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Continental ended the third quarter of 2023 in line with expectations. The technology company significantly improved the operating result in its Automotive group sector compared with the first half of the year. This was thanks to price adjustments, high cost discipline and stabilized supply chains. Furthermore, it increased its adjusted free cash flow year-on-year as well as compared with the first two quarters of 2023. This was due primarily to a reduction in inventories.
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.
At today’s meeting of the Supervisory Board of Continental AG, Prof. Wolfgang Reitzle informed members that he will be available to chair the board for a further two years. All shareholder representatives on the Supervisory Board will stand for re-election at the Annual Shareholders’ Meeting on April 26, 2024.
