EDAG Engineering Group AG Reports Growth in Sales and Earnings for FY 2023

EDAG Engineering Group AG, a leading engineering services provider for the global mobility industry, has published its financial results for the 2023 financial year, demonstrating growth in sales, earnings, and a significant increase in free cash flow to EUR 10.9 million. The company achieved a sales increase of 6.1%, reaching EUR 844.3 million, the highest in its history. This growth spans across all its segments, with Electrics/Electronics experiencing the most substantial growth at 14.9%.

The group's adjusted EBIT rose to EUR 52.6 million from the previous year's EUR 50.5 million, while earnings after tax remained stable at EUR 28.9 million. The company also witnessed a new record in order intake, amassing EUR 861.9 million. With an expanded workforce of 8,880 employees worldwide, EDAG anticipates continued growth and stable earnings in the 2024 financial year, amidst challenges such as geopolitical uncertainties and fluctuating energy prices.

CEO Cosimo De Carlo highlighted important progress in software and digitalization areas, aiming for growth in 2024 despite a challenging environment. Additionally, the board will propose a dividend of EUR 0.55 per share for the 2023 financial year at the upcoming Annual General Meeting. This performance indicates EDAG’s positive development and its strategies to navigate through the evolving landscape of the global mobility industry.