Vitesco Technologies, a leading international provider of modern drive technologies and electrification solutions for sustainable mobility has announced its results for April-June 2023 and H1 CY2023.
In Q1 CY2023, the group sales came at 2.44 billion euros, up 12% YoY; EBIT of 76.3 million euros, up 118% YoY. For H1 CY2023 sales grew 7.5% YoY to 4.76 billion euros, EBIT came at 113.4 million euros, up 37% YoY.
Vitesco Tech says besides strong order intake, particularly in the electrification business, the second quarter was characterised by signing long-term partnerships between the company and semiconductor manufacturers.
Orders worth around 5 billion euros were booked in the past quarter, of which 90% (4.5 billion euros) were related to electrification products. To comfortably meet all its orders in the long term, Vitesco says it has joined forces with key partners – semiconductor manufacturers ROHM and onsemi – and secured itself supply of energy-efficient high-performance silicon-carbide (SiC) semiconductors worth almost 3 billion euros.
Andreas Wolf, CEO, Vitesco Technologies “Access to SiC-based technologies is crucial for our tremendous growth in electrification. We are working to secure 100% of our semiconductor requirements until 2030.”
Werner Volz, CFO, Vitesco Tech said: “After a difficult start to the year, we increased our adjusted EBIT margin substantially once again in the second quarter. The improvement in profitability gives us the boost needed to achieve our full-year targets.”
Vitesco Technologies says its outlook for 2023 remains unchanged, with the company continuing to anticipate sales of 9.2 billion euros to 9.7 billion euros this year. It is also expecting the adjusted EBIT margin for 2023 ranging between 2.9 percent and 3.4 percent and free cash flow at around 50 million euros.
