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engcon’s interim report Q3 2023: Challenging quarter with strong cash flow

Third quarter 2023

  • Order intake increased 7 per cent to SEK 347 million (324); organic order growth was 2 per cent.
  • Net sales declined 6 per cent to SEK 391 million (416); organic net sales growth was -11 per cent.
  • Operating profit declined 47 per cent to SEK 55 million (104) and the operating margin was 14.1 per cent (25.0).
  • Profit for the quarter decreased 48 per cent to SEK 41 million (79).
  • Basic and diluted earnings per share amounted to SEK 0.26 (0.49).

January – September 2023

  • Order intake declined 23 per cent to SEK 1,096 million (1,425); organic order growth was -27 per cent.
  • Net sales increased 14 per cent to SEK 1,590 million (1,397); organic net sales growth was 8 per cent.
  • Operating profit increased 21 per cent to SEK 357 million (294) and the operating margin was 22.5 per cent (21.0).
  • Profit for the period increased 18 per cent to SEK 276 million (235).
  • Basic and diluted earnings per share amounted to SEK 1.74 (1.42).

CEO Krister Blomgren comments:

”After a challenging quarter, it is a positive signal that the order intake has increased slightly and we are seeing signs of stabilization with an organic order growth of 2 per cent. The order intake of SEK 347 million is in line with the preceding quarter and previous years. We can see that the investments made in our sales organization have yielded results in our growth markets. Growth in the Americas and positive development in parts of Europe are an indication that we are on the right path. The trend in the Nordic region remains cautious with order growth of 9 per cent from low levels. The market is difficult to predict due to high interest rates and uncertainty, which is leading to shrinking excavator sales. The high penetration rate in the Nordic region makes this market considerably more cyclical than Europe and the Americas. The global development of the company has however led to less dependency on the Nordic region, which accounted for 39 per cent (54) of net sales for the quarter.

Cash flow is strong and looking at January – September we have record high net sales of SEK 1,590 million and an operating margin of 22,5 per cent. We have a long history of profitable and capital-efficient growth and we are well equipped to meet the challenges that an uncertain business environment can present the years ahead.”

Q3 presentation today at 11.00 CEST

The report will be presented by Krister Blomgren, CEO and Jens Blom, CFO at 11.00 a.m. CEST today at a webcasted telephone conference accessible via this link:

To access the teleconference, and thereby be able to ask questions, please register via the link below. After registration, you will be provided phone numbers and a conference ID to log in.

The presentation material and a recorded version of the conference will be available at www.engcongroup.com.

For more information, please contact:

Krister Blomgren, CEO
+46 70 529 92 65

Anne Vågström, Head of Investor Relations
+46 76 126 40 84

engcon is the leading global supplier of tiltrotators and associated equipment that enhance efficiency, flexibility, profitability, safety and sustainability of excavators. With knowledge, commitment and a high level of service, engcon's slightly more than 400 employees create success for their customers. engcon was founded in 1990, headquartered in Strömsund, Sweden and address the market through 14 local sales companies and an established network of resellers around the world. Net sales amounted to approximately SEK 1.9 billion in 2022. engcon’s B share is listed on Nasdaq Stockholm.

For more information, visit www.engcongroup.com