AI Terminal
ElringKlinger AG
Interim Report • Aug 11, 2025
138_rns_2025-08-11_4ec914b6-9531-4518-ac50-8b9fd8c5c310.pdf
Interim Report
Open in ViewerOpens in native device viewer
REPORT ON THE 2ND QUARTER AND 1ST HALF
20
25
PIONEERING INNOVATIVE TECHNOLOGIES FOR A SUSTAINABLE FUTURE.
Summary of Q2 and H1 2025
- Group revenue in Q2 and H1 2025 at EUR 408.3 million and EUR 831.4 million respectively; organic growth (adjusted for currency effects and M&A activities) of 4.8%1 in Q2 and 3.5% in H1, thus exceeding global automotive production of 2.6% and 3.1% respectively; excluding two sites divested in the previous year (Switzerland and the United States), all regions recorded growth with the exception of North America; substantial increase in revenue for the E-Mobility business unit within the Original Equipment segment; gains made in the Aftermarket and Engineered Plastics segments;
- Adjusted EBIT in Q2 and H1 2025 at EUR 24.2 million and EUR 44.8 million respectively, with adjusted EBIT margin on track; standing at 5.9% and 5.4%; earnings performance in line with expectations;
- Financial position and cash flows remain solid; Q2 shows marked improvement in cash flow after the direction taken by net working capital and payments for investments had led to a net cash outflow in Q1; operating free cash flow at EUR 23.8 million in Q2 and EUR - 96.5 million in H1; future business development on the basis of the transformation strategy is underpinned by an equity ratio of 36.7% and financial flexibility;
- Outlook: Against the backdrop of the latest first-half results, a challenging market environment marked by geopolitical turbulence and trade policy measures, and a potentially weaker second half of the year, ElringKlinger confirms guidance for 2025;
- Significant events: Anniversary year in honor of company founder Paul Lechler is a reflection also of the social responsibility borne by today's Group; syndicated loan of EUR 450 million concluded over a term of five years with an option to increase the total sum; Annual General Meeting approves unchanged dividend payment of EUR 0.15 per share; Supervisory Board appoints Isabelle Damen to the Management Board as CFO with effect from August 1, 2025;
» In what remains a challenging market environment, ElringKlinger achieved a strong Group performance and increased revenue and earnings within the E-Mobility unit in particular. Together with our improved cash flow in the second quarter this illustrates that we are on the right track with our SHAPE30 transformation strategy and our efforts to hone the Group's profile.«
Thomas Jessulat, CEO of ElringKlinger AG
Contents
A close dialogue with customers and a deeply ingrained sense of service are the very essence of ElringKlinger's Aftermarket business. It is for this reason, too, that the segment has seen remarkable growth in recent years.
Find out how ElringKlinger's vision – to be the »preferred partner« – is put into practice each and every day when engaging with customers: go straight to »All You Need« in the 2025 issue of our »pulse« magazine. 04
ElringKlinger in Figures
Interim Group Management Report
- 5 Macroeconomic Conditions and Business Environment
- 6 Important Events
- 7 Sales and Earnings Performance
- 12 Financial Position and Cash Flows
- 16 Opportunities and Risks
- 17 Report on Expected Developments
20
ElringKlinger and the Capital Markets
20 ElringKlinger and the Capital Markets
Interim Consolidated Financial Statementss
- 23 Group Income Statement
- 24 Group Statement of Comprehensive Income
- 25 Group Statement of Financial Position
- 26 Group Statement of Changes in Equity
- 27 Group Statement of Cash Flows
- 29 Group Sales Revenue
- 30 Segment Reporting
- 31 Notes to the First Half of 2025
- 36 Responsibility Statement
4
Key Figures
ElringKlinger Group at a glance
| 2nd quarter 2025 | 1st quarter 2025 | 4th quarter 2024 | 3rd quarter 2024 | 2nd quarter 2024 | |||
|---|---|---|---|---|---|---|---|
| Order Situation | Order intake | EUR million | 295.6 | 416.9 | 457.5 | 481.3 | 364.9 |
| Order backlog | EUR million | 1,039.8 | 1,152.4 | 1,158.6 | 1,289.7 | 1,249.3 | |
| Sales/Earnings | Sales revenue | EUR million | 408.3 | 423.1 | 452.1 | 440.8 | 445.0 |
| Cost of sales | EUR million | 312.8 | 319.1 | 380.1 | 333.8 | 335.5 | |
| Gross profit margin | 23.4% | 24.6% | 15.9% | 24.3% | 24.6% | ||
| EBITDA | EUR million | 35.8 | 41.9 | -7.7 | 51.2 | 49.7 | |
| EBIT (earnings before interest and taxes) | EUR million | 6.3 | 20.0 | -161.1 | -35.2 | 22.4 | |
| EBIT adjusted1 | 24.2 | 20.5 | 18.0 | 23.0 | 22.5 | ||
| EBIT margin (adjusted) | 5.9% | 4.9% | 4.0% | 5.2% | 5.0% | ||
| Earnings before taxes | EUR million | -5.9 | 7.7 | -138.5 | -45.3 | 15.9 | |
| Net income | EUR million | -10.3 | 1.6 | -127.1 | -56.2 | 9.5 | |
| Net income attributable to shareholders of ElringKlinger AG | EUR million | -9.2 | 3.5 | -104.8 | -56.2 | 9.8 | |
| Earnings per share | EUR | -0.15 | 0.06 | -1.65 | -0.89 | 0.15 | |
| Cash Flow | Net cash from operating activities | EUR million | 53.4 | -72.5 | 118.3 | 9.8 | 23.2 |
| Net cash from investing activities | EUR million | -29.9 | -51.6 | -26.9 | -19.7 | -40.8 | |
| Net cash from financing activities | EUR million | -41.8 | 112.3 | -59.2 | 7.2 | -37.6 | |
| Operating free cash flow2 | EUR million | 23.8 | -120.3 | 82.9 | -14.1 | -4.5 | |
| Balance Sheet | Balance sheet total | EUR million | 1,792.6 | 1,794.1 | 1,759.3 | 1,947.2 | 2,007.5 |
| Equity | EUR million | 658.7 | 687.6 | 685.3 | 856.3 | 905.8 | |
| Equity ratio | 36.7% | 38.3% | 39.0% | 44.0% | 45.1% | ||
| Net financial debt3 | EUR million | 374.9 | 370.4 | 245.9 | 349.6 | 350.4 | |
| Net debt-to-EBITDA ratio4 | 2.1 | 2.1 | 1.7 | 1.7 | 1.7 | ||
| Additional | R&D ratio5 | 5.4% | 5.9% | 3.7% | 5.5% | 6.2% | |
| Key Figures | ROCE (Return on Capital Employed) adjusted6 | 6.7% | 6.0% | 6.7% | 6.4% | 6.3% | |
| Human Resources | Employees (as at end of quarter) | 8,956 | 9,083 | 9,078 | 9,589 | 9,560 |
1 For definition see Annual Report 2024, section internal control system
3 Current and non-current financial liabilities less cash and cash equivalents and less short-term securities, incl. positions held for sale (if applicable)
4 Net financial debt/EBITDA (calculation of key figure 2025 includes adjustment items)
5 Research and development cost (incl. capitalized development cost) in relation to group sales
6 Calculated on the basis of adjusted EBIT
2 Net cash from operating activities and net cash from investing activities (adjusted by cash flows from acquisitions/divestments and from financial assets)
Interim Group Management Report
Macroeconomic Conditions and Business Environment
Despite a perceptible slowdown, the global economy still showed signs of modest growth in the first half of 2025. Its trajectory was shaped largely by geopolitical and economic policy factors. In particular, protectionist measures adopted subsequent to the change of government in the United States and ongoing geopolitical tensions – including the persistent conflicts in Ukraine and the Middle East – posed considerable challenges for the global economy.
The tariff policy embraced by the US administration – a universal baseline tariff of 10% was in place for almost all imports as from April 5 and up until the end of the reporting period – caused noticeable distortions in global trade. The threat of tariff hikes and in some cases escalating spirals relating to tariff policy, for example, in trading with China or in the form of additional US
GDP growth
| Year-on-year change in % |
4th quarter 2024 |
1st quarter 2025 |
2nd quarter 2025 |
|---|---|---|---|
| Germany | -0.2 | 0.0 | 0.1 |
| Eurozone | 1.2 | 1.5 | 1.0 |
| USA | 2.5 | 2.1 | 2.4 |
| Brazil | 3.6 | 2.9 | 2.3 |
| China | 5.4 | 5.4 | 4.9 |
| India | 6.4 | 7.4 | 6.5 |
| Japan | 1.3 | 1.7 | 0.5 |
tariffs targeting the European Union for specific sectors, had a sustained impact on the global investment climate.
While global inflation continued to fall on the whole, inflationary trends still differed greatly from region to region. In the eurozone, inflation continued to move tentatively towards the European Central Bank's (ECB) target rate of 2%. Against this backdrop and for the purpose of supporting the economy, the ECB cut the benchmark interest rate further to 2.15%. By contrast, the US Federal Reserve took a more cautious approach, leaving the key interest rate range unchanged at 4.25 –4.50%. Other regions such as Latin America and Eastern Europe were faced with rising inflation rates.
The eurozone saw a marginal upturn in the economy, driven by a higher propensity to consume as well as a slight improvement in investments and exports. The latter were also influenced by anticipatory effects in connection with US tariff announcements. At the end of the reporting period, i.e., June 30, 2025, sector-specific surcharges of 25% applied to cars and car parts, while a 50% tariff applied to steel and aluminum. The German economy was barely able to emerge from stagnation in the face of structural constraints such as high energy prices, a shortage of skilled workers, and red-tape obstacles. The government's decision to introduce a comprehensive financial package aimed at infrastructure and defense provided some positive impetus.
Meanwhile, the United States had to contend with a dip in what had previously been a solid economy. Economic reports point
Production Light Vehicles
| Vehicles millions | |||
|---|---|---|---|
| Region | 1st half 2024 | 1st half 2025 | Year-on-year change |
| Europe1 | 8.7 | 8.4 | -3.3% |
| China | 13.3 | 14.8 | 11.7% |
| Japan/Korea | 5.9 | 6.1 | 3.4% |
| Middle East/Africa | 1.1 | 1.1 | -1.5% |
| North America | 8.1 | 7.7 | -4.1% |
| South America | 1.3 | 1.4 | 8.3% |
| South Asia | 4.8 | 4.9 | 2.7% |
| World | 43.5 | 44.9 | 3.1% |
1 excl. Russia Source: S&P Global Mobility, July 2025
to heightened uncertainty among companies and consumers, resulting in muted capital expenditure and consumer spending. China provided little impetus when it came to global growth. The Chinese economy continued to expand at a slower pace amid the country's unresolved structural problems, as evidenced by the real estate crisis and the high level of corporate debt.
Global vehicle production up slightly in first half of the year
Following the marginal downturn in vehicle production in 2024, the automotive markets recorded a slight overall expansion in the first half of 2025, although – from a regional perspective – this growth was driven unilaterally by the markets in China, Japan, India, and South America. Both Europe and the United States saw
Source: HSBC (July 2025)
a decline in production output, which encouragingly showed signs of abating in the second quarter.
According to the industry institute S&P Global Mobility, 44.9 million light vehicles (passenger cars and light commercial vehicles) were produced worldwide in the first half of the year, 3.1% more than in the same period of the previous year. Output was up by a less pronounced rate of 2.6% in the second three months of 2025, with momentum slowing quarter on quarter in this period, particularly in China.
International sales markets trend higher almost across the board
With the exception of Europe, the majority of international sales markets recorded year-on-year growth in the first half of 2025, according to German industry association VDA. In Western Europe, the trend remained below average against the backdrop of an anemic economy, with a slight overall decline of 1.9% to 6.1 million newly registered cars. Europe as a whole (EU, EFTA, and UK) also trended sideways, with new car registrations down 0.9% or 6.8 million. Germany saw new registrations fall by as much as 4.7% to 1.4 million vehicles between January and June 2025, while the UK, Europe's second-largest market, led the way in terms of absolute figures with growth of 3.5%.
In contrast to production output, light vehicle sales in the United States increased by 3.9% year on year to 8.1 million units in the first half of 2025. At +10.8% to 10.9 million units, car sales were also up sharply year on year in China, where demand for electric vehicles in particular was buoyed by wide-ranging incentives. The major individual markets of Japan and Brazil also posted gains, amounting to 10.5% (2.0 million cars) and 5.0% (1.1 million light vehicles) respectively.
Important Events
The following section outlines events accompanying the business situation during the first half of 2025. Other significant events as defined by financial reporting standards are presented in the notes.
Anniversary year in honor of company founder Paul Lechler
To mark the 100th anniversary of the death of company founder Paul Lechler, ElringKlinger is commemorating the visionary entrepreneur and social reformer with various events over the course of the current financial year. In 1879, Paul Lechler founded a trading company in Stuttgart – the origins of today's ElringKlinger Group. Alongside his entrepreneurial efforts, it was above all his early commitment to social issues that shaped the company. Back in 1875, he pledged to donate a tenth of his company's profits to charitable causes – a practice that lives on to this very day, not least because the principal shareholder Lechler-Stiftung, a foundation that he established, continues to benefit from the company's commercial success.
Syndicated loan agreement covering a volume of EUR 450 million
In the first quarter of 2025, ElringKlinger AG concluded a syndicated loan agreement with seven national and international banks covering a volume of EUR 450 million for a period of five years at standard market terms and conditions. The syndicated loan includes an option to increase the financing volume by a further EUR 100 million. The new agreement replaced an existing loan ahead of schedule and safeguards corporate financing in support of ElringKlinger's transformation strategy. Together with existing bilateral lines of credit, the Group therefore has calculable room for maneuver in the medium to long term.
Annual General Meeting approves dividend and elects Supervisory Board
The Annual General Meeting (AGM) of ElringKlinger AG held on May 16, 2025, approved an unchanged dividend of EUR 0.15 per share. The AGM was also responsible for electing the shareholder representatives to the Supervisory Board. Dr. Sabine Lutz, an acknowledged expert in the automotive and supplier industry, was appointed as a new member of the Board. She replaces Andreas Wilhelm Kraut, who did not stand for re-election.
Thale site discontinued as planned
ElringKlinger AG's German site in Thale was shut down as planned as of June 30, 2025. The decision is to be seen in the context of the measures adopted as part of the SHAPE30 transformation strategy in 2024. This strategy is aimed at consistently focusing the company on its profitable core business and discontinuing non-strategic activities.
ElringKlinger reinforces Management Board with CFO appointment from August 2025
On August 1, 2025, Isabelle Damen will become a new member of ElringKlinger's Group Management Board and assume the position of CFO, which had previously been held by Thomas Jessulat (CEO) alongside his duties as Chief Executive Officer. The new CFO will also be accountable for IT and Legal & Compliance. With extensive experience at an international level, the financial expert is currently CFO at Teijin Aramid B.V., a company with registered offices in the Netherlands. Isabelle Damen holds degrees from Amsterdam Business School and ESADE Business School in Barcelona.
Sales and Earnings Performance
Year-on-year growth in Group operating revenue
In the second quarter of 2025, the ElringKlinger Group generated revenue of EUR 408.3 million, compared to EUR 445.0 million in the prior-year period. In this context, it should be noted that the Swiss and US entities sold in 2024 had still contributed EUR 44.1 million to revenue in the second quarter of the previous year. Adjusted for this effect, the comparative figure from the previous year would have been EUR 400.9 million. In addition, the second quarter of 2025 was influenced by negative currency effects of EUR 14.1 million or 3.2%. The depreciation of the Mexican peso, the Brazilian real, and the Turkish lira in particular had a significant negative impact on revenue performance in the second quarter of 2025. In the first half of the year, revenue amounted to EUR 831.4 million (H1 2024: EUR 910.2 million), a decrease of EUR 78.8 million or 8.7%.
Adjusted for M&A and currency effects, the Group recorded organic revenue growth of EUR 21.5 million or 4.8% in the second quarter of 2025 and EUR 32.0 million or 3.5% in the first half of 2025 compared to the same period of the previous year.
According to data published by industry service provider S&P Global Mobility, global automotive production in the period from April to June 2025 was up 2.6% on the figure for the same quarter in 2024. This growth is primarily due to the dynamic development of the Asian markets. In Europe, ElringKlinger's strongest market in terms of revenue, automobile production declined by 1.7% compared to the same quarter a year ago. At 3.3%, the decline was even more pronounced in a half-year comparison.
Revenue growth in Europe and Asia-Pacific
In its strongest revenue-generating region, Rest of Europe, the ElringKlinger Group recorded sales revenue of EUR 141.0 million in the second quarter of 2025 (Q2 2024: EUR 139.9 million), which represents growth of EUR 1.1 million or 0.8%. This corresponds to a 34.5% share of the Group's total revenue and represents an increase of 3.1 percentage points in the regional share of revenue. Adjusted for currency effects, revenue generated in this region rose by as much as 1.9%, significantly outperforming the trend in automotive production in Europe, which contracted by 1.7% in the second quarter of 2025 compared to the same quarter of the previous year (Europe excluding Germany and Russia: -2.3%). Adjusted for the previous year's revenue from the divested entity in Switzerland, Group revenue in the Rest of Europe region increased by EUR 13.3 million or 10.4%. In the first half of 2025, the Group recorded revenue of EUR 292.9 million (H1 2024: EUR 293.0 million), slightly below the previous year's level. Adjusted for currency effects, revenue in this period amounted to EUR 295.7 million, visibly exceeding the market trend in Europe of -3.3% (excluding Germany and Russia: -5.0%). Adjusted for revenue from the divested entity in Switzerland, growth in the first half of 2025 amounted to EUR 21.9 million or 8.1% compared to the same period of the previous year.
In Germany, revenue decreased by EUR 6.2 million or 6.2% to EUR 94.0 million in the second quarter of 2025 (Q2 2024: EUR 100.2 million), while automotive production in Germany expanded by 1.6% in this period. At 77.0% (Q2 2024: 77.5%), the share of foreign revenue in Group revenue was slightly lower than in the same period of the previous year. In the first half of 2025, 78.4% (H1 2024: 78.6%) of revenue was generated abroad, or 79.0% when adjusted for currency effects (H1 2024: 78.6%).
Factors influencing Group revenue in 1st half 2025 in EUR million
In a regional comparison, Germany therefore ranks second in respect of sales revenue.
activities
effects
In the Asia-Pacific region, meanwhile, the Group generated revenue of EUR 66.9 million in the second quarter of 2025 (Q2 2024: EUR 65.5 million), which corresponds to 16.4% of Group revenue. This represents an increase of EUR 1.3 million or 2.0%. Thus, the positive revenue trend seen in the first quarter continued into the next period. In the first half of 2025, revenue in the Asia-Pacific region amounted to EUR 139.7 million (H1 2024: EUR 136.2 million). Exchange rate effects played a relatively minor role with regard
Group revenue by region 1st half 2025
to the revenue trajectory in the region encompassing Asia-Pacific. Growth in automotive production across the Asia-Pacific region continued in the first half of 2025, exceeding output in the prior-year period.
North American business dampened by regional challenges
After a subdued start to the year in the first quarter of 2025, the region of North America continued its downward trend in the second quarter. The region encompassing North America accounted for a fifth (20.0%) of Group revenue in the second quarter of 2025, with revenue standing at EUR 81.6 million (Q2 2024: EUR 113.8 million). In the first half of 2025, the Group generated revenue of EUR 168.1 million (H1 2024: EUR 235.1 million). It should be noted that the entity in Buford, USA, which was sold last year, had still contributed to revenue in the first half of 2024 – the adjusted comparative figure would therefore be EUR 190.6 million. Taking exchange rate movements into account, revenue in the first half of 2025 would have amounted to EUR 180.6 million on a currency-adjusted basis. Automotive production in the region has also been on a downward slope in the year to date. In the second quarter of 2025, production output fell by 3.0%; in the first half of the year, the decline amounted to 4.1%.
South America and Rest of the World: first half remains on growth trajectory
Revenue in South America and Rest of the World totaled EUR 24.7 million in the quarter under review, i.e., 6.1% of Group revenue (Q2 2024: EUR 25.4 million or 5.7%), which corresponds to a year-on-year decline of 2.8% in the second quarter of 2025. Revenue growth was held back by unfavorable exchange rate movements. Excluding these effects, revenue in the second quarter of 2025 would have amounted to EUR 27.3 million, which would have corresponded to growth of EUR 1.9 million or 7.3% compared to the same quarter of the previous year. In the first half of 2025, revenue expanded by 0.4%, or by as much as 10.2% adjusted for currency effects. Automotive production in this region showed signs of positive momentum, increasing by 1.7% quarter on quarter and by 3.8% in a half-year comparison.
Original Equipment bolstered by E-Mobility
In the second quarter of 2025, the Original Equipment segment recorded a decline in revenue of EUR 51.4 million compared to the same quarter of the previous year. From April to June 2025, the sluggish momentum in automotive production in Europe (excluding Russia), which S&P Global Mobility put at -1.3%, had a dampening effect on segment revenue. Revenue generated in the Original Equipment segment totaled EUR 276.9 million in the second quarter of 2025 (Q2 2024: EUR 328.3 million). Accounting for 67.2% of Group revenue in the second quarter of 2025, Original Equipment remains the Group's largest segment.
Project ramp-ups developed favorably, particularly in the E-Mobility business unit. E-Mobility revenue increased by EUR 22.3 million or 126.0% to EUR 40.0 million (Q2 2024: EUR 17.7 million). This expansion was driven by business in the area of Battery Technology. By contrast, revenues attributable to what were originally seen as the traditional business units Lightweighting/ Elastomer Technology, Metal Forming & Assembly Technology, and Metal Sealing Systems & Drivetrain Components declined year on year amid challenging market conditions, as described above. In the first half of 2025, ElringKlinger recorded revenue of EUR 558.7 million (H1 2024: EUR 667.8 million) in the Original Equipment segment.
In the second quarter of 2025, adjusted earnings before interest and taxes (adjusted EBIT) for the Original Equipment segment amounted to EUR 2.7 million (Q2 2024: EUR -1.3 million), which corresponds to a margin of 1.0% (Q2 2024: -0.4%). In the first six months of 2025, the segment recorded an adjusted EBIT margin of -1.0% (H1 2024: -0.6%).
Group revenue by segment and business unit 1st half 2025
Aftermarket again records double-digit growth
The Aftermarket segment remained on its successful growth trajectory in the second quarter of 2025, once again recording a year-onyear increase in revenue. With revenue totaling EUR 95.4 million (Q2 2024: EUR 84.8 million) in the months from April to June 2025, the Aftermarket segment accounted for 23.7% of the Group's total revenue, underpinning its position as the second-largest segment. Revenue increased by EUR 10.6 million or 12.5% in the second quarter of 2025. As in the first three months of 2025, all key sales regions contributed to growth generated in the quarter under review. Revenue in Asia as well as in South America showed particularly dynamic growth in the second quarter of 2025. Segment revenue in the first half of the year amounted to EUR 197.4 million (H1 2024: EUR 175.2 million).
Adjusted EBIT within the Aftermarket segment amounted to EUR 17.8 million in the quarter under review (Q2 2024: EUR 20.5 million). This translates into an adjusted EBIT margin of 18.7% for the second quarter of 2025 (Q2 2024: 24.2%). In the first half, the segment achieved adjusted EBIT of EUR 42.0 million (H1 2024: EUR 43.2 million), corresponding to an adjusted EBIT margin of 21.3% (H1 2024: 24.7%).
Growth in Engineered Plastics segment
In the second quarter of 2025, the Engineered Plastics segment generated revenue of EUR 35.7 million (Q2 2024: EUR 31.5 million) and thus contributed 9.0% to Group revenue. Against the backdrop of a muted economy, this segment proved to be robust thanks to its broadly diversified sector portfolio.
Compared to the same period last year, the segment's cost structure was again impacted by an upturn in prices for high-performance plastics such as fluoropolymers. In spite of this, the segment saw an improvement in profitability thanks to consistent cost management. Overall, the Engineered Plastics segment's adjusted EBIT increased from EUR 2.7 million in the second quarter of the previous year to EUR 3.2 million from April to June 2025, which corresponds to an adjusted EBIT margin of 8.8% (Q2 2024: 8.6%). In the first half of the year, the adjusted EBIT margin for the Engineered Plastics segment was 10.1% (H1 2024: 9.0%).
Other segment
The segment referred to as "Other" mainly comprises services provided by various subsidiaries. This includes logistics services for the Group's aftermarket business, in addition to catering services provided by a subsidiary. In the second quarter of 2025, segment revenue amounted to EUR 0.3 million (Q2 2024: EUR 0.4 million). In the first six months, revenue declined to EUR 0.6 million (H1 2024: EUR 1.0 million). At EUR 0.5 million, adjusted segment earnings before interest and taxes in the second quarter of 2025 were on a par with the same quarter of the previous year.
ElringKlinger Group headcount down by 6%
The headcount (excluding Management Board) of the ElringKlinger Group stood at 8,956 (Jun. 30, 2024: 9,560) at the end of the quarter under review, which corresponds to a decrease of 6.3%. The decline is mainly due to the divestment of the entities in Buford and Sevelen last year. While the Group expanded its workforce in the Asia-Pacific region, the number of employees in the Rest of Europe region and in Germany decreased, primarily due to the sale of the company in Switzerland. In a year-on-year comparison, the proportion of employees in Germany rose to 47.0% (Jun. 30, 2024: 43.2%). As a result of the divestment of the two Group entities, the share of people employed abroad fell to 53.0% (Jun. 30, 2024: 56.8%).
Gross profit margin remains robust at 24% in first half
While Group revenue decreased by 8.2% in the quarter under review, the cost of sales fell by EUR 22.7 million or 6.8% and amounted to EUR 312.8 million (Q2 2024: EUR 335.5 million). The Group's gross profit fell by EUR 14.0 million to EUR 95.5 million in the second quarter of 2025, down from EUR 109.5 million in the same period of the previous year. This corresponds to a gross profit margin of 23.4% (Q2 2024: 24.6%) in the quarter under review. From January to June 2025, the gross profit margin amounted to 24.0%, only slightly below the previous year's figure (H1 2024: 24.2%).
The direction taken by procurement prices for several key raw materials required by the Group for production purposes had a positive effect on gross profit. The price of aluminum in the reporting period was at a lower level than in the second quarter of the previous year. Prices for steels and plastic pellets were at a similar level to the previous year. Despite these developments, the overall price level for key raw materials remained noticeably above the pre-crisis level. Prices for certain elastomers were down on the previous year.
The cost of materials amounted to EUR 172.1 million in the quarter under review (Q2 2024: EUR 186.1 million), while the cost-of-materials ratio (cost of materials as a percentage of revenue) remained at a similar level year on year at 42.2% (Q2 2024: 41.8%). It also fell from 42.0% in the first six months of 2024 to 41.1% in the first half of the current year.
Staff costs within the Group, which are accounted for in various functional categories of the income statement, fell to EUR 142.3 million in the second quarter of 2025 (Q2 2024: EUR 150.9 million). The lower headcount at a direct and indirect level had a favorable impact on the direction taken by staff costs. In total, staff costs fell by a substantial 5.7%. Staff costs in relation to revenue amounted to 34.9% in the second quarter of 2025, up marginally on the previous year's figure of 33.9%. This ratio was also up slightly year on year at 35.0% (H1 2024: 33.9%), which was due in part to a collectively agreed wage increase as from April 2025.
The ElringKlinger Group's selling expenses fell to EUR 37.1 million in the second quarter of 2025 (Q2 2024: EUR 39.4 million) and were thus down on the prior-year figure. In the first six months
EBIT 1st half 20251
| in EUR million | 2nd quarter 2025 |
2nd quarter 2024 |
Year-on-year change |
1st half 2025 |
1st half 2024 |
Year-on-year change |
|---|---|---|---|---|---|---|
| EBIT | 6.3 | 22.4 | -16.1 | 26.3 | 46.2 | -19.9 |
| Impairment losses | 3.5 | 0.0 | 3.5 | 4.0 | 0.0 | 4.0 |
| of which goodwill impairment losses | 0.0 | 0.0 | 0.0 | 0.0 | ||
| Restructuring | 4.3 | 0.0 | 4.3 | 4.3 | 0.1 | 4.3 |
| Other non-operational effects | 10.1 | 0.0 | 10.1 | 10.1 | 0.1 | 10.1 |
| Adjusted EBIT | 24.2 | 22.5 | 1.7 | 44.8 | 46.5 | -1.7 |
| Adjusted EBIT margin | 5.9% | 5.0% | 0.9 pp | 5.4% | 5.1% | 0.3 pp |
1 A detailed definition of adjusted EBIT margin can be found in the "Internal Control System" section of the 2024 annual report.
of 2025, selling expenses totaled EUR 75.2 million, compared to EUR 77.5 million in the first half of 2024.
General and administrative expenses rose slightly by EUR 1.4 million to EUR 26.6 million (Q2 2024: EUR 25.2 million) in the second quarter of 2025. At EUR 52.3 million in the first six months of 2025 (H1 2024: EUR 51.8 million), general and administrative expenses were at a similar level to that recorded in the same period of the previous year.
R&D ratio of 5.6% for the first half of the year
The ElringKlinger Group's research and development (R&D) activities are focused on alternative drive technologies. In the second quarter of 2025, R&D expenses amounted to EUR 18.6 million in total (Q2 2024: EUR 22.5 million). In addition, a total amount of EUR 3.4 million (Q2 2024: EUR 5.2 million) was capitalized in the quarter under review. In the first half of 2025, R&D expenses totaled EUR 40.5 million (H1 2024: EUR 43.5 million). In addition, a sum of EUR 6.4 million (H1 2024: EUR 10.9 million) was capitalized. This translates into a capitalization ratio of 15.4% for the second quarter of 2025 (Q2 2024: 18.7%) and 13.7% in the first half of 2025 (H1 2024: 20.0%).
The R&D ratio – i.e., R&D expenses including capitalization in relation to Group revenue – fell to 5.4% in the second quarter of 2025 (Q2 2024: 6.2%) and 5.6% in the first half of the year (H1 2024: 6.0%), which was within the target corridor of around 4 to 6%.
While other operating expenses increased significantly to EUR 10.0 million in the period from April to June 2025 (Q2 2024: EUR 3.6 million), partly due to measures associated with the SHAPE30 transformation strategy, other operating income decreased slightly to EUR 3.2 million in the same period (Q2 2024: EUR 3.6 million). This includes government grants of EUR 1.2 million (Q2 2024: EUR 2.1 million). In the first six months of 2025, government grants amounted to EUR 2.2 million (H1 2024: EUR 2.7 million). These grants were attributable primarily to development projects.
Profitability remains on track: adjusted EBIT margin at 5.4% in H1 2025
At EUR 35.8 million, earnings before interest, taxes, depreciation, and amortization (EBITDA) in the second quarter of 2025 were down on the previous year's figure of EUR 49.7 million, primarily due to non-recurring charges relating to transformation and the customer base. As a result, the aforementioned factors also had a noticeable impact on the half-year EBITDA figure for 2025, which at EUR 77.7 million was down on the previous year's figure of EUR 100.5 million.
After deducting depreciation and amortization, which amounted to EUR 29.4 million in the reporting quarter (Q2 2024: EUR 27.3 million), the Group's reported EBIT stood at EUR 6.3 million (Q2 2024: EUR 22.4 million), which corresponds to a reduction of EUR 16.1 million. The decline is mainly due to non-recurring items. As part of the Group-wide STREAMLINE program aimed at reviewing and reducing the structure of staff costs, expenses for severance payments amounting to EUR 5.1 million were incurred in the reporting period up to June 30, 2025. The program is targeted at streamlining the Group's staff costs by at least EUR 30 million in structural terms. In addition, expenses in the upper single-digit million euro range were incurred in the context of the insolvency of a customer as well as impairments in the lower to middle single-digit million euro range for individual assets as part of efforts to hone the portfolio from a strategic perspective and consolidate the network of sites.
The Group posted adjusted EBIT of EUR 24.2 million (Q2 2024: EUR 22.5 million) in the quarter just ended, resulting in an adjusted EBIT margin of 5.9% (Q2 2024: 5.0%). In the first half, adjusted EBIT stood at EUR 44.8 million (H1 2024: EUR 46.5 million), while the adjusted EBIT margin was up at 5.4% (H1 2024: 5.1%).
Higher interest expenses
In the second quarter of 2025, the net interest result deteriorated to EUR -6.5 million, down EUR 0.7 million on the same quarter of
Net finance cost/income 1st half 2025
| in EUR million | 2nd quarter 2025 |
2nd quarter 2024 |
Year-on-year change |
1st half 2025 |
1st half 2024 |
Year-on-year change |
|---|---|---|---|---|---|---|
| Net interest result | -6.5 | -5.8 | -0.7 | -13.1 | -10.4 | -2.7 |
| Net foreign exchange result and other net finance result | -5.8 | -0.7 | -5.1 | -11.5 | -2.0 | -9.5 |
| Net finance cost | -12.3 | -6.5 | -5.8 | -24.6 | -12.4 | -12.2 |
the previous year (Q2 2024: EUR -5.8 million). Interest expense amounted to EUR 6.9 million in the second quarter of 2025 (Q2 2024: EUR 6.5 million). Interest income totaled EUR 0.4 million in the quarter under review (Q2 2024: EUR 0.7 million). The upturn in foreign exchange gains coincided with higher foreign exchange losses, which led to a net foreign exchange result and other net finance result of EUR -5.8 million (Q2 2024: EUR -0.7 million). At EUR -12.3 million (Q2 2024: EUR -6.5 million), net finance cost was up on the prior-year figure in the second quarter of 2025.
In the first half of 2025, net finance cost amounted to EUR -24.6 million, up significantly on the previous year's figure of EUR -12.4 million. This was due to significantly higher finance expenses, particularly with regard to the net result from currency translation and other items, which was attributable primarily to the direction taken by the US dollar against the euro.
Taking net finance cost into account, ElringKlinger recorded a noticeable decline in earnings before taxes of EUR -5.9 million in the second quarter of 2025 (Q2 2024: EUR 15.9 million). Earnings before taxes amounted to EUR 1.8 million in the first half of 2025 (H1 2024: EUR 33.8 million).
Year-on-year reduction in income tax expense
Income tax expense for the period from April to June 2025 fell by EUR 2.1 million to EUR 4.4 million (Q2 2024: EUR 6.5 million) compared to the second quarter of the previous year, mainly as a result of effects from the change in the transfer pricing system. The change in the effective tax rate in the period under review was influenced to a large extent by internal structural measures and does not represent a consistent trend.
Year-on-year decline in earnings per share
Having deducted income tax expenses, net income for the ElringKlinger Group stood at EUR -10.3 million in the second quarter of 2025 (Q2 2024: EUR 9.5 million). Taking into account the share of net income attributable to non-controlling interests, the net loss attributable to the shareholders of ElringKlinger AG amounted to EUR -9.2 million (Q2 2024: net income of EUR 9.8 million). In the first half of 2025, the net loss for the period amounted to EUR -8.7 million and EUR -5.7 million for ElringKlinger shareholders (H1 2024: EUR 19.3 million and EUR 23.2 million respectively).
As a result, earnings per share in the first six months of 2024, at EUR -0.09, and in the second quarter of 2024, at EUR -0.15, were also well below the previous year's figures of EUR 0.37 and EUR 0.15 respectively. Adjusted for non-recurring effects, earnings per share amounted to EUR 0.26 in the first half of 2025 (H1 2024: EUR 0.37). The decline is primarily due to a weaker net finance income and the dampening effects of exchange rates. As of June 30, 2025, the number of shares issued that were entitled to a dividend remained unchanged at 63,359,990.
Financial Position and Cash Flows
The financial position and cash flows of the ElringKlinger Group at the end of the first half of 2025 remain solid. Financial management continues to focus on further improving the capital structure, which remains well-balanced with an equity base of around 37% of the balance sheet total and includes net financial liabilities of EUR 374.9 million at the end of the reporting period. Due to the challenges faced in the Group's operating business, including investments in new technologies and upfront expenditure for forthcoming series production projects, operating free cash flow for the first half of 2025 was in negative territory, as expected, and stood at EUR -96.5 million. With positive operating free cash flow of EUR 23.8 million in the second quarter of 2025, the situation has already improved significantly compared to the first quarter.
Total assets at EUR 1.8 billion
As of June 30, 2025, total assets held by the ElringKlinger Group amounted to EUR 1,792.6 million (Dec. 31, 2024: EUR 1,759.3 million), up 1.9% on the carrying amount reported at the end of the 2024 financial year. Exchange rate differences from the translation of individual balance sheets into the Group currency at the end of the reporting period had a slightly dilutive effect overall.
The reduction in total assets by around 10% in the twelve-month period reflects the targeted implementation of strategic measures that were accounted for in the 2024 financial year and are evident in several balance sheet items compared to the previous year's reporting date of June 30, 2024. These include the deconsolidation of the two Group entities in Switzerland and the United States – sold in the 2024 financial year – and the associated disposal of assets and liabilities, leading to a contraction in net assets by around EUR 125 million. In addition, impairment losses were recognized for property, plant, and equipment and intangible assets prior to the end of the 2024 reporting period as a result of changes
Key figures Financial Position and Cash Flows
| in EUR million | Jun. 30, 2025 | Mar. 31, 2025 | Dec. 31, 2024 | Jun. 30, 2024 |
|---|---|---|---|---|
| Total equity and liabilities | 1,792.6 | 1,794.1 | 1,759.3 | 2,007.5 |
| Equity ratio | 36.7% | 38.3% | 39.0% | 45.1% |
| Net working capital1 | 417.4 | 454.4 | 346.9 | 482.4 |
| in relation to Group revenue | 25.2% | 27.6% | 19.2% | 26.8% |
| Net financial debt2 | 374.9 | 370.4 | 245.9 | 350.4 |
| Net debt-to-EBITDA ratio3 | 2.1 | 2.1 | 1.7 | 1.7 |
| ROCE adjusted4 | 6.7% | 6.0% | 6.7% | 6.3% |
| 2nd quarter 2025 | 2nd quarter 2024 | 1st half 2025 | 1st half 2024 | |
| Net cash from operating activities | 53.4 | 23.2 | -19.2 | 39.9 |
| Operating free cash flow5 | 23.8 | -4.5 | -96.5 | -10.3 |
| Investments in property, plant, and equipment (payments) | 26.3 | 22.7 | 71.3 | 39.6 |
| Investment ratio | 6.4% | 5.1% | 8.6% | 4.3% |
1 Inventories as well as trade receivables less trade payables and less liabilities from supplier finance arrangements
2 Current and non-current financial liabilities less cash and short-term securities
3 Net financial liabilities/EBITDA; calculation of value Q1 2025 includes adjustment items
4 Return on capital employed; calculation based on EBIT adjusted
5 Cash flow from operating activities and cash flow from investing activities, excluding cash flows for M&A activities and for financial assets
in demand expectations in connection with the transformation process in the automotive industry. Furthermore, reclassifications were made to assets and liabilities held for sale, which continue to be reported at EUR 30.6 million and EUR 12.9 million respectively at the end of the first half of 2025. Among other things, these measures are to be seen in the context of management's decision to refocus the Group on profitable business. This included discontinuing systems business for electric drive units and consolidating the global network of sites.
Non-current assets had a carrying amount of EUR 906.0 million as of June 30, 2025 (Dec. 31, 2024: EUR 907.7 million). Their share of total assets corresponded to 50.5% (Dec. 31, 2024: 51.6%). They were down EUR 189.8 million year on year, mainly in connection with the corporate realignment described above. In this context, property, plant, and equipment constituted the largest item at EUR 717.8 million (Dec. 31, 2024: EUR 715.1 million). It increased by EUR 2.7 million compared to the beginning of the year and by EUR 8.0 million in the second quarter of 2025. The additions of around EUR 75 million contrasted with depreciation/ amortization and impairment losses of around EUR 48 million as well as dilutive exchange rate effects. In the first quarter, there was a noticeable discrepancy between payments for property, plant, and equipment and the recognition of new additions due to the fact that some of the investment payments had already been recognized as additions to assets under construction in the final quarter of 2024. Further information on investments relating to property, plant, and equipment can be found below in the description of net cash used in investing activities.
Intangible assets were up slightly by EUR 1.0 million compared to the beginning of the year, with the total carrying amount standing at EUR 123.6 million (Dec. 31, 2024: EUR 122.6 million). They primarily include assets generated as part of internal development activities as well as acquired goodwill. The largest addition consisted of capitalized development costs of EUR 6.4 million in the first half of the year and EUR 3.4 million in the second quarter of 2025.
Interests in associates amounted to EUR 3.3 million at the end of the reporting period (Dec. 31, 2024: EUR 3.4 million).
Net working capital down quarter on quarter
Working capital, which consists of inventories and trade receivables, makes up the largest part of current assets. It was up EUR 49.7 million or 8.0% on the level recorded at the end of the 2024 financial year. The decrease of EUR 33.1 million in the twelve-month period is mainly due to the aforementioned deconsolidation of two Group entities in 2024. Inventories were up by EUR 26.8 million to EUR 446.6 million at the end of the reporting period (Dec. 31, 2024: EUR 419.8 million), of which EUR 14.3 million was attributable to the second quarter. The bulk of this expansion related to unfinished and finished goods manufactured for specific upcoming customer call-off orders. The primary increase was in customer-specific tools accounted for in inventories, which are recognized in inventories for imminent ramp-ups until transfer of ownership.
In line with the direction taken by revenue, trade receivables decreased slightly compared to the previous quarter (EUR 239.8 million) to EUR 227.0 million (Dec. 31, 2024: EUR 204.1 million).
Net working capital, which is calculated on the basis of inventories, trade receivables less trade payables, and liabilities from supplier finance arrangements, amounted to EUR 417.4 million as of June 30, 2025 (Dec. 31, 2024: EUR 346.9 million). Thus, the figure was EUR 70.5 million up on the level recorded at the end of 2024, which had been characterized in particular by substantial trade payables (EUR 277.0 million as of December 31, 2024) and had had a considerable impact on the key performance indicator at the time. As a result, there was a significant increase in the first quarter of 2025. The second quarter saw a clear reduction in net working capital of EUR 37.1 million. In total, trade payables and liabilities from supplier finance arrangements amounted to EUR 256.2 million at the end of the first half.
Expressed as a percentage of revenue, the net working capital ratio as of June 30, 2025, was 25.2% (Dec. 31, 2024: 19.2%). As a result, this key performance indicator improved both compared to the previous quarter (by 2.4 percentage points) and compared to the end of the first half of 2024 (by 1.6 percentage points).
Other current assets increased by EUR 32.0 million to EUR 93.5 million compared to the end of 2024 (Dec. 31, 2024: EUR 61.5 million), which was attributable to various factors. The second quarter of 2025 accounted for EUR 21.8 million of this increase, which was mainly due to prepayments and upfront expenditure as part of a large-scale series production project of strategic importance. This item also includes, for example, accruals and deferrals, other receivables from third parties, tax receivables, and current securities.
As of June 30, 2025, ElringKlinger had cash and cash equivalents totaling EUR 73.7 million (Dec. 31, 2024: EUR 111.7 million), compared to EUR 97.1 million at the end of the previous quarter.
As of June 30, 2025, total current assets held by the ElringKlinger Group had a carrying amount of EUR 856.0 million (Jun. 30, 2024: EUR 911.7 million) and represented 47.8% of total assets. A customer insolvency accounted for in the second quarter of 2025 led to a reduction in both current assets, as inventories were affected, and non-current assets.
Group equity forms strong capital base
Compared to the end of the 2024 financial year, the ElringKlinger Group's equity decreased slightly to EUR 658.7 million (Dec. 31, 2024: EUR 685.3 million), but with the equity ratio remaining high at 36.7% (Dec. 31, 2024: 39.0%), it continues to provide a solid basis for corporate financing. Although the ratio fell by around 8 percentage points compared to the end of the previous year's reporting period on June 30, 2024, this is mainly due to the exceptional items recognized in the 2024 financial year as part of the transformation process. In the medium term, the management's target range for equity remains unchanged at 40 to 50%.
While equity increased slightly in the first quarter of the current financial year, items accounted for in the second quarter, including the dividend payment to shareholders and non-controlling interests of ElringKlinger AG in the amount of EUR 9.5 million, acted as a decelerator. In addition, net income for the period from January to June 2025 of EUR -8.7 million and currency translation differences of EUR -13.5 million had a dilutive effect on equity. This contrasted with a capital reserve of EUR 5.1 million from the co-shareholder in EKPO Fuel Cell Technologies GmbH, Dettingen/Erms, that was recognized in equity.
When compared to the end of the 2024 financial year, provisions for pensions remained almost unchanged at EUR 95.2 million at the end of the first half of 2025 (Dec. 31, 2024: EUR 95.9 million).
The ElringKlinger Group's non-current and current provisions totaled EUR 79.6 million as of June 30, 2025 (Dec. 31, 2024: EUR 76.1 million). Compared to the end of 2024, this represents a slight increase of EUR 3.5 million, which was recognized in current items and was accounted for mainly in the first quarter of 2025. Current provisions amounted to EUR 50.0 million, while non-current provisions stood at EUR 29.5 million. As part of the program launched in the quarter under review to reduce staff costs, provisions of EUR 5.1 million were made within the current category. In contrast, reversals were made to warranty provisions in the same period. Non-current provisions continued to include mainly personnel-related obligations, for example, for partial retirement, long-service awards, and similar future benefits. Compared to June 30, 2024, i.e., the end of the previous year's reporting period for the first half, the carrying amount of current and non-current provisions was only marginally higher by EUR 1.6 million.
The collective item "Other current liabilities" amounted to EUR 161.4 million at the end of the reporting period (Dec. 31, 2024: EUR 177.8 million). Compared to the figure posted at the end of the first quarter of 2025, the balance sheet item was up by a total of EUR 3.2 million.
Net financial liabilities reflect financing requirements for new business
The ElringKlinger Group's net financial liabilities1 amounted to EUR 374.9 million as of June 30, 2025, which was comparable to the figure posted in the previous quarter (Dec. 31, 2024: EUR 245.9 million). Alongside the financing of ongoing operations, the increase since the beginning of the year reflects the active investment approach adopted for the purpose of tapping into high-volume series production projects in the field of E-Mobility and unlocking the Group's growth potential in a targeted manner. Non-current and current financial liabilities amounted to EUR 453.0 million (Dec. 31, 2024: EUR 365.4 million). The net debt-to-EBITDA ratio, i.e., the ratio of net financial liabilities to EBITDA2, remained stable compared to the previous quarter at 2.1 (Dec. 31, 2024: 1.7).
At the end of the first half of 2025, the ElringKlinger Group reported non-current liabilities totaling EUR 494.4 million (Dec. 31, 2024: EUR 471.5 million) and current liabilities of EUR 626.6 million (Dec. 31, 2024: EUR 587.8 million), with a share of 27.6% and 35.0% of the balance sheet total respectively.
Net cash from operating activities at EUR 53 million in the second quarter
Cash flow from operating activities was in negative territory at EUR -72.5 million in the first quarter of 2025 (Q1 2024: EUR 16.8 million), which had been forecast primarily amid changes in net working capital – i.e., changes in inventories as well as trade receivables and trade payables. The second quarter of 2025 saw a noticeable rebound, with net cash from operating activities moving well into positive territory at EUR 53.4 million (Q2 2024: EUR 23.2 million). This underscores the highly dynamic nature of net working capital management: while the direction taken by net working capital – including other assets and liabilities not attributable to investing activities – resulted in a cash outflow of EUR 131.4 million in the first quarter of 2025, there was a cash inflow of EUR 25.7 million in the second quarter. The cash outflow caused by project-related upfront expenditure, among other factors, was offset in the second quarter by a disproportionately large increase in trade payables and liabilities from supplier finance arrangements, resulting in a positive liquidity effect in net terms. Overall, cash flow from operating activities amounted to EUR -19.2 million in the first half of 2025 (H1 2024: EUR 39.9 million).
Income taxes paid in the first half of 2025 amounted to EUR 5.1 million (H1 2024: EUR 13.4 million). Interest paid by the Group amounted to EUR 12.2 million in this period (H1 2024: EUR 11.3 million).
Operating cash flow was calculated using the indirect method, starting with earnings before taxes. Non-cash income and expense items were taken into account for the purpose of deriving cash flow. Depreciation and amortization was a significant item, accounting for EUR 51.4 million (H1 2024: EUR 54.4 million) in the first half of the year and EUR 29.4 million (Q2 2024: EUR 27.3 million) in the second quarter. In addition, the item "Other non-cash expenses and income" includes an accretive effect of EUR 33.3 million in the first half of the year and EUR 6.4 million in the second quarter, primarily due to currency adjustments and exceptional factors in connection with advance additions to property, plant, and equipment.
Cash flow from operating activities 1st half in EUR million
1 Current and non-current financial liabilities less cash and cash equivalents and short-term securities
2 Earnings before interest, taxes, depreciation, and amortization; net debt-to-EBITDA ratio 2025 takes adjustment items into account
Investments in property, plant, and equipment up as expected
The outflow recorded by the ElringKlinger Group with regard to investments in property, plant, and equipment totaled EUR 71.3 million in the first half of 2025 (H1 2024: EUR 39.6 million). Of this amount, EUR 26.3 million was attributable to the second quarter of 2025 (Q2 2024: EUR 22.7 million). The increase mainly reflects scheduled upfront payments for specific customer projects, which are due to be implemented primarily for major projects with multi-year terms and substantial volumes in the field of electromobility. In particular, the ramp-up of a high-volume series production order for cell contacting systems will require extensive preparations at the Neuffen site in Germany and at other international Group sites over the course of 2025. Investments made during the first half of the year were channeled into all of the segments and the Group's plants around the world. In addition to the expansion of the E-Mobility business unit and the Lightweighting portfolio, strategic measures and automation projects are also being implemented in the long-standing business units.
The investment ratio (payments for investments in property, plant, and equipment in relation to Group revenue) amounted to 8.6% (H1 2024: 4.3%) in the first half of 2025 and 6.4% in the second quarter of 2025 (Q2 2024: 5.1%).
In the first six months of the current financial year, the ElringKlinger Group spent EUR 6.5 million (H1 2024: EUR 11.2 million) on investments in intangible assets, which primarily comprise capitalized development costs, of which EUR 3.4 million (Q2 2024: EUR 5.3 million) related to the second quarter of 2025.
Overall, the ElringKlinger Group's cash outflow for investing activities in the first half of 2025 was EUR 81.5 million, EUR 18.5 million higher than in the previous year (H1 2024: EUR -62.9 million).
Significant improvement in operating free cash flow in second quarter of 2025
Operating free cash flow (cash flow from operating activities less cash flow from investing activities, excluding cash flows for M&A activities and for financial assets) for the first half of 2025 amounted to EUR -96.5 million (H1 2024: EUR -10.3 million). Although this illustrates that operating cash flow in the first half of the year was below the investment volume, the figures for the second quarter show a significant recovery compared to the previous quarter and reflect the management's focus on achieving improvements through adjustments and structural measures. In this context, the supplier finance program introduced in the quarter under review, for example, is a case in point. In the second quarter, the ElringKlinger Group generated positive operating free cash flow of EUR 23.8 million (Q2 2024: EUR -4.5 million).
Second-quarter reduction in loan volume thanks to strong cash flow
In order to finance ongoing operating activities and strategic measures, long-term and short-term loans had to be increased by a net amount of EUR 74.9 million in the reporting period from January to June 2025 (H1 2024: reduction of EUR 10.3 million). This was attributable entirely to the first quarter, as positive free cash flow in the second quarter provided the basis for a net reduction in loan items by EUR 32.3 million (Q2 2024: reduction by EUR 26.7 million).
The main source of financing continues to be a syndicated loan with several national and international banks, which has a total volume of EUR 450 million over a five-year term – with an option to increase by EUR 100 million – and was renewed ahead of schedule
Changes in cash 1st half 2025
in EUR million
1 Payments for investments in property, plant, and equipment and intangible assets
in the first quarter of 2025. The Group also used EUR 9.5 million (Q2 2024: EUR 10.9 million) for distributions to shareholders and non-controlling interests in the second quarter. In addition, ElringKlinger received payments from non-controlling interests in the amount of EUR 5.1 million in the first quarter of 2025 (Q1 2024: EUR 14.0 million).
In total, the ElringKlinger Group's cash inflow from financing activities amounted to EUR 70.5 million in the first six months of 2025 (H1 2024: cash outflow of EUR 7.2 million). In the second quarter, net cash used in financing activities amounted to EUR -41.8 million (Q2 2024: EUR -37.6 million).
At the end of the first half of 2025, the ElringKlinger Group had cash and cash equivalents of EUR 73.7 million (Jun. 30, 2024: EUR 80.9 million) and open, unused credit lines of EUR 137.1 million (Jun. 30, 2024: EUR 299.1 million).
Opportunities and Risks
Uncertainty relating to trade, economic, and geopolitical issues trended higher in the first half of 2025.
The change in administration in the United States in February marked the introduction of an erratic policy on tariffs that has led to heightened economic risk. With effect from April 5, a universal baseline tariff of 10% was introduced on all US imports. In particular, the escalating trade conflict between the United States and China as well as sector-specific US tariffs imposed on the European Union – for example on steel, vehicles, and supplier parts – are acting as barriers to trade and investment. In addition to inflationary risks in the United States, the protectionist stance also harbors risks to growth for export-led economies. At the same time, the suspension of specific tariffs that had previously been threatened by the administration and new rounds of negotiations open up opportunities for trade diversion and agreements with alternative partners.
The newly introduced US tariff policy is likely to have a disproportionately large impact on specific sectors. For example, at the end of the reporting period, sector-specific tariffs of 50% and 25% applied to steel imports from the European Union and to cars respectively – and with certain concessions also to automotive parts. After the reporting date, the United States and the European Union agreed on a future baseline tariff of 15% on the majority of EU products, which also applies to the automotive sector.
At the time of publication of this first-half report, it was impossible to reliably forecast the further extent of the global tariff and trade conflict in the short and medium term or the specific impact of international disputes, particularly given the volatile shifts between policy announcement, implementation, and postponement.
As regards other opportunities and risks for the ElringKlinger Group, the first six months of 2025 saw no significant changes compared to the disclosures made in the 2024 annual report of the ElringKlinger Group.
There are currently no discernible risks that might jeopardize the future existence of the Group as a going concern, either in isolation or in conjunction with other risk factors.
The opportunity and risk report of the 2024 annual report (pages 81 ff.) can be accessed via the ElringKlinger website https:// elringklinger.de/fileadmin/data/pdf/05-investor-relations/01 finanzberichte/2025/en/elringklinger-ar-2024-en\_Internet.pdf
Report on Expected Developments
Outlook – Market and Sector
Slight growth in the global economy in a difficult year
On conclusion of the first half of 2025, the outlook for the global economy remains bleak, although it should be noted that the International Monetary Fund revised its April forecast upwards slightly in its latest global economic outlook issued in July. On this basis, the global gross domestic product (GDP) may grow slightly by 3.0% in 2025.
In the coming months, the global economy is likely to continue to be impacted by geopolitical tensions – particularly in Ukraine and the Middle East – as well as by the protectionist stance associated
GDP growth projections
| Year-on-year change | |||
|---|---|---|---|
| in % | 2024 | 20251 | 20261 |
| World | 3.3 | 3.0 | 3.1 |
| Advanced economies | 1.8 | 1.5 | 1.6 |
| Emerging and developing countries |
4.3 | 4.1 | 4.0 |
| Eurozone | -0.2 | 0.1 | 0.9 |
| Germany | 0.9 | 1.0 | 1.2 |
| USA | 2.8 | 1.9 | 2.0 |
| Brazil | 3.4 | 2.3 | 2.1 |
| China | 5.0 | 4.8 | 4.2 |
| India | 6.5 | 6.4 | 6.4 |
| Japan | 0.2 | 0.7 | 0.5 |
1 Projection Source: IMF (July 2025) with US trade policy. The resulting uncertainties and ongoing trade and investment barriers may have a dampening effect on global economic momentum. In this environment, a coordinated approach to international economic policy and a stronger focus of national economies on more resilient and diversified value chains are likely to become increasingly important. This may have a stabilizing effect on the global economy and help to better absorb future external shocks.
There are signs of economic recovery in the eurozone, underpinned by a gradual return to more normal monetary policy conditions. The European Central Bank is likely to continue to pursue a dovish course, provided that inflation continues to move towards its target, as a result of which economic activity may gain momentum. In contrast, the US economy is expected to weaken amid declining imports, rising prices, and a slowdown in the propensity to invest. Private consumption may also slacken. Against the backdrop of potential inflationary risks, the US Federal Reserve is likely to be more cautious in its approach when it comes to monetary easing. In China, the target of five percent economic growth remains ambitious. In addition to ongoing structural deficiencies – particularly with regard to consumption and the real estate sector as well as high levels of corporate debt – tariff hikes by the United States pose new obstacles for the Chinese export industry.
Stagnation of global vehicle production
According to the July 2025 forecast presented by the industry institute S&P Global Mobility, global vehicle production will reach 89.9 million light vehicles (passenger cars and light commercial vehicles) in 2025. Overall, this represents a marginal change of 0.4% for the global market compared to a preceding year that
Light vehicle production
| Vehicles millions | |||
|---|---|---|---|
| Region | 2024 | 20251 | Year-on-year change |
| Europe2 | 16.3 | 15.9 | -2.7% |
| China | 30.1 | 31.2 | 3.8% |
| Japan/Korea | 12.0 | 11.9 | -0.9% |
| Middle East/Africa | 2.3 | 2.2 | -5.7% |
| North America | 15.4 | 14.9 | -3.9% |
| South America | 3.0 | 3.2 | 7.1% |
| South Asia | 9.6 | 9.8 | 2.7% |
| World | 89.6 | 89.9 | 0.4% |
1 Projection 2 excl. Russia Source: S&P Global Mobility, July 2025
had already been sluggish. North American vehicle production is expected to weaken more sharply in 2025. Europe will also fall short of the previous year's level for the second year in a row, although this region has seen a slowdown in the rate of contraction. In China, production figures continue to rise, albeit at a slower pace.
Sales markets tend with regional differences
Measured on the basis of new car and light vehicle registrations, international sales markets are expected to see slight growth in the principal core markets for 2025 as a whole. According to estimates by the German industry association VDA in July 2025, new car registrations in Europe (EU, EFTA, UK) could increase by around 1% to 13.1 million new vehicles in 2025 as a whole. The United States is expected to see a minus by around 3% to 15.3 million light vehicles (passenger cars and light commercial vehicles), while China is forecast to record growth of around 6% to 24.3 million passenger cars.
Outlook – Company
Given the developments surrounding global geopolitics and trade policy, the economic environment as a whole is considered challenging, particularly for the automotive industry. It is partly for this reason that the economy in Europe, and particularly in Germany, is showing hardly any signs of forward momentum. This, in turn, is having a noticeable impact on the automotive industry as a cyclical sector. The market continues to be impacted by wide-spread uncertainty in the economic arena and high levels of volatility. After the recent projection of a decline of 1.7% compared to 2024, the latest forecasts issued by S&P Global Mobility point to slight growth of 0.4% for global automotive production in the current year, mainly due to higher estimates for North America and Asia-Pacific compared to April.
Order book influenced by currency and M&A effects
In addition to being impacted by the economic situation, ElringKlinger's key metrics relating to orders are primarily influenced by two factors: the sale of the two Group entities in Switzerland and the United States as well as the direction taken by exchange rates. Assuming stable exchange rates and adjusting the previous year's figure for the two divested entities, order intake fell by EUR 11.3 million or 3.3% from EUR 338.8 million in the second quarter of the previous year to EUR 327.5 million in the quarter under review. If both effects were taken into account, the decline from EUR 364.9 million – i.e., including the two Group entities – to EUR 295.6 million – i.e., including the headwind from exchange rate movements – would be more significant. The situation is similar for the first half of the year: on the basis of reported figures, order intake in the first half of 2025 was down by EUR 141.8 million or 16.6% at EUR 712.5 million (H1 2024: EUR 854.3 million). Including the factors relating to currencies and M&A, this metric decreased only slightly by EUR 4.8 million or 0.6% from EUR 769.8 million to EUR 765.0 million.
In this context, it should be noted that ElringKlinger only uses the order book recording customers' short-term orders placed as part of their scheduling arrangements to determine its key order indicators (order intake and order backlog). These call-offs, i.e., orders placed by customers as part of their scheduling arrangements, refer to the period immediately thereafter, but not to the nomination volume over the respective contract periods.
Order backlog, which comprises customers' aggregated and as yet unrealized short-term call-offs, amounted to EUR 1,039.8 million at the end of the first half (Jun. 30, 2024: EUR 1,249.3 million). The figure posted at the end of the previous year's reporting period includes the inventories of the two divested Group entities. Currency effects were also a factor in the quarter under review. Excluding M&A effects and assuming stable exchange rates, order backlog fell by EUR 19.7 million or 1.8% from EUR 1,100.5 million to EUR 1,080.8 million.
Guidance confirmed
Against the backdrop of a volatile market environment and generally challenging economic and geopolitical conditions, ElringKlinger can confirm its guidance for the current financial year on the basis of its half-year results and current market assessments. The Group maintains its projection that organic revenue for the current financial year will be roughly on a par with the previous year, even if the order situation and market estimates for Europe and North America point to a weaker second half of 2025 compared to the first six months.
ElringKlinger continues to anticipate an adjusted EBIT margin, i.e., adjusted earnings before interest and taxes (based on the definition presented in the 2024 annual report) in relation to Group revenue, of around 5%. Furthermore, the Group continues to expect operating free cash flow of around 1 to 3% of Group revenue and an adjusted ROCE of around 6% in 2025.
Mid-term outlook
Despite the challenging factors still driving the business environment in which ElringKlinger operates, the company considers itself to be well positioned in the medium to long term. ElringKlinger was quick off the mark in its efforts to embrace the transition toward e-mobility with products engineered specifically for battery and fuel cell systems as well as for electric drive units. The Lightweighting/Elastomer Technology, Metal Sealing Systems & Drivetrain Components, and Metal Forming & Assembly Technology business units, originally focused on the traditional fields of application, have an established market position in product solutions centered around the combustion engine and are also geared up for the transformation of the mobility market. This is underscored by sales revenue already generated or nominations received in recent years.
Against this backdrop, ElringKlinger anticipates further growth. In the medium term, i.e., over a period of 3 to 5 years, the Group expects a moderate organic expansion in revenue. With regard to the earnings situation, the Group has set itself the goal of achieving an adjusted EBIT margin of around 7 to 8% in the medium term. The Group can also confirm its other medium-term targets.
Dettingen/Erms, August 6, 2025
Management Board
Thomas Jessulat CEO
Isabelle Damen Reiner Drews Dirk Willers
ElringKlinger and the Capital Markets
in %
From AI peak to tariff trough: a half-year review of the capital markets
Market activity in the first half of 2025 was influenced to a significant extent by geopolitical and economic developments. The inauguration of the new US president had a tangible impact on activities within the international arena, particularly with regard to global trade relations. Market dynamics were also driven by a number of other factors: sustained momentum in the field of artificial intelligence, further interest rate cuts by the European Central Bank in the wake of declining inflation rates, and geopolitical tensions surrounding the conflicts in Ukraine and the Middle East.
Between January and June 2025, the annual inflation rate trended lower in both the eurozone and the United States, supported by a decline in energy prices and less pronounced price hikes in the services sector.
In the eurozone, inflation fell from 2.50% to 2.00%, while the United States recorded a reduction from 3.00% to 2.70%. Against the backdrop of this downward trajectory and a faltering economy, the European Central Bank continued to take an expansionary stance on monetary policy – cutting the key interest rate in four steps from 3.15% to 2.15%. By contrast, the US Federal Reserve kept its benchmark interest rate corridor unchanged at 4.25–4.50%. This was due to inflation remaining above the target of 2%, in combination with a stable labor market and a wait-and-see approach towards economic policy uncertainties.
Coinciding with Liberation Day on April 2, 2025, the US president introduced comprehensive new global counter-tariffs on the majority of imported goods. This was followed by a slump in global stock markets. Growing uncertainty in the aftermath of the escalating tariff dispute triggered a noticeable outflow of capital from the US market to European stock markets. In tandem with fiscal support programs, this prompted a significant upturn in Germany's stock market performance.
The German stock market was in good shape in the first half of 2025, with the DAX recording growth of 20.1%, the MDAX rising by 19.1%, and the SDAX outperforming both with an even stronger gain of 28.1%. Consolidation in the German small- and mid-cap segment continued over the course of the first half of 2025 as a result of takeovers and delistings. In parallel, the primary market saw a few successful transactions. Having said that, IPOs, capital increases, and secondary market offerings were executed, if at all, only at considerable discounts.
ElringKlinger's share price performance from January 1 to June 30, 2025 (indexed)
In contrast to the positive trend seen within the market as a whole, the overall performance of automotive stocks was much more muted in the first half of 2025. The STOXX Europe 600 Automobiles & Parts sector index fell by 2.1% during this period, reflecting investors' continued caution towards the industry as a whole.
In an international comparison, the German stock market outperformed the stock markets in the United States and Japan during the first half of 2025. In the United States in particular, the tariff policy adopted by the US president weighed heavily on market sentiment. In the wake of successive announcements and measures, share prices fluctuated considerably in some cases, causing noticeable uncertainty among investors. The S&P 500 broad market index rose by 5.8% between January and June 2025, while the techheavy Nasdaq 100 index increased by 7.4%. The EURO STOXX 50 also gained ground with an increase of 11.7%, thus outperforming the aforementioned US indices.
In the first half of 2025, the Japanese stock market failed to build on its positive performance in 2023 and 2024. After a period of dynamic growth, the upward trend initially seen within this market came to a halt, primarily on the back of global uncertainty. The Nikkei edged up by 2.6% in the first six months of 2025. By contrast, the Chinese stock market developed much more favorably: Hong Kong's Hang Seng Index rose by 23.0% in the first half of 2025, making it one of the strongest performers among the primary international indices. The SSE Composite Index of the Shanghai Stock Exchange gained only 2.4%.
From a global perspective, the European markets in particular performed very well, while the US market closed significantly weaker. In contrast to the previous year, the small caps and mid-caps in the respective regions also performed well alongside the large caps. The performance of the European markets was underpinned by expansionary monetary and fiscal policy as well as recently priced-in earnings revisions.
ElringKlinger shares reach new high for the year
The positive performance recorded by ElringKlinger's stock in the first three months of 2025 continued into the second quarter. Following a positive price reaction to the publication of the financial results for 2024 on March 27, 2025, ElringKlinger's shares remained on an upward trajectory and reached their high for the year to date of EUR 5.13 on May 6. The Annual General Meeting on May 16, 2025, which resolved to pay an unchanged dividend of EUR 0.15 per share, was well received by capital markets, initially providing stability to the share price. However, the company's stock came under increasing pressure as the year progressed – partly as a result of the punitive tariffs announced by the United States, a step that was perceived as a significant risk to the European automotive industry. Overall, automotive stocks underperformed the market as a whole in the first half of 2025 – and ElringKlinger's shares were unable to buck this trend. ElringKlinger's stock closed the second quarter of 2025 at EUR 4.52, which corresponds to a gain of 8% within the first six months of the year. Compared to the SDAX, which recorded growth of 28% in the first half of the year, the performance of ElringKlinger's shares was much more modest.
Trading volume of around 28k shares per day
In the second quarter of 2025, the average daily volume of ElringKlinger shares traded was 27,794 units, down markedly on the prior-year figure (Q2 2024: 49,908 units). As a result, the average daily trading value on German stock exchanges was also lower in the period under review. At around EUR 0.1 million per day, the trading value in the second quarter of 2025 was down on the same quarter of the previous year (Q2 2024: EUR 0.3 million). The stock's liquidity was sufficiently high at all times during the quarter under review, thus also providing the basis for larger share transactions to be concluded during this period.
Shareholder structure as of June 30, 2025
Engaged in dialogue with the capital markets
In the second quarter of 2025, ElringKlinger maintained its proven track record of constructive dialogue with international investors, analysts, and other capital market players. The financial results for the first quarter were published on May 8. The Management Board presented the results for the first quarter as part of a virtual conference call. In addition, the company held targeted one-on-one meetings with investors and analysts for the purpose of engaging in in-depth dialogue.
Annual General Meeting 2025: Review of the virtual shareholders' meeting
The 120th Annual General Meeting of ElringKlinger AG was held on May 16, 2025. The shareholders approved all proposed resolutions with a clear majority. In total, 61% of the voting share capital was represented at the Annual General Meeting. The proposed dividend payout of EUR 0.15 per share, unchanged year on year, was approved by a large majority of 99.7%. In addition, the Annual General Meeting expressed its confidence in the Management Board and Supervisory Board with 94.7% of the votes cast, thereby approving the actions of both bodies. The compensation report and the compensation system for the members of the Management Board were also approved by a large majority.
As part of the scheduled Supervisory Board elections, the shareholders confirmed five members in office with a large majority. Andreas Wilhelm Kraut had announced in advance that he would not be standing for re-election. Receiving a large majority of the votes, Dr. Sabine Lutz was elected to the Supervisory Board in his place.
Key indicators for ElringKlinger stock (WKN 785 602)
| 2nd Quarter 2025 |
2nd Quarter 2024 |
|
|---|---|---|
| Number of shares issued | 63,359,990 | 63,359,990 |
| Share price (daily price in EUR)1 | ||
| High (in EUR) | 5.13 | 7.20 |
| Low (in EUR) | 4.23 | 4.98 |
| Closing price2 | 4.52 | 4.98 |
| Average daily trading volume (German stock exchanges; volume of shares traded) |
27,794 | 49,908 |
| Average daily trading value | ||
| (German stock exchanges; in EUR) | 129,731 | 311,623 |
| Market capitalization (EUR million)1,2 | 286.1 | 315.2 |
1 Xetra tradin 2 As of June 30
Interim Consolidated Financial Statements
Group Income Statement
of ElringKlinger AG, January 1 to June 30, 2025
| EUR k | 2nd quarter 2025 | 2nd quarter 2024 | 1st half 2025 | 1st half 2024 |
|---|---|---|---|---|
| Sales revenue | 408,279 | 444,952 | 831,400 | 910,248 |
| Cost of sales | -312,771 | -335,480 | -631,899 | -690,131 |
| Gross profit | 95,508 | 109,472 | 199,501 | 220,117 |
| Selling expenses | -37,117 | -39,383 | -75,214 | -77,494 |
| General and administrative expenses | -26,553 | -25,157 | -52,330 | -51,772 |
| Research and development costs | -18,642 | -22,511 | -40,452 | -43,472 |
| Other operating income | 3,168 | 3,588 | 8,453 | 6,763 |
| Other operating expenses | -10,032 | -3,598 | -13,617 | -7,939 |
| Earnings before interest and taxes (EBIT) | 6,332 | 22,411 | 26,341 | 46,203 |
| Finance income | 9,545 | 7,005 | 12,607 | 10,057 |
| Finance costs | -21,790 | -12,639 | -37,065 | -20,465 |
| Share of result of associates | -22 | -847 | -101 | -1,971 |
| Net finance costs | -12,267 | -6,481 | -24,559 | -12,379 |
| Earnings before taxes | -5,935 | 15,930 | 1,782 | 33,824 |
| Income tax expense | -4,373 | -6,457 | -10,475 | -14,520 |
| Net income | -10,308 | 9,473 | -8,693 | 19,304 |
| of which: attributable to non-controlling interests | -1,068 | -340 | -2,945 | -3,856 |
| of which: attributable to shareholders of ElringKlinger AG | -9,240 | 9,813 | -5,748 | 23,160 |
| Basic and diluted earnings per share in EUR | -0.15 | 0.15 | -0.09 | 0.37 |
Group Statement of Comprehensive Income
of ElringKlinger AG, January 1 to June 30, 2025
| EUR k | 2nd quarter 2025 | 2nd quarter 2024 | 1st half 2025 | 1st half 2024 |
|---|---|---|---|---|
| Net income | -10,308 | 9,473 | -8,693 | 19,304 |
| Currency translation difference | -9,146 | -10,082 | -13,540 | -17,230 |
| Share of other comprehensive income of associates | 0 | -49 | 0 | -116 |
| Gains and losses that can be reclassified to the income statement in future periods | -9,146 | -10,131 | -13,540 | -17,346 |
| Gains and losses that cannot be reclassified to the income statement in future periods | 0 | 0 | 0 | 0 |
| Other comprehensive income after taxes | -9,146 | -10,131 | -13,540 | -17,346 |
| Total comprehensive income | -19,454 | -658 | -22,233 | 1,958 |
| of which: attributable to non-controlling interests | -1,544 | -442 | -3,616 | -4,049 |
| of which: attributable to shareholders of ElringKlinger AG | -17,910 | -216 | -18,617 | 6,007 |
Group Statement of Financial Position
of ElringKlinger AG, as at June 30, 2025
| ASSETS | Jun. 30, 2025 | Dec. 31, 2024 | Jun. 30, 2024 |
|---|---|---|---|
| EUR k | |||
| Intangible assets | 123,604 | 122,552 | 173,893 |
| Property, plant and equipment | 717,817 | 715,129 | 856,175 |
| Financial assets | 11,477 | 11,774 | 11,815 |
| Shares in associates | 3,270 | 3,371 | 12,002 |
| Non-current income tax assets | 1,883 | 1,858 | 2,684 |
| Other non-current assets | 2,294 | 2,426 | 2,009 |
| Deferred tax assets | 30,679 | 33,090 | 25,567 |
| Contract performance costs | 6,839 | 9,341 | 5,914 |
| Non-current contract assets | 8,147 | 8,200 | 5,798 |
| Non-current assets | 906,010 | 907,741 | 1,095,857 |
| Inventories | 446,592 | 419,759 | 459,107 |
| Current contract assets | 3,547 | 4,161 | 4,481 |
| Trade receivables | 226,957 | 204,124 | 247,522 |
| Current income tax assets | 11,772 | 14,468 | 18,804 |
| Other current assets | 93,453 | 61,458 | 100,834 |
| Cash and cash equivalents | 73,717 | 111,699 | 80,914 |
| Current assets | 856,038 | 815,669 | 911,662 |
| Assets held for sale | 30,569 | 35,893 | 0 |
| 1,792,617 | 1,759,303 | 2,007,519 |
| LIABILITIES AND EQUITY | Jun. 30, 2025 | Dec. 31, 2024 | Jun. 30, 2024 |
|---|---|---|---|
| EUR k | |||
| Share capital | 63,360 | 63,360 | 63,360 |
| Capital reserves | 118,238 | 118,238 | 118,238 |
| Revenue reserves | 508,864 | 524,116 | 684,905 |
| Other reserves | -81,724 | - 68,855 | -26,872 |
| Equity attributable to the shareholders of ElringKlinger AG |
608,738 | 636,859 | 839,631 |
| Non-controlling interest in equity | 49,921 | 48,473 | 66,121 |
| Equity | 658,659 | 685,332 | 905,752 |
| Provisions for pensions | 95,215 | 95,893 | 102,682 |
| Non-current provisions | 29,527 | 29,549 | 28,028 |
| Non-current financial liabilities | 339,561 | 320,667 | 287,114 |
| Non-current contract liabilities | 6,546 | 1,458 | 1,367 |
| Deferred tax liabilities | 18,322 | 18,270 | 29,419 |
| Other non-current liabilities | 5,209 | 5,650 | 6,175 |
| Non-current liabilities | 494,380 | 471,487 | 454,785 |
| Current provisions | 50,043 | 46,522 | 49,956 |
| Trade payables | 202,989 | 276,982 | 224,253 |
| Liabilities from supplier finance arrangements | 53,195 | 0 | 0 |
| Current financial liabilities | 113,442 | 44,687 | 169,336 |
| Current contract liabilities | 15,476 | 17,433 | 12,603 |
| Tax payable | 30,145 | 24,447 | 18,959 |
| Other current liabilities | 161,339 | 177,760 | 171,875 |
| Current liabilities | 626,629 | 587,831 | 646,982 |
| Liabilities associated with assets held for sale | 12,949 | 14,653 | 0 |
| 1,792,617 | 1,759,303 | 2,007,519 |
Group Statement of Changes in Equity
of ElringKlinger AG, January 1 to June 30, 2025
| Other reserves | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| EUR k | Share capital |
Capital reserves |
Revenue reserves |
Remeasurement of defined benefit plans, net |
Equity impact of controlling interests |
Currency translation differences |
Equity attributable to the shareholders of ElringKlinger AG |
Non-controlling interests in equity |
Group equity |
| Balance as of Dec. 31, 2023 | 63,360 | 118,238 | 671,249 | - 24,115 | 48,069 | - 33,673 | 843,128 | 67,552 | 910,680 |
| Dividend distribution | -9,504 | 0 | -1,382 | -1,382 | |||||
| Addition to capital reserves* | 4,000 | 4,000 | |||||||
| Total comprehensive income | 23,160 | -17,153 | 6,007 | -4,049 | 1,958 | ||||
| Net income | 23,160 | 23,160 | -3,856 | 19,304 | |||||
| Other comprehensive income | -17,153 | -17,153 | -193 | -17,346 | |||||
| Balance as of Jun. 30, 2024 | 63,360 | 118,238 | 684,905 | -24,115 | 48,069 | -50,826 | 839,631 | 66,121 | 905,752 |
| Balance as of Dec. 31, 2024 | 63,360 | 118,238 | 524,116 | -20,920 | 48,069 | -96,004 | 636,859 | 48,473 | 685,332 |
| Dividend distribution | -9,504 | -9,504 | -16 | -9,520 | |||||
| Addition to capital reserves* | 0 | 5,080 | 5,080 | ||||||
| Total comprehensive income | -5,748 | -12,869 | -18,617 | -3,616 | -22,233 | ||||
| Net income | -5,748 | -5,748 | -2,945 | -8,693 | |||||
| Other comprehensive income | -12,869 | -12,869 | -671 | -13,540 | |||||
| Balance as of Jun. 30, 2025 | 63,360 | 118,238 | 508,864 | -20,920 | 48,069 | -108,873 | 608,738 | 49,921 | 658,659 |
* Addition to capital reserves of EKPO Fuel Cell Technologies GmbH
Group Statement of Cash Flows
of ElringKlinger AG, January 1 to June 30, 2025
| EUR k | 2nd quarter 2025 | 2nd quarter 2024 | 1st half 2025 | 1st half 2024 |
|---|---|---|---|---|
| Earnings before taxes | -5,935 | 15,930 | 1,782 | 33,824 |
| Depreciation/amortization (less write-ups) of non-current assets | 29,422 | 27,329 | 51,359 | 54,344 |
| Net interest | 6,498 | 5,785 | 13,097 | 10,403 |
| Change in provisions | 246 | -4,778 | 3,177 | 2,396 |
| Gains/losses on disposal of non-current assets | -104 | -236 | -49 | -69 |
| Share of result of associates | 22 | 847 | 101 | 1,971 |
| Change in inventories, trade receivables and other assets not resulting from financing and investing activities |
-34,986 | 4,057 | -97,050 | -31,592 |
| Change in trade payables and other liabilities not resulting from financing and investing activities |
60,701 | -15,055 | -8,612 | -7,690 |
| Income taxes paid Interest paid |
-3,129 -6,214 |
-6,756 -6,312 |
-5,148 -12,158 |
-13,410 -11,336 |
| Interest received | 427 | 713 | 970 | 1,464 |
| Other non-cash expenses and income | 6,405 | 1,666 | 33,339 | -359 |
| Net cash from operating activities | 53,353 | 23,190 | -19,192 | 39,946 |
| Proceeds from disposals of property, plant and equipment and intangible assets | 130 | 336 | 403 | 592 |
| Proceeds from disposals of financial assets | 0 | 4,813 | 17,511 | 15,539 |
| Cash inflow/outflow from the sale of consolidated companies | 0 | 0 | 0 | 0 |
| Payments for investments in intangible assets | -3,420 | -5,326 | -6,473 | -11,239 |
| Payments for investments in property, plant and equipment | -26,278 | -22,670 | -71,260 | -39,575 |
| Payments for investments in financial assets | -334 | -17,914 | -21,658 | -28,258 |
| Net cash from investing activities | -29,902 | -40,761 | -81,477 | -62,941 |
| Payments received from non-controlling interests | 0 | 0 | 5,080 | 14,000 |
| Dividends paid to shareholders and to non-controlling interests | -9,504 | -10,870 | -9,520 | -10,886 |
| Proceeds from the addition of long-term loans | 139,225 | 0 | 306,443 | 255 |
| Payments for the repayment of long-term loans | -191,626 | -4,950 | -302,853 | -10,409 |
| Change in current loans | 20,061 | -21,781 | 71,327 | -170 |
| Net cash from financing activities | -41,844 | -37,601 | 70,477 | -7,210 |
Continuation of Group Statement of Cash Flows
| EUR k | 2nd quarter 2025 | 2nd quarter 2024 | 1st half 2025 | 1st half 2024 |
|---|---|---|---|---|
| Changes in cash | -18.393 | -55.172 | -30.192 | -30.205 |
| Effects of currency exchange rates on cash | -4,809 | -1,532 | -7,306 | -2,593 |
| Less cash attributed to assets held for sale | -193 | 0 | -484 | 0 |
| Cash at beginning of period | 97,112 | 137,618 | 111,699 | 113,712 |
| Cash at end of period | 73,717 | 80,914 | 73,717 | 80,914 |
Group Sales Revenue
of ElringKlinger AG, January 1 to June 30, 2025
Sales revenue by regions
| EUR k | 2nd quarter 2025 | 2nd quarter 2024 | 1st half 2025 | 1st half 2024 |
|---|---|---|---|---|
| Germany | 94,047 | 100,228 | 179,343 | 194,641 |
| Rest of Europe | 141,001 | 139,899 | 292,907 | 293,049 |
| North America | 81,639 | 113,839 | 168,075 | 235,132 |
| Asia-Pacific | 66,871 | 65,545 | 139,695 | 136,229 |
| South America and Rest of World | 24,721 | 25,441 | 51,380 | 51,197 |
| Group | 408,279 | 444,952 | 831,400 | 910,248 |
Sales revenue by segments
| EUR k | 2nd quarter 2025 | 2nd quarter 2024 | 1st half 2025 | 1st half 2024 |
|---|---|---|---|---|
| Metal Sealing Systems & Drivetrain Components | 111,787 | 121,654 | 229,366 | 247,540 |
| Lightweighting/Elastomer Technology | 92,571 | 121,353 | 193,324 | 253,502 |
| Metal Forming & Assembly Technology | 32,468 | 67,612 | 69,080 | 137,750 |
| E-Mobility | 39,997 | 17,685 | 66,805 | 28,974 |
| Exhaust Gas Purification | 7 | 7 | 20 | 10 |
| Other | 68 | 70 | 1 | |
| Segment Original Equipment | 276,898 | 328,311 | 558,665 | 667,777 |
| Segment Original Equipment | 276,898 | 328,311 | 558,665 | 667,777 |
| Segment Aftermarket | 95,366 | 84,813 | 197,411 | 175,200 |
| Segment Engineered Plastics | 35,729 | 31,466 | 74,725 | 66,302 |
| Sale of goods an licensing | 407,993 | 444,590 | 830,801 | 909,279 |
| Sale of goods | 407,993 | 444,590 | 830,801 | 909,279 |
| Proceeds from the rendering of services | 286 | 362 | 599 | 969 |
| Revenue from contracts with customers | 408,279 | 444,952 | 831,400 | 910,248 |
| Income from rental and leasehold | ||||
| Group | 408,279 | 444,952 | 831,400 | 910,248 |
Segment Reporting
of ElringKlinger AG, April 1 to June 30, 2025
| Segment | Original Equipment | Aftermarket | Engineered Plastics | Other | Consolidation | Group | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| EUR k | 2nd quarter 2025 |
2nd quarter 2024 |
2nd quarter 2025 |
2nd quarter 2024 |
2nd quarter 2025 |
2nd quarter 2024 |
2nd quarter 2025 |
2nd quarter 2024 |
2nd quarter 2025 |
2nd quarter 2024 |
2nd quarter 2025 |
2nd quarter 2024 |
| External revenue | 276,898 | 328,311 | 95,366 | 84,813 | 35,729 | 31,466 | 286 | 362 | 0 | 0 | 408,279 | 444,952 |
| Intersegment revenue | 10,422 | 8,095 | 0 | 0 | 56 | 101 | 4,209 | 3,858 | -14,687 | -12,054 | 0 | 0 |
| Segment revenue | 287,320 | 336,406 | 95,366 | 84,813 | 35,785 | 31,567 | 4,495 | 4,220 | -14,687 | -12,054 | 408,279 | 444,952 |
| EBIT1 | -13,684 | -1,356 | 16,506 | 20,548 | 2,992 | 2,694 | 518 | 525 | 6,332 | 22,411 | ||
| Adjustments | 16,402 | 29 | 1,329 | 0 | 161 | 0 | 0 | 19 | 17,892 | 48 | ||
| EBIT adjusted2 | 2,718 | -1,327 | 17,835 | 20,548 | 3,153 | 2,694 | 518 | 544 | 24,224 | 22,459 | ||
| Adjusted EBIT margin | 1.0% | -0.4% | 18.7% | 24.2% | 8.8% | 8.6% | 181.1% | 150.3% | 5.9% | 5.0% | ||
| Depreciation and amortization3 | -18,540 | -23,574 | -2,232 | -1,643 | -1,646 | -1,635 | -244 | -250 | -22,662 | -27,102 | ||
| Capital expenditures4 | 52,149 | 28,639 | 948 | 1,128 | 1,146 | 1,127 | 80 | 15 | 54,323 | 30,909 |
January 1 to June 30, 2025
| Segment | Original Equipment | Aftermarket | Engineered Plastics | Other | Consolidation | Group | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| EUR k | 1st half 2025 | 1st half 2024 | 1st half 2025 | 1st half 2024 | 1st half 2025 | 1st half 2024 | 1st half 2025 | 1st half 2024 | 1st half 2025 | 1st half 2024 | 1st half 2025 | 1st half 2024 |
| External revenue | 558,665 | 667,777 | 197,411 | 175,200 | 74,725 | 66,302 | 599 | 969 | 0 | 0 | 831,400 | 910,248 |
| Intersegment revenue | 24,335 | 20,111 | 0 | 0 | 58 | 109 | 8,488 | 7,491 | -32,881 | -27,711 | 0 | 0 |
| Segment revenue | 583,000 | 687,888 | 197,411 | 175,200 | 74,783 | 66,411 | 9,087 | 8,460 | -32,881 | -27,711 | 831,400 | 910,248 |
| EBIT1 | -22,791 | -3,983 | 40,647 | 43,226 | 7,387 | 5,987 | 1,098 | 973 | 26,341 | 46,203 | ||
| Adjustments | 16,934 | 267 | 1,329 | 0 | 161 | 0 | 0 | 19 | 18,424 | 286 | ||
| EBIT adjusted2 | -5,856 | -3,716 | 41,975 | 43,226 | 7,548 | 5,987 | 1,098 | 992 | 44,765 | 46,489 | ||
| Adjusted EBIT margin | -1.0% | -0.6% | 21.3% | 24.7% | 10.1% | 9.0% | 183.3% | 102.4% | 5.4% | 5.1% | ||
| Depreciation and amortization3 | -36,273 | -47,097 | -3,974 | -3,287 | -3,339 | -3,236 | -482 | -497 | -44,068 | -54,117 | ||
| Capital expenditures4 | 75,027 | 59,753 | 2,339 | 2,538 | 4,250 | 2,040 | 206 | 157 | 81,822 | 64,488 |
1 Earnings before interest and taxes
² Adjusted for impairments on non-current assets, restructuring and restructuring-related charges and other non-operating
effects
3 Scheduled depreciation and amortization
4 Investments in intangible assets and property, plant and equipment
Notes to the First Half of 2025
General information
ElringKlinger AG is an exchange-listed stock corporation headquartered in Dettingen/Erms, Germany.
The accompanying condensed consolidated interim financial statements of ElringKlinger AG and its subsidiaries as of June 30, 2025, have been prepared on the basis of IAS 34 (Interim Financial Reporting). The interim financial statements comply with the IFRS® Accounting Standards (hereinafter IFRS Accounting Standards) issued by the International Accounting Standards Board (IASB), as adopted by the European Union (EU), and the interpretations of the IFRS Interpretations Committee (IFRS IC).
As the consolidated interim financial statements are presented in a condensed format, the financial statements as of June 30, 2025, do not include all information and disclosures required under IFRS for annual consolidated financial statements.
The consolidated interim financial statements as of June 30, 2025, have been neither audited nor reviewed in any way by an independent auditor.
They were authorized for issue based on a resolution passed by the Management Board on August 6, 2025.
Accounting policies
The accounting policies applied in this interim report are fundamentally based on the same as those applied in the preparation of the 2024 consolidated financial statements, where they are also explained in detail.
The interim report incorporates estimates and judgments. These may have a direct impact on the amount of assets and liabilities recognized. Due to external factors, such as further unforeseeable consequences regarding the impact of the Russo-Ukrainian conflict, the conflict in the Middle East, the tense situation within the commodity markets, the general macroeconomic trajectory, and developments within the automotive sector, these are subject to heightened uncertainty. When updating the estimates and judgments, information available in respect of expected economic trends and country-specific measures were taken into account.
Scope of consolidated financial statements
Alongside the financial statements of ElringKlinger AG, the interim financial statements as of June 30, 2025, include the financial statements of six domestic and 34 foreign entities in which ElringKlinger AG holds more than 50% of the interests, either directly or indirectly, or over which, for other reasons, it has the power to govern the financial and operating policies. Inclusion in the consolidated group commences on the date on which control is obtained; it ceases as soon as control no longer exists.
There were no changes in the scope of consolidation compared with the consolidated financial statements as of December 31, 2024.
Exchange rates
Exchange rates developed as follows:
| Closing rate | Average rate | |||||
|---|---|---|---|---|---|---|
| Currency | Abbr. | Jun. 30, 2025 | Dec. 31, 2024 | Jan. –Jun. 2025 | Jan. –Dec. 2024 | |
| US dollar (USA) | USD | 1.17200 | 1.03890 | 1.10085 | 1.08078 | |
| Pound (United Kingdom) |
GBP | 0.85550 | 0.82918 | 0.84100 | 0.84500 | |
| Swiss franc (Switzerland) |
CHF | 0.93470 | 0.94120 | 0.94085 | 0.95340 | |
| Canadian dollar (Canada) |
CAD | 1.60270 | 1.49480 | 1.54997 | 1.48353 | |
| Real (Brazil) | BRL | 6.43840 | 6.42530 | 6.27540 | 5.89065 | |
| Mexican peso (Mexico) |
MXN | 22.08990 | 21.55040 | 21.82120 | 20.01335 | |
| RMB (China) | CNY | 8.39700 | 7.58330 | 7.96280 | 7.77332 | |
| WON (South Korea) | KRW | 1,588.21000 | 1,532.15000 | 1,565.15667 | 1,479.02917 | |
| Rand (South Africa) | ZAR | 20.84110 | 19.61880 | 20.11220 | 19.83250 | |
| Yen (Japan) | JPY | 169.17000 | 163.06000 | 162.39333 | 164.05583 | |
| Forint (Hungary) | HUF | 399.80000 | 411.35000 | 402.88000 | 397.06833 | |
| Turkish lira (Turkey) | TRY | 46.56820 | 36.73720 | 41.85750 | 35.75844 | |
| Leu (Romania) | RON | 5.07850 | 4.97430 | 5.00808 | 4.97528 | |
| Indian rupee (India) | INR | 100.56050 | 88.93350 | 94.51372 | 90.51761 | |
| Indonesian rupiah (Indonesia) |
IDR | 19,021.03000 | 16,820.88000 | 18,100.88167 | 17,191.18833 | |
| Bath (Thailand) | THB | 38.12500 | 35.67600 | 36.76083 | 38.05683 | |
| Swedish krona (Sweden) |
SEK | 11.14650 | 11.45900 | 11.08375 | 11.44979 |
Significant events and business transactions
The Group introduced a supplier finance program in the quarter under review. As a result, the original trade payables are derecognized, as a payment that extinguishes the liability is made by the finance partner to settle the corresponding trade payables. Due to the involvement of the finance partner, the terms and conditions of the liabilities under this program are modified to an extent that is customary within the industry as regards suppliers and, in respect of their economic substance, these contractual terms and conditions are to be seen in the context of the normal operating cycle. The Group therefore continues to consider liabilities associated with this supplier finance program to be part of working capital. The existing program can be utilized up to a maximum volume of EUR 75,000k. As of June 30, 2025, liabilities from supplier finance arrangements in the amount of EUR 53,195k had been utilized.
As part of STREAMLINE, the Group-wide cost reduction program to review and reduce the structure of staff costs, expenses for severance payments of EUR 5,148k were incurred as of June 30, 2025. The program aims to streamline the Group's staff costs by at least EUR 30 million per annum as from 2026.
Expenses of EUR 9,212k were incurred as of June 30, 2025, in connection with the insolvency of a customer.
In the context of efforts to hone the strategic focus of the portfolio and consolidate the network of sites, the Group recognized impairment losses in the lower to the mid range single-digit million euro range with regard to its assets.
There were no other significant events or business transactions in the second quarter.
For information relating to factors influencing business performance and our estimates in the context of our guidance, please refer to our comments in the interim management report.
Disclosures relating to financial instruments
This section provides a comprehensive overview of the significance of financial instruments and offers additional information on line items of the statement of financial position containing financial instruments. There was no offsetting of financial instruments recognized by the company.
The following table shows the carrying amounts (CA) and fair values (FV) of financial assets:
| Cash | Trade receivables | Other current assets |
Derivatives | Non-current securities |
Other financial investments |
Total | |||
|---|---|---|---|---|---|---|---|---|---|
| in EUR k | CA | CA | CA | CA | CA | FV | CA | FV | CA |
| as of Jun. 30, 2025 | |||||||||
| Financial assets measured at amortized cost | 73,717 | 226,957 | 9,248 | 1,521 | 911 | 925 | 8 | 8 | 312,362 |
| Financial assets measured at fair value through profit or loss | 0 | 0 | 0 | 0 | 0 | 0 | 10,488 | 10,488 | 10,488 |
| Financial assets measured at fair value through other comprehensive income |
0 | 0 | 0 | 0 | 62 | 62 | 8 | 8 | 70 |
| Held for sale | 1,046 | 7,765 | 0 | 0 | 60 | 60 | 0 | 0 | 8,871 |
| Total | 74,763 | 234,722 | 9,248 | 1,521 | 1,033 | 1,047 | 10,504 | 10,504 | 331,791 |
| as of Dec. 31, 2024 | |||||||||
| Financial assets measured at amortized cost | 111,699 | 204,124 | 12,700 | 0 | 1,385 | 1,385 | 8 | 8 | 329,916 |
| Financial assets measured at fair value through profit or loss | 0 | 0 | 0 | 0 | 0 | 0 | 10,309 | 10,309 | 10,309 |
| Financial assets measured at fair value through other | |||||||||
| comprehensive income | 0 | 0 | 0 | 0 | 64 | 64 | 8 | 8 | 72 |
| Held for sale | 564 | 8,388 | 0 | 0 | 62 | 62 | 0 | 0 | 9,014 |
| Total | 112,263 | 212,512 | 12,700 | 0 | 1,511 | 1,511 | 10,325 | 10,325 | 349,311 |
The following table shows the carrying amounts (CA) and fair values (FV) of financial liabilities:
| Other current liabilities |
Current financial liabilities |
Current lease liabilities IFRS 16* |
Trade payables |
Liabilities from supplier finance arrangements |
Derivatives | Non-current financial liabilities |
Non-current lease liabilities IFRS 16* |
Total | |||
|---|---|---|---|---|---|---|---|---|---|---|---|
| in EUR k | CA | CA | CA | CA | CA | CA | FV | CA | FV | CA | CA |
| as of Jun. 30, 2025 | |||||||||||
| Financial liabilities measured at amortized cost |
58,016 | 97,489 | 15,953 | 202,989 | 53,195 | 0 | 0 | 295,260 | 238,178 | 44,301 | 767,203 |
| Financial liabilities measured at fair value through profit or loss |
0 | 0 | n.a. | 0 | 0 | 4,499 | 4,499 | 0 | 0 | n.a. | 4,499 |
| Held for sale | 0 | 3,616 | 478 | 2,118 | 0 | 0 | 0 | 0 | 0 | 3,367 | 9,579 |
| as of Dec. 31, 2024 | |||||||||||
| Financial liabilities measured at amortized cost |
69,385 | 27,380 | 17,307 | 276,982 | 0 | 0 | 0 | 297,019 | 270,876 | 23,648 | 711,721 |
| Financial liabilities measured at fair value through profit or loss |
0 | 0 | n.a. | 0 | 0 | 11,014 | 11,014 | 0 | 0 | n.a. | 11,014 |
| Held for sale | 0 | 3,858 | 628 | 3,256 | 0 | 0 | 0 | 0 | 0 | 3,697 | 11,439 |
* In accordance with IFRS 7.29 (d), no disclosure of fair value is made. The subsequent measurement of lease liabilities is based on IFRS 16.
The management has ascertained that the carrying amounts of cash, trade receivables, other current assets, trade payables, liabilities from supplier finance arrangements, other current financial liabilities, and other current liabilities largely correspond to their fair values, primarily as a result of the short maturities of these instruments.
Other current assets also include time deposits and securities amounting to EUR 4,424k (Dec. 31, 2024: EUR 7,713k).
ElringKlinger determines the market value of non-current fixed-interest liabilities to banks and derivatives by discounting expected future cash flows with the current prevailing interest rates for similar financial liabilities with comparable residual terms and the company-specific interest rate.
Other current liabilities include a liability of EUR 31,861k (Dec. 31, 2024: EUR 31,861k) that is attributable to a written put option with the non-controlling shareholders of ElringKlinger Marusan Corporation, a company with its registered office in Tokyo, Japan. The obligation arising from this agreement is measured at fair value through profit or loss. The fair value is determined on the basis of internal estimates relating to the forecast of the company's performance and the choice of the country-specific interest rate used with regard to the liability recognized. A change in the enterprise value by 10% would result in an increase/ decrease in the put option by approx. EUR 3,186k (Dec. 31, 2024: EUR 3,186k).
Financial assets and liabilities measured at fair value are classified into the following three-level fair value hierarchy as of the end of the reporting period of June 30, 2025:
| in EUR k | Level 1 | Level 2 | Level 3 |
|---|---|---|---|
| Jun. 30, 2025 | |||
| Financial assets | |||
| Non-current securities | 62 | 0 | 0 |
| Other financial investments | 8 | 0 | 10,488 |
| Derivatives* | 0 | 0 | 0 |
| Total | 70 | 0 | 10,488 |
| Financial liabilities | |||
| Derivatives* | 0 | 4,499 | 0 |
| Total | 0 | 4,499 | 0 |
| Dec. 31, 2024 | |||
| Financial assets | |||
| Non-current securities | 64 | 0 | 0 |
| Other financial investments | 8 | 0 | 10,309 |
| Derivatives* | 0 | 0 | 0 |
| Total | 72 | 0 | 10,309 |
| Financial liabilities | |||
| Derivatives* | 0 | 11,014 | 0 |
| Total | 0 | 11,014 | 0 |
*These are derivatives that do not qualify for hedge accounting.
The following table provides details of the classification of financial assets and liabilities that are not measured at fair value but for which a fair value has been presented, according to the three-level fair value hierarchy as of the end of the reporting period of June 30, 2025:
| in EUR k | Level 1 | Level 2 | Level 3 |
|---|---|---|---|
| Jun. 30, 2025 | |||
| Financial assets | |||
| Non-current securities | 911 | 0 | 0 |
| Other financial investments | 0 | 0 | 8 |
| Total | 911 | 0 | 8 |
| Financial liabilities | |||
| Non-current financial liabilities | 0 | 238,178 | 0 |
| Purchase price liability from written put option | 0 | 0 | 31,861 |
| Total | 0 | 238,178 | 31,861 |
| Dec. 31, 2024 | |||
| Financial assets | |||
| Non-current securities | 1,385 | 0 | 0 |
| Other financial investments | 0 | 0 | 8 |
| Total | 1,385 | 0 | 8 |
| Financial liabilities | |||
| Non-current financial liabilities | 0 | 270,876 | 0 |
| Purchase price liability from written put option | 0 | 0 | 31,861 |
| Total | 0 | 270,876 | 31,861 |
The levels of the fair value hierarchy are defined as follows:
Level 1: Measurement based on quoted prices
- Level 2: Measurement based on inputs for the asset or liability that are observable in active markets either directly or indirectly
- Level 3: Measurement based on inputs for assets and liabilities not representing observable market data
The assessment as to whether a transfer has occurred between the levels of the fair-value hierarchy with regard to the assets and liabilities carried at fair value is conducted in each case at the end of the reporting period. No transfers occurred in the reporting period under review.
Contingencies and related-party disclosures
The contingencies and related-party relationships disclosed in the consolidated financial statements for 2024 were not subject to significant changes in the first half of 2025.
Government grants
Other operating income in the first half of 2025 includes government grants totaling EUR 2,187k (Jun. 30, 2024: EUR 2,748k). These grants were attributable primarily to development projects. In addition, grants under the European funding initiative IPCEI ("Important Project of Common European Interest") were deducted from the carrying amount of capitalized development costs in the amount of EUR 1,935k (Jun. 30, 2024: EUR 1,842k) (net method).
Events after the reporting period
On July 28, 2025, ElringKlinger AG announced that Reiner Drews, Chief Operating Officer, had informed the Supervisory Board of ElringKlinger AG that he would not be extending his contract as a member of the Management Board of ElringKlinger AG, which is due to expire on March 31, 2026, and that he would be leaving the Group for personal reasons at the end of his contract. The Supervisory Board has initiated a structured process for appointing a successor.
There were no further significant events after the end of the interim reporting period that would necessitate additional explanatory disclosure.
Responsibility Statement
To the best of our knowledge, and in accordance with the applicable reporting principles for interim financial reporting, the 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 interim management report of the Group 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.
Dettingen/Erms, August 6, 2025
Management Board
Thomas Jessulat CEO
Isabelle Damen Reiner Drews Dirk Willers
Financial Calendar
November 2025
12 Financial Results
on the 3rd Quarter and 1st Nine Months of 2025
Shareholders' Meeting, Virtual event
Changes to the above dates cannot be ruled out. We therefore recommend visiting our website to check specific financial dates at www.elringklinger.de/en/investor-relations/financial-calendar.
For trade fairs please visit our websites: https://elringklinger.de/en/newsroom/trade-fair-dates-events https://www.elringklinger-engineered-plastics.com/media/trade-fair-dates https://www.elring.com/dates-events
Imprint
El ring Klin ger AG
Max-Eyth-Straße 2 72581 Dettingen/Erms Germany Phone +49 (0)71 23/724-0 www.elringklinger.de
IR Contact
Dr. Jens Winter Phone +49 (0)71 23/724-88 335 Fax +49 (0)71 23/724-85 8335 [email protected]
Conception & Design
3st kommunikation GmbH, Mainz, Germany
Picture Credits
ElringKlinger, Midjourney/3st
Disclaimer – Forward-looking Statements and Forecasts
This report contains forward-looking statements. These statements are based on expectations, market evaluations and forecasts by the Management Board and on information currently available to them. In particular, the forward-looking statements shall not be interpreted as a guarantee that the future events and results to which they refer will actually materialize. Whilst the Management Board is confident that the statements as well as the opinions and expectations on which they are based are realistic, the aforementioned statements rely on assumptions that may conceivably prove to be incorrect. Future results and circumstances depend on a multitude of factors, risks and imponderables that can alter the expectations and judgments that have been expressed. These factors include, for example, changes to the general economic and business situation, variations of exchange rates and interest rates, poor acceptance of new products and services, and changes to business strategy.
Supplementary Notes
Due to rounding, some of the numbers and percentage figures specified in this document may differ from the actual values, particularly in the case of summation and percentage calculations. For the purpose of readability, we have not used gender specific forms of grammer when referring to general designations of people. Specific terms relate to all people irrespective of gender.
This report was published on August 6, 2025, and is available in German and English. Only the German version shall be legally binding.
ElringKlinger AG Max-Eyth-Straße 2 D-72581 Dettingen/Erms (Germany)