Aumann AG, Beelen
Aumann in figures
Nine months (unaudited) | 2025 €k | 2024 €k | Δ 2025 / 2024 % |
Order backlog | 135,823 | 223,621 | -39.3 |
Order intake | 112,357 | 157,935 | -28.9 |
Earnings figures IFRS | €k | €k | % |
Revenue | 157,655 | 233,123 | -32.4 |
thereof E-mobility | 129,002 | 191,123 | -32.5 |
Operating performance | 157,670 | 233,656 | -32.5 |
Total performance | 161,654 | 236,576 | -31.7 |
Cost of materials | -82,340 | -142,172 | -42.1 |
Personnel costs | -52,258 | -59,786 | -12.6 |
EBITDA | 18,257 | 25,230 | -27.6 |
EBITDA margin | 11.6% | 10.8% | |
EBIT | 13,517 | 20,509 | -34.1 |
EBIT margin | 8.6% | 8.8% | |
EBT | 14,942 | 22,787 | -34.4 |
EBT margin | 9.5% | 9.8% | |
Consolidated net profit | 10,310 | 15,563 | -33.8 |
Earnings figures IFRS (adjusted)* | €k | €k % | |
Adj. EBITDA | 18,591 | 25,746 | -27.8 |
Adj. EBITDA margin | 11.8% | 11.0% | |
Adj. EBIT | 13,915 | 21,088 | -34.0 |
Adj. EBIT margin | 8.8% | 9.0% | |
Adj. EBT | 15,341 | 23,366 | -34.3 |
Adj. EBT margin | 9.7% | 10.0% | |
Figures from the statement | 30 Sep | 31 Dec | |
of financial position IFRS | €k | €k % | |
Non-current assets | 80,317 | 82,128 | -2.2 |
Current assets | 216,691 | 243,314 | -10.9 |
thereof cash and equivalents ** | 120,844 | 145,100 | -16.7 |
Issued capital (share capital) | 12,911 | 14,345 | -10.0 |
Other equity | 175,693 | 187,370 | -6.2 |
Total equity | 188,604 | 201,715 | -6.5 |
Equity ratio | 63.5% | 62.0% | |
Non-current liabilities | 38,581 | 37,276 | 3.5 |
Current liabilities | 69,822 | 86,451 | -19.2 |
Total assets | 297,008 | 325,442 | -8.7 |
Net cash (+) or net debt (-) ** | 115,676 | 138,181 | -16.3 |
Employees | 805 | 891 | -9.7 |
* For details of adjustments please see the information in the results of operations, financial position and net assets.
** This figure includes securities.
Rounding differences can occur in this report with regard to percentages and figures.
Business performance, result of operations, financial position and net assets
Business performance
Aumann achieves a continued solid profitability after nine months of 2025 despite the still challenging economic environment. As expected, revenue in the first three quarters of 2025 was below the previous year's level and amounted to €157.7 million, representing a decline of 32.4%. EBITDA amounted to
€18.3 million, corresponding to an increase in the EBITDA margin from 10.8% in the previous year to 11.6%. This development was mainly driven by consistent cost savings in project execution as well as a targeted reduction of capacities in line with the subdued market demand.
Order intake in the first three quarters of 2025 amounted to €112.4 million, down 28.9% from the previous year's figure of €157.9 million. In the E-mobility segment, order intake decreased by 39.1% to
€82.9 million. The main challenges remain the highly volatile political and economic conditions, fluctuations in international tariff structures, and the still cautious investment behavior in the automotive sector. However, continuously rising registrations of electric vehicles indicate that, under more stable geopolitical conditions, significant investment impulses may reemerge. In addition, technological innovations, increasing pressure for decarbonization, and government support programs offer further opportunities to sustainably increase investment activity.
In contrast, order intake in the Next Automation segment increased significantly by 35.1% to €29.4 million. Aumann is driving growth in this segment both organically, supported by a significantly expanded sales pipeline, and through intensified M&A activities.
Order backlog amounted to €135.8 million as at 30 September 2025 compared to €223.6 million in the previous year. Despite the expected decline, profitability in the order backlog remains at a high level.
As at 30 September 2025, Aumann's financial position remains very strong with net liquidity of
€115.7 million and an equity ratio of 63.5%.
On 14 March 2025, the Executive Board, with the approval of the Supervisory Board, resolved to cancel all 904,769 treasury shares purchased under the Share Buyback Programs 2023/I and 2023/II for the purpose of capital reduction. Following the cancellation of the treasury shares and the capital reduction taking effect, the share capital of Aumann AG amounts to €14,345 thousand (previously: €15,250 thousand) and is divided into 14,345,231 no-par value bearer shares with a notional share of the share capital of €1.00 per share.
In addition, on 14 March 2025, the Executive Board and Supervisory Board resolved to make use for the first time of the authorisation granted by the Annual General Meeting on 18 June 2024 to buy back treasury shares pursuant to Section 71 (1) no. 8 AktG and to offer shareholders the buyback of up to 1,434,523 treasury shares as part of a voluntary public tender offer addressed to all shareholders.
As part of the voluntary public tender offer, a total of 9,956,853 shares were tendered to Aumann AG. Applying the preferential acceptance of small quantities and an allocation ratio of around 13.77%, a total of 1,434,244 treasury shares were acquired. This corresponds to a share of 10.00% of the share capital and a total purchase price of €20.4 million excluding incidental acquisition costs.
Results of operations, financial position and net assets
The results of operations, financial position and net assets of the Aumann Group remain stable despite a challenging economic environment. After nine months of the 2025 financial year, consolidated revenue amounted to €157.7 million, down 32.4% from the previous year's figure of €233.1 million. Total performance after considering capitalised development work and other operating income, amounted to
€161.7 million, 31.7% below the previous year.
The cost of materials decreased disproportionately in relation to revenue by 42.1% to €82.3 million, while personnel costs declined by 12.6% to €52.3 million.
EBITDA (earnings before interest, taxes, depreciation and amortization) amounted to
€18.3 million (previous year: €25.2 million). After depreciation and amortisation of €4.7 million (previous year: €4.7 million), EBIT (earnings before interest and taxes) amounted to €13.5 million (previous year: €20.5 million). Considering a financial result of €1.4 million (previous year: €2.3 million), EBT (earnings before taxes) amounted to €14.9 million (previous year: €22.8 million). Earnings after taxes for the
first nine month 0f 2025 amounted to €10.3 million (previous year: €15.6 million). This corresponds to earning per share of €0.76 per share (based on the average number of shares outstanding in the amount of 13,546,678
In relation to the stock option program 2020, personnel cost of €335 thousand (previous year:
€516.0 thousand) were adjusted. The adjustment had a positive effect on the adjusted EBITDA, witch amounted to €18.6 million (previous year: €25.7 million). In addition, depreciation and amortisation of assets capitalised as part of the purchase price allocation of Aumann Limbach-Oberfrohna GmbH and Aumann Lauchheim GmbH were adjusted by €64 thousand (previous year: €64 thousand).This ad-jusment had a positive effect on ajusted EBIT, which thus amounted to €13.9 million (previous year:
€21.1 million).
Order intake after nine months of 2025 amounted to €112.4 million, while the order backlog as at 30 September 2025 totalled €135.8 million.
Aumann Group's equity amounted to €188.6 million as at the 30 September 2025 (31 December 2024:
€201.7 million). Based on the consolidated balance sheet total of €297.0 million, the equity ratio was at 57.2%.
Cash and cash equivalents (including securities) of the Aumann Group decreased to €120.8 million as at 30 September 2025 (31 December 2024: €145.1 million). This decline was mainly due to the purchase of treasury shares in the amount of €20.4 million and the payment of a dividend of €2.8 million. After deducting financial liabilities of €5.2 million (31 December 2024: €6.9 million), the Aumann Group's reported net cash amounted to €115.7 million compared to €138.2 million as at 31 December 2024.
Segments
In the E-mobility segment, revenue amounted to €129.0 million in the first three quarters of 2025 (previous year: €191.1 million). The segment's EBITDA amounted to €17.1 million after €23.3 million in the previous year, while EBIT stood at €13.4 million (previous year: €19.5 million). Order intake reached
€82.9 million compared to €136.1 million in the previous year.
In the Next Automation segment, revenue amounted to €28.7 million in the first three quarters of 2025 (previous year: €42.0 million). The segment's EBITDA amounted to €3.5 million after €4.8 million in the previous year, while EBIT stood at €2.6 million (previous year: €3.9 million). Order intake increased to
€29.4 million from €21.8 million in the previous year.
Events after the end of the reporting period
On 10 October 2025, a total of 6,061 shares were transferred to the respective beneficiaries under the 2020 stock option program. The transfer took place after the expiration of the vesting period. Treasury shares were used to settle the options.
On 13 November 2025, the Executive Board, with the approval of the Supervisory Board resolved to cancel all currently held 1,428,183 treasury shares for the purpose of capital reduction. Following the cancellation of the treasury shares and the capital reduction taking effect, the share capital of Aumann AG amounts to €12,917 thousand (previously: €14,345 thousand) and is divided into 12,917,048 no-par value bearer shares with a notional share of the share capital of €1.00 per share.
Outlook
Against the backdrop of the weak investment climate, Aumann continues to expect revenue between
€210 million to €230 million for the 2025 financial year, with an EBITDA margin of 8 to 10%. Beelen, 13 November 2025
The Executive Board of Aumann AG
IFRS interim consolidated financial statements | ||
IFRS consolidated statement of profit or loss | 1 Jan - 30 Sep 2025 | 1 Jan - 30 Sep 2024 |
unaudited | €k | €k |
Revenue | 157,655 | 233,123 |
Increase (+) / decrease (-) in finished goods and work in progress | 15 | 533 |
Operating performance | 157,670 | 233,656 |
Capitalised development costs | 1,785 | 1,852 |
Other operating income | 2,199 | 1,068 |
Total performance | 161,654 | 236,576 |
Cost of raw materials and supplies | -70,419 | -123,834 |
Cost of purchased services | -11,922 | -18,338 |
Cost of materials | -82,340 | -142,172 |
Wages and salaries | -40,332 | -46,309 |
Social security and pension costs | -11,926 | -13,477 |
Personnel costs | -52,258 | -59,786 |
Other operating expenses | -8,799 | -9,388 |
Earnings before interest, taxes, depreciation and amortisation (EBITDA) | 18,257 | 25,230 |
Depreciation and amortisation | -4,740 | -4,721 |
Earnings before interest and taxes (EBIT) | 13,517 | 20,509 |
Other interest and similar income | 1,655 | 2,786 |
Interest and similar expenses | -230 | -507 |
Net finance costs | 1,425 | 2,278 |
Earnings before taxes (EBT) | 14,942 | 22,787 |
Income tax expense | -4,516 | -6,817 |
Other taxes | -116 | -407 |
Earnings after taxes | 10,310 | 15,563 |
Earnings per share (in €) - undiluted | 0.76 | 1.06 |
Earnings per share (in €) - diluted | 0.76 | 1.06 |
IFRS consolidated statement of comprehensive income | 1 Jan - 30 Sep 2025 | 1 Jan - 30 Sep 2024 |
unaudited | €k | €k |
Earnings after taxes | 10,310 | 15,563 |
Items that may be reclassified subsequently to profit or loss | ||
Currency translation differences | -261 | 2 |
Fair Value Reserve - Debt instruments | -55 | 17 |
Other comprehensive income after taxes | -316 | 19 |
Comprehensive income for the reporting period | 9,995 | 15,582 |
Statement of financial position | 30 Sep 2025 | 31 Dec 2024 |
Assets (IFRS) | unaudited €k | audited €k |
Non-current assets | ||
Internally generated intangible assets | 11,349 | 11,969 |
Concessions, industrial property rights and similar rights | 952 | 1,602 |
Goodwill | 38,484 | 38,484 |
Intangible assets | 50,785 | 52,055 |
Land and buildings including buildings on third-party land | 20,021 | 20,842 |
Technical equipment and machinery | 2,606 | 2,564 |
Other equipment, operating and office equipment | 3,847 | 4,308 |
Advance payments and assets under development | 1,304 | 698 |
Property, plant and equipment | 27,779 | 28,412 |
Deferred tax assets | 1,753 | 1,661 |
80,317 | 82,128 | |
Current assets | ||
Raw materials and supplies | 2,896 | 3,155 |
Work in progress | 2,073 | 2,098 |
Finished goods and commodities | 0 | 175 |
Advance payments | 6,280 | 3,470 |
Inventories | 11,248 | 8,898 |
Trade receivables | 13,319 | 17,541 |
Contract assets | 66,105 | 64,841 |
Other current assets | 5,175 | 6,934 |
Trade receivables and other current assets | 84,599 | 89,316 |
Securities | 12,183 | 5,854 |
Cash in hand | 11 | 4 |
Bank balances | 108,650 | 139,243 |
Cash in hand, bank balances | 108,661 | 139,246 |
216,691 | 243,314 | |
Total assets 297,008 325,442
Statement of financial position | 30 Sep 2025 | 31 Dec 2024 |
Equity and liabilities (IFRS) | unaudited €k | audited €k |
Equity | ||
Issued capital | 12,911 6,498 169,196 | 14,345 |
Capital reserves | 5,420 | |
Retained earnings | 181,950 | |
188,604 201,715 | ||
Non-current liabilities | ||
Pension provisions | 14,409 | 14,424 |
Liabilities to banks | 1,765 | 2,801 |
Liabilities from leasing | 1,062 | 1,470 |
Other provisions | 1,928 | 1,861 |
Deferred tax liabilities | 18,709 | 15,975 |
Other liabilities | 708 | 744 |
38,581 | 37,276 | |
Current liabilities | ||
Other provisions | 25,078 | 20,171 |
Trade payables | 14,298 | 26,247 |
Contract liabilities | 12,982 | 21,691 |
Provisions with the nature of a liability | 10,793 | 10,498 |
Liabilities to banks | 1,451 | 1,656 |
Liabilities from leasing | 890 | 991 |
Tax provisions | 1,599 | 1,603 |
Other liabilities | 2,731 | 3,594 |
69,822 | 86,451 | |
Total equity and liabilities 297,008 325,442
Consolidated statement of cash flows
unaudited
1 Jan - 30 Sep 1 Jan - 30 Sep
2025 2024
€k €k
1. Cash flow from operating activities | ||
Earnings before interest and taxes (EBIT) | 13,517 | 20,509 |
Depreciation and amortisation | 4,740 | 4,721 |
Increase (+) / decrease (-) in provisions | 4,959 | 17,460 |
Losses (+) / gains (-) from disposal of PPE | -5 | -4 |
Other non-cash expenses / income | -104 | 102 |
Adjustments for non-cash transactions | 9,589 | 22,280 |
Increase (-) / decrease (+) in inventories, trade receivables and other assets | 739 | -390 |
Decrease (-) / increase (+) in trade payables and other liabilities | -21,262 | -37,513 |
Change in working capital | -20,524 | -37,902 |
Income taxes paid | -256 | -2,893 |
Other tax payments | -116 | 0 |
Interest received | 1,729 | 2,943 |
Cash flow from operating activities | 3,939 | 4,936 |
2. Cash flow from investing activities | ||
Investments (-) / divestments (+) of intangible assets | -797 | -1,826 |
Investments (-) / divestments (+) of property, plant and equipment | -1,730 | -1,926 |
Investments in long-term financial assets and securities | -10,260 | 0 |
Proceeds from long-term financial assets and securities | 3,999 | 5,000 |
Cash flow from investing activities | -8,788 | 1,249 |
3. Cash flow from financing activities | ||
Profit distribution to shareholders | -2,840 | -2,869 |
Purchase of treasury shares | -20,438 | -5,972 |
Repayments of financial loans | -1,242 | -1,242 |
Repayments of lease liabilities | -807 | -1,012 |
Interest payments | -230 | -507 |
Cash flow from financing activities | -25,558 | -11,601 |
Cash and cash equivalents at end of period | ||
Change in cash and cash equivalents (Subtotal 1-3) Effects of changes in foreign exchange rates (no cash effect) Cash and cash equivalents at start of reporting period | -30,406 -179 139,246 | -5,417 -1 133,045 |
Cash and cash equivalents at end of period 108,661 127,627 | ||
Segment reporting | Next Automation | E-mobility | Reconciliation | Group |
1 Jan - 30 Sep 2025 | €k | €k | €k | €k |
unaudited |
Revenue EBITDA | 28,653 3,536 | 129,002 17,113 | 0 -2,392 | 157,655 18,257 |
Depreciation and amortisation | -926 | -3,735 | -79 | -4,740 |
EBIT | 2,610 | 13,378 | -2,471 | 13,517 |
Net finance cost | -51 | 47 | 1,429 | 1,425 |
EBT | 2,559 | 13,425 | -1,042 | 14,942 |
EBITDA margin | 12.3% | 13.3% | 11.6% | |
EBIT margin | 9.1% | 10.4% | 8.6% | |
Trade receivables and Receivables from construction contracts | 16,323 | 63,102 | 0 | 79,424 |
Contract liabilities | 658 | 12,324 | 0 | 12,982 |
Segment reporting | Next Automation | E-mobility | Reconciliation | Group |
1 Jan - 30 Sep 2024 | €k | €k | €k | €k |
unaudited |
Revenue | 42,000 | 191,123 | 0 | 233,123 |
EBITDA | 4,795 | 23,302 | -2,867 | 25,230 |
Depreciation and amortisation | -872 | -3,790 | -59 | -4,721 |
EBIT | 3,923 | 19,512 | -2,926 | 20,509 |
Net finance cost | -132 | -128 | 2,538 | 2,278 |
EBT | 3,791 | 19,384 | -388 | 22,787 |
EBITDA margin | 11.4% | 12.2% | 10.8% | |
EBIT margin | 9.3% | 10.2% | 8.8% | |
Trade receivables and Receivables from construction contracts | 21,533 | 74,844 | 0 | 96,377 |
Contract liabilities | 8,102 | 33,358 | 0 | 41,460 |
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