Grundfos announces strong half-year result despite challenging circumstances

Grundfos reports strong results for the first half of 2022 with a turnover of DKK 15.8bn and an EBIT of DKK 1,689m adjusted for a one-off cost related to the closing of business in Russia and Belarus.

  • Sales growth 11.2 %
  • Net turnover DKK 15.8bn
  • Earnings before interest and tax (EBIT) DKK 1,689m

Grundfos reports a strong order intake growth of +15%, and sales growth of 11.2% for the first half of 2022, adjusted for lost sales in Russia and Belarus. Adjusting for a one-off cost of DKK 851m related to closing business in Russia and Belarus, the water solutions company reports earnings before interest and tax (EBIT) of DKK 1,689m, negatively impacted by continued supply chain and materials shortage challenges.

“I am very proud to present such strong results for our first half of 2022. It has been our number one priority to be able to continue to serve our customers and we have managed to do so whilst navigating extraordinarily difficult circumstances,” says CEO Poul Due Jensen.

He continues, “These results are proof of the agility, dedication and hard work shown by our colleagues all over the world and I cannot thank them all enough for their resilience and devotion in these continuously challenging conditions.”

The growing raw material prices, higher logistics costs, and significant material shortages are expected to continue, making the outlook for the remainder of the year uncertain.

"Grundfos will continue to provide solutions to the climate and water challenges the world faces. We want to play an active role in relieving the energy crisis in Europe and the rest of the world by delivering energy efficient solutions that reduce the use of electricity for heating, cooling and water management,” ends Poul Due Jensen.