Despite market conditions, Grundfos continued its performance in 2022 with a sales growth of 12.1%, net turnover hitting a record 33.3bn Danish krone and earnings (EBIT before special items) reaching 3.9bn Danish krone.
Despite market turbulence in 2022 such as the Russian invasion of Ukraine, continued impact of COVID-19, bottlenecks in global supply chains, rising energy prices and inflationary pressure, Grundfos continued its performance recorded for 2021.
“We have successfully navigated through a challenging year. Our business remains strong, and we have delivered profitability,” said its president and CEO, Poul Due Jensen.
2022 was the year, in which Grundfos closed its business in Russia and Belarus, entailing a one-off restructuring expense of 851m Danish krone.
In key markets, including the US, Germany and the UK, Grundfos delivered sales growth contributing to a 2022 global growth of 16.2%, adjusted for lost sales in Russia and Belarus.
In 2022, Grundfos also implemented a new divisional structure, which will serve as a lever in delivering the company’s ambitions as well as its purpose to pioneer solutions to the world’s water and climate challenges.
Further, Grundfos reached a milestone in November 2022 when its 2050 net-zero commitment was approved by the Science Based Targets initiative (SBTi).