EDAG Engineering Group AG: First half of 2023 concluded with strong order intake and 10.3% revenue growth

EDAG Engineering Group AG / Key word(s): Half Year Report/Half Year Results
EDAG Engineering Group AG: First half of 2023 concluded with strong order intake and 10.3% revenue growth

31.08.2023 / 07:00 CET/CEST
The issuer is solely responsible for the content of this announcement.

EDAG Engineering Group AG:
First half of 2023 concluded with strong order intake
and 10.3% revenue growth


  • Order intake of EUR 502.3 million (up by 16.1% against previous year´s H1)
  • Revenue up by 10.3% in H1 2023
  • EBIT of EUR 24.9 million nearly at previous year´s level
  • EAT at EUR 14.0 million slightly above previous year
  • Successful placement of a promissory note loan

Arbon, 31. August 2023 EDAG, leading independent development partner for the mobility industry and technology developer for industrial solutions, published its report on the first half of 2023 today. The strong market position was underlined in the reporting period with dynamic order intake and significant revenue growth.


At Group level, revenues of EUR 421.6 million were 10.3 percent above the previous year's level of EUR 382.2 million. This growth was largely driven by developments in the Electrics/Electronics segment, which increased its revenue by 21.3 percent. Vehicle Engineering increased its revenues by 7.5 percent, while Production Solutions was roughly on a par with the previous year at -0.6 percent.


With EUR 24.9 million, Group EBIT was at about the same level as the previous year's figure of EUR 25.0 million. Adjusted Group EBIT amounted to EUR 23.5 million (previous year: EUR 24.1 million). The EBIT margin reached 5.9 percent (previous year: 6.6 percent); the adjusted EBIT margin was 5.6 percent (previous year: 6.3 percent). All three segments were profitable in the first half of the year. Overall, earnings development in the first half of the year was in line with expectations for the full year 2023.


Order intake grew by 16.1 percent in the first half of the year, reaching EUR 502.3 million. The continued strong growth also led to a further increase in working capital, resulting in a negative free cash flow of 26.4 million euros (previous year: EUR -18.4 million). As of June 30, 2023, the company had 8,596 employees worldwide (previous year: 7,997 employees).


In July 2023, EDAG successfully placed a promissory note loan with a total financing volume of EUR 100 million and durations of between three and seven years. The funds raised will be used on the one hand to refinance existing liabilities in the amount of EUR 80.5 million and on the other hand to finance the further growth of the company.


"The successful transaction in a challenging market and industry environment demonstrates the confidence in our company and the strategic orientation of the EDAG Group. We have thus aligned our corporate financing to the dynamic growth in the mobility industry and the current fundamental transformation of the automotive sector," explains Holger Merz, CFO of the EDAG Group.


"With our 360-degree engineering approach, we are a partner and enabler of the digital and sustainable transformation in the mobility and production world of tomorrow," explains Cosimo De Carlo, CEO of the EDAG Group. "Very robust order intake in all three segments therefore allows us to look ahead with confidence to the second half of the year, despite the gloomy macroeconomic environment."


For the 2023 financial year, EDAG expects further growth and a stable earnings development. These estimates are, however, subject to considerable uncertainties, which arise in particular from the war in Ukraine and possible further geopolitical conflicts, energy price and wage cost developments, as well as the availability of sufficient qualified personnel.


Revenue is expected to grow by around 4 percent to 7 percent.

The adjusted EBIT margin is expected in a range of around 4 percent to 7 percent.




About EDAG

The EDAG Group is the world's largest independent engineering service provider to the global mobility industry. We regard mobility as a fully integrated ecosystem, and offer our customers technological solutions for more sustainable, emission-free and intelligently networked mobility. With a global network of some 60 branches, EDAG provides engineering services in the Vehicle Engineering, Electrics/Electronics and Production Solutions segments.

With our interdisciplinary expertise in the fields of software and digitalization, we possess the key skills to help actively shape the dynamic transformation process the mobility industry is currently undergoing. Digital features, autonomous driving, artificial intelligence, alternative powertrains, new mobility concepts and the vision of a networked smart city have become an integral part of our portfolio. Embedded in EDAG's own 360° degree approach to the development of complete vehicles and production facilities, we are a competent partner for sustainable mobility projects. It is in the DNA of the company to actively shape the future of mobility and transfer new technologies and concepts into series production. Today, EDAG is one of the TOP 20 IT service providers in the German mobility sector.

Our customers include leading international OEMs, tier 1 suppliers and startup companies from the automotive and non-automotive industries, all of whom we serve globally with our workforce of approximately 8,400 experts in 360-degree engineering.

In 2022, the company generated sales of € 796 million. On December 31, 2022, EDAG employed a global workforce of 8,412 (including apprentices).





Public Relations

Felix Schuster 
Head of Marketing & Communications   

Mobile:    +49 (0) 173 - 7345473  

Mail:       pr@edag.de 



Investor Relations

Sebastian Lehmann  

Head of Investor Relations   

Phone: +49 (0) 611- 7375 168  

Mobile:    +49 (0) 175 - 8020 226

Mail:        ir@edag-group.ag





Forward-looking statements

This release contains forward-looking statements. These statements are based on current estimates and projections of EDAG Executive Board and currently available information. They are not guarantees of future performance, involve certain risks and uncertainties that are difficult to predict, and are based upon assumptions as to future events that may not be accurate. Many factors could cause the actual results, performance or achievements of EDAG to be materially different from those that may be expressed or implied by such statements. EDAG does not assume any obligation to update the forward-looking statements contained in this release.

31.08.2023 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
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Company:EDAG Engineering Group AG
Schlossgasse 2
9320 Arbon
Phone:+41 71 54433-0
Listed:Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart
EQS News ID:1715247

End of NewsEQS News Service

1715247  31.08.2023 CET/CEST

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