Half-Year Results 2025

Webstream Conference | July 22, 2025

‌Agenda

Volker Cwielong, CEO

• Net revenues slightly dipped to CHF 563.0m (-1.7% vs. PY) primarily due to large FX impacts, currency-adjusted growth of 1.3%
• Significant momentum in Healthcare, solid growth in segment Food&Beverage, softened demand in Automotive and Industry
• EBIT margin increased to 12.2% (+ 0.4 pp vs. PY), primarily driven by volume recovery and product mix in Healthcare
• Operational improvements and cost adjustment across all segments, limited direct impacts of tariff conflicts successfully mitigated ‌New business wins prioritize innovation and high-value offerings, transformation program ForwardNow is on track
  
  
  

• Attractive new project wins in both divisions with strong focus on innovative, high-value products with superior customer value

• Flawless production ramp-up for GLP-1 and enhanced traction for NeoFlex products in Healthcare, new co-engineered programs in Industrial with large share in high-voltage applications

• Four ForwardNow action areas are being rapidly advanced through twenty targeted initiatives and coordinated by dedicated transformation team

• Early efficiency gains from initiatives are already visible, putting 2025 program targets well within reach

HEALTHCARE

Destocking trends tapered off supported by steady increase of demand and orders in Q2

AUTOMOTIVE

Subdued demand conditions in Europe and Americas due to ongoing tariff conflicts

F&B

Solid demand and increased order volumes from business with strategic partner

INDUSTRIES

Tariff conflicts still softening demand and investments, slight recovery in Energy

DIVISION HEALTHCARE

DIVISION INDUSTRIAL

Dr. Judith van Walsum, CFO

2

Profit and Loss Statement

Key highlights

1

Currency adjusted net revenue growth driven by Healthcare and F&B Challenging market conditions notably in Automotive and Industry

2

Gross profit margin improvement due to favorable product mix in Healthcare and tight cost control

3

Reported EBIT at CHF 68.9M, 2.1% above PY

4

Turbulent Forex development led to slightly higher net finance result

5

Higher income tax expenses, also due to non-recognition of DTAs

6

Net result at 6.7% of net revenues as in prior year

Revenue Bridge Half Year 2025 in CHF M

Key highlights

• Top line significantly impacted by negative currency effect due to the strong Swiss Franc: CHF 16.7M FX (-2.9%). Changes in interdivisional sales at CHF 1.5M

• Healthcare's higher volumes and improved product mix, as well as F&B continued growth at double digit EBIT margin offset decline in T&E

  -10

  572.5

  563.0

  4.3

Revenue HY 2024

Foreign currency

/ IC eliminations

GPI Price Changes CY/PY Sales to 3rd

Volume/ product mix

Revenue HY 2025

EBIT Bridge Half Year 2025 in CHF M

67.5

1.4

68.9

Key highlights

• Reported EBIT at 12.2% of net revenues (+0.4pp vs PY) despite slow start to the year and weak demand in Transport & Electronics

• Sales grew faster than COGS due to improved product mix in Healthcare, resulting in higher profit contribution

• COGS growth kept in check thanks to lower material cost and reduced expenses

• Slight increase in Opex in absolute

terms (inflation, build up capabilities),

EBIT HY 2024

Foreign Currency

Net Revenue

COGS

Net other OpEx (1)

EBIT HY 2025

yet staying stable as % of revenues

1. Net other Operating Expenses includes Research and Development (R&D), Marketing and Selling (M&S) and General and Adminis trative (G&A).

   ‌Division Healthcare: Strong momentum after slow start in Q1, solid growth and improved product mix in Q2

   Revenue in CHF M EBIT in CHF M

   +2.6%

   
   
   

   Key highlights

   • Currency-adjusted revenues at +5.8%

     230.7 236.8

     HY 2024 HY 2025

     Other

     Asia 1%

     19%

     23%

     57%

     Revenue split by regions in %

     Europe

     35.6 40.1

     +12.6%

     
     
     

     HY 2024 HY 2025

     EBIT margin in %

     +1.5pp

     
     
     

     15.4% 16.9%

     above PY. Org change CHF +13.4M

   • The GP margin increased from 22.7% in the PY to 24.8% in the current year, reflecting better product mix, higher capacity utilization and strict cost control

   • Higher Opex reflecting wage inflation & build up capabilities, partially offset by income from services

   • Several transformation projects ongoing to streamline operations and improve productivity

Americas

HY 2024 HY 2025

-9.7%

Revenue in CHF M EBIT in CHF M

-4.1%

Key highlights

• Currency-adjusted revenue dropped

  343.4 329.3

  HY 2024 HY 2025

  Revenue split by regions in %

  31.9 28.8

  HY 2024 HY 2025

  EBIT margin in %

  by -1.4%. F&B with solid growth. Weaker demand particularly in automotive

• Despite headwinds, the gross profit

  margin remained stable at 21.7%

• Stringent cost control and efficiency gains enabled Industrial Division to

  Asia

  20%

  29%

  Americas

  Other

  0%

  51% Europe

  -0.6pp

  
  
  

  9.3% 8.7%

  HY 2024 HY 2025

  keep a solid profit margin (8.7%)

  • Strong focus on several initiatives transformation projects notably on foot print consolidation and SKU streamlining

    ‌Net interest expenses reduced due to debt repayments, active hedging limited FX volatility

    Total interest and finance expenses in CHF M

    12.9 12.4 12.7

    -2.6

    HY 2022 HY 2023 HY 2024 HY 2025

    Income tax expense in CHF M

    17.7 15.5 16.5 18.3

    HY 2022 HY 2023 HY 2024 HY 2025

    Key highlights

• Interest expenses (net) reduced to CHF 4.0M, PY CHF 4.7M, due to debt repayments

• Net CHF 8.3M fair value losses on forward contracts of CHF 36.5M, offset by CHF 28.2M gains on hedging derivatives

• The tax expense is higher because of non-recognition of DTAs in selected sites, tax provisions and non-recoverable withholding taxes on dividends and intercompany charges

  ‌Net working capital improving as a result of cash improvement initiatives in execution

  Net Working Capital in CHF M

  336.6

  310.8

  304.6

  179.3

  168.5

  164.3

  233.2

  215.5

  224.7

  -75.9

  -73.2

  -84.4

  HY 2024

  2024

  HY 2025

  Inventories

  Trade Accounts Receivable

  Trade Accounts Payable

  Key highlights

  • Net working capital improving; cash conversion cycle from 128 to 116 days YoY

  • Trade Accounts Receivables increased in line with higher sales in Healthcare. Cash collection optimization project running

  • Trade Accounts Payables have seen the most improvements in recent months, due to higher effectiveness of Procurement as a result of the ongoing transformation

  • Inventory has consistently decreased in the past months, and we see further potential

Net Debt in CHF M Net Debt / EBITDA (adjusted)

in CHF M

2.7

2.6

2.4

2.2 *

2.2 *

700

600

500

400

300

200

100

Ratio

net debt / EBITDA

3.0

2.5

2.0

1.5

1.0

0.5

0.0

-0.5

Key highlights

• Net debt improved materially vs PY

• All remaining third-party debt paid off in HY2 2024; further repayments of PEMA loans, including 25M in HY1 2025

• Net debt / adjusted LTM EBITDA at 2.2, improved vs HY1 2024, even vs adjusted year-end 2024

  0

  2022 2023 HY 2024 December 2024 HY 2025

  Net debt / EBITDA (*December 2024 & HY 2025 LTM adjusted)
  Net debt
  
  

  -1.0

  ‌Free Cash Flow remained strong in absolute terms, allowing for continued reduction of liabilities to anchor shareholder

  Free Cash Flow
  in CHF M	HY2025 ACT	HY2024 ACT
  Net cash from operating activities	90.3	86.3
  Net cash used in investing activities	(25.3)	(20.5)
  Free cash flow (FCF)	65.0	65.8
  Net cash used by financing activities	(81.0)	(91.4)

  Key highlights

  • Solid operating cash flow, improved compared to PY by CHF 4.0M. Strong sales, notably in Q2, in Healthcare and Food & Beverages leading to higher receivables

  • Capital expenditures in HY1 of CHF

    25.3M higher than in the PY but still at relatively low levels (~4.5% of sales)

  • Financing activities include the dividend payment of CHF 54.4M and debt repayment Pema loan CHF 25.0M in 2025

Volker Cwielong, CEO

Healthcare

• With a strong order book, we expect the recovery to continue and destocking effect to fully phase out

• Return to long-term growth trend in the higher single-digit percentage range for injectables projected

  Automotive

• Passenger car production in Western

  Europe and US underperforming

• China remains important market for EV`s with above average segment growth

• Sentiment depends largely on how trade and tariff conflicts develop

  Datwyler Positioning

  
  
  

  Market Expectations for HY2 2025

• Datwyler is ready to scale volumes with its state-of-the-art manufacturing sites

• Intensified collaboration with pharma companies and system integrators

• Successful production ramp-up for GLP-1

  applications and NeoFlex products

• Continous portfolio streamlining and

  effective cost measures in place

• Strong position and momentum for new business wins in China

• Attractive product portfolio and local-for-local production set-up

  ‌Outlook 2025: Industry markets expected to recover gradually, Food & Beverage to continue on growth path
  
  
  

  Market Expectations for HY2 2025

  Industries

  • Demand likely to be influenced by cautious sentiment, target sectors are expected to rebound i.e. connectivity

  • Policy driven recovery in the US energy market may be delayed by oil price development

    F&B

  • Continuous growth in the end market for single-serve coffee capsules anticipated with aluminum as material of choice -supported by EU packaging regulation

    Datwyler Positioning

  • Recent project wins in outperforming segments will enhance strong position

  • Proprietary certified elastomer compounds and optimized manufacturing capabilities

  • Strong base to benefit from the next US

    energy growth cycle

  • Continuous ramp up of additional capacity

    based on our supply agreements

  • Specialized on processing of aluminium with a recycling ratio of higher than 90%

PRODUCTION NETWORK

Optimization for faster, more competitive market access

COMMERCIAL EXCELLENCE

Positioning as preferred development partner to capture more value

PRODUCT PORTFOLIO

Streamlining for clarity, simplicity, and stronger value contribution

TARGET OPERATING MODEL

Implementing a lean structure and global standards to drive agility, efficiency and scalable growth

One-time negative effect of 37.9 mCHF in the reporting year 2024

• Group Executive Committee consists of Chief Executive Officer, Division Healthcare Division Industrial, Finance and Technology and Innovation

• Sustainability and Operational Excellence integrated into existing functions from June

• Business Units Connectors and Mobility have been merged to Transportation & Electronics

• Modular organization model to accelerate time to market and leverage important synergies along the entire value chain

• Products from Vandalia site will

be relocated to two Datwyler

U.S. production sites, Vandalia to close by September 2025

• Industrial division has made solid progress in sharpeneing its product portfolio, effectively reducing overall complexity

EBIT

margin

17% plus

Revenue

Annual organic growth in the higher single-digit percentage range

‌Q&A

‌Financial Calendar 2025

28 Aug.

2 Sept.

3 Sept.

4 Sept.

19 Nov.

Roadshow Zurich Roadshow London Roadshow Frankfurt Roadshow Geneva Capital Market Day

23 Sept. UBS, virtual

5-7 Nov. ZKB, Zurich

‌Disclaimer

This presentation contains forward-looking statements that reflect the Group's current expectations regarding market conditions and future events and are therefore subject to a number of risks, uncertainties and assumptions.

Unanticipated events could cause actual results to differ from those predicted and from the information contained in this presentation. All forward-looking statements in this presentation are qualified in their entirety by the foregoing.

Dätwyler Holding Inc.

Gotthardstrasse 31, 6460 Altdorf

T +41 41 875 11 00, F + 41 41 875 12 05

info@datwyler.com, https://www.datwyler.com