Schaeffler AG Revises Combined Guidance for Full Year 2024

Herzogenaurach, 22 July 2024 - Schaeffler AG has revised its combined guidance for the financial year 2024. This comes in light of the consolidation of Vitesco Technologies Group AG starting 1 October 2024 and the recent adjustment of Vitesco's earnings forecast. The new guidance reflects significant sales growth, but Schaeffler now expects an adjusted EBIT margin of 5 to 8%, a reduction from the previously estimated 6 to 9%.

Additionally, the anticipated combined free cash flow before M&A activities has been adjusted to EUR 200 to 300 million, down from the prior estimate of EUR 300 to 400 million. The revision is primarily due to the weaker performance of the Bearings & Industrial Solutions division.

Preliminary figures show that Schaeffler Group's revenue, excluding Vitesco, reached EUR 4,191 million in Q2 2024, marking a 4.2% increase from the previous year. However, the EBIT margin before special effects decreased to 4.9%, falling short of market expectations. The free cash flow before M&A activities amounted to EUR 75 million for the second quarter.

The final results for Q2 2024 will be published on 6 August 2024.