Dürr (DUE) Q1 2025 earnings summary

Executive summary

• Solid start to 2025 with robust order intake of €1.1 billion, stable sales revenues at €1.0 billion, and a book-to-bill ratio of 1.07; Automotive and Woodworking divisions up year-over-year, Industrial Automation improved sequentially.

• Net income rose 41% year-over-year 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.

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

• Net financial debt increased to €482 million due to the HOMAG share purchase, but leverage remains within target.

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), nearly unchanged from prior year; 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.

• Free cash flow positive at €1.2 million, down from €6.9 million in Q1 2024 due to timing of customer payments.

• Net working capital at quarter-end was €400.7 million, days working capital below 40-50 day target.

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%.

• Midterm targets unchanged: revenues above €6 billion by 2030, EBIT margin before extraordinary effects of at least 8%, and ROCE of at least 25%.

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

• No material post-reporting events affecting outlook.