Harsewinkel, Germany - CLAAS KGaA mbH., an agricultural machinery company, invested over 330 million euros in strategic growth projects and successfully navigated a challenging industry environment, concluding the 2024 financial year with a solid performance. Sales for the fiscal year, ending 30 September 2024, totaled 5.0 billion euros, reflecting a 19% decrease compared to the previous year.
The operating profit before depreciation (EBITDA) stood at 584 million euros, down from 769 million euros the previous year. Net income for the year was 253 million euros, compared to 347 million euros last year. The agricultural sector faced significant challenges due to tight producer prices and high interest rates.
Severe weather conditions and geopolitical tensions have added significant uncertainty, causing farmers and contractors to hesitate in making purchases. These factors heavily influenced the business development of the agricultural machinery sector in the 2024 financial year.
Mr. Jan-Hendrik Mohr, CEO of CLAAS, said, "The year 2024 has tested our organization. CLAAS has stayed on course even in rough waters. In times like these, it is crucial to stand together, manage costs efficiently, and proactively advance our business. We have once again increased our R&D expenditure to over 330 million euros and made targeted investments in future projects, new technologies and our production network. In this way, we ensure sustainable growth and drive innovation."
Mr. Henner Bottcher, CFO of CLAAS, said, "We have performed well in the tense and highly competitive agricultural machinery market. Despite a significant decline in sales, our strong earnings demonstrate our resilience. Today, it is paying off that we adapted our structures and processes early, amid a phase of high market dynamics and increasing geopolitical uncertainties."
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