ITALY - The Biesse Group, a world leader in wood processing technology, has reported results for the first nine months of 2023 (9M-2023).

Revenues from sales and services amounted to EUR 595.7m, 2.9% less than in 9M-2022 (EUR 613.4m). This performance was characterized by a slowdown in sales dynamism in some geographical areas, which was partially mitigated by the Biesse Group's extensive distribution network.

Analysis of turnover by geographical area shows that the increase was only in Eastern Europe (9.2%), while Western Europe, Asia-Oceania, North America and the Rest of the World recorded declines of 2.7%, 5.8%, 7.6% and 21.3% respectively.

Adjusted EBITDA in 9M-2023 was EUR 62.7m, 11.4% lower than in the same period of the previous year (9M-2022: EUR 70.8m). Net income (profit) was EUR 15.9 million, 35.7% lower than in 9M-2022 (EUR 24.8 million).

In 9M-2023, order intake amounted to EUR 147.0 million, lower than in 9M-2022 (-13.4%), as a consequence of the reduction of government incentives in the domestic market.

The scenario described confirms that the Biesse Group benefited in the first nine months of 2023 from the dynamism associated with the demand for capital goods in the previous fiscal year.

However, the decline in order intake, which had already begun as of the second quarter of 2022, will influence the dynamics of sales development until the end of the year.