GRENKE AG Achieves 21.5% Quarterly Growth, Approaching EUR 3 Billion Target

GRENKE AG has announced a significant leap in its new leasing business, registering a robust 21.5% year-on-year growth to reach EUR 790.3 million in the second quarter of 2024. This marks the highest quarterly expansion in the company's history. The contribution margin 2 (CM2), an essential metric of profitability, also saw an increase of 19.4% to EUR 130.9 million.

Southern Europe emerged as the leading region, with a 34.4% surge in leasing business, largely driven by Italy. Western Europe, excluding the DACH region, followed closely with 15.3% growth. Demand for green economy objects, such as eBikes, water treatment, and solar systems remained strong, contributing to GRENKE’s impressive performance.

CEO Dr. Sebastian Hirsch remarked on the achievement, emphasizing that this milestone is a crucial step towards their annual target of over EUR 3 billion in new business. CFO Dr. Martin Paal echoed this sentiment, highlighting the solid profitability reflected in a CM2 margin of 16.6%.

Factoring business saw an 11.3% growth while leasing demand remained high, with around 167,000 lease applications processed. Moving forward, GRENKE anticipates continued strong growth through the year, underpinned by a new EUR 500 million benchmark bond issued at favorable terms.