The last year was once again shaped by geopolitical conflicts and other pressing challenges, such as digitalisation and climate change. One thing is very clear from these global trends: continual change and complex transformation processes have long since become the norm. Social and economic changes also had an impact on our Group in 2023. Supply chain problems, high inflation in the eurozone, the trend in interest rates and the shortage of skilled labour once more tested our adaptability and strengths.

Against this backdrop, we still remained on track last year. We continued to be both stable and adaptable, demonstrating resilience and openness to new approaches. Our progress and decisions were also guided by responsible conduct, reliability and a long-term focus in 2023. These factors were also key to a successful year overall, which saw us set a new record with revenue in excess of €14 billion. Our operating result improved significantly compared to the previous year.

Investing in our group of companies has always been extremely important to us and this year saw us invest morethan ever before. In concrete figures, our production sites and the global sales and service network received a record sum of €1,030 million, which represents an increase of 19.4 % on the previous year. We invested in our sites in Ehingen, Biberach and Oberopfingen in Germany, Dalian in China, Campsas in France and Newport News in the USA, to name just a few.

We see constant change as an opportunity, because as a technology company, we are directly involved in important transformations. Our machines are used to construct or remodel vital infrastructure around the globe and our technologies contribute to the decarbonisation and digitalisation of entire branches of industry. Our products themselves are also changing – becoming more digital and reducing emissions.

We would not be able to shape this change without our 50,000 employees. Their dedication and ideas are fundamental to our success and we extend our sincere thanks to them. We are also hugely grateful to our customers and partners for their loyalty and for placing their trust in us. Their satisfaction remains our top priority and that is a promise that we will keep in future too.

In 2024, we are marking our 75th anniversary – a significant milestone for our Group. The rich history that we are celebrating serves as a source of inspiration for us to actively shape further innovation for the future. Looking ahead to 2024, we are confident in our ability to master challenges and turn opportunities into successes.

Jan Liebherr und Stéfanie Wohlfarth

Presiding Committee of the administrative board of Liebherr-International AG