From left:

Ingrid Jägering

Human Resources
and Legal Affairs

Michael Traub
of the Executive Board

Sarah Gewert
Marketing and Sales

Martin Schwarz
and Materials

Anke Kleinschmit

STIHL AG is the managing partner of STIHL Holding AG & Co. KG and ANDREAS STIHL AG & Co. KG

Report of the executive board

Dear Business Partners,
Dear Staff,
Dear Friends of the STIHL Group,

2023 was tough for us all. After leaving the challenges of the pandemic behind us, we faced an overall economic situation that remained uncertain due to high inflation, weak business activity, and the wars in Ukraine and the Middle East. Despite difficult conditions, the STIHL Group recorded revenue of over 5.3 billion euros. This figure is 4.1 percent lower than the previous year’s total and fell short of our expectations as a result.

However, after years of significant growth, the entire outdoor power equipment industry is currently in a phase of temporary consolidation, leading to a fall in global production, including at the STIHL Group, and prompting STIHL and our authorized dealers to make adjustments to inventories.

The transformation of our business continues unabated, irrespective of economic and global political events. We are seeing that the transition from gasoline-powered to battery-operated products is progressing faster than we predicted. This requires maximum levels of agility and execution on our part. At the same time, this trend confirms that we are on the right track with our battery strategy and our long-term thinking and actions. Over the next two years, we will be launching 30 new battery-operated products on the global market. We are also making targeted investments in the development of new product platforms and services to expand STIHL’s leading position worldwide in the long term. One example: In 2024 alone, we will invest 17 million euros in the construction of a dedicated production facility for EC motors at the site of our founding company in Waiblingen.

The Stihl family’s long-term perspective and its confidence in the Executive Board and the entire team are the basis for this success. I would like to extend my sincere thanks to employees across the STIHL Group, who mastered the difficult conditions in a great spirit of unity across all locations. My thanks also go out to the Executive Board and the members of the Employee Council for our positive and constructive working relationship.

Unterschrift Michael Traub

Michael Traub
Chairman of the Executive Board of STIHL AG