Interim Report • Aug 7, 2025
Interim Report
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JANUARY 1 TO JUNE 30, 2025

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| 3 | Key figures for the Dürr Group |
|---|---|
| 4 | Overview of H1 2025 continued operations |
| 5 | Group management report |
| 25 | Consolidated statement of profit or loss |
| 26 | Consolidated statement of comprehensive income |
| 27 | Consolidated statement of financial position |
| 29 | Consolidated statement of cash flows |
| 31 | Consolidated statement of changes in equity |
| 32 | Notes to the consolidated financial statements January 1 to June 30, 2025 |
| 48 | Responsibility statement by management |
| 49 | Financial calendar |
| 49 | Contact |
The EcoPaintJetPro paint application system works with individually controllable nozzles to apply individual patterns free of any overspray and fully automatically — even on vertical body surfaces. In this way, it combines product individualization and maximum automation.
| H1 2025 | H1 2024 | Q2 2025 | Q2 2024 | ||
|---|---|---|---|---|---|
| Continued operations | |||||
| Order intake | € m | 1,887.2 | 2,587.4 | 806.8 | 1,212.7 |
| Orders on hand (June 30) | €m | 3,873.7 | 4,249.7 | 3,873.7 | 4,249.7 |
| Sales | €m | 2,008.3 | 2,092.5 | 1,000.9 | 1,084.0 |
| Gross profit2 | €m | 452.2 | 439.0 | 226.0 | 220.7 |
| EBITDA2 | €m | 133.6 | 133.5 | 66.5 | 66.9 |
| EBIT before extraordinary effects1,2 | €m | 81.1 | 88.1 | 41.8 | 47.3 |
| EBIT2 | €m | -57.9 | 57.4 | -88.7 | 28.7 |
| Earnings after tax2 | €m | -93.4 | 22.5 | -110.5 | 10.4 |
| Gross margin2 | % | 22.5 | 21.0 | 22.6 | 20.4 |
| EBIT margin before extraordinary effects1,2 | % | 4.0 | 4.2 | 4.2 | 4.4 |
| EBIT margin2 | % | -2.9 | 2.7 | -8.9 | 2.7 |
| Cash flow from operating activities | €m | 136.5 | 141.5 | 104.7 | 82.0 |
| Free cash flow | €m | 47.2 | 24.5 | 46.0 | 17.7 |
| Capital expenditure | €m | 54.7 | 83.84 | 29.5 | 42.04 |
| Total assets (June 30) | €m | 4,612.8 | 5,186.2 | 4,612.8 | 5,186.2 |
| Equity (including minority interests) (June 30) | €m | 1,075.7 | 1,163.8 | 1,075.7 | 1,163.8 |
| Equity ratio (June 30) | % | 23.3 | 22.4 | 23.3 | 22.4 |
| Gearing (June 30) | % | 30.9 | 31.4 | 30.9 | 31.4 |
| Net financial liabilities to EBITDA2 | 1.4 | 1.64 | 1.4 | 1.64 | |
| ROCE (annualized) | % | 11.6 | 12.3 | 11.6 | 12.3 |
| Net financial status (June 30) | €m | -480.8 | -532.64 | -480.8 | -532.64 |
| Net working capital (June 30) | €m | 296.4 | 479.84 | 296.4 | 479.84 |
| Employees (June 30) | 18,258 | 18,876 | 18,258 | 18,876 | |
| Total Group (continued operations and discontinued operation) | |||||
| Order intake | €m | 2,066.4 | 2,792.1 | 897.0 | 1,303.4 |
| Orders on hand (June 30) | €m | 4,139.8 | 4,571.5 | 4,139.8 | 4,571.5 |
| Sales | €m | 2,192.5 | 2,281.3 | 1,089.6 | 1,182.9 |
| Gross profit | €m | 504.9 | 490.2 | 250.9 | 247.9 |
| EBITDA | €m | 153.1 | 160.1 | 75.5 | 80.3 |
| EBIT before extraordinary effects3 | €m | 106.3 | 114.4 | 53.8 | 60.9 |
| EBIT | €m | -38.4 | 79.7 | -79.6 | 40.1 |
| Earnings after tax | €m | -78.9 | 39.2 | -103.7 | 18.9 |
| Gross margin | % | 23.0 | 21.5 | 23.0 | 21.0 |
| EBIT margin before extraordinary effects3 | % | 4.8 | 5.0 | 4.9 | 5.2 |
| EBIT margin | % | -1.8 | 3.5 | -7.3 | 3.4 |
| Earnings per share (basic) | € | -1.17 | 0.57 | -1.52 | 0.28 |
| Earnings per share (diluted) | € | -1.08 | 0.55 | -1.42 | 0.27 |
1 Extraordinary effects in H1 2025: €-139.0 million (including goodwill impairment of €-120.4 million and purchase price allocation effects of €-15.0 million), H1 2024: €-30.8 million (including purchase price allocation effects of €-22.9 million) 2 The earnings figures for continued operations include charges from allocation effects (H1 2025: €-6.0 million,
H1 2024: €-6.0 million) attributable to the discontinued operation.
3 Extraordinary effects in H1 2025: €-144.7 million (including goodwill impairment of €-120.4 million and purchase price allocation effects of €-15.0 million), H1 2024: €-34.7 million (including purchase price allocation effects of €-24.6 million) 4 The Clean Technology Systems division had not yet been classified as discontinued as of June 30, 2024. Consequently, the amounts attributable to this division are still included in the figures to which this footnote applies.
Against the backdrop of the international risks, the global economy grew at a muted pace in the first half of 2025. Trade conflicts and intensified geopolitical conflicts, such as the one between Israel and Iran, were the main sources of strain. In Germany, hopes of a fresh start in economic policies grew with the new government's investment program.
Receding inflation and the muted Eurozone economy prompted the European Central Bank to cut its key interest rates again by 0.25 percentage points in the second quarter. The US Federal Reserve left its federal funds rate in a range of 4.25% to 4.5% due to recurring inflationary concerns and the uncertain economic outlook in the wake of tariff policies.
In the first six months, order intake in German mechanical and plant engineering increased by 1% in real terms, underpinned by rebounding foreign demand, while domestic business was slightly below the previous year's level. Overall, sentiment in the mechanical engineering sector remains muted, with strong global uncertainties causing customers to exercise restraint in their capital spending plans.
On June 29, 2025, we signed an agreement to sell our environmental technology business (Clean Technology Systems Environmental division) to a subsidiary of the private equity company Stellex Capital Management. Under the terms of the transaction, we will be re-acquiring a stake of nearly 25% in environmental technology business from Stellex. The business has an enterprise value of around €385 million. After deducting the costs of re-acquiring the stake and other transaction-related costs (including taxes), we anticipate net proceeds of approximately €250 million. Depending on the valuation on the closing date, the book profit should reach €160 to €190 million after tax and €220 to €250 million before tax. The transaction is expected to close in the fourth quarter of 2025. With around 1,300 employees, environmental technology business generated sales of around €407 million in 2024.
In this report, environmental technology business within the Clean Technology Systems Environmental division is classified as discontinued. The other divisions and the Corporate Center are reported as continued operations. The previous year's figures have been duly adjusted with retroactive effect. The comments generally refer to the continued operations.
The agreed sale of the environmental technology business marks a significant step as part of the simplification of the Group's structure announced in June 2024. After the transaction closes, the Dürr Group will consist of only three divisions instead of the original five. At the beginning of 2025, we consolidated painting, application, and final assembly technology for the automotive industry, which had previously been spread across two divisions, within the new Automotive division. With the new Group structure, we are concentrating fully on our core business, i.e. the sustainable automation of production processes.

On the basis of the preliminary business figures for the second quarter, we adjusted the full-year forecast for order intake from continued operations to €3,800 to €4,100 million (previously: €4,300 to €4,700 million) in an ad-hoc announcement issued on July 23, 2025. This was due to the considerable investment uncertainty among customers in the wake of the global tariff conflicts in the second quarter. The forecasts for sales, the EBIT margin before extraordinary effects and earnings after tax for 2025 were confirmed. Further information can be found in the outlook on page 21.
The ad-hoc announcement of July 23 also disclosed the following information:
In March 2025, we acquired a further approximately 2.5 million shares in HOMAG Group AG, resulting in a cash outflow of €96.7 million. The shares had been tendered to us after a final decision had been made in the valuation proceedings concerning the appropriateness of the cash settlement offer and the guaranteed dividend for the external shareholders of HOMAG. Dürr Technologies GmbH currently holds 83.8% of the HOMAG shares, with a further 14.1% attributable to the Schuler/Klessmann shareholder group, plus a free float of 2.1%.
The interim financial statements as of March 31, 2025, which were published on May 13, include a cash outflow of €96.7 million within cash flow from financing activities in connection with the cash settlement offer to the external shareholders of HOMAG Group AG. This cash outflow was reported within "Tendering of shares as part of the settlement offer to the shareholders of HOMAG Group AG" and, in addition to the purchase price payment, also includes an interest component of €17.0 million. This interest component was inadvertently also reported under "Interest payments" in the cash flow from financing activities for the first quarter of 2025 and thus included twice. Conversely, other noncash expenses and income were overstated by €17.0 million in cash flow from operating activities. This did not have any effect on free cash flow. The adjusted statement of cash flows for the first quarter of 2025 can be found in the corresponding tables on pages 13 and 29 of this report.
The disposal as of July 1, 2024, of the Agramkow Group, which is active in filling technology, must be taken into account in a comparison of the reporting periods. In the first half of 2024, the Agramkow Group, which was assigned to Industrial Automation, had contributed order intake of €16.7 million and sales of €26.4 million.
With the classification of environmental technology as discontinued, we are reporting what are known as allocation effects up until the closing date. They result from the fact that assets and liabilities that were previously allocated proportionately to Clean Technology Systems Environmental but remain in the Dürr Group must be reported within continued operations in accordance with IFRS. Expenses and income resulting from intragroup allocations to Clean Technology Systems Environmental have been excluded and are reported separately within the allocation effects. This concerns, for example, payments for services, depreciation and amortization, and rent payments. The allocation effects are included in "Corporate Center/consolidation/allocation effects" in the table below.
| €m | Corporate Center / consolidation |
Allocation effects |
Corporate Center / consolidation / allocation effects |
Corporate Center / consolidation |
Allocation effects |
Corporate Center / consolidation / allocation effects |
|---|---|---|---|---|---|---|
| H1 2025 | H1 2024 | |||||
| Order intake | -16.2 | 3.4 | -12.8 | -16.2 | 0.1 | -16.0 |
| Sales | -17.1 | 2.7 | -14.4 | -18.5 | 0.1 | -18.4 |
| EBIT before extraordinary effects |
-21.8 | -6.0 | -27.8 | -14.9 | -6.0 | -20.9 |
| Employees | 852 | 47 | 899 | 776 | 40 | 816 |
| Q2 2025 | Q2 2024 | |||||
| Order intake | -7.1 | 1.7 | -5.4 | -10.4 | 0.8 | -9.5 |
| Sales | -8.5 | 2.0 | -6.5 | -8.9 | -0.7 | -9.6 |
| EBIT before extraordinary effects |
-11.1 | -2.2 | -13.2 | -6.6 | -1.1 | -7.7 |
| Employees | 852 | 47 | 899 | 776 | 40 | 816 |
Interim financial report January 1 to June 30, 2025
This chapter primarily relates to the continued operations. In individual cases, we also refer to the Group as a whole, i.e. including the discontinued operation (environmental technology). The table entitled "Total Group, continued operations and discontinued operation" reconciles the key business figures.
| Continued operations |
Discontinued operation |
Total | Continued operations |
Discontinued operation |
Total | ||
|---|---|---|---|---|---|---|---|
| H1 2025 | H1 2024 | ||||||
| Order intake | €m | 1,887.2 | 179.2 | 2,066.4 | 2,587.4 | 204.7 | 2,792.1 |
| Sales | €m | 2,008.3 | 184.2 | 2,192.5 | 2,092.5 | 188.8 | 2,281.3 |
| EBIT margin before extraordinary |
|||||||
| effects | % | 4.0 | 13.7 | 4.8 | 4.2 | 13.9 | 5.0 |
| EBIT margin | % | -2.9 | 10.6 | -1.8 | 2.7 | 11.8 | 3.5 |
| ROCE | % | 11.6 | 98.6 | 14.8 | 12.3 | 107.2 | 15.8 |
| Earnings after | |||||||
| tax | €m | -93.4 | 14.5 | -78.9 | 22.5 | 16.7 | 39.2 |
| Free cash flow | €m | 47.2 | 14.4 | 61.5 | 24.5 | 19.3 | 43.8 |
| Net financial status (June 30) |
€m | - | - | -480.8 | - | - | -532.61 |
| Capital spending (net of |
€m | 54.7 | 4.4 | 59.1 | - | - | 83.81 |
| acquisitions) | % of sales | 2.7 | 2.4 | 2.7 | - | - | 3.71 |
| Q2 2025 | Q2 2024 | ||||||
| Order intake | €m | 806.8 | 90.2 | 897.0 | 1,212.7 | 90.6 | 1,303.4 |
| Sales | €m | 1,000.9 | 88.7 | 1,089.6 | 1,084.0 | 98.9 | 1,182.9 |
| EBIT margin | % | 4.2 | 13.5 | 4.9 | 4.4 | 13.7 | 5.2 |
| EBIT margin before extraordinary |
|||||||
| effects | % | -8.9 | 10.2 | -7.3 | 2.7 | 11.4 | 3.4 |
| ROCE | % | 11.6 | 98.6 | 14.8 | 12.3 | 107.2 | 15.8 |
| Earnings after tax |
€m | -110.5 | 6.7 | -103.7 | 10.4 | 8.6 | 18.9 |
| Free cash flow | €m | 46.0 | -1.4 | 44.6 | 17.7 | 1.2 | 18.9 |
| Net financial status (June 30) |
€m | - | - | -480.8 | - | - | -532.61 |
| €m | 29.5 | 0.7 | 30.2 | - | - | 42.01 | |
| Capital spending (net of |
|||||||
| acquisitions) | % of sales | 2.9 | 0.8 | 2.8 | - | - | 3.61 |
1 The Clean Technology Systems division had not yet been classified as discontinued as of June 30, 2024. Consequently, the amounts attributable to this division are still included in the figures to which this footnote applies.
| €m | H1 2025 | H1 2024 | Q2 2025 | Q2 2024 |
|---|---|---|---|---|
| Order intake | 1,887.2 | 2,587.4 | 806.8 | 1,212.7 |
| Sales | 2,008.3 | 2,092.5 | 1,000.9 | 1,084.0 |
| Orders on hand (June 30) | 3,873.7 | 4,249.7 | 3,873.7 | 4,249.7 |
At €1,887.2 million, order intake in the first half of 2025 was significantly lower than in the previous year. There were two main reasons for this: For one thing, the first half of 2024 had included various major orders. For another, the uncertainty caused by the global tariff conflicts prompted customers to hold back on their capital spending plans in the second quarter of 2025. Against this backdrop, order intake in the period from April to June fell by one third over the previous year to €806.8 million, with all divisions posting lower figures.
The gross margin on new orders was higher in the first six months of 2025 than in the same period of the previous year. Adjusted for currency-translation effects, order intake would have been €56.8 million or 2.9% higher. The Agramkow Group, which was sold effective July 1, 2024, had contributed €16.7 million to order intake in the first half of 2024.

1 The interim report on the first quarter of 2025 included order intake of €182 million for China. This figure was reduced retroactively by around €55 million in the present report, while order intake for Asia (excluding China), Africa, and Australia was increased by the same amount.
The sharp decline in Germany is particularly evident in the regional distribution of order intake. This is primarily due to the very high baseline effect resulting from an exceptionally large order worth just under €500 million that had been reported in the first quarter of 2024. The sharp increase in Asia (excluding China), Africa, and Australia reflects big-ticket orders received in India and Saudi Arabia.
In the Group as a whole (including environmental technology), order intake stood at €2,066.4 million in the first half of the year and €897.0 million in the second quarter.
Sales from continued operations came to €2,008.3 million in the first half of 2025, down 4.0% on the same period of the previous year. The Automotive division posted a small increase of 2.5%. Customerinduced delays in the case of some projects stood in the way of more pronounced growth. Industrial Automation sales fell by 17.9%, the main reasons for this being the previous year's low order intake, spending restraint in the areas of electromobility and battery production and the deconsolidation of the Agramkow Group, which contributed sales of €26.4 million in the previous year. Muted order intake in the Woodworking division in 2024 caused a 4.5% decline in sales.
Adjusted for currency-translation effects, sales would have been €46.1 million higher. At €1,000.9 million, sales in the second quarter came very close to the level of the first quarter, but fell 7.7% short of the previous year's figure. In addition to the factors mentioned above, macroeconomic uncertainty as a result of the tariff conflicts also left traces. The 46.9% increase in sales in Asia (excluding China), Africa, and Australia resulted primarily from the execution of big-ticket orders in Saudi Arabia and South Korea.

SALES BY REGION (€M), JANUARY – JUNE 2025 (CONTINUED OPERATIONS)
In the Group as a whole (including environmental technology), sales came to €2,192.5 million in the first half of 2025, of which the second quarter accounted for €1,089.6 million.
Sales from service business in continued operations reached €543.6 million in the first half of 2025, down 3.0% on the same period of the previous year and thus declining at a less pronounced rate than total sales. At 27.1%, the share of service business in Group sales was thus larger than in the previous year (26.3%). In the second quarter, sales from service business fell by 4.7% to €263.7 million as numerous customers scaled back their expenses in response to the macroeconomic uncertainties. Despite the adverse market conditions, Woodworking saw a continuation of the favorable trend in service business, posting a slight increase.
Reflecting the low order intake in the second quarter, the book-to-bill ratio stood at 0.94 in the first half of the year, thus dropping below 1. As of June 30, 2025, the order backlog was valued at €3,873.7 million, down 6.9% on the end of 2024 (December 31, 2024: €4,160.6 million) and down 8.8% on the middle of 2024 (€4,249.7 million). In addition to the muted order intake in the year to date, this was also due to currency-translation effects, the disposal of Agramkow and minor derecognitions.
| H1 2025 | H1 2024 | Q2 2025 | Q2 2024 | ||
|---|---|---|---|---|---|
| Sales | €m | 2,008.3 | 2,092.5 | 1,000.9 | 1,084.0 |
| Gross profit | €m | 452.2 | 439.0 | 226.0 | 220.7 |
| Overhead costs1 | €m | 389.5 | 380.7 | 165.4 | 165.6 |
| EBITDA | €m | 133.6 | 133.5 | 66.5 | 66.9 |
| EBIT before extraordinary effects2 | €m | 81.1 | 88.1 | 41.8 | 47.3 |
| EBIT | €m | -57.9 | 57.4 | -88.7 | 28.7 |
| Financial result | €m | -12.9 | -20.4 | -7.3 | -10.2 |
| EBT | €m | -70.8 | 37.0 | -96.0 | 18.5 |
| Income taxes | €m | -22.6 | -14.4 | -14.5 | -8.2 |
| Earnings after tax from continued operations3 | €m | -93.4 | 22.5 | -110.5 | 10.4 |
| Earnings after tax from discontinued operation3 | €m | 14.5 | 16.7 | 6.7 | 8.6 |
| Earnings after tax | €m | -78.9 | 39.2 | -103.7 | 18.9 |
| Earnings per share (basic)4 | € | -1.17 | 0.57 | -1.52 | 0.28 |
| Earnings per share (diluted)4 | € | -1.08 | 0.55 | -1.42 | 0.27 |
| Gross margin | % | 22.5 | 21.0 | 22.6 | 20.4 |
| EBITDA margin | % | 6.7 | 6.4 | 6.6 | 6.2 |
| EBIT margin before extraordinary effects2 | % | 4.0 | 4.2 | 4.2 | 4.4 |
| EBIT margin | % | -2.9 | 2.7 | -8.9 | 2.7 |
| EBT margin | % | -3.5 | 1.8 | -9.6 | 1.7 |
| Net financial liabilities to EBITDA (annualized) | 1.4 | 1.6 | 1.4 | 1.6 | |
| Tax rate | % | - | 39.1 | - | 44.0 |
1 Selling, administration, and R&D expenses
2 Extraordinary effects in H1 2025: €-139.0 million (H1 2024: €-30.8 million)
3 The charges arising from allocation effects (H1 2025: €-6.0 million; H1 2024: €-6.0 million) attributable to the discontinued
operation are included in earnings after tax from continued operations.
4 Refers to continued operations and discontinued operation
Gross profit from continued operations rose by 3.0% in the first half of the year despite the lower sales (down 4.0%). As a result, the gross margin widened to 22.5%, up from 21.0% in the same period of the previous year. In the second quarter the gross margin increased to 22.6% (Q2 2024: 20.4%). The main reason for the improvement was the larger gross margins on equipment business in all divisions. This underscores the success of our value-before-volume strategy; the effects of the workforce adjustments that had been made in the Woodworking division in the previous year were also evident. In the first half of the year, extraordinary effects included in gross profit amounted to €-16.7 million and were thus lower than in the previous year (€-26.8 million), due primarily to smaller purchase price allocation effects. Service business made a somewhat smaller contribution to gross profit.
Overhead costs rose slightly by 2.3% in the first half of the year. This was primarily attributable to selling expenses and resulted from higher commission payments to distribution partners among other things. Further factors included increased salaries under pay-scale agreements in Germany and expenses in connection with the OneDürrGroup synergy program. Spending on research and development climbed by 2.8%.
The goodwill impairment of €120.4 million resulted in net other operating expenses of €-120.7 million. The currency-translation gains and losses included in this item decreased significantly, with the losses slightly exceeding the gains.
The EBIT margin before extraordinary effects showed a sequential improvement to 4.2% in the second quarter of 2025 (Q1 2025: 3.9%) and reached 4.0% in the first half of the year, falling only slightly short of the previous year's figure. The Automotive division was able to increase its margin from a high level compared to the previous year. At Woodworking, the previous year's cost reduction measures contributed to a significant expansion of the margin despite the slight decline in sales. Industrial Automation sustained an appreciable margin decline. The main reasons for this were lower sales, the absence of Agramkow's contribution to earnings and a small loss in the Lithium-Ion Battery business unit. EBIT before extraordinary effects in the Corporate Center (including consolidation and allocation effects) fell to €-27.8 million in the first half of the year (H1 2024: €-20.9 million) due to costs for the OneDürrGroup synergy program among other things. At €-6.0 million, the allocation effects were the same as in the previous year.
EBIT after extraordinary effects was negative in the first half of the year (€-57.9 million) due to the impairment recognized in the second quarter. Net extraordinary effects amounted to €-139.0 million (H1 2024: €-30.8 million). The second largest item after the impairment was purchase price allocation effects, which fell from €-22.9 million to €-15.0 million. Adjusted for currency-translation effects, EBIT would have amounted to €-55.7 million in the first half of the year.
Total Group EBIT before extraordinary effects (including environmental technology) came to €106.3 million in the first half of the year, of which the second quarter accounted for €53.8 million. After extraordinary effects, it reached €-38.4 million in the first half of the year and €-79.6 million in the second quarter.
Financial result from continued operations improved from €-20.4 million to €-12.9 million in the first half of the year. Interest expenses declined at a greater rate than interest income, mainly because the volume of external finance was reduced in 2024 and optimized with regard to interest expense and maturity. In addition, interest expenses in connection with the domination and profit and loss transfer agreement with HOMAG Group AG fell following the tender procedure for HOMAG shares that expired in March. The improved net investment income also had a positive effect on financial result.
Earnings after tax were impacted by the goodwill impairment in the second quarter. In continued operations, they came to €-110.5 million, after increasing by 40.8% in the first quarter. This translates into a figure of €-93.4 million for the first half of the year. Earnings after tax in the Group as a whole (including environmental technology) came to €-78.9 million in the first half of the year. Adjusted for the impairment and related tax effects, the tax rate would have been around 34% in the first half of the year.
| €m | H1 2025 | H1 2024 | Q2 2025 | Q2 2024 | Q1 2025 | Q1 2024 |
|---|---|---|---|---|---|---|
| Cash flow from operating activities | 153.7 | 163.9 | 104.7 | 85.2 | 49.0 | 78.7 |
| of which from continued operations | 136.5 | 141.5 | 104.7 | 82.0 | 31.8 | 59.5 |
| of which from discontinued operation | 17.2 | 22.4 | 0.0 | 3.2 | 17.2 | 19.2 |
| Cash flow from investing activities | -82.3 | -243.6 | -65.6 | -82.4 | -16.7 | -161.2 |
| of which from continued operations | -78.9 | -240.4 | -64.5 | -79.9 | -14.4 | -160.5 |
| of which from discontinued operation | -3.4 | -3.2 | -1.1 | -2.6 | -2.3 | -0.6 |
| Cash flow from financing activities | -238.2 | -140.2 | -110.4 | -52.9 | -127.7 | -87.3 |
| of which from continued operations | -210.7 | -116.9 | -97.2 | -38.2 | -113.4 | -78.7 |
| of which from discontinued operation | -27.5 | -23.3 | -13.2 | -14.7 | -14.3 | -8.6 |
| €m | H1 2025 | H1 2024 | Q2 2025 | Q2 2024 | Q1 2025 | Q1 2024 |
|---|---|---|---|---|---|---|
| Earnings before taxes | -70.8 | 37.0 | -96.0 | 18.5 | 25.1 | 18.4 |
| Depreciation and amortization | 191.6 | 76.1 | 155.2 | 38.2 | 36.4 | 38.0 |
| Interest result | 13.9 | 20.0 | 8.2 | 10.3 | 5.7 | 9.7 |
| Income tax payments | -35.0 | -30.9 | -19.2 | -24.8 | -15.7 | -6.1 |
| Change in provisions | -28.5 | -1.4 | -7.7 | -1.4 | -20.9 | -0.1 |
| Change in net working capital | 113.0 | 58.2 | 95.5 | 54.1 | 17.4 | 4.1 |
| Other items | -47.6 | -17.4 | -31.4 | -12.9 | -16.3 | -4.6 |
| Cash flow from operating activities | 136.5 | 141.5 | 104.7 | 82.0 | 31.8 | 59.5 |
| Interest payments (net) | -26.9 | -30.6 | -25.2 | -18.5 | -1.7 | -12.1 |
| Repayment of leasing liabilities | -19.3 | -19.3 | -9.6 | -10.3 | -9.7 | -9.0 |
| Capital expenditure | -43.1 | -67.1 | -24.0 | -35.6 | -19.2 | -31.5 |
| Free cash flow | 47.2 | 24.5 | 46.0 | 17.7 | 1.2 | 6.9 |
| Dividend payments | -49.2 | -49.1 | -49.2 | -49.1 | 0.0 | 0.0 |
| Payments for acquisitions and transactions with non-controlling interests |
-102.9 | -16.3 | -6.6 | -15.4 | -96.3 | -0.9 |
| Other cash flows | 20.3 | 13.7 | 11.2 | 7.4 | 9.2 | 6.2 |
| Change in net financial status from continued operations |
-84.6 | -27.1 | 1.3 | -39.4 | -85.9 | 12.2 |
| Change in net financial status from discontinued operation |
0.0 | 11.1 | 0.0 | -0.7 | 0.0 | 11.9 |
| Total change in net financial status | -84.6 | -16.0 | 1.3 | -40.1 | -85.9 | 24.1 |
1 Currency translation effects have been eliminated in the cash flow statement. Accordingly, it does not fully reflect all changes in the line items shown in the statement of financial position.
The cash flow from operating activities from continued operations fell by 3.5% to €136.5 million in the first half of 2025. It was supported by a significant reduction in net working capital to €296.4 million thanks to high customer prepayments and reduced contract assets. Against this backdrop, days working capital reached a very good 27 days. The subsequent utilization of provisions for the job cuts in the Woodworking division had the opposite effect on cash flow — albeit to a lesser extent.
On the one hand, the cash flow from investing activities of €-78.9 million was characterized by a decline in capital expenditure on property, plant and equipment and intangible assets. This was due to the fact that after the high levels reached in previous years — especially at HOMAG — capital spending has now tended to return to normal levels. On the other hand, the investments of €46.6 million in time deposits and other assets were lower than in the first half of 2024 (€186.6 million).
Cash flow from financing activities came to €-210.7 million in the first half of 2025, translating into an increase of €93.8 million in cash outflow over the previous year. This was primarily due to the payment of €96.7 million under the cash settlement offer for HOMAG shareholders that expired on March 3, 2025. At €49.2 million, dividend payments remained virtually unchanged — the same thing applied to the settlement of lease liabilities (€19.3 million). Interest payments were €5.6 million down on the same period of the previous year.
Driven by a strong second quarter, free cash flow reached €47.2 million in the first half of the year, thus virtually doubling over the same period in the previous year. This mainly reflects the lower capital expenditure.
| €m | H1 2025 | H1 2024 | Q2 2025 | Q2 2024 |
|---|---|---|---|---|
| Automotive | 22.4 | 23.8 | 11.7 | 12.6 |
| Industrial Automation | 11.8 | 25.9 | 6.2 | 13.4 |
| Woodworking | 19.1 | 25.4 | 11.5 | 9.9 |
| Corporate Center / allocation effects | 1.4 | 5.9 | 0.2 | 4.3 |
| Continued operations | 54.7 | 81.0 | 29.5 | 40.2 |
| Discontinued operation1 | 4.4 | 2.8 | 0.7 | 1.8 |
| Total Group | 59.1 | 83.8 | 30.2 | 42.0 |
1 Capital expenditure in the Clean Technology Systems divisions came to €2.8 million in the first half of 2024. The division had not yet been classified as discontinued during that period.
Capital expenditure (net of acquisitions) in continued operations was one third lower in the first half of 2025 than in the same period of the previous year. In the current year, the focus is on new buildings and modernization in Poland and Germany at the Woodworking division as well as the construction of testing and development facilities for overspray-free painting and electrode coating.
| €m | |
|---|---|
| June 30, 2025 | -480.8 |
| December 31, 2024 | -396.2 |
| June 30, 20241 | -532.6 |
1 The Clean Technology Systems division had not yet been classified as discontinued as of June 30, 2024. Net financial liabilities increased by 21.4% over the end of 2024 to €480.8 million. This particularly reflected the payment of €96.7 million under the cash settlement offer for the HOMAG shareholders and the dividend payment (€49.2 million). On the other hand, the free cash flow of €47.2 million more or less covered the cash outflow required for the dividend. In the fourth quarter, we expect to receive payment of the purchase price for environmental technology (around €250 million), resulting in a corresponding reduction in net financial liabilities.
| €m | June 30, 2025 |
Percentage of total assets |
December 31, 2024 |
June 30, 20241 |
|---|---|---|---|---|
| Intangible assets | 837.8 | 18.2 | 976.6 | 1,066.1 |
| Property, plant and equipment | 649.3 | 14.1 | 679.6 | 670.9 |
| Other non-current assets | 180.9 | 3.9 | 182.0 | 178.4 |
| Non-current assets | 1,668.0 | 36.2 | 1,838.3 | 1,915.4 |
| Inventories | 611.9 | 13.3 | 627.5 | 748.3 |
| Contract assets | 568.7 | 12.3 | 618.6 | 652.3 |
| Trade receivables | 530.2 | 11.5 | 528.1 | 662.8 |
| Cash and cash equivalents | 644.4 | 14.0 | 831.6 | 818.1 |
| Other current assets | 354.7 | 7.7 | 255.0 | 348.9 |
| Assets held for sale | 234.9 | 5.1 | 279.3 | 40.4 |
| Current assets | 2,944.8 | 63.8 | 3,140.1 | 3,270.8 |
| Total assets | 4,612.8 | 100.0 | 4,978.4 | 5,186.2 |
1 The Clean Technology Systems division had not yet been classified as discontinued as of June 30, 2024. Consequently, its assets as of that date were still included in the individual items of the statement of financial position and not within "assets held for sale".
Non-current assets decreased by 9.3% over the end of 2024. This is mainly a consequence of the goodwill impairment of €120.4 million for the Production Automation Systems business unit. The greatest change in current assets was the 22.5% decline in cash and cash equivalents, mainly due to the purchase of HOMAG shares in the first quarter. Both inventories and contract assets were lower. The increase in other financial assets from €150.6 million to €218.5 million mainly reflects the higher time deposits and derivatives. Overall, total assets fell by 7.3% to €4,612.8 million.

LIQUIDITY
Interim financial report January 1 to June 30, 2025
| €m | June 30, 2025 |
Percentage of total assets |
December 31, 2024 |
June 30, 2024 |
|---|---|---|---|---|
| Subscribed capital | 177.2 | 3.8 | 177.2 | 177.2 |
| Other equity | 878.5 | 19.0 | 1,041.9 | 980.1 |
| Equity attributable to shareholders | 1,055.6 | 22.9 | 1,219.1 | 1,157.3 |
| Non-controlling interests | 20.1 | 0.4 | 4.7 | 6.5 |
| Total equity | 1,075.7 | 23.3 | 1,223.7 | 1,163.8 |
Equity dropped by 12.1% over the end of 2024 to €1,075.7 million. This was due to the loss after tax resulting from the goodwill impairment, negative currency-translation effects due to the depreciation of the US dollar and the dividend payments of €49.2 million. The expiry of the tender period for the HOMAG shareholders led to a reclassification within equity and thus to an increase of €13.5 million in the non-controlling interests. The equity ratio stood at 23.3%, down from 24.6% as of December 31, 2024.
| €m | June 30, 2025 |
Percentage of total assets |
December 31, 2024 |
June 30, 20241 |
|---|---|---|---|---|
| Financial liabilities (incl. convertible bond and Schuldschein loans) |
1,292.5 | 28.0 | 1,348.5 | 1,537.5 |
| Provisions (incl. retirement benefits) | 192.4 | 4.2 | 230.3 | 243.3 |
| Contract liabilities | 968.9 | 21.0 | 952.1 | 1,081.7 |
| Trade payables | 472.1 | 10.2 | 430.8 | 535.5 |
| Income tax liabilities and deferred taxes | 103.8 | 2.3 | 109.2 | 115.0 |
| Other liabilities | 361.0 | 7.8 | 506.0 | 492.6 |
| Liabilities in connection with assets held for sale | 146.2 | 3.2 | 177.7 | 16.9 |
| Total | 3,537.0 | 76.7 | 3,754.7 | 4,022.4 |
1 The Clean Technology Systems division had not yet been classified as discontinued as of June 30, 2024. Consequently, its liabilities as of that date were still included in the individual items of the statement of financial position and not within "liabilities in connection with assets held for sale".
Current and non-current liabilities fell by 5.8% over the end of 2024. The main reason for this was the sharp reduction in current other liabilities after the expiry of the cash settlement offer to HOMAG shareholders. Moreover, provisions fell due to payments made in connection with the job cuts at HOMAG. The decrease in financial liabilities was attributable to several individual factors, such as the expiry of a Schuldschein loan and lower lease and bank liabilities. In addition, a substantial proportion of previously non-current financial liabilities were reclassified as current due, among other things, to the fact that the convertible bond will be maturing at the beginning of 2026. The increase in other current liabilities was primarily caused by higher liabilities to employees and higher tax liabilities.
In the first half of 2025, we repaid tranches of Schuldschein loans of €17.5 million on the agreed redemption dates. As of June 30, the funding structure was composed of the following elements:
In the first half of 2025, R&D costs rose by 2.8% to €70.4 million, partly due to higher expenses in the Woodworking division ahead of the LIGNA trade fair. The R&D ratio came to 3.5%, up from 3.3% in the previous year. In the second quarter, R&D costs rose by 5.1% to €36.3 million, with the R&D ratio widening from 3.2% to 3.6%. Other development costs arising in connection with customer orders are reported within the cost of sales. Capitalized development costs came to €17.8 million in the first half of the year (H1 2024: €16.3 million), of which the second quarter accounted for €9.0 million (Q2 2024: €8.6 million). As of June 30, 998 employees worked in R&D (June 30, 2024: 963). Development priorities were digitalization, automation and sustainability.
As of June 30, 2025, 18,258 people were employed in continued operations, a decline of 3.3% over the previous year. This reduction was mainly attributable to the Woodworking division, where workforce numbers had been adjusted in response to the protracted weakness of the woodworking market. In the Automotive division, the workforce shrank due to capacity adjustments at some locations. In the case of Industrial Automation, the number of employees declined following the integration of the automation companies that had been acquired in previous years as well as the sale of the Agramkow Group. The increase in the Corporate Center / allocation effects resulted from internal group transfers and the expansion of the workforce for shared services.
| June 30, 2025 | December 31, 2024 | June 30, 2024 | |
|---|---|---|---|
| Automotive | 6,606 | 6,682 | 6,696 |
| Industrial Automation | 4,132 | 4,258 | 4,386 |
| Woodworking | 6,621 | 6,802 | 6,978 |
| Corporate Center / allocation effects | 899 | 862 | 816 |
| Total | 18,258 | 18,604 | 18,876 |
| June 30, 2025 | December 31, 2024 | June 30, 2024 | |
|---|---|---|---|
| Germany | 8,651 | 8,884 | 8,983 |
| Europe (excluding Germany) | 3,135 | 3,124 | 3,232 |
| North / Central America | 1,814 | 1,815 | 1,835 |
| South America | 334 | 321 | 367 |
| Asia, Africa, Australia | 4,324 | 4,460 | 4,459 |
| Total | 18,258 | 18,604 | 18,876 |
| H1 2024 | Q2 2025 | Q2 2024 |
|---|---|---|
| 957.7 | 499.3 | 511.3 |
| 447.3 | 169.2 | 223.4 |
| 705.9 | 339.0 | 358.9 |
| -18.4 | -6.5 | -9.6 |
| 2,092.5 | 1,000.9 | 1,084.0 |
| €m | H1 2025 | H1 2024 | Q2 2025 | Q2 2024 |
|---|---|---|---|---|
| Automotive | 70.9 | 66.5 | 37.6 | 35.8 |
| Industrial Automation | 8.8 | 21.1 | 1.7 | 8.5 |
| Woodworking | 29.2 | 21.5 | 15.7 | 10.7 |
| Corporate Center / consolidation / allocation effects | -27.8 | -20.9 | -13.2 | -7.7 |
| Total | 81.1 | 88.1 | 41.8 | 47.3 |
| H1 2025 | H1 2024 | Q2 2025 | Q2 2024 | ||
|---|---|---|---|---|---|
| Order intake | €m | 904.7 | 1,525.4 | 402.0 | 698.1 |
| Sales | €m | 981.7 | 957.7 | 499.3 | 511.3 |
| EBITDA | €m | 71.4 | 83.6 | 27.5 | 44.1 |
| EBIT before extraordinary effects | €m | 70.9 | 66.5 | 37.6 | 35.8 |
| EBIT | €m | 68.7 | 63.6 | 36.4 | 33.9 |
| EBIT margin before extraordinary effects | % | 7.2 | 6.9 | 7.5 | 7.0 |
| EBIT margin | % | 7.0 | 6.6 | 7.3 | 6.6 |
| ROCE (annualized) | % | 47.7 | 31.9 | 47.7 | 31.9 |
| Employees (June 30) | 6,606 | 6,696 | 6,606 | 6,696 |
After reaching €502.7 million in the first quarter of 2025, Automotive order intake came to just €402.0 million in the second quarter. New orders were valued at €904.7 million in the first half of the year, thus falling substantially short of the previous year's record figure (-40.7%). However, it should be borne in mind that the first half of 2024 had included an extraordinarily large individual order as well as other big-ticket projects. Moreover, the uncertainty triggered by tariff conflicts has dampened the automotive industry's willingness to invest in the current year. Nevertheless, the project pipeline is still solid, as capital spending projects are currently often being postponed but not canceled.
Underpinned by a large order backlog, sales rose by 2.5% in the first half of the year. Customerinduced delays in the case of some projects stood in the way of greater growth. Sales from service business were down slightly on the previous year as some customers temporarily scaled back their expenses in the face of macroeconomic uncertainties in the second quarter. Revenue recognition is expected to increase in the second half of the year in accordance with the usual seasonal pattern.
The EBIT margin before extraordinary effects reached a good figure of 7.5% in the second quarter of 2025, improving over the first quarter (6.9%) and the same period of the previous year (7.0%). At 7.2%, the margin also exceeded the previous year's figure of 6.9% in the first half of the year. Key determinants of this improvement were the high margin quality of the order backlog thanks to the value-before-volume strategy and excellent project execution. This more than made up for the temporarily slightly lower contribution to earnings from service business.
| H1 2025 | H1 2024 | Q2 2025 | Q2 2024 | ||
|---|---|---|---|---|---|
| Order intake | €m | 324.1 | 379.4 | 130.2 | 202.9 |
| Sales | €m | 367.0 | 447.3 | 169.2 | 223.4 |
| EBITDA | €m | 19.6 | 28.3 | 6.4 | 9.1 |
| EBIT before extraordinary effects | €m | 8.8 | 21.1 | 1.7 | 8.5 |
| EBIT | €m | -126.6 | -3.5 | -126.8 | -6.6 |
| EBIT margin before extraordinary effects | % | 2.4 | 4.7 | 1.0 | 3.8 |
| EBIT margin | % | -34.5 | -0.8 | -74.9 | -3.0 |
| ROCE (annualized) | % | 2.4 | 4.5 | 2.4 | 4.5 |
| Employees (June 30) | 4,132 | 4,386 | 4,132 | 4,386 |
Industrial Automation registered a 14.6% drop in order intake in the first half of the year. In this connection, it should be borne in mind that the Agramkow Group, which has since been sold, had contributed orders of €16.7 million in the same period of the previous year. Production Automation Systems achieved a pleasing order intake for assembly systems for medical devices; however, the slow development of electromobility continued to weigh on business with the automotive industry. Order intake was also subdued in battery production technology (Lithium-Ion Battery), as capacity upscaling for cell production in Europe and America stalled. Balancing technology (Measuring and Process Systems) registered solid order receipts.
Sales were noticeably down on the previous year in the second quarter and in the first half of the year. This was due to the absence of the contribution of the Agramkow Group, which had still been consolidated in the previous year (€26.4 million), as well as the muted order intake in the e-mobility and battery business. Adjusted for the effect of the sale of Agramkow, sales from service business rose slightly.
The EBIT margin before extraordinary effects was down significantly in the second quarter and in the first half of the year. In addition to the Agramkow effect, this was mainly due to lower sales and sporadic capacity utilization shortfalls. EBIT after extraordinary effects was encumbered in the second quarter due to the impairment of €120.4 million recognized on the goodwill of the Production Automation Systems business unit.
| H1 2025 | H1 2024 | Q2 2025 | Q2 2024 | ||
|---|---|---|---|---|---|
| Order intake | €m | 671.1 | 698.6 | 279.9 | 321.3 |
| Sales | €m | 674.0 | 705.9 | 339.0 | 358.9 |
| EBITDA | €m | 47.9 | 41.1 | 24.3 | 20.6 |
| EBIT before extraordinary effects | €m | 29.2 | 21.5 | 15.7 | 10.7 |
| EBIT | €m | 27.3 | 18.3 | 14.5 | 9.1 |
| EBIT margin before extraordinary effects | % | 4.3 | 3.0 | 4.6 | 3.0 |
| EBIT margin | % | 4.1 | 2.6 | 4.3 | 2.5 |
| ROCE (annualized) | % | 13.8 | 21.0 | 13.8 | 21.0 |
| Employees (June 30) | 6,621 | 6,978 | 6,621 | 6,978 | |
Order intake in the Woodworking division in the first half of the year was 3.9% down on the previous year. After the encouraging first quarter (€391.2 million), new orders did not exceed €279.9 million in the second quarter. In addition to the already subdued market environment in the furniture sector, the uncertainty due to the tariff conflicts also left traces. Although HOMAG received much positive feedback on its product innovations at the LIGNA trade fair in Hannover in May, there has so far been no turnaround in orders from the furniture industry. Business in production equipment for timber house construction was encouraging, with the upward trend seen in the previous year continuing; major projects are now also being planned again. An imminent return to the growth trajectory adopted before the emergence of the construction crisis seems increasingly likely.
Sales declined by 4.5% in the first half of the year as a result of the subdued order intake. Some locations are still experiencing capacity utilization shortfalls. On an encouraging note, sales from service business continued to show slight growth despite the fragile market environment.
The EBIT margin before extraordinary effects widened significantly despite the small decline in sales — albeit from a low level. In the second quarter it widened by 1.6 percentage points to 4.6%, increasing by 1.3 percentage points in the first half of the year. The main reason for this was lower costs due to the job cuts that had been completed in the previous year. In addition, the larger proportion of the more profitable service business in sales was noticeable.
EBIT before extraordinary effects in the Corporate Center (mainly Dürr AG and shared service center) fell to €-27.8 million in the first half of 2025 (H1 2024: €-20.9 million). This was due to higher expenditure on synergy projects under the OneDürrGroup program. As in the previous year, allocation effects came to €-6.0 million, while at €-0.1 million the consolidation effects were immaterial.
| H1 2025 | H1 2024 | Q2 2025 | Q2 2024 | ||
|---|---|---|---|---|---|
| Order intake | €m | 179.2 | 204.7 | 90.2 | 90.6 |
| Sales | €m | 184.2 | 188.8 | 88.7 | 98.9 |
| EBITDA | €m | 19.5 | 26.6 | 9.1 | 13.4 |
| EBIT before extraordinary effects | €m | 25.2 | 26.3 | 12.0 | 13.6 |
| EBIT | €m | 19.5 | 22.4 | 9.1 | 11.3 |
| EBIT margin before extraordinary effects | % | 13.7 | 13.9 | 13.5 | 13.7 |
| EBIT margin | % | 10.6 | 11.8 | 10.2 | 11.4 |
| ROCE (annualized) | % | 98.6 | 107.2 | 98.6 | 107.2 |
| Employees (June 30) | 1,299 | 1,266 | 1,299 | 1,266 | |
The Clean Technology Systems Environmental division is expected to be transferred to the buyer Stellex Capital in the fourth quarter. Further information can be found on page 5. As it has been classified as discontinued, transfer payment expenses of €-6.0 million (H1 2024: €-6.0 million) attributable to Clean Technology Systems Environmental were not included in the division's earnings but recognized as allocation effects from continued operations under "Corporate Center/consolidation/ allocation effects". The earnings figures adjusted for allocation effects shown in the above table are therefore not comparable with the corresponding items reported for the other divisions.
A detailed description of the opportunities and risks as well as the related management systems can be found from page 76 in the 2024 Annual Report. In the year to date the tariff conflicts have heightened macroeconomic uncertainty and the corresponding risks. Against this backdrop, the overall risk for the Dürr Group has risen slightly in comparison to the end of 2024. As things currently stand, there is no evidence of any risks that individually or in interaction with other risks are liable to pose a threat to the Group's going-concern status.
There were no changes in the composition of Dürr AG's Board of Management or Supervisory Board during the period under review.
Following the recent tariff agreements, the International Monetary Fund raised its forecast for global economic growth in 2025 to 3.0% at the end of July. Whereas growth of only 1.0% is expected for the United States, the outlook for China (4.8%) and for the Eurozone (1.0%) has improved slightly. For Germany, the IMF projects a minimal growth rate of 0.1% over the previous year. The risks from potentially higher tariffs, heightened uncertainty and geopolitical tensions are unchanged.
With order intake in the German mechanical and plant engineering sector increasing from a low level in the first half of the year, industry association VDMA is cautiously optimistic about the second half of the year but warns of the negative effects of the tariff conflicts. The association recently confirmed its forecast of a 2.0% decline in real production in 2025.
The forecast for 2025 refers to the continued operations. It is based on the assumptions made in the 2024 Annual Report on market developments and takes into account the currently discernible consequences of the tariff conflicts in the second quarter and the current geopolitical conflicts. The forecast for the Group as a whole (including environmental technology) will not be continued due to the expected departure of environmental technology from the Group in the fourth quarter; the exceptions are earnings after taxes and net financial status.
Despite the heightened macroeconomic uncertainty, we confirm our guidance for sales, the EBIT margin before extraordinary effects and earnings after tax. On July 23, 2025, the forecast for order intake was adjusted to €3,800 to €4,100 million (previously: €4,300 to €4,700 million). This reflects the muted order intake in the second quarter and customers' reluctance to invest due to the tariff conflicts. With respect to sales, we now expect to come in at the lower end of the €4,200 to €4,600 million target corridor. This factors in the occasional project delays on the part of customers in the Automotive division and the muted order situation in Industrial Automation and Woodworking.
The full-year forecast for earnings after tax of €120 to €170 million is confirmed and is subject to positive and negative extraordinary effects. These include:
The forecast for the EBIT margin (after extraordinary effects) has been revised into a -1.0% to 0.0% target range, as the book profit from the disposal of environmental technology will not be included in EBIT from continued operations. We adjusted the forecast for net financial status to €-250 to €-300 million (previously: €-500 to €-550 million) on June 29, 2025, as we expect net proceeds of around €250 million from the disposal of environmental technology in the fourth quarter.
| 2024 actual | Forecast for 2025 | ||
|---|---|---|---|
| 3,800 to 4,1001 | |||
| Order intake | €m | 4,745.7 | (previously: 4,300 to 4,700) |
| 4,200 to 4,600 | |||
| (expected at the lower edge | |||
| Sales | €m | 4,290.9 | of the target range) |
| EBIT margin before extraordinary | |||
| effects | % | 4.6 | 4.5 to 5.5 |
| -1.0 to 0.01 | |||
| EBIT margin | % | 3.6 | (previously: 3.5 to 4.5) |
| ROCE (annualized) | % | 11.4 | 10 to 15 |
| Free cash flow | €m | 129.6 | 0 to 50 |
| Capital spending | % of | ||
| (net of acquisitions) | sales | 4.4 | 3.0 to 5.0 |
1 Adjusted on July 23, 2025
| 2024 actual | Forecast for 2025 | ||
|---|---|---|---|
| Earnings after tax | €m | 102.1 | 120 to 170 |
| Net financial status (December 31) |
€m | -396.2 | -250 to -3001 (previously: -500 to -550) |
1 Adjusted on June 29, 2025
With respect to the divisions, we lowered the forecast for order intake in Automotive and Industrial Automation after the second quarter. In addition, the targets for sales and the EBIT margin before extraordinary effects were adjusted for Industrial Automation. Guidance for environmental technology (Clean Technology Systems Environmental) is no longer provided as this business is expected to leave the Group in the fourth quarter. The following table provides an overview.
| Order intake (€m) | Sales (€m) | EBIT margin before extraordinary effects (%) |
||||
|---|---|---|---|---|---|---|
| 2024 actual | 2025 target | 2024 actual | 2025 target | 2024 actual | 2025 target | |
| Automotive | 2,606 | 1,800 to 2,0001 (previously: 2,100 to 2,300) |
2,057 | 2,000 to 2,200 | 8.4 | 7.5 to 8.5 |
| Industrial Automation | 812 | 650 to 8001 (previously: 800 to 950) |
852 | 750 to 8501 (previously: 850 to 950) |
3.6 | 3.5 to 4.51 (previously: 4.5 to 5.5) |
| Woodworking | 1,357 | 1,300 to 1,500 | 1,413 | 1,350 to 1,450 | 3.6 | 4.5 to 5.5 |
1 Adjusted on August 7, 2025
On July 23, 2025, we lowered our full-year forecast for order intake to €3,800 to €4,100 million in an ad-hoc announcement. At the same time, the targets for sales, the EBIT margin after extraordinary effects and earnings after tax were confirmed. In addition, we announced plans to cut approximately 500 administrative positions and informed about a goodwill impairment of €120.4 million. The provisions required for the planned job cuts in the administrative sector will amount to €40 to €50 million and will be booked in the second half of 2025. Details can be found in the section entitled "Main events and explanatory notes on the figures" from page 5. No other events liable to exert a material impact on the Group's net assets, financial position and results of operations occurred between the end of the period under review and the publication of this Interim Statement.
Bietigheim-Bissingen, August 7, 2025
Dürr Aktiengesellschaft
Dr. Jochen Weyrauch Dietmar Heinrich Chief Executive Officer Chief Financial Officer
| OF DÜRR AKTIENGESELLSCHAFT, STUTTGART, GERMANY, JANUARY 1 TO JUNE 30, 2025 | ||||
|---|---|---|---|---|
| € thousand | H1 2025 | H1 20241 | Q2 2025 | Q2 20241 |
| Sales revenue | 2,008,316 | 2,092,463 | 1,000,902 | 1,083,950 |
| Cost of sales | -1,556,078 | -1,653,512 | -774,869 | -863,241 |
| Gross profit on sales | 452,238 | 438,951 | 226,033 | 220,709 |
| Selling expenses | -197,164 | -192,800 | -99,628 | -97,940 |
| General administrative expenses | -121,926 | -119,405 | -57,497 | -57,746 |
| Research and development costs | -70,390 | -68,463 | -36,309 | -34,535 |
| Other operating income | 25,613 | 51,057 | 13,792 | 11,936 |
| Other operating expenses | -146,308 | -51,983 | -135,090 | -13,683 |
| Earnings before investment result, interest and income taxes |
-57,937 | 57,357 | -88,699 | 28,741 |
| Investment result | 986 | -408 | 911 | 113 |
| Interest and similar income | 12,891 | 17,105 | 4,749 | 9,357 |
| Interest and similar expenses | -26,766 | -37,097 | -12,927 | -19,663 |
| Earnings before income taxes | -70,826 | 36,957 | -95,966 | 18,548 |
| Income taxes | -22,559 | -14,432 | -14,516 | -8,169 |
| Profit/Loss from continuing operations | -93,385 | 22,525 | -110,482 | 10,379 |
| thereof attributable to | ||||
| Non-controlling interests Shareholders of Dürr Aktiengesellschaft |
2,219 -95,604 |
76 22,449 |
1,530 -112,012 |
-145 10,524 |
| Profit/Loss from discontinued operation | 14,512 | 16,670 | 6,745 | 8,561 |
| thereof attributable to | ||||
| Non-controlling interests | - | - | - | - |
| Shareholders of Dürr Aktiengesellschaft | 14,512 | 16,670 | 6,745 | 8,561 |
| Profit/Loss of the Dürr Group | -78,873 | 39,195 | -103,737 | 18,940 |
| thereof attributable to Non-controlling interests |
2,219 | 76 | 1,530 | -145 |
| Shareholders of Dürr Aktiengesellschaft | -81,092 | 39,119 | -105,267 | 19,085 |
| Number of issued shares in thousand | 69,202.08 | 69,202.08 | 69,202.08 | 69,202.08 |
| Earnings per share in € (basic) | ||||
| Continuing operations | -1.38 | 0.33 | -1.62 | 0.16 |
| Discontinued operation Dürr Group |
0.21 -1.17 |
0.24 0.57 |
0.10 -1.52 |
0.12 0.28 |
| Earnings per share in € (diluted) | ||||
| Continuing operations | -1.28 | 0.32 | -1.51 | 0.15 |
| Discontinued operation | 0.20 | 0.23 | 0.09 | 0.12 |
| Dürr Group | -1.08 | 0.55 | -1.42 | 0.27 |
1 The presentation of the consolidated statement of profit or loss for the first half of 2024 and for the second quarter of 2024 was retrospectively adjusted in accordance with IFRS 5 "Assets held for sale and discontinued operations".
| OF DÜRR AKTIENGESELLSCHAFT, STUTTGART, GERMANY, JANUARY 1 TO JUNE 30, 2025 | ||||
|---|---|---|---|---|
| € thousand | H1 2025 | H1 2024 | Q2 2025 | Q2 2024 |
| Profit/Loss of the Dürr Group | -78,873 | 39,195 | -103,737 | 18,940 |
| Items directly recognized in equity that are not reclassified to profit or loss |
||||
| Remeasurement of defined benefit plans and similar obligations |
3,618 | 3,651 | -403 | 2,021 |
| attributable deferred taxes | -880 | -1,062 | 70 | -528 |
| Items directly recognized in equity that are likely to be reclassified to profit or loss Change in fair value of financial instruments used for hedging purposes directly recognized in equity |
35,849 | -16,614 | 18,599 | -8,250 |
| attributable deferred taxes | -10,215 | 4,412 | -5,432 | 2,199 |
| Effects of currency translation | -58,233 | 9,210 | -40,272 | -2,131 |
| Items of comprehensive income directly recognized in | ||||
| equity after income taxes | -29,861 | -403 | -27,438 | -6,689 |
| Comprehensive income after income taxes | -108,734 | 38,792 | -131,175 | 12,251 |
| thereof attributable to Non-controlling interests Shareholders of Dürr Aktiengesellschaft |
2,152 -110,886 |
52 38,740 |
1,445 -132,620 |
-162 12,413 |
| € thousand | June 30, 2025 December 31, 2024 | June 30, 2024 | |
|---|---|---|---|
| ASSETS | |||
| Goodwill | 525,491 | 653,156 | 723,470 |
| Other intangible assets | 312,272 | 323,493 | 342,629 |
| Property, plant and equipment | 649,290 | 679,591 | 670,915 |
| Investment property | 15,479 | 15,380 | 15,998 |
| Investments in entities accounted for | |||
| using the equity method | 18,986 | 18,608 | 16,931 |
| Other financial assets | 12,616 | 12,618 | 10,460 |
| Trade receivables | 26,661 | 29,998 | 33,577 |
| Sundry financial assets | 22,265 | 16,210 | 9,796 |
| Deferred tax assets | 80,748 | 84,352 | 87,271 |
| Other non-current assets | 4,154 | 4,872 | 4,347 |
| Non-current assets | 1,667,962 | 1,838,278 | 1,915,394 |
| Inventories and prepayments | 611,918 | 627,516 | 748,321 |
| Contract assets | 568,656 | 618,634 | 652,294 |
| Trade receivables | 530,168 | 528,078 | 662,772 |
| Sundry financial assets | 218,546 | 150,552 | 213,705 |
| Cash and cash equivalents | 644,410 | 831,585 | 818,050 |
| Income tax receivables | 27,226 | 27,217 | 38,336 |
| Other current assets | 108,943 | 77,236 | 96,904 |
| Assets held for sale | 234,936 | 279,279 | 40,407 |
| Current assets | 2,944,803 | 3,140,097 | 3,270,789 |
| Total assets of the Dürr Group | 4,612,765 | 4,978,375 | 5,186,183 |
| € thousand | June 30, 2025 December 31, 2024 | June 30, 2024 | |
|---|---|---|---|
| EQUITY AND LIABILITIES Subscribed capital |
177,157 | 177,157 | 177,157 |
| Capital reserves | 74,428 | 74,428 | 74,428 |
| Retained earnings | 871,948 | 1,005,287 | 942,829 |
| Accumulated other comprehensive income | -67,894 | -37,816 | -37,116 |
| Total equity attributable to the shareholders of | |||
| Dürr Aktiengesellschaft | 1,055,639 | 1,219,056 | 1,157,298 |
| Non-controlling interests | 20,087 | 4,665 | 6,516 |
| Total equity | 1,075,726 | 1,223,721 | 1,163,814 |
| Provisions for post-employment benefit obligations | 29,196 | 33,048 | 36,292 |
| Other provisions | 27,114 | 26,007 | 20,925 |
| Contract liabilities | 13,495 | 7,554 | 16,469 |
| Trade payables | 1,368 | 5,199 | 5,196 |
| Convertible bond and Schuldschein loans | 891,004 | 1,138,118 | 1,211,534 |
| Other financial liabilities | 62,902 | 75,777 | 108,317 |
| Sundry financial liabilities | 7,996 | 12,568 | 10,886 |
| Deferred tax liabilities | 48,153 | 44,836 | 54,748 |
| Other non-current liabilities | 518 | 535 | 520 |
| Non-current liabilities | 1,081,746 | 1,343,642 | 1,464,887 |
| Other provisions | 136,103 | 171,288 | 186,052 |
| Contract liabilities | 955,442 | 944,499 | 1,065,234 |
| Trade payables | 470,696 | 425,632 | 530,268 |
| Convertible bond and Schuldschein loans | 286,104 | 54,951 | 166,814 |
| Other financial liabilities | 52,528 | 79,657 | 50,845 |
| Sundry financial liabilities | 204,514 | 382,115 | 316,810 |
| Income tax liabilities | 55,672 | 64,344 | 60,213 |
| Other current liabilities | 148,007 | 110,800 | 164,340 |
| Liabilities held for sale | 146,227 | 177,726 | 16,906 |
| Current liabilities | 2,455,293 | 2,411,012 | 2,557,482 |
| Total equity and liabilities of the Dürr Group | 4,612,765 | 4,978,375 | 5,186,183 |
| € thousand | H1 2025 | H1 2024 | Q2 2025 | Q2 2024 | Q1 2025 | Q1 2024 |
|---|---|---|---|---|---|---|
| Earnings before income taxes | -51,176 | 59,362 | -86,808 | 30,016 | 35,632 | 29,346 |
| Income taxes paid | -37,336 | -35,702 | -22,149 | -27,236 | -15,187 | -8,466 |
| Net interest | 13,733 | 19,943 | 8,081 | 10,265 | 5,652 | 9,678 |
| Earnings from entities accounted for using the equity method |
-540 | 215 | -451 | -76 | -89 | 291 |
| Dividends from entities accounted for using the equity method |
78 | - | 78 | - | - | - |
| Amortization, depreciation and impairment of non-current assets |
191,577 | 80,322 | 155,186 | 40,278 | 36,391 | 40,044 |
| Earnings from the disposal of non-current assets |
84 | -157 | 63 | 46 | 21 | -203 |
| Earnings from assets classified as held for sale | 7,678 | 1,174 | 5,237 | 1,174 | 2,441 | - |
| Other non-cash expenses and income | -4,629 | 8,620 | -1,628 | 5,515 | -3,001 | 3,105 |
| Changes in operating assets and liabilities | ||||||
| Inventories | -11,596 | 32,053 | -10,371 | 32,630 | -1,225 | -577 |
| Contract assets | 29,259 | 26,974 | 24,468 | 13,929 | 4,791 | 13,045 |
| Trade receivables | -16,168 | -72,054 | -58,153 | -78,809 | 41,985 | 6,755 |
| Sundry financial assets and other assets | -66,040 | -18,020 | -37,830 | -5,270 | -28,210 | -12,750 |
| Provisions | -28,343 | -2,922 | -7,363 | -2,907 | -20,980 | -15 |
| Contract liabilities | 55,819 | 142,081 | 88,244 | 102,107 | -32,425 | 39,974 |
| Trade payables | 54,876 | -67,072 | 49,541 | -20,882 | 5,335 | -46,190 |
| Sundry financial liabilities and other liabilities (not related to financing activities) |
16,408 | -10,910 | -1,430 | -15,546 | 17,838 | 4,636 |
| Cash flow from operating activities | 153,684 | 163,907 | 104,715 | 85,234 | 48,969 | 78,673 |
| thereof from continuing operations | 136,478 | 141,488 | 104,704 | 82,004 | 31,774 | 59,484 |
| thereof from discontinued operation | 17,206 | 22,419 | 11 | 3,230 | 17,195 | 19,189 |
| Cash payments to acquire intangible assets | -19,752 | -23,442 | -9,444 | -13,399 | -10,308 | -10,043 |
| Cash payments to acquire property, plant and | ||||||
| equipment1 | -25,547 | -46,099 | -15,736 | -23,892 | -9,811 | -22,207 |
| Cash payments for business acquisitions, net of cash acquired |
-1,202 | - | -1,202 | - | - | - |
| Cash receipts from the disposal of non-current assets |
2,047 | 1,038 | 990 | 688 | 1,057 | 350 |
| Cash payments for investments in time deposits and current securities |
-46,617 | -186,625 | -45,878 | -51,746 | -739 | -134,879 |
| Cash payments from the sale of assets classified as held for sale |
-2,023 | -1,174 | -195 | -1,174 | -1,828 | - |
| Interest received | 10,805 | 12,737 | 5,894 | 7,117 | 4,911 | 5,620 |
| Cash flow from investing activities | -82,289 | -243,565 | -65,571 | -82,406 | -16,718 | -161,159 |
| thereof from continuing operations | -78,884 | -240,364 | -64,502 | -79,853 | -14,382 | -160,511 |
| thereof from discontinued operation | -3,405 | -3,201 | -1,069 | -2,553 | -2,336 | -648 |
1 The item "Cash payments to acquire property, plant and equipment" does not contain cash outflows for additions of right-of-use lease assets, since there are no cash outflows at the time of addition of the right-of-use assets (except for: acquisition-related costs paid and prepayments).
| € thousand | H1 2025 | H1 2024 | Q2 2025 | Q2 2024 | Q1 2025 | Q1 2024 |
|---|---|---|---|---|---|---|
| Net movement of current financial liabilities | 8,229 | -330,566 | 7,742 | -302,911 | 487 | -27,655 |
| New borrowings of non-current financial liabilities |
- | 351,818 | - | 351,818 | - | - |
| Repayment of non-current financial liabilities | -37,845 | -32,867 | -22,671 | -1,200 | -15,174 | -31,667 |
| Repayment of lease liabilities | -20,082 | -20,120 | -10,016 | -10,676 | -10,066 | -9,444 |
| Payments for transactions with the owners of non-controlling interests |
-4,954 | -9,325 | -5,416 | -9,245 | 462 | -80 |
| Dividends paid to shareholders of Dürr Aktiengesellschaft |
-48,441 | -48,441 | -48,441 | -48,441 | - | - |
| Dividends paid to owners of non-controlling interests |
-776 | -623 | -776 | -623 | - | - |
| Tendering of shares as part of the settlement offer to the shareholders of HOMAG Group AG |
-96,714 | -6,939 | - | -6,139 | -96,714 | -800 |
| Interest paid | -37,583 | -43,162 | -30,843 | -25,530 | -6,740 | -17,632 |
| Cash flow from financing activities | -238,166 | -140,225 | -110,421 | -52,947 | -127,745 | -87,278 |
| thereof from continuing operations | -210,654 | -116,887 | -97,248 | -38,200 | -113,406 | -78,687 |
| thereof from discontinued operation | -27,512 | -23,338 | -13,173 | -14,747 | -14,339 | -8,591 |
| Effect of changes in foreign exchange rates | -20,628 | 2,039 | -13,620 | -2,364 | -7,008 | 4,403 |
| Change in cash and cash equivalents | -187,399 | -217,844 | -84,897 | -52,483 | -102,502 | -165,361 |
| Cash and cash equivalents | ||||||
| At the beginning of the period | 832,582 | 1,036,930 | 730,080 | 871,569 | 832,582 | 1,036,340 |
| At the end of the period | 653,324 | 821,054 | 653,324 | 821,054 | 740,376 | 873,602 |
| Net of cash and cash equivalents from assets held for sale |
-8,141 | -1,968 | -8,141 | -1,968 | -10,296 | -2,623 |
| Net of loss allowance pursuant to IFRS 9 | -773 | -1,036 | -773 | -1,036 | -849 | -1,603 |
| Cash and cash equivalents as at the end of the period (consolidated statement of financial position) |
644,410 | 818,050 | 644,410 | 818,050 | 729,231 | 869,376 |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
OF DÜRR AKTIENGESELLSCHAFT, STUTTGART, GERMANY, JANUARY 1 TO JUNE 30, 2025
| Accumulated other comprehensive income | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Items that are not reclassified to profit or loss |
Items that are likely to be reclassified to profit or loss |
|||||||||||
| € thousand | Subscribed capital |
Capital reserves |
Retained earnings |
Remeasurement of defined benefit plans |
ment of equity instruments Remeasure |
Unrealized gain on/loss from cash flow hedges |
Changes consolidated group/ reclassi fications |
Foreign currency translation |
Accumulated other hensive income compre |
Total equity holders of Dürr of the share Aktien gesellschaft |
controlling Non interests |
Total equity |
| January 1, 2024 | 177,157 | 74,428 | 955,036 | -27,536 | -4,586 | 4,122 | 504 | -9,230 | -36,726 | 1,169,895 | 7,071 | 1,176,966 |
| Profit/Loss | - | - | 39,119 | - | - | - | - | - | - | 39,119 | 76 | 39,195 |
| Other comprehensive income | - | - | - | 2,589 | - | -12,202 | - | 9,234 | -379 | -379 | -24 | -403 |
| Comprehensive income after income taxes |
- | - | 39,119 | 2,589 | - | -12,202 | - | 9,234 | -379 | 38,740 | 52 | 38,792 |
| Dividends | - | - | -48,441 | - | - | - | - | - | - | -48,441 | -623 | -49,064 |
| non-controlling interests Options of owners of |
- | - | -2,702 | - | - | - | - | - | - | -2,702 | -24 | -2,726 |
| Other changes | - | - | -183 | - | - | - | -11 | - | -11 | -194 | 40 | -154 |
| June 30, 2024 | 177,157 | 74,428 | 942,829 | -24,947 | -4,586 | -8,080 | 493 | 4 | -37,116 | 1,157,298 | 6,516 | 1,163,814 |
| January 1, 2025 | 177,157 | 74,428 | 1,005,287 | -26,331 | -4,586 | -16,337 | 482 | 8,956 | -37,816 | 1,219,056 | 4,665 | 1,223,721 |
| Profit/Loss | - | - | -81,092 | - | - | - | - | - | - | -81,092 | 2,219 | -78,873 |
| Other comprehensive income | - | - | - | 2,738 | - | 25,505 | - | -58,037 | -29,794 | -29,794 | -67 | -29,861 |
| Comprehensive income after income taxes |
- | - | -81,092 | 2,738 | - | 25,505 | - | -58,037 | -29,794 | -110,886 | 2,152 | -108,734 |
| Dividends | - | - | -48,441 | - | - | - | - | - | - | -48,441 | -776 | -49,217 |
| non-controlling interests Options of owners of |
- | - | -3,817 | 25 | - | 52 | - | -350 | -273 | -4,090 | 13,701 | 9,611 |
| Other changes | - | - | 11 | - | - | - | -11 | - | -11 | - | 345 | 345 |
June 30, 2025
177,157
74,428
871,948
-23,568
-4,586
9,220
471
-49,431
-67,894
1,055,639
20,087
1,075,726
Dürr Aktiengesellschaft ("Dürr AG" or the "Company") has its registered offices in Stuttgart, Germany and is registered with the local court in Stuttgart, Germany (HRB 13677). Its business address is Carl-Benz-Straße 34 in 74321 Bietigheim-Bissingen, Germany. The Dürr Group, which consists of Dürr AG and its subsidiaries, is a mechanical and plant engineering company with distinct competence in automation, sustainable production processes and digitalization. The Group is one of the global market leaders in almost all of its fields of business. The two major customer groups are the automotive and woodworking industries. In addition, it also acts as supplier of production technology for other industries including the mechanical engineering, chemical, pharmaceutical and battery production industries as well as manufacturers of medical technical products and electronic devices with production technology. In the 2024 reporting period, the Dürr Group was organized in five divisions operating worldwide. As of January 1, 2025, this structure was adjusted, with four divisions remaining since then. The Automotive division combines the business of the former Paint and Final Assembly Systems and Application Technology divisions, offering paint finishing and assembly technology as well as testing and filling technology for the automotive industry. Additionally, the division specializes in products and systems for automated paint applications as well as sealing and gluing technology. Clean Technology Systems Environmental (formerly Clean Technology Systems) offers systems for purifying exhaust gases as well as noise abatement systems. The activities in battery production technology were separated from the division Clean Technology Systems Environmental in December 2024, and integrated into the Industrial Automation division. Industrial Automation (formerly Industrial Automation Systems) encompasses the automation systems business and the balancing and tooling technology, as well as the battery production technology business. Woodworking (formerly Woodworking Machinery and Systems) combines the business of machinery and systems used for wood processing in the production of furniture and kitchens and of building components for climate-friendly timber houses.
The interim consolidated financial statements for the period between January 1 and June 30, 2025, are condensed and prepared in compliance with International Accounting Standard (IAS) 34 "Interim Financial Reporting". The interim consolidated financial statements are based on the consolidated financial statements of December 31, 2024, and must be read in conjunction with them.
The interim consolidated financial statements are prepared in accordance with the International Financial Reporting Standards (IFRSs) as adopted by the European Union (EU) at the end of the reporting period, and the additional requirements of the German commercial law pursuant to Sec. 315e (1) HGB ["Handelsgesetzbuch": German Commercial Code]. The interim consolidated financial statements as of June 30, 2025, are not subject to any review or any audit pursuant to Sec. 317 HGB.
The accounting policies used generally correspond to the methods applied in the consolidated financial statements as of December 31, 2024; please refer to the Group's 2024 annual report. Changes to the IFRS standards and interpretations that became mandatory for the first-time starting January 1, 2025, are without any material effects on the consolidated financial statements of the Dürr Group.
The preparation of the consolidated financial statements for interim reporting pursuant to IAS 34 requires management to make estimates and judgments that affect the application of accounting policies in the Group as well as the reported amounts of assets and liabilities and the reported amounts of revenues and expenses. Actual figures may diverge from these estimates. The methods of estimation used generally correspond to the methods applied in the consolidated financial statements as of December 31, 2024.
Expenses that incurred irregularly during the reporting period have been deferred in those cases where they would also be deferred at year-end. The Dürr Group's operations are not subject to material seasonal influences. Income tax expenditure in the interim financial statements is deferred on the basis of the expected income tax rate for the individual entities for the year as a whole.
The Dürr Group's reporting period is the calendar year. The interim consolidated financial statements are prepared in euro; all amounts are presented in thousands of euro (€ thousand), unless stated otherwise.
The division Clean Technology Systems Environmental, which is to be disposed of, continues to be presented as discontinued operation in the consolidated financial statements. The remaining divisions and the Corporate Center represent the continuing operations of the Group. The disclosures on key figures of the statement of profit and loss generally relate to the continuing operations, unless the discontinued operation is mentioned separately.
Besides Dürr AG, the consolidated financial statements as of June 30, 2025, contain all entities in Germany and other countries which Dürr AG can control directly or indirectly. Under IFRS 10 "Consolidated Financial Statements", control exists if an entity is exposed to or has rights to positive or negative returns from its involvement with another entity. It must also have the ability to affect these variable returns through its power over the investee. Control can exist due to voting rights or prevailing circumstances as a result of contractual arrangements, among other things.
The entities are included in the consolidated financial statements of Dürr AG from the date on which the possibility of control was obtained. For most of the Group companies, control is based on holding the majority of voting rights. For four companies the Dürr Group has the power to exercise control on account of contractual arrangements, even though in each case the Group only holds 50% of the shares or 50% or less of the voting rights in the company. At two of the entities, the Group can enforce a decision in case of parity of votes; at the other two entities, the Dürr Group manages the operations. Furthermore, the Dürr Group includes four structured entities in the consolidated financial statements. Consolidation of an entity included in the consolidated financial statements ceases when the Dürr Group loses control over the entity.
Entities over which the Dürr Group exercises significant influence pursuant to IAS 28 "Investments in Associates and Joint Ventures" (associates) are accounted for using the equity method. Significant influence is presumed with a share of voting rights ranging from 20% to 50%.
The table below shows the number of entities included in the consolidated group besides Dürr AG as the parent.
| June 30, 2025 | December 31, 2024 | |
|---|---|---|
| Fully consolidated entities | ||
| Germany | 33 | 33 |
| Other countries | 99 | 91 |
| Total | 132 | 124 |
| Entities accounted for using the equity method | ||
| Germany | 1 | 1 |
| Other countries | 1 | 1 |
| Total | 2 | 2 |
| Other financial assets | ||
| Germany | 1 | 1 |
| Other countries | 2 | 2 |
| Total | 3 | 3 |
The interim consolidated financial statements contain 51 entities (Dec. 31, 2024: 10) which have non-controlling interests. The increase is attributable to the end of the tender period in the valuation proceedings regarding the appropriateness of the cash settlement offer and the guaranteed dividend for the non-controlling shareholders of HOMAG Group AG. After the expiry of the tender period, sundry financial liabilities were derecognized and the remaining untendered shares in free float are henceforth shown as non-controlling shares (minorities) in HOMAG Group AG. Further information on the valuation proceedings can be found in note 9.
There are two entities that are included in the consolidated financial statement at cost on grounds of immateriality.
| Entity | Equity interest | Effective as of | Interest acquired by |
|---|---|---|---|
| Dürr CTS GmbH, Stuttgart/Germany | 100.0% | March 7, 2025 | Foundation |
| DÜRR CTS LTD, Warwick/Great Britain | 100.0% | April 4, 2025 | Foundation |
| Dürr CTS Holding Inc., Wilmington (Delaware)/USA |
100.0% | April 17, 2025 | Foundation |
| Dürr CTS SAS, Lisses/France | 100.0% | May 12, 2025 | Foundation |
| Dürr CTS Korea Inc., Seoul/South Korea | 100.0% | May 13, 2025 | Foundation |
| DURR CTS BRAZIL LTDA, São Paulo/Brazil |
100.0% | May 16, 2025 | Foundation |
| CTS Technology (Shanghai) Co., Ltd., Shanghai/PR China |
100.0% | May 23, 2025 | Foundation |
| Dürr CTS Inc., Newark (Delaware)/USA | 100.0% | May 30, 2025 | Foundation |
| DURR CTS Private Limited, Pune/India | 100.0% | June 27, 2025 | Acquisition |
| Entity | Effective as of | Note |
|---|---|---|
| Dürr thermea GmbH, | Merged into Techno-Step GmbH, | |
| Bietigheim-Bissingen/Germany | January 1, 2025 | Böblingen/Germany |
| € thousand | H1 2025 | H1 2024 |
|---|---|---|
| Sales revenue recognized over time from contracts with customers | 1,283,941 | 1,291,314 |
| Sales revenue recognized at a point in time from contracts with | ||
| customers | 722,352 | 799,145 |
| Sales revenue from lease agreements | 2,023 | 2,004 |
| Total sales revenue | 2,008,316 | 2,092,463 |
| thereof | ||
| Sales revenue with the automotive industry | 1,103,736 | 1,111,763 |
| Sales revenue with the wood processing industry | 672,362 | 703,550 |
Services account for 27% of sales revenue (prior period: 27%) and break down as shown below.
| € thousand | H1 2025 | H1 2024 |
|---|---|---|
| Spare parts | 243,673 | 261,798 |
| Modifications | 197,715 | 198,128 |
| Other | 102,253 | 100,623 |
| Total sales revenue from services | 543,641 | 560,549 |
In the reporting period, the other operating income mostly includes exchange rate gains of €17,219 thousand, gains from adjustments of contingent purchase price installments of €2,257 thousand and income from government grants of €2,081 thousand. In the prior period, the other operating income mostly included exchange rate gains of €44,010 thousand and gains from government grants of €2,970 thousand. The other operating expenses mostly include impairment losses on goodwill of €120,431 thousand as well as exchange rate losses of €19,179 thousand (prior period: exchange rate losses of €45,819 thousand as well as expenses associated with assets held for sale of €1,511 thousand). The impairment of goodwill is attributable to the cash-generating unit Production Automation Systems and is explained further in note 8.
| NET INTEREST | ||
|---|---|---|
| € thousand | H1 2025 | H1 2024 |
| Interest and similar income | 12,891 | 17,105 |
| Interest and similar expenses | -26,766 | -37,097 |
| thereof | ||
| Interest expenses on Schuldschein loans | -18,277 | -18,971 |
| Interest expenses from the convertible bond | -563 | -563 |
| Interest expenses for the bridge loan concerning the acquisition of the BBS Automation Group |
– | -4,799 |
| Interest expenses arising from subsequent accounting of the domination and profit and loss transfer agreement entered into with HOMAG Group AG |
-558 | -4,275 |
| Interest expenses from leases | -2,593 | -2,750 |
| Amortization of transaction costs, premium from convertible bond issuance, Schuldschein loans, syndicated loan and bridge loan |
-1,948 | -2,744 |
| Net interest expenses from the measurement of defined benefit plans | -425 | -369 |
| Other interest expenses | -2,402 | -2,626 |
| Net interest | -13,875 | -19,992 |
On June 29, 2025, the Dürr Group signed a contract for the sale of the division Clean Technology Systems Environmental with its environmental technology business. The buyer is a subsidiary of the investor Stellex Capital Management LLC. As part of the transaction, the Group will retain a residual interest of about 25% in the environmental technology business. The completion of the transaction is subject to standard approval proceedings and is expected in the fourth quarter of 2025. Further information regarding the sale can be found on page 5 of the management report.
For the reporting as of June 30, 2025, the business of Clean Technology Systems Environmental continues to be classified as a discontinued operation. Below are presented the profit, cash flows, and net assets of the discontinued operation for the first half of 2025 and as of June 30, 2025. The comparative figures were restated accordingly. The net assets are presented in the consolidated statement of financial position as assets and liabilities held for sale.
| € thousand | H1 2025 | H1 2024 |
|---|---|---|
| Profit/loss for the period | ||
| Sales revenue | 184,225 | 188,844 |
| Expenses and income | -164,575 | -166,439 |
| Earnings before income taxes from discontinued operation | 19,650 | 22,405 |
| Income tax expense | -5,138 | -5,735 |
| Profit after tax from discontinued operation | 14,512 | 16,670 |
| Cash flows | ||
| Cash flow from operating activities | 17,206 | 22,419 |
| Cash flow from investing activities | -3,405 | -3,201 |
| Cash flow from financing activities | -27,512 | -23,338 |
| € thousand | June 30, 2025 | December 31, 2024 |
|---|---|---|
| Assets | ||
| Goodwill | 68,426 | 72,489 |
| Other intangible assets | 2,519 | 2,838 |
| Property, plant and equipment | 25,443 | 23,393 |
| Deferred tax assets and income tax receivables | 1,437 | 12,250 |
| Inventories and prepayments | 25,107 | 28,238 |
| Contract assets | 40,260 | 50,650 |
| Trade receivables | 55,833 | 73,584 |
| Cash and cash equivalents | 8,141 | 9,776 |
| Sundry financial assets | 1,905 | 1,242 |
| Other assets | 3,584 | 2,540 |
| Total assets held for sale from discontinued operation | 232,655 | 277,000 |
| Equity and liabilities | ||
| Amounts recognized in other comprehensive income related to as | ||
| sets held for sale from discontinued operation | 3,318 | 5,624 |
| Provisions | 17,335 | 18,176 |
| Contract liabilities | 68,064 | 80,590 |
| Trade payables | 41,392 | 56,909 |
| Deferred and current income tax liabilities | 364 | 2,112 |
| Financial liabilities | 4,175 | 2,978 |
| Sundry financial liabilities | 7,154 | 11,426 |
| Other liabilities | 7,743 | 5,535 |
| Total liabilities held for sale from discontinued operation | 146,227 | 177,726 |
In Brazil, a real estate property and other property, plant and equipment are on sale at the Taboao da Serra site. The real estate property is part of the Automotive division. The property, plant and equipment is assigned to the Woodworking and Automotive divisions and is measured at fair value less costs to sell.
In addition, a training facility is available for sale at the Gqeberha site in South Africa. The asset held for sale is allocated to the Automotive division and is measured at fair value less costs to sell.
| € thousand | June 30, 2025 | December 31, 2024 |
|---|---|---|
| Land and buildings | 1,910 | 1,907 |
| Other property, plant and equipment | 371 | 372 |
| Total assets held for sale | 2,281 | 2,279 |
The Dürr Group reviews the recoverability of the carrying amount of intangible assets, including goodwill, and property, plant, and equipment whenever there are indications that they may be impaired. As of June 30, 2025, the cash-generating unit Production Automation Systems was subjected to an impairment test due to such indications. Production Automation Systems experienced a reduction in order intake in the second quarter of 2025 following a very successful first quarter of 2025. This development reflects declined business activities with the automotive industry due to macroeconomic uncertainties and the stagnant development of the electromobility.
In the impairment assessment, a pre-tax discount rate of 13.13% (Dec. 31, 2024: 11.68%) and a longterm growth rate for the terminal value of 1.75% (Dec. 31, 2024: 1.75%) were applied. On this basis, an impairment loss on goodwill of €120,431 thousand was established and recorded in the statement of profit and loss in the other operating expenses. The recoverable amount relevant for determining the impairment loss corresponds to the value in use.
A final decision was made in December 2024 in the valuation proceedings concerning the appropriateness of the cash settlement offer and the guaranteed dividend to the non-controlling shareholders of HOMAG Group AG. In its ruling, the Stuttgart Higher Regional Court (OLG) confirmed the appropriateness of the cash compensation of €31.58 per share and the guaranteed dividend of €1.02 per share (net). With that the Court conclusively upheld the previous ruling of the Stuttgart Regional Court from August 2019, against which shareholders of HOMAG Group AG had filed an appeal in October 2019.
The ruling by the Stuttgart OLG was published in the German Federal Gazette on January 3, 2025. On the same day, a two-month period began, during which the non-controlling HOMAG shareholders could tender their shares to Dürr Technologies GmbH at a price of €31.58 per share. With the expiration of the tender period on March 3, 2025, the cash offer expired. A total of 2,524,581 shares were tendered by the end of the acceptance period. This resulted in a cash outflow of €96,714 thousand, which took effect in the first half of the year 2025. Upon expiration of the tender period, 83.8% of the shares of HOMAG Group AG were held by Dürr Technologies GmbH and 14.1% by the Schuler/Klessmann shareholder group. The free float amounted to 2.1%. Since then, there have been no changes in the shareholder structure.
By the end of the tender period on March 3, 2025, sundry financial liabilities concerning the free float were recognized for the acquisition of shares and for the payment of other compensation claims. After the end of the tender period, the sundry financial liabilities were derecognized and the remaining untendered shares in free float were shown as non-controlling shares (minorities) in HOMAG Group AG.
In January 2025, Dürr AG repaid a tranche of €12,500 thousand of the Schuldschein loan from 2021, and in April 2025, a tranche of €5,000 thousand of the Schuldschein loan from 2020.
In the first half of 2025, other long-term bank loans of €20,345 thousand were repaid. Conversely, short-term bank loans amounting to €8,375 thousand were incurred.
The financial instruments measured at fair value by the Dürr Group are categorized as follows according to the fair value hierarchy levels:
| Fair value hierarchy | ||||
|---|---|---|---|---|
| € thousand | June 30, 2025 | Stage 1 | Stage 2 | Stage 3 |
| Assets at fair value – through other comprehensive income | ||||
| Derivatives used for hedging | 32,123 | - | 32,123 | - |
| Assets at fair value – through profit or loss | ||||
| Other financial assets | 12,616 | 68 | - | 12,548 |
| Sundry financial assets | 1,052 | 62 | - | 990 |
| Derivatives not used for hedging | 6,119 | - | 6,119 | - |
| Derivatives used for hedging | 6,025 | - | 6,025 | - |
| Liabilities at fair value – through other comprehensive income |
||||
| Derivatives used for hedging | 13,713 | - | 13,713 | - |
| Liabilities at fair value – through profit or loss | ||||
| Obligations from options | 2,815 | - | - | 2,815 |
| Liabilities from purchase price installments | 1,196 | - | - | 1,196 |
| Derivatives not used for hedging | 5,472 | - | 5,472 | - |
| Derivatives used for hedging | 1,253 | - | 1,253 | - |
| Fair value hierarchy | ||||
|---|---|---|---|---|
| € thousand | December 31, 2024 |
Stage 1 | Stage 2 | Stage 3 |
| Assets at fair value – through other comprehensive income | ||||
| Derivatives used for hedging | 9,754 | - | 9,754 | - |
| Assets at fair value – through profit or loss | ||||
| Other financial assets | 12,618 | 70 | - | 12,548 |
| Sundry financial assets | 1,069 | 79 | - | 990 |
| Derivatives not used for hedging | 5,423 | - | 5,423 | - |
| Derivatives used for hedging | 676 | - | 676 | - |
| Liabilities at fair value – through other comprehensive income |
||||
| Derivatives used for hedging | 31,437 | - | 31,437 | - |
| Liabilities at fair value – through profit or loss | ||||
| Obligations from options | 2,815 | - | - | 2,815 |
| Liabilities from purchase price installments | 4,867 | - | - | 4,867 |
| Derivatives not used for hedging | 5,285 | - | 5,285 | - |
| Derivatives used for hedging | 3,138 | - | 3,138 | - |
No reclassifications were made between the fair value hierarchy levels or measurement categories in the reporting period.
The fair values of investments in equity instruments, contingent purchase price installments and options allocated to the level 3 in the fair value hierarchy are subject to the fluctuations described below in the event of an assumed change in input parameters.
The purchase price obligations for Ingecal are based on a fixed amount representing a proportion of the total purchase price. The payment of the purchase price obligations has a fixed amount and was partly made in the 2024 reporting period.
The fair value of the contingent purchase price components of the HOMAG China Golden Field Group is based on the sales revenue and earnings of the group for the 2020 and 2021 reporting periods. The purchase price was finally determined in the 2022 reporting period and is paid in tranches. The first tranche was paid in the 2022 reporting period, and a further payment was made in the 2023 reporting period. The payment of the last tranche was made in the second quarter of 2025.
The calculation of the fair value of Parker Engineering Co., Ltd. is largely based on estimates by management on the development of the future free cash flows of the company. The value of the related put option is based on the company's pro rata equity and would fluctuate up or down in the event of an assumed change in the future free cash flows.
The calculation of the fair value of Nextomation Sp. z o.o. (formerly Teamtechnik Production Technology Sp. z o.o.) is largely based on estimates by management on the development of the future free cash flows of the company. The value of the related put option is based on the company's estimated business figures at the time of exercising the option and would fluctuate up or down in the event of an assumed change in the future free cash flows. As in the prior year, the contractually agreed exercise price still exceeded the fair value, which resulted in the option being presented as a sundry financial asset.
| € thousand | June 30, 2025 | |||
|---|---|---|---|---|
| Carrying amount | Sensitivity analysis | |||
| +10% | -10% | |||
| Ingecal | 1,196 | 1,196 | 1,196 | |
| HOMAG China Golden Field Group | - | - | - | |
| Parker Engineering Co., Ltd. | 9,667 | 10,344 | 8,990 | |
| Parker Engineering Co., Ltd. – option | 2,815 | 3,492 | 2,137 | |
| Nextomation Sp. z o.o. | 1,794 | 1,973 | 1,614 | |
| Nextomation Sp. z o.o. – option1 | 990 | 810 | 1,169 |
1 Presented as sundry financial assets.
| December 31, 2024 | ||||
|---|---|---|---|---|
| € thousand | Carrying amount | Sensitivity analysis | ||
| +10% | -10% | |||
| Ingecal | 1,196 | 1,196 | 1,196 | |
| HOMAG China Golden Field Group | 3,671 | 3,671 | 3,671 | |
| Parker Engineering Co., Ltd. | 9,667 | 10,344 | 8,990 | |
| Parker Engineering Co., Ltd. – option | 2,815 | 3,492 | 2,137 | |
| Nextomation Sp. z o.o. | 1,794 | 1,973 | 1,614 | |
| Nextomation Sp. z o.o. – option1 | 990 | 810 | 1,169 |
1 Presented as sundry financial assets.
| June 30, 2025 | ||
|---|---|---|
| € thousand | Fair value | Carrying amount |
| Assets | ||
| Cash and cash equivalents | 644,410 | 644,410 |
| Trade receivables | 556,829 | 556,829 |
| Sundry financial assets | 195,492 | 195,492 |
| Equity and liabilities | ||
| Trade payables | 472,064 | 472,064 |
| Convertible bond | 146,508 | 148,616 |
| Schuldschein loans | 1,024,272 | 1,028,492 |
| Liabilities to banks | 10,882 | 10,895 |
| Remaining other financial liabilities | 12,230 | 12,230 |
| Obligations from options | 74,394 | 72,424 |
| Other sundry financial liabilities | 113,062 | 113,062 |
| IFRS 9 | ||
|---|---|---|
| Financial assets measured at amortized cost | 1,396,731 | 1,396,731 |
| Financial liabilities measured at amortized cost | 1,853,412 | 1,857,783 |
| December 31, 2024 | ||
|---|---|---|
| € thousand | Fair value | Carrying amount |
| Assets | ||
| Cash and cash equivalents | 831,585 | 831,585 |
| Trade receivables | 558,076 | 558,076 |
| Sundry financial assets | 149,840 | 149,840 |
| Equity and liabilities | ||
| Trade payables | 430,831 | 430,831 |
| Convertible bond | 145,860 | 147,389 |
| Schuldschein loans | 1,059,295 | 1,045,680 |
| Liabilities to banks | 24,696 | 24,839 |
| Remaining other financial liabilities | 23,292 | 23,292 |
| Obligations from options | 188,753 | 190,153 |
| Other sundry financial liabilities | 156,988 | 156,988 |
| Thereof combined by measurement category in accordance with IFRS 9 |
||
| Financial assets measured at amortized cost | 1,539,501 | 1,539,501 |
| Financial liabilities measured at amortized cost | 2,029,715 | 2,019,172 |
Cash and cash equivalents, trade receivables, sundry financial assets, trade payables as well as other sundry financial liabilities mostly fall due within the short term. Consequently, their carrying amounts at the end of the reporting period approximate their fair value.
The fair value of non-current liabilities is based on the current interest rate for borrowing at similar terms and conditions with comparable due date and credit rating. With the exception of the convertible bond, Schuldschein loans, liabilities to banks and obligations from options, the fair value of liabilities approximates the carrying amount.
The presentation of segments is designed to provide details on the financial performance as well as the assets, liabilities and the financial position of individual activities. Based on the internal reporting and organizational structure of the Group, the data contained in the consolidated financial statements is presented by division. The Group financing (including financial expenses and income) and income taxes are managed across the Group and are not allocated to the individual business segments. The division Clean Technology Systems Environmental was classified as discontinued operation in the 2024 reporting period and is no longer presented as a segment for the purposes of segment reporting.
| H1 2025 | ||||||
|---|---|---|---|---|---|---|
| € thousand | Automotive | Industrial Automation |
Woodworking | Total segments |
Recon ciliation1 |
Total Dürr Group (continuing operations) |
| Sales revenue recognized over time from contracts with customers |
849,161 | 260,333 | 174,447 | 1,283,941 | - | 1,283,941 |
| Sales revenue recognized at a point in time from contracts with customers |
130,453 | 93,955 | 497,915 | 722,323 | 29 | 722,352 |
| Sales revenue from lease agreements |
- | 2,023 | - | 2,023 | - | 2,023 |
| Sales revenue with other divisions |
2,056 | 10,738 | 1,644 | 14,438 | -14,438 | - |
| Total sales revenue thereof from services Cost of sales |
981,670 300,701 -785,382 |
367,049 60,968 -300,298 |
674,006 186,476 -482,138 |
2,022,725 548,145 -1,567,818 |
-14,409 -4,504 11,740 |
2,008,316 543,641 -1,556,078 |
| Overhead costs2 EBIT |
-124,967 68,683 |
-74,631 -126,567 |
-165,281 27,339 |
-364,879 -30,545 |
-24,601 -27,392 |
-389,480 -57,937 |
| EBIT before extraordinary effects |
70,898 | 8,847 | 29,196 | 108,941 | -27,832 | 81,109 |
| Assets (as of June 30) Liabilities (as of June 30) |
1,407,124 1,052,888 |
1,040,997 346,217 |
1,035,996 615,074 |
3,484,117 2,014,179 |
-9,819 68,369 |
3,474,298 2,082,548 |
| Employees (as of June 30) |
6,606 | 4,132 | 6,621 | 17,359 | 899 | 18,258 |
1 The number of employees and sales revenue recognized at a point in time from contracts with customers reported in the reconciliation column relate to the Corporate Center. In addition, the reconciliation column includes assets, liabilities, expenses and income that were originally allocated to Clean Technology Systems Environmental but will remain in the Corporate Center as part of a sale.
2 Selling expenses, general administrative expenses and research and development costs
| H1 2024 | ||||||
|---|---|---|---|---|---|---|
| € thousand | Automotive2 | Industrial Automation3 |
Woodworking | Total segments |
Recon ciliation1,2,3 |
Total Dürr Group (continuing operations) |
| Sales revenue | ||||||
| recognized over time | ||||||
| from contracts with | ||||||
| customers | 817,096 | 323,617 | 150,601 | 1,291,314 | - | 1,291,314 |
| Sales revenue | ||||||
| recognized at a point in time from contracts with |
||||||
| customers | 138,030 | 107,909 | 552,949 | 798,888 | 257 | 799,145 |
| Sales revenue from | ||||||
| lease agreements | - | 2,004 | - | 2,004 | - | 2,004 |
| Sales revenue with other | ||||||
| divisions | 2,603 | 13,781 | 2,300 | 18,684 | -18,684 | - |
| Total sales revenue | 957,729 | 447,311 | 705,850 | 2,110,890 | -18,427 | 2,092,463 |
| thereof from services | 309,629 | 69,915 | 184,943 | 564,487 | -3,938 | 560,549 |
| Cost of sales | -768,126 | -372,921 | -530,112 | -1,671,159 | 17,647 | -1,653,512 |
| Overhead costs4 | -123,745 | -79,565 | -158,181 | -361,491 | -19,177 | -380,668 |
| EBIT | 63,570 | -3,518 | 18,254 | 78,306 | -20,949 | 57,357 |
| EBIT before | ||||||
| extraordinary effects | 66,464 | 21,128 | 21,478 | 109,070 | -20,949 | 88,121 |
| Assets (as of Dec. 31) | 1,367,408 | 1,231,338 | 1,070,664 | 3,669,410 | 20,240 | 3,689,650 |
| Liabilities (as of Dec. 31) | 1,011,734 | 375,691 | 636,523 | 2,023,948 | 198,588 | 2,222,536 |
| Employees (as of Dec. 31) |
6,682 | 4,258 | 6,802 | 17,742 | 862 | 18,604 |
1 The number of employees and sales revenue recognized at a point in time from contracts with customers reported in the reconciliation column relate to the Corporate Center. In addition, the reconciliation column includes assets, liabilities, expenses and income that were originally allocated to Clean Technology Systems Environmental but will remain in the Corporate Center as part of a sale.
2 As of January 1, 2025, the former divisions Paint and Final Assembly Systems and Application Technology were merged into the new division Automotive. The disclosures for the first half year 2024 and as of December 31, 2024 have been adjusted accordingly.
3 The business activities of the business unit Lithium-Ion Battery were transferred from Clean Technology Systems Environmental to Industrial Automation. The disclosures for the first half year 2024 and as of December 31, 2024 have been adjusted accordingly.
4 Selling expenses, general administrative expenses and research and development costs
| € thousand | H1 2025 | H1 20241,2 |
|---|---|---|
| EBIT of the segments | -30,545 | 78,306 |
| EBIT of the Corporate Center | -27,268 | -21,118 |
| Elimination of consolidation entries | -124 | 169 |
| EBIT from continuing operations | -57,937 | 57,357 |
| Investment result | 986 | -408 |
| Interest and similar income | 12,891 | 17,105 |
| Interest and similar expenses | -26,766 | -37,097 |
| Earnings before income taxes from continuing operations | -70,826 | 36,957 |
| Income taxes | -22,559 | -14,432 |
| Earnings after tax from continuing operations | -93,385 | 22,525 |
| Earnings after tax from discontinued operation | 14,512 | 16,670 |
| Profit of the Dürr Group | -78,873 | 39,195 |
| € thousand | June 30, 2025 | December 31, 20241,2 |
|---|---|---|
| Segment assets | 3,484,117 | 3,669,410 |
| Assets of the Corporate Center | 1,317,717 | 1,301,890 |
| Assets of the discontinued operation | 218,774 | 224,868 |
| Elimination of consolidation entries | -1,327,536 | -1,281,650 |
| Cash and cash equivalents | 644,410 | 831,585 |
| Time deposits and other financial receivables | 167,309 | 120,703 |
| Income tax receivables | 27,226 | 27,217 |
| Deferred tax assets | 80,748 | 84,352 |
| Total assets of the Dürr Group | 4,612,765 | 4,978,375 |
| € thousand | June 30, 2025 | December 31, 20241,2 |
|---|---|---|
| Segment liabilities | 2,014,179 | 2,023,948 |
| Liabilities of the Corporate Center | 157,107 | 269,259 |
| Liabilities of the discontinued operation | 150,433 | 181,738 |
| Elimination of consolidation entries | -88,738 | -70,671 |
| Convertible bond and Schuldschein loans | 1,177,108 | 1,193,069 |
| Liabilities to banks | 10,895 | 24,839 |
| Remaining other financial liabilities | 12,230 | 23,292 |
| Income tax liabilities | 55,672 | 64,344 |
| Deferred tax liabilities | 48,153 | 44,836 |
| Total liabilities of the Dürr Group3 | 3,537,039 | 3,754,654 |
1 As of January 1, 2025, the former divisions Paint and Final Assembly Systems and Application Technology were merged into the new division Automotive. The disclosures for the first half year 2024 and as of December 31, 2024 have been adjusted accordingly.
2 The business activities of the business unit Lithium-Ion Battery were transferred from Clean Technology Systems Environmental to Industrial Automation. The disclosures for the first half year 2024 and as of December 31, 2024 have been adjusted accordingly.
3 Consolidated total assets less total equity
Related parties comprise members of the Supervisory Board and the Board of Management. For further information about members of the Board of Management and the Supervisory Board of Dürr AG, please refer to the Group's 2024 annual report.
Related parties include entities accounted for using the equity method and non-consolidated subsidiaries of the Dürr Group as well as entities for which Dürr AG represents an associate. Transactions between these entities and the Dürr Group exclusively relate to supply and service relationships as part of the ordinary business activity of the Dürr Group and are carried out at arm's length.
| € thousand | H1 2025 | H1 2024 | |
|---|---|---|---|
| Delivery and service transactions | |||
| Associates | 419 | 212 | |
| Non-consolidated subsidiaries | - | - | |
| Other related party | 4 | 18 | |
| Members of the Supervisory Board | - | - | |
| Total delivery and service transactions | 423 | 230 |
Interim financial report January 1 to June 30, 2025
| € thousand | June 30, 2025 | December 31, 2024 |
|---|---|---|
| Receivables from related parties | ||
| Associates | 119 | 76 |
| Non-consolidated subsidiaries | - | - |
| Other related party | - | - |
| Members of the Supervisory Board | - | - |
| Total receivables | 119 | 76 |
| € thousand | June 30, 2025 | December 31, 2024 |
| Liabilities to related parties | ||
| Associates | 83 | 85 |
| Non-consolidated subsidiaries | 1,018 | 1,023 |
| Other related party | - | - |
| Members of the Supervisory Board | - | - |
| Total liabilities |
| € thousand | June 30, 2025 | December 31, 2024 |
|---|---|---|
| Obligations from guarantees and sureties | 1,555 | 1,555 |
| Obligations from warranties | - | 5,944 |
| Collateral pledged for third-party liabilities | - | 2,366 |
| Other | 117 | 3,864 |
| Total contingent liabilities | 1,672 | 13,729 |
The Dürr Group assumes that these contingent liabilities will not lead to any liabilities or cash outflows.
Besides liabilities, provisions and contingent liabilities, the Group has other financial obligations for the acquisition of property, plant and equipment of €40,495 thousand (Dec. 31, 2024: €17,931 thousand). Additionally, there are purchase commitments from procurement contracts in the ordinary scope of business.
On July 23, 2025, the Dürr Group lowered the full-year forecast for order intake to €3,800 to €4,100 million in an ad-hoc announcement. At the same time, the targets for sales, the EBIT margin after extraordinary effects and earnings after tax were confirmed. In addition, the Dürr Group announced plans to cut approximately 500 administrative positions. The provisions required for the planned job cuts in the administrative sector will amount to €40 to €50 million and will be booked in the second half of 2025. Additionally, the Dürr Group informed about the goodwill impairment of €120.4 million. Further details can be found in the section titled "Main events and explanatory notes on the figures" starting from page 5.
No further extraordinary events occurred between the end of the reporting period and the publication of this Interim Statement.
To the best of our knowledge, and in accordance with the applicable principles for interim financial reporting, these interim consolidated financial statements give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group and the consolidated interim management report includes a fair review of the development and performance of the business and the position of the Group, together with a description of the principal opportunities and risks associated with the expected development of the Group for the remaining months of the financial year.
Bietigheim-Bissingen, August 7, 2025
Dürr Aktiengesellschaft
The Board of Management
Dr. Jochen Weyrauch Dietmar Heinrich Chief Executive Officer Chief Financial Officer
| August 28, 2025 | BofA's Back to school Field trip, virtual |
|---|---|
| September 3, 2025 | Commerzbank & ODDO BHF Conference, Frankfurt |
| September 4, 2025 | Morgan Stanley Industrial CEOs Unplugged, London |
| September 11, 2025 | UBS Quo Vadis Industrials Event, virtual |
| September 23, 2025 | Baader Investment Conference, Munich |
| September 23, 2025 | Berenberg and Goldman Sachs, Munich |
| November 13, 2025 | Interim statement for the first nine months of 2025 |
| Analysts/investors call |
Please contact us for further information: Dürr AG
Mathias Christen Corporate Communications & Investor Relations Carl-Benz-Strasse 34 74321 Bietigheim-Bissingen Germany
Phone: +49 7142 78-1381 [email protected] [email protected] www.durr-group.com This interim statement is the English translation of the German original. The German version shall prevail.
This publication has been prepared independently by Dürr AG/Dürr group. It may contain statements which address such key issues as strategy, future financial results, events, competitive positions and product developments. Such forward-looking statements are subject to a number of risks, uncertainties and other factors, including, but not limited to those described in disclosures of Dürr AG, in particular in the chapter "Risks" in the annual report of Dürr AG. Should one or more of these risks, uncertainties and other factors materialize, or should underlying expectations not occur or assumptions prove incorrect, actual results, performances or achievements of the Dürr group may vary materially from those described in the relevant forward-looking statements. These statements may be identified by words such as "expect," "want," "anticipate," "intend," "plan," "believe," "seek," "estimate," "will," "project" or words of similar meaning. Dürr AG neither intends, nor assumes any obligation, to update or revise its forward-looking statements regularly in light of developments which differ from those anticipated. Stated competitive positions are based on management estimates supported by information provided by specialized external agencies.
Our financial reports, presentations, press releases and ad-hoc releases may include alternative financial metrics. These metrics are not defined in the IFRS (International Financial Reporting Standards). Net assets, financial position and results of operations of the Dürr group should not be assessed solely on the basis of these alternative financial metrics. Under no circumstances do they replace the performance indicators presented in the consolidated financial statements and calculated in accordance with the IFRS. The calculation of alternative financial metrics may vary from company to company despite the use of the same terminology. Further information regarding the alternative financial metrics used at Dürr AG can be found in our financial glossary on the web page (https://www.durr-group.com/en/investor-relations/investor-service/glossary).
DÜRR AKTIENGESELLSCHAFT Carl-Benz-Str. 34
74321 Bietigheim-Bissingen Germany
Phone +49 7142 78-0 E-mail [email protected]
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