Stabilus SE

Investor Presentation • Dec 9, 2024

FY2024 RESULTS

ANALYST \& INVESTOR WEB CONFERENCE DECEMBER 9, 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.

We confirm the preliminary results which were released on November 11, 2024. See 2024 annual report at ir.stabilus.com.

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

We will propose a dividend of $€ 1.15$ ( $40 \%$ of consolidated net income) to the AGM on February 5, 2025.

The initiatives to improve robustness and resilience are ongoing.
Stabilus business is diversified by market segments and has strong cash generation.

For fiscal 2025, we forecast revenues of $€ 1.3$ bn - $€ 1.45$ bn, an adjusted EBIT margin of $11 \%-13 \%$ and an adj. FCF of $€ 90 \mathrm{~m}-€ 140 \mathrm{~m}$.

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( $€ \mathrm{M}$ )

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( $€ \mathrm{M}$ )

FY23

FY24

Adj. $F C F$ \% revenue $\mathbf{\Delta} 1.4 \mathrm{pp} \mathrm{y} / \mathrm{y}$

M\&A: Destaco €27.5m
Temporary changes in NWC which will partly reverse in FY2025
Adjustments to FCF €653.2m (PY €10.6m)

REVENUE(€M)

BUSINESS DEVELOPMENT BY MARKET SEGMENT IN FY2024

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

	FY2024 Actual	FY2025 Forecast
Revenue	$€ 1,305.9 \mathrm{~m}$	$€ 1.3 b n-€ 1.45 b n$
Adj. EBIT margin	$12.0 \%$	$11 \%-13 \%$
Adj. FCF	$€ 132.8 \mathrm{~m}$	$€ 90 \mathrm{~m}-€ 140 \mathrm{~m}$

The market environment continues to be challenging.
The range of our expectations reflects higher macroeconomic and geopolitical uncertainty.
We expect the FY2025 earnings to be back-end loaded.

KEY ASSUMPTIONS FOR FY2025 OUTLOOK

GDP ${ }^{1}$ GROWTH

c. $+3 \%$ y/y in CY2024 and CY2025

LVP ${ }^{1}$ GROWTH

LVP on prior year's level of c. 89m in FY2025

COST INFLATION

material cost (average price for metals, plastics, energy) expected to slightly decrease in FY2025
labor cost inflation of c. $+5 \%$ y/y in FY2025

MAJOR FX RATES

1.12 USD/EUR > 7.84 CNY/EUR

	STABILUS GROUP		AMERICAS		EMEA		ASIA-PACIFIC
	FY2024 Actual	FY2025 Forecast	FY2024 Actual	FY2025 Forecast	FY2024 Actual	FY2025 Forecast	FY2024 Actual	FY2025 Forecast
Revenue	$€ 1,305.9 \mathrm{~m}$	$\begin{gathered} € 1.3 \mathrm{bn}-€ 1.45 \mathrm{bn} \ (-0.5 \%-+1.0 \%) \end{gathered}$	$€ 469.0 \mathrm{~m}$	$€ 475 \mathrm{~m}-€ 535 \mathrm{~m}$ $(+1.3 \%-+14.1 \%)$	$€ 525.5 \mathrm{~m}$	$€ 515 \mathrm{~m}-€ 575 \mathrm{~m}$ $(-2.0 \%-+8.4 \%)$	$€ 311.5 \mathrm{~m}$	$€ 310 \mathrm{~m}-€ 340 \mathrm{~m}$ $(-0.5 \%-+8.1 \%)$
Adj. EBIT margin	$12.0 \%$	$11.0 \%-13.0 \%$	$10.2 \%$	$10.0 \%-12.0 \%$	$10.4 \%$	$9.5 \%-11.5 \%$	$17.5 \%$	$15.5 \%-17.5 \%$

ASSUMPTIONS:

GPD ${ }^{1}$ growth in USA c. 2\%, in the Euro area c. 1\%, in China c. 5\% in CY2025
Slightly higher LVP in APAC (+2\%) and lower LVP in EMEA (-5\%) and Americas (-1\%) y/y
Particularly high labor cost inflation in Mexico and Romania
Higher price pressure in China (in the automotive business)

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

FURTHER PARAMETER EXPECTATIONS FOR FY2025

HOUSEKEEPING ITEMS

NON-RECURRING ITEMS / PPA ${ }^{1}$ (EBIT ADJUSTMENTS)

PPA D\&A': c. €35m in FY2025 (thereof c. €20m Destaco PPA D\&A)
gradually reducing to c. €28m in FY2029 (thereof c. €16m Destaco PPA D\&A)

CAPEX ${ }^{1}$

total capex of c. 6\% of revenue (thereof c. €60m invest in PPE in FY2025)

DESTACO INTEGRATION

c. €2m-€3m integration costs in FY2025 (Integration costs are not part of EBIT adjustments.)

NWC $^{1}$

$17 \%-20 \%$ of LTM revenue

GROUP TAX RATE

$25 \%-30 \%$

DIVIDEND POLICY

payout of $20 \%$ to $40 \%$ of consolidated net profit attributable to Stabilus shareholders, subject to market conditions, our growth and deleveraging plans

Q\&A SESSION

๑

APPENDIX

REVENUE

THREE MONTHS ENDED SEPTEMBER 30, 2024

REVENUE (€M)

	Q4 FY2023 Actual	Q4 FY2024 Actual	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)	(15.8)\%	$0.0 \%$	(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 Actual	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( $€ \mathrm{M}$ )

	04 FY2023 Actual	04 FY2024 Actual	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 Actual	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 Actual	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 Actual	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 Actual	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	$\mathbf{1 3 . 0 \%}$

$F Y 2024$

Actual
113.3
14.4
2.6
4.1
0.2
21.3
158.4
12.0\%

Change	\% change
(23.8)	(17.4)\%
(23.6)	$>100.0 \%$
(2.6)	$(100.0) \%$
10.1	$>100.0 \%$
(0.9)	$<100.01 \%$
22.5	$>100.0 \%$
(1.3)	$(0.8) \%$

BALANCE SHEET

SEPTEMBER 30, 2024

BALANCE SHEET( $€ \mathrm{M}$ )

	Sept 2023 Actual	Sept 2024 Actual	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 Actual	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 Actual	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 Actual	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 Actual	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	$23.8 \%$

LVP DEVELOPMENT / FORECAST

QUARTERLY VIEW: Q1 FY24 - Q4 FY25

Source: leading market forecast institutes. November 2024

LVP DEVELOPMENT / FORECAST

STABILLUS

YEARLY VIEW: FY2023 - FY2025

Source: leading market forecast institutes. November 2024

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.

ACRONYMS AND ABBREVIATIONS

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

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