Dürr (DUE) Q4 2025 earnings summary

Executive summary

• Group restructured from five to three divisions, focusing on automation and sustainable production, and divested non-core businesses including environmental technology.

• Sale of environmental technology business closed in October 2025, generating a post-tax book gain of €227 million and improving earnings resilience.

• Operating earnings and free cash flow improved despite macroeconomic headwinds, with EBIT before extraordinary effects rising 19% to €232 million and margin at 5.6%.

• Net profit doubled to €206 million, benefiting from operating gains and the environmental tech sale.

• Administrative resizing and capacity measures achieved cost savings and reduced headcount by around 500 positions.

Financial highlights

• Sales reached €4.17 billion, down 2.9% year-over-year due to project delays and economic weakness.

• Order intake declined 18% to €3.89 billion, with Q4 2025 order intake rebounding 19.9% year-over-year to €1.25 billion.

• Free cash flow from continued operations was €162 million, supported by high prepayments and net working capital improvement.

• EBIT margin before extraordinary effects rose to 5.6% for the year and 7.4% in Q4.

• Extraordinary expenses totaled €204 million, mainly from €135 million in impairments and €38 million in restructuring costs.

Outlook and guidance

• 2026 targets: order intake €3.8–4.2 billion, sales €3.9–4.3 billion, EBIT margin before extraordinary effects 5.0–6.5%, ROCE 13–18%.

• Free cash flow guidance for 2026 is -€150 million to €0 million, reflecting advanced payments and higher working capital needs.

• Margin improvement expected, especially in Industrial Automation and Woodworking, with continued cost reductions.

• Forecast subject to persistent macro and geopolitical risks, especially international conflicts.