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“Our technological expertise ranges from the road to the cloud. That’s what makes Continental so unique,” said Continental’s CEO Nikolai Setzer today at the technology company’s virtual annual shareholders’ meeting, underscoring the company’s strong technological and competitive position.
At today’s Capital Market Day in Hanover, Continental announced its strategy for increasing value creation. To achieve its mid-term targets, the company will adopt a package of cost-reduction measures. It thus aims to achieve a consolidated adjusted EBIT margin of around 8 to 11 percent in the next two to three years and then improve within this range.
Continental achieved its financial targets in the past fiscal year, taking the DAX company a step closer to its mid-term targets as it continues to defy the challenging conditions.
Continental ended the second quarter of 2023 with strong earnings again in the Tires group sector and high order intake in Automotive of around €8.6 billion. The ContiTech group sector achieved solid results, while earnings in Automotive fell short of expectations, mainly due to currency effects and continuing costs for special freight.
Katja Garcia Vila (51), chief financial officer of Continental, has informed the company’s Supervisory Board ahead of its meeting on March 12 that she will not be seeking another term on the Executive Board after her contract expires in December 2024.
