Ganz closes 2024 with record 55 percent year-on-year growth

Ganz Tranformers net revenue increased from 71.55 million euros in 2023 to 110.65 million euros in 2024, representing a 55 percent year-on-year growth, operating profit nearly tripled, reaching 19.8 million euros, while net profit quadrupled from 4.45 million euros to 18.15 million euros.

Ganz Transformers and Electric Rotating Machines Ltd. closed the 2024 fiscal year with outstanding results. The company’s net revenue reached 110 million euros, while net profit rose to 18 million euros. The historic industrial manufacturer performed strongly not only in the domestic market but also internationally, with 42.34 percent of total revenue generated from exports. This marks the third consecutive year of revenue growth and positive financial results for the company.

Ganz’s net revenue increased from 71.55 million euros in 2023 to 110.65 million euros in 2024, representing a 55 percent year-on-year growth. Operating profit nearly tripled, reaching 19.8 million euros, while net profit quadrupled from 4.45 million euros to 18.15 million euros. Ganz has undergone a complete renewal in recent years, thanks to which it has now achieved significant progress in all three of its business divisions. The Service Division recorded the largest, two and a half times increase in sales revenue, the Rotating Machines Division doubled its sales revenue in 2024, while the Transformer Division line performed almost one and a half times better in this indicator compared to 2023.

Ganz’s strategic goal is to further strengthen its international presence in the coming years. In 2024, the company’s strongest performance came from Europe, with 32 percent of revenue originating from EU markets. These results confirm that Ganz can operate efficiently from its domestic base while successfully expanding its global footprint. Today, Ganz products can be found in most European countries, and the company has also established a presence in the Middle East and Southeast Asia.

The company’s expansion is also reflected in employment figures: Ganz hired over 100 new employees in 2024, bringing its total headcount to more than 620 by year-end. This not only supports Ganz’s long-term growth trajectory but also contributes significantly to the economic development of eastern Pest County in Hungary, where its manufacturing base in Tápiószele is located.

“Our goal is to build a company that, leveraging the strong legacy of the Ganz brand and a commitment to continuous innovation, can become a top-tier manufacturer of transformers and rotating machinery both domestically and internationally. Closing our third consecutive profitable financial year in 2024 opens the door to further opportunities and new markets. We are confident that 2025 will bring even more exceptional results and achievements” – said Gergely Gál, Managing Director of Ganz Transformers and Electric Rotating Machines Ltd.

Ganz continues to prioritize sustainability and the optimization of its manufacturing processes. In spring 2025, the company completed construction of a solar power plant and energy storage system, enabling plant in Tápiószele to operate exclusively on self-generated green energy on certain days—cutting carbon emissions by around 40 percent.

These outstanding financial results reflect not only the success of the past year but also the effectiveness of Ganz’s long-term strategic direction. They lay the foundation for future developments and further strengthen the company’s position in the energy sector and the global green energy transition. Ganz aims to be a reliable and indispensable global player in addressing tomorrow’s industrial and energy challenges, building on more than 140 years of experience and innovation to help shape a sustainable future.