Mahle Q1 Report 2024

In the first quarter of 2024, the MAHLE Group generated sales of €3,016 million; this corresponds to a decrease of 8.4 percent compared to the same period last year. The decline was mainly driven by lower volumes in Europe and North America as a consequence of lower customer demand. In addition, exchange rate effects of €148 million had a negative impact on the development of sales

Net assets Position

In comparison to the end of 2023, the MAHLE Group’s balance sheet total rose by €55 million to €8,258 million as of March 31, 2024. In addition to positive exchange rate effects, the increase is primarily due to a seasonally higher level of capital tied up in net working capital. 

EBIT & EBITDA

Despite lower sales and a challenging market environment, EBIT and EBITDA increased both in absolute and relative terms compared to the first quarter of 2023. Active countermeasures partially offset additional costs, in particular inflationary increases in personnel costs. As a result, EBIT increased from €43 million in the first quarter of 2023 to €64 million in the first quarter of 2024. The EBIT margin rose to 2.1 percent (previous year: 1.3 percent). Adjusted for the effects of purchase price allocations, goodwill amortization, and release of badwill from capital consolidation, the EBIT margin was 2.5 percent (previous year: 1.7 percent). EBITDA increased to €195 million, above the previous year’s level of €189 million.

Balance sheet

The increase in the balance sheet total compared to the end of last year is mainly due to the increase in current assets. These rose by €64 million to €4,739 million as of March 31, 2024. The main reasons were the rise in inventories to €1,597 million and receivables and other current assets to €2,440 million.