Preliminary Results 2023: Vitesco Technologies Records a Fruitful Year

Vitesco Technologies, an international leader in modern propulsion technologies and electrification solutions for sustainable mobility, has released its preliminary results for the fiscal year 2023, revealing an increase in sales and an improvement in profitability margins. With revenue reaching 9.23 billion euros in 2023 compared to 9.07 billion euros in 2022, the company has exceeded its forecasts.

The adjusted earnings before interest and taxes (EBIT) amounted to 341.1 million euros, reflecting an adjusted EBIT margin of 3.7%, surpassing the company's expectations. Despite a challenging market environment, Vitesco Technologies also generated a free cash flow of 84.9 million euros, exceeding projections.

Sales of electrification components grew by approximately 20%, reaching 1.3 billion euros. However, the company observed a slowdown in demand in this segment in the fourth quarter of 2023. Nevertheless, Vitesco Technologies has recorded total order intake of over 12 billion euros in 2023, with around 8.3 billion euros attributable to electrification components.