Germany-based multinational conglomerate BayWa AG reported its half-year financial results for 2024, showing a consolidated revenue of €10.7 billion, down from €12.6 billion in the same period last year. The decline was largely driven by significant impairments totaling €222.2 million, primarily affecting the Renewable Energies segment, which recorded an EBIT of minus €102.8 million due to lower electricity price curves and increased capital costs. The largest share of impairments (€114.4 million) was attributed to BayWa r.e. AG’s IPP business unit, which manages the company’s wind and solar power assets. Other segments, including Agri Trade & Service and Energy, also faced impairments due to changing valuation assumptions. Despite these setbacks, some segments performed positively, such as Agricultural Equipment, which saw EBIT grow to €63 million, and Global Produce, which recovered with improved apple prices and insurance payouts. BayWa AG states that it has initiated restructuring measures, including appointing a Chief Restructuring Officer and launching an in-house restructuring report, as it seeks to optimize its portfolio and strengthen its position in core markets.
BayWa’s First Half 2024 Revenues Down 15% Year-Over-Year
