Q3 2023 Earnings Report for Poultry Segment
marel
Plant, Pet and Feed
Orders received driven by pet food in 3Q23, outlook and pipeline remains solid. FY23 expectation of historical 14-15% EBIT
based on strong deliveries and favorable mix in 4Q23
12%
of total
revenues
Revenues and EBIT1
EUR m, %
55.9
Revenues
EBIT1
EUR 47.8m
EUR 6.2m
-14.5% YoY
13.0% of revenues
65.9
54.6
54.9
47.8
15.7%
14.7%
13.9%
13.0%
10.6%
2Q23
3Q23
3Q22
4Q22
1Q23
Revenues (EUR m)
EBIT (%)
Orders received for Marel Plant, Pet and Feed (PPF) were driven by strong project orders
in pet food, concentrated in North and Latin America, and aftermarket continued on a
strong note.
Outlook and pipeline remains solid in pet food while softer in plant-based solutions and
aqua feed.
Wenger has a strong foothold in the North and Latin American market and strong recurring
revenues from aftermarket services. Management is focusing on proactive aftermarket
services and the further cross- and upselling of Marel's complementary product offering
into plant, pet and feed.
Revenues in 3Q23 were EUR 47.8m (2Q23: 54.9m, 3Q22: 55.9m) lower than expectation
due to timing of shipments and a parts availability issue expected to resolve in 4Q23.
EBIT margin in 3Q23 of 13.0% (2Q23: 10.6%, 3Q22: 15.7%), impacted by timing of
orders.
Management is targeting EBIT margin expansion for the Plant, Pet and Feed segment
through higher mix of aftermarket, cross-selling and improved profitability. Operational
performance for FY23 expected to be in line with historical performance of 14-15% EBIT
based on strong deliveries and favorable mix in 4Q23.
Notes: All financial numbers relate to the Condensed Consolidated Interim Financial Statements Q3 2023. 1 Operating income adjusted for PPA related costs, including depreciation and amortization, and acquisition related expenses as of Q4 2020. In Q3 2022, Q4
2022, Q2 2023 and Q3 2023, operating income is adjusted for restructuring costs.
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