STEICO SE Confirms Preliminary Financial Figures for 2023

STEICO SE officially released its final financial statements for 2023, confirming the preliminary figures. The detailed fiscal data sheds light on a careening year where the construction sector faced prolonged challenges due to escalating inflation and interest rates across Europe. STEICO, a leading manufacturer in ecological construction materials, experienced a significant reduction in revenue and profitability in comparison to the previous year.

The company's revenue plunged by almost 18% to €365.3 million from €445.2 million in 2022, as reported in their newly published annual report. Additionally, both EBITDA and EBIT also took a steep dive, with EBITDA falling to €57.7 million from €88.6 million, and EBIT tumbling to €30.4 million from €65.2 million. These declines mirror the strained environment in the construction industry, marked by reduced demand and intensified competition.

As STEICO grappled with these tough market conditions, its consolidated net income also diminished considerably, standing at €16.9 million, which shows a downward trend from the previous year's €47.9 million. The company's earnings per share followed suit, lower at €1.20 compared to €3.40 in 2022. In response to the persistent economic pressures, the STEICO's Administrative Board has proposed to suspend dividend payments for 2023 to strengthen the company's financial foothold.

Looking ahead, STEICO remains wary but hopeful for a stabilization in the market, anticipating revenues to hover around the same levels as 2023 with an expected EBIT ratio of 9% to 11%. The full financial report is available for further details on STEICO's investor relations webpage.