H&R GmbH & Co. KGaA

Quarterly Report • Nov 19, 2025

INTERIM STATEMENT

of H&R GmbH & Co. KGaA

AS OF 3rd QUARTER OF 2025

Overview

• Sales revenues and earnings for nine-month period fall short of previous-year's figures
• Acquisition offer of H&R Holding GmbH concluded for the time being
• Full-year guidance adjusted to lower earnings range

H&R GMBH & CO. KGAA IN FIGURES*

1/1-9/30/2024	Change (absolute)
1,013.6	-49.9
65.9	-5.4
20.6	-4.2
11.1	-3.6
8.3	-7.3
6.3	-6.7
0.17	-0.18
53.8	-4.9
-36.1	-4.0
17.6	-8.8
-10.7	9.0
12/31/2024	Change (absolute)
1,014.8	-31.2
199.9	-5.2
468.6	-16.5
46.2	-0.2
1,705	14

THE SEGMENTS IN FIGURES*

IN € MILLION	1/1-9/30/2025	1/1-9/30/2024	Change (absolute)
Chemical Pharmaceutical Raw Materials Refining
Sales revenue	597.0	621.8	-24.8
EBITDA**	40.7	35.8	4.9
Chemical Pharmaceutical Raw Materials Sales
Sales revenue	351.6	370.2	-18.6
EBITDA**	26.8	30.8	-4.0
Plastics
Sales revenue	27.6	36.3	-8.7
EBITDA**	-3.7	1.7	-5.4
Reconciliation
Sales revenue	-12.6	-14.7	2.1
EBITDA**	-3.3	-2.5	-0.8

^* Rounding differences may occur in all tables and graphics. ** EBITDA – consolidated income before income taxes, other financial income and expenses, depreciation, amortization and impairment, and appreciation of fixed assets and property, plant and equipment.

Letter from the Executive Board

Dear Shareholders, Dear Business Partners,

After a subdued start to the year, performance remained moderate until the middle of the year. Contrary to expectations, the three-month period from July to the end of September 2025 showed potential for improvement. In fact, consolidated operating earnings (EBITDA) for the third quarter showed a slight recovery during the year, coming in at EUR 20.3 million and, contrary to our apprehensions, were in the middle range compared to the first two quarters.

The autumn quarter also showed an improvement over the previous quarter in terms of other earnings levels. Overall, we are thus reporting lower but stable EBITDA of EUR 60.5 million for the nine-month period (nine months of 2024: EUR 65.9 million). We are therefore on track to meet the lower end of our recently reduced forecast.

At EUR 963.7 million, revenue for the first nine months of this year fell short of the EUR 1.0 billion mark (nine months of 2024: EUR 1.01 billion). The bottom line was a consolidated net loss attributable to shareholders of EUR -0.4 million (nine months 2024: EUR 6.3 million), marking the first loss in quite some time. Accordingly, H&R KGaA posted a slight loss per share of EUR -0.01. At EUR -0.02, the third quarter of 2025 meant that the slight profit from the first six months was not maintained.

Our guidance for full-year EBITDA remains within reach, at least at the lower end of the range. However, it is currently difficult for us to influence whether we will most likely achieve this target or even reach EBITDA in the middle of the expected range:

The German economy continues to struggle. Companies in all sectors of the economy report persistently weak demand for their goods and services and complain about a deterioration in their international competitive position. H&R's customer industries, both in its domestic and international business, are no exception.

Energy prices rose during the first half of the year and remained too high in the third quarter of 2025, especially for energy-intensive companies. This is particularly true when compared internationally. The German government wants to ease the burden on energy-intensive industries from next year onwards with a capped electricity price. This is certainly a step in the right direction. At the same time, Hamburg's successful referendum on bringing forward the city's climate neutrality to 2040 will pose further challenges at our production site in the Port of Hamburg.

This is not an easy situation, which, in addition to high costs for maintaining the future viability of the location and transforming the business model, will also increase regulatory pressure once again.

In order to relieve some of this pressure on our shareholders and investors, the majority shareholder submitted a purchase offer over the summer months. After the offer was settled, the majority shareholder's stake increased to over 77 percent, and the number of KGaA shareholders fell by around a third. We will, of course, keep you informed of any further steps that may be taken.

I hope you enjoy reading the further details in our current quarterly report.

Hamburg, November 2025

Sincerely yours,

Niels H. Hansen Managing Director

Business Trend in the Third Quarter of 2025

Moderate momentum over the course of the year to date

The Group recorded an overall subdued development in the first six months, which largely continued in the third quarter of 2025. At the same time, a trend from the first six months solidified: The operating results of the Refining segment made the strongest contribution to earnings on a quarterly basis as well as over the nine-month period, consistently exceeding those of the business activities at the international locations.

Slight recovery in the third quarter

Starting in the summer, the company sold its products at a slightly recovered but still subdued level. Overall, the third quarter was in the middle of the range for the Group. EBITDA was EUR 20.3 million (Q3 2024: EUR 24.8 million), exceeding the previous quarter. At the same time, it fell short of the previous year's comparison and the first quarter of the year. Revenues in the third quarter of the current fiscal year amounted to EUR 310.6 million (Q3 2024: EUR 338.1 million).

Looking at the first nine months of 2025 as a whole, the Group generated EBITDA of EUR 60.5 million (nine months of 2024: EUR 65.9 million) and weaker sales of EUR 963.7 million (nine months of 2024: EUR 1,013.6 million).

Moderate input material prices and slightly lower depreciation and amortization were offset by higher personnel expenses and higher other operating expenses. Compared to the previous year, this had a negative impact on EBIT, which decreased to EUR 16.4 million (nine months of 2024: EUR 20.6 million). A comparable trend was also seen in earnings before taxes (EBT), which amounted to a reduced EUR 7.5 million (nine months 2024: EUR 11.1 million).

Consolidated net income attributable to shareholders closed at EUR -0.4 million (nine months 2024: EUR 6.3 million). H&R KGaA thus generated a loss per share of EUR -0.01. At EUR -0.02, the third quarter of 2025 ultimately caused earnings to slip into negative territory (nine months of 2024: EUR 0.17; Q3 2024: EUR 0.09).

CHANGES IN SALES AND INCOME

IN € MILLION	1/1-9/30/2025	1/1-9/30/2024	Change (absolute)
Sales revenue	963.7	1,013.6	-49.9
EBITDA	60.5	65.9	-5.4
EBIT	16.4	20.6	-4.2
EBT	7.5	11.1	-3.6
Consolidated income attributable to shareholders	-0.4	6.3	-6.7
Consolidated income per share (undiluted), €	-0.01	0.17	-0.18

Refining and international business segments remain stable

The two largest segments of the Chemicals and Pharmaceuticals division contributed positively to the overall result, both for the quarter and for the first nine months. The ChemPharm REFINING segment once again made the largest contribution. However, its performance in the third quarter of 2025 was slightly weaker than in the same quarter of the previous year, with EBITDA of EUR 13.7 million (Q3 2024: EUR 15.3 million).

However, looking at the segment performance of the German production sites for the nine-month period, EBITDA improved to EUR 40.7 million (nine months 2024: EUR 35.8 million). Revenues in the segment reached EUR 597.0 million for the ninemonth period (nine months 2024: EUR 621.8 million).

SALES REVENUES BY SEGMENT IN NINE-MONTH PERIOD

SALES REVENUES BY REGION IN NINE-MONTH PERIOD

The third quarter of 2025 also contributed significantly to the decline, with reduced sales revenues of EUR 191.1 million (Q3 2024: EUR 204.8 million). We are therefore only partially satisfied with the current development of sales and earnings figures for the REFINING segment. However, better performance, and in particular better earnings, would have required a more optimistic mood in our customer industries, higher demand, and more adequate prices.

Our international activities in the ChemPharm SALES segment recorded acceptable operating results of EUR 9.0 million in the third quarter and EUR 26.8 million in the nine-month period, which, after a period of weakness over the summer, have recently been on the rise again, but nevertheless fell short of the previous year's figures (Q3-2024: EUR 9.7 million; nine months of 2024: EUR 30.8 million). Sales in the nine-month period also remained below the previous year at EUR 351.6 million and EUR 114.5 million in the quarter (nine months of 2024: EUR 370.2 million; Q3 2024: EUR 126.6 million). The reasons for this are largely identical to those for the REFINING segment.

The PLASTICS segment generated a significantly reduced and, compared to the previous year, negative operating result of EUR -3.7 million for the

nine-month period (nine months of 2024: EUR 1.7 million). The third quarter of 2025 contributed the largest deficit of EUR -1.8 million (Q3 2024: EUR 0.5 million).

The segment's sales revenues also declined compared with the previous year's figures, at EUR 27.6 million for the nine-month period and EUR 8.8 million in Q3 2025 (nine months 2024: EUR 36.3 million; Q3 2024: EUR 12.1 million), mainly as a result of the continuing tense situation in the German automotive industry, where more than 51,000 jobs, or almost 7% of the total, have been lost in the last 14 months. Although the industry association VDA recently reported a slight improvement in figures for September 2025, there are no signs of a trend reversal yet. Since mid-October, the German automotive industry has been under pressure due to supply problems at chip manufacturer Nexperia. The result: uncertainty in supply chains and warnings of possible production stoppages, as semiconductors are installed in almost every control unit. Pressure along the entire value chain therefore remains and highlights the challenging market conditions under which our subsidiary GAUDLITZ is currently oper-

Financials and assets: cash positions remain positive

In the first nine months of fiscal year 2025, the Group generated positive cash flow from operating activities of EUR 48.9 million (nine months 2024: EUR 53.8 million) based on lower consolidated earnings after taxes of EUR 1.0 million (nine months 2024: EUR 8.3 million). A better figure was largely prevented by the third quarter of 2025, when

operating cash flow declined significantly to EUR 24.3 million (Q3 2024: EUR 48.3 million).

The Group's cash flow is generally subject to strong fluctuations as a result of its business model. This is mainly due to changes in net working capital requirements as a direct result of volatile input material prices.

As of September 30, 2025, our net working capital was EUR 194.7 million, lower than at the end of 2024 (December 31, 2024: EUR 199.9 million).

Our investments in maintenance and modernization measures as well as in innovative transformation projects increased by almost 14.3 percent in the first nine months of 2025 (nine months of 2025: EUR

38.8 million; nine months of 2024: EUR 33.9 million).

Free cash flow most recently amounted to EUR 8.8 million for the entire period and EUR 3.8 million for the third quarter of 2025 (nine months of 2024: EUR 17.6 million; Q3 2024: EUR 36.2 million).

FINANCIAL POSITION

IN € MILLION	1/1-9/30/2025	1/1-9/30/2024	Change (absolute)
Cash flow from operating activities	48.9	53.8	-4.9
Cash flow from investing activities	-40.1	-36.1	-4.0
Free cash flow	8.8	17.6	-8.8
Cash flow from financing activities	-1.7	-10.7	9.0
Cash and cash equivalents as of September 30	65.3	78.2	-12.9

ASSETS AS OF 9/30/2025

IN MIO. € (PREVIOUS YEAR'S FIGURES 12/31/2024)

983.6 (1,014.9) 426.2 Current assets 557.5 (564.3) Non-current assets [1,014.9] (450.6) Current assets

LIABILITIES AND SHAREHOLDER'S EQUITY AS OF 9/30/2025

IN MIO. € (PREVIOUS YEAR'S FIGURES 12/31/2024)

The H&R Group's total assets decreased to EUR 983.6 million at the end of the first nine months (December 31, 2024: EUR 1,014.9 million).

On the assets side, lower trade receivables and inventories in particular led to a decrease in current assets to EUR 426.2 million (December 31, 2024: EUR 450.6 million).

Non-current assets also declined slightly to EUR 557.5 million, compared with EUR 564.3 million at the end of the previous year.

On the liabilities side of the balance sheet, current liabilities increased from EUR 295.1 million at the end of the previous year to EUR 300.1 million. The main balance sheet items were higher liabilities to banks and higher other provisions.

By contrast, non-current liabilities were lower than at the end of the previous year at EUR 231.5 million (December 31, 2024: EUR 251.2 million) due to lower liabilities to banks.

Reduced retained earnings and lower other reserves due to exchange rate effects led to a decrease in equity as of September 30, 2025, to EUR 452.1 million. This was 3.5% below the figure at the balance sheet date (December 31, 2024: EUR 468.6 million). Given the decline in total assets, this corresponds to a slightly reduced equity ratio of 46.0% (December 31, 2024: 46.2%).

Outlook

With the publication of its 2024 annual report, the company set its target for annual sales in fiscal year 2025 at at least EUR 1.3 billion, in line with the previous year's level, in anticipation of consistently high raw material and product prices. After the third quarter of 2025, H&R KGaA is on track to slightly undershoot this target.

At the same time, we have defined a percentage expectation for the individual segments.

There were slight deviations from the forecast in terms of sales weighting (2025 segment forecast: ChemPharm SALES: 33.0%, achieved 36.5%; 2025 segment forecast ChemPharm REFINING: 64.0%, achieved 60.6%; PLASTICS segment forecast 3.0% and achieved 2.9%).

In terms of the percentage distribution of EBITDA, however, the ChemPharm SALES segment delivered an improved earnings share of around 44.4 percent by the end of September 2025 instead of the expected 33.0 percent forecast, despite the decline in absolute figures.

The opposite was true for the German production sites: at 55.6% (forecast: 64.0%), the ChemPharm REFINING segment fell short of expectations for its share of earnings, but improved when looking at the absolute figures. Here, it consistently outperformed the international sites.

The PLASTICS segment did not contribute any percentage share to earnings, but weighed on the Group in terms of absolute figures due to its deficit.

Overall, H&R can look back on nine months of business, which also required the validation of our guidance at the appropriate time: In April, when we published our 2024 annual report, we had set our target for operating profit (EBITDA) at a range of EUR 85.0 million to EUR 100.0 million.

However, by the middle of the year, we were already on a more cautious course, which made it seem sensible to refine the expected range to between EUR 77.0 million and EUR 90.0 million.

Based on current information, the final quarter is also expected to be subdued. At the start of the final sprint for 2025, H&R therefore expects to achieve an overall result in the lower range.

Consolidated Statement of Financial Position of H&R GmbH & Co. KGaA

as of September 30, 2025

ASSETS

IN € THOUSAND	9/30/2025	12/31/2024
Current assets
Cash and cash equivalents	65,274	62,531
Trade receivables	125,560	134,999
Income tax refund claims	7,913	6,040
Inventories	201,408	215,191
Other financial assets	13,413	14,157
Other assets	12,582	17,656
Current assets	426,150	450,574
Non-current assets
Property, plant and equipment	439,874	445,211
Goodwill	17,020	17,020
Other intangible assets	11,463	12,951
Shares in holdings valued at equity	2,838	3,120
Other financial assets	80,570	80,769
Other assets	1,977	2,105
Deferred tax assets	3,748	3,098
Non-current assets	557,490	564,274
Total assets	983,640	1,014,848

LIABILITIES AND SHAREHOLDERS' EQUITY

IN € THOUSAND	9/30/2025	12/31/2024
Current liabilities
Liabilities to banks	108,292	88,621
Trade payables	90,603	93,285
Liabilities from supply chain financing arrangements	41,678	56,971
Income tax liabilities	6,070	4,538
Contract liabilities	1,603	3,027
Other provisions	23,850	16,061
Other financial liabilities	15,701	17,196
Other liabilities	12,259	15,356
Current liabilities	300,056	295,055
Non-current liabilities
Liabilities to banks	52,615	63,186
Pension provisions	53,958	57,584
Other provisions	3,072	3,179
Other financial liabilities	28,221	31,705
Other liabilities	88,573	90,067
Deferred tax liabilities	5,048	5,487
Non-current liabilities	231,487	251,208
Equity
Subscribed capital	95,156	95,156
Capital reserve	46,427	46,427
Retained earnings	282,133	283,773
Other reserves	-10,796	1,505
Equity of H&R GmbH & Co. KGaA shareholders	412,920	426,861
Non-controlling interests	39,177	41,724
Equity	452,097	468,585
Total liabilities and shareholders' equity	983,640	1,014,848

Consolidated Income Statement of H&R GmbH & Co. KGaA

January 1 to September 30, 2025

IN € THOUSAND	1/1-9/30/2025	1/1-9/30/2024	7/1-9/30/2025	7/1-9/30/2024
Sales revenue	963,682	1,013,614	310,554	338,064
Changes in inventories of finished and unfinished goods	-11,878	-7,830	2,148	5,224
Other operating income	33,212	26,322	9,485	10,675
Cost of materials	-722,449	-775,574	-236,380	-262,309
Personnel expenses	-83,451	-79,938	-28,067	-26,553
Depreciation, impairments and amor tization of intangible assets and property, plant and equipment	-44,077	-45,230	-14,801	-15,858
Other operating expenses	-118,372	-110,564	-37,253	-40,199
Operating result	16,667	20,800	5,686	9,044
Income from holdings valued at eq uity	-282	-171	-165	-93
Financing income	282	460	108	163
Financing expenses	-9,189	-9,981	-3,058	-3,325
Income before tax (EBT)	7,478	11,108	2,571	5,789
Income taxes	-6,435	-2,769	-2,754	-1,688
Consolidated income	1,043	8,339	-183	4,101
of which attributable to non-control ling interests	1,444	2,053	479	579
of which attributable to sharehold ers of H&R GmbH & Co. KGaA	-401	6,286	-662	3,522
Earnings per share (undiluted), €	-0.01	0.17	-0.02	0.09
Earnings per share (diluted), €	-0.01	0.17	-0.02	0.09

Consolidated Cash Flow Statement of H&R GmbH & Co. KGaA

January 1 to September 30, 2025

	IN € THOUSAND		1/1- 9/30/2025	1/1- 9/30/2024	7/1- 9/30/2025	7/1- 9/30/2024
1.		Consolidated income	1,043	8,339	-183	4,101
2.		Income taxes	6,435	2,769	2,754	1,688
3.		Net interest income	8,908	9,522	2,951	3,163
4.	+/−	Depreciation and amortization/appreciation on fixed assets and intangible assets	44,110	45,251	14,834	15,879
5.	+/−	Increase/decrease in non-current provisions	-1,894	-1,669	-684	-2,673
6.	+	Interest received	281	459	107	162
7.	−	Interest paid	-6,247	-7,890	-2,014	-2,808
8.	+/−	Income tax received/paid	-10,263	-14,307	-3,901	-3,614
9.	+/−	Other non-cash expenses/income	2,162	-281	632	333
10.	+/−	Increase/decrease in current provisions	8,210	7,992	883	869
11.	−/+	Gain/loss from the disposal of fixed assets	1,216	2,267	561	1,737
12.	−/+	Changes in net working capital	-6,364	6,297	7,771	21,941
13.	+/−	Changes in remaining net assets/other non-cash items	1,305	-4,971	606	7,519
14.	=	Cash flow from operating activities (sum of items 1 to 13)	48,902	53,778	24,317	48,297
15.	+	Proceeds from disposals of property, plant and equipment	1,713	64	45	7
16.	−	Payments for investments in property, plant and equipment	-38,750	-33,896	-19,580	-11,445
17.	−	Payments for investments in intangible assets	-3,018	-2,303	-986	-693
18.	=	Cash flow from investing activities (sum of items 15 to 17)	-40,055	-36,135	-20,521	-12,131
19.	=	Free cash flow (sum of items 14 and 18)	8,847	17,643	3,796	36,166
20.	−	Dividend paid by H&R KGaA	-3,722	-3,722	–	–
21.	−	Dividend paid to non controlling interests	–	-3,087	–	-3,087
22.	−	Payments for settling financial liabilities	-186,171	-149,188	-46,118	-62,319
23.	+	Proceeds from taking up financial liabilities	188,240	145,318	46,251	30,759
24.	=	Cash flow from financing activities (sum of items 20 to 23)	-1,653	-10,679	133	-34,647
25.	+	Changes in cash and cash equivalents (sum of items 14, 18 and 24)	7,194	6,964	3,929	1,519
26.	+	Cash and cash equivalents at the beginning of the period	62,531	69,443	61,346	74,628
27.	+/−	Change in cash and cash equivalents due to changes in exchange rates	-4,451	1,745	-1	2,005
28.	=	Cash and cash equivalents at the end of the period	65,274	78,152	65,274	78,152

Forward-Looking Statements

This document contains forward-looking statements that reflect management's current views with respect to future events. These statements are subject to risks and uncertainties that are beyond H&R KGaA's ability to control or estimate precisely, such as future market and economic conditions, the behavior of other market participants, the ability to successfully integrate acquired businesses and achieve anticipated synergies, and the actions of government regulators. If any of these or other risks and uncertainties occur or if the assumptions underlying any of these statements prove incorrect, the actual results may be materially different from those expressed or implied by such statements. H&R KGaA does not intend to or assume any separate obligation to update forward-looking statements to reflect events or developments occurring after the publication of this interim report.

Financial Calendar

May 27, 2026 Annual General Meeting 2026

Contact

If you have questions or would like further information, please contact:

H&R GmbH & Co. KGaA

Investor Relations Am Sandtorkai 50 20457 Hamburg www.hur.com

Ties Kaiser

Phone: +49 (0)40-43218-321 Fax: +49 (0)40-43218-390 E-mail: ties.kaiser@hur.com

Tanja Passlack

Phone: +49 (0)40-43218-301 Fax: +49 (0)40-43218-390 E-mail: tanja.passlack@hur.com

H&R GmbH & Co. KGaA Neuenkirchener Straße 8 48499 Salzbergen Germany

Phone: +49 (0)59 76-9 45-0 Fax: +49 (0)59 76-9 45-308

E-mail: info@hur.comWebsite: www.hur.com