Grundfos announces strong 2023 results and delivers on sustainability ambitions

Grundfos delivered healthy sales growth in 2023 while reducing its own water and energy footprint as well as supporting customers in lowering their water and energy consumption.

Building on the solid performances of recent years, Grundfos realised record sales of EUR 4.6bn. This represents a sales growth of 4.2 percent in line with strategic ambitions. EBIT before special items also grew; to a record EUR 578m against EUR 529m in 2022. The EBIT result equals a 12.5 percent profit margin.

Growing key markets

“We are satisfied with our financial results. We have worked hard to maintain our leadership position, grow sales, and deliver solid earnings. Despite a worldwide market slowdown, where we experienced lower demand in the second half of 2023, we managed to deliver full-year growth in key markets like Germany and UK as well as double-digit growth in the US. Equally important, customer satisfaction was at an all-time high and we made strong progress towards delivering on our water and climate ambitions,” said Poul Due Jensen, Group President and CEO of Grundfos.

Other significant highlights from Grundfos’ 2023 include double-digit growth within both the Commercial Building Services division and the newly acquired industrial water treatment business.

Sustainability progress

During 2023 Grundfos managed to reduce its total CO2 emissions by nine percent year-on-year, as well as reduce its own water consumption by seven percent. Finally, as 99 percent of the company’s emissions stem from installed products in use, great efforts have been made in terms of product innovation and sales initiatives to drive energy and water efficiency for Grundfos customers.

“We want to lead by example through actions, and I am exceedingly proud of the sustainability progress we have made in 2023, both when it comes to our own emissions and water reduction and how we have helped our customers to save energy and water as well as providing clean water access to millions of people in need,” said Poul Due Jensen, adding:

“All Grundfos colleagues have done a fantastic job enabling Grundfos to achieve all these hard-earned results and live up to our promise to respect, protect and advance the flow of water, and we are very pleased that while doing this, we achieved the highest employee satisfaction ever.”

The Group Annual Financial Statements are reported in Danish Kroner (DKK). Euro figures are converted at a fixed DKK/EUR exchange rate of 7.45.