Egger Group posts exceptional results and announces management changes

Egger cited strong product demand, record quantities produced but also price increases necessary due to cost pressures. 

EBITDA were up 41% over 2021, Egger recording €877.5m.

It said its financial year closed in exceptionally challenging times: the ongoing coronavirus pandemic and the Ukraine conflict having a massive impact on the global energy and raw material markets. 

“This increase in earnings shows that on the one hand we have mastered the challenges of the ongoing pandemic well and at the same time have made good use of the opportunities arising in our industry,” said Thomas Leissing, Group Management Finance/Administration and Spokesman for the Group Management.

Egger said it had also produced record quantities in the past few months, thereby serving strong customer demand. It posted annual production of 10.5 million m³ of wood-based materials and sawn timber. 

But despite the excellent performance, Egger’s forecasting shows subdued expectations for the 2022/2023 financial year.

“The crisis in Ukraine, the volatile raw materials markets, the uncertain energy supply, the ongoing corona pandemic and rising inflation are factors that are dampening the Egger Group's earnings expectations for the coming financial year,” it said.

“Even if the prospects are currently gloomy, Egger is sticking to the corporate strategy and continuing the stable growth under its own steam.”

Meanwhile, Egger group management changes have been taking place.

Walter Schiegl is leaving the group management after more than 20 years and will take over the Supervisory Board mandate from Michael Egger from the autumn. Mr Egger will celebrate his 75th birthday at the end of August and will then retire from the strategic committee. 

Hannes Mitterweissacher takes over from Walter Schiegl as the responsible group manager for technology/production. Frank Bölling complements the group management and is responsible for the logistics department. 

Michael Egger Junior will take over the sales/marketing management role from Ulrich Bühler.