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EDAG Engineering
Quarterly Report • Nov 6, 2025
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Quarterly Report
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REPORT ON THE THIRD QUARTER OF 2025
CONTENTS
| KEY FIGURES AND EXPLANATIONS BY THE EDAG GROUP AS PER SEPTEMBER 30, 2025 |
4 |
|---|---|
| SUMMARY OF THE THIRD QUARTER OF THE 2025 FINANCIAL YEAR |
8 |
| THE EDAG SHARE PRICE DEVELOPMENT 10 KEY SHARE DATA 11 |
10 |
| INTERIM GROUP MANAGEMENT REPORT BASIC INFORMATION ON THE GROUP 12 Business Model Targets and Strategies |
12 12 19 |
| FINANCIAL REPORT 21 Macroeconomic and Industry-Specific Conditions Financial Performance, Cash Flows and Financial Position of the EDAG Group HR Management and Development |
21 22 26 |
| FORECAST, RISK AND REWARD REPORT 27 Risk and Reward Report Forecast |
27 28 |
| DISCLAIMER 31 | |
| ABRIDGED CONSOLIDATED FINANCIAL STATEMENTS | 32 |
| CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 32 | |
| CONSOLIDATED STATEMENT OF FINANCIAL POSITION 34 | |
| CONSOLIDATED CASH FLOW STATEMENT 36 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 38 |
|
| SELECTED EXPLANATORY NOTES 39 | |
| General Disclosures | 39 |
| Basic Principles and Methods | 40 |
| Changes in the Scope of Consolidation | 43 |
| Currency Translation | 44 |
| Reconciliation of the Adjusted Operating Profit (Adjusted EBIT) | 45 |
| Segment Reporting | 45 |
| Contingent Liabilities/Receivables and Other Financial Obligations | 50 |
| Financial Instruments | 51 |
| Related Parties | 57 |
| Subsequent Events | 59 |
| LEGAL NOTICE | 60 |
KEY FIGURES AND EXPLANATIONS BY THE EDAG GROUP AS PER SEPTEMBER 30, 2025
| (in million € or %) | 1/1/2025 – 9/30/2025 |
1/1/2024 – 9/30/2024 |
7/1/2025 – 9/30/2025 |
7/1/2024 – 9/30/2024 |
|---|---|---|---|---|
| Vehicle Engineering | 308.9 | 365.9 | 102.6 | 121.0 |
| Electrics/Electronics | 159.2 | 184.2 | 50.1 | 57.0 |
| Production Solutions | 90.6 | 100.8 | 31.1 | 32.9 |
| Consolidation | -11.5 | -17.0 | -3.4 | -6.2 |
| Total revenues1 | 547.2 | 633.9 | 180.4 | 204.7 |
| Change: | ||||
| Vehicle Engineering | -15.6% | 1.3% | -15.2% | 3.8% |
| Electrics/Electronics | -13.6% | -5.8% | -12.1% | -12.0% |
| Production Solutions | -10.1% | 22.3% | -5.3% | 14.7% |
| Change of revenues1 | -13.7% | 0.9% | -11.9% | -0.9% |
| Vehicle Engineering | 2.0 | 24.5 | 3.4 | 9.1 |
| Electrics/Electronics | -2.0 | 3.8 | 0.7 | 0.0 |
| Production Solutions | -4.5 | 4.8 | -0.9 | 2.1 |
| Adjusted EBIT | -4.5 | 33.1 | 3.1 | 11.3 |
| EBIT | -34.0 | 33.0 | -26.5 | 11.2 |
| Vehicle Engineering | 0.6% | 6.7% | 3.3% | 7.5% |
| Electrics/Electronics | -1.2% | 2.1% | 1.3% | 0.0% |
| Production Solutions | -5.0% | 4.7% | -3.0% | 6.5% |
| Adjusted EBIT margin | -0.8% | 5.2% | 1.7% | 5.5% |
| EBIT margin | -6.2% | 5.2% | -14.7% | 5.5% |
| Profit or loss | -31.9 | 15.7 | -21.7 | 5.2 |
| Earnings per share (€) | -1.27 | 0.63 | -0.87 | 0.21 |
1 The performance figure "revenues" is used in the sense of gross performance (sales revenues and changes in inventories) in the following.
| (in million € or %) | 9/30/2025 | 12/31/2024 |
|---|---|---|
| Fixed assets | 355.4 | 358.5 |
| Net working capital | 114.7 | 89.5 |
| Net financial debt (incl. lease liabilities) | -264.5 | -219.6 |
| Provisions | -105.5 | -95.3 |
| Equity | 100.2 | 133.1 |
| Balance sheet total | 657.3 | 734.2 |
| Net financial debt/credit [-/+] w/o lease liabilities | -72.1 | -33.2 |
| Equity ratio | 15.2% | 18.1% |
| Net financial debt/credit [-/+] / equity | 263.8% | 165.1% |
| (in million € or %) | 1/1/2025 – 9/30/2025 |
1/1/2024 – 9/30/2024 |
7/1/2025 – 9/30/2025 |
7/1/2024 – 9/30/2024 |
|---|---|---|---|---|
| Operating cash flow | -4.2 | 56.3 | 5.2 | 33.0 |
| Investing cash flow | -7.5 | -18.5 | -2.3 | -6.3 |
| Free cash flow | -11.6 | 37.8 | 2.9 | 26.7 |
| Adjusted cash conversion rate 1 |
71.3% | 71.2% | 83.5% | 71.4% |
| CapEx | 7.4 | 18.6 | 2.2 | 6.3 |
| CapEx/revenues | 1.4% | 2.9% | 1.2% | 3.1% |
1 The performance figure "adjusted cash conversion rate" is defined as the adjusted EBIT before depreciation, amortization and impairment less gross investments divided by the adjusted EBIT before depreciation, amortization and impairment. The adjusted EBIT before depreciation, amortization and impairment is calculated from the adjusted EBIT plus depreciation, amortization and impairment less expenses from the purchase price allocation.
| 9/30/2025 | 12/31/2024 | |
|---|---|---|
| Headcount at end of period, incl. apprentices | 8,439 | 9,133 |
| Apprentices in % | 4.2% | 4.5% |
At €547.2 million, the revenue in the nine-month period just ended was €86.7 million or 13.7 percent below the previous year's level (Q1-3 2024: €633.9 million). The decline in revenue compared to the same period in the previous year can be seen in all three segments.
The adjusted EBIT figure in the reporting period was -€4.5 million (Q1-3 2024: €33.1 million), which is equivalent to an adjusted EBIT margin of -0.8 percent (Q1-3 2024: 5.2 percent).
The headcount, including trainees, on September 30, 2025 was 8,439 employees (12/31/2024: 9,133 employees). 5,383 of these employees were employed in Germany, and 3,056 in the rest of the world (RoW) (12/31/2024: [Germany: 6,010; RoW: 3,123]).
Gross investments in fixed assets amounted to €7.4 million in the reporting period, which was well below the level of the same period in the previous year Q1-3 2024: €18.6 million). The equity ratio on the reporting date decreased to 15.2 percent (12/31/2024: 18.1 percent).
The net financial debt (including lease liabilities) on September 30, 2025 amounted to €264.5 million, which was above the level of December 31, 2024 (€219.6 million). Without taking lease liabilities into account, the net financial debt on September 30, 2025 amounted to €72.1 million (12/31/2024: €33.2 million).
SUMMARY OF THE THIRD QUARTER OF THE 2025 FINANCIAL YEAR
BUILDING THE SMARTER FUTURE – The EDAG Smart Industry Summit Europe 2025
The third EDAG Smart Industry Summit Europe, hosted in Fulda from September 17 to 19, 2025, sent out a clear signal regarding the EDAG Group's role as a driving force behind industrial transformation. Under the motto "Building the Smarter Future", the event brought together decision-makers from industry, technology and science - all with the common goal of actively shaping the future of production, mobility and digitalization.
More than 400 participants from some 220 companies accepted the invitation. With over 40 talks, panels and technology presentations, the EDAG Smart Industry Summit has by now become an event for the sector
to come together and showcase Europe's innovative strength.
Technological expertise and partnership as growth drivers
The main focus was on the question of how companies can make use of the opportunities offered by artificial intelligence, automation and the industrial metaverse to safeguard their competitiveness. EDAG presented practical solutions from the fields of the smart product, smart factory, smart ecosystem and public solutions, and demonstrated how the interaction between
engineering excellence and digitalization is redefining value creation.
Well-known partners such as NVIDIA, Siemens, SAP, PwC, EY, Bosch Rexroth and numerous startups underscore the collaborative character of the summit. Joint discussion formats were used to identify specific ways in which European
industrial companies can combine innovation leadership with sustainability.
From the concept to implementation: the industrial metaverse as an enabler
One of the key themes of the summit was the industrial metaverse, a technology that connects the real and virtual worlds to create an integrated development and production environment. Using six practice-oriented use cases, EDAG demonstrated how AI-assisted robot systems, digital twins, networked production management platforms and adaptive factory planning
are already increasing the efficiency and flexibility of industrial processes.
These solutions highlight what the company stands for: namely the fusion of technological depth, interdisciplinary thinking and implementation skills.
Conclusion: Dare to embrace transformation
The EDAG Smart Industry Summit Europe 2025 illustrates the fact that progress calls for more than just technology. It takes courage, collaboration and the will to explore new avenues. As an engineering partner and innovation
leader, the EDAG Group supports companies on their way to an intelligent, networked and climatefriendly industry.
With initiatives like the Smart Industry Summit, the EDAG Group is highlighting the role it plays in industrial transformation - and making its contribution to actively shaping the future of industry.
JULY AUGUST SEPTEMBER
THE EDAG SHARE
The DAX continued its dynamic development in the third quarter of 2025. Having reached a low of 19,670.88 points on April 9, the index rose to its highest closing level in the reporting period of 24,549.56 points on July 9. Although the market subsequently remained volatile, on September 30, it closed the reporting period at a sound 23,880.72 points. This places the DAX well above its starting value for the year, which was 19,923.07 points, confirming the positive trend seen so far this year. In the first nine months of the year, the STOXX Europe 600 Automobiles & Parts Index fluctuated between its highest closing level of 612.55 points on February 26 and its lowest closing level of 463.01 points on April 9. Despite temporary decreases, the index had stabilized by the end of the quarter, and concluded the nine-month period ending on September 30, 2025 with a closing level of 520.22 points.
1 Price Development
On January 2, 2025, the opening price of the EDAG share in XETRA trading was €6.92. Following a slight downward and sideways trend, the share fell to its lowest closing price in the reporting period, namely €5.04, on July 1. The share price subsequently recovered, rising to its highest closing rate in the reporting period, namely €7.10, on August 29 and September 1. On September 30, the share ended the reporting period with a closing price of €7.06. The average XETRA trade volume during the reporting period was 7,293 shares a day.
Source: Comdirect
2 Key Share Data
| 1/1/2025 – 9/30/2025 |
|
|---|---|
| Prices1 and trading volume |
|
| Share price on September 30 (€) | 7.06 |
| Share price, high (€) | 7.10 |
| Share price, low (€) | 5.04 |
| Average daily trading volume (number of shares)2 | 7,293 |
| Market capitalization on September 30 (€ million) | 176.50 |
Closing prices in XETRA trading
In XETRA trading
A current summary of the analysts' recommendations and target prices for the EDAG share, the current share price and financial calendar are available on our website, at
INTERIM GROUP MANAGEMENT REPORT
1 Basic Information on the Group
1.1 Business Model
Three Segments
The EDAG Group is one of the largest independent engineering service providers. The entire group of companies will hereinafter be referred to as EDAG Group or EDAG.
Within the framework of its continuous development program, EDAG is accelerating the diversification of its portfolio. By taking this step, the company aims to consolidate its market position and meet both the changing needs of customers and the dynamic requirements of a range of different industries. EDAG is focusing its attention on selected fields of industry in addition to the international mobility industry. This includes an increasing number of customers from the defense sector and, as before, from the energy, semiconductor, chemical, and medical product industries. Due to the growth potential and special requirements in the defense sector, we are currently building up additional resources dedicated to this area. This also includes training, especially for German employees who already have significant skills and experience in the existing specialist areas, particularly in the automotive industry.
EDAG's business is organized into the following segments: Vehicle Engineering, Electrics/Electronics and Production Solutions. We also follow the principle of production-optimized solutions, ensuring that development results are always tailored to production requirements.
Presentation of the Vehicle Engineering Segment
The Vehicle Engineering segment (VE) consists of services along the vehicle development process as well as responsibility for modules, derivatives and complete vehicles, from the initial idea through to the finished prototype. The segment is divided into the following divisions:
The Body Engineering division offers a wide range of vehicle development services. These include package & ergonomics, body assembly, surface design and interior and exterior development. A further focus is on the development of door, cover and gate systems. In addition, the range of services includes the design and development of glazing and the optical design of vehicle lighting systems including headlamps, rear lamps and small lamps. Innovative technologies and the integration and implementation of lightweight construction concepts play a crucial role in the division
Dimensional management which, by calculating tolerances and using simulation, helps to ensure the reproducibility and geometrical quality of the products, is increasingly gaining importance.
Interface management in the handling of complex module developments is also taking on an increasingly significant role. Systematic process management and close coordination between divisions help to optimize development times and improve product quality.
We regard sustainability and CO2 reduction as our guiding principles.
As an engineering service provider, we already have a major impact on the future carbon footprint of products in the early phases of their design and development. Our team of specialists develops sustainable solutions which take the entire product life cycle into account.
These include:
- Lifecycle assessments (LCA) to assess environmental impact
- Advice on what materials to select, in particular with regard to sustainable and recyclable materials
- Development of alternative drivetrain technologies and lightweight design solutions
- Strategies for decarbonization in production and supply chains
- Developing and marketing our own software to enable us to provide reliable information on the future CO2 footprint in the early stages of a project
The services offered by the Vehicle Integration division range from engineering and simulation to component, system and complete vehicle validation for automobiles, commercial vehicles and motorcycles. We cover the entire spectrum of energy system
and powertrain development through to integration with the corresponding energy storage systems (e.g. battery and hydrogen), and also develop intelligent, CO2-saving chassis solutions. Computer-aided engineering (CAE) is used in the functional design of components and systems through to the complete vehicle. To ensure readiness for series production, functionality and durability are validated in our test laboratories. In the new vehicle dynamics simulation center, it is now possible to test prototypes on an entirely virtual basis, so saving resources. Furthermore, our EMC center, which went into operation in 2024, has enabled us to further expand our comprehensive testing capacities. The electromagnetic compatibility (EMC) of components, complete vehicles and products is tested and adapted in this center.
Our Models & Vehicle Solutions division offers an extensive range of services, from styling to the physical validation of vehicles. We manufacture test vehicles, sub-assemblies, vehicle bodies and special, individual vehicle conversions. We are also one of the leading developers in the series production of high-quality hydrogen storage systems. Progress and the planning of large-scale MEGC (multiple element gas container) storage systems go hand in hand with the increasing demands for safe hydrogen storage solutions. We are continuing the development of our patented filling method to guarantee increased efficiency and safety.
Complete vehicle development and the development of interdisciplinary module packages are managed by the Project Management division with the involvement of our international subsidiaries. In this division, we provide support in areas ranging from the definition of the product strategy and concept development to series development and production. Project Management networks and directs all the development departments - internal and external - involved, in this way ensuring continuous design status progress throughout the development.
Just as the conclusion of a business transaction does not mean the end of the customer relationship, start of production (SOP) does not mark the end of the product development process. The After Sales division is vital during both the market launch of a product and its life cycle on the market. If after sales requirements are integrated into the product development process at an early stage, overall costs can be reduced and customer satisfaction increased. Our After Sales Quality Management team optimizes development and production processes, ensures that suppliers are qualified, and guarantees the quality of our products. The Technical Editing team draws up legally required documents and literature for all target groups, while our After Sales Digilab maximizes the efficiency of our systems and provides customer-specific solutions.
Presentation of the Electrics/Electronics Segment
The service portfolio in the Electrics/Electronics segment (E/E) is divided into four divisions which provide comprehensive solutions for all relevant development tasks and the current challenges in electronics development. Systematic innovation management, the use of new agile development processes and rapid customeroriented development are the basis for a sustainable, high quality cooperation in projects with customers.
Technical Sales in the E/E segment is responsible for the further development of this portfolio. To this end, market trends are identified at an early stage and incorporated into the service portfolio in accordance with customer requirements.
With a constantly evolving organization of excellence in four areas of competence, the structure of the delivery organization of the E/E segment covers all engineering services necessary for a complete system solution. Projects are handled in cooperations across various segments and sites, in global delivery models.
The Systems Engineering division develops electrical and electronic systems and functions, through to entire E/E architectures. In this context, the division develops innovative domain or service-oriented E/E architectures on the basis of a fully integrated tool-based E/E architecture development process. Starting with the initial feature list, topology and the vehicle electrical system, through to integration in the corresponding vehicle, EDAG provides support and development services for all development phases through to series production. Both the overall systems and their components, sensors, actuators and controls, are taken into account during the development of electronic systems in all relevant functional groups of the E/E architecture. The core competency centers on the management of the development process throughout the entire development, following either an OEM or EDAG process model. Whereas there is a tendency to perform more specifying activities at the beginning, the focus shifts towards controlling system integration and system validation as the project progresses, concluding with support during the approval phase of the market-ready systems.
The Integration & Validation division combines functional E/E validation skills. The key aspects here are the creation of test strategies and test specifications for testing electronic vehicle functions, and carrying out the corresponding tests. These are carried out in virtual test environments, in the laboratory, at a test site, or on the road, in a variety of ways ranging from manual to highly automated. This division also handles the conception and provision of the required testing technology and infrastructure, which involves developing and setting up optimized test facilities in accordance with the relevant test requirements. All E/E aspects relating to prototype and test vehicle construction are also covered by this division.
E/E Software & Digitalization develops hardware and software components. EDAG provides support throughout the entire development cycle from the concept phase to series production, and assumes responsibility for all development activities. Development in line with the ASPICE standard in highly automated tool chains and agile development teams is one of the daily challenges faced in the endeavor to ensure efficient processing with high-quality engineering in the projects. Information technology is another focus of Software & Digitalization. Innovative services are developed here, on behalf of customers. Key aspects involved are the connection of vehicles to the mobility backend, user interfaces and the development of specialized tools for mobility development. The E/E service portfolio also includes agile development processes and distinctive technological expertise in classic software development in the frontend and backend and in special applications in the field of AI and data science.
In its cross-company interdisciplinary function, competence in the field of Safety & Security is taking on an increasingly significant role. One of the division's key points of focus is functional safety in line with the ISO 26262 standard. In society's endeavors to minimize risks (Vision Zero), comprehensive security concepts that also cover the infrastructure and monitoring elements, vehicle guidance systems for instance, are being developed. Through legal requirements for the type approval of vehicles (UNECE R 155) and standards such as ISO/SAE 21434, cybersecurity continues to become increasingly important. Here, too, EDAG offers a wide, constantly expanding service portfolio.
Process & Product Data Management (PPDM) provides a key addition to the EDAG service portfolio. Applying its in-depth customer-specific process and systems knowledge, PPDM deals with the project-spanning, cross-divisional management
of all process operations, in this way delivering systematic and transparent results which enable the individual milestones in the product development process to be achieved. PPDM services range from classic OEM tasks such as bills of materials and release management, project back office management, version and configuration management, test vehicles and vehicle management, through to homologation, localization and certification management. The fields of consulting & strategy, environmental management and life cycle management round off this wide-ranging field of activity and provide our clients with ideas for a consistent and more efficient design of their operational methods and processes.
Presentation of the Production Solutions Segment
The Production Solutions (PS) segment is an all-round engineering partner which accepts responsibility for the development and implementation of Smart Factories at nine sites in Germany and at international sites particularly in the USA, India, Hungary and Austria. In addition to handling the individual stages in the product creation process and all factory and production systems-related services, PS is also able to optimally plan and realize complete factories from consulting to general contractor across all sectors, including cross processes. The Industry 4.0 methods and tools serve as the basis for the networked engineering between the product development and plant construction processes.
PS is organized into the following business segments: Automotive Solutions, Industrial Solutions and Smart City Solutions.
The Automotive Solutions division offers customers in the automotive industry an extensive portfolio which ranges from planning to virtual commissioning. It has the comprehensive production development competence needed to master all the interfaces between product development, production engineering and plant engineering and construction. In this business field, the focus is on product manufacturing and feasibility, and also on the new technologies within the automotive industry. The new automotive technology innovations encompass everything to do with the battery, eDrive, alternative drive systems and sustainability environments. In the batteries sector, we plan everything from the battery cell to recycling, engineering and implementing the production of electric vehicles and their components in a way that is both sustainable and digitally validated. Another focus of this division is mechatronic engineering in body manufacturing, final assembly and the component. The aim is to utilize standardization and automation to reduce the
number of hours in the engineering process for each factory, production line and production cell. Digital factory methods are used in all production lines (digital, virtual and real-life) to guarantee that functional requirements are met and implemented. To meet customers' requirements, the engineering teams develop realistic 3D simulation cells in which the planning, design and technological concepts are implemented and validated, both mechanically and electrically, in line with process requirements. Early involvement during the engineering process makes it possible to systematically improve production processes and ensure an optimized start of production (ramp-up).
In the Industrial Solutions division, holistic and independent production solutions are developed, digitally validated and implemented. Starting with analysis and consulting, then the planning and development of production plants through to their realization, support throughout the entire product and production development process is provided for customers in general industry. The key services in this division are the various elements of the smart factory: product design for manufacturability, coordinated technical building equipment and plant layout, individual production solutions, networking through smart logistics, digitalization and networking in production, digital solutions for collaboration, training and innovation and the digital twin in the smart factory. In this way, PS aims to achieve optimum process reliability for its customers, along with a sustainable factory infrastructure, increased productivity, supply chain excellence, complexity control and the effectiveness of networked people, while also improving decision-making reliability and reducing project duration. The portfolio is complemented by Feynsinn, a process consulting and CAx development division. IT-assisted sequences and methods are developed here, as is software for product design, development, production and marketing. Feynsinn also offers consulting, conceptual and realization services in the field of visualization technologies. A range of training opportunities completes the PS industrial solutions portfolio.
Alongside the core business fields of automotive solutions and industrial solutions, the Smart City Solutions division is also being developed to advance digitalization and networking in the public arena. The focus of this division is on intelligent solutions in the fields of smart mobility, smart infrastructure, smart government, smart people and smart health. PS helps cities and municipalities to implement new mobility solutions and to collect, visualize and intelligently process local information. In addition, PS assists with the digitalization and automation of administrative processes.
1.2 Targets and Strategies
In the course of its more than 55-year history, the EDAG Group has undergone continual development. With an interdisciplinary team of some 8,400 employees, the EDAG Group, in its global network of over 30 international companies, realizes projects in the fields of mobility solutions, industry solutions and public solutions, which are processed in the Vehicle Engineering, Electrics/Electronics and Production Solutions segments. With its own 360-degree development approach, it is the intention of the EDAG Group to cover the entire spectrum of modern engineering. Working across all industries, the EDAG Group develops products and production facilities that take all manufacturing-relevant processes into account and integrate them into a holistic network.
Corporate Purpose
The focus of our activities is always on people and their need for further themselves. From this, our corporate purpose "reinvent engineering – reinvent yourself" is also derived.
This emphasizes our motivation to reinvent ourselves every day and so be in a position to provide our customers, partners and society as a whole with technological solutions that will pave the way for change. For our employees, "reinvent yourself" creates a balance between stability and change.
Company Vision and Mission
Our corporate purpose is the basis from which the vision for the EDAG Group is derived:
"Shaping the future of mobility and industry together. Efficiently. Safely. Sustainable."
This gives us a clear picture of the future of our company.
It is EDAG's aim to be
- A talent factory for all employees
- A competence center for new technologies and solutions
- An agile market and future-shaping company
- A source of inspiration and vision based on clear values
- An economically, ecologically and socially sustainable engineering service provider
2 Financial Report
2.1 Macroeconomic and Industry-Specific Conditions
According to the International Monetary Fund's (IMF) latest available outlook dated October 14, 2025, the world economy exhibited 3.3 percent growth in 2024 (2023: 3.5 percent). For the current year, the IMF anticipates a growth rate of 3.2 percent.
According to information published by the German Association of the Automotive Industry (VDA e. V.) in October 2025, compared to the same period in the previous year, the European automotive market (EU-27 + EFTA & UK) recorded a slight increase in the number of new registrations (1 percent) in the first nine months of 2025. There were considerable variations in the development of the five largest individual markets. An increase in the number of new registrations was recorded in Spain (15 percent) and the United Kingdom (4 percent), while the market in Germany stagnated (0 percent). On the other hand, a decline in the number of registrations was registered in Italy (-3 percent) and France (-6 percent).
According to information published by the Federal Motor Transport Authority on October 6, 2025, a increase of 46.6 percent in new registrations of electric cars was recorded in Germany in the first three quarters of 2025, compared to the same period of the previous year. Overall, sales of electric passenger cars, which amounted to 600,093, accounted for a market share of 28.4 percent (same period in the previous year: 19.3 percent). This development can be observed for both battery electric vehicles (BEVs), which saw an increase of 38.3 percent compared to the same period in the previous year, and plug-in hybrids (PHEVs), which saw an increase of 63.9 percent compared to the same period in the previous year. At 28.0 percent, the proportion of gasoline-fueled passenger cars was well below the previous year's level (36.4 percent). Likewise, at 14.6 percent, the proportion of diesel-fueled passenger cars in the first half of 2025 was also below the level of same period in the previous year (17.9 percent). Not including plug-in hybrids (PHEVs), the proportion of vehicles with at least two different energy converters (hybrid cars) was 28.6 percent, which was above the previous year's level (25.8 percent).
In the USA, the volume on the light vehicle market (passenger cars and light trucks) in the period January to September 2025 increased by 5 percent compared to the
same period in the previous year. Continued growth was also registered on the markets in China (9 percent), Brazil (3 percent) and Japan (5 percent), while the number of new registrations in India remained virtually unchanged (0 percent).
In the latest publication of the ZVEI Economic Barometer dated October 13, 2025, the German Electrical and Digital Manufacturers' Association (ZVEI e. V.) recorded a increase of approximately 3 percent in incoming orders in the German electrical and digital industry in the eight-month period of 2025 just ended, compared to the previous year.
2.2 Financial Performance, Cash Flows and Financial Position of the EDAG Group
Financial Performance
Development of the EDAG Group
As of September 30, 2025, orders on hand increased to €374.8 million, compared to €361.4 million as of December 31, 2024. Compared to the same period in the previous year, however, this was a decrease of €63.9 million (9/30/2024: €438.7 million). Neither potential call-offs relating to general agreements nor calloffs relating to production orders are included in the orders on hand. In the ninemonth period just ended, the EDAG Group generated incoming orders amounting to €557.6 million, which, compared to the same period in the previous year (€657.1 million), represents a decrease of €99.6 million (-15.2 percent).
At €547.2 million, the revenue in the nine-month period just ended was approximately €86.7 million or 13.7 percent below the previous year's level (Q1- 3 2024: €633.9 million). The decline in revenue compared to the same period in the previous year is primarily a result of the overall tense market situation, and is reflected in all three segments.
Compared to the same period in the previous year, other income increased by €7.2 million to €19.8 million in the nine-month period just ended. This increase is primarily related to the strategic measures initiated by the EDAG Group in the 2024 financial year to promoter growth and increase efficiency and competitiveness. The resulting effect amounts to €6.5 million. In the same context, the corresponding amount of €6.5 million was shown under other expenses in the nine-month period
just ended. Also reported under this item are the restructuring measures approved on August 11, 2025. These amounted to approximately €30.0 million, and resulted in other expenses increasing by €31.3 million to a total of €111.3 million.
At €60.4 million, materials and services expenses were below the level of the previous year (Q1-3 2024: €64.5 million). The materials and services expenses ratio stood at 11.0 percent, which is a slight increase compared to the same period in the previous year (Q1-3 2024: 10.2 percent). At 4.7 percent, the materials expenses ratio is above the previous year's level (Q1-3 2024: 3.1 percent). On the other hand, at 6.4 percent, the ratio of service expenses in relation to the revenues was below the level of the same period in the previous year (Q1-3 2024: 7.1 percent).
In the nine-month period just ended, the company's workforce, including apprentices, numbered 8,763 employees on average, which was below the previous year's level (Q1-3 2024: 9,038 employees). Compared to the same period in the previous year, the EDAG Group's personnel expenses decreased by 8.8 percent to €397.5 million in the reporting period (Q1-3 2024: €435.8 million), primarily as a result of the declining headcount.
Depreciation, amortization and impairments totaled €30.4 million (Q1-3 2024: €31.6 million).
At -€34.0 million, the EBIT in the nine-month period just ended was well below the previous year's level (Q1-3 2024: €33.0 million). This resulted in an EBIT of -6.2 percent (Q1-3 2024: 5.2 percent).
The adjusted EBIT figure for the nine-month period just ended was -€4.5 million (Q1-3 2024: €33.1 million), which is equivalent to an adjusted EBIT margin of -0.8 percent (Q1-3 2024: 5.2 percent).
The financial result for the first nine months of 2025 was -€10.4 million, (Q1-3 2024: -€9.5 million).
To sum up, with a loss of €31.9 million (Q1-3 2024: profit of €15.7 million), business development of the EDAG Group in the reporting period was all in all unsatisfactory.
Development of the Vehicle Engineering Segment
Incoming orders in the nine-month period just ended amounted to €331.7 million, which was below the level of the same period in the previous year (Q1-3 2024: €369.6 million). At €308.9 million, revenues were also below the previous year's level (Q1-3 2024: €365.9 million). All in all, an adjusted EBIT of €2.0 million was reported for the Vehicle Engineering segment in the nine-month period just ended (Q1-3 2024: €24.5 million). The adjusted EBIT margin amounted to 0.6 percent, which was also well below the level of the same period in the previous year (Q1-3 2024: 6.7 percent).
Development of the Electrics/Electronics Segment
Incoming orders in the first nine months decreased by €22.1 million to €152.5 million compared to the same period in the previous year (Q1-3 2024: €177.7 million). Revenue totaled €159.2 million, which was also below the previous year's level of €184.2 million. The adjusted EBIT stood at -€2.0 million (Q1-3 2024: €3.8 million). The adjusted EBIT margin amounted to -1.2 percent, which was also well below the level of the same period in the previous year (Q1-3 2024: 2.1 percent).
Development of the Production Solutions Segment
In the Production Solutions segment, incoming orders in the nine-month period just ended amounted to €85.2 million, which was well below the level of the previous year (Q1-3 2024: €123.0 million). At €90.6 million, revenue in the nine-month period just ended was below the previous year's level (Q1-3 2024: €100.8 million), as was the adjusted EBIT margin, which stood at -5.0 percent (Q1-3 2024: 4.7 percent). Overall, the EBIT for the Production Solutions segment stood at -€4.5 million in the nine-month period just ended (Q1-3 2024: €4.8 million).
Cash Flows and Financial Position
The EDAG Group's statement of financial position total decreased by €76.9 million to €657.3 million, and was therefore below the level of December 31, 2024 (€734.2 million). At €394.1 million, non-current assets were above the previous year's level (12/31/2024: €382.7 million). In the current assets, there was a significant increase of €43.7 million in the contract assets. By way of contrast, the accounts receivable decreased by €42.1 million. These changes reflect the typical development
for EDAG in the first nine months of a financial year, in line with the company's business activities. Cash and cash equivalents decreased by €125.5 million to €45.5 million.
On the equity, liabilities and provisions side, there was a decrease in equity from €133.1 million to €100.2 million. The equity ratio on the reporting date was 15.2 percent, which was slightly below the level at the end of the previous year (12/31/2024: 18.1 percent).
Non-current liabilities and provisions decreased to €257.6 million (12/31/2024: €306.1 million). Current liabilities and provisions increased by a moderate €4.5 million to €299.5 million, (12/31/2024: €295.0 million).
In the nine-month period of 2025 just-ended, the operating cash flow was -€4.2 million (Q1-3 2024: €56.3 million). The reduction is primarily due to working capital effects and the negative result for the first nine months of the year. In the third quarter, however, a positive operating cash flow of €5.2 million was reported.
At €7.4 million, gross investments in the reporting period were well below the previous year's level (Q1-3 2024: €18.6 million). At 1.4 percent, the ratio of gross investments in relation to revenues was also below the level of the previous year (Q1-3 2024: 2.9 percent).
On the reporting date, unused lines of credit in the amount of €106.5 million exist in the EDAG Group (12/31/2024: €107.7 million). The Executive Management continues to regard the overall economic situation of the EDAG Group as good. The company was able to meet its payment obligations at all times throughout the reporting period.
2.3 HR Management and Development
The success of the EDAG Group depends to a significant extent on committed and well qualified employees. Behind the company's comprehensive service portfolio are people with widely differing occupations and qualifications. In addition, the EDAG Group is also characterized by the special commitment and attitude of its employees. Throughout its more than 55 years of history, EDAG has always ensured that both young and experienced employees are offered interesting and challenging activities and projects, and are provided with the prospect of and the necessary space for personal responsibility and decision-making. And this is the primary focus of both our human resources management and development. For a more detailed representation of HR management and development, please see the Group Management Report in the Annual Report for 2024.
On September 30, 2025, the EDAG Group employed a workforce of 8,439 people (12/31/2024: 9,133 people). Personnel expenses in the reporting period amounted to €397.5 million (Q1-3 2024: €435.8 million).
3 Forecast, Risk and Reward Report
3.1 Risk and Reward Report
Compared to the to the risks and rewards described in the Group Management Report in the Annual Report for 2024, the following changes have occurred:
Operative risks have been in risk category A since the first quarter of 2025 (2024: B), with an unchanged medium probability of occurrence. The probability of personnel risks occurring rose to medium in the first quarter of the year (2024: low), and the risk category in the third quarter was category C (2024: C). Furthermore, the financial risks rose from class C (2024) to B, with the probability of occurrence likewise increasing from low (2024) to medium. This change is a result of the increase in the risk of non-payment
On the date of publication of the Consolidated Interim Report, the Group Executive Management continues to believe that none of the risks reported and assessed in the Group Management Report in the Annual Report for 2024 will jeopardize the existence of the company. The effects of geopolitical and macroeconomic uncertainties and the threat of protectionist trade restrictions do, however, pose a risk to EDAG.
In our opinion, our strategic orientation and financial direction, our position on the market and the measures we have taken all provide a sound basis for the successful handling of the existing risks and the challenges they present. For a more detailed representation of the Risk and Reward Report, please see the Group Management Report in the Annual Report for 2024.
3.2 Forecast
According to the latest IMF estimate announced on October 14, 2025, economic performance in Germany is expected to virtually stagnate in 2025 (+0.2 percent); higher growth (+0.9 percent) is forecast for 2026. The IMF expects a growth rate of 1.2 percent in 2025 and of 1.1 percent in 2026 for the eurozone. Growth of the US economy is expected to reach 2.0 percent in 2025, while a growth rate of 2.1 percent is anticipated in 2026. According to the latest estimate, China, with forecasts for a 4.8 percent increase in economic performance in 2025 and 4.2 percent in 2026, will continue to be a growth engine for the global economy. This expected growth in China will be surpassed by India, for which an increase in economic performance of 6.6 percent is forecast for 2025 and 6.2 percent in 2026.
Following an increase in new registrations in the major international automobile markets in 2024, the VDA, in its forecast of October 31, 2025, expects the business environment of the automotive industry in 2025 to remain challenging. Economic and trade policies, along with pressures along the value chain, are creating uncertainty. Overall, protectionist, geopolitical and macroeconomic uncertainties can lead to changing assessments of future cross-industry development, in some instances within a very short period of time.
The VDA anticipates a slight increase in the number of registrations in the passenger car/light vehicle markets in Europe (2 percent), while a growth of 5 percent in registration figures is expected in the USA in 2025. According to forecast by the VDA, at 6 percent, the growth rate anticipated for the Chinese automobile market in 2025 is above the forecasts for Europe and the USA. Although overall, China has already achieved a historically high market volume, initial signs indicate that growth momentum is beginning to decline.
Morgan Stanley, in its forecast of June 3, 2025, also anticipates an increase in global sales of vehicles (passenger cars, not including lightweight commercial vehicles) to 77.4 million in 2025. This is equivalent to an increase of roughly 3.4 percent compared to 2024. This means that the 2025 forecast for the number of passenger vehicles sold is above the 74.8 million units sold in 2024.
Besides the sales figures, however, technological and digital trends are having an enormous influence not just on our own business model, but also on those of the OEMs. In particular, a large number of automotive startup companies can see an
opportunity to reshape the mobility of the future. The current emission standards and far-reaching sustainability regulations are making the further development of classic powertrain types essential, and promoting the integration of alternative powertrains. The BEV/PHEV1 technologies are also becoming increasingly important. In addition, however, e-fuels and the hydrogen-based fuel cell are providing hightech engineering service providers with diverse opportunities. Additional challenges for all market participants are being created by the future-oriented fields of software, sensors, autonomous and connected driving, and the development of artificial intelligence. The development of new digital business fields and mobility services necessitates additional development and capacity requirements, which could lead to new growth opportunities for the engineering service market. The continuing consolidation of the engineering service providers and changed responsibility models in the drafting of work contracts will also bring about lasting changes within the sector.
1 Battery electric vehicle (BEV)/ plug-in hybrid electric vehicle (PHEV)
As a global-level partner to our customers, EDAG wants to operate successfully and achieve profitable growth rates again. EDAG is one of the top engineering service providers in the automotive sector, and well positioned to handle the market changes towards increasingly large and complex projects with more and more engineering responsibility. By creating a synergy between the flexible and mobile application of our expertise, the utilization of our internal, best-cost country resources and an international project management team, we strive, at a global level, to meet our customers' expectations. This applies specifically to the selected industrial sectors we focus on: defense, energy, semiconductors, chemicals, and medical products.
The market for engineering services remains highly dynamic. With a growing focus on CO2 reduction, the development of alternative drive concepts is being massively accelerated. Trend topics such as highly automated driving and data-based business models call for completely new vehicle architectures, and are increasingly leading to a separation of hardware and software in development. The large number of powertrain variants will make flexible and networked smart factories indispensable. All these developments are driving the demand for development services, and will, in the medium to long term, lead to considerable opportunities. The VDA anticipates an investment volume of €320 billion in research and development in the automotive industry in the period 2025 to 2029; to this must be added capital investments in the amount of approx. €220 billion on the conversion of existing and the construction of new plants.
We do not at present see any risk to the continued existence of the company in the geopolitical conflicts, the persistently high level of energy and staffing costs and the general slowdown in purchasing, but do see a risk that its development might be impaired. The ongoing dynamic situation in connection with geopolitical conflicts, and to some extent with the protectionist economic policies being implemented in the global environment, harbors uncertainties the development of which cannot be foreseen. In addition to unexpected macroeconomic and geopolitical developments, in particular the trade policy environment, and above all the current and possible future impact of US tariff policy and the effects of potential countermeasures undertaken by important trading partners, are creating unforeseeable uncertainties for the global economy and for EDAG's business development. It is difficult to make a reliable outlook with regard to possible consequences for supply chains and the availability of pre-products and raw materials in the industries relevant to us. With the exceptional uncertainties arising as a result, companies across all sectors find themselves facing considerable challenges when it comes to forecasting economic development and deriving a reliable and dependable quantitative outlook. On the reporting date, unused lines of credit with credit institutions in the amount of €106.5 million exist in the Group. As a result, we see ourselves as being very well positioned to meet the challenges of the 2025 financial year.
Delays in the awarding of contracts, project cancellations, heterogeneous capacity utilization in different areas and locations, and increasing price pressure continue to pose substantial risks for engineering service providers. A decline of up to approx. 15 percent is expected in revenues in the 2025 financial year. Forecasts indicate that the adjusted EBIT margin will remain approx. -3 percent.
However, the estimates outlined here are still largely dependent on the uncertainties described above.
The following table provides a summary of the outlook for 2025:
| in € million | 2024 | Forecast 2025 |
|---|---|---|
| Group | ||
| Sales revenues | 822.0 | Decline of up to approx. 15 percent |
| Adjusted EBIT margin | 3.8% | Up to -3 percent |
| Investment rate | 2.8% | Approx. 3 percent |
4 Disclaimer
The Interim Group Management Report contains future-based statements related to anticipated developments. These statements are based on current projections, which by their nature include risks and uncertainties. Actual results may differ from the statements provided here.
ABRIDGED CONSOLIDATED FINANCIAL STATEMENTS
1 Consolidated Statement of Comprehensive Income
| in € thousand | 1/1/2025 – 9/30/2025 |
1/1/2024 – 9/30/2024 |
7/1/2025 – 9/30/2025 |
7/1/2024 – 9/30/2024 |
|---|---|---|---|---|
| Profit or loss | ||||
| Sales revenues and changes in inventories1 | 547,151 | 633,898 | 180,409 | 204,724 |
| Sales revenues | 546,169 | 633,107 | 179,969 | 204,374 |
| Changes in inventories | 982 | 791 | 440 | 350 |
| Other income | 19,755 | 12,568 | 4,629 | 4,256 |
| Material expenses | -60,375 | -64,544 | -23,115 | -20,408 |
| Gross profit | 506,531 | 581,922 | 161,923 | 188,572 |
| Personnel expenses | -397,529 | -435,764 | -122,217 | -137,039 |
| Depreciation, amortization and impairment | -30,413 | -31,588 | -10,211 | -10,784 |
| Net result from impairment losses/impairment loss reversal of financial assets |
-1,273 | -1,527 | -954 | -1,912 |
| Other expenses | -111,309 | -80,011 | -55,016 | -27,599 |
| Earnings before interest and taxes (EBIT) | -33,993 | 33,032 | -26,475 | 11,238 |
| Result from investments accounted for using the equity method |
747 | 1,168 | 197 | 305 |
| Financial income | 1,761 | 2,926 | 327 | 784 |
| Financing expenses | -12,868 | -13,574 | -4,171 | -4,521 |
| Financial result | -10,360 | -9,480 | -3,647 | -3,432 |
| Earnings before taxes | -44,353 | 23,552 | -30,122 | 7,806 |
| Income Taxes | 12,421 | -7,843 | 8,438 | -2,600 |
| Profit or loss | -31,932 | 15,709 | -21,684 | 5,206 |
Described below in simplified terms as revenues.
| in € thousand | 1/1/2025 – 9/30/2025 |
1/1/2024 – 9/30/2024 |
7/1/2025 – 9/30/2025 |
7/1/2024 – 9/30/2024 |
|---|---|---|---|---|
| Profit or loss | -31,932 | 15,709 | -21,684 | 5,206 |
| Other comprehensive income | ||||
| Profits/losses reclassifiable under certain conditions | ||||
| Currency translation differences | ||||
| Profits/losses included in equity from currency translation differences |
-2,087 | -1,367 | 48 | -1,203 |
| Total profits/losses reclassifiable under certain conditions |
-2,087 | -1,367 | 48 | -1,203 |
| Not reclassifiable profits/losses | ||||
| Revaluation of net obligation from defined benefit plans | ||||
| Revaluation of net obligation from defined benefit plans before taxes |
1,685 | -581 | 194 | -1,472 |
| Deferred taxes on defined benefit plans |
-501 | 173 | -58 | 445 |
| Income and expenses included in equity from shares accounted for using the equity method, net of tax |
- | 6 | - | - |
| Total not reclassifiable profits/losses | 1,184 | -402 | 136 | -1,027 |
| Total other comprehensive income before taxes | -402 | -1,942 | 242 | -2,675 |
| Total deferred taxes on the other comprehensive income | -501 | 173 | -58 | 445 |
| Total other comprehensive income | -903 | -1,769 | 184 | -2,230 |
| Total comprehensive income | -32,835 | 13,940 | -21,500 | 2,976 |
| From the profit or loss attributable to: | ||||
| Shareholders of the parent company | -31,820 | 15,709 | -21,646 | 5,206 |
| Non-controlling interests | -112 | - | -38 | - |
| From the total comprehensive income attributable to: |
||||
| Shareholders of the parent company | -32,767 | 13,940 | -21,473 | 2,976 |
| Non-controlling interests | -68 | - | -27 | - |
| Earnings per share of shareholders of EDAG Group AG [diluted and basic in €] |
||||
| Earnings per share | -1.27 | 0.63 | -0.87 | 0.21 |
2 Consolidated Statement of Financial Position
| in € thousand | 9/30/2025 | 12/31/2024 |
|---|---|---|
| Assets | ||
| Goodwill | 75,794 | 76,421 |
| Other intangible assets | 3,765 | 5,179 |
| Property, plant and equipment | 85,983 | 92,175 |
| Rights of use from leasing | 170,547 | 165,695 |
| Financial assets | 193 | 140 |
| Investments accounted for using the equity method | 19,123 | 18,930 |
| Non-current other financial assets | 550 | 506 |
| Non-current other non-financial assets | 1,412 | 1,185 |
| Deferred tax assets | 36,730 | 22,510 |
| Non-current assets | 394,097 | 382,741 |
| Inventories | 6,746 | 4,673 |
| Current contract assets | 111,178 | 67,430 |
| Current accounts receivable | 72,902 | 115,039 |
| Current other financial assets | 2,302 | 2,043 |
| Current securities, loans and financial instruments | 140 | 29 |
| Current other non-financial assets | 21,425 | 19,833 |
| Income tax assets | 3,062 | 16,898 |
| Cash and cash equivalents | 45,452 | 125,469 |
| Current assets | 263,207 | 351,414 |
| Assets | 657,304 | 734,155 |
| in € thousand | 9/30/2025 | 12/31/2024 |
|---|---|---|
| Equity, liabilities and provisions | ||
| Subscribed capital | 920 | 920 |
| Capital reserves | 40,000 | 40,000 |
| Retained earnings | 70,436 | 102,256 |
| Reserves from profits and losses recognized directly in equity | -4,167 | -5,351 |
| Currency translation differences | -7,073 | -4,942 |
| Equity attributable to shareholders of the parent company | 100,116 | 132,883 |
| Non-controlling interests | 119 | 187 |
| Equity | 100,235 | 133,070 |
| Provisions for pensions and similar obligations | 31,976 | 32,159 |
| Other non-current provisions | 2,294 | 3,418 |
| Non-current financial liabilities | 50,000 | 101,005 |
| Non-current lease liabilities | 172,971 | 168,789 |
| Non-current other financial liabilities | 220 | 220 |
| Non-current other non-financial liabilities | - | 422 |
| Deferred tax liabilities | 123 | 53 |
| Non-current liabilities and provisions | 257,584 | 306,066 |
| Current provisions | 71,185 | 59,747 |
| Current financial liabilities | 67,727 | 57,698 |
| Current lease liabilities | 19,352 | 17,686 |
| Current contract liabilities | 57,151 | 69,295 |
| Current accounts payable | 22,668 | 24,372 |
| Current other financial liabilities | 3,438 | 3,803 |
| Current other non-financial liabilities | 55,788 | 59,753 |
| Current income tax liabilities | 2,176 | 2,665 |
| Current liabilities and provisions | 299,485 | 295,019 |
| Equity, liabilities and provisions | 657,304 | 734,155 |
3 Consolidated Cash Flow Statement
| Profit or loss | -31,932 | 15,709 |
|---|---|---|
| +/- Income tax expenses/income |
-12,421 | 7,843 |
| - Income taxes paid |
11,371 | -12,762 |
| + Financial result |
10,360 | 9,480 |
| + Interest received |
1,945 | 2,917 |
| + Dividends received |
555 | 680 |
| +/- Depreciation and amortization/write-ups on tangible and intangible assets |
30,413 | 31,588 |
| +/- Other non-cash item expenses/income and changes recognized directly in equity |
1,795 | 201 |
| +/- Increase/decrease in non-current provisions |
-1,089 | 2,093 |
| -/+ Profit/loss on the disposal of fixed assets |
-95 | -60 |
| -/+ Increase/decrease in inventories |
-2,270 | -949 |
| Increase/decrease in contract assets, receivables and other assets that are not attributable to -/+ investing or financing activities |
-7,270 | 3,797 |
| +/- Increase/decrease in current provisions |
10,944 | -5,116 |
| Increase/decrease in accounts payable and other liabilities and provisions that are not attributable +/- to investing or financing activities |
-16,489 | 910 |
| Cash inflow/outflow from operating activities/ = operating cash flow |
-4,183 | 56,331 |
| + Deposits from disposals of tangible fixed assets |
152 | 171 |
| - Payments for investments in tangible fixed assets |
-6,519 | -16,203 |
| + Deposits from disposals of intangible fixed assets |
89 | - |
| - Payments for investments in intangible fixed assets |
-908 | -2,424 |
| + Deposits from disposals of financial assets |
12 | 3 |
| - Payments for investments in financial assets |
-62 | -39 |
| Payments for investments in shares of fully consolidated companies / divisions / business - combinations |
-220 | - |
| = Cash inflow/outflow from investing activities/investing cash flow |
-7,456 | -18,492 |
| in € thousand | 1/1/2025 – 9/30/2025 |
1/1/2024 – 9/30/2024 |
|
|---|---|---|---|
| - | Payments to shareholders/partners (dividends for the previous year) | - | -13,750 |
| - | Interest paid | -13,504 | -14,758 |
| + | Borrowing of financial liabilities | - | 65 |
| - | Repayment of financial liabilities | -39,179 | -1,186 |
| - | Repayment of lease liabilities | -14,866 | -14,384 |
| = | Cash inflow/outflow from financing activities / financing cash flow | -67,549 | -44,013 |
| Net cash changes in financial funds | -79,188 | -6,174 | |
| -/+ | Effect of changes in currency exchange rate and other effects from changes of financial funds | -829 | -480 |
| + | Financial funds at the start of the period | 125,469 | 107,266 |
| = | Financial funds at the end of the period [cash and cash-equivalents] | 45,452 | 100,612 |
| = | Free cash flow (FCF) – equity approach | -11,639 | 37,839 |
4 Consolidated Statement of Changes in Equity
| in € thousand | Subscri bed capital |
Capital reserves |
Retained earnings |
Currency transla tion |
Revaluati on from pension plans |
Shares in invest ments accounted for using the equity method |
Equity attribu table to majority sharehol ders |
Non controlling interests |
Total equity |
|---|---|---|---|---|---|---|---|---|---|
| As per 1/1/2025 | 920 | 40,000 | 102,256 | -4,942 | -5,382 | 31 | 132,883 | 187 | 133,070 |
| Profit or loss | - | - | -31,820 | - | - | - | -31,820 | -112 | -31,932 |
| Other comprehensive income |
- | - | - | -2,131 | 1,184 | - | -947 | 44 | -903 |
| Total comprehensive income |
- | - | -31,820 | -2,131 | 1,184 | - | -32,767 | -68 | -32,835 |
| As per 9/30/2024 | 920 | 40,000 | 70,436 | -7,073 | -4,198 | 31 | 100,116 | 119 | 100,235 |
| in € thousand | Subscri bed capital |
Capital reserves |
Retained earnings |
Currency transla tion |
Revalua tion from pension plans |
Shares in invest ments accounted for using the equity method |
Equity attribu table to majority sharehol ders |
Non controlling interests |
Total equity |
|---|---|---|---|---|---|---|---|---|---|
| As per 1/1/2024 | 920 | 40,000 | 130,531 | -4,181 | -4,790 | 49 | 162,529 | - | 162,529 |
| Profit or loss | - | - | 15,709 | - | - | - | 15,709 | - | 15,709 |
| Other comprehensive income |
- | - | - | -1,368 | -408 | 7 | -1,769 | - | -1,769 |
| Total comprehensive income |
- | - | 15,709 | -1,368 | -408 | 7 | 13,940 | - | 13,940 |
| Dividends | - | - | -13,750 | - | - | - | -13,750 | - | -13,750 |
| As per 9/30/2023 | 920 | 40,000 | 132,490 | -5,549 | -5,198 | 56 | 162,719 | - | 162,719 |
5 Selected Explanatory Notes
5.1 General Disclosures
The EDAG Group is one of the largest independent engineering service providers and handles projects in the fields of mobility solutions, industry solutions and public solutions in the Vehicle Engineering, Electrics/Electronics and Production Solutions segments.
The parent company of the EDAG Group is EDAG Engineering Group AG ("EDAG Group AG"). The EDAG Group AG was founded on November 2, 2015, and was entered as a stock corporation in the commercial register of the Swiss canton Thurgau on November 3, 2015. The registered office of the company is: Schlossgasse 2, 9320 Arbon, Switzerland.
Since December 2, 2015, the company has been listed for trading on the regulated market of the Frankfurt Stock Exchange with concurrent admission to the subsegment of the regulated market with additional post-admission obligations (Prime Standard):
International Securities Identification Number (ISIN): CH0303692047 Securities identification number (WKN): A143NB Trading symbol: ED4
The shares are denominated in Swiss francs. The functional currency is the euro, and shares are traded in euros. The company's shares are briefed in a global certificate and deposited with Clearstream. Each company share entitles its holder to a vote at the company's annual shareholders' meeting.
The financial statements of the subsidiaries included in the Consolidated Financial Statements were prepared using uniform accounting and valuation principles as of EDAG Group AG's financial reporting date (September 30, 2025).
The unaudited Consolidated Interim Report has been prepared using the euro as the reporting currency. Unless otherwise stated, all amounts are given in thousands of euros. Where percentage values and figures are given, differences may occur due to rounding.
In accordance with IAS 1, the statement of financial position is divided into noncurrent and current assets and liabilities. Assets and liabilities are classified as current if they are expected to be sold or settled within a year or within the company's or group's normal operating cycle. In compliance with IAS 12, deferred taxes are posted as non-current assets and liabilities. Likewise, pension provisions are also posted as non-current items.
The statement of comprehensive income is structured according to the nature of expense method.
5.2 Basic Principles and Methods
Basic Accounting Principles
The Consolidated Interim Report of the EDAG Group AG for the period ending September 30, 2025 has been prepared in accordance with IAS 34 "Interim financial reporting". As the scope of the Consolidated Interim Report has been reduced, making it shorter than the Consolidated Financial Statements, it should be read in conjunction with the Consolidated Financial Statements for December 31, 2024. The Consolidated Financial Statements of EDAG Group AG and its subsidiaries for December 31, 2024 have been prepared in accordance with the International Financial Reporting Standards (IFRS) of the International Accounting Standards Board (IASB), as they are to be applied pursuant to Directive No. 1606/2002 of the European Parliament and Council regarding the application of international accounting standards in the EU. In addition to the International Financial Reporting Standards, the term IFRS also includes the still valid International Accounting Standards (IAS), the Interpretations of the IFRS Interpretations Committee (IFRS IC) and those of the former Standing Interpretations Committee (SIC). The requirements of all accounting standards and interpretations resolved as of September 30, 2025 and adopted in national law by the European Commission have been fulfilled.
In addition to the Statement of Financial Position and the Statement of Comprehensive Income, the IFRS Consolidated Financial Statements also include additional components, namely the Statement of Changes in Equity, the Cash Flow Statement and the notes. The separate report on the risks of future development is included in the Interim Group Management Report.
All estimates and assessments required for accounting and valuation in accordance with the IFRS standards are in conformity with the respective standards, are regularly reassessed, and are based on past experience and other factors including expectations as to future events that appear reasonable under the given circumstances. Wherever large-scale estimates were necessary, the assumptions made are set out in the note relating to the relevant item in the following.
The risks to the EDAG Group arising from the global crises are subject to continual analysis and evaluation, also with regard to their impact on the net assets, financial position and financial performance of the Group. Climate-related opportunities and risks are regularly assessed in our Group Sustainability Report, and are also taken into due account within the scope of our financial reporting, including forecasts of expected business development. At the present time, we do not anticipate any material changes to our expectations with regard to the net assets, financial position and financial performance as a result of the climate crisis.
The Abridged Consolidated Financial Statements and the Interim Group Management Report have not been subjected to an audit review in accordance with ISRE 2410, nor have they been audited in accordance with § 317 of the German Commercial Code.
New, Changed or Revised Accounting Standards
EDAG Group AG has applied the following accounting standards adopted by the EU and legally required to be applied since January 1, 2025, although they did not have any significant effect on the assets, financial position and financial performance of the EDAG Group in the Consolidated Interim Report:
• IAS 21 – Lack of exchangeability
(IASB publication: August 15, 2024; EU endorsement: November 12, 2024)
Accounting and Valuation Principles
For this Consolidated Interim Report, a discount rate of 3.92 percent has been used for pension provisions in Germany (12/31/2024: 3.45 percent). A discount rate of 1.13 percent has been used for pension provisions in Switzerland (12/31/2024: 1.05 percent).
In accordance with the general objectives of financial statements as set out in F.12 et seq., IAS 1.9 and IAS 8.10 et seq., IAS 34.30(c) was applied when determining income tax expense for the interim reporting period. Accordingly, the weighted average expected annual tax rate in the amount of 28.00 percent (12/31/2024: 17.78 percent effective reported tax ratio) was used.
Otherwise, the same accounting and valuation methods and consolidation principles as were used in the 2024 Consolidated Financial Statements for EDAG Group AG were applied when preparing the Consolidated Interim Report and determining comparative figures. A detailed description of these methods has been published in the Notes to the Consolidated Financial Statements in the Annual Report for 2024. This Consolidated Interim Report should therefore be read in conjunction with the Consolidated Financial Statements of EDAG Group AG for December 31, 2024.
Irregular expenses incurred during the financial year are reported in cases where reporting would also be effected at the end of the financial year.
The EDAG Group's operating activities are not subject to any significant seasonal influences.
Estimates and Discretionary Decisions
Preparation of the Consolidated Interim Report in accordance with IFRS requires management to make estimates and discretionary decisions that may affect the recognition and measurement of assets and liabilities in the balance sheet, the disclosure of contingent receivables and liabilities on the balance sheet date, and the reported income and expenses for the reporting period.
Due to the continuing geopolitical conflicts, these estimates and discretionary decisions are subject to increased uncertainty. The amounts actually realized may deviate from these estimates and discretionary decisions; changes may have a material impact on the Consolidated Interim Report.
5.3 Changes in the Scope of Consolidation
Compared to December 31, 2024, amendments relating to companies not included in the scope of consolidation were made to the group of combined or consolidated companies in the first nine months of the 2025 financial year; as of September 30, 2025, it is composed as follows:
| Switzerland | Germany | Other countries |
Total | |
|---|---|---|---|---|
| Fully consolidated companies |
2 | 5 | 21 | 28 |
| Companies accounted for using the equity method |
- | 1 | - | 1 |
| Companies included at acquisition cost [not included in the scope of consolidation] |
- | 4 | - | 4 |
The companies included at acquisition cost are for the most part non-operational companies and general partners, and are not included in the scope of consolidation. The company included and accounted for using the equity method is an associated company.
HYKONIS GmbH, Stuhr was founded upon registration on April 3, 2025. EDAG Engineering GmbH holds 100 percent of the shares. The company is included at acquisition cost.
5.4 Currency Translation
Currency translation in the Consolidated Interim Report was based on the following exchange rates:
| Country | Currency | 9/30/2025 | 3Q 2025 | 12/31/2024 | 3Q 2024 |
|---|---|---|---|---|---|
| 1 EUR = nat. currency |
Spot rate on balance sheet date |
Average exchange rate for period |
Spot rate on balance sheet date |
Average exchange rate for period |
|
| Great Britain | GBP | 0.8734 | 0.8503 | 0.8292 | 0.8514 |
| Brazil | BRL | 6.2432 | 6.3173 | 6.4253 | 5.6939 |
| USA | USD | 1.1741 | 1.1180 | 1.0389 | 1.0870 |
| Malaysia | MYR | 4.9412 | 4.8324 | 4.6454 | 5.0369 |
| Hungary | HUF | 390.2600 | 401.5916 | 411.3500 | 391.3244 |
| India | INR | 104.2548 | 96.7320 | 88.9335 | 90.6695 |
| China | CNY | 8.3591 | 8.0706 | 7.5833 | 7.8540 |
| Mexico | MXN | 21.5314 | 21.7968 | 21.5504 | 19.2877 |
| Czech Republic | CZK | 24.3350 | 24.8327 | 25.1850 | 25.0769 |
| Switzerland | CHF | 0.9364 | 0.9394 | 0.9412 | 0.9581 |
| Poland | PLN | 4.2698 | 4.2399 | 4.2750 | 4.3056 |
| Sweden | SEK | 11.0565 | 11.1018 | 11.4590 | 11.4088 |
| Japan | JPY | 173.7600 | 165.4832 | 163.0600 | 164.2549 |
| Turkey | TRY | 48.8227 | 48.8227 | 36.7372 | 38.2693 |
Hyperinflation
Since the second quarter of 2022, Turkey has been classified as a hyperinflationary economy in accordance with IAS 29 "Financial Reporting in Hyperinflationary Economies". Accounting for the activities there is therefore not carried out on the basis of historical acquisition or production costs, but is presented adjusted for the effects of inflation. The IMF (International Monetary Fund) price index for consumer goods is used here (inflation in Turkey in 2025: 31.0 percent; 2024: 43.0 percent). Gains and losses from hyperinflation are included in equity, in the reserves from currency translation differences.
After the figures have been adjusted for the effects of inflation, balance sheet items and income and expenses are translated into the reporting currency, the euro, at
the closing rate on the balance sheet date, in accordance with IAS 21.42. This did not result in any material effect. The previous year's figures are not adjusted in accordance with the requirements of IAS 21 "The Effects of Changes in Foreign Exchange Rates" for financial statements in non-hyperinflationary reporting currencies.
5.5 Reconciliation of the Adjusted Operating Profit (Adjusted EBIT)
In addition to the data required according to the IFRS, the segment reporting also includes a reconciliation to the adjusted earnings before interest and taxes (adjusted EBIT). Adjustments include income from initial consolidations and deconsolidations, expenses and earnings relating to restructuring, all effects of purchase price allocations on EBIT and special effects from compensation payments.
| in € thousand | 1/1/2025 – 9/30/2025 |
1/1/2024 – 9/30/2024 |
7/1/2025 – 9/30/2025 |
7/1/2024 – 9/30/2024 |
||||
|---|---|---|---|---|---|---|---|---|
| Earnings before interest and taxes (EBIT) |
-33,993 | 33,032 | -26,475 | 11,238 | ||||
| Adjustments: | ||||||||
| Expenses (+) from purchase price allocation |
37 | 37 | 12 | 12 | ||||
| Other adjustments | 29,464 | - | 29,589 | - | ||||
| Total adjustments | 29,501 | 37 | 29,601 | 12 | ||||
| Adjusted earnings before interest and taxes (adjusted EBIT) |
-4,492 | 33,069 | 3,126 | 11,250 |
5.6 Segment Reporting
The segment reporting is prepared in accordance with IFRS 8 "Operating segments". Individual consolidated results are reported by company divisions in conformity with the internal reporting and organizational structure of the EDAG Group. The key performance indicator for the Group Executive Management at segment level is the EBIT/adjusted EBIT. The segment presentation is designed to show the
profitability and the assets and financial situation of the individual business activities. Intercompany sales are accounted for at customary market prices and are equivalent to sales towards third parties (arm's length principle).
As at September 30, 2025, the non-current assets amounted to €394.1 million (12/31/2024: €382.7 million). Of these, €2.5 million are domestic, €348.0 million are German, and €43.6 million are non-domestic (12/31/2024: [domestic: €2.5 million; Germany: €335.2 million; non-domestic: €45.0 million]).
The assets, liabilities and provisions are not reported by segments, as this information is not part of the internal reporting.
The Vehicle Engineering segment (VE) consists of services along the vehicle development process as well as responsibility for derivative and complete vehicles. For descriptions of the individual divisions in this segment, please see the chapter "Business Model" in the Interim Group Management Report.
The range of services offered by the Electrics/Electronics segment (E/E) includes the development of electrical and electronic systems, components, functions and services for everything from show cars and prototypes to the complete vehicle. These services are performed in competencies which are described in greater detail in the chapter "Business Model" in the Interim Group Management Report.
As an all-round engineering partner, the Production Solutions segment (PS) is responsible for the development and implementation of production processes. In addition to handling the individual stages in the product creation process and all factory and production systems-related services, Production Solutions are also able to optimally plan complete factories over all fields, including cross processes, and to provide the realization from a single source. For more detailed descriptions of the individual divisions in this segment, please see the chapter "Business Model" in the Interim Group Management Report.
Income and expenses as well as results between the segments are eliminated in the consolidation.
| in € thousand | 1/1/2025 – 9/30/2025 | |||||||
|---|---|---|---|---|---|---|---|---|
| Vehicle Engineering |
Electrics/ Electronics |
Production Solutions |
Total segments |
Consolida tion |
Total Group |
|||
| Sales revenue with third parties | 302,774 | 155,403 | 87,992 | 546,169 | - | 546,169 | ||
| Sales revenues with other segments |
5,237 | 3,812 | 2,489 | 11,538 | -11,538 | - | ||
| Changes in inventories | 886 | 6 | 90 | 982 | - | 982 | ||
| Total revenues1 | 308,897 | 159,221 | 90,571 | 558,689 | -11,538 | 547,151 | ||
| EBIT | -8,040 | -12,080 | -13,873 | -33,993 | - | -33,993 | ||
| EBIT margin [%] | -2.6% | -7.6% | -15.3% | -6.1% | n/a | -6.2% | ||
| Purchase price allocation (PPA) | 37 | - | - | 37 | - | 37 | ||
| Other adjustments relating to restructuring |
9,999 | 10,111 | 9,354 | 29,464 | - | 29,464 | ||
| Adjusted EBIT | 1,996 | -1,969 | -4,519 | -4,492 | - | -4,492 | ||
| Adjusted EBIT margin [%] | 0.6% | -1.2% | -5.0% | -0.8% | n/a | -0.8% | ||
| Depreciation, amortization and impairment |
-27,686 | -1,410 | -1,317 | -30,413 | - | -30,413 | ||
| Ø Employees per segment | 4,836 | 2,630 | 1,297 | 8,763 | 8,763 |
in € thousand 1/1/2024 – 9/30/2024
| Vehicle Engineering |
Electrics/ Electronics |
Production Solutions |
Total segments |
Consolida tion |
Total Group |
|
|---|---|---|---|---|---|---|
| Sales revenue with third parties | 357,399 | 178,692 | 97,016 | 633,107 | - | 633,107 |
| Sales revenues with other segments |
7,745 | 5,636 | 3,608 | 16,989 | -16,989 | - |
| Changes in inventories | 748 | - 84 | 127 | 791 | - | 791 |
| Total revenues1 | 365,892 | 184,244 | 100,751 | 650,887 | -16,989 | 633,898 |
| EBIT | 24,448 | 3,830 | 4,754 | 33,032 | - | 33,032 |
| EBIT margin [%] | 6.7% | 2.1% | 4.7% | 5.1% | n/a | 5.2% |
| Purchase price allocation (PPA) | 37 | - | - | 37 | - | 37 |
| Adjusted EBIT | 24,485 | 3,830 | 4,754 | 33,069 | - | 33,069 |
| Adjusted EBIT margin [%] | 6.7% | 2.1% | 4.7% | 5.1% | n/a | 5.2% |
| Depreciation, amortization and impairment |
29,151 | 1,239 | 1,198 | 31,588 | - | 31,588 |
| Ø Employees per segment | 4,962 | 2,840 | 1,236 | 9,038 | 9,038 |
The performance figure "revenues" is used in the sense of gross performance (sales revenues and changes in inventories).
The following table reflects the concentration risk of the EDAG Group, divided according to the customer sales divisions and segments:
| in € thousand | 1/1/2025 – 9/30/2025 | |||||||
|---|---|---|---|---|---|---|---|---|
| Vehicle Engineering |
Electrics/ Electronics |
Production Solutions |
Total | |||||
| Customer sales division A | 45,898 | 15% | 48,816 | 31% | 3,642 | 4% | 98,356 | 18% |
| Customer sales division B | 33,383 | 11% | 41,314 | 27% | 2,790 | 3% | 77,487 | 14% |
| Customer sales division C | 26,538 | 9% | 15,936 | 10% | 6,777 | 8% | 49,251 | 9% |
| Customer sales division D | 41,572 | 14% | 2,804 | 2% | 6,849 | 8% | 51,225 | 9% |
| Customer sales division E | 23,619 | 8% | 3,844 | 2% | 958 | 1% | 28,421 | 5% |
| Customer sales division F | 37,147 | 12% | 228 | 0% | 1,014 | 1% | 38,389 | 7% |
| Customer sales division G | 46,466 | 15% | 10,430 | 7% | 13,436 | 15% | 70,332 | 13% |
| Customer sales division H | 32,236 | 11% | 14,496 | 9% | 14,591 | 17% | 61,323 | 11% |
| Customer sales division I | 15,915 | 5% | 17,535 | 11% | 37,935 | 43% | 71,385 | 13% |
| Sales revenue with third parties |
302,774 | 100% | 155,403 | 100% | 87,992 | 100% | 546,169 | 100% |
| in € thousand | 1/1/2024 – 9/30/2024 | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Vehicle Engineering |
Electrics/ Electronics |
Production Solutions |
Total | ||||||
| Customer sales division A | 52,347 | 15% | 56,033 | 31% | 5,231 | 5% | 113,611 | 18% | |
| Customer sales division B | 61,821 | 17% | 55,397 | 31% | 6,122 | 6% | 123,340 | 19% | |
| Customer sales division C | 42,300 | 12% | 17,049 | 10% | 7,716 | 8% | 67,065 | 11% | |
| Customer sales division D | 41,123 | 12% | 2,243 | 1% | 5,435 | 6% | 48,801 | 8% | |
| Customer sales division E | 43,943 | 12% | 1,141 | 1% | 2,876 | 3% | 47,960 | 8% | |
| Customer sales division F | 21,424 | 6% | 4,643 | 3% | 2,832 | 3% | 28,899 | 5% | |
| Customer sales division G | 56,759 | 16% | 15,490 | 9% | 19,907 | 21% | 92,156 | 15% | |
| Customer sales division H | 31,792 | 9% | 15,809 | 9% | 5,258 | 5% | 52,859 | 8% | |
| Customer sales division I | 5,890 | 2% | 10,887 | 6% | 41,639 | 43% | 58,416 | 9% | |
| Sales revenue with third parties |
357,399 | 100% | 178,692 | 100% | 97,016 | 100% | 633,107 | 100% |
In the Electrics/Electronics segment, the EDAG Group generates over 50 percent of its sales revenues with one corporate group.
The following table reflects the revenue recognition of the EDAG Group, divided according to segments:
| in € thousand | 1/1/2025 – 9/30/2025 | |||||
|---|---|---|---|---|---|---|
| Vehicle Engineering |
Electrics/ Electronics |
Production Solutions |
Total segments |
Consolida tion |
Total Group |
|
| Period-related revenue recognition | 291,131 | 159,004 | 87,810 | 537,945 | - | 537,945 |
| Point in time revenue recognition | 16,880 | 211 | 2,671 | 19,762 | - | 19,762 |
| Sales revenues with other segments | -5,237 | -3,812 | -2,489 | -11,538 | - | -11,538 |
| Sales revenue with third parties | 302,774 | 155,403 | 87,992 | 546,169 | - | 546,169 |
| Sales revenues with other segments | 5,237 | 3,812 | 2,489 | 11,538 | -11,538 | - |
| Changes in inventories | 886 | 6 | 90 | 982 | - | 982 |
| Total revenues | 308,897 | 159,221 | 90,571 | 558,689 | -11,538 | 547,151 |
| in € thousand | 1/1/2024 – 9/30/2024 | ||
|---|---|---|---|
| Vehicle Engineering |
Electrics/ Electronics |
Production Solutions |
Total segments |
Consolida tion |
Total Group | |
|---|---|---|---|---|---|---|
| Period-related revenue recognition | 351,207 | 183,756 | 97,363 | 632,326 | - | 632,326 |
| Point in time revenue recognition | 13,937 | 572 | 3,261 | 17,770 | - | 17,770 |
| Sales revenues with other segments | -7,745 | -5,636 | -3,608 | -16,989 | - | -16,989 |
| Sales revenue with third parties | 357,399 | 178,692 | 97,016 | 633,107 | - | 633,107 |
| Sales revenues with other segments | 7,745 | 5,636 | 3,608 | 16,989 | -16,989 | - |
| Changes in inventories | 748 | -84 | 127 | 791 | - | 791 |
| Total revenues | 365,892 | 184,244 | 100,751 | 650,887 | -16,989 | 633,898 |
5.7 Contingent Liabilities/Receivables and Other Financial Obligations
Contingent Liabilities
As at the end of the 2024 financial year, there were no material contingent liabilities on the reporting date.
Other Financial Obligations
In addition to the provisions and liabilities, there are also other financial obligations, and these are composed as follows:
| in € thousand | 9/30/2025 | 12/31/2024 |
|---|---|---|
| Open purchase orders | 2,251 | 2,960 |
| Total renting and leasing contracts | 5,662 | 7,301 |
| Other miscellaneous financial obligations | 37 | 124 |
| Total | 7,950 | 10,385 |
The obligations from rental and leasing contracts are composed primarily of leasing agreements for low-value assets in the form of IT equipment, of short-term rental agreements and software leasing.
Contingent Receivables
As at the end of the 2024 financial year, there were no material contingent receivables on the reporting date.
5.8 Financial Instruments
Net Financial Debt/Credit
The Group Executive Management's aim is to keep the net financial debt as low as possible in relation to equity (net gearing).
| in € thousand | 9/30/2025 | 12/31/2024 |
|---|---|---|
| Non-current financial liabilities | -50,000 | -101,005 |
| Non-current lease liabilities | -172,971 | -168,789 |
| Current financial liabilities | -67,727 | -57,698 |
| Current lease liabilities | -19,352 | -17,687 |
| Current securities, loans and financial instruments | 140 | 29 |
| Cash and cash equivalents | 45,452 | 125,469 |
| Net financial debt/credit [-/+] | -264,458 | -219,681 |
| Net financial debt/credit w/o lease liabilities [-/+] |
-72,135 | -33,205 |
| Equity | 100,235 | 133,070 |
| Net gearing [%] incl. lease liabilities | 263.8% | 165.1% |
At €264.5 million, the net financial debt on September 30, 2025 is €44.8 million above the value on December 31, 2024 (€219.7 million). Without taking lease liabilities into account, the net financial debt on September 30, 2025 amounts to €72.1 million (12/31/2024: €33.2 million).
As of September 30, 2025, there are still two promissory note loans composed of several tranches with various interest rates and terms to maturity of 1 to 5 years.
As of September 30, 2025, there is a current loan, including interest, in the amount of €15.5 million from VKE-Versorgungskasse EDAG-Firmengruppe e.V., the other major creditor (12/31/2024: €15.8 million).
A further component of the net financial debt are liabilities from leases. The liabilities from leases primarily include future leasing payments for office buildings, warehouses, production facilities and cars measured using the effective interest method.
The EDAG Group has unused lines of credit in the amount of €106.5 million on the reporting date (12/31/2024: €107.7 million).
One of the major factors influencing the net financial debt is the working capital, which developed as follows:
| in € thousand | 9/30/2025 12/31/2024 | |
|---|---|---|
| Inventories | 6,746 | 4,673 |
| + Current contract assets |
111,178 | 67,430 |
| + Current accounts receivable |
72,902 | 115,040 |
| - Current contract liabilities |
-57,151 | -69,295 |
| - Current accounts payable |
-22,668 | -24,372 |
| = Trade working capital (TWC) |
111,007 | 93,476 |
| + Non-current other financial assets |
550 | 506 |
| + Non-current other non-financial assets |
1,412 | 1,185 |
| + Deferred tax assets |
36,730 | 22,510 |
| Other current financial assets excl. interest + bearing receivables |
2,302 | 2,043 |
| + Current other non-financial assets |
21,425 | 19,833 |
| + Income tax assets |
3,062 | 16,898 |
| - Non-current other financial liabilities |
-220 | -220 |
| - Non-current other non-financial liabilities |
- | -422 |
| - Deferred tax liabilities |
-123 | -53 |
| - Current other financial liabilities |
-3,438 | -3,803 |
| - Current other non-financial liabilities |
-55,788 | -59,753 |
| - Income tax liabilities |
-2,176 | -2,665 |
| = Other working capital (OWC) |
3,736 | -3,941 |
| Net working capital (NWC) | 114,743 | 89,535 |
The trade working capital increased by €17,531 thousand to €111,007 thousand, compared to December 31, 2024. The increase mainly results from the capital commitment in contract assets and contract liabilities. By way of contrast, accounts receivable decreased.
As can be seen from the table above, the other working capital increased by €7,677 thousand to €3,736 thousand, compared to December 31, 2024.
Carrying Amounts, Valuation Rates and Fair Values of the Financial Instruments as per Measurement Category
The principles and methods for assessing at fair value have not changed compared to the previous year. Detailed explanations of the valuation principles and methods can be found in the Notes to the Consolidated Financial Statement in the Annual Report of EDAG Group AG for 2024.
For the most part, cash and cash equivalents, accounts receivable and other receivables have only a short time to maturity. For this reason, their carrying amounts on the reporting date are close approximations of the fair values.
The fair values of other receivables with a remaining term of more than a year correspond to the net present values of the payments associated with the assets, taking into account the relevant interest parameters, which reflect the market and counterparty-related changes in conditions and expectations.
The investments and securities are measured at fair value. In the case of equity interests for which no market price is available, the acquisition costs are applied as a reasonable estimate of the fair value. In the financial assets, shares in nonconsolidated subsidiaries and other investments are recognized at acquisition cost, taking impairments into account, as no observable fair values are available and other admissible methods of evaluation do not produce reliable results. There are currently no plans to sell these financial instruments.
Accounts payable and other financial liabilities regularly have short terms to maturity, and the values posted are close approximations of the fair values.
The carrying amounts or fair values of all financial instruments recorded in the Abridged Consolidated Financial Statements are shown in the following table:
| in € thousand | Measured at fair value |
Measured at amortized cost [AC] |
Not allocated to a |
Balance sheet items as per |
|
|---|---|---|---|---|---|
| through profit and loss [FVtPL] |
Carrying amount |
Fair value | measurement category [n.a.] |
9/30/2025 | |
| Financial assets (assets) | |||||
| Financial assets1 | 105 | 88 | 88 | - | 193 |
| Non-current other financial assets | - | 550 | 550 | - | 550 |
| Current contract assets | - | - | - | 111,178 | 111,178 |
| Current accounts receivable | - | 72,902 | 72,902 | - | 72,902 |
| Current other financial assets | - | 2,302 | 2,302 | - | 2,302 |
| Current securities, loans and financial instruments |
140 | - | - | - | 140 |
| Cash and cash equivalents | - | 45,452 | 45,452 | - | 45,452 |
| Financial assets (assets) | 245 | 121,294 | 121,294 | 111,178 | 232,717 |
| Financial liabilities (liabilities) | |||||
| Non-current financial liabilities | - | 50,000 | 51,686 | - | 50,000 |
| Non-current lease liabilities | - | - | - | 172,971 | 172,971 |
| Current financial liabilities | - | 67,727 | 67,727 | - | 67,727 |
| Current lease liabilities | - | - | - | 19,352 | 19,352 |
| Current contract liabilities | - | - | - | 57,151 | 57,151 |
| Current accounts payable | - | 22,668 | 22,668 | - | 22,668 |
| Current other financial liabilities | 110 | 3,328 | 3,328 | - | 3,438 |
| Financial liabilities (liabilities) | 110 | 143,943 | 145,630 | 249,474 | 393,527 |
1 For financial assets classified as at fair value through profit or loss [FVtPL], use is made of the exemption in accordance with IFRS 9.B5.2.3 for shares in non-consolidated subsidiaries.
| in € thousand | Measured at fair value |
Measured at amortized cost [AC] |
Not allocated to a |
Balance sheet items as per |
|
|---|---|---|---|---|---|
| through profit and loss [FVtPL] |
Carrying amount |
Fair value | measurement category [n.a.] |
12/31/2024 | |
| Financial assets (assets) | |||||
| Financial assets1 | 80 | 60 | 60 | - | 140 |
| Non-current other financial assets | - | 506 | 506 | - | 506 |
| Current contract assets | - | - | - | 67,430 | 67,430 |
| Current accounts receivable | - | 115,039 | 115,039 | - | 115,039 |
| Current other financial assets | - | 2,043 | 2,043 | - | 2,043 |
| Current securities, loans and financial instruments |
29 | - | - | - | 29 |
| Cash and cash equivalents | - | 125,469 | 125,469 | - | 125,469 |
| Financial assets (assets) | 109 | 243,117 | 243,117 | 67,430 | 310,656 |
| Financial liabilities (liabilities) | |||||
| Non-current financial liabilities | - | 101,005 | 105,022 | - | 101,005 |
| Non-current lease liabilities | - | - | - | 168,789 | 168,789 |
| Current financial liabilities | 200 | 57,498 | 57,498 | - | 57,698 |
| Current lease liabilities | - | - | - | 17,686 | 17,686 |
| Current contract liabilities | - | - | - | 69,295 | 69,295 |
| Current accounts payable | - | 24,372 | 24,372 | - | 24,372 |
| Current other financial liabilities | 330 | 3,473 | 3,473 | - | 3,803 |
| Financial liabilities (liabilities) | 530 | 186,568 | 190,585 | 255,770 | 442,868 |
The fair values of securities correspond to the nominal value multiplied by the exchange quotation on the reporting date.
The attributable fair values of liabilities due to credit institutions, loans and other financial liabilities are calculated as present values of the debt-related payments, based on EDAG's current yield curve. The fair value was measured in accordance with the "Level 2" measurement category on the basis of a discounted cash flow model. In this context, the current market rates of interest and the contractually agreed parameters were taken as the basis.
The information for the determination of attributable fair value is given in tabular form, based on a three-level fair value hierarchy for each class of financial instrument. There are three measurement categories:
Level 1: At level 1 of the fair value hierarchy, the attributable fair values are measured using listed market prices, as the best possible fair values for financial assets or liabilities can be observed in active markets.
Level 2: If there is no active market for a financial instrument, a company uses valuation models to determine the attributable fair value. Valuation models include the use of current business transactions between competent, independent business partners willing to enter into a contract; comparison with the current attributable fair value of another, essentially identical financial instrument; use of the discounted cash flow method; or of option pricing models. The attributable fair value is estimated on the basis of the results achieved using one of the valuation methods, making the greatest possible use of market data and relying as little as possible on companyspecific data.
Level 3: The valuation models used at this level are not based on observable market data.
| in € thousand | Assessed at fair value 9/30/2025 |
|||
|---|---|---|---|---|
| Level 1 | Level 2 | Level 3 | Total | |
| Financial assets (assets) | ||||
| Financial receivables | 28 | 112 | - | 140 |
| Financial liabilities (liabilities) | ||||
| Other financial liabilities | - | - | 330 | 330 |
| in € thousand | Assessed at fair value 12/31/2024 |
|||
|---|---|---|---|---|
| Level 1 | Level 2 | Level 3 | Total | |
| Financial assets (assets) | ||||
| Financial receivables | 28 | - | - | 28 |
| Financial liabilities (liabilities) | ||||
| Other financial liabilities | - | 200 | 550 | 750 |
5.9 Related Parties
In the course of its regular business activities, the EDAG Group correlates either directly or indirectly not only with the subsidiaries included in the Abridged Consolidated Financial Statements, but also with EDAG subsidiaries which are affiliated but not consolidated, with affiliated companies of the ATON Group, and with other related companies and persons.
For a more detailed account of the type and extent of the business relations, please see the Notes to the Consolidated Financial Statements in the Annual Report of EDAG Group AG for 2024.
The following table gives an overview of ongoing business transactions with related parties:
| in € thousand | 1/1/2025 – 9/30/2025 |
1/1/2024 – 9/30/2024 |
|---|---|---|
| EDAG Group with Board of Directors1 (EDAG Group AG) |
||
| Work-related expenses | 716 | 722 |
| Travel and other expenses | 27 | 29 |
| Consulting expenses | 16 | 39 |
| EDAG Group with supervisory boards1 (EDAG Engineering GmbH & EDAG Engineering Holding GmbH) |
||
| Work-related expenses | 45 | 39 |
| Travel and other expenses | 7 | 7 |
| Compensation costs | 641 | 759 |
| EDAG Group with ATON companies (parent company and its affiliated companies) |
||
| Goods and services rendered | 403 | 110 |
| Goods and services received | 91 | 62 |
| Other expenses | - | 1 |
| EDAG Group with unconsolidated subsidiaries | ||
| Goods and services rendered | 3 | - |
| Other income | 22 | - |
| Other expenses | 6 | 6 |
| EDAG Group with associated companies | ||
| Goods and services rendered | 18 | 190 |
| Goods and services received | 156 | 130 |
| Other income | 9 | 26 |
| Other expenses | 47 | 47 |
| Income from investments | 747 | 1,168 |
| EDAG Group with other related companies and persons | ||
| Goods and services rendered | - | 20 |
| Interest expense | 347 | 361 |
| Rental and lease payments from rights of use | 6,460 | 6,106 |
Overall, these are all payments due at short notice.
5.10 Subsequent Events
No important events took place after the reporting period.
Arbon, November 5, 2025 EDAG Engineering Group AG
Georg Denoke, President of the Board of Directors
Sylvia Schorr, Member of the Board of Directors and Chair of the Examination Board
Harald Keller, Member of the Group Executive Management (CEO)
Holger Merz, Member of the Group Executive Management (CFO)
LEGAL NOTICE
Issued by:
EDAG Engineering Group AG Schlossgasse 2 9320 Arbon/Switzerland www.edag.com
The English version of the Interim Report is a translation of the German version. The German version is legally binding.
Legal Notice
The Consolidated Interim Report includes statements about future developments. Like any form of entrepreneurial activity in a global environment, these statements are always associated with a degree of uncertainty. Our descriptions are based on the convictions and assumptions of the management, which in turn are based on currently available information. The following factors may, however, affect the success of our strategic and operative measures: geopolitical risks, changes in general economic conditions, in particular a prolonged economic recession, changes to exchange rates and interest rates, the launch of products by competitors, including increasing competitive pressure. Should any of these factors or other uncertainties materialize, or the assumptions on which the statements are based prove to be inaccurate, the actual results may differ from the forecast results. EDAG does not intend to continuously update predictive statements and information items, as they relate to the circumstances that existed on the date of their publication.
EDAG ENGINEERING GROUP AG SCHLOSSGASSE 2 9320 ARBON SWITZERLAND EDAG.COM