Palfinger (PAL) H2 2024 earnings summary

Executive summary

• Achieved the second-best result in company history with EUR 2.36 billion in revenue for 2024, maintaining global market leadership in crane and lifting solutions despite market volatility.

• EBIT reached EUR 186 million, with strong free cash flow of EUR 120 million driven by working capital optimization.

• Revenue distribution improved with less dependence on EMEA and growth in North America, Latin America, CIS, and Asia.

• Workforce of approximately 12,350 employees at year-end 2024.

• Sustainability initiatives led to reduced accident rates and lower carbon emissions.

Financial highlights

• Revenue declined 3.5% year-over-year to EUR 2,359.8 million.

• EBIT margin at 7.9%, with EBITDA at EUR 277.0 million and EBIT at EUR 185.6 million.

• Free cash flow was EUR 120 million, up from EUR 46.5 million in 2023.

• Net result was EUR 100 million, supported by a low tax rate of 22%.

• Proposed dividend of EUR 0.90 per share, the second highest in company history.

Outlook and guidance

• EBIT expected to decline by about one third in Q1 2025 due to prior low order intake and challenging market conditions.

• Order intake in early 2025 shows clear recovery, especially in core European markets, with full year 2025 expected to deliver a good result.

• 2027 targets reaffirmed: EUR 2.7 billion revenue, >10% EBIT margin, and >12% ROCE.

• Growth in 2025 expected to be modest, with significant growth anticipated in 2026.