Marel Q2 2022: Record orders, margins below expectations, price and
cost measures enacted to improve operational performance
sequential quarter of record orders received. Order book and
pipeline remain strong fueled by pioneering solutions and scale up
in local market coverage globally.
margins below expectations, hampered by high operating expenses,
cost pressures due to inflation, logistics and continued supply
chain disruption, in addition to slower ramp up of revenues than
- EBIT target
for year-end 2023 revised to 14-16% run-rate, allowing for 2%
contingency buffer due to volatility in market
operational performance expected in 2H22. Immediate action to lower
cost base through 5% reduction in workforce and actions taken to
resolve bottlenecks. Targeting gradual ramp up of revenues, full
benefit of pricing execution will lead to better price/cost
coverage in coming quarters.
Financial highlights Q2
- Orders received were EUR 471.8m
(1Q22: 421.7m, 2Q21: 371.3m).
- Order book was EUR 774.5m (1Q22:
619.1m, 2Q21: 499.1m).
- Revenues were EUR 397.3m (1Q22:
371.6m, 2Q21: 327.5m).
- EBIT1 was EUR 25.0m (1Q22: 31.3m,
2Q21: 38.6m), translating to an EBIT1 margin of 6.3% (1Q22: 8.4%,
2Q21: 11.8%), positive contribution from acquisitions in the
- Acquisitions of Wenger and Sleegers
in the quarter positively impact orders received (16.9m), revenues
(12.7m) and order book (EUR 80.9m).
- Net result was EUR 9.6m (1Q22:
21.7m, 2Q21: 23.3m). Basic earnings per share (EPS) were EUR
1.27 cents (1Q22: 2.87 cents, 2Q21: 3.14 cents).
- Cash flow from operating activities
before interest and tax was EUR 18.4m (1Q22: 32.7m, 2Q21: 77.9m).
Free cash flow amounted to EUR -7.9m (1Q22: 14.6m, 2Q21: 54.6m),
due to lower EBITDA and inventory buildup.
- Net debt/EBITDA2 was 3.8x (1Q22:
1.2x, 2Q21: 0.8x) following acquisition of Wenger, focus on
deleveraging to return to targeted capital structure of 2-3x net
debt to EBITDA.
Financial highlights H1
- Orders received were EUR 893.5m
- Revenues were EUR 768.9m (1H21:
- EBIT1 was EUR 56.3m (1H21: 76.6m),
translating to an EBIT1 margin of 7.3% (1H21: 11.6%).
- Net result was EUR 31.3m (1H21:
- Basic earnings per share (EPS) were
EUR 4.14 cents (1H21: 5.95 cents).
- Cash flow from operating activities
before interest and tax in the first six months was EUR 51.1m
- Free cash flow at EUR 6.7m (1H21:
Notes: 1 Operating income adjusted for PPA related costs,
including depreciation and amortization, and acquisition related
costs. 2 Net debt (including lease liabilities) / Pro-forma LTM
Árni Oddur Thórdarson, CEO
“Second quarter results are mixed; on one hand we are seeing
record orders received of EUR 472 million at new price/cost levels
that will support profitability going forward, while on the other
hand revenues at EUR 397 million and EBIT 6.3% were below
As stated in the preliminary Q2 2022 results issued last week,
we are taking immediate action to lower our cost base with a 5%
reduction of our global workforce. This kind of decision is always
difficult, and we will do our best to assist affected
We have pioneering solutions, services and software that are key
enablers in helping confront the current challenges faced by the
food value chain which include inflation, labor scarcity and rising
complexity. While continuously innovating to maintain our
leadership in the industry, we proactively moved forward in the
middle of the pandemic and ramped up sales and service coverage
around the world ahead of the growth curve. We also decided to meet
our customers in person and demonstrate our leadership at leading
tradeshows in the quarter, where our poultry, meat and fish
industries introduced over 25 new solutions that automate,
digitize, and optimize food processing sustainably. Sales and
marketing cost is peaking at 14% in second quarter and will move
towards the 2023 target of 12%.
We have actively raised prices in recent quarters. In hindsight
we were too late to raise prices when faced with the inflationary
environment last year. The all-time high orders reflect our strong
brand and market position, being able to pass on costs in an
inflationary environment that demands more automation and
sustainable use of raw materials.
In light of the volatility in current market conditions, we have
revised our year-end 2023 EBIT target to a run-rate of 14-16% from
the previously stated 16%. There is full focus and firm commitment
to drive the performance improvements needed, centered on actions
around productivity, procurement, and pricing. Pricing, both in the
actions already enacted and in our ongoing pricing discipline, will
filter into a higher revenue base. To increase productivity and
ramp up revenues, we are refining our operating model to create a
scalable growth platform with a sustainable cost structure.
Stepping up short-term profitability and robust cash flow are key
elements to fuel our ambition to become the one-stop-shop in this
highly attractive growth industry and support our target of 50% of
total revenues deriving from the recurring service and software
The acquisition of Wenger, a global leader in processing
solutions for the high growth markets of pet food, plant-based
proteins, and aqua feed, is a platform investment which will form
the fourth segment in Marel’s business model. The acquisition is
expected to be margin and earnings enhancing.”
Wenger, a strategic platform acquisition successfully
closed in Q2
The acquisition of Wenger, a global leader in extrusion and
dryer solutions focused on pet food, plant-based proteins and aqua
feed, was successfully closed for a total investment of USD 540m on
9 June 2022.
A platform investment into new and attractive growth markets.
Led by Jesper Hjortshøj, former VP Business Development and VP
Prepared Foods, this fourth business segment is reported under
other in 2Q22, and as of 3Q22 will be part of segment reporting,
alongside poultry, meat and fish.
With over 60% of revenues from pet food, the company has a
global leading position within their focus market segments and
Wenger has in recent years made its mark on the fast-growing,
plant-based protein consumer market with best-in-class solutions
positioned right at the center point of the value chain. Wenger
enjoys a strong foothold in the North American market and over 40%
of revenues are recurring service and maintenance revenues.
Wenger’s revenues have organically grown approximately 5%
2017-2021; revenues in 2022 are expected to be USD 190 million and
EBITDA is expected to be USD 32-35 million.
The two companies have complementary technology and product
portfolios, where Marel will add capabilities, such as weighing,
sorting, inspection, low-pressure forming and thermal treatment to
strengthen the value proposition.
In the 21 days since closing the transaction, Wenger accounted
for around 2.9% of Marel’s total revenues in 2Q22.
Third sequential quarter of record orders
The demand for Marel’s pioneering solutions is on the rise
evidenced by record orders received and a very strong pipeline.
Need for automation and digitalization investments in food
processing is accelerated by the pandemic, geopolitical tensions,
rising inflation and labor scarcity.
Third sequential quarter of record orders received in 2Q22 of
EUR 471.8m up 11.9% QoQ and 27.1% YoY (1Q22: 421.7m, 2Q21: 371.3m).
Strong first half of the year with combined orders of EUR 893.5m,
up 20.6% from EUR 740.7m in 1H21.
Newly acquired Wenger and Sleegers contributed EUR 16.9m to
orders received in the quarter.
Demand from the poultry and fish industries is at a strong run
rate, while the outlook is softer for meat.
Strong order book of EUR 775m
The strong order book at an all-time high or EUR 774.5m at the
end of June, up 25.1% QoQ and 55.2% YoY (1Q22: 619.1m, 2Q21:
499.1m), and represents 52.8% of 12-month trailing revenues.
The acquired order book from Wenger and Sleegers amounted to EUR
The book-to-bill ratio in the quarter was 1.19, compared to an
average of 1.13 in the past four quarters (3Q21-2Q22), while 1.16
in 1H22 (1H21: 1.12).
Slower ramp up of revenues than planned and actions in
Revenues in the quarter totaled EUR 397.3m, up 6.9% QoQ and
21.3% YoY (1Q22: 371.6m, 2Q21: 327.5m), and revenues in 1H22 were
EUR 768.9m (1H21: 661.5m).
Wenger and Sleegers contributed EUR 12.7m to revenues in the
Organic revenue growth QoQ was 3.5% in 2Q22 and 16.1% YoY, below
targets when compared to average orders received in past 3-4
Market conditions remained challenging due to continued supply
chain disruption and inflation at high levels resulting in missing
parts and inefficiencies in manufacturing, as well as higher costs
associated with timely delivery and slower ramp up of revenues.
Marel is targeting gradual step-up in revenue growth in 2H22 and
into 2023 on the back of a strong order book. Full benefit of
pricing actions already enacted expected to improve price/cost
coverage in coming quarters.
Aftermarket revenues, comprised of services and spare parts, was
at 41% of total revenues in the quarter (1Q22: 40%, 2Q21: 40%) and
40% in 1H22 (1H21: 40%). Productivity in aftermarket not fully back
to pre-pandemic levels.
Spare parts were at a record level for the fourth sequential
quarter, continued full focus on automating and digitizing the
spare parts delivery model and shortening lead times.
Actions to ramp up revenues include setting up cross-functional
teams for critical suppliers, innovating to engineer around
switching parts and suppliers where needed. High focus on ramp up
in poultry and salmon.
A busy quarter of customer engagement and trade shows,
gradual ramp up of revenues to provide better cost
Gross profit margin was 33.5% in the quarter (1Q22: 36.1%, 2Q21:
36.2%) and 34.7% in 1H22 (1H21: 36.7%). Gross profit was EUR 133.1m
in the quarter (1Q22: 134.0m, 2Q21: 118.6m) and EUR 267.1m in 1H22
Lower gross margin a result of price/cost time lag, less volume
than targeted, as well as one-off costs related to improvement
projects, e.g. transformational initiatives in the end-to-end spare
parts journey, with biggest impact from well executed split of
warehouses between spare parts and parts for manufacturing.
A new and digitalized global distribution center, strategically
located in Eindhoven, Netherlands, will become operational in 2024
and shorten lead times to customers, to improve scale and
SG&A of 21.4% (1Q22: 21.5%, 2Q21: 18.4%), compared to YE23
target of 18.0%. SG&A expenses were 21.5% in 1H22 (1H21:
Sales and marketing (S&M) expenses were at a level of 13.9%
of revenues in 2Q22 (1Q22: 13.8%, 2Q21: 12.2%), compared to 11.7%
of orders received. Customer engagement high in the quarter,
including trade show participation at Barcelona (fish), IFFA (meat)
and VIV (poultry) amongst others, showcasing pioneering solutions
that underpin Marel’s leadership in the industry. S&M expenses
were 13.9% in 1H22 (1H21: 12.1%). S&M costs targeted to be
lower in 2H22, clear target to reach 12.0% in S&M costs by
General administrative (G&A) expenses were 7.5% of revenues
in the quarter (1Q22: 7.7%, 2Q21: 6.2%), impacted by one-off
consultancy costs and implementation of efficiency initiatives
aimed at lowering G&A costs, e.g. shared services. G&A was
7.6% of revenues in 1H22 (1H21: 6.9%). Cost saving initiatives in
motion to reach YE23 targets.
Innovation costs at 5.8% in 2Q22 (1Q22: 6.1%, 2Q21: 6.1%) and
6.0% in 1H22 (1H21: 6.2%), against a target of 6.0%.
EBIT1 in the quarter was EUR 25.0m (1Q22: 31.3m, 2Q21: 38.6m),
translating to an EBIT1 margin of 6.3% (1Q22: 8.4%, 2Q21: 11.8%).
EBIT1 in 1H22 was EUR 56.3m (1H21: 76.6m), translating to an EBIT1
margin of 7.3% (1H21: 11.6%).
Marel does not adjust results for non-recurring costs, except
for PPA and acquisition related costs.
Enacted pricing actions and volume upside filtering
through in coming 3-4 quarters, will support improved price/cost
Marel is taking firm and immediate action to improve
profitability through higher revenues, price execution and lower
Marel has actively raised prices, time lag varies by business
mix (aftermarket ~6-8 weeks, standard equipment ~3-6 months, and
larger projects ~9-12 months).
To lower costs a decision has been made to reduce headcount by
5% across the global Marel workforce, resulting in estimated
annualized cost saving of EUR 20m, with majority of around EUR 10m
of one-off cost to be accounted for in 3Q22.
Revised EBIT target, full focus on margin expansion
actions and growth levers to reach year-end 2023
EBIT target for year-end 2023 revised to 14-16% run-rate,
allowing for 2% contingency buffer due to volatility in market
A revised EBIT bridge to 14-16% EBIT run-rate, entails actions
already enacted expected to positively impact EBIT margin by 2%
from executed pricing action (filtering through in next 3-4
quarters) and 1.5% from announced reduction in workforce (cost
reduction fully visible by YE22).
Further initiatives centered around price/cost discipline, OPEX
efficiency, and ramp up of revenues, which are expected to add
1.5%, 2% and 3% respectively to margin expansion towards the YE23
run-rate target of 14-16% EBIT.
The strong order book and the full benefit of pricing actions
will support gradual ramp up in revenues and improve price/cost
coverage and operational performance in the second half of
The pipeline remains strong fueled by pioneering solutions and
scale up in local sales and service coverage globally initiated
ahead of the growth curve. Demand from the poultry and fish
industries is on a strong run rate, while the outlook for meat is
softer and will impact the industry mix.
After a period of significant ramp up in market coverage ahead
of the growth curve, focus now shifting to further harvest off of
from built up sales force and taking decisive steps to streamline
and synergize the back office.
Non-recurring costs will continue in 2H22, as we refine the
operating model to create a more efficient and scalable growth
platform, with a sustainable cost structure and focus on
performance and accountability.
Continued investment to position our business for future
To drive the performance improvements needed to reach the 2023
financial targets, Marel will ensure the size and scale of our
operations reflect current market realities, and at the same time
support long-term profitability and position our business for
The medium to long term outlook for the industry is unchanged
and therefore Marel will continue to invest in the platform,
including digital solutions, spare parts handling and streamlining
the back end.
Continued focus on automating and digitizing the manufacturing
platform, supply chain and aftermarket to shorten lead times and
support the 2026 target of 50% of revenues coming from service and
Cash capital expenditures excluding R&D investments to
remain on average 4-5% of revenues in 2021- 2026, thereafter,
returning to more normalized levels.
Cash flow colored by continued inventory buildup and
mitigating supply chain challenges
Operating cash flow was EUR 18.4m in the quarter (1Q22: 32.7m,
2Q21: 77.9m). For the first six months of the year, operating cash
flow was EUR 51.1m (1H21: 138.1m).
Supply chain issues have escalated in recent quarters, whereby
there are still delays in availability of parts impacting
operations. Strong balance sheet used to mitigate supply chain
Continued inventory buildup in the quarter, tying up capital and
cash flow, to ensure timely delivery of equipment and spare parts
to customers. Inventories in the quarter increased by EUR 54.1m due
to the acquisitions of Wenger and Sleegers, totaling at EUR
Cash CAPEX excluding R&D investments in 2Q22 were EUR 14.2m
(1Q22: 7.7m, 2Q21: 10.0m) or 3.6% of revenues.
Free cash flow was EUR -7.9m in the quarter (1Q22: 14.6m, 2Q21:
54.6m), was impacted by low operational performance, continued
inventory buildup and investments. For the first six months of the
year, free cash flow was EUR 6.7m (1H21: 100.1m).
Share buyback program and
To meet Marel’s obligations under share incentive programs with
employees, a share buyback program was initiated for up to
4,000,000 shares on Nasdaq Iceland, or about 0.52% of the total
issued share capital in the Company, and up to 1,000,000 shares on
Euronext Amsterdam, or about 0.13% of the total issued share
As part of the buyback program, Marel has purchased 4.1 million
shares (EUR 17.6 million) in the period 1 June 2022 to 30 June
The buyback program on Nasdaq Iceland was in effect from 1 June
2022 and was discontinued after 1 July 2022, when the maximum
number of shares to be purchased was reached. The buyback on
Euronext Amsterdam is in effect from 1 June 2022 until and
including 2 September 2022.
The AGM agreed to a dividend of 5.12 euro cents per share for
the operational year 2021 which was paid out in 1Q22. The total
dividend payment in 2022 was EUR 38.7 million, corresponding to
approximately 40% of net results for the operational year 2021
(2021: 40%, 2020: 40%), and is in line with Marel’s targeted
capital allocation and dividend policy.
Leverage temporarily above target of 2-3x
Leverage ratio was 3.8x at the end of 2Q22 (1Q22: 1.2x, 2Q21:
0.8x) due to the acquisition of Wenger with vast majority
in cash consideration, FX impact from stronger USD resulting
in higher debts in EUR, in addition to overall lower EBITDA than
Focus going forward on deleveraging to reach targeted capital
structure of 2-3x net debt to EBITDA.
On 27 April 2022, Marel signed a new EUR 150.0m multi-currency
bridge facility, which has a 12-month term and two six-month
extension options at Marel’s discretion.
In 2Q22, Marel drew USD 530.0m on its committed revolving
facility in order to finance the Wenger acquisition and utilized
the full EUR 150.0m to provide operational liquidity. EUR 100.0m
was repaid on the revolving facility in the quarter.
Committed liquidity of EUR 237.3m at the end of 2Q22,
including fully committed all-senior funding in place until
Industry performance Q2
Marel Poultry -
49% of total revenues with
Record orders received and clear path towards historical
Orders received for Marel Poultry were at an all-time high in
2Q22, driven by the automation need within the industry in line
with rising costs for energy and labor. Very good mix in orders
received in the quarter with growth in both primary, secondary and
consumer-ready solutions. Large greenfield orders from the Middle
East and Balkan region. Marel presented its new cutting-edge
technology for poultry processors at VIV Europe, e.g. Athena,
breast deboning process, and Nuova-I, intelligent evisceration
solution which enables optimal processing with deviant products
sizes or shapes. Strong pipeline and outlook for 2H22, supporting
stronger volume going forward with a favorable product mix.
Revenues in 2Q22 for Marel Poultry were EUR 195.8m, up 34.9% YoY
(2Q21: 145.1m), focus on ramp up in coming quarters in line with
high orders received and order book.
EBIT1 margin in 2Q22 was 11.2% (2Q21: 12.2%) impacted by margin
pressures due to inefficiencies related to supply chain bottlenecks
and time lag in price/cost as price increases filter through.
Management targets short-term EBIT margin expansion for Marel
Poultry. On the back of a healthy order book and good mix in
pipeline, volume is expected to gradually improve throughout the
year with foreseen better price and product mix, resulting in
gradual improvements in operational performance.
Marel Meat - 31% of
total revenues with -1.6%
Operational performance at unacceptable levels in the quarter,
impacted by lockdowns in China, geopolitics and sanctions. Sales in
consumer-ready solutions below targets. High focus on making
necessary changes to achieve improved operational performance.
High inflationary environment and focus on sustainability are
shifting consumer preferences towards poultry, fish, and
plant-based at the cost of meat.
High focus and commercial efforts in selling pioneering
solutions that are head on with current challenges in the meat
industry. Marel presented 15 new products and unique solutions for
the meat industry at IFFA trade show. Acquisition of Sleegers
Technique, announced on 22 April, will benefit sales in the
consumer-ready and prepared foods segments.
Orders received in 2Q22 for Marel Meat were soft, in particular
in primary projects, due to lockdowns in China, geopolitics and
sanctions, as well as rising costs in an inflationary
Revenues in 2Q22 for Marel Meat were at EUR 123.5m, down 8.4%
YoY (2Q21: 134.8m) due to lower orders received, unbalanced load
between factories and inefficiencies related to supply chain
EBIT1 margin in 2Q22 of -1.6% (2Q21: 12.6%).
Marel Fish - 13% of
total revenues with 3.3%
Orders received at record levels, high focus on ramping up
revenues leading to a step up in operational performance.
Orders received in 2Q22 for Marel Fish were strong, with
significant organic growth. Customers are investing in larger
solutions and continued automation investments in the salmon
industry where prices are high and appetite for investment in
automation is good. Continued strong pipeline for larger projects
in salmon, while momentum in whitefish gradually picking up, and
high conversion from pipeline into orders expected in coming
Revenues for Marel Fish in 2Q22 were EUR 52.0m (2Q21: 37.9m), up
37.2% YoY, although below target. Full focus on resolving part
availability in partnership with suppliers and increasing supply
EBIT1 margin in 2Q22 was 3.3% (2Q21: 6.3%). Integration of newly
acquired entities on fast track and coloring operational
performance in the quarter and this year.
Management continues to target medium and long-term EBIT margin
expansion for Marel Fish. Order book targeted to convert
faster into revenues in addition to high focus on improved
productivity and cost efficiency.
Marel has revised its year-end 2023 financial target to a
run-rate of 14-16% EBIT, from the previously stated 16%, allowing
for 2% contingency buffer due to volatility in market conditions.
Other 2023 financial targets are unchanged, gross profit of around
40%, SG&A of around 18% and innovation at the 6% strategic
Market conditions remain challenging due to continued supply
chain disruption and inflation at high levels resulting in
inefficiencies in manufacturing and aftermarket, and higher costs
associated with timely delivery. Marel is targeting a gradual
build-up of revenues and operational performance in the second half
of 2022, based on a strong order book with better price/cost
coverage in new orders. Marel is experiencing strong demand for its
solutions, software and services driven by an accelerating focus on
automation, robotics technology and digital solutions that support
sustainable food processing.
In the period 2017-2026, Marel is targeting 12% average annual
revenue growth through market penetration and innovation,
complemented by strategic partnerships and acquisitions.
- Maintaining solid operational
performance and strong cash flow is expected to support 5-7%
revenue growth on average by acquisition.
- Marel’s management expects average
annual market growth of 4-6% in the long term. Marel aims to grow
organically faster than the market, driven by innovation and
growing market penetration.
- Management believes that market
growth will be at a level of 6-8% in the medium term (2021-2026),
due to catch up effect from the past five years and a very strong
tailwind in the market.
- Marel’s management expects basic EPS
to grow faster than revenues.
- Recurring revenues to reach 50% of
total revenues by YE26, including software and services.
Growth is not expected to be linear but based on opportunities
and economic fluctuations. Operational results may vary from
quarter to quarter due to general economic developments,
fluctuations in orders received and timing of deliveries of larger
Cash capital expenditures excluding R&D investments are
expected to increase to on average 4-5% of revenues in 2021-2026,
thereafter, returning to more normalized levels.
Q2 2022 investor meeting on
at 10:30 CET
On Thursday 28 July 2022, at 8:30 am GMT (10:30 am CET), Marel
will host a virtual investor meeting where senior management will
give an overview of the financial results and operational
highlights in the second quarter of the year.
The meeting is webcast live on marel.com/webcast and a
recording is available after the meeting on marel.com/ir.
Members of the investment community can also join the meeting
through a conference call by dialing:
- IS: +354 800 7437 (PIN
- NL: +31 10 712 9162
- UK: +44 33 3300 9034
- US: +1 631 913 1422 (PIN
Upcoming investor events
- ING Benelux Europe Conference,
London, 7 September
- Citi European Growth Conference,
London, 7-8 September
- Kepler Cheuvreux Autumn Conference,
Paris, 13-15 September
- IBIE in Las Vegas, USA, 18-21
- Polagra Tech in Poznan, Poland,
- CIMIE in Beijing, China, 20-24
- Conxemar in Vigo, Spain, 4-6
- China Fisheries and Seafood Expo,
- Marel Software Knowhow, dates to be
Marel will publish its financial results according to the below
- Q3 2022 – 2 November 2022
- Q4 2023 – 8 February 2023
- AGM – 22 March 2023
Financial results will be disclosed and published after market
closing of both Nasdaq Iceland and Euronext Amsterdam.
For further information, please contact Marel Investor Relations
via email firstname.lastname@example.org or tel. +354 563 8001.
Marel (NASDAQ: MAREL; AEX: MAREL) is a leading global provider
of advanced food processing equipment, systems, software, and
services to the poultry, meat and fish industries. In line with its
2017- 2026 growth strategy, Marel has gradually expanded its
business model into adjacent industries, where most recently the
acquisition of Wenger has added a fourth pillar focused on pet
food, plant-based protein and aqua feed. Our united team of 7,000+
employees in over 6 continents delivered EUR 1.4 billion in
revenues in 2021. Annually, Marel invests around 6% of revenues in
innovation. By continuously transforming food processing, we enable
our customers to increase yield and throughput, ensure food safety
and improve sustainability in food production. Marel was listed on
NASDAQ Iceland in 1992 and dual-listed on Euronext Amsterdam in
June 2019. For further information, please
Statements in this press release that are not based on
historical facts are forward-looking statements. Although such
statements are based on management’s current estimates and
expectations, forward-looking statements are inherently uncertain.
We therefore caution the reader that there are a variety of factors
that could cause business conditions and results to differ
materially from what is contained in our forward-looking
statements, and that we do not undertake to update any
forward-looking statements. All forward-looking statements are
qualified in their entirety by this cautionary statement.
Market share data
Statements regarding market share, including those regarding
Marel’s competitive position, are based on outside sources such as
research institutes, industry and dealer panels in combination with
management estimates. Where information is not yet available to
Marel, those statements may also be based on estimates and
projections prepared by outside sources or management. Rankings are
based on sales unless otherwise stated.
- Marel Q2 2022 Condensed Consolidated Interim Financial
- Marel Q2 2022 Condensed Consolidated Interim Financial
- Marel Q2 2022 Press release
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