annual report 2023

A year of overcoming and growth
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90 years of great ambition

90 years of great ambition

Throughout 2023 we embarked on a journey of ambition, in which we celebrated our ‘legacy of future’ with great enthusiasm: the 90th anniversary of the Nors Group.

The events, projects and challenges that marked 2023 played a fundamental role in strengthening the Group’s voice. As a result of an increasingly global and dynamic dispersion, we have strengthened our footprint in the dozens of geographies and companies that make up our portfolio, while ensuring a closer and more aggregating presence, consolidated in the Nors culture.

2023 has undoubtedly mirrored this ambition.

What moves us?

90 years later, our ambition keeps growing

Group CEO’s message

A great and sustained ambition for the coming years

2023 was a decisive year for the Nors Group. In these twelve months, in which we celebrated our 90-year legacy with great enthusiasm, we looked to the future, paving the way for great achievements in the years to come.
From defining our vision for the future, anchored in the presentation of the Nors strategy until 2030, called ‘Making our future work’, through the successful implementation of various strategic internal projects, to the expansion of our global presence – with the acquisition of two new companies that reinforce the Group’s geographical footprint and its business diversification strategy – every step we have taken has been guided by a shared vision of excellence and sustained growth.
This is, and will continue to be, the great driving force behind our ambition for the coming years: with a structural focus on growth, efficiency, transformation, people and sustainability, we are preparing a path that can only be expected to be ambitious, innovative and prosperous.

Tomás Jervell
Chairman and Group CEO
read 2023’s full report
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2023 in numbers

2023 in numbers

In 2023, we achieved a record turnover, once again.

2 801 M€

aggregated turnover
2 801 M€
2 684 M€
2023
2022
ebitda

188 M€

192 M€
net income

110 M€

115 M€
financial autonomy

35 %

37 %
turnover
consolidated (M€)

1 500 M€

turnover
aggregated (M€)

2 801 M€

aggregated turnover by business unit (M€)

940,9

1 784,7

62,4

13,1

In 2023, we achieved a record turnover, once again.

2 801 M€

aggregated turnover
2 801 M€
2 684 M€
2023
2022
ebitda

188 M€

192 M€
net income

110 M€

115 M€
financial autonomy

35 %

37 %
turnover
consolidated (M€)

1 500 M€

Brazil
566
Portugal
434
Canada
347
Africa
174
turnover
aggregated (M€)

2 801 M€

Portugal
434
USA
429
Brazil
566
Canada
347
Spain
298
Turkey
298
Africa
174
Mexico
67
Central Europe
234
aggregated turnover by business unit (M€)

940,9

1 784,7

62,4

13,1

see more numbers back
we, in the world

we, in the world

Turnover:  566 M€


Deliveries
Heavy Duty Trucks: 2 168
Medium Duty Trucks: 793
Agricultural Equipment: 413 

Construction Equipment: 11

Turnover: 67 M€


Deliveries
Construction Equipment: 129

Turnover: 429 M€


Deliveries
Construction Equipment: 732

Turnover: 347 M€


Deliveries
Construction Equipment: 735

Turnover: 434 M€


Deliveries
Heavy Duty Trucks: 1 659  
Medium Duty Trucks: 313
Construction Equipment: 170

Turnover: 298 M€


Deliveries
Construction Equipment: 300

Turnover: 234 M€


Deliveries
Construction Equipment: 784

Turnover: 252 M€


Deliveries
Construction Equipment: 797

Turnover: 119 M€


Deliveries
Heavy Duty Trucks: 455
Medium Duty Trucks:
Construction Equipment: 127

Turnover:  9 M€


Deliveries
Heavy Duty Trucks: 136

Turnover: 20 M€


Deliveries
Heavy Duty Trucks: 104

Turnover:  10 M€


Deliveries
Heavy Duty Trucks: 85

Medium Duty Trucks: 17

(1) Information regarding joint ventures, aggregated at 100%.
(2) In the United States, Turkey, Central Europe, Mexico, Spain and Portugal, Ascendum Group’s contribution is considered at 100%, even though this joint venture is accounted for using the equity method.
people and initiatives

people and initiatives

Nors: a DNA made of trust and passion

Diversity is one of the key cultural factors of a Group like Nors, which includes a multiplicity of genders, generations, cultures, skills, knowledge, and professional experiences. Our organisational culture strategy has enhanced on the added value that comes from this same plurality, rooting it in the leaders and ambassadors who defend Nors DNA daily. Today, we increasingly continue to foster an attitude without borders and a permanent will to always be better: with the best (and most diverse) people by our side.

employees

4 715

nationalities

30

women in management roles

89

training hours

148 253h

age distribution

35 %

< 35 Years old
Generation Y

41 %

35 – 50 Years old
Generation X/Y

24 %

> 50 Years old
Baby Boomers

Making our future work

a strategy by everyone for everyone

In the course of 2023 we stabilised and presented the Nors strategy 2030, based on the motto ‘Making our future work’. This is a path that will necessarily shape our future together and is based on the involvement and participation of everyone in this journey, right from the start.

Nors [in]tranet

we fostered the Nors culture and unity

In 2023, we launched Nors [in]tranet: a new aggregated communication platform for the Group, in which we centralise all the information, initiatives and functionalities that impact Nors. With this channel, we have facilitated communication between our various companies, structures and geographies, allowing employees to access all the information they need quickly and efficiently.

Nors+

we value and develop our people

Nors + is Nors’ new benefits programme that promises to bring together all the advantages of working for the Group in one place, so that all our People have access to a wide range of advantages that make their day-to-day lives easier. Our aim is to promote a balance between professional and personal life, offering various benefits in the areas of education, health and banking, as well as discounts on brands and services.

Nors Flow

we bet on the future and attract young talent

The Nors Flow internship programme – the result of an update and renaming of a previous programme aimed at trainees in the technical-operational areas – aims to associate the operational efficiency area and the Flow programme with attracting young talent to join Nors’ after-sales team and thus transform the future of this area.

more projects
annual report 2023

annual report 2023