Wacker Neuson Se · XETR:WAC
Wacker Neuson — Q1 2025 Earnings Presentation
17 slides from Wacker Neuson's earnings presentation, May 8, 2025
Slide 1: Wacker Neuson Group – Q1/2025 Earnings Call & Webcast
Wacker Neuson Group – Q1/2025 Earnings Call & Webcast Dr. Karl Tragl (CEO), Christoph Burkhard (CFO) May 8, 2025
Slide 2: Overview Q1/2025
Overview Q1/20251 Q1/2025 Revenue EBIT margin NWC ratio2 FCF € 493.5 m 2.5% 32.8% € 19.4 m (-16.8% YoY) (py: 6.2%) (py: 35.6%) (py: € -25.1 m) Q1/2025 revenue as expected As expected, profitability down Downward trend Positive free cash flow driven by lower order intake in H2/2024, compared to previ
Slide 3: All regions still influenced by lower order intake in H2/2024
All regions still influenced by lower order intake in H2/2024 [€ m] -9% -19% 76% 504.0 of Group revenue1 459.3 372.1 22% Q1/2023 Q1/2024 Q1/2025 2% EUROPE of Group revenue1 of Group revenue1 [€ m] -16% [€ m] -8% 142.6 120.4 -35% 110.5 -19% 20.6 13.4 10.9 Q1/2023 Q1/2024 Q1/2025 Q1/2023 Q1/2024 Q1/20
Slide 4: Successful net working capital management
Successful net working capital management As of March 31, 2025 NWC ratio (annualized) 38.7% 37.0% 39.0% 34.6% 35.5% NWC ratio (LTM) 35.6% 36.3% 34.2% 31.7% 32.8% [€ m] 950 850 750 650 550 450 Inventories Net working capital 31.03.2024 30.06.2024 30.09.2024 31.12.2024 31.03.2025 Wacker Neuson SE, Q1/
Slide 5: Consistently positive free cash flow in Q1/2025
Consistently positive free cash flow in Q1/2025 € 19 m € 298 m Free cash flow Net financial debt1 1.1 Net financial debt / EBITDA2 1 Net financial debt = Non-current financial liabilities + Current liabilities to banks + Current portion of non-current liabilities - Cash and cash equivalents. 2 Net f
Slide 6: Bauma 2025
Bauma 2025 Wacker Neuson SE, Q1/2025 Earnings Call & Webcast, May 8, 2025 6
Slide 7: Outlook 2025
Outlook 2025 Increasing order intake since beginning of the year Wacker Neuson Group Guidance 2025 Economic recovery expected from the second quarter onwards Revenue EBIT margin CECE1 business climate index for the European construction was positive again between between € 2,100 m and € 2,300 m 6.5%
Slide 8: Key takeaways Q1/2025
Key takeaways Q1/2025 Slow business start in the first quarter as expected, 1 gradual revenue and profitability recovery in coming quarters Successful Bauma trade fair providing positive stimulus, 2 underpinning our expectations for 2025 Strategy 2030 remains our north star, 3 we are fully on track
Slide 9: Nobody is perfect, but a team can be!
Nobody is perfect, but a team can be! Wacker Neuson SE, Q1/2025 Earnings Call & Webcast, May 8, 2025 9
Slide 10: Next financial events and IR contact
Next financial events and IR contact May 23, 2025 Annual General Meeting, Munich June 11, 2025 Warburg Highlights Conference, Hamburg August 14, 2025 Publication of Half-Year Report H1/2025, Earnings Call September 23, 2025 Berenberg and Goldman Sachs German Corporate Conference, Munich November 13,
Slide 11: Appendix
Appendix Wacker Neuson SE, Q1/2025 Earnings Call & Webcast, May 8, 2025 11
Slide 12: Revenue and profitability – Q1/2025
Revenue and profitability – Q1/2025 Profitability comparable to previous quarter due to lower revenue Comments on Q1/2025 Revenue EBIT Revenue -16.8% YoY (adj. for FX effects: -17.2%) -16.8% [€ m] margin ▪ Revenue development still impacted by lower order intake in H2/2024 800 20% ▪ Construction as
Slide 13: Development of regions and business segments
Development of regions and business segments All regions still influenced by lower order intake in H2/2024 Comments on Q1/2025 Revenue [€ m] Revenue Europe (EMEA) -19.0% YoY (adj. for FX effects: -19.2%) Share YoY EBIT1 Europe 372.1 76% -19% -0.5 ▪ Largest revenue decreases in Germany, France and th
Slide 14: Further inventory reduction in Q1/2025
Further inventory reduction in Q1/2025 Inventories Trade receivables Inventories DIO1 Trade receivables DSO2 [€ m] [Days] [€ m] [Days] 1,000 400 500 200 780 387 384 800 726 400 665 622 300 318 150 616 298 600 300 254 157 143 152 142 146 200 100 400 200 60 57 56 55 45 100 50 200 100 0 0 0 0 Q1/24 Q2/
Slide 15: Downward trend of NWC continued in Q1/2025
Downward trend of NWC continued in Q1/2025 Net working capital (LTM) Cash flow from operating activities Net working capital Net working capital Cash flow from operating activities [€ m] [in % of revenue]1 [€ m] 1,000 918 906 100% 150 133 808 110 800 709 700 80% 100 61 600 60% 50 36 36% 36% 34% 33%
Slide 16: Robust financial structure with high equity ratio
Robust financial structure with high equity ratio Net financial debt and gearing Net financial debt/EBITDA (LTM) Net financial debt1 Gearing2 Net financial debt/ [€ m] EBITDA3 500 466 100% 1.6 1.4 402 1.4 1.3 390 400 80% 1.2 1.1 1.1 1.1 311 298 300 60% 1.0 0.8 200 32% 40% 26% 26% 0.6 21% 20% 0.4 100
Slide 17: The Wacker Neuson SE share
The Wacker Neuson SE share Share price development vs. relevant indices1 Dividend payout 300% 4.00 +22% 53% 41% 48% 42% 58% 0% 45% 3.50 140% 3.00 2.73 120% 2.50 2.10 3 2.06 1.99 2.00 100% 0.65 1.50 1.26 1.15 1.10 1.00 1.03 80% 1.00 0.50 0.90 0.60 0.60 0.501.41 0.20 60% 0.60 0.00 0.00 2018 2019 2020