EDAG Group Reports Solid Performance in H1 2024 Despite Market Challenges

EDAG Engineering Group AG has released its report for the first half of 2024, demonstrating resilience in a challenging automotive market. Revenue saw a 1.8% increase, reaching EUR 429.2 million compared to EUR 421.6 million in the previous year. This growth was mainly driven by a 26.3% revenue increase in the Production Solutions segment, while Vehicle Engineering experienced marginal growth. However, the Electrics/Electronics segment recorded a decline of 2.7%.

Group EBIT dropped to EUR 21.8 million from the previous year's EUR 24.9 million. The EBIT margin decreased to 5.1%, down from 5.9%. Despite the challenging environment, the company managed to increase free cash flow significantly to EUR 37.6 million. Employee count rose to 9,051 from 8,596 in the previous year.

EDAG expects revenue growth of 4-6% for the full year 2024, with an adjusted EBIT margin of 5-6%. However, they anticipate both figures to be at the lower end of this range due to ongoing market challenges.