Sto Group Reports 6.6% Decline in Turnover for First Nine Months of 2024

Sto SE & Co. KGaA recorded a 6.6% decline in turnover, amounting to EUR 1,237.4 million in the first nine months of 2024. The company's financial performance was significantly impacted by challenging market conditions, especially in the construction industry in Germany and other key markets.

Turnover in Germany fell by 9.7% and by 4.4% internationally. The overall financial outlook for 2024 has been adjusted downward, with expected consolidated turnover down to approximately EUR 1.60 billion, compared to the previously forecasted EUR 1.66 billion. The EBIT range has also been revised to EUR 50 million to EUR 68 million.

Adverse market conditions included higher construction costs and changes in subsidy programs, notably affecting operations in Italy and France. Despite implementing a cost-reduction initiative, the company anticipates continued challenges throughout the remainder of 2024.