Highlights:
* Schaeffler Group increases revenue for the first half of 2023 by 10.1 percent at constant currency to 8.2 billion euros (prior year: 7.5 billion euros)
* EBIT margin before special items at 7.6 percent (prior year: 6.1 percent)
* Automotive Technologies generates robust earnings, Automotive Aftermarket continues very strong performance, weaker earnings at Industrial
* Strong improvement in free cash flow before cash in- and outflows for M&A activities to 29 million euros in H1 (prior year: -204 million euros)
* Structural measures in Germany finalized, agreement with employee representatives reached
* Overall Group guidance for 2023 raised
Schaeffler AG published its interim financial report for the first half of 2023 today. The Schaeffler Group's revenue for the first six months amounted to 8,208 million euros (prior year: 7,548 million euros). The 10.1 percent constant-currency increase in revenue in the first half of 2023 was primarily attributable to growing volumes at the Automotive divisions. A favorable impact from sales prices in all three divisions further bolstered the revenue trend. Revenue for the second quarter of 2023 rose by 9.8 percent at constant currency to 4,056 million euros (prior year: 3,790 million euros).
In the Automotive Technologies division, the 8.3 percent constant-currency revenue growth in the first half of 2023 resulted from higher volumes in all business divisions. The constant-currency rise in revenue in the Automotive Aftermarket division amounted to 17.6 percent in the first six months of the year, thanks in particular to the strong increase in volumes at the Independent Aftermarket business in the Europe region. In the Industrial division, the constant-currency increase in revenue of 10.6 percent was largely attributable to the contribution made by the Ewellix Group, which was acquired at the beginning of the year, and the favorable impact of sales prices.
All regions contributed to revenue growth in the first half of 2023. The Europe region generated the highest constant-currency growth rate, increasing its revenue by 14.0 percent. Asia/Pacific region revenue was up 10.9 percent at constant currency, while revenue in the Greater China and Americas regions was 6.6 percent and 5.6 percent above the prior-year level, respectively, at constant currency.
The Schaeffler Group generated 625 million euros (prior year: 458 million euros) in EBIT before special items in the first six months, representing an EBIT margin before special items of 7.6 percent (prior year: 6.1 percent). The increase in the EBIT margin before special items in the first half of 2023 was primarily attributable to the favorable impact of volumes and sales prices.
'The Schaeffler Group once again performed well in a challenging market environment in the second quarter,' said Klaus Rosenfeld, CEO of Schaeffler AG. 'All divisions and regions contributed to revenue growth. On the whole, our earnings improved significantly year on year. The Automotive Technologies and Automotive Aftermarket divisions reported double-digit growth rates at constant currency in the second quarter and further improved their operating earnings, offsetting the declining earnings trend in the Industrial division.'
See full results at:
https://www.schaeffler.com/en/media/press-releases/press-releases-detail.jsp?id=87931264
SCHAEFFLER AG 
