Slide 1: Results January to September 2024
Results January to September 2024 Dr. Jochen Weyrauch, CEO of Dürr AG Dietmar Heinrich, CFO of Dürr AG November 07, 2024 Bietigheim-Bissingen
Slide 2: Disclaimer
Disclaimer This publication has been prepared independently by Dürr AG/Dürr Group (“Dürr”). It may contain statements which address such key issues as strategy, future financial results, events, competitive positions and product developments. Such forward-looking statements are subject to a number o
Slide 3: Agenda
1 Overview 2 Divisions 3 Financials 4 Outlook Agenda 5 Summary
Slide 4: Overview
1 Overview
Slide 5: Overview: Highlights Q3 2024
1. Overview: Highlights Q3 2024 High order intake and strong free cash flow development ▪ Order intake of € 1.2 bn leads to new record intake in 9M of € 4.0 bn High investments in modernization and replacement by automotive customers; pipeline continues to look solid ▪ Sales revenues on prior year l
Slide 6: Overview: KPI development 9M 2024 vs. 9M 2023
1. Overview: KPI development 9M 2024 vs. 9M 2023 Solid operational development – strong free cash flow in € m +14% 9M 2023 9M 2024 Margin -4% 4,002 +4% 187 180 3,509 > 100% 3,299 3,442 -24% 82 5.7% 5.2% 105 80 3.2% 2.3% 8 Incoming orders Sales revenues EBIT before Net profit Free cash flow extraord.
Slide 7: Overview: Order intake remains at high level
1. Overview: Order intake remains at high level Book-to-bill ratio of 1.16 in 9M in € m Book-to-bill Order intake Key aspects ▪ Large automotive projects booked +31.2% -7.2% ▪ Consolidation of BBS Automation 1.44 ▪ Woodworking Machinery and Systems demand in line 1.36 with expectations 1.00 1.10 0.8
Slide 8: Overview: Growth in Europe and Americas
1. Overview: Growth in Europe and Americas Established markets are gaining share in € m +14% ▪ Very large automotive order in Germany in Q1 4,002 ▪ Solid order momentum in Americas and Europe 3,509 ▪ China with moderate decline from last year ▪ Asia declines due to large prior year project +15% +5%
Slide 9: Overview: Unlocking value through stronger focus
1. Overview: Unlocking value through stronger focus Driving efficiency and maximizing synergy potential in a leaner structure As announced on June 4th Dürr Group. Sustainable. Automation. New Automotive Industrial Woodworking simplified structure PFS & APT PAS MPS LIB WMS Integration PFS and APT div
Slide 10: Divisions
2 Divisions
Slide 11: Divisions: Paint and Final Assembly Systems
2. Divisions: Paint and Final Assembly Systems Order intake at high level – solid sales and strong margin development 9M 9M Q3 Q3 2024 2023 Δ 2024 2023 Δ Incoming orders in € m 1,455.4 1,266.2 14.9% 404.5 258.7 56.4% Sales revenues in € m 993.0 935.6 6.1% 351.3 351.0 0.1% EBIT in € m 58.2 50.5 15.2%
Slide 12: Divisions: Application Technology
2. Divisions: Application Technology Record order intake in 9M 2024 – margin stable on target level 9M 9M Q3 Q3 2024 2023 Δ 2024 2023 Δ Incoming orders in € m 692.3 551.3 25.6% 212.2 148.6 42.8% Sales revenues in € m 497.4 449.3 10.7% 178.3 151.4 17.7% EBIT in € m 49.3 38.4 28.4% 17.7 16.5 7.3% EBIT
Slide 13: Divisions: Clean Technology Systems
2. Divisions: Clean Technology Systems High margins and ROCE 9M 9M Q3 Q3 2024 2023 Δ 2024 2023 Δ Incoming orders in € m 359.0 366.1 -1.9% 114.8 93.0 23.4% Sales revenues in € m 363.6 348.8 4.2% 128.1 124.3 3.1% EBIT in € m 23.1 17.6 30.8% 6.9 9.3 -26.3% EBIT margin in % 6.3 5.1 +1.3 ppts. 5.4 7.5 -2
Slide 14: Divisions: Industrial Automation Systems
2. Divisions: Industrial Automation Systems Delays in order intake affect sales and margins – better Q4 expected 9M 9M Q3 Q3 2024 2023 Δ 2024 2023 Δ Incoming orders in € m 502.6 386.3 30.1% 162.6 131.3 23.9% Sales revenues in € m 565.1 377.8 49.6% 164.7 142.7 15.4% EBIT in € m 16.5 8.7 89.9% 18.5 5.
Slide 15: Divisions: Woodworking Machinery and Systems
2. Divisions: Woodworking Machinery and Systems Sales decline as expected – stable order intake development 9M 9M Q3 Q3 2024 2023 Δ 2024 2023 Δ Incoming orders in € m 1,031.4 968.1 6.5% 332.7 296.6 12.2% Sales revenues in € m 1,055.3 1,222.2 -13.7% 349.5 405.5 -13.8% EBIT in € m 30.3 84.5 -64.2% 12.
Slide 16: Divisions: Service business
2. Divisions: Service business Service sales grow sequentially – good margin level % of group sales Service sales in € m Key aspects Q3 ▪ Strong service business at Application Technology; continued 29.8 29.1 solid service development at Woodworking Machinery and 27.8 28.4 27.3 26.9 Systems 28.1 ▪ S
Slide 17: Financials
3 Financials
Slide 18: Financials: Overview of key financial indicators
3. Financials: Overview of key financial indicators 9M 2024 9M 2023 Δ Q3 2024 Q3 2023 Δ Sales revenues in € m 3,441.8 3,299.2 4.3% 1,160.5 1,164.3 -0.3% Gross profit on sales in € m 730.9 758.5 -3.6% 240.7 262.7 -8.4% Gross margin in % 21.2 23.0 -1.8 ppts. 20.7 22.6 -1.8 ppts. EBITDA in € m 271.6 25
Slide 19: Financials: Q3 revenues on prior year's level
3. Financials: Q3 revenues on prior year’s level Sales revenues in € m Key aspects Q3 ▪ Growth in Application Technology and Clean Technology -0.3% -1.9% Systems and consolidation effects almost compensate decline at Woodworking Machinery and Systems ▪ Delays in automotive projects and Industrial Au
Slide 20: Financials: EBIT margin improves sequentially
3. Financials: EBIT margin improves sequentially EBIT margin bef. e. e.* in % EBIT bef. e. e.* in € m Key aspects Q3 ▪ Strong margin development in automotive 7.1 7.0 ▪ Positive extraordinary effect due to book profit from Agramkow disposal 5.6 5.6 4.9 5.2 4.1 94 -4% 82 24 187 1 4 180 63 61 65 163 5
Slide 21: Financials: Strong free cash flow generation
3. Financials: Strong free cash flow generation Free cash flow in € m Key aspects Q3 ▪ Strong prepayments and inventory reductions overcompensate higher capex and interest payments ▪ Q4 free cash flow depending on timing of further orders, redundancy payments at HOMAG and capex 121 -22 44 -26 38 4 2
Slide 22: Financials: Net working capital stable on low level
3. Financials: Net working capital stable on low level Significant decline compared to prior year in € m DWC NWC Key aspects Q3 48 ▪ Reduction in inventories and trade receivables compensate 44 lower trade payables ▪ Contract liabilities remain at high levels 36 34 42 ▪ DWC below low end of target r
Slide 23: Financials: Net debt reduced
3. Financials: Net debt reduced in € m Gearing Net financial status Key aspects Q3 ▪ Proceeds from Agramkow disposal received in Q3 0% 33% 31% 29% 31% 28% ▪ Net financial status includes € 107.3 m leasing liabilities 10% ▪ Leverage with 1.4x well below own limit of at most 2.0x -4 -120 in € m 09/30/
Slide 24: Financials: Comfortable liquidity headroom
3. Financials: Comfortable liquidity headroom in € bn Maturity profile as of September 30, 2024 (financial instruments only) in € m 2.0 250 1.69 1.5 200 0.75 150 1.0 100 0.5 0.82 50 0.11 0.0 0.12 0 Available funds Financial liabilities < 12 months 2024 2025* 2026 2027 2028 2029 2030 2031 2032 *Schul
Slide 25: Outlook
4 Outlook
Slide 26: Outlook: Guidance 2024
4. Outlook: Guidance 2024 All targets confirmed Actual 2023 Targets 2024 Incoming orders in € m 4,615.5 4,600 – 5,000 Sales revenues in € m 4,627.3 4,700 – 5,000 EBIT margin before extraordinary effects in % 6.1 4.5 – 6.0 EBIT margin in % 4.1 3.5 – 5.0 Earnings after taxes in € m 110.2 90 – 150 ROCE
Slide 27: Outlook: Breakdown of 2024 guidance by division
4. Outlook: Breakdown of 2024 guidance by division Order intake Sales revenues EBIT margin (in %) (in € m) (in € m) before e.e.* 2023 Targets 2024 2023 Targets 2024 2023 Targets 2024 Paint and Final Assembly Systems 1,476 1,450 – 1,600 1,364 1,400 – 1,500 5.1 6.0 – 7.0 New: 750 – 800 Application Tec
Slide 28: Outlook: Mid-cycle targets confirmed
4. Outlook: Mid-cycle targets confirmed More than € 6 billion sales targeted in 2030 5% - 6% ≥ 8% ≥ 25% CAGR sales revenues EBIT margin before ROCE extraordinary effects www.durr-group.com © Dürr AG, Conference call – Q3 2024, November 07, 2024 28
Slide 29: Summary
5 Summary
Slide 30: Summary
5. Summary ▪ High order intake driven by automotive customers placing orders for medium to long-term projects with focus on modernization of capacities ▪ Revenue growth on track; consolidation of BBS Automation and organic growth in all other divisions more than compensated HOMAG decline ▪ EBIT marg
Slide 31: Appendix
Appendix www.durr-group.com 31
Slide 32: Update ROCE definition
Update ROCE definition Updated definition of KPI with respect to operational performance and steering model Rationale Previous approach New definition ▪ Better positioning as operational KPI, ▪ Based on EBIT reported on a year-to- ▪ Based on EBIT before extraordinary avoiding impacts from extraordin
Slide 33: P&L in detail
P&L in detail in € m 9M 2024 9M 2023 Δ Q3 2024 Q3 2023 Δ Sales revenues 3,441.8 3,299.2 4.3% 1,160.5 1,164.3 -0.3% Cost of sales -2,710.9 -2,540.6 -6.7% -919.8 -901.6 2.0% Gross profit on sales 730.9 758.5 -3.6% 240.7 262.7 -8.4% Selling expenses -305.6 -304.4 -0.4% -95.9 -97.2 -1.3% General adminis
Slide 34: Balance sheet highlights (1/2)
Balance sheet highlights (1/2) in € m 09/30/2024 12/31/2023 09/30/2023 Non-current assets 1,898.4 1,916.3 1,942.1 of which goodwill and intangibles 1,057.5 1,088.8 1,112.9 of which property, plant and equipment 662.1 655.2 646.3 of which investment and financial assets 44.6 45.5 43.9 Current assets
Slide 35: Balance sheet highlights (2/2)
Balance sheet highlights (2/2) Equity and Liabilities in € m 09/30/2024 12/31/2023 09/30/2023 Total equity 1,192.0 1,177.0 1,185.4 of which non-controlling interests 6.1 7.1 12.9 Non-current liabilities 1,393.4 1,225.3 1,250.7 of which provisions 63.2 60.9 55.4 of which bond and Schuldschein loans 1
Slide 36: Cash flow
Cash flow in € m 9M 2024 9M 2023 Q3 2024 Q3 2023 EBT 121.7 151.9 62.4 65.7 Depreciation and amortization of non-current assets 122.1 91.7 41.8 33.6 Interest result 27.6 12.0 7.6 5.9 Income taxes paid -54.3 -57.9 -18.6 -22.1 Δ Provisions 5.5 -4.9 8.4 7.7 Δ Net working capital 61.9 -63.0 -0.1 -75.1 Ot
Slide 37: Overview: Financial figures by division (1/2)
Overview: Financial figures by division (1/2) 2024 2023 2022 Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Incoming orders in € m 570.2 480.7 404.5 1,455.4 606.6 400.9 258.7 209.9 1,476.0 426.6 317.8 481.9 328.0 1,554.4 Sales revenues in € m 302.9 338.8 351.3 993.0 267.6 317.0 351.0 428.0 1,
Slide 38: Overview: Financial figures by division (2/2)
Overview: Financial figures by division (2/2) 2024 2023 2022 Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Incoming orders in € m 377.3 321.3 332.7 1,031.4 352.6 318.8 296.6 427.4 1,395.5 573.8 457.0 386.8 288.2 1,705.8 Sales revenues in € m 347.0 358.9 349.5 1,055.3 403.8 412.9 405.5 402.8
Slide 39: Overview: extraordinary effects
Overview: extraordinary effects in € m 2024 2023 2022 Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total PFS -1.0 -1.7 -1.6 -4.3 -0.6 1.0 -0.1 -2.0 -1.7 -0.6 -0.7 -0.5 -2.3 -4.1 thereof PPA -1.0 -1.0 -1.0 -3.0 -0.6 -0.6 -0.6 -0.5 -2.3 -0.6 -0.6 -0.6 -0.6 -2.4 APT -0.1 -0.1 -0.1 -0.2 -0.1 -0.4 -0.
Slide 40: Shareholder structure
Shareholder structure Free float at 70.3%1 26,2% Heinz Dürr GmbH, Berlin Heinz und Heide Dürr Stiftung, Berlin 2 Institutional and private investors, including ▪ Harris Associates L.P.: 3.02% ▪ Members of the Dürr AG Supervisory Board: 0.12% 3,5% ▪ Members of the Dürr AG Board of Management: 0.07% 7
Slide 41: Financial calendar
Financial calendar November 2024 November 2024 ▪ 11/07/2024 Interim statement for the first nine months of 2024 ▪ 11/20/2024 DZ BANK Equity Conference, Frankfurt ▪ 11/13/2024 UBS European Conference, London ▪ 11/21/2024 CIC Forum, virtual ▪ 11/14/2024 LBBW German Company Day, virtual ▪ 11/26/2024 De
Slide 42: Results January to September 2024
Results January to September 2024 Dürr Aktiengesellschaft Carl-Benz-Straße 34 74321 Bietigheim-Bissingen Dr. Jochen Weyrauch, CEO of Dürr AG Germany Dietmar Heinrich, CFO of Dürr AG November 07, 2024 Bietigheim-Bissingen www.durr-group.com