Stabilus SE

Investor Presentation • Nov 11, 2024

FY2024 PRELIMINARY RESULTS

ANALYST \& INVESTOR WEB CONFERENCE
NOVEMBER 11, 2024

Stabilus SE (the "Company", later "Stabilus") has prepared this presentation solely for your information. It should not be treated as giving investment advice. Neither the Company, nor any of its directors, officers, employees, direct or indirect shareholders and advisors nor any other person shall have any liability whatsoever for any direct or indirect losses arising from any use of this presentation.

While the Company has taken all reasonable care to ensure that the facts stated in this presentation are accurate and that the opinions contained in it are fair and reasonable, this presentation is selective in nature. Any opinions expressed in this presentation are subject to change without notice and neither the Company nor any other person is under any obligation to update or keep current the information contained in this presentation. Where this presentation quotes any information or statistics from any external source, you should not interpret that the Company has adopted or endorsed such information or statistics as being accurate. This presentation contains forward-looking statements, which involve risks, uncertainties and assumptions that could cause actual results, performance or events to differ materially from those described in, or expressed or implied by, such statements. These statements reflect the Company's current knowledge and its expectations and projections about future events and may be identified by the context of such statements or words such as "anticipate," "believe", "estimate", "expect", "intend", "plan", "project" and "target". No obligation is assumed to update any such statement.

Numbers were rounded to one decimal. Due to rounding, numbers presented may not add up precisely to the totals provided.

Despite the macroeconomic background, Stabilus has substantially increased its sales in FY2024 and has reached record levels of Group's revenue and adj. FCF.

The integration of Destaco is well on track.
All initiatives to improve robustness and resilience of our business were intensified.

Diversification by market segments and strong cash generation provide stability.

We continue to drive innovation in automation solutions.
The current market environment continues to be challenging.

WE MET OUR GUIDANCE FROM JUNE 2024

We delivered on our guidance from June 2024: $€ 1,306 \mathrm{~m}$ revenue (guidance: $€ 1.3 \mathrm{bn}-€ 1.35 \mathrm{bn}$ ) with $12.0 \%$ adj. EBIT margin (guidance: $11.7 \%$ $12.3 \%)$.

Organic revenue growth in APAC $^{1}(+14.1 \% \mathrm{y} / \mathrm{y})$ while organic development in EMEA ( $-1.2 \% \mathrm{y} / \mathrm{y})$ and Americas ( $-5.7 \% \mathrm{y} / \mathrm{y}$ ) was impacted by challenging environment in the Automotive and Commercial Vehicle markets.

Revenue increase of $+7.5 \% \mathrm{y} / \mathrm{y}$ in FY2024, due to the acquisition and consolidation of Destaco.

In H2 FY24, Destaco generated $€ 95.4$ m revenue with $20.4 \%$ EBIT margin. Destaco integration is well on track.

Refinancing of the $€ 250 \mathrm{~m}$ bridge facility completed in September: it was replaced by a promissory note which was significantly oversubscribed.

Deleveraging is well on track: net financial debt was reduced from $€ 720.2 \mathrm{~m}$ as of end March 2024 to $€ 668.4 \mathrm{~m}$ as of end Sept 2024.

DESTACO PERFORMANCE TWO QUARTERS AS MEMBER OF THE STABILUS GROUP

INDUSTRIAL AUTOMATON(DESTACO)(€M)

FY2024
(Apr-Sept)
Prelim
Revenue
EBIT
19.5
\% revenue
20.4\%
FCF
27.5
\% revenue

First 100 days of integration show strong success

All teams stable and highly motivated, shaping the future of the Stabilus Group

Ongoing execution of cross-sales initiatives (incl. joint tradeshows)
Sales team and distributor training conducted
First cross-sales orders received, opportunity funnel filled
Marketing campaign "Stabilius4Automation" launched
The goal of this campaign is to combine the marketing concepts of Stabilus and Destaco
HR information system replaced by SAP HCM
Payroll and benefit transition completed
Site migrations to Stabilus IT environment well on track
New hardware delivered and operational
78 of 90 applications successfully migrated
All PCs and servers migrated from Dover to a Destaco/Stabilus domain

CONTINUING ELECTRIFICATION OF MOTION CONTROL APPLICATIONS - AN IMPORTANT GROWTH DRIVER

Stabilus Group continues to benefit from electrification of motion control solutions: from mechanical gas springs to electromechanical Powerise drives.

Similarly, Destaco has not only manual, pneumatic and hydraulic clamps in its product portfolio, but also electrified and smart product versions.

Upselling - offering next generation smart gripper systems, easily programmable and accessible for process analytics.

Example:

Electric "plug and play" grippers - easy handling, low use of energy, high modularity and versatility.

STABILUS GROUP IN Q4 FY2024

VERY STRONG ADJ. FCF IN Q4 FY24 Y/Y

REVENUE( $€ \mathrm{M}$ )

$\qquad$ \% organic growth

Revenue $\mathbf{\Delta} 9.4 \% \mathrm{y} / \mathrm{y}$

Organic -2.4\%, M\&A +15.7\%, FX $-3.9 \% \mathrm{y} / \mathrm{y}$
M\&A effect: Destaco €46.6m, Cultraro $€ 1.7 \mathrm{~m}$
Growth in APAC ${ }^{1}$ offset by less revenues in EMEA and Americas
${ }^{1}$ See list of acronyms in appendix.

ADJ. EBIT( $€ \mathrm{M}$ )

Adj. EBIT margin ₹ 1.5pp y/y

Adj. EBIT -3.0\% y/y: Organic -26.6\%, M\&A +25.0\%, FX -1.4\%
M\&A: Destaco €9.8m (21.0\% EBIT margin), Cultraro $€ 0.6 \mathrm{~m}$

PROFIT( $€ \mathrm{M}$ )

Adj. EBIT margin ₹ 1.5pp y/y

Adj. EBIT -3.0\% y/y: Organic -26.6\%, M\&A +25.0\%, FX -1.4\%
M\&A: Destaco €9.8m (21.0\% EBIT margin), Cultraro $€ 0.6 \mathrm{~m}$

PROFIT( $€ \mathrm{M}$ )

Adj. FCF \% revenue $\mathbf{\Delta} 11.8 \mathrm{pp} \mathrm{y} / \mathrm{y}$

M\&A: Destaco $€ 19.9 \mathrm{~m}$
Lower income tax payments by $€ 8.4 \mathrm{~m} \mathrm{y} / \mathrm{y}$ and temporary changes in NWC which will partly reverse in the following quarters
Adjustments to FCF $€ 2.3 \mathrm{~m}$ (PY $€ 10.3 \mathrm{~m}$ )

STABILUS GROUP IN FY2024

VERY STRONG ADJ. FCF IN FY2024 Y/Y

REVENUE( $€ \mathrm{M}$ )

$\qquad$ \% organic growth

Revenue $\mathbf{8} \mathbf{7 . 5 \%}$ y/y

Organic +0.6\%, M\&A +9.1\%, FX $-2.2 \% \mathrm{y} / \mathrm{y}$
M\&A effect: Destaco €95.4m, Cultraro $€ 15.0 \mathrm{~m}$
Growth in APAC ${ }^{1}$ offset by less revenues in EMEA and Americas

ADJ. EBIT( $€$ M)

FY23

FY24

Revenue $\mathbf{\Delta} \mathbf{7 . 5 \%}$ y/y

Organic +0.6\%, M\&A +9.1\%, FX $-2.2 \% \mathrm{y} / \mathrm{y}$
M\&A effect: Destaco €95.4m, Cultraro $€ 15.0 \mathrm{~m}$
Growth in APAC ${ }^{1}$ offset by less revenues in EMEA and Americas

PROFIT( $€$ M)

FY23

FY24

Adj. EBIT margin $₹ 1.0 \mathrm{pp} \mathrm{y} / \mathrm{y}$

Adj. EBIT -0.8\% y/y: Organic -12.0\%, M\&A +14.4\%, FX -3.2\%
M\&A: Destaco €19.5m (20.4\% EBIT margin), Cultraro $€ 3.3 \mathrm{~m}$

PROFIT( $€$ M)

FY23

FY24

Adj. FCF \% revenue $\mathbf{\Delta} \mathbf{1 . 4 p p} \mathbf{y} / \mathbf{y}$

M\&A: Destaco €27.5m
Temporary changes in NWC which will partly reverse in the next quarters
Adjustments to FCF €653.2m (PY $€ 10.6 \mathrm{~m}$ )

[^0]
[^0]: ${ }^{1}$ See list of acronyms in appendix.

	AMERICAS	EMEA	ASIA-PACIFIC
Revenue	$\Delta 4.1 \% \mathrm{y} / \mathrm{y}$	$\Delta 5.8 \% \mathrm{y} / \mathrm{y}$	$\Delta 16.1 \% \mathrm{y} / \mathrm{y}$
adj. EBIT margin	$10.2 \%$	$10.4 \%$	$17.5 \%$
	$\nabla 60$ bp y/y	$\nabla 180$ bp y/y	$\nabla 90$ bp y/y

Significant revenue increase due to organic growth in APAC and consolidation of Destaco from April 2024 on.

AMERICAS - REVENUE INCREASE DRIVEN BY ACQUISITION; WEEK ENERGY \& CONSTRUCTION AND POWERISE MARKETS

EMEA - ACQUISITIONS DRIVE REVENUE; WEEK COMMERCIAL VEHICLES SEGMENT

APAC - GROWING IN ALL MARKET SEGMENTS ORGANICALLY, SUPPORTED BY ACQUISITIONS

Revenue 16.1\% y/y

Organic +14.1\%, M\&A +6.2\%, FX -4.2\%
M\&A: Destaco €14.8m, Cultraro €1.9m
Organic growth in all market segments, particularly in Automotive Powerise (APR)

Adj. EBIT margin ₹ 90bp y/y

Adj. EBIT +10.5\% y/y: Organic +4.2\%, M\&A +9.9\%, FX -3.6\% y/y
M\&A: Destaco €4.5m, Cultraro €0.4m

BUSINESS DEVELOPMENT BY MARKET SEGMENT IN 04 FY24

In 04 FY24, IMA and AMR were growing and performing better than in 04 of the prior FY. Organic growth in IMA was supported by consolidation of Destaco revenues.

[^0]
[^0]: ${ }^{1}$ The significant increase is due to the consolidation of Destaco ( $€ 46.6 \mathrm{~m}$ revenue in 04 FY24). Change excl. Destaco: $+3 \%$ y/y.

BUSINESS DEVELOPMENT BY MARKET SEGMENT IN FY2024

High diversification by market segment improves robustness in challenging market environment.

NET DEBT FURTHER REDUCED Q/Q - TO €668.4M IN Q4 FY24 STABILLUS NET DEBT REDUCED BY €51.8M IN THE LAST SIX MONTHS

Net leverage ratio stable at 2.8 and well below 3.0. Net debt reduced by $€ 51.8 \mathrm{~m}$ in the last six months.
Our goal is to reduce net leverage ratio well below 2.0 within the next two to three years.
Our mid-term target leverage ratio is 1.0 .

NWC REDUCED TO 19.1\% OF REVENUE IN 04 FY24

STABILLUS

NWC/revenue ratio at $19.1 \%$, incl. Destaco's NWC and proforma LTM revenue.
The increase from $17.6 \%$ in 01 FY24 to a level above $20 \%$ in the following quarters due to the consolidation / inclusion of Destaco and Destaco's comparatively higher NWC/revenue ratio.

CAPEX WILL FACILITATE FUTURE GROWTH WITH INNOVATIVE NEW PRODUCTS SUCH AS DOOR ACTUATORS

In FY2023 and FY2024 capex returned to the usual, historical level of c. $6 \%$ of revenue.
) Investment focus in FY2024: radar technology, smart door actuation and automation of production facilities.
These investments will facilitate and drive our future revenue growth with innovative new products such as door actuator systems and improve production costs.

Despite the challenging market environment, Stabilus showed a solid performance in FY2024.

Diversification by market segments and strong cash generation provide stability.

With the current win rates we underline our strong market shares in key markets and secure future success.

The integration of Destaco is well on track.
We will release our FY2025 forecast together with our 2024 annual report on Monday, December 9, 2024, followed by analyst \& investor web conference.

We continue to pursue our long-term strategy STAR 2030, focusing on profitable and sustainable growth, customer and employee satisfaction, innovation and sustainability.

Q\&A SESSION

๑

APPENDIX

REVENUE

THREE MONTHS ENDED SEPTEMBER 30, 2024

REVENUE (€M)

	Q4 FY2023 Actual	Q4 FY2024 Prelim	Change	\% change	Acquisition effect	Currency effect	Organic growth
Automotive Gas Spring	30.0	29.4	(0.8)	(2.0)\%	$2.5 \%$	(5.0)\%	$0.5 \%$
Automotive Powerise	26.3	25.5	(0.8)	(3.0)\%	$0.0 \%$	(0.5)\%	(2.5)\%
Industrial Components	64.1	60.6	(3.5)	(5.5)\%	$1.2 \%$	(1.4)\%	(5.3)\%
Industrial Automation (DESTACO)	-	13.3	13.3	n/a	n/a	n/a	n/a
EMEA	120.4	128.7	8.3	6.9\%	12.3\%	(2.1)\%	(3.3)\%
Automotive Gas Spring	30.2	29.4	(0.8)	(2.6)\%	$0.0 \%$	(5.9)\%	$3.3 \%$
Automotive Powerise	44.4	37.4	(7.0)	(16.8)\%	$0.0 \%$	(10.4)\%	(5.4)\%
Industrial Components	42.8	34.1	(8.7)	(20.3)\%	$0.0 \%$	(8.6)\%	(13.7)\%
Industrial Automation (DESTACO)	-	25.8	25.8	n/a	n/a	n/a	n/a
AMERICAS	117.4	126.7	9.3	7.9\%	22.0\%	(7.8)\%	(6.3)\%
Automotive Gas Spring	28.5	25.2	(1.3)	(4.9)\%	$0.6 \%$	$0.0 \%$	(5.5)\%
Automotive Powerise	38.0	41.8	3.8	10.0\%	$0.0 \%$	(0.3)\%	$10.3 \%$
Industrial Components	5.2	6.3	1.1	21.2\%	$0.7 \%$	(5.6)\%	26.1\%
Industrial Automation (DESTACO)	-	7.5	7.5	n/a	n/a	n/a	n/a
APAC	69.7	80.8	11.1	15.9\%	11.1\%	(0.6)\%	5.4\%
Total Automotive Gas Spring (AGS)	86.7	84.0	(2.7)	(3.1)\%	$1.0 \%$	(3.8)\%	(0.3)\%
Total Automotive Powerise (APR)	108.7	104.7	(4.0)	(3.7)\%	$0.0 \%$	(4.5)\%	$0.8 \%$
Total Industrial Components (IC)	112.2	101.0	(11.2)	(10.0)\%	$0.7 \%$	(3.6)\%	(7.1)\%
Total Industrial Automation (DESTACO)	-	46.6	46.6	n/a	n/a	n/a	n/a
Total	307.5	336.3	28.8	9.4\%	15.7\%	(3.9)\%	(2.4)\%

REVENUE

YEAR ENDED SEPTEMBER 30, 2024

REVENUE (€M)

	FY2023 Actual	FY2024 Prelim	Change	\% change	Acquisition effect	Currency effect	Organic growth
Automotive Gas Spring	120.2	124.5	4.3	3.6\%	6.6\%	(1.2)\%	(1.8)\%
Automotive Powerise	113.1	111.5	(1.6)	(1.4)\%	0.0\%	(0.8)\%	(0.6)\%
Industrial Components	263.3	261.5	(1.8)	(0.7)\%	2.0\%	(1.6)\%	(1.1)\%
Industrial Automation (DESTACO)	-	27.9	27.9	n/a	n/a	n/a	n/a
EMEA	496.6	525.5	28.9	5.8\%	8.3\%	(1.3)\%	(1.2)\%
Automotive Gas Spring	119.4	118.8	(0.6)	(0.5)\%	0.0\%	(0.4)\%	(0.1)\%
Automotive Powerise	171.5	161.1	(10.4)	(6.1)\%	0.0\%	1.4\%	(7.5)\%
Industrial Components	159.6	136.4	(23.2)	(14.5)\%	0.0\%	(8.6)\%	(7.9)\%
Industrial Automation (DESTACO)	-	52.7	52.7	n/a	n/a	n/a	n/a
AMERICAS	450.5	469.0	18.5	4.1\%	11.7\%	(1.9)\%	(5.7)\%
Automotive Gas Spring	101.8	106.2	4.4	4.3\%	1.5\%	(4.1)\%	6.9\%
Automotive Powerise	144.7	166.2	21.5	14.9\%	0.0\%	(4.3)\%	19.2\%
Industrial Components	21.7	24.3	2.6	12.0\%	1.7\%	(4.3)\%	14.6\%
Industrial Automation (DESTACO)	-	14.8	14.8	n/a	n/a	n/a	n/a
APAC	268.2	311.5	43.3	18.1\%	6.2\%	(4.2)\%	14.1\%
Total Automotive Gas Spring (AGS)	341.4	349.5	8.1	2.4\%	2.8\%	(1.8)\%	1.4\%
Total Automotive Powerise (APR)	429.3	438.8	9.5	2.2\%	0.0\%	(1.1)\%	3.3\%
Total Industrial Components (IC)	444.6	422.2	(22.4)	(5.0)\%	1.2\%	(3.5)\%	(2.7)\%
Total Industrial Automation (DESTACO)	-	95.4	95.4	n/a	n/a	n/a	n/a
Total	1,215.3	1,305.9	90.6	7.5\%	9.1\%	(2.2)\%	0.6\%

ADJUSTED EBIT

THREE AND TWELVE MONTHS ENDED SEPTEMBER 30, 2024

ADJUSTED EBIT( $€ \mathrm{M}$ )

	Q4 FY2023 Actual	Q4 FY2024 Prelim	Change	\% change	Acquisition effect	Currency effect	Organic change
EMEA	19.3	10.7	$(8.6)$	$(44.6) \%$	$14.0 \%$	$0.5 \%$	$(59.1) \%$
AMERICAS	10.0	15.9	5.9	$59.0 \%$	$54.0 \%$	$(7.0) \%$	$12.0 \%$
APAC	13.9	15.3	1.4	$10.1 \%$	$18.7 \%$	$0.0 \%$	$(8.6) \%$
Total	43.2	41.9	$(1.3)$	$(3.0) \%$	$25.0 \%$	$(1.4) \%$	$(26.6) \%$

	FY2023 Actual	FY2024 Prelim	Change	\% change	Acquisition effect	Currency effect	Organic change
EMEA	60.5	54.8	$(5.7)$	$(9.4) \%$	$13.1 \%$	$(1.3) \%$	$(21.2) \%$
AMERICAS	48.6	47.7	$(0.9)$	$(1.9) \%$	$20.6 \%$	$(5.1) \%$	$(17.4) \%$
APAC	48.4	54.6	5.2	$10.5 \%$	$9.9 \%$	$(3.6) \%$	$4.2 \%$
Total	158.4	157.1	$(1.3)$	$(0.9) \%$	$14.4 \%$	$(3.2) \%$	$(12.0) \%$

P\&L AND ADJUSTED EBIT

THREE MONTHS ENDED SEPTEMBER 30, 2024

P\&L (€M)

ADJUSTED EBIT (€M)

	04 FY2023 Actual	04 FY2024 Prelim	Change	\% change
Revenue	307.5	336.3	28.8	$9.4 \%$
Cost of sales	(227.7)	(245.8)	(18.1)	$7.9 \%$
Gross Profit	79.8	90.5	10.7	$13.4 \%$
\% margin	$26.0 \%$	$26.9 \%$
R\&D expenses	(4.7)	(8.4)	(3.7)	$78.7 \%$
Selling expenses	(26.9)	(40.3)	(13.4)	$49.8 \%$
Administrative expenses	(16.0)	(20.0)	(4.0)	$25.0 \%$
Other income/expenses	0.5	1.2	0.7	$>100.0 \%$
EBIT	32.6	22.9	(9.7)	(29.8)%
\% margin	$10.6 \%$	$6.8 \%$
Finance income/costs	(0.3)	0.2	0.5	$<100.0 \%$
EBT	32.3	23.1	(9.2)	(28.5)%
\% margin	$10.5 \%$	$6.9 \%$
Income tax	(8.8)	(5.5)	3.3	(37.5)%
Profit	23.5	17.5	(6.0)	(25.5)%
\% margin	$7.6 \%$	$5.2 \%$
EPS in €	0.93	0.70	(0.23)	(24.7)%

	04 FY2023 Actual	04 FY2024 Prelim	Change	\% change
EBIT	32.6	22.9	(9.7)	(29.8)%
PPA adj. - D\&A	3.7	18.2	14.5	$>100.0 \%$
Environmental protection costs	2.6
Advisory costs	4.1	0.8	(3.3)	(80.5)%
PPA adjustments	0.2	-	(0.2)	(100.0)%
Total adjustments	10.6	19.0	8.4	79.2\%
Adjusted EBIT	43.2	41.9	(1.3)	(3.0)%
\% margin	$14.0 \%$	$12.5 \%$

P\&L AND ADJUSTED EBIT

YEAR ENDED SEPTEMBER 30, 2024

P\&L (€M)

	FY2023 Actual	FY2024 Prelim	Change	\% change
Revenue	1,215.3	1,305.9	90.6	$7.5 \%$
Cost of sales	(894.1)	(963.6)	(69.5)	$7.8 \%$
Gross Profit	321.2	342.3	21.1	6.6\%
\% margin	$26.4 \%$	$26.2 \%$
R\&D expenses	(31.1)	(34.4)	(3.3)	$10.6 \%$
Selling expenses	(104.4)	(126.2)	(21.8)	$20.9 \%$
Administrative expenses	(48.4)	(77.7)	(29.3)	$60.5 \%$
Other income/expenses	(0.1)	9.3	9.4	$<100.01 \%$
EBIT	137.1	113.3	(23.8)	(17.4)%
\% margin	$11.3 \%$	$8.7 \%$
Finance income/costs	(17.8)	(13.0)	4.8	(27.0)%
EBT	119.3	100.4	(18.9)	(15.8)%
\% margin	$9.8 \%$	$7.7 \%$
Income tax	(16.0)	(28.3)	(12.3)	$76.9 \%$
Profit	103.3	72.0	(31.3)	(30.3)%
\% margin	$8.5 \%$	$5.5 \%$
EPS in €	4.12	2.84	(1.28)	(31.1)%

ADJUSTED EBIT (€M)

EBIT

PPA adj. - D\&A	14.4
Environmental protection costs	2.6
Advisory costs	4.1
PPA adjustments	0.2
Total adjustments	$\mathbf{2 1 . 3}$
Adjusted EBIT	$\mathbf{1 5 8 . 4}$
\% margin	$\mathbf{1 3 . 0 \%}$

FY2023 Actual	FY2024 Prelim	Change	\% change
113.3	(23.8)	(23.8)	(17.4)\%
14.4	30.3	15.9	$>100.0 \%$
Environmental protection costs	-	(2.6)	(100.0)%
Advisory costs	14.2	10.1	$>100.0 \%$
PPA adjustments	(0.7)	(0.9)	$<100.01 \%$
Total adjustments	21.3	43.8	22.5
158.4	157.1	(1.3)	$(0.8) \%$
13.0\%	12.0\%

BALANCE SHEET

SEPTEMBER 30, 2024

BALANCE SHEET( $€ \mathrm{M}$ )

	Sept 2023 Actual	Sept 2024 Prelim	Change	\% change
Property, plant and equipm.	247.2	300.3	53.1	$21.5 \%$
Goodwill	236.6	540.0	303.4	$>100.0 \%$
Other intangible assets	230.0	477.9	247.9	$>100.0 \%$
Other investments	6.0	6.0	-	$0.0 \%$
Inventories	177.3	223.6	46.3	$26.1 \%$
Trade receivables	198.0	203.4	5.4	$2.7 \%$
Other assets	46.1	50.3	4.2	$9.1 \%$
Cash	193.1	109.4	(83.7)	(43.3)%
Total assets	1,334.3	1,910.9	576.6	43.2\%
Equity incl. minorities	712.0	677.7	(34.3)	(4.8)%
Debt (incl. accrued interest)	258.0	777.8	519.8	$>100.0 \%$
Pension plans	37.7	47.3	9.6	$25.5 \%$
Deferred tax liabilities	44.6	64.2	19.6	43.9\%
Trade payables	124.3	159.7	35.4	$28.5 \%$
Other liabilities	157.7	184.2	26.5	16.8\%
Total equity and liabilities	1,334.3	1,910.9	576.6	43.2\%

CASH FLOW

THREE MONTHS ENDED SEPTEMBER 30, 2024

CASH FLOW STATEMENT (€M)

	04 FY2023 Actual	04 FY2024 Prelim	Change	\% change
Cash flow from operating activities	40.2	74.7	34.5	$85.8 \%$
Cash flow from investing activities	$(36.3)$	$(22.0)$	14.3	$(39.4) \%$
Cash flow from financing activities	$(11.2)$	$(80.7)$	$(69.5)$	$>100.0 \%$
Net increase / (decrease) in cash	$(7.3)$	$(28.0)$	$(20.7)$	$>100.0 \%$
Effect of movements in exchange rates	2.2	$(1.8)$	$(4.0)$	$<100.01 \%$
Cash as of beginning of the period	198.3	139.4	$(58.9)$	$(29.7) \%$
Cash as of end of the period	193.1	109.4	$(83.7)$	$(43.3) \%$

ADJ. FCF (€M)

	04 FY2023 Actual	04 FY2024 Prelim	Change	\% change
Cash flow from operating activities	40.2	74.7	34.5	$85.8 \%$
Cash flow from investing activities	$(36.3)$	$(22.0)$	14.3	$(39.4) \%$
Free cash flow	3.9	52.7	48.8	$>100.0 \%$
Adjustments	10.3	2.3	$(8.0)$	$(77.7) \%$
Adj. FCF	14.2	55.0	40.8	$>100.0 \%$

CASH FLOW

YEAR ENDED SEPTEMBER 30, 2024

CASH FLOW STATEMENT (€M)

	FY2023 Actual	FY2024 Prelim	Change	\% change
Cash flow from operating activities	178.1	197.0	18.9	$10.6 \%$
Cash flow from investing activities	$(81.4)$	$(717.4)$	$(636.0)$	$>100.0 \%$
Cash flow from financing activities	$(66.4)$	440.7	507.1	$<100.01 \%$
Net increase / (decrease) in cash	30.3	(79.7)	(110.0)	$<100.01 \%$
Effect of movements in exchange rates	$(5.5)$	$(3.9)$	1.6	$(29.1) \%$
Cash as of beginning of the period	168.4	193.1	24.7	$14.7 \%$
Cash as of end of the period	193.1	109.4	(83.7)	$(43.3) \%$

ADJ. FCF (€M)

	FY2023 Actual	FY2024 Prelim	Change	\% change
Cash flow from operating activities	178.1	197.0	18.9	$10.6 \%$
Cash flow from investing activities	$(81.4)$	$(717.4)$	$(636.0)$	$>100.0 \%$
Free cash flow	96.7	(520.4)	(617.1)	$<100.01 \%$
Adjustments	10.6	653.2	642.6	$>100.0 \%$
Adj. FCF	107.3	132.8	25.5	$23.8 \%$

ACRONYMS AND ABBREVIATIONS

Adj.	Adjusted	FX	Foreign exchange, currency effect
AGS	Automotive Gas Spring	FY	Fiscal year
AMR	Aerospace, Marine \& Rail	HRF	Health, Recreation \& Furniture
APAC	Asia-Pacific	IMA	Industrial Machinery \& Automation
APR	Automotive Powerise	LTM	Last twelve months
bp	Basis point	LVP	Light vehicle production
CAPEX	Capital expenditure	M\&A	Mergers \& Acquisitions, acquisition effect
CV	Commercial Vehicles	NWC	Net working capital
CY	Calendar year	pp	Percentage point
D\&A	Depreciation and amortization	PPA	Purchase price allocation
DIAMEC	Distributors, Independent Aftermarket, E-commerce	Prelim	Preliminary
EMEA	Europe, Middle East \& Africa	PY	Prior year
EBIT	Earnings before interest and taxes	$\mathrm{q} / \mathrm{q}$	Quarter-on-quarter
EBITDA	Earnings before interest, taxes, depreciation and amortization	$y / y$	Year-on-year
EBT	Earnings before taxes
EC	Energy \& Construction
FCF	Free cash flow

STABILLUS
M O T I O N C O N T R O L