Dürr (DUE) Q1 2025 earnings summary

Executive summary

• Solid start to 2025 with robust order intake of €1.1 billion, stable sales revenues at €1 billion, and a book-to-bill ratio of 1.07; Automotive and Woodworking divisions up year-over-year, Industrial Automation improved sequentially.

• Order backlog at €4.2 billion, down 1.2% year-over-year; net income rose 41% to €17.1 million, driven by lower extraordinary effects and improved interest results.

• Free cash flow was slightly positive at €1.2 million, reflecting disciplined working capital management; net debt increased to €482 million due to HOMAG share purchase.

• Environmental technology business is held for sale, with the process on track and signing expected in Q2 2025.

• 2025 outlook confirmed; on track to reach full-year targets despite macroeconomic and trade uncertainties.

Financial highlights

• Sales revenues from continued operations at €1,007.4 million, nearly flat year-over-year; gross profit rose 3.6% to €226.2 million, gross margin improved to 22.5%.

• EBIT before extraordinary effects at €39.3 million (3.9% margin); reported EBIT at €30.8 million (3.1% margin).

• Net income from continued operations up 41% to €17.1 million; EPS (basic) at €0.35.

• Net financial debt/EBITDA at 1.6x, within target range; net working capital reduced to €400.7 million, Days Working Capital at 35.8.

• Liquidity headroom remains high at €849.4 million; equity ratio increased to 26.1%.

Outlook and guidance

• 2025 guidance confirmed: order intake €4.3–4.7 billion, sales revenues €4.2–4.6 billion, EBIT margin before extraordinary effects 4.5–5.5%.

• Free cash flow expected at €0–50 million; ROCE target 10–15%.

• Division targets: Automotive EBIT margin 7.5–8.5%, Industrial Automation and Woodworking 4.5–5.5%.

• Midterm targets: revenues >€6 billion by 2030, EBIT margin before extraordinaries ≥8%, ROCE ≥25%.

• No material post-reporting events affecting outlook.