ZWEQ revenue shows growth in 2024
Equipment supplier Zweegers Equipment Group (ZWEQ) from the Netherlands saw its net revenue rise by 10 percent in fiscal year 2024, reaching €393 million, or €474 million on a like-for-like basis, including acquisitions. Earnings before depreciation, interest and taxes amounted to €14.9 million, or €21.2 million on a like-for-like basis. For this year, ZWEQ aims […]
Equipment supplier Zweegers Equipment Group (ZWEQ) from the Netherlands saw its net revenue rise by 10 percent in fiscal year 2024, reaching €393 million, or €474 million on a like-for-like basis, including acquisitions.
Earnings before depreciation, interest and taxes amounted to €14.9 million, or €21.2 million on a like-for-like basis. For this year, ZWEQ aims to further expand its portfolio and expects to exceed €500 million in net revenue.
The growth was driven by both organic performance and a series of acquisitions made by the group of founders Frank Zweegers and CEO Gerrit van der Scheer in 2023 and 2024. In 2025, ZWEQ expects expansion into Denmark, France, Germany, Italy and Canada to have an even greater impact on its growth. In 2024, ZWEQ’s guaranteed group equity increased to €104 million, up from €77 million in 2023.
Despite the various challenges facing the agricultural sector, ZWEQ managed to achieve growth in the face of an unpredictable (trade) climate, interest rate fluctuations and supply chain disruptions. “Heading into 2024, we anticipated a decline in operating profit compared to 2023, the year the market reopened after the pandemic,” says Van der Scheer. “On top of that, wage costs rose due to acquisitions, leading to increased operational expenses. Still, we delivered strong results in a demanding year.” The past year also brought personal challenges for Van der Scheer, following an accident and subsequent recovery.
ZWEQ expects to achieve net revenue of more than €500 million in 2025, driven by the ongoing sustainability transition in agriculture and the corresponding demand for new machines and equipment. The company also expects to boost revenue by adding new technologies to its product portfolio, including an autonomous fieldwork robot. The addition of PTx Trimble, is expected to further grow ZWEQ’s precision farming division. With advanced hardware, software and connectivity solutions, it helps farmers work smarter, more efficiently and more sustainably. This allows farmers and contractors to optimize and make their operations more sustainable while improving yields. Van der Scheer: “Together with our suppliers and dealers, we are fully focused on continued growth. I certainly don’t rule out further acquisitions.”
About Zweegers Equipment Group (ZWEQ)
Equipment supplier Zweegers Equipment Group (ZWEQ) as founded in 2022 by Frank Zweegers and CEO Gerrit van der Scheer, both of whom have a deep-rooted affinity with agricultural machinery. Zweegers’ grandfather founded P J Zweegers en Zonen (later PZ) in 1937, and Van der Scheer has spent his entire career in the agricultural equipment sector.
The group supplies, among other things, tractors powered by HVO (non-fossil diesel) and electric tractors, specialized machines and precision farming equipment. It also provides machine maintenance and aftermarket parts distribution. In addition, the group supplies robotic systems for agriculture as well as light earthmoving equipment and machines for construction, infrastructure and green maintenance, such as horizontal directional drilling systems for laying fibre optic cables. Zweegers Equipment Group operates in the Netherlands, Belgium, France, Germany, Denmark, Italy and Canada.
