Oc Oerlikon Corporation Ag · SIX:OERL
Oc Oerlikon — FY2025 Earnings Presentation
28 slides from Oc Oerlikon's earnings presentation, Feb 24, 2026
Slide 1: 2025 Financial Results
2025 Financial Results 24 February 2026
Slide 2: Agenda
Agenda 1 Strategy Update & 2025 Overview 50% cost savings through reconditioning 2 Financials & Outlook 3 Q&A 20x tool life extension through coating 5% efficiency increase Page 2 through coating
Slide 3: Consistent strategy execution over the past decade to drive future performance
Consistent strategy execution over the past decade to drive future performance Pure-play strategy to unlock shareholder value transforming Oerlikon to a global leader in material science and surface technologies Build resilience and capture value from growing markets from Tooling and Automotive to a
Slide 4: Portfolio diversification to increase resilience
Portfolio diversification to increase resilience 2025 Mid-term Focus to develop industry Leverage tech ▪ PVD/CVD/Thermal Spray applications leadership into ▪ Materials Science • Semiconductor • Medical new markets ▪ Advanced Manufacturing • Luxury • Defense Energy Luxury Tooling Upside on Adding gro
Slide 5: Innovation leadership to create value for our customers
Innovation leadership to create value for our customers 5% of revenue invested in R&D in 2025 … … to lead innovation Equipment & Materials Equipment & Materials Coating services 1. INSPIRA – Mega Carbon Coater 2. Sinplex PRO ID Gun 3. Surface Two (Aviation) 4. Brake disc powder (Automotive) 5. Metco
Slide 6: Oerlikon Luxury: leveraging our technology to a new market
Oerlikon Luxury: leveraging our technology to a new market 2021- Setting the base for 2023 - Restructuring and From Positioned for growth 2023 diversification 2025 investment to position 2026 upon market recovery ▪ Strategy to leverage technology ▪ Sector suffering from a transitory low ▪ Adoption o
Slide 7: Foresee end markets stabilizing in 2026 after subdued 2025
Foresee end markets stabilizing in 2026 after subdued 2025; continuous supporting trend in aviation General Ind. & Tooling Automotive Aviation & energy Luxury 1 40% of 2025 sales 30% 20% 10% 2025 markets 2026E markets 2025 markets 2026E markets 2025 markets 2026 markets 2025 markets 2026 markets ▪ E
Slide 8: Key figures 2025
Key figures 20251 Order Intake CHF 1.7bn +6.5% vs 2024 at constant FX Book to bill Q4’25 1.08x Sales CHF 1.6bn -0.3% vs 2024 at constant FX Leverage ratio2 3.4x as per March 20263 2.7x Op. EBITDA CHF 271m -11% (17.3%) vs 2024 as per end of 20263 <2.5x 1) Pure-play scope, excluding Barmag; EBITDA mar
Slide 9: Sustainability is in Oerlikon's DNA
Sustainability is in Oerlikon’s DNA 2030 ESG targets Oerlikon’s coatings for Tooling and Aviation on-track save >100% of Swiss CO2 emissions Scope 1 & 2: 20x lifetime extension1 of a metal tool through ▪ 23.1 kt CO₂e reduction in 2025, representing -17% compared to 2024 ▪ 47% electricity from renewa
Slide 10: Conclusion: Executing strategically to benefit upon market recovery
Conclusion: Executing strategically to benefit upon market end markets Successfully divested Barmag with closing in February 2026 On track with pure play strategy execution; becoming agile and reduce cost overhang following Barmag divestment Executing on our key priorities to strengthen value creati
Slide 11: Financials & Outlook
Financials & Outlook Marco Freidl CFO
Slide 12: Oerlikon delivers stable sales in 2025
Oerlikon delivers stable sales in 20251 Continuing operations Markets Orders Sales Operational EBITDA ▪ Weak customer purchasing behavior due ▪ Increasing at +6.5% FX adjusted YoY ▪ Flat organic YoY FX adjusted, in a ▪ 17.3% operational EBITDA margin, to difficult macro environment, context of subdu
Slide 13: Reinforcing the foundation for profitable growth
Reinforcing the foundation for profitable growth1 ▪ 45% overhead savings since 2019, further Admin expenses accelerating with pure-play execution -45% ▪ Proactively began streamlining admin 276 Cost functions in 2024, ahead of divestment, to avoid cost overhang 151 discipline ▪ Continued focus on ef
Slide 14: Clear focus on balance sheet strengthening
Clear focus on balance sheet strengthening Executing on commitment with 2/3 of Barmag Further elements of improvement proceeds used for deleveraging ▪ Reducing leverage to 2.7x pro forma, following repayment of ▪ Continued tight focus on cost, NWC, Capex and cash management CHF 475m term loan out of
Slide 15: Further improvement of leading ESG ratings
Further improvement of leading ESG ratings 1 Oerlikon ESG rated top 20% in average within industrial sector Sustainalytics MSCI EcoVadis2 CDP Climate Change & Water Security Climate change Water security External medium medium 71 70 validation and risk risk AAA AAA B C B B C B recognition A high <50
Slide 16: 2026 guidance
2026 guidance1 Reflecting soft year for end markets and negative mix effect ▪ Low single digit % organic increase2 Sales ▪ Reflecting expectation of continuing soft end markets, especially in general industries, tooling, automotive and luxury ▪ ~17.5% operational EBITDA margin EBITDA ▪ Continued adv
Slide 17: Q&A
Q&A Inventors and pioneers since 1876 150 YEARS
Slide 18: Appendix
Appendix
Slide 19: 2026 Financial Calendar
2026 Financial Calendar 30 April 2026: Q1 2026 trading update 6 August 2026: H1 2026 financial results 9 September 2026: Oerlikon Capital Market Day in Zurich 29 October 2026: Q3 2026 trading update Page 19
Slide 20: Reconciliation of net debt development including Barmag divestment impact before dividend
Reconciliation of net debt development including Barmag divestment impact before dividend 1,320 1,160 160 1,106 43 91 6 716 2.8x 3.4x 158 446 Reported 2024 Increase in cash & Decrease in Increase in debt Oerlikon incl. Barmag net cash Oerlikon reported Proceeds from Intercompany Pro forma cash equiv
Slide 21: Pro forma 2025 assets and equity including Barmag divestment impact
Pro forma 2025 assets and equity including Barmag divestment impact Equity 1,465 277 1,188 536 929 Total equity Capital gain including Pro forma after Proposed Pro forma 2025 reported 2025 CTA recycling & other divestment dividend including Barmag gain net of dividend Equity ratio significantly Asse
Slide 22: Pro forma 2025 assets and liabilities including Barmag divestment impact
Pro forma 2025 assets and liabilities including Barmag divestment impact Assets 3,761 3,647 475 1,022 908 277 2,895 Total reported 2025 Assets held for sale Barmag proceeds Assets pro forma Term loan repayment Proposed dividend Pro forma 2025 including intercompany after divestment including Barmag
Slide 23: On-track with 2030 ESG targets
On-track with 2030 ESG targets1 2025 updates Progress towards 2030 targets Progress on other indicators versus 2024 ▪ Committed to Science Based Targets initiative (SBTi) and near-term targets 75% 85% 81% submitted in 2025 (target validation process Increase % of Increase % R&D ongoing) electrical e
Slide 24: 2025 reconciliation of profitability measures
2025 reconciliation of profitability measures – Oerlikon1 Continuing operations EBITDA to EBIT bridge FY 25 FY 24 1 Impairment of machine and buildings mainly EBITDA 232 292 related to the restructuring of Nitriding and Depreciation -94 -99 some R&D activities Impairments 1 -16 -1 EBITA 121 192 Amor
Slide 25: H2 reconciliation of profitability measures
H2 reconciliation of profitability measures EBITDA to EBIT bridge H2 25 H2 24 EBITDA 110 142 Mainly partial reversal at Nitriding Depreciation -46 -49 1 Impairments 1 3 -1 EBITA 67 93 Amortization of Acquired Intangibles -16 -19 Other Amortization -17 -19 Impairments 0 -1 EBIT 33 54 Operational prof
Slide 26: Return on Capital Employed (ROCE)
Return on Capital Employed (ROCE) H1'25 LTM 2025 Operational EBIT 110 107 + Amortization of acquired intangibles 36 34 - Total current income tax -54 -58 - Total deferred income tax* -15 -1 NOPAT excluding amort/imp of acquired intangibles 78 82 Net Operating Assets (only third-party) 2,097 2,015 -
Slide 27: Investor Relations
Investor Relations Aymeric Jamin Aymeric.jamin@oerlikon.com +41 58 360 96 59 ir@oerlikon.com www.oerlikon.com/en/investors
Slide 28: Disclaimer
Disclaimer OC Oerlikon Corporation AG, Pfäffikon, (together with its affiliates hereinafter referred to as “Oerlikon”) has made great efforts to include accurate and up-to-date information in this document. However, Oerlikon makes no representation or warranties, expressed or implied, as to the trut