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ElringKlinger with preliminary results for the third quarter of 2023: revenue growth no longer expected to exceed market level based on new internal forecast due to higher S&P projections

Dettingen/Erms (Germany), October 25, 2023 +++ Based on preliminary results, ElringKlinger AG (ISIN DE0007856023 / WKN 785602) generated revenue of EUR 451.6 million in the third quarter of 2023 (Q3 2022: EUR 464.1 million). Adjusted for currency effects, revenue grew by 0.7% or EUR 3.2 million in the period from July to September 2023. Revenue generated in the first nine months totaled EUR 1,408.1 million (9M 2022: EUR 1,329.3 million). This corresponds to growth of 5.9%. Based on the assumption of stable exchange rates, revenue expanded by 7.7%.

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Press Release

ElringKlinger appoints Thomas Jessulat as CEO and names Dirk Willers as a new member of the Management Board

Dettingen/Erms (Germany), September 28, 2023 +++ At a meeting convened today, the Supervisory Board of ElringKlinger AG (ISIN DE0007856023 / WKN 785602), a prominent global technology supplier to the automotive industry, appointed Chief Financial Officer Thomas Jessulat as Chief Executive Officer of ElringKlinger AG.

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ElringKlinger Management Board

ElringKlinger demonstrates expertise as a full-service provider for electric mobility

Munich, Dettingen/Erms, 04. September 2023 +++ ElringKlinger will be presenting its broad portfolio of electric mobility products at IAA MOBILITY from 5 to 8 September 2023 in Munich, underlining its early focus on battery and fuel cell technology with the slogan "#transformationpioneer". Visitors can see the innovations for themselves on the ElringKlinger stand in Hall B3, Stand D20.

The 250 square meter stand will show off ElringKlinger’s wide range of electric mobility products. The focus will be on the wide-ranging expertise in battery technology. ElringKlinger has been developing and producing systems, modules and components for lithium-ion batteries for various hybrid and battery electric vehicle models for over a decade. 

Systems, modules and components – Focus on battery technology
At IAA Mobility 2023, the company will be showcasing the “EKp” high-performance battery module, which has been specially developed for high powered vehicles and is ideal for use in the sports car segment, for example. Immersion cooling enables high electrical power at constant temperature without any loss of power. This allows system voltages of up to 1,000 V and system power of more than 1MW (1,000 kW) with series connection. The dedicated module can be positioned in the chassis without additional reinforcement and meets the highest safety requirements currently in force in the automotive industry. 

Another highlight from the field of battery technology is a latest generation cell contact system, which combines ElringKlinger's core competencies in a single product: Plastic injection molding, stamping and assembly. They are placed on the cell network, welded on and take over the current flow. In addition to the functional tasks of the voltage pick-up, it also includes voltage and temperature sensors and thus impressively facilitates a high level of integration. ElringKlinger produces cell contact systems to customer requirements and recently announced a large-scale contract with the BMW Group contract for its NEW CLASS. 

In addition to the necessary production capacities, ElringKlinger also has the appropriate development and testing expertise for individual components, modules and complete systems. Visitors to IAA Mobility 2023 can discover the entire product range for themselves. 

Efficient lightweight solutions that optimize the vehicle weight also play an important role in vehicles with alternative drive technologies. Batteries in electric vehicles must be specially protected to prevent fires. ElringKlinger has therefore developed "ElroSafe", an underbody protection system made of glass-fiber reinforced polypropylene. The component is notable for its exceptionally high thermal resistance and excellent robustness, and therefore offers outstanding protection against high-speed shocks. In addition, numerous functions such as local attachment points, screening of electrical devices (EMC) and complex crash structures can be integrated into the product. 

Fuel cell stack modules with impressively high performance and a compact design 
The fuel cell joint venture EKPO Fuel Cell Technologies has established itself in the market and has already succeeded in acquiring various orders for components such as bipolar plates and stack moudles. EKPO has industrialization expertise and the necessary capacities for large-scale production - fully audited and in proven automotive quality. At IAA Mobility 2023, EKPO will be presenting its stack modules “NM12 Single” and “NM12 Twin” and gives a preview of the next-generation stack platform “NM20”, which delivers maximum performance with minimal installation space and low weight. 

Optimized product solutions in electric drive units, sealing and shielding technology round off the trade fair exhibits. 

"ElringKlinger focused on electric mobility at an early stage and is successfully making the transformation a reality. We are delighted that at IAA Mobility 2023 we will be able to show our visitors so many new and innovative products that underline this approach. With its knowledge of materials and processes, ElringKlinger is consistently focused on revolutionizing mobility," says Thomas Jessulat, Chairman of ElringKlinger AG. 

ElringKlinger at IAA Mobility 2023 
Hall B3 | Stand D20 

Press conference 
Monday, 4 September 2023 | 3.20 pm on the ElringKlinger stand 

Press contact: 
ElringKlinger AG
Peter Renz 
Corporate Communications 
Fon 07123/724-639
E-mail: Peter.Renz[at]

About ElringKlinger AG 
As an independent global supplier, ElringKlinger is a strong and reliable partner to the automotive industry. No matter whether it is for passenger cars or commercial vehicles, combustion engines, hybrid technology or purely electric vehicles - we offer innovative product solutions for all types of drive and thus contribute to sustainable mobility. Our lightweight design concepts reduce the weight of the vehicle, which reduces fuel consumption and CO2emissions for combustion engines and increases the range with alternative drives. With pioneering battery and fuel cell technology and electric drive units, we positioned ourselves as a specialist in electric mobility at an early stage. We are continuously developing our sealing technology for a wide range of applications. Our shielding systems ensure optimum temperature and acoustic management throughout the vehicle. Dynamic precision parts from ElringKlinger can be used in all drive types. Engineering services, tool technology and products made of high-performance plastics - including for sectors outside the automotive industry - round off the portfolio. A total of around 9,500 employees work for the ElringKlinger Group at 45 locations worldwide. 

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ElringKlinger demonstrates expertise as a full-service provider for electric mobility
Press Release

New EKPO order marks first strategic step into the electrolysis market

EKPO Fuel Cell Technologies GmbH (EKPO) and H-TEC SYSTEMS GmbH have entered into a contractual agreement for the development of stack components for PEM electrolyzers.

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New EKPO order marks first strategic step into the electrolysis market
Press Release

ElringKlinger with increased profitability in the first half of 2023

  • Group revenue up by further EUR 38.1 million or 8.8% to EUR 468.7 million in second quarter of 2023 (Q2 2022: EUR 430.6 million).
  • Marked year-on-year improvement in adjusted EBIT of EUR 24.8 million and adjusted EBIT margin of 5.3% (Q2 2022: EUR 1.8 million and 0.4 %) significantly improved, also in the half-year with EUR 51.2 million or 5.4% (H1 2022: EUR 16.8 million or 1.9%)
  • Transformation trajectory underpinned by major orders for e-mobility applications in first half of 2023


Dettingen/Erms (Germany), August 3, 2023 +++ ElringKlinger AG (ISIN DE0007856023 / WKN 785602) has published its full results for the second quarter of 2023. As in the opening quarter, the Group managed to expand its sales revenue in the months from April to June 2023. Group revenue was up by EUR 38.1 million or 8.8% to EUR 468.7 million in the second quarter of 2023 (Q2 2022: EUR 430.6 million). Adjusted for currencies, revenue increased by EUR 46.9 million or 10.9% in the second quarter of 2023. In the first six months, revenue totaled EUR 956.4 million (H1 2022: EUR 865.2 million).

Commenting on the quarterly figures, Thomas Jessulat, Spokesman of the Management Board and CFO of ElringKlinger AG, said, "After a successful start to the year, we were able to continue the positive trend in sales and earnings in the second quarter. We increased sales organically by 11.5% in the first half of the year, the adjusted EBIT margin is 5.4% after the first six months. This puts us well on track to meet our targets for the annual period as a whole."

Revenue up in all regions
In the quarter under review, sales revenue expanded across the board in regional terms, with Rest of Europe recording the most buoyant growth. Here, the ElringKlinger Group recorded sales revenue of EUR 145.8 million in the second quarter of 2023 (Q2 2022: EUR 129.4 million), which corresponds to 31% of Group revenue. Revenue expanded by EUR 16.4 million or 12.7% compared to the same quarter of the previous year.

In North America, meanwhile, second-quarter revenue was up by EUR 9.2 million or 8.3% year on year. In the first half of 2023, revenue grew by as much as EUR 33.2 million or 15.5% to EUR 247.6 million (H1 2022: EUR 214.4 million). In the Asia-Pacific region, ElringKlinger generated revenue of EUR 83.9 million in the second quarter of 2023 (Q2 2022: EUR 79.4 million). Thus, revenue expanded by EUR 4.5 million or 5.7%. In the first half of 2023, revenue remained unchanged year on year at EUR 165.3 million (H1 2022: EUR 165.3 million).

Positive earnings performance
Whereas the Group's earnings situation in the second quarter of the previous year had been significantly impacted by especially the persistently high level of raw material, energy, and logistics costs, the adverse effects emanating from these factors were contained in the quarter under review. In the second quarter of 2023, ElringKlinger achieved adjusted EBIT of EUR 24.8 million (Q2 2022: EUR 1.8 million) and an adjusted EBIT margin of 5.3% (Q2 2022: 0.4%). In the first half, adjusted EBIT stood at EUR 51.2 million (H1 2022: EUR 16.8 million), while the adjusted EBIT margin amounted to 5.4% (H1 2022: 1.9%).

Equity ratio remains stable, net debt down on prior-year figure
At 43.4% (June 30, 2022: 44.0%), ElringKlinger AG's equity ratio as of the reporting date was still within the range of 40 to 50% targeted by management. The low level of net financial liabilities that has now been achieved in a multi-year comparison improved slightly despite the increased business volume and the development in net working capital. As of June 30, 2023, the Group reported net debt of EUR 380.1 million (Jun. 30, 2022: EUR 389.5 million). The debt ratio improved to 1.9, compared to 2.5 at the end of the first half of 2022.

Slower expansion in net working capital
Net working capital amounted to EUR 529.0 million as of June 30, 2023 (Dec. 31, 2022: EUR 454.7 million). The rate of expansion is mainly attributable to developments in the first quarter of 2023, at the end of which it amounted to EUR 518.5 million. The increase in net working capital is based on several factors, such as higher trade receivables, an expansion in inventories, and slightly lower trade payables. Calculated on the basis of revenue generated at the end of the quarter, this results in a net working capital ratio of 28.0%, which is comparable to both the end of the first quarter of 2023 (28.0%) and the end of the first half of 2022 (27.9%). Also because significantly less additional funds had to be used for net working capital in the second quarter, ElringKlinger achieved a positive operating free cash flow of EUR 3.7 million (Q2 2022: EUR 3.9 million) which was comparable to the prior-year period.

Major orders received for E-Mobility applications
ElringKlinger received significant orders in the first half of 2023, the details of which were disclosed via official announcements. In addition to several orders for the Group's joint-venture subsidiary EKPO Fuel Cell Technologies GmbH, these included a high-volume order for the supply of cell-contacting systems for the BMW Group's "NEUE KLASSE." The large-scale series production order has a term of several years and will ramp up from 2025. ElringKlinger also received a series production order for battery housing components from a major global battery manufacturer. And just recently, the Group announced an order for metal battery housings to be used in commercial vehicles and city bus applications. It is to be executed by the Metal Forming & Assembly Technology business unit.

Asked to comment, Thomas Jessulat said, "These orders confirm the path of transformation chosen by ElringKlinger. Both our products from the originally traditional business units and the solutions in battery and fuel cell technology are to be seen as a compelling proposition. The fact that we were quick off the mark in positioning ourselves is paying dividends; ElringKlinger is successfully pursuing the process of transformation. In total, the nominations we have received since 2021 for applications in the new drive technologies amount to a total volume of around EUR 2.5 billion.

Guidance confirmed
Against the backdrop of the general uncertainty and volatility still evident within the economic arena, ElringKlinger can confirm its guidance for the current financial year on the basis of its first-half results and current market assessments. Accordingly, the Group continues to expect its organic revenue growth in 2023 as a whole to be significantly above the rate of change in global light vehicle production. Annual vehicle production output is projected to expand by 5.3% according to the latest estimates by industry service provider S&P Global Mobility issued in July 2023, with the second half of the year expected to be largely flat. As for adjusted EBIT in 2023 as a whole, the Group expects a margin of around 5%. The Group has also confirmed its other metrics for 2023.

Medium-term forecast
ElringKlinger considers itself to be in a very good strategic position in the medium and long term. The company was quick off the mark in its efforts to structure its product portfolio in line with the transition toward electromobility and can also build on a first-class market position in its long-standing fields of business. In the medium term, the Group anticipates stronger organic growth compared to global automotive production levels and continues to expect to improve the level of its adjusted EBIT margin gradually over this period.

Key financials for the second quarter and first half of 2023

    in EUR millionH1
    Order intake848.71,031.5-182.8-17.7 %373.8453.2-79.4-17.5 %
    Order backlog1,354.11,552.5-198.4-12.8 %1,354.11,552.5-198.4-12.8 %
    Revenue956.4865.2+91.2+10.5 %468.7430.6+38.1+8.8 %
    of which currency  -8.3-1.0 %  -8.8-2.0 %
    of which M&A  +0.0+0.0 %  +0.0+0.0 %
    of which organic  +99.5+11.5 %  +46.9+10.9 %
    EBITDA100.369.4+30.9+44.5 %46.826.7+20.1+75.3 %
    Adjusted EBIT51.216.8+34.4+>100 %24.81.8+23.0+>100 %
    Adjusted EBIT margin (in %)5.41.9+3.5 PP 5.30.4+4.9 PP 
    EBIT42.8-82.9+125.7+>100 %16.7-97.1+113.8+>100 %
    EBIT margin (in %)4.5-9.6+14.1 PP 3.6-22.5+26.1 PP 
    Net finance cost-14.73.1-17.8->100 %-5.36.3-11.6->100 %
    EBT28.0-79.9+107.9+>100 %11.4-90.7+102.1+>100 %
    Income taxes-24.1-10.4-13.7->100 %-11.9-3.4-8.5->100 %
    Net income (after minorities)9.0-90.1+99.1+>100 %2.4-94.1+96.5+>100 %
    Earnings per share (in EUR)0.14-1.42+1.56+>100 %0.04-1.49+1.53+>100 %
    Investments (in PPE)29.726.6+3.1+11.7 %17.413.8+3.6+26.1 %
    Operating free cash flow-16.5-16.0-0.5-3.1 %3.73.9-0.2-5.1 %
    ROCE (in %)5.6-10.3+15.9 PP     
    ROCE adjusted (in %)6.72.1+4.6 PP     
    Net working capital529.0465.9+63.1+13.5 %    
    Equity ratio (in %)43.444.0-0.6 PP     
    Net financial debt380.1389.5-9.4-2.4 %    
    Net financial debt / EBITDA1.92.5-0.6-24.0 %    
    Employees (June 30)9,6069,489+117+1.2 %    



    This release contains forward-looking statements. These statements are based on expectations, market evaluations and forecasts by the Management Board and on information currently available to them. In particular, the forward-looking statements shall not be interpreted as a guarantee that the future events and results to which they refer will actually materialize. Whilst the Management Board is confident that the statements as well as the opinions and expectations on which they are based are realistic, the aforementioned statements rely on assumptions that may conceivably prove to be incorrect. Future results and circumstances depend on a multitude of factors, risks and imponderables that can alter the expectations and judgments that have been expressed. These factors include, for example, changes to the general economic and business situation, variations of exchange rates and interest rates, poor acceptance of new products and services, and changes to business strategy.

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