The Egger Group has announced its financial results for the 2023/2024 fiscal year, describing the period as ‘turbulent’ and ‘challenging.’ The company reported a group-wide turnover of €4.13 billion, marking a 7.1% decline compared to the previous year’s figures. Pre-tax profits stood at €493.6 million, reflecting an 18.1% decrease year-on-year.
These figures were disclosed at the company’s annual press conference at its St Johann in Tirol, Austria headquarters. During the event, Egger Group’s CFO, Thomas Leissing, expressed a mix of concern and resilience, he commented : “While we are not entirely satisfied with the results, we take pride in our ability to navigate these difficult conditions. We remain focused on the future, having initiated significant strategic developments. Our solid financial foundation and long-term strategy enable us to pursue growth, even in a fragile market environment.”
In the 2023/2024 fiscal year, Egger Group produced 10.4 million m³ of wood-based materials and timber, up from 9.6 million m³ the previous year. The company noted that the economic slowdown impacted different product areas to varying degrees.
“High inflation, increased living costs, and challenging construction conditions have affected most of our markets. This has led to reduced consumer spending, a significant drop in construction permits, and ultimately lower demand for our products,” explained Michael Egger Jr, Chief Sales Officer for Egger Group.
The company is also advancing its commitment to climate protection, aiming to achieve net-zero emissions by 2050. In November 2023, Egger Group acquired a chipboard plant in Markt Bibart, bringing its total number of production facilities to 22. Additionally, to bolster its market position in Asia, the group acquired a 25.1% stake in Thai wood-based material manufacturer Panel Plus in early 2024.
Looking forward, the group expressed confidence in its preparedness for the ongoing economic downturn. “We are well-positioned, with a solid financial base, a long-term sustainable strategy, strong partnerships with our customers and suppliers, and, most importantly, a dedicated workforce. Our heartfelt thanks go to our more than 11,000 employees, whose daily efforts make a significant impact. Our global team is adept at turning crises into opportunities.”
The management team of Egger Group, including CFO Thomas Leissing, Chief Supply Chain Officer Frank Bölling, Chief Sales Officer Michael Egger Jr, and CTO Hannes Mitterweissacher, was pictured together at the event.
