Vitesco Technologies Group AG (VTSCY) Q2 2024 Earnings Call Transcript

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Vitesco Technologies Group AG (OTCPK:VTSCY) Q2 2024 Results Conference Call August 8, 2024 4:00 AM ET

Company Participants

Heiko Eber – Investor Relations Head
Andreas Wolf – Chief Executive Officer
Sabine Nitzsche – Chief Financial Officer

Conference Call Participants

Marc-Rene Tonn – Warburg Research

Heiko Eber

Thank you, operator. Ladies and gentlemen, I’m very happy to welcome you to our today’s call on financial results of the second quarter 2024. As usual, the press release, the presentation and our half year reports have been published today at 7:00 a.m. CET on our Investor Relations home page. And for sure, we will afterwards provide a recording and a transcript of this webcast.

Now before we look at our today’s agenda, as usual, I’m sure you have all taken notice of our well-known disclaimer. Looking at the agenda, Andreas Wolf, our CEO; and Sabine Nitzsche, our CFO, have joined the webcast to guide you through the key information in our presentation on group and divisional level.

In addition, we will talk about our cash flow and balance sheet as well as our updated guidance. And afterwards, those will be available for our Q&A session. And now without further ado, let me hand over to our CEO, Andreas, please.

Andreas Wolf

Yeah. Thank you, Heiko, and thank you very much, ladies and gentlemen, for joining us today. The first half year 2024 is in the books. Unfortunately, the market continued to be challenging. Global light vehicle production saw more or less a flattish development. However, in a volatile market environment, we increased profitability to 4%, thanks to less dilutive business, positive mix effects, hence generally our resilient portfolio.

Consequently, we will see further improvement throughout the next 2 quarters, thus ensuring that we meet our full year targets. Our sales came in slightly above EUR2 billion. With

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