Slide 1: Full year results 2025
full year results 2025 Utrecht, 26 February 2026
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 26 February 2026 Aalberts N.V. | full year 2025 2
Slide 3: Key message
key message Stéphane Simonetta chief executive officer
Slide 4: Key message
key message 1 performance impacted by continued short-term end markets softness 2 disciplined execution of operational excellence to protect margins 3 free cash flow improvement with lower inventories and capex 4 good progress on portfolio optimisation, accretive to segment growth% and EBITA% 5 firs
Slide 5: Full year 2025 performance
full year 2025 performance revenue EUR 3,091 million, organic revenue decline at 2.5% EBITA EUR 410 million before exceptionals, EBITA margin at 13.2% added value sustained at 63% free cash flow at EUR 361 million, inventory reduction by EUR 155 million, DIO at 82 capital expenditure EUR 189 million
Slide 6: Aalberts at a glance
Aalberts a glance revenue EBITA FCF mission-critical active in locations worldwide (EUR million) (EUR million) (EUR million) people countries 3,091 410 361 12k+ 125+ 50+ building industry semicon we engineer integrated solutions for we enable industrial customers to we provide front-end and back-end
Slide 7: Why owning Aalberts?
why owning Aalberts? urbanisation technology reshoring decarbonisation strong need for acceleration comfortable and healthy regionalisation of growing demand for buildings, sustainable exponential need for critical manufacturing energy efficiency and transportation and AI computing power, drives nee
Slide 8: Operational development
operational development Stéphane Simonetta chief executive officer
Slide 9: Revenue breakdown
revenue breakdown semicon | 15% EUR 0.5 billion Europe America building | 50% EUR 1.6 billion 24% 69% of total revenue of total revenue other APAC, Middle East, Africa non- 7% residential lithography lithography of total revenue EUR industrial 3,091 applications million commercial SDG impact 71% aer
Slide 10: Segment reporting
segment reporting building industry semicon revenue (in EUR million) 1,565 1,086 460 organic growth (% of revenue) 1.3% (2.8%) (13.8%) EBITA margin (% of revenue) 11.7% 17.2% 11.9% 26 February 2026 Aalberts N.V. | full year 2025 10
Slide 11: Building | operational development
building | operational development highlights performance financials operational organic growth » EBITA margin at 11.7% » closure of Doncaster (UK) site » full year organic revenue growth 1.3% complete » added value maintained on a » Q4 organic revenue decline 0.6% solid level » purchasing excellenc
Slide 12: Building | end markets
building | end markets residential buildings commercial buildings industry, utility 2025 2026 2025 2026 2025 2026 market market market market market market trend trend trend trend trend trend long-term growth drivers growing demand for comfortable energy efficient buildings, increase of labour short
Slide 13: Industry | operational development
industry | operational development highlights performance financials operational organic growth » EBITA margin at 17.2% » operational excellence » full year organic revenue decline 2.8% initiatives, footprint optimisation » resilient performance, margin » Q4 organic revenue growth 0.3% protections w
Slide 14: Industry | end markets
industry | end markets automotive aerospace power gen and machine build and defence other industrials 2025 2026 2025 2026 2025 2026 2025 2026 market market market market market market market market trend trend trend trend trend trend trend trend long-term growth drivers growing need for more sustain
Slide 15: Semicon | operational development
semicon | operational development highlights performance financials operational organic growth » EBITA margin at 11.9% » construction of new location » full year organic revenue decline 13.8% Dronten (NL) on track, » added valued remained on a equipment installed » Q4 organic revenue decline 9.9% go
Slide 16: Semicon | end markets
semicon | end markets front-end back-end other industries semicon production semicon production defence, life science, equipment equipment 2025 2026 2025 2026 2025 2026 market market market market market market trend trend trend trend trend trend long-term growth drivers new applications driving ove
Slide 17: Environmental performance
environmental performance SDG rate scope 1 and 2 absolute CO2 emissions (in %) accumulative progress (%) 71% -5% 2030 target >70% 2030 target target -40% 2025 2025 71% 2025 -34% -5%* 2024 71% 2024 -29% 2021 66% 2018 base year *organic improvement we have made good progress on environmental performan
Slide 18: Financial development
financial development Frans den Houter chief financial officer
Slide 19: Financial development
financial development revenue EBITA margin capital expenditure free cash flow (in EUR million) (in % before exceptionals) (in EUR million) (in EUR million before exceptionals) organic (2.5%) (1.8) (18)% 8% 3,149 3,091 15.0 231 361 13.2 334 189 53.8% 64.2% 2024 2025 2024 2025 2024 2025 2024 2025 o bu
Slide 20: Revenue bridge
revenue bridge 105.4 -59.6 3,148.6 -26.4 3,090.8 -77.2 actual 2024 acquisitions divestments currency organic actual 2025 lower revenue driven by organic decline 26 February 2026 Aalberts N.V. | full year 2025 20
Slide 21: EBITA bridge
EBITA bridge before exceptionals 18.7 471.1 -4.0 -3.3 409.5 -73.0 15.0% 13.2% actual 2024 acquisitions divestments currency organic actual 2025 lower EBITA driven by organic decline 26 February 2026 Aalberts N.V. | full year 2025 21
Slide 22: Free cash flow bridge
free cash flow bridge before exceptionals 62.3 361.0 -13.6 334.1 37.0 -58.8 53.8% 64.2% actual 2024 EBITDA CAPEX cash out NWC other actual 2025 strong free cash flow conversion 53.8% and 64.2% correspond to free cash flow conversion ratio 26 February 2026 Aalberts N.V. | full year 2025 22
Slide 23: EPS bridge
EPS bridge before exceptionals 0.16 3.12 -0.17 -0.13 -0.09 -0.02 0.04 2.61 -0.30 actual 2024 acquisitions divestments finance cost tax (%) currency organic share buyback actual 2025 lower EPS due to organic decline and higher finance cost 26 February 2026 Aalberts N.V. | full year 2025 23
Slide 24: Segment reporting
segment reporting holding | building industry semicon eliminations revenue (in EUR million) 1,565 1,086 460 (19.5) 2024: 1,603 2024: 1,061 2024: 501 2024: (16.1) organic revenue growth 1.3 (2.8) (13.8) (% of revenue) 2024: (3.0) 2024: (7.5) 2024: 4.7 EBITA (in EUR million) 184 186 55 (14.8) 2024: (4
Slide 25: 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) 981 1.8 2,427 56.1 2024: 597 2024: 1.0 2024: 2,605 2024: 61.6 capital employed ROCE net working capital days net working capital (in EUR million)
Slide 26: Exceptional costs
exceptional costs » accelerated operational excellence programmes EUR 40.8 million (2024: EUR 54.8 million) » annual benefit of approximately EUR 15 million » write-off of investments, mostly related to semicon innovation with no perspective of commercialization EUR 28.9 million » costs related to t
Slide 27: Capital allocation 2021-2025
capital allocation 2021-2025 EUR million acquisitions and 700 divestments acquired revenue 2025 EUR 215 million 600 M&A divested/deconsolidated revenue 2025 EUR 325 million capital expenditure 500 400 capex organic capex cash out EUR 204 million 300 cash out share buyback 200 SBB total shareholder a
Slide 28: Proposed shareholder returns
proposed shareholder returns dividend proposal share buyback proposal cash dividend EUR 1.15 per share EUR 75 million programme 1.13 1.15 EUR 75 million EUR 75 million 36% net result 44% net result 2024 2025 2025 2026 commencing on 27 February 2026 for the purpose of repurchasing and subsequently ca
Slide 29: Strategy in action
strategy in action Stéphane Simonetta chief executive officer
Slide 30: Our strategy 'thrive 2030'
our strategy ‘thrive 2030’ refocus. rebalance. recharge. our playing field four global tailwinds strategic priorities 1 profitable growth urbanisation semicon building 2 leadership positions technology acceleration reshoring 3 the Aalberts way decarbonisation 4 sustainable commitments industry engin
Slide 31: 'thrive 2030' – deployment strategic actions
‘thrive 2030’ – deployment strategic actions profitable leadership the Aalberts sustainable 1 2 3 4 growth positions way commitments » end market short- » transformative » operational and » continued progress, term softness acquisitions, functional excellence on track with our continued rebalancing
Slide 32: Organic growth initiatives
1 organic growth initiatives building industry semicon prefab solutions Hungary capacity front-end and back-end expansion co-development products and services data centre aerospace defence solutions industry industry 26 February 2026 Aalberts N.V. | full year 2025 32
Slide 33: Organic growth | data centres
1 organic growth | data centres flow control and valve technologies reliable system control for engineered and efficient and resilient cooling prefabricated systems engineered pre-fab solutions for speed, quality and reliability safe, fast and scalable piping and connection technologies piping and c
Slide 34: Innovate to differentiate
1 innovate to differentiate building industry semicon customer enable energy transition enable decarbonisation design to value need tackle labour shortages journey of our customers long-term partnership invest in digital offering focus invest in R&D and invest in subsystem integration our integrated
Slide 35: Portfolio optimisation, 2024-2025 progress
2 portfolio optimisation, 2024-2025 progress 2024 2025 2026-2030 ‘thrive 2030’ CMD ‘thrive 2030’ kick-off building and industry USA extension, PMI execution, continue to execute semicon Southeast Asia entry, European strategy with value accretive divestments in building and industry acquisitions M&A
Slide 36: GVT transformative acquisition for semicon
2 GVT transformative acquisition for semicon » 5 sites in Southeast Asia across Singapore, Malaysia, China » entry and access to new blue-chip customers » post merger integration on track » system build and qualifications with robust organic growth expected in key verticals; semicon front-end, back-
Slide 37: Operational excellence 2025 progress
3 operational excellence 2025 progress footprint inventory operations optimisation reduction productivities 4 sites closed EUR 155 million ~ EUR 25 million reduction in inventories saving scenario planning & tariffs taskforce DIO 82 days aligned cost base (-12 days) with customer demand driving oper
Slide 38: Net zero carbon roadmap
4 net zero carbon roadmap net zero carbon focus initiatives progress 2025 targets 2030 2050 scope 1+2 o drive energy efficiency energy use o electrification absolute34% absolute40% continue in CO2 intensity and absolute intensity40% intensity50% progress o use renewable energy versus 2018* versu
Slide 39: 2026 outlook
2026 outlook aalberts
Slide 40: Looking forward to 2026
looking forward to 2026 building industry semicon market o continued growth expected in o aerospace, power generation and o customer order books dynamics commercial buildings defence high growth outlook strengthening with destocking coming to an end o no short-term rebound expected o automotive sect
Slide 41: Summary
summary 1 drive organic growth in attractive end markets with business development, geographical expansion and innovation 2 execute operational excellence to improve margins 3 navigate short-term market dynamics with scenario planning 4 deliver solid FCF with further inventory improvements and tight
Slide 42: Questions and answers
questions and answers aalberts.com/investors aalberts.com/investors
Slide 43: Appendix
appendix aalberts.com/investors aalberts.com/investors
Slide 44: Our strategy 'thrive 2030'
our strategy ‘thrive 2030’ refocus. rebalance. recharge. four global tailwinds our playing field strategic priorities urbanisation 1 profitable growth strong need for comfortable and healthy buildings, sustainable » drive organic revenue growth innovation, transportation and business development con
Slide 45: 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 46: Building | what we do and how we win
building | what we do and how we win integrated extensive global engineering partner lean manufacturing, system offering salesforce during entire investment power with global supply with local-for-local building lifecycle and innovation speed chain coverage approach connection systems & valves boile
Slide 47: Industry | what we do and how we win
industry | what we do and how we win global service deep industry frontrunner combined expertise to network, sustainable offering of engineering offer tailormade processes, highly specialised partner for processes and strong position surface technologies global key accounts innovations aluminium sur
Slide 48: Semicon | what we do and how we win
semicon | what we do and how we win unique technology own intellectual intensive investment power portfolio, strongly property and co-development and fast positioned for new technology with globally active key decision-making semicon equipment developments accounts enabling OEM growth precision fram
Slide 49: Free cash flow
free cash flow in EUR million (before exceptionals) 2025 2024 delta EBITDA 527.3 545.3 (18.0) gain on disposal of subsidiaries (12.9) (9.0) (3.9) result on sale of equipment 3.0 (0.8) 3.8 changes in provisions (54.5) 50.4 (104.9) changes in working capital 39.3 (18.1) 57.4 cash flow from operations
Slide 50: Condensed consolidated income statement
condensed consolidated income statement in EUR million (before exceptionals) 2025 2024 revenue 3,090.8 3,148.6 EBITDA 562.2 621.0 depreciation (152.7) (149.9) EBITA 409.5 471.1 share in result of associates 0.1 - net finance cost (48.8) (30.8) income tax expense (75.8) (87.5) non-controlling interes
Slide 51: Condensed consolidated balance sheet
condensed consolidated balance sheet In EUR million 31.12.2025 31.12.2024 total non-current assets 2,993.2 2,842.1 total current assets 1,331.7 1,387.9 total assets 4,324.9 4,230.0 total equity 2,426.9 2,605.1 total non-current liabilities 1,024.0 617.7 total current liabilities 874.0 1,007.2 total
Slide 52: Shareholder value creation
shareholder value creation earnings per share dividend per share share buyback return on incremental (in EUR before exceptionals) (in EUR) (in EUR) capital employed (before exceptionals) 75 75 2.61 1.15* millon million* capital EBITA employed 1.72 272 2015 2,002 0.52 410 2025 3,364 (5) IFRS 16 (180)
Slide 53: 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