EQS-News

Successful start to the year: Einhell increases revenue and earnings in the first quarter of 2024

EQS-News: Einhell Germany AG / Key word(s): Quarterly / Interim Statement Successful start to the year: Einhell increases revenue and earnings in the first quarter of 2024 22.05.2024 / 11:02 CET/CEST The issuer is solely responsible for the content of this announcement. Successful start to the year: Einhell increases revenue and earnings in the first quarter of 2024

Landau a. d. Isar, 22 May 2024 - The first quarter of the current financial year has been very successful for the Einhell Group. The company achieved revenue of EUR 269.5 million (previous year: EUR 249.9 million) in the quarter from January to March 2024. Earnings before taxes (EBT) increased by 11.3 percent to EUR 22.6 million (previous year: EUR 20.3 million). The pre-tax margin amounted to 8.4 percent (previous year: 8.1 percent). Growth was particularly strong in the D/A/CH region: Revenue in the D/A/CH region increased by EUR 9.6 million to EUR 109.5 million in the first quarter of the 2024 financial year.

Power X-Change continues growth trajectory

“We achieved a very positive performance in the first quarter of 2024. Our strategy of consistently focusing on the expansion of our successful Power X-Change product range is paying off,” says Andreas Kroiss, CEO of Einhell Germany AG. Einhell is one of the leading suppliers in the DIY sector, offering innovative battery-powered tools of the highest quality at excellent value for money. The share of revenue in the D/A/CH region generated with the cordless Power X-Change tools increased significantly from 49 percent in the previous year to 62 percent. On a global basis, the share rose from 41 percent to around 50 percent. The cordless Power X-Change product range currently comprises more than 300 battery-powered tools and garden appliances. By 2027, the Einhell Group expects to have around 450 products on the market that can be powered by a single type of battery.

Significant reduction in liabilities to banks and reduction in inventories

The strong earnings and the reduction in inventories from EUR 414.9 million to EUR 341.4 million led to a significant decrease in current liabilities to banks in the first quarter of 2024 compared to the prior-year period. After having stocked up during the COVID-19 pandemic to ensure their ability to deliver, customers reduced their inventories as planned as supply chain management has returned to normal. The Group’s liquidity also benefited from the supply chain finance structures introduced in China last year.