Satisfactory financial performance despite the COVID-19 pandemic

Grundfos reports half-year result for 2020.

• Organic Sales declined 8.3%
• Net turnover of DKK 12.3 billion
• Earnings before interest and tax (EBIT) of DKK 1,067 million, a decrease of 9.3% compared to 2019

The pandemic has had a significant impact on markets globally in the first half of 2020. Grundfos has seen lower activity in all markets globally. However, there are positive trends emerging in important market areas such as China, the US and a number of countries in Western Europe.

“In light of the global crisis, we are satisfied with our financial performance. We and most of our customers are impacted by COVID-19. Our main priority is the health and well-being of our employees and partners, and ensuring our ability to supply our customers,” says Mads Nipper, Group President & CEO of Grundfos.

“Our colleagues across the globe have done a fantastic job under difficult circumstances. I am very pleased to see the dedication to keep our business running and in ensuring our customers are supplied with the water solutions they need. I am particularly proud to see many cases of fast and effective supply of critical equipment to emergency hospitals and other places where our products and solutions have been essential,” continues Mads Nipper.

Persistent uncertainty in all markets influence the business outlook for the second half of 2020 and for the full-year outlook. Grundfos expects the global markets to remain negatively affected by COVID-19, and expects a full-year decline in sales compared to 2019.

“The COVID-19 pandemic and following crisis are impacting us and will continue to do so. We have managed to stay agile, disciplined and diligent in all areas of our business to navigate through these challenging times and we will continue our efforts and diligently work to ensure that our business remains sound,” says Mads Nipper.

About Grundfos
We pioneer solutions to the world’s water and climate challenges and improve quality of life for people. As a global pump and water solutions company we provide expertise in energy- and water efficient solutions and systems for a wide range of applications, including water utility, water treatment, industries and buildings.