Jungheinrich in the 2024 financial year: robust development in a challenging environment
Despite a challenging economic environment, Jungheinrich AG reported an overall robust business performance in 2024.
- Incoming orders: 5,311 million euros (+1.4 per cent)
- Revenue: 5,392 million euros (–2.8 per cent)
- EBIT: 434 million euros (+0.9 per cent)
- EBIT ROS: 8.1 per cent
- Proposed dividend: 0.80 euros per preferred share
Hamburg – Despite a challenging economic environment, Jungheinrich AG reported an overall robust business performance in 2024. The Group’s incoming orders, which comprise the business fields new business, short-term rental and used equipment, as well as after-sales services, came to 5,311 million euros, slightly above the previous year’s figure (5,238 million euros). The decline in new business due to the difficult market environment was offset by growth in after-sales services. Group revenue amounted to 5,392 million euros, 2.8 per cent less than in the previous year (5,546 million euros). The development of Group revenue reflected the weakness of the German and North American markets in particular. Revenue from the German market declined by 3.1 per cent.
At 434 million euros, earnings before interest and income taxes (EBIT) were kept on a par with the previous year (430 million euros) due to the measures initiated in the previous year to safeguard earnings. EBIT return on sales came to 8.1 per cent (previous year: 7.8 per cent). At 404 million euros, EBT was also on a par with the previous year (399 million euros). EBT return on sales amounted to 7.5 per cent (previous year: 7.2 per cent). The ROCE rose to 17.3 per cent (previous year: 15.9 per cent). Free cash flow amounted to 431 million euros in the past financial year (previous year: 15 million euros). In the previous year, this figure was impacted by 326 million euros from the purchase price payments for Storage Solutions and Magazino.
“In light of the challenging market environment over the past financial year, we are satisfied with Jungheinrich’s business development. In 2024, the global economy was dominated by political instability, geopolitical tensions and escalating trade conflicts. The export-oriented German economy, our domestic market, recorded the second recession in a row. We were only able to maintain EBIT return on sales at the prior-year level due to the measures we initiated at an early stage and consistently implemented to safeguard earnings,” explains Dr Lars Brzoska, Chairman of the Board of Management of Jungheinrich AG.
A significant aspect of the measures to safeguard earnings was Jungheinrich’s restraint in its personnel policy, which was reflected in 2024 in a decline in the number of employees worldwide. Vacant positions were not immediately filled. As of 31 December 2024, the Jungheinrich Group had 20,922 (previous year: 21,117) employees (measured in full-time equivalents). This corresponds to a reduction of 195 employees, primarily in Germany. Of the total number employed, 41 per cent worked in Germany and 59 per cent abroad as at the balance sheet date.
The Board of Management and Supervisory Board of Jungheinrich AG will propose a dividend payout of 0.78 euros per ordinary share and 0.80 euros per preferred share to the Annual General Meeting on 20 May 2025.
2025 forecast
In light of a persistently weak European economy and difficult market conditions, Jungheinrich expects incoming orders between 5.5 billion euros and 6.1 billion euros in 2025 (2024: 5.3 billion euros). Against the backdrop of the current interest rates and exchange rate ratios, the company anticipates Group revenue within the range of 5.4 billion euros and 6.0 billion euros in the current financial year (2024: 5.4 billion euros). This is based on the assumption that the geopolitical tensions will not deteriorate further and supply chains will remain stable.
Jungheinrich estimates that EBIT will amount to between 430 million euros and 500 million euros (2024: 434 million euros). Higher personnel costs for 2025 based on the latest collective wage agreements have also been taken into account. The company anticipates an EBIT return on sales of between 7.8 per cent and 8.6 per cent in the current financial year (2024: 8.1 per cent). Based on current assumptions, EBT is expected to reach a value of between 400 million euros and 470 million euros (2024: 404 million euros). EBT return on sales is forecast to be between 7.3 per cent and 8.1 per cent (2024: 7.5 per cent).
The ROCE for the 2025 financial year should be between 15.0 per cent and 19.0 per cent (2024: 17.3 per cent). Jungheinrich anticipates free cash flow will amount to more than 300 million euros (2024: 431 million euros).
Key figures at a glance
| Jungheinrich Group | 2024 | 2023 | Change % | |
| Incoming orders | Thousand units | 126 | 122 | 3.3 |
| € million | 5,311 | 5,238 | 1.4 | |
| Orders on hand 31/12 | € million | 1,421 | 1,441 | –1.4 |
| Revenue | € million | 5,392 | 5,546 | –2.8 |
| thereof Germany | € million | 1,168 | 1,205 | –3.1 |
| thereof abroad | € million | 4,224 | 4,341 | –2.7 |
| Foreign ratio | % | 78 | 78 | – |
| Earnings before interest and income taxes (EBIT) | € million | 434 | 430 | 0.9 |
| EBIT return on sales (EBIT ROS) | % | 8.1 | 7.8 | – |
| ROCE1 | % | 17.3 | 15.9 | – |
| Earnings before taxes (EBT) | € million | 404 | 399 | 1.3 |
| EBT return on sales (EBT ROS) | % | 7.5 | 7.2 | – |
| Profit or loss | € million | 289 | 299 | –3.3 |
| Free cash flow | € million | 431 | 15 | >100 |
| Capital expenditure2 | € million | 88 | 90 | –2.2 |
| Research and development expenditure | € million | 171 | 152 | 12.5 |
| Balance sheet total 31/12 | € million | 7,128 | 6,910 | 3.2 |
| Shareholders’ equity 31/12 | € million | 2,436 | 2,222 | 9.6 |
| thereof subscribed capital | € million | 102 | 102 | – |
| Employees 31/12 | FTE3 | 20,922 | 21,117 | –0.9 |
| thereof Germany | FTE3 | 8,510 | 8,688 | –2.0 |
| thereof abroad | FTE3 | 12,412 | 12,429 | –0.1 |
| Earnings per preferred share4 | € | 2.84 | 2.94 | –3.4 |
| Dividend per share | ||||
| - ordinary share | € | 0.785 | 0.73 | 6.8 |
| - preferred share | € | 0.805 | 0.75 | 6.7 |
1) EBIT of the “Intralogistics” segment as a percentage of average capital employed of the “Intralogistics” segment.
2) Property, plant and equipment and intangible assets not including capitalised development expenditure and right-of-use assets.
3) FTE = full-time equivalents.
4 Based on share of earnings attributable to the shareholders of Jungheinrich AG.
5 Proposal.
You can find the full 2024 Annual Report: https://www.jungheinrich.com/en/investor-relations/annual-report-2024
