Gea Group Aktiengesellschaft · XETR:G1A
Gea Group Aktiengesellschaft — Gea Group Ag Ord — FY/Q4 2025 Earnings Presentation
53 slides from Gea Group Aktiengesellschaft's earnings presentation, Mar 9, 2026
Slide 1: FY/Q4 2025 Results
FY/Q4 2025 Results Stefan Klebert, CEO Alexander Kocherscheidt, CFO Düsseldorf, March 9, 2026
Slide 2: Disclaimer
Disclaimer This presentation contains forward-looking statements. Forward-looking statements may include, in particular, statements about future events, future financial performance, plans, strategies, expectations, prospects, competitive environment, regulation and supply and demand. Statements wit
Slide 3: Highlights FY 2025
Highlights FY 2025 Stefan Klebert, CEO FY/Q4 2025 Results 3
Slide 4: 2025: A financial year full of successes
2025: A financial year full of successes Strong financial year 2025 Largest single order to date booked Entry into DAX 40 Organic sales EBITDA1 margin ROCE1,2 World’s largest integrated dairy farm and milk In September, GEA became a DAX 40 powder facility to be built in Algeria. member. Raised guida
Slide 5: 2025: Continued progress in Sustainability
2025: Continued progress in Sustainability Short-term climate target1 already achieved in 2025 FY 2025 2026 2030 2040 Scope 1 & 2 Scope 1 & 2 62 % Scope 1 & 2 80 % GEA Scope 3 60 % Scope 3 Net Zero 38 % 27.5 % Short-term target Mid-term target Long-term target Sustainability recognition TIME and Sta
Slide 6: GEA with strong financial KPIs in FY 2025
GEA with strong financial KPIs in FY 2025 FY 2025 FY 2024 ∆ YoY Order Intake €5,924m €5,553m +6.7% +9.1% organic Sales €5,495m €5,422m +1.4% +3.7% organic EBITDA1 €907m +8.4% EBITDA1 margin 16.5% +1.1%p ROCE1,2 36.2% +2.4%p Dividend per Share €1.303 €1.15 +13.0% 1 Before restructuring expenses I 2 C
Slide 7: Mission 30: GROWTH. Our targets
Mission 30: GROWTH. Our targets Share of sustainable solutions Service sales increase sales2 >60% to ~€2.9bn ▪ 45.7% in 2025 (2024: 41.6%) ▪ 42.3% EU taxonomy-aligned sales ▪ >9% Add Better sales Order Intake from New Food Clear plan for above to exceed €400m in 2030 average growing verticals GEA Di
Slide 8: Mission 30: GROWTH. Our targets
Mission 30: GROWTH. Our targets Share of sustainable solutions Service sales increase sales2 >60% to ~€2.9bn ▪ €2.2bn in 2025 (2024: €2.1 bn) ▪ 6.8% organic growth Order Intake from New Food Clear plan for above to exceed €400m in 2030 average growing verticals GEA Digital sales to grow Vitality ind
Slide 9: Mission 30: GROWTH. Our targets
Mission 30: GROWTH. Our targets Share of sustainable solutions Service sales increase sales2 >60% to ~€2.9bn Order Intake from New Food Clear plan for above to exceed €400m in 2030 average growing ▪ ~€70m in 2025 (2024: <€40m) verticals ▪ Application & Technology Center opened in the US in 2025 GEA
Slide 10: Mission 30: GROWTH. Our targets
Mission 30: GROWTH. Our targets Share of sustainable solutions Service sales increase sales2 >60% to ~€2.9bn Order Intake from New Food Clear plan for above to exceed €400m in 2030 average growing verticals ▪ >30% order intake growth in 2025 ▪ AMS & NEXUS3 strongest growth contributors GEA Digital s
Slide 11: Mission 30: GROWTH. Our targets
Mission 30: GROWTH. Our targets Share of sustainable solutions Service sales increase sales2 >60% to ~€2.9bn Order Intake from New Food Clear plan for above to exceed €400m in 2030 average growing verticals GEA Digital sales to grow Vitality index to reach to >€200m 30% ▪ ~€80m in 2025 (2024: >€70m)
Slide 12: Mission 30: GROWTH. Our targets
Mission 30: GROWTH. Our targets Share of sustainable solutions Service sales increase sales2 >60% to ~€2.9bn Order Intake from New Food Clear plan for above to exceed €400m in 2030 average growing verticals GEA Digital sales to grow Vitality index to reach to >€200m 30% ▪ 19.2% in 2025 (2024: 16.4%)
Slide 13: Average annual organic growth delivered in all time periods
Average annual organic growth delivered in all time periods Organic order intake growth1 Organic sales growth1 % Average annual organic growth 2019 2020 2021 2022 2023 2024 2025 2019 2020 2021 2022 2023 2024 2025 -0.6% -2.2% 14.0% 7.6% 0.8% 4.6% 9.1% 0.1% -2.6% 4.3% 8.9% 8.4% 3.7% 3.7% 5.5% 6.2% 7.2
Slide 14: New Executive Board since 1st of January
New Executive Board since 1st of January FY/Q4 2025 Results 14
Slide 15: Business & Financial Review Q4 2025
Business & Financial Review Q4 2025 Alexander Kocherscheidt, CFO FY/Q4 2025 Results 15
Slide 16: GEA Group
GEA Group Q4 25: Record order intake, strong sales growth & another strong EBITDA1 margin increase % Organic change Organic order intake 17.9% YoY 9.1% Order Intake, €m − Nine large orders (>€15m) totaling €414m vs. seven large 6.7% orders in Q4 24 of €230m 5,553 5,924 1,598 1,828 − Strong growth
Slide 17: Division Separation & Flow Technologies (SFT)
Division Separation & Flow Technologies (SFT) Q4 25: Strong organic new machine sales growth & EBITDA1 margin remaining at a high level % Organic change Order Intake, €m Organic order intake 1.1% YoY 6.2% − Growth in customer industries Dairy Processing, Oil & Gas, 3.9% 442 421 431 Marine as well
Slide 18: Division Liquid & Powder Technologies (LPT)
Division Liquid & Powder Technologies (LPT) Q4 25: Record order intake & EBITDA1 margin combined with strong organic sales growth % Organic change 7.7% Order Intake, €m Organic order intake 32.8% YoY 5.4% − Seven large orders (>€15m) totaling €346m in Dairy 1,797 1,894 752 Processing, Beverage, Fo
Slide 19: Division Food & Healthcare Technologies (FHT)
Division Food & Healthcare Technologies (FHT) Q4 25: Strong organic top-line growth & record EBITDA1 margin % Organic change 8.6% Order Intake, €m 5.4% Organic order intake 5.4% YoY 1,109 302 308 − One large order (>€15m) totaling €28m in Pharma vs. one 1,052 268 270 263 large order of €38m in Pha
Slide 20: Division Farm Technologies (FT)
Division Farm Technologies (FT) Q4 25: Significant increase in order intake & strong organic sales growth % Organic change 26.0% Order Intake, €m Organic order intake 34.5% YoY 23.4% − Large order volume (>€15m) totaling €40m 868 214 207 205 241 − Strong demand for automated and conventional milki
Slide 21: Division Heating & Refrigeration Technologies (HRT)
Division Heating & Refrigeration Technologies (HRT) Q4 25: Strong order intake, organic service sales growth & record EBITDA1 margin % Organic change 1.2% Order Intake, €m Organic order intake 15.4% YoY 0.1% − Strong demand development in orders between €1m and €15m − Growth mainly in customer ind
Slide 22: Strong EBITDA performance in FY and Q4 2025
Strong EBITDA1 performance in FY and Q4 2025 LPT and FHT with the strongest EBITDA1 expansion in both time periods FY 25 EBITDA1 growth contribution by divisions in €m Q4 25 EBITDA1 growth contribution by divisions in €m -6 11 -17 5 -4 261 907 -2 38 10 22 13 21 837 239 0 EBITDA SFT LPT FHT FT HRT Ot
Slide 23: Record low NWC ratio
Record low NWC ratio ▪ NWC almost halved from Q4 24 ▪ YoY NWC reduction mainly due to a combination of higher20% 1,000 €m contract liabilities (advance payments) and higher trade payables ▪ Record low NWC ratio of 3.2% outperforming guided corridor of 7% to 9% 900 €m 15% 800 €m (in €m) 700 €m 9.3% 8
Slide 24: Very strong cash generation in Q4 2025
Very strong cash generation in Q4 2025 FCF Free Cash Flow Q4 25, €m ▪ NWC €283m: inflow mainly driven by -52 -14 65 -95 23 -18 advance payments & higher trade 283 -4 payables ▪ Strong FCF of €470m 542 470 448 261 EBITDA Delta NWC Taxes Cash-out Others Operating Capex Others Free Cash Lease Interests
Slide 25: Cash conversion of 59% in L4Q
Cash conversion1 of 59% in L4Q Free Cash Flow FY 25, €m FCF generation during FY 25, €m 137 -150 -26 -142 -255 470 512 40 -71 907 -22 727 512 419 52 38 EBITDA Delta NWC Taxes Cash-out Others Operating Capex Others Free Cash Lease Interests Net Cash -49 before Restructuring Cash flow Flow payments pa
Slide 26: Outlook FY 2026
Outlook FY 2026 Stefan Klebert, CEO FY/Q4 2025 Results 26
Slide 27: Conflict in Middle East: No material impact
Conflict in Middle East: No material impact Middle East Syria Lebanon Iraq Iran Share of order intake Israel Jordan ~3% Kuwait Egypt Qatar Bahrain UAE Production sites none Saudi Arabia Oman Yemen FTEs ~70 From today’s point of view, the military confrontations in the Middle East are not expected to
Slide 28: Order backlog strongly up by 6.8% YoY
Order backlog strongly up by 6.8% YoY >80% sales conversion in 2026 (in €bn) 3.3 3.1 3.1 2.7 2.6 2.8 0.5 0.6 0.3 2023 2024 2025 Order backlog sales conversion in 2024 Order backlog sales conversion in 2025 Order backlog sales conversion in 2026 Order backlog sales conversion after 2024 Order backlog
Slide 29: Guidance for FY 2026
Guidance for FY 2026 Organic sales growth EBITDA margin ROCE1 (currency and portfolio adjusted) (Before restructuring expenses) (Before restructuring expenses) % YoY % % 5.0-7.0 16.6-17.2 34.0-38.0 (FY 2025: 3.7%) (FY 2025: 16.5%) (FY 2025: 36.2%) For divisional guidance, please refer to slide 48 in
Slide 30: EBITDA margin bridge FY 2026 in %
EBITDA1 margin bridge FY 2026 in % Guidance: 16.6-17.2 16.5 1 1 EBITDA margin Personnel cost Pricing G&A contribution COGS contribution R&D Volume/Mix effect EBITDA margin FY25 increase FY26 1 Before restructuring expenses FY/Q4 2025 Results 30
Slide 31: Key Priorities FY 2026
Key Priorities FY 2026 Accelerate organic sales growth Capitalize on new country strategy for India & China Improve profitability further Drive COGS reduction Continue execution of Transform 360 Advance climate strategy FY/Q4 2025 Results 31
Slide 32: Roadmap for 2026
Roadmap for 2026 April 29, May 11, Aug 10, Nov 09, Today 2026 2026 2026 2026 FY AGM Q1 Q2 Q3 2025 FY 2025 2026 2026 2026 (virtual) FY/Q4 2025 Results 32
Slide 33: Appendix
Appendix FY/Q4 2025 Results 33
Slide 34: GEA – Q4 2025 figures
GEA – Q4 2025 figures Sales by Customer Industry (L4Q) [in €m] Q4 24 Q4 25 Δ YoY L4Q Q4 24 L4Q Q4 25 Δ YoY Order Intake 14,4% 6,7% 1.598,0 1.827,6 5.553,0 5.924,1 Organic 1 17,9% 9,1% 14% Dairy Farming -1% YoY 16% Dairy Processing 10% YoY Sales 3,4% 1,4% Food 2% YoY 1.507,8 1.559,2 5.422,1 5.495,4 O
Slide 35: Separation & Flow Technologies – Q4 2025 figures
Separation & Flow Technologies – Q4 2025 figures Sales by Customer Industry (L4Q) [in €m] Q4 24 Q4 25 Δ YoY L4Q Q4 24 L4Q Q4 25 Δ YoY Order Intake -2,7% 3,9% 442,5 430,5 1.611,7 1.674,1 1 0% Dairy Farming n.a. Organic 1,1% 6,2% 22% Dairy Processing 4% YoY Sales 0,6% 1,1% 30% Food -5% YoY 437,6 440,4
Slide 36: Liquid & Powder Technologies – Q4 2025 figures
Liquid & Powder Technologies – Q4 2025 figures Sales by Customer Industry (L4Q) [in €m] Q4 24 Q4 25 Δ YoY L4Q Q4 24 L4Q Q4 25 Δ YoY Order Intake 29,3% 5,4% 582,0 752,4 1.797,3 1.893,8 1% Organic 1 32,8% 7,7% Dairy Farming n.a 19% 0% Dairy Processing 12% YoY Sales 3,9% -0,7% Food 27% YoY 482,4 501,0
Slide 37: Food & Healthcare Technologies – Q4 2025 figures
Food & Healthcare Technologies – Q4 2025 figures Sales by Customer Industry (L4Q) [in €m] Q4 24 Q4 25 Δ YoY L4Q Q4 24 L4Q Q4 25 Δ YoY Order Intake 2,2% 5,4% 0% 301,6 308,1 1.052,4 1.108,8 Organic 1 5,4% 8,6% Dairy Farming 40% YoY 22% Dairy Processing n.a Sales 5,9% 5,1% Food 1% YoY 276,6 292,9 1.007
Slide 38: Farm Technologies – Q4 2025 figures
Farm Technologies – Q4 2025 figures Sales by Customer Industry (L4Q) [in €m] Q4 24 Q4 25 Δ YoY L4Q Q4 24 L4Q Q4 25 Δ YoY Order Intake 30,6% 23,4% 184,8 241,2 703,0 867,6 Organic 1 34,5% 26,0% Dairy Farming -1% YoY Dairy Processing n.a Sales 6,3% -1,3% Food n.a 201,0 213,7 773,2 763,4 Organic 1 9,7%
Slide 39: Heating & Refrigeration Technologies – Q4 2025 figures
Heating & Refrigeration Technologies – Q4 2025 figures Sales by Customer Industry (L4Q) [in €m] Q4 24 Q4 25 Δ YoY L4Q Q4 24 L4Q Q4 25 Δ YoY Order Intake 12,9% 0,1% 149,9 169,3 606,2 606,6 4% Organic 1 15,4% 1,2% Dairy Farming -73% YoY 16% Dairy Processing 86% YoY Sales 1,3% 3,5% Food -9% YoY 169,3 1
Slide 40: Good order intake development
Good order intake development Order 6,500 intake rolling L4Q in €m 6,000 5,924 6,500 5,679 5,716 5,694 5,694 5,593 5,615 5,570 5,553 5,603 5,623 5,484 5,469 5,500 5,254 5,215 6,000 5,162 5,000 5,500 4,500 4,000 5,000 3,500 4,500 3,000 2,500 4,000 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24
Slide 41: Service sales
Service sales 592 599 60 548 64 529 525 526 512 514 57 472 57 59 61 55 55 102 103 54 97 87 91 96 98 93 90 98 101 90 93 96 86 91 90 86 InsertPicture 128 143 108 109 119 111 104 108 101 197 223 199 209 180 194 191 189 161 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 SFT LPT FHT FT HRT Figures
Slide 42: Order Intake development Q4 2025
Order Intake development Q4 2025 by division YoY change In €m Q4 24 Δ M&A Δ FX Δ Organic Q4 25 Seperation & Flow 0 -17 5 431 442 Technologies 0.0% -3.8% 1.1% -2.7% Liquid & Powder 0 -20 191 752 582 Technologies 0.0% -3.5% 32.8% 29.3% Food & Healthcare -3 -6 16 308 302 Technologies -1.1% -2.0% 5.4% 2
Slide 43: Sales development Q4 2025
Sales development Q4 2025 by division YoY change In €m Q4 24 Δ M&A Δ FX Δ Organic Q4 25 Seperation & Flow 0 -17 19 440 438 Technologies 0.0% -3.8% 4.4% 0.6% Liquid & Powder 0 -17 36 501 482 Technologies 0.0% -3.5% 7.4% 3.9% Food & Healthcare -7 -5 29 293 277 Technologies -2.7% -2.0% 10.7% 5.9% 0 -7
Slide 44: Order intake split as of Q4 2025 L4Q
Order intake split as of Q4 2025 L4Q: Top 30 countries account for 86% of order intake Top DM Countries Share Delta LTM % BtB Top EM Countries Share Delta LTM % BtB United States 19% 1,17 China 6% 0,81 Germany 9% 1,09 India 3% 1,38 Netherlands 4% 1,01 Poland 3% 0,98 United Kingdom 4% 0,95 Algeria 3%
Slide 45: FX development
FX development FX rates Dec % total Dec YTD Δ FX YoY Dec 2025 vs Currency YTD * Dec 2024 (average) EUR 45% - - USD 18% 1,13 4% CNY 6% 8,12 4% GBP 4% 0,86 1% DKK InsertPicture 4% 7,46 0% PLN 3% 4,24 -2% INR 2% 98,52 9% NZD 2% 1,94 9% BRL 2% 6,31 8% CAD 2% 1,58 7% TRY 1% 44,82 26% *Share of functional
Slide 46: Strong financial position and solid financial flexibility
Strong financial position and solid financial flexibility Maturity structure cash credit lines (€m) Finance KPIs End of End of €m Δ Maturity/Year Limit Utilized Comments Q4 25 Q4 24 Committed syndicated liquidity Cash and cash equivalents 626 638 back-up credit facility of 2028 650.0 0.0 - Bank li
Slide 47: Additional financial information for FY 2026
Additional financial information for FY 2026 Depreciation & Financial result Tax rate Capex R&D (as % of sales) Amortization (incl. PPA, IFRS 16)1 around around between around around €230m -€30m 28-30%2 €240m 3% thereof impact from PPA around €10m 1 Before restructuring expenses I 2 Estimation does
Slide 48: Divisional guidance FY 2026
Divisional guidance FY 2026 Revenue development (organic1) Forecast for 2026 2025 EBITDA margin before restructuring Forecast for 2026 2025 Pure Flow Processing +2.5% to +5.0% €1,953m Pure Flow Processing 26.5% to 28.5% 26.9% Nutrition Plant Engineering +7.0% to +9.0% €1,955m Nutrition Plant Enginee
Slide 49: Historical timeline (1/4)
Historical timeline (1/4) Order Intake €m Q1 22 Q2 22 Q3 22 Q4 22 FY 22 Q1 23 Q2 23 Q3 23 Q4 23 FY 23 Q1 24 Q2 24 Q3 24 Q4 24 FY 24 Q1 25 Q2 25 Q3 25 Q4 25 FY 25 SFT 409 420 368 341 1.537 457 378 351 370 1.556 402 389 378 442 1.612 411 411 421 431 1.674 LPT 526 402 459 478 1.865 511 453 411 379 1.75
Slide 50: Historical timeline (2/4)
Historical timeline (2/4) Order Backlog €m Q1 22 Q2 22 Q3 22 Q4 22 FY 22 Q1 23 Q2 23 Q3 23 Q4 23 FY 23 Q1 24 Q2 24 Q3 24 Q4 24 FY 24 Q1 25 Q2 25 Q3 25 Q4 25 FY 25 SFT 572 650 652 592 592 670 663 617 594 594 633 634 598 612 612 616 614 635 623 623 LPT 1.508 1.500 1.541 1.496 1.496 1.599 1.598 1.581 1
Slide 51: Historical timeline (3/4)
Historical timeline (3/4) Depreciation & amortization2 €m Q1 22 Q2 22 Q3 22 Q4 22 FY 22 Q1 23 Q2 23 Q3 23 Q4 23 FY 23 Q1 24 Q2 24 Q3 24 Q4 24 FY 24 Q1 25 Q2 25 Q3 25 Q4 25 FY 25 SFT (10) (10) (10) (12) (42) (10) (11) (11) (12) (44) (12) (12) (13) (14) (52) (13) (14) (14) (16) (56) LPT (8) (8) (8) (9
Slide 52: Historical timeline (4/4)
Historical timeline (4/4) EBIT €m Q1 22 Q2 22 Q3 22 Q4 22 FY 22 Q1 23 Q2 23 Q3 23 Q4 23 FY 23 Q1 24 Q2 24 Q3 24 Q4 24 FY 24 Q1 25 Q2 25 Q3 25 Q4 25 FY 25 SFT 71 57 82 79 288 83 87 94 84 348 82 89 94 107 372 90 101 95 101 387 LPT 18 31 40 36 125 19 31 36 46 132 12 23 39 39 114 27 30 41 56 155 FHT 10
Slide 53: GEA.com
| Engineering for a better world. GEA.com