Dürr (DUE) Q2 2025 TU earnings summary

Executive summary

• Q2 and H1 2025 order intake and sales declined sharply due to geopolitical tensions, tariff conflicts, and slower e-mobility development, with most delayed projects expected to resume later.

• Strategic transformation advanced with the sale of the environmental technology business, a shift to three core divisions, and a leaner group structure.

• Major administrative restructuring underway, including a reduction of 500 jobs by end of 2026 and annual savings of €50 million expected by 2027.

• Transformation to a Sustainable Automation Group continues, focusing on core automation technologies and improved profitability.

Financial highlights

• H1 2025 order intake fell 27% year-over-year to €1,887 million; Q2 2025 order intake was €807–800 million, down 33.5%.

• H1 2025 sales declined 4% to €2,008 million; Q2 2025 sales were €1,001 million, down 7.7–8%.

• EBIT margin before extraordinary effects for H1 2025 was 4.0%, with Q2 at 4.2%; guidance for 2025 remains 4.5–5.5%.

• Free cash flow in H1 2025 rose 92% to €47 million; Q2 2025 free cash flow was €46 million, up 160.5%.

• Gross margin improved to 22.5% in H1 2025 and 22.6% in Q2 2025.

Outlook and guidance

• Order intake guidance for 2025 lowered to €3.8–4.1 billion; sales forecast remains €4.2–4.6 billion, with the lower end expected.

• EBIT margin before extraordinary effects and net income guidance for 2025 confirmed at 4.5–5.5% and €120–170 million, respectively.

• EBIT margin after extraordinary effects revised to -1% to 0% due to non-cash impairments and restructuring.

• Medium-term target of at least 8% adjusted EBIT margin remains, with potential to reach 10% as markets recover.

• Further margin improvements and sales acceleration expected in H2 2025.