Jungheinrich's profits plummet 50% as strike and competition bite
Jungheinrich has reported a sharp drop in first-quarter earnings, with profits halving compared to last year. The decline comes amid fierce competition and a strike at its Lüneburg plant. Meanwhile, the company is preparing for a leadership change as its finance chief departs early. The forklift manufacturer’s earnings before interest and taxes (EBIT) fell by 50% in the first three months of the year. Management attributed the slump to rising competitive pressure and production disruptions caused by industrial action at its Lüneburg facility.
The company’s share structure remains largely unchanged. Founder’s descendants still control 53% of voting shares through two family branches, each holding 27 million ordinary shares. The remaining 45 million non-voting preferred shares trade publicly, with most in free float. On the leadership front, Heike Wulff will leave her role as CFO before her contract’s original end date of May 2027. She joined the executive board in early 2026 but will not have her mandate renewed. CEO Lars Brzoska will take over financial responsibilities temporarily while the company searches for a permanent replacement. The leadership shift follows a difficult period for shareholders. Jungheinrich’s market value has shrunk by nearly 30% since late 2025, now standing at around €2.6 billion.
The company faces immediate challenges, including weakened earnings and a leadership transition. With Brzoska overseeing finances for now, Jungheinrich must stabilise operations while searching for a new CFO. The impact of the Lüneburg strike and market competition will also remain key factors in its recovery.
