KLINGELNBERG AG Precision gearing champion with Swiss and German heritage
Presentation for Analysts and Investors Financial Report H1 2025/26
Zürich, November 2025
Agenda
1 | Introduction |
2 | Financial results |
3 | Outlook |
4 | Q&A |
1 Introduction
1 | Net sales at EUR 103,6 million, down by EUR 23,3 million |
2 | Order intake increased by 18.2% to EUR 119,6 million |
3 | Still strong order backlog of EUR 224,3 million |
4 | Uncertainties shifted order entry and Sales to 2nd half of the year - Half year EBIT consequently declined to EUR -13,3 million. Cost under control |
5 | Guidance for 2025/26 confirmed: positive result expected |
2 Sales reduction but rising order intake
KLINGELNBERG Group - Order intake, net sales and order backlog (in M€)
The KLINGELNBERG Group was able to significantly increase its order intake by EUR 18,4 million compared to the same period of the previous financial year.
Net sales declined mainly due to the slowdown in the global economy caused by ongoing global challenges and uncertainties, as well as to a shift in sales to the second half of the financial year and reached a total value of EUR 103,6 million. Nevertheless, the KLINGELNBERG Group continued to report a high order backlog of EUR 224,3 million.
Order intake
180,9
119,6
101,2
200,0
150,0
100,0
50,0
0,0
H1 2023/24 H1 2024/25 H1 2025/26
200,0
Net sales
126,9
105,4
103,6
400,0
Order backlog
150,0
300,0
100,0
50,0
200,0
100,0
0,0
H1 2023/24 H1 2024/25 H1 2025/26
0,0
335,1
241,7
224,3
H1 2023/24 H1 2024/25 H1 2025/26
2 Decline in net sales in the first half of the 2025/26 financial year
KLINGELNBERG Group - Income statement (in M€)
H1 2024/25
H1 2025/26
Deviations
Net sales from goods and services | 126,9 | 100% | 103,6 | 100% | -23,3 | -18% |
Other operating income | 0,9 | 1% | 1,4 | 1% | 0,5 | 53% |
Change in inventory of finished and unfinished goods | 17,5 | 14% | 20,5 | 20% | 3,0 | 17% |
Material expense | -61,7 | -49% | -57,0 | -55% | 4,7 | 8% |
Personnel expense | -58,1 | -46% | -58,4 | -56% | -0,3 | 0% |
Other operating expense | -22,6 | -18% | -20,6 | -20% | 2,0 | 9% |
Depreciation on tangible fixed assets | -2,6 | -2% | -2,7 | -3% | -0,1 | -2% |
Amortization on intangible assets | -0,2 | 0% | -0,2 | 0% | 0,0 | -26% |
Share of result from joint ventures | 0,3 0% | 0,2 0% | -0,2 -51% | |||
Operating result | 0,5 | 0% | -13,3 | -13% | -13,8 | |
Financial result | -0,4 | 0% | 0,7 | 1% | 1,0 | |
Loss / profit before income taxes | 0,1 | 0% | -12,6 | -12% | -12,7 | |
Income taxes | -1,9 -1% | -2,1 -2% | -0,2 -10% | |||
Net loss | -1,8 -1% | -14,6 -14% | -12,8 | |||
2 Increase in personnel expense ratio due to decline in sales
KLINGELNBERG Group - Income and cost development (in M€)
Material expense
suboptimal
product mix
55,6
61,7
57,0
in relation to
total operating performance in %
43,8%
42,8%
46,0%
Material expense decreased due to the lower total operating performance and closed the financial half-year at EUR 57,0 million.
Personnel expense increased by EUR 0,3 million. Although the KLINGELNBERG Group had 41 fewer employees than in the same period of the previous financial year, the basic monthly wages of KLINGELNBERG GmbH under the collective agreement increased by 2,0% as of 01 April 2025.
H1 2023/24 H1 2024/25 H1 2025/26
Personnel expense
1.272
1.369
1.328
42,2%
40,2%
47,1%
53,6
58,1 58,4
Number of FTEs
H1 2023/24 H1 2024/25 H1 2025/26
in relation to total operating performance in %
2 Other operating expense ratio increased due to decline in sales
KLINGELNBERG Group - Income and cost development (in M€)
Other operating income: The 2023/24 financial year's period included the reimbursement for retro-active damage (flood related) of KLINGELNBERG AG in the amount of EUR 4,1 million and the reconstruction aid paid by the Federal State of "Nordrhein-Westfalen"/Germany in the amount of EUR 5,0 million for flood damage incurred by KLINGELNBERG GmbH in July 2021.
Other operating expense was EUR 2,0 million lower than in the previous financial year. The decreased costs were mainly performance-related, among other things, the costs for freight and commissions fell. Despite this reduction, the other operating expense ratio amounted to 16,6%, which was 1,0 percentage point higher than in the previous financial year's period due to the significant decline in sales.
Other operating income
9,6
0,9
1,4
H1 2023/24 H1 2024/25 H1 2025/26
Other operating expense
16,6%
15,6%
16,3%
20,7 22,6 20,6
in relation to total operating performance in %
H1 2023/24 H1 2024/25 H1 2025/26
2 EBIT and EBITDA significantly below previous financial half year
KLINGELNBERG Group - EBITDA & EBIT development (in M€)
EBITDA
7,2
The operating result (EBIT) decreased by
EUR 13,8 million year-on-year to EUR -13,3 million.
The reduction in the operating result (EBIT) compared to the same period of the previous financial year is mainly due to the decrease in gross profit.
3,2
-10,4
H1 2023/24 H1 2024/25 H1 2025/26
EBITDA in
6,8%
2,5%
-10,0%
relation to net sales in %
EBIT
4,7
-13,3
H1 2023/24 H1 2024/25 H1 2025/26
EBIT in
4,5%
0,5
0,4%
-12,8%
relation to net sales in %
2 Equity ratio / Cash Flow
Cash flow from operating activities decreased by EUR 6,2 million to EUR -10,1 million compared to the first half of the 2024/25 financial year. The decline is mainly due to the net loss.
Cash flow from investing activities amounted to EUR -1,8 million in the first half of the 2025/26 financial year, an increase of EUR 6,4 million. Among other things, the first half of the last financial year included the acquisition of VISPIRON ROTEC GmbH.
Cash flow from financing activities increased mainly due to the rise in short-term financial liabilities.
KLINGELNBERG Group - Balance sheet ratios (in M€)
Equity capital
125,7
131,0
119,9
Equity
capital ratio
43,9%
45,1%
43,0%
H1 2023/24 H1 2024/25 H1 2025/26
Cash flow statement
17,4
Financing structure
-3,9
-8,2
10,1
-2,4
-10,1
-1,8
4,6
-53,6
-46,4
-34,8
14,1
15,9
20,6
-14,7
-12,1 -10,2
H1 2024/25 H1 2025/26
H1 2023/24 H1 2024/25 H1 2025/26
Note: Unless otherwise indicated, all figures are rounded up or down to the nearest hundred thousand Euros.
2 Klingelnberg Group
Seasonality
As in previous years, a significantly smaller portion of the expected annual sales was generated in the first half of the year - reflecting the typical seasonal sales pattern of the KLINGELNBERG Group, in which traditionally between 30% and 40% of annual sales are achieved in the first half of the year.
The crisis years of the pandemic and the flood from 2020 to 2022 are not representative and are not shown here.
KL's Seasonality
80%
70%
60%
50%
40%
30%
20%
10%
0%
FY 2017/18 FY 2018/19 FY 2022/23 FY 2023/24 FY 2024/25
3 Outlook
KLINGELNBERG Group
The reduction in net sales was attributable to the slowdown in the global economy caused by ongoing global challenges and uncertainties, leading to a shift in sales to the second half of the 2025/26 financial year.
The increase in order intake compared to the first half of the previous
2024/25 financial year and the solid project pipeline allows us to look ahead with cautious optimism.
The guidance for the 2025/26 financial year is hereby confirmed - a positive result is expected.
A still strong order backlog provides us with a positive outlook for the future.
4 Thank you! - Q+A
Appendix
Decrease in equity mainly due to the net loss
KLINGELNBERG Group - Balance sheet (in M€)
2024-09-30
ACTUAL H1
2025-09-30
ACTUAL H1
Deviations
20,6 | 7% |
41,3 | 15% |
128,5 | 46% |
12,2 | 4% |
76,4 | 27% |
278,9 | 100% |
Cash and cash equivalents 14,1 5%
Receivables from goods and services 51,2 18%
Inventories 135,7 47%
Other current assets 11,2 4%
Non-current assets 78,4 27%
Total assets 290,7 100%
53,6 | 19% |
10,2 | 4% |
17,7 | 6% |
77,5 | 28% |
119,9 | 43% |
278,9 | 100% |
Short-term financial liabilities 46,4 16%
Long-term financial liabilities 12,1 4%
Payables from goods and services 16,1 6%
Other liabilities 85,1 29%
Total equity 131,0 45%
Total liabilities and equity 290,7 100%
Note: Unless otherwise indicated, all figures are rounded up or down to the nearest hundred thousand Euros.
6,5 46%
-9,9 -19%
-7,2 -5%
1,0 9%
-2,1 -3%
-11,8 -4%
7,2 15%
-2,0 -16%
1,7 10%
-7,6 -9%
-11,1 -8%
-11,8 -4%
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