Dear shareholders and friends of Krones,
Following a good first half of 2021, demand from Krones’ customers stayed high in the third quarter. Our order intake of €1,148.3 million between July and September 2021 was 36.1% higher than in the same period of the previous year. In total, the contract value of orders consequently increased by 38.8% in the first three quarters of 2021. One reason for the strong growth is that the global economy has now recovered from the impacts of the Covid pandemic. In addition, we are benefiting from our broad global footprint. Krones serves customers in their own markets with its innovative products and services worldwide.
We are naturally pleased about the good orders situation, but the strong demand also presents us with new challenges. The task is to deliver the ordered machines and lines on time in accustomed Krones quality. That is anything but easy given the tight situation on procurement markets and in supply chains. However, Krones today is highly flexible and has a motivated team who will master this challenge, too, in the best possible way in the current 2021 financial year. We nevertheless expect that the uncertainties on the procurement markets will continue or even increase in 2022 and thus present us with further challenges.
Despite the procurement market difficulties, the financial targets for 2021 are not at risk. We continue to expect full-year revenue growth of 7% to 9% and an EBITDA margin of 7% to 8%. In the first nine months of 2021, Krones generated revenue of €2,643.0 million, which is 7.9% higher than in the previous year. The EBITDA margin improved from 6.0% in the previous year to 8.0%.
Not only is the operating business going well in 2021; Krones is also making major progress on strategic issues. The new organisational structure in process technology with the separate brewery business is established and is delivering results. We are also pushing ahead with implementation of our Shaping the Future strategy programme. Krones’ focus here is on sustainability, line expertise and digitalisation. We have recently brought together all of the company’s automation and digitalisation activities in the Krones Ecosystem. In this way, we aim to become even faster at developing new business models for the digital beverage plant that offer measurable added value for customers.
The same aim applies to all innovations at Krones. We would have very much liked to present highlights from our product portfolio at drinktec in October. Regrettably, the world’s leading trade fair for the beverage and liquid food industry has had to be postponed to 2022 due to the Covid pandemic. We are already looking forward to drinktec 2022 and to many visits from customers there.