EQS-News

BayWa Group remains on course in first half of year – Board of Management confirms 2023 EBIT target

EQS-News: BayWa AG / Key word(s): Half Year Report/Half Year Results BayWa Group remains on course in first half of year – Board of Management confirms 2023 EBIT target (news with additional features) 03.08.2023 / 10:30 CET/CEST The issuer is solely responsible for the content of this announcement. Number: 03423-PIU11 | Date 3 August 2023

BayWa Group remains on course in first half of year – Board of Management confirms 2023 EBIT target

Company continues to forecast earnings of between €320 million and €370 million in the financial year 2023.

 

Thanks to a generally strong first half of 2023, the BayWa Group remains on course. In the first six months of the year, the company generated earnings before interest and tax (EBIT) of €186.9 million (H1/2022: €328.5 million). Revenues in the reporting period were nearly on a par with the previous year at €12.6 billion (H1/2022: €12.9 billion). The BayWa Board of Management has confirmed its target for the current financial year and continues to anticipate EBIT of between €320 million and €370 million in 2023.

“After an exceptional 2022, our business is performing in line with our expectations in most cases,” says BayWa Chief Executive Officer Marcus Pöllinger. “Prices of raw materials, agricultural inputs and building materials have stabilised at a lower level, which is being reflected in our trading margins and therefore our earnings.” Pöllinger believes that the second half of the year will remain challenging: “Even we, as a provider of the basics, cannot completely escape the market conditions, which are difficult in part. Rising interest rates and high inflation are thwarting investment and purchasing power. That being said, the fundamentals haven’t changed. Global food security, expansion of Renewable Energies, creating affordable housing and renovating buildings to be energy efficient remain key political and social issues. These are precisely the areas in which BayWa enjoys a broad and international presence, and is therefore resilient against the complex market conditions that we are currently seeing.”