Dürr : Conference Call Presentation Preliminary Figures 20252 (duerr investors presentation preliminary 2025)

Preliminary figures fiscal year 2025

Dr. Jochen Weyrauch, CEO Dürr AG Dietmar Heinrich, CFO Dürr AG

March 5, 2026

Bietigheim-Bissingen

We delivered!

Transformation completed, earnings resilience strengthened

Leaner group structure: 3 instead of 5 divisions

2025

Focus on core business: Sustainable.Automation

Environmental technology business successfully sold

Admin restructuring: fix cost reduction on track

Improved operating earnings

2025: Improved performance in an adverse environment

5.6%

EBIT margin before extraordinary effects (b.e.e.) up 100 bps to 5.6%: good operating performance

€206 m

Group net income at €206 m: high book profit, restructuring expense lower than expected

€3.9 bn

Order intake at €3.9 bn: within guided range after strong Q4 (€1.25 bn) despite impacts from macro uncertainty

€4.17 bn

Sales at €4.17 bn: several customer-induced delays in order execution

€162 m

Very high FCF of €162 m:

€100 m NWC improvement benefitting from early customer payments in Q4

2026

Outlook 2026: Targeting further margin improvement, growth potential for sales and incoming orders

FY 2025: Higher earnings and FCF improvement

-18%

4,746

3,895

in € m

2024 2025 Margin

-3%

Group as a whole (including

discontinued operation)

+102%

206

102

2.2%

4.6%

Net profit

+19%

232

196

4.6%

5.6%

4,291 4,168

+25%

162

130

Incoming orders

Sales revenues

EBIT before extraord. effects

Free cash flow

• Order intake: impacted by macro uncertainty in Q2 and Q3, but €1.25 bn in Q4

• Slight sales drop mainly due to customer induced delays

• EBT b.e.e. up 19%: improvements in Automotive + Woodworking, lower OneDürrGroup expenses

• Group net profit: high book profit (environmental technology) and improved operating performance

  
  
  Q4 2025: 7.4% EBIT margin b.e.e.

  m

  +20%

  1,245

  1,039

  -2%

  in €

  Q4 2024 Q4 2025 Margin
  
  

  Group as a whole (including discontinued operation)

  +1,017%

  257

  22.3%

  1.8%

  23

  Net profit

  +40%

  82

  59

  5.1%

  7.4%

  1,143 1,116

  +38%

  77

  56

  Incoming orders

  Sales revenues

  EBIT before extraord. effects

  Free cash flow

• Very high order intake based on large orders in Automotive and Woodworking

• High EBIT margin b.e.e.: high margins in Automotive + Woodworking, lower OneDürrGroup expenses

• Group net profit including €227.4 m book gain (environmental technology)

• High FCF due to advanced customer payments

  
  
  Adjusted targets met or exceeded

  Continued Operations	Initial targets 2025	Adjusted targets 2025	Actual 2025
  Incoming orders in € m	4,300 - 4,700	3,800 - 4,1001	3,894.8
  Sales revenues in € m	4,200 - 4,600	4,200 - 4,600	4,168.4
  EBIT margin before extraordinary effects in %	4.5 - 5.5	4.5 - 5.5	5.6
  EBIT margin in %	3.5 - 4.5	-1.0 - 0.02	0.7
  ROCE in %	10 - 15	10 - 15	15.6
  Free cash flow in € m	0 - 50	100 - 2003	161.8
  Capital expenditure in % of sales revenues	3.0 - 5.0	3.0 - 5.0	3.4

  Group as a whole	Initial targets 2025	Adjusted targets 2025	Actual 2025
  Net income in € m	120 - 170	120 - 170	206.4
  Net financial status in € m	-500 - -550	-75 - -1753 (before: -250 - -3004)	-65.7

• Order intake benefitting from strong Q4

• Sales muted due to customer-induced delays

• EBIT margin b.e.e. above target corridor, high level of 7.4% in Q4

• FCF benefitting from €100 m NWC decline (high Q4 customer payments)

1 adjusted on July 23, 2025

2 adjusted on July 23, 2025, based on €120.4 m goodwill impairment in Q2

3 adjusted on December 19, 2025

4 adjusted on June 29, 2025

Order intake: Strong Q4, FY marked by macro uncertainty

18% decrease due to macro uncertainty and high 2024 base

in € m

Book-to-bill

Order intake

1.36

1.12

1.12

1.06

1.07

0.91

1,375

1,213

1,119

1,245

1,039

1,080

763

0.73

807

0.81

Key aspects

• Book to bill ratio at 0.93

• Q2 + Q3 significantly lower than

  necessary for original FY guidance

• Q4:

− 2 large orders in Automotive

− Largest order ever in production technology for timber houses (Woodworking)

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2024: €4,746 m 2025: €3,895 m

Regional order intake

Very high 2024 base in Germany/Europe

-18%

4,746

3,895

+1%

-13%

-59% 1,537

-33%

1,261 1,269

1,339

+26%

1,014

519

347

416

415

524

• 2024: Germany included single order worth

  almost €500 m

• Q4: high order intake in North America and Eastern Europe

• Asia: high order intake in India and Saudi Arabia

in € m

Total

China Americas Germany Europe (w/o

Germany)

Asia (w/o China), Africa, Australia

2024 2025



Successful sale of environmental technology

Closing on Oct. 31, 2025

€ million	2025
EV	385
25% re-investment	64.0
Transaction costs	30.7
Gross proceeds	294.8
Book profit before tax	264.0
Tax expense	36.6
Book profit after tax	227.4

	2025 (until Oct. 31)	2024	Δ
Incoming orders in € m	276.3	391.5	-29.4%
Sales revenues in € m	311.9	407.2	-23.4%
EBIT margin before extraordinary effects1in %	12.2	15.2	-3.0 ppts.

1 without allocation effects

Divisions

Automotive: Margin exceeding mid-cycle level

	2025	2024	Δ	Q4 2025	Q4 2024	Δ
Incoming orders in € m	1,861.4	2,606.3	-28.6%	646.6	464.5	39.2%
Sales revenues in € m	2,054.4	2,057.1	-0.1%	567.8	572.8	-0.9%
EBIT before extra- ordinary effects in € m	176.9	171.8	2.9%	62.3	60.2	3.4%
EBIT margin before extraordinary effects in %	8.6	8.4	+0.3 ppts.	11.0	10.5	+0.5 ppts.
EBIT in € m	164.1	166.3	-1.3%	53.5	59.3	-9.8%
EBIT margin in %	8.0	8.1	-0.1 ppts.	9.4	10.3	-0.9 ppts.
ROCE1in %	52.9	41.4	+11.5 ppts.	52.9	41.4	+11.5 ppts.

• Order intake marked by high 2024 base and reluctant capex spending in Q2 and Q3

• High Q4 order intake of €647 million

• Sales picking up in Q4, but impeded by slow project execution on the customer side

• High margin based on value before volume strategy and excellent order execution

  
  
  Industrial Automation: Impacted by weak LIB business

  	2025	2024	Δ	Q4 2025	Q4 2024	Δ
  Incoming orders in € m	678.3	811.8	-16.4%	162.8	254.8	-36.1%
  Sales revenues in € m	767.6	851.9	-9.9%	207.4	219.2	-5.4%
  EBIT before extra- ordinary effects in € m	26.2	30.9	-15.3%	6.9	4.5	53.4%
  EBIT margin before extraordinary effects in %	3.4	3.6	-0.2 ppts.	3.3	2.1	+1.3 ppts.
  EBIT in € m	-142.2	0.7	-	-18.4	-12.2	-51.1%
  EBIT margin in %	-18.5	0.1	-18.6 ppts.	-8.9	-5.6	-3.3 ppts.
  ROCE1in %	3.9	3.8	+0.1 ppts.	3.9	3.8	+0.2 ppts.

  
  
  

• Order intake: decline mainly due to battery market weakness

• Sales: moderate development in battery and automotive business

• EBIT includes impairments of €135 million (BBS Automation + Lithium-Ion Battery)

• LIB part of the Automotive division since 01/2026

• Agramkow effect: €17 million order intake + €26 million sales included in 2024

  
  
  Woodworking: Improved earnings resilience

  	2025	2024	Δ	Q4 2025	Q4 2024	Δ
  Incoming orders in € m	1,380.1	1,356.9	1.7%	441.2	325.6	35.5%
  Sales revenues in € m	1,371.5	1,413.5	-3.0%	345.7	358.1	-3.5%
  EBIT before extra- ordinary effects in € m	76.1	50.8	49.8%	22.5	15.8	42.1%
  EBIT margin before extraordinary effects in %	5.5	3.6	+1.9 ppts.	6.5	4.4	+2.1 ppts.
  EBIT in € m	66.3	43.7	51.7%	19.6	13.4	46.2%
  EBIT margin in %	4.8	3.1	+1.7 ppts.	5.7	3.7	+1.9 ppts.
  ROCE1in %	17.2	12.1	+5.1 ppts.	17.2	12.1	+5.1 ppts.

  
  
  

• Order intake: slight growth due to record order intake in timber house business

• Market recovery in furniture business still not predictable

• EBIT margin b.e.e. up 190 bps on muted sales: improved fixed cost structure

• ROCE improved due to earnings growth

Service: Sales share slightly widened

Key aspects

• Service sales down 2.5%

• Low service demand in Q2

  (macro-induced)

• Recovery in H2

% of group sales

Service sales in € m

291

277

28.1

27.6

29.1

27.8

28.8

27.8

25.5

26.3

264

280

284

301

311

332

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2024: €1,184 m (27.6%) 2025: €1,155 m (27.7%)

Financials

Overview of key financial indicators

	2025	2024	Δ	Q4 2025	Q4 2024	Δ
Sales revenues in € m	4,168.4	4,290.9	-2.9%	1,116.3	1,142.9	-2.3%
Gross profit on sales in € m	929.6	903.0	2.9%	242.6	249.3	-2.7%
Gross margin in %	22.3	21.0	+1.3 ppts.	21.7	21.8	-0.1 ppts.
EBITDA in € m	306.5	307.5	-0.3%	83.7	77.4	8.1%
EBIT before extraordinary effects in € m	232.4	196.0	18.5%	82.3	58.7	40.1%
EBIT margin before extraordinary effects in %	5.6	4.6	+1.0 ppts.	7.4	5.1	+2.2 ppts.
EBIT in € m	28.5	152.4	-81.3%	32.0	37.8	-15.4%
EBIT margin in %	0.7	3.6	-2.9 ppts.	2.9	3.3	-0.4 ppts.
Net income in € m	-50.0	62.4	-	17.9	8.9	100.6%
ROCE1in %	15.6	11.4	+4.2 ppts.	15.6	11.4	+4.2 ppts.
Free cash flow in € m	161.8	129.6	24.8%	76.7	55.6	38.1%
Net financial status in € m	-65.7	-396.2	83.4%	-65.7	-396.2	83.4%
Employees	17,881	18,604	-3.9%	17,881	18,604	-3.9%
Net income Group in € m	206.4	102.1	102.2%	256.8	22.5	1,040.9%

1 annualized

Sales: Down 2.9% yoy

Sales per region 2025 (y-o-y pp.)

-4

ppts.

-2 ppts.

13% 12%

+3

ppts.

13%

32%

Germany

Europe (w/o Germany) Americas

Asia (w/o China), Africa, Australia

China

+2

ppts.

30%

+1 ppts.

Key aspects

• Slow pace of execution in some major projects

• Q2 affected by increased macro uncertainty

Sales revenues in € m

-2.3%

+7%

1,009 1,084 1,056 1,143

1,007 1,001 1,044 1,116

Q1 Q2

Q3 Q4

Q1 Q2

Q3 Q4

2024: €4,291 m 2025: €4,168 m (-2.9%)

EBIT b.e.e.1: +19% yoy, high margins in H2

EBIT margin b.e.e. in %

EBIT b.e.e. in € m

Key aspect

Gross profit benefitting from lower material costs and disciplined management of personnel costs

7.4

41

6.6

5.1

4.0

4.4

4.7

3.9

4.2

39

42

47

49

59

69

82

Q1 Q2 Q3 Q4

Q1 Q2

Q3 Q4

2024

€196.0 m, 4.6%

2025

€232.4 m, 5.6%

+18,7%

23

10

4

233

44

196

152

29

-204

EBIT Extraord. EBIT Gross R&D + Other EBIT Extraord. EBIT 2024 effects 2024 Profit SG & A 2025 effects 2025 reported b.e.e. b.e.e. reported

1 before extraordinary effects

Extraordinary effects in 2025

Extraordinary effects in EBIT in € million	2025
Impairments	-135.3
Restructuring related expenses	-37.6
PPA	-27.6
Other	-3.4
Continued operations	-203.9
Discontinued operation (mainly income from environmental technology sale)	263.6
Dürr Group	59.7

High free cash flow mainly backed by strong Q4

Key aspects

• High payments received in Q4

• Lower capex

• Cash-out lower than expected in 2025

Free cash flow in € m

56

49

18

38

46

77

7

Q1 Q2 Q3 Q4

2024: €130 m

1

162

130

-12 5

-125

FCF EBIT Depreciation,Δ NWC Capex Interests Income Others FCF

December Amortization incl. taxes December 2024 Leasing 2025

-34

123

41

34

Q1 Q2 Q3 Q4

2025: €162 m

NWC and DWC at very low levels

Key aspects

• DWC at 27 days: better than target range (40 to 50)

• Improvements in contract assets, inventories, and receivables over-compensating somewhat lower contract liabilities and trade payables

Further NWC reduction in 2025

in € m

DWC

NWC

296

27

307

27

355

31

401

36

421

35

482

38

480

38

531

44

in € m		12/31/2025	12/31/2024
	Inventories and prepayments	573.2	627.5
+	Total trade receivables	510.5	558.1
+	Total contract assets	534.8	618.6
-	Trade payables (incl. liabilities from notes payable)	391.4	430.8
-	Total contract liabilities	920.0	952.1
=	Net working capital	307.1	421.3
DWC		26.5	35.3

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

20241

2025

1 Figures for Q1, Q2, and Q3 2024 include the discontinued operation

Net debt back to the level before the BBS acquisition

Key aspects

• €295 million gross proceeds (environmental tech.)

• Tax payments from the transaction mainly in 2026

• High free cash flow

Very comfortable leverage of 0.2

in € m

Gearing

Net financial status

29%

31%

28%

24%

28%

31%

30%

5%

-66

-493

-533

-462

-396

in € m		12/31/2025	12/31/2024
	Total liquidity	1,186.0	951.1
-	Gross debt	-1,251.7	-1,347.3
=	Net financial status	-65.7	-396.2
	EBITDA	306.5	307.5
	Net financial debt / EBITDA	0.2	1.3

-482 -481 -482

Q1 Q2 Q3 Q4

Q1 Q2

Q3 Q4

20241

2025

1 Figures for Q1, Q2, and Q3 2024 include the discontinued operation

	2025	2024	Δ	Explanation
Scope 3 GHG emissions	4.4 million t CO2e	6.0 million t CO2e	-27.4%	Paint shops commissioned in 2025 are more energy efficient and less emission intensive than those in 2024

	2025	2024	Δ	Explanation
Share of		28.6%		Higher share (than originally reported in 2024)
taxonomy-		(15.8%		due to the first-time reporting of taxonomy-
eligible		originally		eligible revenues from the service and spare
revenues	32.8%	reported)	4.2 bps	parts business
Share of		23.3%		Higher share (than originally reported in 2024)
taxonomy-		(12.9%		due to the first-time reporting of taxonomy-
aligned		originally		aligned revenues from the service and spare
revenues	23.5%	reported)	0.2 bps	parts business

Key ESG information

Outlook

Business environment in 2026

Persistently high level of macroeconomic and global political uncertainty

Automotive

• Solid project pipeline, but timing of contract awards difficult to predict

• No dependence from current production volumes

Industrial Automation

• Good prospects in medtech and consumer goods

• Subdued demand from the automotive sector

Woodworking

• No signals yet for a real furniture market recovery

• Good prospects in the timber house business

https://www.durr-group.com

© Dürr AG, Conference call - Preliminary figures 2025, March 5, 2026

25

Guidance 2026

The forecast is subject to uncertainty due to international conflicts

	Actual 2025	Targets 2026
Incoming orders in € m	3,894.8	3,800 - 4,200
Sales revenues in € m	4,168.4	3,900 - 4,300
EBIT margin before extraordinary effects in %	5.6	5.0 - 6.5
ROCE in %	15.6	13 - 18
Free cash flow in € m	161.8	-150 - 0

• The forecast provides that international conflicts, especially the war in the Middle East, will not further escalate and have only limited impact on the world economy.

• Supporting factors for further margin improvements

  − Earnings resilience and further potential in Woodworking

  − Operating improvements expected in Industrial Automation

  − Cost cutting: admin streamlining, LIB restructuring, lower OneDürrGroup expenses

  − Please note: €10 m one-off expenses at Woodworking (ERP transition, factory ramp-up Poland)

• FCF guidance reflecting shift of customer payments from 2026 to 2025

• 2030 sales target under review

Breakdown of 2026 guidance by division

	Order intake (in € m)		Sales revenues (in € m)		EBIT margin (in %) b.e.e.1
	2025	Targets 2026	2025	Targets 2026	2025	Targets 2026
Automotive	1,861	1,800 - 2,100	2,054	2,000 - 2,200	8.6	7.0 - 8.0
Industrial Automation	678	600 - 750	768	625 - 725	3.4	5.0 - 6.5
Woodworking	1,380	1,300 - 1,500	1,372	1,300 - 1,400	5.5	5.0 - 6.0

Minor changes in the composition of the 3 divisions as of 01/01/2026

Business	Division since 01/01/26	Division previously	Sales 2025
Lithium-Ion Battery (battery business)	Automotive	Industrial Automation	€60 m
BENZ Tooling (tooling business)	Woodworking	Industrial Automation	€45 m (thereof €20 m intercompany Benz HOMAG)

1 before extraordinary effects

Dürr Group. Sustainable. Automation.

Stronger top line growth expected from 2027

Potential for further margin improvement in 2026

More cost reductions under way

Focus on efficiency in 2026, no major acquisitions

High free cash flow, net debt strongly reduced

Business volumes impacted by macro uncertainties

High earnings resilience in an adverse environment

Group transformation completed

Summary

https://www.durr-group.com

Appendix



Comfortable liquidity headroom

in € bn

Maturity profile, December 31, 2025 (outstanding financial instruments only) in € m

2.0

1.5

1.0

0.5

0.0

1.94

1.19

0.75

0.10

0.15

0.25

250

200

150

100

50

0

Available funds 2025/12/31 Financial liabilities < 12 months

2026 2027 2028 2029 2030 2031 2032

Cash credit facilities

• Convertible (€150 m) already repaid in January 2026

• €100 m Schuldschein loan maturing in April 2026

• Credit facilities unutilized (syn. loan): €750 m maturing in 2030

• Other financial liabilities not included

Cash and cash equivalents Convertible

Schuldschein loans

Without leasing liabilities or accrued interest