Vitesco Technologies Adjusts 2024 Guidance Amid Slow Automotive Recovery

Regensburg, July 22, 2024 – Vitesco Technologies Group AG has revised its 2024 guidance based on preliminary Q2 2024 figures. Group sales are expected to be €2,025 million, down from €2,442 million in Q2 2023. Sales of electrification components are forecast at €316 million, compared to €354 million in Q2 2023. Adjusted EBIT for Q2 2024 is anticipated at €82 million, up from €67 million in Q2 2023, with an adjusted EBIT margin of 4.0%.

Negative one-off effects in Contract Manufacturing are likely to result in a free cash flow of -€388 million for Q2 2024, compared to -€21 million in Q2 2023. The slow recovery in the automotive industry, particularly for battery electric vehicles, has prompted Vitesco Technologies to adjust its full-year 2024 guidance. Group sales are now expected at around €8,100 million, down from the previous range of €8,300 to €8,800 million.

The adjusted EBIT margin for 2024 is forecast at 4.0%, lowered from the previous outlook of 4.5% to 5.0%. Free cash flow for the full year is expected to be around -€400 million, compared to the previous estimate of -€350 million. Final Q2 2024 results and detailed 2024 guidance will be released in the half-year report.