Aalberts N.v. · EURONEXT:AALB
Aalberts — Aalberts Indus Nv Ord — H1 2025 Earnings Presentation
41 slides from Aalberts's earnings presentation, Jul 24, 2025
Slide 1: First half-year results 2025
first half-year results 2025 Utrecht, 24 July 2025
Slide 2: Today's agenda
today’s agenda business financial strategy outlook Q&A highlights development in action 1 2 3 4 5 Stéphane Simonetta Frans den Houter Rutger Relker CEO CFO director investor relations 24 July 2025 Aalberts N.V. | first half-year 2025 2
Slide 3: Business highlights
business highlights Stéphane Simonetta chief executive officer
Slide 4: Key message
key message 1 continued end market softness and increased uncertainty 2 proactive steps taken to protect EBITA margin and optimise free cash flow 3 strategic progress with three value-accretive acquisitions, two in the USA for industry and building, and one intended in Southeast Asia for semicon 4 d
Slide 5: First half-year 2025 performance
first half-year 2025 performance organic revenue decline at 3.2% building moderate growth at 1.4%, industry decline at 4.9%, semicon decline at 13.4% EBITA margin at 13.5% building stable, industry resilient, semicon down added value sustained at 63.3% EPS down at 1.38 EUR free cash flow improving a
Slide 6: Building | operational development
building | operational development revenue performance » half-year organic revenue growth 1.4% » EBITA margin stable at 12.9% with 2Q lower than 1Q » 2Q organic revenue growth 1.0% » improvement in North America, offset by challenges in connection systems Europe growth » focus on innovation and busi
Slide 7: Industry | operational development
industry | operational development revenue performance » half-year organic revenue decline 4.9% » sustained high EBITA margin 16.8%, with a better 2Q vs. 1Q » 2Q organic revenue decline 2.9% » surface technologies remained strong growth » industrial products and stamping & » aerospace, power generat
Slide 8: Semicon | operational development
semicon | operational development revenue performance » half-year organic revenue decline 13.4% » sustained EBITA margin 11.5%, with a better 2Q vs. 1Q » 2Q organic revenue decline 15.5% » construction of new location in Dronten growth (NL) on track, equipment being installed » mechatronic technolog
Slide 9: Environmental performance
environmental performance SDG rate scope 1 and 2 CO2 intensity (in %) (tonnes of CO2 / EUR million revenue) 71% 69 2030 target >70% 2030 target target <56 1H2025 2025 71% 1H2025 2025 69 -8.0% 2024 71% 2024 1H2024 75 2023 70% 1H2023 2023 78 we have made great progress on environmental performance 24
Slide 10: Financial development
financial development Frans den Houter chief financial officer
Slide 11: Financial development
financial development revenue EBITA margin free cash flow capital expenditure (in EUR million) (in % before exceptionals) (in EUR million before exceptionals) (in EUR million) organic (1.5) 18% (14%) (3.2%) 15.0 1,619 56 117 1,557 13.5 100 48 1H2024 1H2025 1H2024 1H2025 1H2024 1H2025 1H2024 1H2025 o
Slide 12: Revenue bridge
revenue bridge 23.2 1,618.9 -34.0 -1.1 1,557.0 -50.0 actual 1H2024 acquisitions divestments currency organic actual 1H2025 organic decline driven by headwinds in Europe and lower demand in automotive and semicon 24 July 2025 Aalberts N.V. | first half-year 2025 12
Slide 13: EBITA bridge
EBITA bridge 4.9 242.2 -1.5 -0.3 209.8 -35.5 actual 1H2024 acquisitions divestments currency organic actual 1H2025 before exceptionals organic decline mainly driven by drop-through 24 July 2025 Aalberts N.V. | first half-year 2025 13
Slide 14: Free cash flow bridge
free cash flow bridge 18.8 1.2 56.4 47.8 18.4 -29.8 actual 1H2024 EBITDA CAPEX NWC other actual 1H2025 before exceptionals lower EBITDA offset by reduced capital expenditure and improved net working capital 24 July 2025 Aalberts N.V. | first half-year 2025 14
Slide 15: Segment reporting
segment reporting holding | building industry semicon eliminations revenue (in EUR million) 801 546 220 (9.6) 1H2024: 824 1H2024: 549 1H2024: 254 1H2024: (7.9) organic revenue growth 1.4% (4.9%) (13.4%) (% of revenue) 1H2024: (5.9%) 1H2024: (6.4%) 1H2024: 10.0% EBITA (in EUR million) 103 92 25 (10.4
Slide 16: Balance sheet items
balance sheet items net debt leverage ratio equity solvability (in EUR million) (net debt / EBITDA) (in EUR million) (total equity as a % of total assets) 971 1.6 2,456 55.7 1H2024: 751 1H2024: 1.2 1H2024: 2,566 1H2024: 59.6 capital employed ROCE net working capital days net working capital (in EUR
Slide 17: Strategy in action
strategy in action Stéphane Simonetta chief executive officer
Slide 18: 'thrive 2030' - strategic actions
‘thrive 2030’ - strategic actions sustainable 1 profitable growth 2 leadership positions 3 the Aalberts way 4 commitments accelerate organic optimise and evolve operating drive sustainable growth simplify portfolio system entrepreneurship » acquisitions in » business development » customer-centric »
Slide 19: 'thrive 2030' - deployment
‘thrive 2030’ - deployment strategic actions 2025-2030 status 1H2025 progress » building: USA, prefabricated solutions, data centres, boiler room technology 1 profitable growth » industry: USA, aerospace, defence » semicon: innovation, system integration with design-to-value » building footprint exp
Slide 20: Organic growth initiatives – data centres
organic growth initiatives – data centres 40 MW data centre Hyperscale - London prefabricated skits, integrate critical dynamic pressure maintenance, vacuum degassing, and side-stream filtration systems 24 July 2025 Aalberts N.V. | first half-year 2025 20
Slide 21: Portfolio optimisation - acquisitions
portfolio optimisation - acquisitions Paulo industry GVT semicon Geo-Flo building closed May 2025 intention to acquire July 2025 closed July 2025 integration underway industrial heat treatment provider precision engineering solutions and pumping solutions for hydronic-based and related service servi
Slide 22: Grand Venture Technology (GVT) – intention to acquire
Grand Venture Technology (GVT) – intention to acquire » Singapore headquartered with 6 production sites across Singapore, Malaysia, China, approximately 1,800 FTE, SDG 160 million (EUR 108 million) revenue in 2024 » following blue-chip customers with their supply chain focus in the region » driving
Slide 23: Market attractiveness: divestment programme
divestment programme improve optimise cash invest or divest and margins and grow market attractiveness market size, CAGR, EBITA, ESG EUR 400-500 million revenue within building and industry segments ability to win illustrative relative market share, path to leadership, growth vectors driving divestm
Slide 24: Operational excellence – 1H2025 progress
operational excellence – 1H2025 progress footprint inventory operations capital optimisation reduction productivities expenditure major site EUR 110 million ~ EUR 10 million 14% reduction closure UK reduction in inventories saving improved operational focus on assets scenario planning & DIO 87 days
Slide 25: Our decarbonisation levers
our decarbonisation levers energy renewable smart circular value chain efficiency energy electrification product design solutions collaboration our decarbonisation levers to be net zero carbon by 2050, or earlier 24 July 2025 Aalberts N.V. | first half-year 2025 25
Slide 26: Short term actions
short term actions 1 pursue organic growth initiatives in prioritised end markets and geographies 2 continue operational excellence programmes of EUR 54.8 million with an annual benefit of EUR 30 million (2024: EUR 10 million) 3 further cost-out excellence for our building segment with footprint opt
Slide 27: 2025 outlook
2025 outlook aalberts
Slide 28: Full year 2025 outlook
full year 2025 outlook » based on the current » we do not expect an » consequently, we are end market dynamics organic revenue adjusting our full and uncertainties growth improvement year EBITA margin in the second half of outlook to 13-14% the year we continue to focus on actions to protect our EBI
Slide 29: Questions and answers
questions and answers aalberts.com/investors aalberts.com/investors
Slide 30: Appendix
appendix aalberts.com/investors aalberts.com/investors
Slide 31: Strategic actions
strategic actions » focus on three end markets, delivering customer-centric solutions » drive organic revenue growth with business development and footprint optimisation 1 profitable growth » sustain >20% innovation rate with new products, solutions and digital offerings » double revenue in North Am
Slide 32: Building segment
building segment revenue organic revenue growth EBITA margin capital expenditure (in EUR million) (% of revenue) (% of revenue) (in EUR million) (3%) 7.3 (0.1) (42%) 824 43.1 801 1.4 13.0 12.9 25.1 -5.9 1H2024 1H2025 1H2024 1H2025 1H2024 1H2025 1H2024 1H2025 24 July 2025 Aalberts N.V. | first half-y
Slide 33: Industry segment
industry segment revenue organic revenue growth EBITA margin capital expenditure (in EUR million) (% of revenue) (% of revenue) (in EUR million) - 1.5 (1.9) (1%) 18.7 549 16.8 51.3 50.6 546 -4.9 -6.4 1H2024 1H2025 1H2024 1H2025 1H2024 1H2025 1H2024 1H2025 24 July 2025 Aalberts N.V. | first half-year
Slide 34: Semicon segment
semicon segment revenue organic revenue growth EBITA margin capital expenditure (in EUR million) (% of revenue) (% of revenue) (in EUR million) (13%) (23.4) (2.9) +9% 10.0 254 14.4 220 11.5 24.1 22.2 -13.4 1H2024 1H2025 1H2024 1H2025 1H2024 1H2025 1H2024 1H2025 24 July 2025 Aalberts N.V. | first hal
Slide 35: Revenue split
revenue split revenue per end market revenue per region (in %) (in %) 14 6 23 35 51 71 building 51% Europe 71% industry 35% America 23% semicon 14% APAC, Middle East, Africa 6% 24 July 2025 Aalberts N.V. | first half-year 2025 35
Slide 36: Regional revenue per segment
regional revenue per segment building industry semicon (in %) (in %) (in %) 4 8 6 6 27 26 69 66 88 Europe 69% Europe 66% Europe 88% America 27% America 26% America 6% APAC, Middle East, Africa 4% APAC, Middle East, Africa 8% APAC, Middle East, Africa 6% 24 July 2025 Aalberts N.V. | first half-year 2
Slide 37: Free cash flow
free cash flow in EUR million (before exceptionals) 1H2025 1H2024 delta EBITDA 287.5 317.3 (29.8) gain on disposal of subsidiaries - (0.6) 0.6 result on sale of equipment 0.1 (0.7) 0.8 changes in provisions (19.7) (2.2) (17.5) changes in working capital (112.9) (131.7) 18.8 cash flow from operations
Slide 38: Condensed consolidated income statement
condensed consolidated income statement in EUR million (before exceptionals) 1H2025 1H2024 revenue 1,557.0 1,618.9 EBITDA 287.5 317.3 depreciation (77.7) (75.1) EBITA 209.8 242.2 net finance cost (18.5) (13.8) income tax expense (40.2) (49.9) non-controlling interests 0.3 (0.9) net profit before amo
Slide 39: Condensed consolidated balance sheet
condensed consolidated balance sheet In EUR million 30.6.2025 31.12.2024 30.6.2024 total non-current assets 2,936.8 2,842.1 2,787.5 total current assets 1,476.3 1,387.9 1,515.4 total assets 4,413.1 4,230.0 4,302.9 total equity 2,456.3 2605.1 2,566.2 total non-current liabilities 1,062.8 617.7 674.4
Slide 40: EPS bridge
EPS bridge 0.04 1.61 0.01 -0.01 -0.23 0.00 0.00 1.38 -0.04 share buyback divestments finance cost currency actual 1H2024 acquisitions organic tax (%) actual 1H2025 24 July 2025 Aalberts N.V. | first half-year 2025 40
Slide 41: Disclaimer
disclaimer This document and related presentation is for information purposes only and does not and is not intended to, constitute or form part of, and should not be construed as, an offer, an invitation or a recommendation to purchase, sell or subscribe for, or otherwise acquire, any Aalberts secur
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