY/2024 Re
Slide 6: Innovative and powerful product portfolio
About PALFINGER INNOVATIVE AND POWERFUL PRODUCT PORTFOLIO LOADER TIMBER / TAIL LIFTS MARINE DAVITS CRANES RECYCLING CRANES PASSENGER ACCESS TURNKEY DIGITAL OFFSHORE BOATS SYSTEMS PLATFORMS SOLUTIONS SOLUTIONS CRANES HOOK LIFTS & TRUCK MOUNTED RAILWAY WIND WINCHES SKIPLOADERS FORKLIFTS SYSTEMS CRANES
Slide 7: Resilience through industry diversity
The right solution for every challenge RESILIENCE THROUGH INDUSTRY DIVERSITY > 40% Construction > 10% Forestry > 10% Waste Mgmt & Recycling > 5% Transport & Logistics ~ 5% Public Sector ~ 5% Rental ~ 5 % Offshore / Oil and Gas < 5% Railway < 5% Offshore Wind < 5% Aquaculture & Fishing < 5% Passenger
Slide 8: Sustainability as the key driver of strategic and operational activities
Sustainability SUSTAINABILITY AS THE KEY DRIVER OF STRATEGIC AND OPERATIONAL ACTIVITIES FOR THE LIVING PLANET WE FOR FUTURE-ORIENTED FOR ALL THE PEOPLE WE TOUCH ALL DEPEND ON ENTREPRENEURIAL CONDUCT Less emissions Safe & healthy Committed to at all levels our values Positive impact on Qualified and
Slide 9: Felix Strohbichler, CFO
FELIX STROHBICHLER CFO 9
Slide 10: Segment Sales & Service
SEGMENT SALES & SERVICE Vision and Strategy 2030
Slide 11: Positive development in NAM, APAC and Marine
Sales & Service segment POSITIVE DEVELOPMENT IN NAM, APAC AND MARINE NAM: Service cranes and truck-mounted forklifts are recording high growth rates. Further increase in profitability. APAC: Good growth – particularly in the emerging Indian market. No recovery in the Chinese market. MARINE: Around 3
Slide 12: Improved profitability but declining order book and lower revenue
Sales & Service segment IMPROVED PROFITABILITY BUT DECLINING ORDER BOOK AND LOWER REVENUE 1st 1st 1st in EUR million Δ% HY/20221) HY/20231) HY/2024 External revenue 905.3 1,096.3 1,045.5 -4.6% EBITDA 78.1 105.5 132.9 +26.0% EBIT 65.6 93.9 122.7 +30.7% EBIT margin 7.2% 8.6% 11.7% – 1st 1st 1st in EUR
Slide 13: Segment Operations
SEGMENT OPERATIONS Vision and Strategy 2030
Slide 14: Economic environment results in lower output in EMEA
Operations segment ECONOMIC ENVIRONMENT RESULTS IN LOWER OUTPUT IN EMEA Continued capacity adjustments in production in EMEA due to the market situation. Reduced external revenue in production for third parties due to the more difficult economic environment. In the NAM region, production output was
Slide 15: Lower capacity utilization due to reduced market demand
Operations segment LOWER CAPACITY UTILIZATION DUE TO REDUCED MARKET DEMAND 1st 1st 1st in EUR million Δ% HY/20221) HY/20231) HY/2024 External revenue 107.6 91.4 73.2 -19.9% EBITDA 48.1 66.8 39.9 -40.3% EBIT 29.2 45.9 15.8 -65.6% 1) 2022 and 2023 figures were adjusted retrospectively to the new segme
Slide 16: Segment Other Non-Reportable Segments
SEGMENT OTHER NON-REPORTABLE SEGMENTS Vision and Strategy 2030
Slide 17: Increase in external revenue due to integration of Tail Lifts NAM
Other non-reportable segments INCREASE IN EXTERNAL REVENUE DUE TO THE INTEGRATION OF TAIL LIFTS NAM, POSITIVE EARNINGS CONTRIBUTION FROM TAIL LIFTS 1st 1st 1st in EUR million Δ% HY/20221) HY/20231) HY/2024 External revenue 26.1 27.2 56.7 +108.5% EBITDA -6.7 -14.4 -16.4 +13.9% EBIT -14.5 -28.5 -26.4
Slide 18: PALFINGER Group
PALFINGER GROUP Vision and Strategy 2030
Slide 19: Significant improvement in earnings leads to increased EBIT margin
PALFINGER Group SIGNIFICANT IMPROVEMENT IN EARNINGS IN NAM, MARINE AND TAIL LIFTS LEADS TO INCREASED EBIT MARGIN 1st in EUR million 1st HY/2022 1st HY/2023 Δ% HY/2024 Revenue 1,039.0 1,214.9 1,175.4 -3.3% EBITDA 119.5 157.9 156.4 -0.9% EBIT (operating result) 80.2 111.3 112.2 +0.8% EBIT margin 7.7%
Slide 20: First half year reflects peak in investments due to major projects
PALFINGER Gruppe FIRST HALF YEAR REFLECTS PEAK IN INVESTMENTS DUE TO MAJOR PROJECTS 100 93.8 93,8 90 78.8 78,8 80 70 60 56.3 56,3 50 46.6 46,6 44.3 44,3 39.3 39,3 40 30 20 10 0 1st HY/2022 1st HY/2023 1st HY/2024 Net investments Depreciation, amortization and impairment 26/07/2024 / PALFINGER Public
Slide 21: Increased financial debt due to high inventories, dividends and interest
PALFINGER Group INCREASED FINANCIAL DEBT DUE TO HIGH INVENTORIES, DIVIDEND PAYMENTS AND HIGHER INTEREST RATES in EUR million 30.06.2022 30.06.2023 30.06.2024 Financial liabilities (FV) 1) 686.6 787.7 831.2 Av. interest debt 2) 1.25% 3.50% 4.14% Av. remaining term debt 3.02 years 3.40 years 3.79 year
Slide 22: Improvement in key balance sheet figures compared to previous year
PALFINGER Group IMPROVEMENT IN KEY BALANCE SHEET FIGURES COMPARED TO PREVIOUS YEAR in EUR million 30.06.2022 30.06.2023 30.06.2024 Equity 684.6 674.7 752.7 Equity ratio 34.6% 33.1% 34.3% Gearing 88.2% 107.2% 101.4% Net debt/EBITDA 2.63 2.70 2.53 ROCE*) 9.0% 10.2% 11.0% *) ROCE = Ratio of NOPLAT and
Slide 23: Free cash flow negative in first half year
PALFINGER Group FREE CASH FLOW: NEGATIVE IN FIRST HALF YEAR, EXPECTED TO BE CLEARLY POSITIVE FOR THE FULL YEAR 1st HY/2024 PALFINGER Group in EUR million 1st HY/2022 1st HY/2023 EBTDA 114.3 143.1 134.8 +/- non cash income from at-equity 9.9 -2.1 -6.5 companies +/- change in working capital -110.5 -1
Slide 24: Outlook 2024
OUTLOOK 2024
Slide 25: Good result expected in 2024 despite difficult market environment
Outlook 2024 GOOD RESULT EXPECTED IN 2024 DESPITE DIFFICULT MARKET ENVIRONMENT Continued positive development expected in NAM, APAC, LATAM and in the Marine sector. Continued weak economic environment in EMEA core markets. Due to the persistently low order intake in EMEA, production capacity will be
Slide 26: Ambitious financial goals for 2027
Guidance 2027 AMBITIOUS FINANCIAL GOALS FOR 2027 #1 Market leader in crane and lifting solutions €3.0 billion *) Revenue from organic growth 10% 12% EBIT margin ROCE *) Target for 2027 independent of business development in Russia 26/07/2024 / PALFINGER Publication of Results 1st half year 2024
Slide 27: Q&A
Q&A
Slide 28: Investor Relations Contact
INVESTOR RELATIONS CONTACT ANDREAS KLAUSER FELIX STROHBICHLER HANNES ROITHER CEO CFO VP IR +43 662 2281-81008 +43 662 2281-81006 +43 662 2281-81100 a.klauser@palfinger.com f.strohbichler@palfinger.com h.roither@palfinger.com PALFINGER AG Lamprechtshausener Bundesstraße 8 This presentation contains f