GEA : Agenda item 1 | Annual Report 2023

ANNUAL REPORT 2023

GEA.com

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GEA continues successful trend and once again improves key financial figures; dividend to be further increased accordingly

Order intake down 3.7 percent, particularly due to negative currency translation effects (organic growth of 0.8 percent)

Revenue up 4.0 percent (organic growth of 8.4 percent)

Share of service business increased to 36.1 percent (previous year: 34.9 percent)

Book-to-billratio with 1.02 remained positive (previous year: 1.10)

Order backlog still high at EUR 3.1 billion (previous year: EUR 3.2 billion)

EBITDA before restructuring expenses increased to EUR 774 million

(previous year: EUR 712 million)

EBITDA margin before restructuring expenses increased further to 14.4 percent (previous year: 13.8 percent)

ROCE continued to rise to 32.7 percent (previous year: 31.8 percent)

Free cash flow rose to EUR 336.9 million (previous year: EUR 295.8 million)

Net working capital as a percentage of revenue remains at a good level with a low 6.4 percent (previous year: 6.1 percent)

Net liquidity increased to EUR 371.2 million (previous year: EUR 346.4 million)

Increased dividend of EUR 1.00 per share proposed (previous year: EUR 0.95)

Outlook 2024:

• Organic revenue growth: 2 to 4 percent
• EBITDA margin before restructuring expenses: 14.5 to 14.8 percent
• ROCE: 29 to 34 percent

CONSOLIDATED FINANCIAL STATEMENTSFURTHER INFORMATION

Financial Key Figures of GEA

			Change
(EUR million)	2023	2022	in %
Results of operations
Order intake	5,469.4	5,678.9	-3.7
Book-to-bill ratio	1.02	1.10	-
Order backlog	3,116.6	3,192.7	-2.4
Revenue	5,373.5	5,164.7	4.0
Organic revenue growth in %1	8.4	8.9	-59 bps
Share of service revenue in %	36.1	34.9	127 bps
EBITDA before restructuring expenses	774.3	712.0	8.7
as % of revenue	14.4	13.8	62 bps
EBITDA	713.8	654.0	9.1
EBIT before restructuring expenses	580.6	529.1	9.7
EBIT	519.7	461.0	12.7
Profit for the period	392.8	401.4	-2.2
ROCE in %2	32.7	31.8	93 bps
Financial position
Cash flow from operating activities	537.5	471.6	14.0
Cash flow from investing activities	-200.6	-175.8	-14.1
Free cash flow	336.9	295.8	13.9
Net assets
Net working capital (reporting date)	345.9	314.1	10.1
as % of revenue (LTM)	6.4	6.1	36 bps
Capital employed (reporting date)3	1,673.1	1,590.1	5.2
Equity	2,397.7	2,280.9	5.1
Equity ratio in %	40.3	38.5	175 bps
Net liquidity (+)/Net debt (-)4	371.2	346.4	7.2
GEA Shares
Earnings per share (EUR)	2.28	2.28	-0.1
Earnings per share before restructuring expenses (EUR)	2.56	2.58	-1.0
Market capitalization (EUR billion; reporting date)5	6.5	6.9	-5.8
Employees (FTE; reporting date)	18,773	18,236	2.9
Total workforce (FTE; reporting date)	19,562	19,255	1.6

1. Adjusted for portfolio and currency translation effects.
2. EBIT before restructuring expenses of the last 12 months. Capital employed average of the last 4 quarters and excluding goodwill from the acquisition of the former GEA AG by former Metallgesellschaft AG in 1999.
3. Capital employed excluding goodwill from the acquisition of the former GEA AG by former Metallgesellschaft AG in 1999.
4. Including lease liabilities of EUR 154.8 million as of December 31, 2023 (prior year EUR 165.2 million).
5. The market capitalization includes treasury shares. XETRA closing price as of December 29, 2023: EUR 37.69; XETRA closing price as of December 30, 2022: EUR 38.20

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CONSOLIDATED FINANCIAL STATEMENTS

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CONTENTS

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ACHIEVEMENT OF TARGETS 2023

FISCAL

YEAR 2023

CONSOLIDATED FINANCIAL STATEMENTS

FURTHER INFORMATION

The 2023 financial year was again a year of major global challenges. The wars in Ukraine and the Middle East, a difficult economic situation with high inflation rates and rising interest rates weighed on industry and the economy. Nevertheless, GEA succeeded in further improving its key performance indicators and once again holding its own in a difficult environment.

GEA remains well on track to achieve the ambitious financial targets of its "Mission 26" strategy: organic revenue growth of 4 to 6 percent annually on average, an EBITDA margin before restructuring expenses of more than 15 percent and a ROCE (return on capital employed) of more than 30 percent.

Order intake

Organic growth in order intake amounted to 0.8 percent. Due in particular to negative currency translation effects, however, reported order intake decreased by 3.7 percent to EUR 5,469 million (previous year: EUR 5,679 million). Large orders with a volume of more than EUR 15 million accounted for EUR 386 million (previous year: EUR 419 million).

Group revenue

Group revenue increased by 4.0 percent to EUR 5,373 million (previous year: EUR 5,165 million). Organic

growth was significantly higher at 8.4 percent (previous year: 8.9 percent), meaning that the raised forecast of more than 8 percent was clearly achieved.

EBITDA before restructuring expenses

EBITDA before restructuring expenses once again increased significantly to EUR 774 million (previous year: EUR 712 million). The corresponding EBITDA margin before restructuring expenses increased by

1. percentage points to 14.4 percent (previous year 13.8 percent). Therefore, the forecast of more than

1. percent was achieved.

ROCE (Return on Capital Employed)

GEA also achieved a further improvement in its return on capital employed (ROCE). It rose to 32.7 percent, an increase of almost one percentage point on the previous year's figure of 31.8 percent and sign of efficient capital utilization. The forecast of more than 32.0 percent was therefore also achieved.

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GEA AT A GL ANCE

GEA AT A GLANCE

GEA is one of the world's largest suppliers of systems and components to the food, beverage and pharmaceutical industries. The international technology group, founded in 1881, focuses on machinery and plants, as well as advanced process technology, components and comprehensive services.

With more than 18,000 employees, the group generated revenues of about EUR 5.4 billion in more than 150 countries in the 2023 fiscal year. GEA plants, processes, components and services enhance the efficiency and sustainability of customer's production. They contribute significantly to the reduction of CO2 emissions, plastic usage and food waste. In doing so, GEA makes a key contribution toward a sustainable future, in line with the company's purpose: "Engineering for a better world".

GEA ist listed on the German MDAX, the European STOXX® Europe 600 Index and is among the companies comprising the DAX 50 ESG, MSCI Global Sustainability as well as Dow Jones Sustainability World and Dow Jones Sustainability Europe Indices.

CONSOLIDATED FINANCIAL STATEMENTS

FURTHER INFORMATION

Order intake	Revenue	EBITDA before
		restructuring expenses

5,469	5,373	774
EUR million	EUR million	EUR million
Previous year: EUR 5,679 million	Previous year: EUR 5,165 million	Previous year: EUR 712 million

EBITDA margin before	Dividend proposal	Employees
restructuring expenses

14.4	1.00	18,773
Percent of revenue	EUR per share	Full-time equivalents
Previous year: 13.8 percent	Previous year: EUR 0.95	Previous year: 18,236

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GEA AT A GLANCE

SEPARATION & FLOW

TECHNOLOGIES DIVISION

World-class components and equipment for production excellence

Separators . Homogenizers . Valves & Pumps

Separation & Flow Technologies encompass process engineering com­

ponents­ and machines, including separators, decanters, homogenizers, valves and pumps. These technologies are at the heart of many pro­ duction processes.

Our solutions contribute to a cleaner environment in numerous indus­ trial applications. They also ensure the efficient separation and homo­ genization of liquids used in the production of foods, beverages, medicines and home & personal care products that consumers enjoy and rely on. GEA pumps and valves guarantee that raw materials and products move safely and efficiently through plants.

Revenue

1,511

EUR million

Previous year: EUR 1,416 million

EBITDA before restructuring expenses

396

EUR million

Previous year: EUR 360 million

EBITDA margin before restructuring expenses

26.2

Percent

Previous year: 25.4 percent

Employees

5,072

Full-time equivalents

Previous year: 4,907

All figures relate to the fiscal year 2023 respectively 2022 for the previous year.

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GEA AT A GLANCE

LIQUID & POWDER

TECHNOLOGIES DIVISION

Specialists in processing equipment and integrated solutions

Liquid & Filling Technologies . Powder & Thermal Separation Technologies . New Food

Liquid & Powder Technologies provide processing equipment and inte­ grated solutions for the dairy, food, new food, beverage, chemical and home & personal care industries. The portfolio includes brewing systems, liquid processing, aseptic and non-aseptic filling & packaging, con­ centration, fermentation, crystallization, purification, drying, powder handling & packaging as well as systems for carbon capture and emission control.

GEA designs, builds, configures and installs versatile and sustainable equipment and technologies, processing lines and complete plants.

Revenue

1,724

EUR million

Previous year: EUR 1,716 million

EBITDA before restructuring expenses

178

EUR million

Previous year: EUR 166 million

EBITDA margin before restructuring expenses

10.3

Percent

Previous year: 9.7 percent

Employees

5,607

Full-time equivalents

Previous year: 5,404

All figures relate to the fiscal year 2023 respectively 2022 for the previous year.

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GEA AT A GLANCE

FOOD & HEALTHCARE

TECHNOLOGIES DIVISION

Safe foods and medicines for a growing population

Pasta, Extrusion & Milling . Bakery . Slicing & Packaging . Food Application Solutions . Pharma & Healthcare

Food & Healthcare Technologies provide solutions for food processing. This covers preparation, marinating and further processing of meat, poultry, seafood and vegan products, in addition to processing lines for pasta, baked goods, snacks, breakfast cereals, confectionery and pet food. GEA also offers spiral- and tunnel freezers, as well as equipment for slicing and packaging of food.

GEA solutions for the pharmaceutical industry include machines and plants for processing solid dosage forms, including highly potent drugs for batch or continuous production. This portfolio also includes freeze- drying technology for liquids, such as vaccines.

Revenue

1,029

EUR million

Previous year: EUR 1,001 million

EBITDA before restructuring expenses

78

EUR million

Previous year: EUR 107 million

EBITDA margin before restructuring expenses

7.6

Percent

Previous year: 10.7 percent

Employees

3,508

Full-time equivalents

Previous year: 3,571

All figures relate to the fiscal year 2023 respectively 2022 for the previous year.

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GEA AT A GLANCE

FARM TECHNOLOGIES

DIVISION

Next generation farming

Dairy Farming: Milking, Feeding, Manure, Digital Herd Management, Hygiene & Service

Farm Technologies offer integrated customer solutions for efficient and sustainable high-quality milk production and livestock farming. This includes automatic milking and feeding systems, conventional milking solutions and digital herd management. GEA manure management solutions­ ensure operators have the right tools for the safe storage, application and upcycling of this important resource.

All solutions are served and fully embedded into our service lifecycle. They are complemented by a wide range of hygiene products and chemicals to promote optimum udder health and superior milk quality.

Revenue

784

EUR million

Previous year: EUR 742 million

EBITDA before restructuring expenses

110

EUR million

Previous year: EUR 86 million

EBITDA margin before restructuring expenses

14.0

Percent

Previous year: 11.6 percent

Employees

2,045

Full-time equivalents

Previous year: 1,909

All figures relate to the fiscal year 2023 respectively 2022 for the previous year.

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