Durr Ag · XETR:DUE
Durr — Dürr Aktiengesellschaft — Q1 2025 Earnings Presentation
44 slides from Durr's earnings presentation, May 13, 2025
Slide 1: Results January – March 2025
Results January – March 2025 Dr. Jochen Weyrauch, CEO Dürr AG Dietmar Heinrich, CFO Dürr AG May 13, 2025 Bietigheim-Bissingen
Slide 2: Disclaimer
Disclaimer This publication has been prepared independently by Dürr AG/Dürr Group. 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 of risks,
Slide 3: Agenda
1 Overview 2 Divisions 3 Financials 4 Outlook Agenda 5 Summary
Slide 4: Overview
1 Overview
Slide 5: Q1 2025: Solid start to the year
1. Overview Q1 2025: Solid start to the year Continued operations ▪ Robust order intake of €1.1 bn – Industrial Automation and Woodworking up year-on-year; Automotive solid (Q1 2024 with base effect due to large partnership project order in Germany) ▪ Order backlog at €4.2 bn (-1.2% y-o-y) ▪ Sales r
Slide 6: Solid operations – close to prior year’s Q1 level
1. Overview Solid operations – close to prior year’s Q1 level Continued operations in € m Q1 2024 Margin -21% 0% Q1 2025 -4% 1,375 1,009 1,007 41 39 1,080 +41% -83% 17 4.0% 7 3.9% 12 1.7% 1.2% 1 Incoming orders Sales revenues EBIT before Net profit Free cash flow extraord. effects ▪ Order intake dec
Slide 7: Solid operations – close to prior year’s Q1 level (continued and discontinued)
1. Overview Solid operations – close to prior year’s Q1 level Continued and discontinued operations in € m Q1 2024 Margin -21% 0% Q1 2025 -2% 1,489 1,098 1,103 53 53 1,169 +23% -32% 25 4.9% 20 25 4.8% 17 2.3% 1.8% Incoming orders Sales revenues EBIT before Net profit Free cash flow extraord. effects
Slide 8: Order intake improved quarter-on-quarter
1. Overview Order intake improved quarter-on-quarter Book-to-bill at 1.07 in € m Book-to-bill Key aspects Order intake -21.4% +4.0% ▪ Q1 2024 with base effect due to large 1.36 partnership project order in Germany ▪ Automotive with solid order intake and 0.91 1.07 pipeline ▪ Industrial Automation wi
Slide 9: Regional development of order intake
1. Overview Regional development of order intake Increasing orders in all regions except Germany in € m ▪ Germany: Q1 2024 with base effect due to large partnership project order -21% ▪ Americas driven by stronger demand in Automotive and Industrial Automation 1,375 ▪ Asia including China resuming g
Slide 10: M&A: Cash settlement offer for HOMAG shares
1. Overview M&A: Cash settlement offer for HOMAG shares Final court decision significantly reduces risks and uncertainties Decision by Higher Regional Court of Stuttgart HOMAG shareholder structure ▪ Cash settlement of €31.58 per share (€31.56 before) + interest 2% ▪ Guaranteed dividend of €1.19 gro
Slide 11: Divisions
2 Divisions
Slide 12: Automotive division
2. Divisions Automotive division 8% revenue growth and stable margin year-on-year Q1 Q1 2025 2024 Δ Incoming orders in € m 502.7 827.3 -39.2% Sales revenues in € m 482.4 446.4 8.1% EBIT in € m 32.3 29.6 9.0% EBIT margin in % 6.7 6.6 +0.1 ppts. EBIT before extraordinary effects in € m 33.3 30.7 8.5%
Slide 13: Industrial Automation division
2. Divisions Industrial Automation division Order intake improves – sales and EBIT reflect lower order intake from last year Q1 Q1 2025 2024 Δ Incoming orders in € m 193.9 176.6 9.8% Sales revenues in € m 197.9 223.9 -11.6% EBIT in € m 0.2 3.1 -93.2% EBIT margin in % 0.1 1.4 -1.3 ppts. EBIT before e
Slide 14: Woodworking division
2. Divisions Woodworking division Good order intake – margins up despite lower sales Q1 Q1 2025 2024 Δ Incoming orders in € m 391.2 377.3 3.7% Sales revenues in € m 335.0 347.0 -3.5% EBIT in € m 12.8 9.2 40.1% EBIT margin in % 3.8 2.6 +1.2 ppts. EBIT before extra-ordinary effects in € m 13.5 10.8 25
Slide 15: Clean Technology Systems Environmental
2. Divisions Clean Technology Systems Environmental Discontinued operations Q1 Q1 2025 2024 Δ Incoming orders in € m 89.0 114.1 -22.0% Sales revenues in € m 95.5 89.9 6.2% EBIT in € m 10.4 11.1 -5.5% EBIT margin in % 10.9 12.3 -1.4 ppts. EBIT before extraordinary effects in € m 13.2 12.7 4.2% EBIT m
Slide 16: Service business
2. Divisions Service business Service sales and gross margin almost on strong prior year’s Q1 level % of group sales Service sales in € m Key aspects 28.1 29.1 27.8 ▪ Solid service sales – close to strong Q1 2024 ▪ Woodworking with solid growth at high margin ▪ Stable service margin year-on-year Ser
Slide 17: Financials (continued operations)
3 Financials (continued operations)
Slide 18: Overview of key financial indicators
3. Financials Overview of key financial indicators Continued operations Q1 2025 Q1 2024 Δ Sales revenues in € m 1,007.4 1,008.5 -0.1% Gross profit on sales in € m 226.2 218.2 3.6% Gross margin in % 22.5 21.6 +0.8 ppts. EBITDA in € m 67.2 66.6 0.8% EBIT before extraordinary effects in € m 39.3 40.8 -
Slide 19: Revenues on prior year’s Q1 level
3. Financials Revenues on prior year’s Q1 level Automotive compensates declines at other divisions Sales revenues in € m Key aspects ▪ Deconsolidation of Agramkow (Q1 2024: €14.5 m) -0.1% -11.9% ▪ Subdued orders in Production Automation in 2024 ▪ Shift to Asia driven by project in Saudi Arabia Sales
Slide 20: EBIT margin stable year-on-year
3. Financials EBIT margin stable year-on-year EBIT margin bef. e. e. in % Key aspects EBIT bef. e. e. in € m ▪ Gross profit improved despite lower share of service revenues 5.1% ▪ Lower PPA in extraordinary effects 4.0% 3.9% -4% 59 -5 12 41 4 39 41 39 29 -1 -9 31 Q1 Q4 Q1 2024 2025 EBIT Q1 Extraord.
Slide 21: Slightly positive free cash flow
3. Financials Slightly positive free cash flow Free cash flow in € m Key aspects ▪ Improved NWC and lower capex ▪ Higher interest payments in connection with HOMAG cash settlement offer 56 -7 12 -10 13 7 3 -2 -16 7 1 1 Q1 Q4 Q1 FCF Q1 EBIT D&A ∆ NWC Capex Interest Income Other* FCF Q1 2024 incl. tax
Slide 22: Net working capital further reduced
3. Financials Net working capital further reduced in € m Days Working Capital Key aspects Net Working Capital ▪ Reduction of inventories, contract assets and trade 44 receivables overcompensate lower contract liabilities ▪ DWC below target range 35 36 in € m 03/31/2025 12/31/2024 03/31/20241) Invent
Slide 23: Net debt increased due to HOMAG share purchase
3. Financials Net debt increased due to HOMAG share purchase Leverage of 1.6x within target range in € m Gearing Key aspects Net financial status ▪ €97 m payout for HOMAG cash settlement offer 29% 24% 28% ▪ Net debt includes €101.0 m leasing liabilities in € m 03/31/2025 12/31/2024 03/31/20241 Total
Slide 24: Comfortable liquidity headroom
3. Financials Comfortable liquidity headroom in € bn Maturity profile as of March 31, 2025 (financial in € million instruments only) 2.0 250 1.60 1.5 200 0.75 150 1.0 100 0.5 0.85 50 0.19 0.0 0 Available funds Financial liabilities 2025 2026 2027 2028 2029 2030 2031 2032 2025/03/31 < 12 months Conve
Slide 25: Outlook
4 Outlook
Slide 26: Risks and opportunities related to tariffs
5. Outlook Risks and opportunities related to tariffs No significant impact on ongoing projects expected → Dürr well positioned with local production, strong competitive position and contractual safeguard measures Short term risks: possible delays in the awarding of projects due to uncertainties on
Slide 27: Fundamental demand drivers
5. Outlook Fundamental demand drivers Our solutions help our customers achieve efficient and sustainable production Dürr Group. Sustainable. Automation. Sustainable production Energy and resource efficiency KEY Enabling sustainable products for a zero CO2 society DEMAND DRIVERS Electric vehicles (EV
Slide 28: Guidance continued operations 2025
5. Outlook Guidance continued operations 2025 Targets confirmed Actual 2024 Targets 2025 Incoming orders in € m 4,746 4,300 – 4,700 Sales revenues in € m 4,291 4,200 – 4,600 EBIT margin before extraordinary effects in % 4.6 4.5 – 5.5 EBIT margin in % 3.6 3.5 – 4.5 ROCE in % 11.4 10.0 – 15.0 Free cas
Slide 29: Breakdown of 2025 guidance by division
5. Outlook Breakdown of 2025 guidance by division Targets confirmed Order intake Sales revenues EBIT margin (in %) (in € m) (in € m) before e.e.* 2024 Targets 2025 2024 Targets 2025 2024 Targets 2025 Automotive 2,606 2,100 – 2,300 2,057 2,000 – 2,200 8.4 7.5 – 8.5 Industrial Automation 812 800 – 950
Slide 30: Guidance 2025 (continued + discontinued)
5. Outlook Guidance 2025 (continued + discontinued) Targets confirmed Actual 2024 Targets 2025 Incoming orders in € m 5,137 4,700 – 5,200 Sales revenues in € m 4,698 4,700 – 5,000 EBIT margin before extraordinary effects in % 5.5 5.5 – 6.5 EBIT margin in % 4.4 4.5 – 5.5 ROCE in % 14.5 13.0 – 18.0 Ea
Slide 31: Mid-cycle targets confirmed
5. Outlook Mid-cycle targets confirmed More than €6 billion sales targeted in 2030 5% – 6% CAGR sales revenues ≥ 8% EBIT margin before extraordinary effects ≥ 25% ROCE www.durr-group.com © Dürr AG, Conference call – Q1 2025, May 13, 2025 31
Slide 32: Summary
5 Summary
Slide 33: Summary Q1 2025
5. Summary Summary Q1 2025 Continued operations ▪ Solid start into 2025 ▪ Robust order intake of €1.1 bn Dürr Group. ▪ Stable revenues and EBIT margins year-on-year Sustainable. ▪ Net income improved by 41% Automation. ▪ Positive free cash flow and solid balance sheet ▪ On track to reach our targets
Slide 34: Appendix
Appendix www.durr-group.com © Dürr AG, Conference call – Q1 2025, May 13, 2025 34
Slide 35: P&L in detail
Appendix P&L in detail Dürr Group as a whole in € m Q1 2025 Q1 2024 Δ Sales revenues 1,103.0 1,098.4 0.4% Cost of sales -849.0 -856.1 0.8% Gross profit on sales 253.9 242.4 4.8% Selling expenses -107.1 -103.0 -4.0% General administrative expenses -67.6 -65.1 -3.9% Research and development costs -35.
Slide 36: P&L in detail
Appendix P&L in detail Continued operations in € m Q1 2025 Q1 2024 Δ Sales revenues 1,007.4 1,008.5 -0.1% Cost of sales -781.2 -790.3 1.1% Gross profit on sales 226.2 218.2 3.6% Selling expenses -97.5 -94.9 -2.8% General administrative expenses -64.4 -61.7 -4.5% Research and development costs -34.1
Slide 37: Balance sheet highlights (1/2)
Appendix Balance sheet highlights (1/2) Dürr Group as a whole Assets 03/31/2025 12/31/2024 03/31/20241 Non-current assets 1,825.0 1,838.3 1,914.8 of which goodwill and intangibles 969.2 976.6 1,071.4 of which property, plant and equipment 664.8 679.6 665.9 of which investment and financial assets 47
Slide 38: Balance sheet highlights (2/2)
Appendix Balance sheet highlights (2/2) Dürr Group as a whole Equity and Liabilities in € m 03/31/2025 12/31/2024 03/31/20241 Total equity 1,257.0 1,223.7 1,200.7 of which non-controlling interests 19.1 4.7 7.2 Non-current liabilities 1,187.5 1,343.6 1,179.0 of which provisions 55.5 59.1 59.5 of whi
Slide 39: Cash flow
Appendix Cash flow in € m Q1 2025 Q1 2024 EBT 35.6 29.3 Depreciation and amortization of non-current assets 36.4 40.0 Interest result 5.7 9.7 Income taxes paid -15.2 -8.5 Δ Provisions -21.0 0.0 Δ Net working capital 18.5 13.0 Other 6.0 -4.9 Operating cash flow 66.0 78.7 thereof continued operations
Slide 40: Overview: Financial figures by division
Appendix Overview: Financial figures by division 2025 2024 2025 2024 Q1 Q1 Q4 Total Q1 Q1 Q4 Total Incoming orders in € m 502.7 827.3 464.5 2,606.3 Incoming orders in € m 89.0 114.1 96.6 391.5 Sales revenues in € m 482.4 446.4 572.8 2,057.1 Sales revenues in € m 95.5 89.9 113.4 407.2 AUTO CTSE Order
Slide 41: Overview: Extraordinary effects
Appendix Overview: Extraordinary effects in € m 2025 2024 Q1 Q1 Q4 Total Automotive -1.0 -1.1 -0.9 -5.5 thereof PPA -0.9 -1.1 -1.0 -4.2 Industrial Automation -6.9 -9.5 -16.7 -30.2 thereof PPA -6.3 -9.0 -6.4 -33.0 Woodworking -0.6 -1.6 -2.4 -7.1 thereof PPA -0.6 -1.4 -0.6 -4.9 Corporate Center and Al
Slide 42: Shareholder structure
Appendix Shareholder structure Free float at 70.3%1 Heinz Dürr GmbH, Berlin Heinz und Heide Dürr Stiftung, Berlin 26.2% Institutional and private investors, including ▪ Union Investment Privatfonds GmbH: 3.07% ▪ Harris Associates L.P.: 3.01% ▪ Members of the Dürr AG Supervisory Board: 0.12% ▪ Member
Slide 43: Financial calendar
Appendix Financial calendar May 2025 June 2025 ▪ 05/15/2025 Annual general meeting HOMAG Group AG ▪ 06/17/2025 ODDO BHF London Forum, London ▪ 05/16/2025 Annual general meeting Dürr AG ▪ 05/21/2025 The Nice Conference, Nice ▪ 05/22/2025 Berenberg European Conference, Manhattan August 2025 September
Slide 44: Results January – March 2025
Results January – March 2025 Dürr Aktiengesellschaft Carl-Benz-Str. 34 74321 Bietigheim-Bissingen Dr. Jochen Weyrauch, CEO Dürr AG Germany Dietmar Heinrich, CFO Dürr AG +49 7142 78-0 May 13, 2025 corpcom@durr.com Bietigheim-Bissingen www.durr-group.com
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