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Jungheinrich starts the 2023 financial year on a strong note

Incoming orders: 1,350 million euros (+1%)

Revenue: 1,291 million euros (+22 %)

EBIT: 120.1 million euros (+54 %)

EBIT margin: 9.3 %

Forecast for 2023 increased

Hamburg, Germany, 8 May 2023 – Jungheinrich got off to a strong start to the 2023 financial year. Incoming orders in all business fields (new business, short-term rental and used equipment as well as after sales) amounted to 1,350 million euros in the first three months of the year, which represents a slight improvement over the previous year (1,333 million euros). Orders on hand for new business reached 1,779 million euros at the end of the reporting quarter, taking into account the orders on hand of the Storage Solutions Group amounting to 136 million euros. Compared with orders on hand of 1,595 million euros at the end of 2022, this represents an increase of 184 million euros or 12 per cent. Group sales in the first quarter amounted to 1,291 million euros, representing strong growth of 22 per cent compared with the same period last year (1,062 million euros). The main driver here was new business. Earnings before interest and taxes (EBIT) rose to a record level of 120.1 million euros in the first three months of 2023. This was 54 per cent up on the previous year’s figure (77.9 million euros). Earnings take into account negative effects in connection with the acquisition of the Storage Solutions Group amounting to 9 million euros, which largely result from non-recurring transaction-related costs. The EBIT return on sales (EBIT-ROS) reached 9.3 per cent (previous year 7.3 per cent).

“We got off to a strong start to the new financial year thanks to the successful work of the entire team worldwide and are therefore optimistic about the rest of the year despite the challenges that remain,” explains Dr Lars Brzoska, Chairman of the Board of Management of Jungheinrich AG.

At 119.5 million euros, earnings before tax (EBT) in the first quarter of 2023 very clearly exceeded the previous year’s figure (66.9 million euros). EBT return on sales (EBT-ROS) was 9.3 per cent (previous year: 6.3 per cent). Earnings after taxes amounted to 88.4 million euros (previous year: 49.5 million euros). Accordingly, earnings per preferred share amounted to 0.88 euros (previous year: 0.49 euros).

Free cash flow amounted to –232 million euros (previous year: –186 million euros). The purchase price payment for Storage Solutions of 352 million euros resulted in a free cash flow charge of 310 million euros. Part of the purchase price was used to repay bank liabilities and is therefore not included in the free cash flow. Without the acquisition, the operating business would have generated positive free cash flow.


Against the backdrop of the updated corporate planning and the good business trend in the first quarter of 2023, the Board of Management of Jungheinrich AG raised its forecast for 2023 in an ad hoc announcement on 24 April 2023. The increased forecast also includes the prorated effects of the acquisition of the US-based Storage Solutions Group, which was completed on 15 March 2023.

Jungheinrich now expects incoming orders for 2023 as a whole to total between 5.0 billion euros and 5.4 billion euros (previously: 4.8 billion euros to 5.2 billion euros). Group sales are forecast to range from 5.1 billion euros to 5.5 billion euros (previously: 4.9 billion euros to 5.3 billion euros). These ranges take into account incoming orders of 0.3 billion euros and sales of 0.2 billion euros from the Storage Solutions Group. Based on current estimates, EBIT in 2023 will be between 400 million euros and 450 million euros (previously: 350 million euros to 400 million euros). As expected, the settlement of the Storage Solutions acquisition will impact Group EBIT with one-time effects, but these will be partly offset by the prorated operating profit of the Storage Solutions Group. The increased EBIT forecast results in an EBIT margin in the range of 7.8 per cent to 8.6 per cent (previously: 7.3 per cent to 8.1 per cent).

EBT is expected to reach 370 million euros to 420 million euros (previously: 325 million euros to 375 million euros) with a resulting EBT return of between 7.2 per cent and 8.0 per cent (previously: 6.6 per cent to 7.4 per cent). We anticipate a ROCE figure of between 15 per cent and 18 per cent (previously: between 13 per cent and 16 per cent).

Furthermore, Jungheinrich expects free cash flow to improve significantly year-on-year (–239 million euros) but to remain negative on account of the acquisition of Storage Solutions. The free cash flow forecast takes into account 310 million euros from the purchase price payment made in March 2023 (352 million euros). Part of the purchase price was used to repay bank liabilities and is therefore not included in free cash flow.

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