OC Oerlikon: Earnings Presentation FY 2025

24 February 2026

‌Agenda

1. Strategy Update & 2025 Overview

2. Financials & Outlook

3. Q&A

   Page 2

   50% cost savings

   through reconditioning

   20x tool life extension

   through coating

   5% efficiency increase

   through coating

   
   
   
   
   

   ‌Consistent strategy execution over the past decade to drive future performance

   
   
   

   Pure-play strategy to unlock shareholder value

   transforming Oerlikon to a global leader in material science and surface technologies

   
   
   

   Resilient and leaner, to unlock performance and shareholder value

   
   
   

   Build resilience and capture value from growing markets

   from Tooling and Automotive to a large range of industries, focused on develop applications to new industries such as in medical, semicon and luxury

   
   
   

   Continued innovation to maintain tech leadership

   with an average of 4 to 5% of sales invested in R&D, leading to more than 500 new

   patents over the last 10y; supporting clients' performance with innovation

   
   
   

   Agility through lean administration

   by reducing Administration costs by more than 45% since 2019

   
   
   

   ‌Portfolio diversification to increase resilience

   2025

   Mid-term

   
   
   

   Leverage tech leadership into new markets

   • PVD/CVD/Thermal Spray

   • Materials Science

   • Advanced Manufacturing

   Focus to develop industry applications

   
   
   

   • Semiconductor

   • Medical

   • Luxury

   • Defense

     Luxury Energy

     Tooling

     Adding growth

     markets

     General

     industry

     Automotive

     Increase market share

     in the targeted industries

     Aviation

     
     
     
     
     
     
     

     Upside on profitability

     
     
     
     
     

     Moving closer to customers

     732

     488

     348

     
     
     

     Europe APAC Americas

     2025 Sales in mCHF1

     Leverage

     regional organization to support local growth strategy

     1) Pure-play scope, excluding Barmag

     
     
     

     ‌Innovation leadership to create value for our customers

     5% of revenue invested in R&D in 2025 … … to lead innovation

     Equipment & Materials Coating services

     Components

     Equipment & Materials

     1. INSPIRA - Mega Carbon Coater

        
        
        

     2. Sinplex PRO ID Gun

     3. Surface Two (Aviation)

        
        
        

     4. Brake disc powder (Automotive)

     5. MetcoMed Ti64 (Medical)

     6. MetcoMed CoCrMo F75-A (Medical)

Components

1. EYEgate (HRSflow - PMCL)

2. Stargate (HRSflow - PMCL)

3. GlowHRS (automotive)

Coatings

1. BALINIT Optura (Tooling - PVD)

2. BALINIT Cavita (Medical)

3. BALORA PVD MCrAlY (Aviation)

4. BALDIA Varia (Tooling - CVD)

5. Dielectric Coating (Automotive)

Increasing customer focus to boost market adoption, using improved capital allocation framework

‌Oerlikon Luxury: leveraging our technology to a new market

2021-

2023

Setting the base for

diversification

2021, followed by Riri in 2023

# pieces

In %

20

15

10

5

0

Share of stainless steel and PVD

2022 2024 2026 2028 2030

‌Foresee end markets stabilizing in 2026 after subdued 2025; continuous supporting trend in aviation

General Ind. & Tooling

2026 markets

40% of 2025 sales1

Automotive

30%

Aviation & energy

20%

Luxury

2025 markets

10%

2025 markets

2026E markets

2025 markets 2026E markets

2025 markets

2026 markets

• Euro Area industrial PMIs remained in contraction during 2025, without evidence of recovery

• US and China PMIs remained broadly neutral, driven by uncertainties due geopolitical risks and additional burden from evolving tariff regimes

• 2026 expected to remain challenging, with regional discrepancies

• Growth in light vehicle production driven by Asia in 20252, Europe and Americas remained in contraction

• Uncertainties in EU generated by changing industrial policies

• New car model launch decreased by 5% in 20254 mainly affected by US, Europe remaining stable and Asia improving

• Light vehicle production expected to

  improve in H2 2026 in Europe and US2

  • Continuous supporting environment driven by MRO activities, with increasing flying hours

  • New plane production supported by passenger growth and energy efficiency

  • New aircraft deliveries to keep increasing in the next years with improving manufacturing capacities

  • Increase in datacenter power needs

    driving demand for industrial gas turbine5

  • Continued soft end markets due to subdued demand in China, and pressure on Western shoppers' spending

  • Swiss watch exports -1% in 2025

  • Positive trend to move to more sustainable coating technology

    2025 marked by broad end-markets contraction; 2026 expected to stabilize

    1. Pure play scope, excluding Barmag reported as discontinued

    2. Source LMC as per Dec 25; 3) Source IATA; 4) Source LMC and JSC as per Dec 25; 5) Source HIS Markit

‌Key figures 20251

Order Intake

CHF 1.7bn +6.5%

vs 2024 at constant FX

Book to bill Q4'25 1.08x

Sales CHF 1.6bn

-0.3%

vs 2024 at constant FX

Leverage ratio2 3.4x

CHF 271m

-11%

as per March 20263

2.7x

Op. EBITDA

(17.3%)

vs 2024

as per end of 20263<2.5x

1. Pure-play scope, excluding Barmag; EBITDA margin refers to operational EBITDA; 2) pro forma 2025 including Barmag proceeds after proposed dividend payment; 3) expected

   ‌Sustainability is in Oerlikon's DNA

   28%

   
   
   

   2030 ESG targets on-track

   
   
   

   Oerlikon's coatings for Tooling and Aviation

   save >100% of Swiss CO2 emissions

   Scope 1 & 2:

   • 23.1 kt CO₂e reduction in 2025, representing -17% compared to 2024

   • 47% electricity from renewable sources: 39 sites use 100% renewable electricity, and 47 sites use at least 75% renewable electricity compared to 2024

   • Sites with installed energy management systems increased to 93% (2024 at 76% and 2019 baseline at 11%), representing 97% of the total energy consumption

     Next steps…

   • Validation of Targets (GHG emissions Scope 1, 2 and 3) by Science Based Targets initiative (SBTi) in 2026

     
     
     

   • Launch the EU CSRD and EU Taxonomy compliance preparation for disclosure (gaps identified in 2025)

1) 20x reflects average across tooling, with peak extension up to 160x; 2) Across 2019 installed base of aero engines; 3) incl. HRSflow

20x lifetime extension1 of a metal tool through coating… resulting in significant metal saving, saving annually ~8.3 mio metric tons CO2or

~28% of Swiss CO2 emissions

5% efficiency increase in aero turbines through coatings… equaling ~26 mio metric tons of CO2 reduction annually2 or ~88% of Swiss CO2 emissions

PVD coatings in Luxury generate -97% less waste compared to prevailing electroplating

Coatings extend lifetime of wind turbine gears up to 70 times

88%

Waste Reduction

-97%

70x

More Rotation

‌Conclusion: Executing strategically to benefit upon market end markets

Dividend per share of CHF 0.85 per share proposed

(ordinary dividend of CHF 0.20 and one-time extraordinary dividend of CHF 0.65)

Executing on our key priorities to strengthen value creation as markets recover

Successfully divested Barmag with closing in February 2026

On track with pure play strategy execution; becoming agile and reduce cost overhang following Barmag divestment

2025 with strong Order Intake and flat sales despite challenging end markets, geopolitical uncertainties and trade tensions

Strong resilience supported by innovation leadership and continued diversification into new markets; well positioned to accelerate when markets recover

Marco Freidl

CFO

‌Oerlikon delivers stable sales in 20251

Continuing operations

Markets Orders Sales Operational EBITDA

• Weak customer purchasing behavior due to difficult macro environment, geopolitical uncertainties and trade tensions

• Euro area PMIs in contraction, China around neutral level and US marginally improving

• Support from aviation with continuing growth of passenger traffic and increasing production capacities

  2025 sales split by markets

• Increasing at +6.5% FX adjusted YoY

• Acceleration in Q4'25 compared to prior year at constant FX, despite weak PMI environment

• Book-to-bill ratio at 1.06 for the full year (Q4 at 1.08)

  +2.0%

  FX adj.: +6.5%

  Order intake

• Flat organic YoY FX adjusted, in a context of subdued end markets

• Q4 improving YoY at constant FX, supported by aviation and energy

• Luxury stabilizing at a low level

  Sales

  -4.3%

  FX adj.: -0.3%

  (3rd party)

• 17.3% operational EBITDA margin,

  Impacted by mix effect and FX

• Counteracted by efficiency, innovation with new product launch and pricing

• Corporate costs adjustment for pure play on-track, >50% achieved in 2025, more effects following Barmag closing

• Executing structural cost out actions to support margin

• Operational ROCE at 4.7%, driven by transitorily lower margin

Operational EBITDA2

Energy Luxury

10%

Tooling 20%

Americas

22%

APAC

31%

1'622 1'655

Margin

17.3%

18.5%

271

-10.9%

304

1'639 1'568

General Industry

22%

5%

30%

15%

Aviation

Automotive

47%

Europe

2024 2025

2024 2025

2024 2025

1. Pure play scope, excluding Barmag reported as discontinued; 2) Margin based on unrounded figures and total sales, intercompany sales; 2024 pro forma without Barmag, 3) Return on Capital Employed (ROCE) is defined as NOPAT (Operational EBIT after Tax before Amortized of Acquired Intangibles (tax adjusted)) over the Capital Employed; Capital Employed is composed of third-party net operating assets before Amortized Intangibles assets (tax adjusted), current income tax receivables and current income taxes payable and deferred tax assets and liabilities

   
   
   
   
   

   ‌Reinforcing the foundation for profitable growth1

   
   
   

   Cost discipline

   • 45% overhead savings since 2019, further

     
     
     

     accelerating with pure-play execution

   • Proactively began streamlining admin functions in 2024, ahead of divestment, to avoid cost overhang

   • Continued focus on efficiency through digitalization, automatization and footprint

     Admin expenses

     276

     -45%

     151

     optimization including relocation of coaters between existing sites

     2019 2025

     
     
     

     Portfolio optimization

   • Stringent portfolio reviews

   • Structurally improving profitability with the restructuring in automotive (combustion engine related), Luxury and some R&D projects in 2025

   • Upcoming innovation attractively priced, enabled by strengthened capital allocation framework with increased focus on customers and market adoption

   • Strengthened tracking of innovation and aligned compensation

     Capital allocation framework

     ROCE

     Allocate Capex

     and R&D

     Selectively reinvest to bring to top right

     Sales CAGR

     Gross margin

     Current portfolio Upcoming innovation

     Enabling profitable growth

     
     
     

     Taking measures to structurally improve mid-term profitability

     • Eliminate subscale and dilutive products in materials portfolio to reduce complexity, replacing with more efficient solutions

# Product references

-53%

2.100

988

2020 2025

1. Pure play scope, excluding Barmag reported as discontinued

   ‌Clear focus on balance sheet strengthening

   Executing on commitment with 2/3 of Barmag proceeds used for deleveraging

   
   
   

   Further elements of improvement

   • Reducing leverage to 2.7x pro forma, following repayment of CHF 475m term loan out of CHF 716m proceeds

   • Lower EBITDA transitorily impacting leverage

     3.4x

     2.8x

     2.7x

     <2.5x

     ~2.0x

     <2.0x

   • Pro forma equity ratio significantly improving from 25% to 41%1

   • Continued tight focus on cost, NWC, Capex and cash management

   • Launched successfully CHF 350m bond in September 2025 and repaid CHF 250m bond in November 2025

   • Access to CHF ~960m liquidity (cash & RCF) as per YE'25

   • After Barmag divestment, substantial reduction of restricted cash by CHF 185m and pension liabilities by CHF ~110m

   • Target leverage ratio to decrease below 2x in the mid term

     2024 2025

     pro forma Oerlikon group incl. Barmag

     est. Mar 26 including Barmag proceeds, after dividend

     2026 2027 Mid term

     Extraordinary dividend based on Barmag divestment

     • Total dividend of CHF 0.85 per share proposed (CHF 0.20 regular dividend and CHF 0.65 one-time extraordinary dividend from Barmag proceeds)

1) Pro forma as per 31.12.2025, including proceeds of Barmag divestment after proposed dividend

‌Further improvement of leading ESG ratings

Oerlikon ESG rated top 20% in average within industrial sector 1

Sustainalytics

MSCI

EcoVadis2

CDP Climate Change & Water Security

External validation and recognition

Climate change Water security

Sector

2024

2025

Sector

2024

2025

average score

Score

average score

Score

1. Excluding CDP not available; MSCI in top 15%, EcoVadis in top 18%, Sustainalytics in top 34%; 2) SBTi commitment and target submission after Ecovadis assessment

   
   
   

   ‌2026 guidance1

   Reflecting soft year for end markets and negative mix effect

   Sales

   EBITDA

   margin3

   • Low single digit % organic increase2

   • Reflecting expectation of continuing soft end markets, especially in general industries, tooling, automotive and luxury

   • ~17.5% operational EBITDA margin

   • Continued adverse mix effect balanced by corporate cost-out actions with sale of Barmag and additional structural cost-out measures (portfolio / footprint optimization initiated in 2025)

1) Pure play scope, excluding Barmag; 2) at constant FX; 3) operational EBITDA

‌2026 Financial Calendar

30 April 2026: Q1 2026 trading update

6 August 2026: H1 2026 financial results

9 September 2026: Oerlikon Capital Market Day in Zurich

29 October 2026: Q3 2026 trading update

‌Reconciliation of net debt development including Barmag divestment impact before dividend

1,320

1,106

1,160

43

6

446

Reported 2024

Increase in cash & cash equivalents

Decrease in cash like items

Increase in debt and other liabilities

Oerlikon incl. Barmag 2025

Barmag net cash Oerlikon reported

net debt 20251

Proceeds from Barmag divestment

Intercompany claim

Pro forma Oerlikon net debt 2025 considering Barmag proceeds

Pro forma net debt development including Barmag

Bridge to reported net debt 2025 excluding intercompany

Barmag divestment impact

1) excluding intercompany net debt / cash towards Oerlikon

‌Pro forma 2025 assets and equity including Barmag divestment impact

Equity

1,465

1,188

929

Total equity reported 2025

Assets

3,761

Capital gain including CTA recycling & other

Pro forma after divestment

2,895

3,647

Proposed dividend

Pro forma 2025 including Barmag gain net of dividend

Equity ratio significantly strengthening from 25%

to 41% following Barmag divestment

‌Pro forma 2025 assets and liabilities including Barmag divestment impact

Assets

2,895

3,761 3,647

Liabilities

Total reported 2025 Assets held for sale Barmag proceeds

including intercompany debt repayment

2,831

Assets pro forma after divestment

Term loan repayment Proposed dividend Pro forma 2025

including Barmag proceeds net of dividend

2,181

1,706

Total liabilities reported 2025 Barmag Sale Pro forma after divestment Term loan repayment Pro forma 2025 after

Barmag divestment and term loan repayment

‌On-track with 2030 ESG targets1

2025 updates

• Committed to Science Based Targets initiative (SBTi) and near-term targets submitted in 2025 (target validation process ongoing)

• Double Materiality Assessment disclosed

  Progress towards 2030 targets

  75%

  47%

  21%

  Increase % of electrical energy from renewable sources

  Progress on other

  indicators versus 2024

  81% 85%

  Increase % R&D

  investment in products that must cover ESG criteria

  for the first time in Annual Report 2025

• GHG emission intensity (Scope 1&2) decreased from 84.2 to 73.2 tCO₂e/million CHF YoY driven by higher share of renewable electricity and grid greening

• 85% of R&D expenditure in sustainable

  products (2024: 81%)

• Energy management systems at 93% of sites (2024 at 76% and 2019 baseline at

  11%)

  Reduce % of

  disposed waste

  Baseline 2025 2030E

  33% 27%

  53%

  Baseline 2025 2030E

  Reduce GHG emission intensity (scope 1&2)2

  2024

  2024

  84.5

  2025

  2025

  73.2

• Procurement: supplier spending mapped with EcoVadis rating process reached 47% level; EcoVadis score of our suppliers improved 2%

Reduce rate of recordable work-related injuries (TAFR)

0.48 <0.50

0.87

Baseline 2025 2030E

Increase % of women in management and leadership roles

14% 15%

2024 2025

1) Pure-play scope, 2) tons CO2eq / CHFm sales

‌2025 reconciliation of profitability measures - Oerlikon1

1

Impairment of machine and buildings mainly related to the restructuring of Nitriding and some R&D activities

2

Impairment of Intangible Assets mainly related to Eldim and some R&D activities

Operational profitability reconciliation

1

Restructuring mainly related to cost-out measures in luxury (AMOM), Eldim and automotive (combustion engine related)

Operational EBIT 107 128

‌H2 reconciliation of profitability measures

Operational profitability reconciliation

1

Mainly partial reversal at Nitriding

1

Restructuring mainly related to cost-out measures in automotive (combustion engine related) and Luxury (AMOM)

‌Return on Capital Employed (ROCE)

*Excluding effects from amortized acquired intangibles

Refers to operational EBIT; Net operating assets is based on operating assets minus operating liabilities; Operating assets include total assets without cash and cash equivalents, current financial investments, current income tax receivables and deferred tax assets; Operating liabilities include total liabilities without financial and lease liabilities, current income taxes payable, non-current post-employment benefit liabilities and deferred tax liabilities

Aymeric Jamin

[email protected]

+41 58 360 96 59

[email protected]

https://www.oerlikon.com/en/investors

‌Disclaimer

OC Oerlikon Corporation AG, Pfäffikon, (together with its affiliates hereinafter referred to as "Oerlikon") has made great efforts to include accurate and up-to-date information in this document. However, Oerlikon makes no representation or warranties, expressed or implied, as to the truth, accuracy or completeness of the information provided in this document, Neither Oerlikon nor any of its directors, officers, employees or advisors, nor any other person connected or otherwise associated with Oerlikon, shall have any liability whatsoever for loss howsoever arising, directly or indirectly, from any use of this document.

The contents of this document, including all statements made therein, is based on estimates, assumptions and other information currently available to the management of Oerlikon. This document contains certain statements related to the future business and financial performance or future events involving Oerlikon that may constitute forward-looking statements. The forward-looking statements contained herein could be substantially impacted by risks, influences and other factors, many of which are not foreseeable at present and/or are beyond Oerlikon's control, so that the actual results, including Oerlikon's financial results and operational results, may vary materially from and differ than those, expressly or implicitly, provided in the forward-looking statements, be they anticipated, expected or projected. Oerlikon does not give any assurance, representation or warranty, expressed or implied, that such forward-looking statements will be realized. Oerlikon is under no obligation to, and explicitly disclaims any obligation to, update or otherwise review its forward-looking statements, whether as a result of new information, future events or otherwise.

This document, including any and all information contained therein, is not intended as, and may not be construed as, an offer or solicitation by Oerlikon for the purchase or disposal of, trading or any transaction in any Oerlikon securities. Investors must not rely on this information for investment decisions and are solely responsible for forming their own investment decisions.

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