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Progress-Werk Oberkirch AG

Interim Report • Aug 8, 2025

338_rns_2025-08-08_b0e39a01-7715-44a7-827b-04dffb2c275d.pdf

Interim Report

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H1

Half-year financial report

LETTER FROM THE EXECUTIVE BOARD

2 Letter from the Executive Board

Dear shareholders, dear business associates,

We are pleased to report a number of positive developments in the first half of 2025. Shortly after the end of the reporting period, we reached a major milestone with the grand opening of the new engineering and production site in Serbia, the 10th worldwide for the PWO Group.

This step in our expansion strengthens our global development expertise as well as increasing local production capacity for customers in Eastern Europe – a key growth region for the international automotive industry. We have also established a new Shared Service Center there, which is already up and running with a staff of 25 supporting activities at the other European locations, primarily Germany. They cover a wide range of tasks, from administration to purchasing to IT services.

In light of the palpable strain that the market is under, we are happy to report a substantial volume of new business. The challenging geopolitical environment has recently led to a market slowdown. We are seeing a decline in calls for tender, particularly among our customers from the supplier sector. So it is all the more gratifying that we acquired a further lifetime volume of EUR 445m in the 6-month period. We are therefore still very much on course to meet our guidance of EUR 550 – 600m for the current fiscal year.

The present climate only serves to revalidate our decision to systematically diversify our customer base and keep expanding the product portfolio in recent years. Our innovative solutions give us a clear competitive edge by pushing the boundaries of what is technologically feasible. This has enabled us not only to acquire orders extending our customers' existing series production, but also to increase our scope of supply and to capture interest with our own solutions for new applications. The latest examples of this are passive and active cooling solutions for metal components.

Last but not least, our key financial performance indicators are on track. There is no doubt that revenue in the half-year under review was bolstered by expedited call-offs from our customers as they prepare for the introduction of new tariffs and trade barriers. EBIT before currency effects is fully in line with our target. Free cash flow improved significantly in the 2nd quarter compared with the first 3 months of 2025. The balance sheet figures remain robust. We are working hard to sustain this positive momentum in the second half of the year. Our strategic expansion remains on a solid footing and we will continue to implement it consistently.

Oberkirch, August 2025

The Executive Board

INTERIM GROUP MANAGEMENT REPORT

THE AUTOMOTIVE INDUSTRY

New registrations/sales of passenger vehicles in units

2 Letter from the Executive Board

3 Interim Group management report

3 Business report

This interim management report sets out the business performance of the PWO Group (hereinafter referred to as the "PWO Group" or "PWO") in the period from January 1 to June 30, 2025.

Business report General economic conditions

GENERAL ECONOMY

In its latest analysis of the economic situation in July 2025, the German Federal Ministry of Economic Affairs states that the global economy appears to have performed slightly better overall in the first half of the year than many experts expected. This was mainly driven by U.S. companies pulling forward their delivery dates for imports. But with further U.S. tariff increases looming from August, prospects for world trade and industrial production are expected to deteriorate again in the 3rd quarter. Persistent trade and geopolitical uncertainty are expected to weigh heavily on corporate decisions around capital expenditure.

Following 2 consecutive monthly increases, global industrial output nearly stagnated in April, with a seasonally adjusted decline of 0.1% compared with the previous month. Nonetheless, it remained 3.1% above the prior-year level at the start of the 2nd quarter.

While month-on-month production fell in China (-0.3%) and more sharply in the euro area (-2.2%), the USA recorded a marginal increase (+0.1%). For Germany, the latest data points to somewhat weaker economic momentum in the 2nd quarter following a noticeable upturn at the beginning of the year. This is evident from the latest leading indicators for economic growth and the volatility of incoming orders in the manufacturing sector. Exports likewise weakened considerably in the first 2 months of the 2nd quarter – particularly to the USA.

H1
2025
(EURk)		 Change vs. previous year
(%)		 H1
2024
(EURk)
Region
China1 10,891,900 10.8 9,830,200
USA (light vehicles)2 8,094,900 3.9 7,790,000
Europe (EU27 + EFTA + UK)3 6,815,300 -0.9 6,878,400
Western Europe (EU14 + EFTA + UK)3 6,085,900 -1.1 6,151,500
Germany 1,402,789 -4.7 1,471,600
Mexico (light vehicles)2 708,200 -0.2 709,620

Sources, as cited in VDA:

1 CPCA 2 Omdia

3 ACEA

The German Association of the Automotive Industry (VDA) reports that performance in international automotive markets was mixed in the first half of 2025.

The Chinese market kept up its strong growth momentum. In the first 6 months, almost 10.9 million new cars were registered – 11% up on the previous year. In June, the increase was even higher at 15%.

Light vehicle sales (passenger cars and light-duty) were also up in the USA. At just over 8.1 million vehicles, the year-on-year increase was almost 4%. Sales did decline by more than 4% in June, however. According to the VDA this was largely due to a calendar effect, as dealers had 2 fewer days to deliver vehicles to customers compared with the same month in the previous year.

In Europe, on the other hand, some 6.8 million new vehicles were registered in the 6-month period, which is a year-onyear drop of almost 1%. New registrations thus remained well below pre-pandemic figures, down by just under a fifth (-19% compared with the first half of 2019).

In June, 5% fewer vehicles were newly registered than in June 2024. However, the VDA points out that the implementation of a new EU type approval regulation starting in July 2024 led to new registrations being brought forward to June. This non-recurring effect means that the comparative figure for the prior year is higher than it would otherwise have been. But there is still no sign of increased momentum that would bring registrations back to pre-coronavirus levels. In fact the gap is widening again in some markets.

The 5 largest individual markets performed as follows in June: As in previous months, registrations rose sharply in Spain compared with a year earlier (+15%). They also rose noticeably in the United Kingdom (+7%). In France (-7%), Germany (-14%) and Italy (-17%), registrations fell, with the decline reaching double digits in the latter 2 countries.

Results of operations

2 Letter from the Executive Board

3 Interim Group management report

H1
2025
(EURk)		 China Germany Canada Mexico Serbia Czech
Republic		 Consolidation Group
Total revenue 24,507 103,965 29,206 56,143 2,087 73,329 147 289,384
External revenue 20,686 98,870 28,638 56,114 861 68,047 147 273,363
Total output 24,507 104,077 29,206 56,155 2,116 73,329 -15,874 273,516
EBIT before currency effects 2,552 -3,578 8,964 3,602 513 1,450 -232 13,271
EBIT including currency effects 2,772 -4,101 8,917 3,588 502 1,194 -232 12,640
Capital expenditure 876 1,997 534 1,710 7,554 5,087 -745 17,013
H1
2024 (EURk)
Total revenue		 27,794 122,496 24,989 59,959 1,376 71,851 81 308,546
External revenue 24,239 113,645 24,389 59,652 633 65,937 81 288,576
Total output 27,794 122,601 24,989 60,017 1,376 71,851 -19,889 288,739
EBIT before currency effects 3,054 1,710 2,149 5,256 -611 3,822 93 15,473
EBIT including currency effects 3,082 1,553 2,062 5,332 -619 3,816 93 15,319
Capital expenditure 139 2,124 1,093 3,990 470 2,767 – 10,583

In the following, we explain the business development as we usually do in relation to the half-year period. With the exception of a positive one-off effect in the Canada segment, there were no significant deviating developments to comment on in the 2nd quarter of 2025.

SELECTED INFORMATION ON THE SEGMENTS AND THE GROUP

We continue to benefit from the high level of new business in recent years and the continuous start-up and ramp-up of new series production. We assume that expedited orders from customers preparing for the introduction of new tariffs and trade barriers also had a positive impact on revenue to some extent. In addition, tool volumes billed were higher year-on-year.

These factors cushioned the market-driven deterioration compared with the previous year. Negative currency effects of EUR 2.3m exacerbated the decline but essentially have no impact on EBIT.

The cost of materials ratio, which had risen exceptionally sharply in prior years, continued to fall. The downward trend was apparent throughout fiscal 2024 and is now clearly reflected in the year-on-year change for the period under review.

By contrast, staff costs rose significantly because wages and salaries do not fluctuate in the short term as revenue does. Furthermore, we hired and trained new employees for future series start-ups and ramp-ups.

Depreciation and amortization saw a marked increase due to higher capital expenditure.

Other operating expenses before currency expenses remained on a level at EUR 25.2m (p/y: EUR 25.1m). Higher expenses, mainly for communication (including the relaunch of our website and corporate design), for outgoing freight and for external repairs and maintenance were mitigated by lower legal and consulting costs and a decline in expenses for temporary staff.

Overall, we achieved EBIT before currency effects of EUR 13.3m (p/y: EUR 15.5m) and including currency effects of EUR 12.6m (p/y: EUR 15.3m) in the first 6 months of the current fiscal year. EBIT including currency effects includes effects from the valuation of foreign currency receivables and hedging transactions as of the reporting date.

3 Interim Group management report

A special item in the Canada segment boosted the PWO Group's earnings performance during the reporting period: customer adjustments to plans resulted in non-recurring payments and, at the same time, the write-down of production facilities already purchased – a net positive contribution of EUR 4.8m from special items. This has to be seen alongside various expenses, mainly in the Germany and Czech Republic segments, including provisions for personnel and material costs as well as 2 ongoing orders. Overall, EBIT before currency effects was in line with the target for the 6-month period.

With a consistent year-on-year financial result of EUR -4.6m and a tax rate of 33.5%, which was lower than the exceptionally high 37.2% in the prior year, net profit for the first 6 months amounted to EUR 5.4m (p/y: EUR 6.7m).

Segments

In line with the internal management system, our locations form the basis for the segment reporting. The PWO Group is represented worldwide with 10 locations, 1 each in Germany and Canada and 2 in each of the other segments. When explaining the results of the segments, we continue to refer to the performance indicator EBIT before currency effects.

Our locations in the China segment are feeling the fierce competitive pressure in this market, which is reflected in a sharp decline in external revenue. However, the impact on earnings was mitigated by tight cost management.

The Germany segment remains heavily affected by the unfavorable conditions weighing on German industry and the slowdown in the European market, which were major factors in the year-on-year decline in Group revenue in the half-year under review. However, expenses for personnel-related and other provisions were another factor, which will not carry through to the second half of the year.

External revenue increased significantly in the Canada segment. Good capacity utilization and the conclusion of customer negotiations contributed to this. These 2 factors, along with rigorous cost management, led to a major improvement in EBIT compared with the previous year. The above-mentioned conclusion of customer negotiations had a net positive effect of EUR 4.8m on EBIT.

In the Mexico segment, the market slowdown is causing a decline in external revenue at the moment. At the same time, the locations are preparing for extensive series start-ups and rampups that entail a temporary but sharp increase in expenses. The existing downward trend in EBIT will therefore turn around in the foreseeable future.

We are currently building up our business activities in the Serbia segment. The positive EBIT in the reporting period was mainly due to intercompany offsets, which are eliminated at the PWO Group level.

In the Czech Republic segment, the start-ups and ramp-ups of new series production along with higher tool revenue more than compensated for the current market slowdown in Europe, increasing the segment's external revenue significantly in the first half of the reporting year. However, non-recurring expenses, primarily relating to 2 ongoing orders, had a noticeable impact on EBIT.

Net assets and financial position

Total assets rose moderately in the first half of 2025, from EUR 433.0m as of December 31, 2024, to EUR 439.9m as of June 30, 2025. Non-current assets declined from EUR 245.2m to EUR 240.1m, mainly because only a small portion of our annual budget was invested during this period. Receivables and other assets increased from EUR 135.5m to EUR 142.6m. This was largely due to contract assets and other financial assets.

As regards equity and liabilities, equity decreased from EUR 162.3m on December 31, 2024, to EUR 160.8m at the reporting date, mainly on account of foreign exchange differences. As a result, the equity ratio fell from 37.5% to 36.5%. With higher financial liabilities, net debt increased slightly from EUR 87.1m to EUR 94.8m. The increase in total equity and liabilities was mainly attributable to higher business-related other liabilities and higher current financial liabilities, while pension provisions and other financial liabilities in particular declined.

Cash flow from operating activities amounted to EUR 19.3m in the first 6 months of the fiscal year (p/y: EUR 38.8m). There were 2 key factors underlying the year-on-year change: a higher cash

outflow of EUR 10.4m (p/y: EUR 6.8m) for the increase in current assets and a lower cash inflow from current liabilities amounting to EUR 6.2m (p/y: EUR 25.3m).

The reason for this comes down to the timing of the unexpectedly high cash inflow in fiscal year 2024 as of the reporting date, with cash flow from operating activities almost doubling and therefore much better than anticipated. This had already been factored into our free cash flow guidance for 2025, so no adjustments are required.

We are still working tirelessly to reduce capital employed in current assets. For example, we concluded new factoring agreements at our international locations in the first half of the year and increased the volumes in existing agreements.

The cash outflow from investing activities amounted to EUR 14.9m (p/y: EUR 9.3m). Capital expenditure in the reporting period is explained below. Free cash flow after interest paid and received therefore fell to EUR 0.8m (p/y: EUR 25.7m). Given that the figure for the 1st quarter of 2025 was far lower at EUR -10.5m, our wideranging efforts to optimize cash flow are clearly working.

Cash flow from financing activities amounted to EUR -1.3m (p/y: EUR -14.5m). This includes net loan borrowings and lease liabilities of EUR 7.7m (p/y: net repayment of EUR 5.1m) and the unchanged dividend payment of EUR 5.5m. The net change in cash and cash-equivalents amounted to EUR 3.1m in the reporting period (p/y: EUR 15.1m).

Capital expenditure

We are currently in an expansion phase. As outlined in the segment report, our capital spend in the first half of the year was EUR 17.0m (p/y: EUR 10.6m). Of this, EUR 0.9m (p/y: EUR 0.1m) was attributable to the locations in the China segment, where we primarily invested in project-specific assembly equipment and continued to expand the IT infrastructure. Funds were also used for a new try-out press.

EUR 2.0m (p/y: EUR 2.1m) was invested at the location in the Germany segment. In addition to project-related expansion investments for presses, welding cells and assembly systems, capital spend focused on the digital transformation of the location as a whole and with a particular focus on Finance and Sales.

The location in the Canada segment is likewise expanding its production capacity in readiness for the start-up of new series production. EUR 0.5m was invested in the first 6 months of 2025 (p/y: EUR 1.1m), focusing for example on assembly equipment for new cross member projects and for further orders. We are also expanding our forming press capacity.

Capital spend at the locations in the Mexico segment was EUR 1.7m (p/y: EUR 4.0m). The funds were primarily invested in an additional forming press that is scheduled to go into operation in 2026. We also expanded our assembly and welding capacities and, among other things, strengthened our leading position in air suspension components with a helium recovery system. We will continue to scale up the number of production presses substantially to enable further growth at our locations.

At EUR 7.6m (p/y: EUR 0.5m), a large part of the capital expenditure in the first 6 months of 2025 related to the expansion of our locations in the Serbia segment. The new engineering and production site opened on July 3 and production is scheduled to start there at the end of 2025. Hence, we also invested in other production equipment including a fine cleaner. And of course we are setting up a state-of-the-art IT infrastructure.

EUR 5.1m (p/y: EUR 2.8m) was invested at our locations in the Czech Republic segment. We have now completed our new production and logistics hall there. In addition to project-specific expansion investments, we are building a new welding and assembly line and continuing to enhance the IT infrastructure.

Consolidation effects of EUR -0.7m (p/y: EUR 0.0m) mainly relate to interest expenses for financing the new building in Serbia.

New business

New business lifetime volume of series and tools (in EUR million)

In our sales management activities, we aim to regularly acquire a volume of new business that safeguards our profitable and healthy growth strategy. With new business of EUR 445m in the first 6 months, including around EUR 20m for tool volumes in connection with series orders, we have continued to win a high lifetime volume.

One highlight here is a major order for side members in the Czech Republic segment. Side members are key components in a vehicle chassis frame, running longitudinally along the car. They are designed to deform in a particular way during an accident and so play a key role in reducing impact forces and protecting the vehicle's occupants. Our outstanding expertise in highstrength steels and sophisticated joining solutions positions us particularly well for these highly complex components.

We also received large orders for instrument panel carriers, air suspension components, chassis components and seat structures for various segments. Our solutions for instrument panel carriers remain highly successful. We regularly develop complete concepts that meet all customer requirements as well as being particularly compelling in terms of sustainability and cost. The new orders for air suspension components reaffirm our world-leading position in this area. We are also delighted to have received our first order from yet another major supplier that we added to our portfolio as a new customer in the 1st quarter of 2025.

Wherever opportunities arise beyond our traditional sales markets, we seize them determinedly. In the first half of 2025, we secured 2 orders for the development and manufacture of components that will be installed in trucks and delivery vans.

Most of the new business signed in the first 6 months of 2025 is due to go into production in the 2026 and 2027 fiscal years. However, some larger volumes are expected to contribute to revenue as early as 2025.

A key aspect of our business involves supplying platforms that are used to produce various vehicle models with different start-up and phase-out times. Our orders therefore usually run for between 8 and 10 years. However, in the first 6 months we won a large proportion of orders that will generate revenue more quickly than is typical for our business.

Report on opportunities, risks and forecasts Report on opportunities and risks

Most of the opportunities and risks for the development of the PWO Group and its segments presented in the 2024 Annual Report still apply.

Estimates of future exchange rate developments are not part of our company forecasts. In order to avoid currency risks, we conclude corresponding hedge accounting. The aim is to hedge the currency parities assumed when an order is received and thus the expected cash flows.

In the first half of 2025, the PWO Group's business performance was affected by trade policy tensions and major global economic uncertainty. Consequently, operating risk exposure deteriorated slightly as against our planning for 2025. This is mainly due to adjusted assumptions concerning secondary market risks, most of which stem from market-related uncertainty.

Market and performance risks have increased, particularly in the Czech Republic, China and Mexico segments. These include the remeasurement of business interruption risks and start-up risks. Secondary effects from the current trade policy situation dominate the market risks.

However, we have already factored most of these market risks into our corporate planning with a risk deduction. Although PWO is not exposed to any material direct effects of new U.S. tariff policy and other countries' responses to it, fluctuating demand and prices continue to weigh on our business. At the editorial deadline for this half-year financial report, the U.S. had not yet concluded any significant trade agreements with its major trading partners except for China, meaning that this uncertainty is likely to remain a key factor in the coming months.

With respect to our segments, operational performance risks in the production environment decreased, particularly in the Germany segment, but increased in the Mexico and Czech Republic segments. In the Canada and China segments, we now assess the market risks as higher than at the time the corporate planning was drawn up. The risks in the Serbia segment now relate to the implementation of presses and the start of production.

In its April 2025 update of the World Economic Outlook (WEO), the IMF assumes that the rapid escalation of trade tensions – triggered by the U.S government's new tariff policy and other countries' responses to it – and the high current political uncertainty are likely to have a significant impact on global economic activity. According to the IMF reference forecast based on information available as of April 4, 2025, global GDP growth in 2025 is expected to decline to 2.8% from the previous forecast of 3.3%, well below the historical (2000–2019) average of 3.7%.

In the United States, growth is expected to slow to 1.8%, 0.9 percentage points lower than projected in the January 2025 WEO update, due to greater political uncertainty, trade tensions and softer demand.

In contrast, the euro area is expected to stabilize, with the IMF predicting only a 0.2 percentage point reduction in growth, to 0.8%. Again, trade tariffs and rising uncertainty are the reasons for this subdued growth.

However, according to the Deutsche Bundesbank's latest forecast of June 6, 2025, Germany will continue to stagnate this year. Growth is not on the cards. The new U.S. tariffs and uncertainty about future U.S. policy are hitting German industry at a time when it was beginning to stabilize after a long stretch in the doldrums. But big increases in national defense and infrastructure spending are likely to provide a perceptible boost in demand and gross domestic product (GDP) from 2026 onwards.

In its April update, the IMF lowered its 2025 growth forecast for China to 4.0%, from 4.6% in the January 2025 WEO update. This reflects the impact of recently introduced tariffs, which more than outweigh the stronger tailwinds of 2024 (as a result of an unexpectedly good 4th quarter) and fiscal stimulus.

3 Interim Group management report

According to its annual press conference of January 21, 2025, the VDA expects the markets in Europe (EU, EFTA & UK; +2%; 13.2 million units) and the USA (+2%; 16.2 million units) to grow slightly faster than the Chinese market (+1%; 23.2 million units) in 2025 due to persistently low market volume.

For the German car market, it predicts a marginal increase of 1% to 2.8 million units. This is around a quarter less than in the pre-crisis year of 2019. The association anticipates only a slight increase in domestic car production in 2025 (+1% to 4.2m units). The reasons for this include the general economic slowdown. Foreign production of German group brands is expected to increase by 2% with the production of 9.7 million cars. As regards exports, the VDA predicts a slight increase of 2% to 3.2 million units. This would correspond to an export quota of 77%.

Forecast

We are adjusting our revenue guidance for fiscal 2025. In the Q1 quarterly statement, we stated at the time that we considered our target ambitious. Economic analysts now unanimously agree that the 2nd quarter benefited from pre-emptive effects that are likely to tail off in the second half of 2025. In addition, the U.S. dollar is moving in a direction that is unhelpful for us. Consequently, we now expect revenue in the region of EUR 500 – 510m for fiscal 2025 (previous guidance: around EUR 530m; p/y: EUR 555.1m). Just under two-thirds of this decline is due to the market slowdown, with a good third attributable to currency effects. We remain confident that we can offset the market-driven shortfall in earnings contributions with appropriate management measures. Exchange rate effects on revenue have a negligible impact on EBIT before currency effects.

We are therefore confirming our guidance for this and all other financial performance indicators for fiscal 2025. We anticipate EBIT before currency effects of EUR 23 – 28m (p/y: EUR 30.0m). In order to go on expanding the PWO Group's market position, we plan on a capital spend of around EUR 40m (p/y: EUR 46.2m). Free cash flow is expected to be positive in the low single-digit million euro range (p/y: EUR 33.3m). We anticipate a stable equity ratio (December 31, 2024: 37.5%) and a net leverage ratio of less than 2.5 years (December 31, 2024: 1.6 years). In new business, we are aiming for a lifetime volume in the region of EUR 550 – 600m (p/y: around EUR 630m).

CONSOLIDATED INTERIM FINANCIAL STATEMENTS

Consolidated income statement

9 Consolidated income statement

Q2 2025 Q2 2024 H1 2025 H1 2024
EURk Percentage share EURk Percentage share EURk Percentage share EURk Percentage share
Revenue 136,382 100.0 141,790 100.0 Revenue 273,363 100.00 288,576 100.0
Own work capitalized 68 0.0 81 0.1 Own work capitalized 153 0.1 163 0.1
Total output 136,450 100.0 141,871 100.1 Total output 273,516 100.1 288,739 100.1
Other operating income 17,344 12.7 4,887 3.4 Other operating income 21,498 7.9 6,987 2.4
Cost of materials -81,249 -59.6 -84,780 -59.8 Cost of materials -160,352 -58.7 -171,403 -59.4
Staff costs -36,080 -26.5 -34,046 -24.0 Staff costs -72,988 -26.7 -69,229 -24.0
Depreciation/amortization -7,653 -5.6 -5,962 -4.2 Depreciation/amortization -13,815 -5.1 -11,953 -4.2
Other operating expenses -21,208 -15.6 -13,958 -9.8 Other operating expenses -35,219 -12.9 -27,821 -9.6
Earnings before interest and taxes (EBIT) 7,604 5.6 8,012 5.7 Earnings before interest and taxes (EBIT) 12,640 4.6 15,320 5.3
Financial result -2,362 -1.7 -2,388 -1.7 Financial result -4,586 -1.7 -4,632 -1.6
Earnings before taxes (EBT) 5,242 3.8 5,624 4.0 Earnings before taxes (EBT) 8,054 2.9 10,688 3.7
Income taxes -1,585 -1.2 -2,228 -1.6 Income taxes -2,696 -1.0 -3,976 -1.4
Net profit/loss for the period 3,657 2.7 3,396 2.4 Net profit/loss for the period 5,358 2.0 6,712 2.3
Earnings per share in EUR
(diluted = undiluted, based on the earnings
attributable to the shareholders of PWO AG)		 1.17 – 1.09 – Earnings per share in EUR
(diluted = undiluted, based on the earnings
attributable to the shareholders of PWO AG)		 1.71 – 2.15 –

Consolidated statement of comprehensive income

EURk Q2 2025 Q2 2024 EURk H1
2025		 H1
2024
Net profit/loss for the period 3,657 3,396 Net profit/loss for the period 5,358 6,712
Net gains (p/y: net losses) from cash flow hedges 2,953 -1,018 Net gains (p/y: net losses) from cash flow hedges 5,467 -2,528
Tax effect -788 385 Tax effect -1,461 709
Currency translation difference -5,171 420 Currency translation difference -7,648 1,104
Items that may be reclassified to profit and loss in a
subsequent period		 -3,006 -212 Items that may be reclassified to profit and loss in a
subsequent period		 -3,642 -714
Actuarial gains (p/y: gains) on defined benefit
pension plans		 123 1,466 Actuarial gains (p/y: gains) on defined benefit
pension plans		 3,137 2,074
Tax effect -36 -427 Tax effect -914 -604
Items that will not be reclassified to profit or loss 87 1,039 Items that will not be reclassified to profit or loss 2,223 1,470
Other comprehensive income after tax -2,919 826 Other comprehensive income after tax -1,419 755
Total comprehensive income after tax 738 4,222 Total comprehensive income after tax 3,939 7,467

Consolidated statement of financial position

2 Letter from the Executive Board
3 Interim Group management
9 report
Consolidated interim financial
statements
9 Consolidated income statement
10 Consolidated statement of
comprehensive income
11 Consolidated statement of
financial position
12 Consolidated statement of
changes in equity
13 Consolidated statement of cash flows
Assets Equity and liabilities
EURk June 30, 2025 Dec. 31, 2024 EURk June 30, 2025 Dec. 31, 2024
Property, plant and equipment 191,455 195,392 Total equity 160,750 162,280
Intangible assets 11,103 11,171 Non-current financial liabilities 52,979 52,097
Contract assets 24,123 23,601 Pension provisions 43,234 46,393
Deferred tax assets 13,452 15,003 Other provisions 2,762 3,222
Non-current assets 240,133 245,167 Other financial liabilities 354 9,531
Inventories 43,901 40,564 Deferred income 6,252 6,271
Trade receivables 47,765 49,079 Deferred tax liabilities 1,895 1,838
Contract assets 75,930 70,751 Non-current liabilities 107,476 119,352
Other assets 15,326 14,883 Trade and other payables 111,121 93,667
Other financial assets 3,179 576 Current financial liabilities 55,064 46,826
Income tax receivables 358 237 Other financial liabilities 323 4,203
Receivables and other assets 142,558 135,526 Current portion of pension provisions 2,176 2,164
Cash and cash equivalents 13,288 11,777 Current portion of other provisions 2,970 4,542
Current assets 199,747 187,867 Current liabilities 171,654 151,402
Total liabilities 279,130 270,754
Total assets 439,880 433,034 Total equity and liabilities 439,880 433,034

11 PWO HALF-YEAR FINANCIAL REPORT 2025

Consolidated statement of changes in equity

Equity attributable to PWO AG shareholders
-- --------------------------------------------

Other reserves

2 Letter from the Executive Board

3 Interim Group management EURk Issued capital Capital reserves Retained earnings Defined benefit plans Foreign exchange
differences		 Cash flow hedge Total
report Jan. 1, 2024 9,375 37,494 113,569 -8,752 1,250 3,598 156,534
9 Consolidated interim financial Net profit/loss for the period – – 12,541 – – – 12,541
statements Other comprehensive income after tax – – – 697 2,440 -4,463 -1,326
9 Consolidated income statement Total comprehensive income/loss 9,375 37,494 126,110 -8,055 3,690 -865 167,749
10 Consolidated statement of Dividend payment – – -5,469 – – – -5,469
comprehensive income Dec. 31, 2024 9,375 37,494 120,641 -8,055 3,690 -865 162,280
11 Consolidated statement of
financial position Jan. 1, 2025 9,375 37,494 120,641 -8,055 3,690 -865 162,280
12 Consolidated statement of
changes in equity		 Net profit/loss for the period – – 5,358 – – – 5,358
13 Consolidated statement of cash flows Other comprehensive income after tax – – 2,223 -7,648 4,006 -1,419
Total comprehensive income/loss 9,375 37,494 125,999 -5,832 -3,958 3,141 166,219
14 Notes to the consolidated Dividend payment -5,469 -5,469
interim financial statements June 30, 2025 9,375 37,494 120,530 -5,832 -3,958 3,141 160,750

Consolidated statement of cash flows

EURk H1 2025 H1 2024
2 Letter from the Executive Board Net profit/loss for the period 5,358 6,712
3 Interim Group management Depreciation/reversal of write-downs of property, plant and equipment and amortization of
intangible assets		 13,815 11,953
report Income tax expense 2,696 3,976
Interest income and expenses 4,586 4,632
9 Consolidated interim financial Change in current assets -10,369 -6,775
statements Change in non-current assets -522 -159
9 Consolidated income statement Change in current liabilities (not including financial liabilities) 6,164 25,303
10 Consolidated statement of Change in non-current liabilities (not including financial liabilities) -2,585 359
comprehensive income Income taxes paid -1,789 -3,339
11 Consolidated statement of Other non-cash expenses/income 1,993 -3,850
financial position Gain on disposal of property, plant and equipment -4 -1
12 Consolidated statement of
changes in equity		 Cash flow from operating activities 19,343 38,811
Proceeds from disposal of property, plant and equipment 4 1
13 Consolidated statement of cash flows Payments for capital expenditure on property, plant and equipment -13,856 -8,676
14 Notes to the consolidated Payments for capital expenditure on intangible assets -1,039 -603
interim financial statements
Cash flow from investing activities		 -14,891 -9,278
21 Other information Dividend paid -5,469 -5,469
Interest paid -3,850 -4,363
22 Contact Interest received 242 498
Proceeds from borrowings 13,837 30,745
Repayments of borrowings -3,253 -33,027
Repayments of lease liabilities -2,849 -2,839
Cash flow from financing activities -1,342 -14,455
Net change in cash and cash equivalents 3,111 15,079
Effect of exchange rate changes in cash and cash equivalents -1,026 94
Cash and cash equivalents as of January 1 -4,620 -18,369
Cash and cash equivalents as of June 30 -2,535 -3,196
of which cash and cash equivalents according to the statement of financial position 13,288 10,045
of which bank borrowings due on demand that are included in the Group´s cash management -15,823 -13,242

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

1. Information on the company

PWO AG is a listed corporation headquartered at Industriestraße 8, 77704 Oberkirch, Germany. It is registered and entered in the commercial register of the Freiburg Local Court under HRB 490007. The currently applicable version of the Articles of Association is the version dated June 3, 2025. The fiscal year is the calendar year.

The condensed consolidated interim financial statements of PWO AG and its subsidiaries for the 2nd quarter and first half of 2025 were approved for submission to the Audit Committee of the Supervisory Board by resolution of the Executive Board on July 23, 2025.

2. Accounting methods

2.1 Basis for preparing the financial statements

The condensed consolidated interim financial statements as of June 30, 2025 were prepared in accordance with IAS 34 "Interim financial reporting". All International Financial Reporting Standards (IFRS), including the interpretations of the IFRS Interpretations Committee (IFRIC), which were binding as of the reporting date and have been adopted into European law by the EU Commission and are mandatory as of the reporting date, were applied.

The consolidated interim financial statements do not contain all the information and disclosures required for consolidated financial statements as of the end of the fiscal year and should therefore be read in conjunction with the consolidated financial statements as of December 31, 2024. The accounting policies applied in the preparation of the consolidated interim financial statements are generally the same as those applied in the consolidated financial statements as of December 31, 2024. More detailed explanations can be found on pages 58 and onwards in the notes to the 2024 Annual report.

The consolidated interim financial statements and the interim Group management report have not been audited nor reviewed by an auditor.

2.2 Changes in accounting policies

For the condensed consolidated interim financial statements, the accounting policies used to prepare the consolidated financial statements as of December 31, 2024, have been adopted unchanged, with the exception of the standards and interpretations applicable for the first time as of January 1, 2025.

STANDARDS APPLIED FOR THE FIRST TIME OR AMENDMENTS

There were no changes to the accounting policies applied compared to the previous year with the exception of the amended standards listed below, which are mandatory from January 1, 2025. The standards applied for the first time do not have any material effects on the consolidated financial statements of PWO AG.

Standard Amendments Application required in EU
The Effects of Changes in
IAS 21 Foreign Exchange Rates January 1, 2025

2.3 Consolidated group

There were no changes to consolidated companies compared to the consolidated financial statements as of December 31, 2024.

2.4 Currency translation

The financial statements of the companies included in the interim consolidated financial statements prepared in foreign currencies were translated at the following exchange rates:

Closing rate Average rate
June 30, 2025 June 30, 2024 H1
2025		 H1
2024
China CNY 8.40 7.77 7.93 7.80
Canada CAD 1.60 1.47 1.54 1.47
Mexico USD 1.17 1.07 1.09 1.08

3 Interim Group management

9 Consolidated interim financial

interim financial statements

14 Notes to the consolidated

report

statements

21 Other information

22 Contact

3. Income statement disclosures

3.1 Revenue

2 Letter from the Executive Board The breakdown of Group revenue from the sale of goods by location is shown in the segment report.

External revenue by business unit and by region is shown in the following tables. The business units are explained in the "PWO Group principles" section of the Group management report in the 2024 Annual Report.

3.1.1 REVENUE BY BUSINESS UNIT

EURk H1
2025		 H1
2024
Electronic, Chassis & Airbag
Components		 91,110 103,647
Steering & Seat Components 50,512 56,216
Body & Instrument Panel Carrier
Components		 114,848 112,127
Other revenue 16,893 16,586
Total 273,363 288,576

3.2 Other operating income

Other operating income mainly includes currency gains of EUR 9,414k (p/y: EUR 2,599k).

3.3 Other operating expenses

The most important individual items under other operating expenses are as follows:

EURk H1
2025		 H1
2024
Currency expenses 10,045 2,669
Costs for temporary employees 3,629 4,743
Maintenance costs 3,927 3,524
Legal, audit and consulting fees 2,980 3,506
Outgoing freight 2,793 2,368
Lease expenses 1,664 1,641
Miscellaneous operating expenses 10,181 9,370
Total 35,219 27,821

3.5 Earnings per share

Earnings per share are calculated by dividing the profit or loss attributable to the shareholders of PWO AG by the weighted average number of shares outstanding. There were no dilutive effects from stock options or convertible preference shares.

Q2 2025 Q2 2024
Earnings after taxes in EURk 3,657 3,396
Average number of no-par shares 3,125,000 3,125,000
Earnings per share in EUR 1.17 1.09
H1
2025		 H1
2024
Earnings after taxes in EURk 5,358 6,712
Average number of no-par shares 3,125,000 3,125,000
Earnings per share in EUR 1.71 2.15

3.4 Income taxes

Income taxes recognized in the consolidated income statement break down as follows:

EURk H1
2025		 H1
2024
Germany 82,899 87,614
Rest of Europe 74,341 78,878
North America 95,786 97,699
Other countries 20,337 24,384
Total 273,363 288,576
EURk H1
2025		 H1
2024
Current taxes 3,781 3,367
Deferred taxes -1,085 609
Total 2,696 3,976

In accordance with IAS 34, expenses for income taxes was deferred in the reporting period on the basis of the tax rate expected for the entire fiscal year.

3.1.2 REVENUE BY REGION (BY CUSTOMER'S REGISTERED OFFICE)

3 Interim Group management

9 Consolidated interim financial

interim financial statements

14 Notes to the consolidated

report

statements

21 Other information

22 Contact

4. Notes to the statement of financial position 4.1 Intangible assets and property, plant and equipment

Goodwill is tested for impairment at least once a year, while other intangible assets with finite useful lives and property, plant and equipment are only tested for impairment if there are specific indications of impairment. Please refer to the notes to the consolidated financial statements 2024 for information on the impairment test procedure.

Significant changes in the technical, market, economic or legal environment, as well as decisions made in light of changing political and business conditions, can indicate the existence of a need for impairment or reversal of impairment. External and internal sources of information were therefore evaluated as of June 30, 2025, to identify any such potential indications. Geopolitical and economic policy conflicts, pandemics and natural disasters have led to increasing economic uncertainty in recent years. Latterly, the unpredictable actions of the U.S. President have been high on corporate agendas. Factors such as exchange rates and raw materials prices have been subject to major fluctuations ever since. In particular, the impact of U.S. trade and tariff policy on the currencies relevant to the PWO Group was identified as an indication of possible impairment of the existing cash-generating units. All cashgenerating units were therefore tested for impairment as of June 30, 2025. Updated cost-of-capital parameters (WACC) were used to calculate the value in use of the cash-generating units as of June 30, 2025. The WACC fell by 1.4 and 1.8 percentage points compared with December 31, 2024. The exchange rates were also adjusted. The growth discounts and basic assumptions for determining the recoverable amount for the various cashgenerating units were essentially left the same for the longterm earnings forecast. None of the impairment tests gave any indications of a potential need for write-ups or write-downs as of June 30, 2025.

4.2 Equity 4.2.1 ISSUED CAPITAL

As of the reporting date of June 30, 2025, the fully paid-in subscribed capital amounted to EUR 9,375k (p/y: EUR 9,375k), divided into 3,125,000 (p/y: 3,125,000) no-par shares.

4.2.2 AUTHORIZED CAPITAL

By way of resolution of the Annual General Meeting of June 3, 2025, the Executive Board is authorized, with the approval of the Supervisory Board, to increase the share capital of the company by up to EUR 4,687,500.00 in total by issuing new no-par bearer shares in return for cash or non-cash contributions on 1 or several occasions (Authorized Capital 2025) by June 2, 2030 (inclusively).

4.2.3 RETAINED EARNINGS AND OTHER EQUITY

As of June 30, 2025, Group equity includes income and expenses from the currency translation of foreign subsidiaries amounting to EUR -3,958k (p/y: EUR 2,354k) and from cash flow hedges amounting to EUR 3,141k (p/y: EUR 1,779k).

4.2.4 DIVIDEND DISTRIBUTION

In June 2025, PWO AG's dividend for the 2024 fiscal year of EUR 5,469k (EUR 1.75 per eligible no-par share) was paid out. In the previous year, a dividend for the 2023 fiscal year of EUR 5,469k (EUR 1.75 per eligible no-par share) was paid out.

4.2.5 NOTIFICATIONS IN ACCORDANCE WITH SECTION 33 WPHG No notifications of shareholdings in PWO AG were received in the first half of 2025.

4.3 Liabilities

4.3.1 PENSION PROVISIONS

The measurement of defined benefit obligations is based on the following actuarial assumptions:

in % June 30, 2025 Dec. 31, 2024
Discount rate 4.03 3.57
Turnover rate 2.00 2.00
Future salary trend >40 years 2.75 2.75
Future salary trend >40 years
(career trend)		 3.75 3.75
Future pension adjustments 2.10 2.10
Mortality RT Heubeck
2018 G		 RT Heubeck
2018 G

The decrease of EUR 3,147k in pension provisions (p/y: EUR 1,877k) is mainly due to the increase in the discount rate by 0.46 percentage points (p/y: 0.22 percentage points).

4.3.2 OTHER PROVISIONS

The other provisions disclosed in the statement of financial position mainly comprise personnel provisions (obligations for partial retirement and anniversary bonuses), provisions for unfavorable contracts as well as warranty provisions and provisions for material price adjustments.

4.4 Off-balance sheet transactions

Trade receivables are sold on an ongoing basis to generate cash and cash equivalents to finance operating activities and thereby allow improved liquidity planning. All material risks have been transferred to the factor. As of June 30, 2025, receivables with a nominal value of EUR 20,807k (p/y: EUR 21,429k) had been sold and are reported on a net basis in the statement of financial position. The transferred receivables are current receivables, the

carrying amount of which equals the fair value of the transferred assets. Cash inflows and outflows from factoring are assigned to cash flow from operating activities. As of the reporting period, there were receivables from the factoring company of EUR 2,236k (p/y: EUR 2,839k), which are reported under other assets.

In supplier finance programs initiated by customers, trade receivables are financed by a factor. The factor bears the default risk to the supplier. Customer receivables of EUR 16,603k (previous year: EUR 8,646k) had been transferred to the factor as of June 30, 2025.

5. Capital management

Capital is monitored via the net leverage ratio and the equity ratio. Our finance strategy aims for a net leverage ratio of less than 2.5 years in fiscal 2025 and an equity ratio in line with the previous year.

5.1 Net leverage ratio

EURk June 30, 2025 Dec. 31, 2024
Financial liabilities 108,043 98,923
Less cash and cash
equivalents		 -13,288 -11,777
Net financial debt 94,755 87,146
EBITDA 52,9221 53,740
Net leverage ratio (in years) 1.8 1.6

1 This refers to the rolling 12-month EBITDA.

5.2 Equity ratio

EURk June 30, 2025 Dec. 31, 2024
Total equity 160,750 162,280
Total assets 439,880 433,034
Equity ratio 36.5% 37.5%

5.3 Financial instruments

The table below shows the carrying amounts and fair values by measurement category:

Category Carrying amount Fair value
EURk IFRS 9 June 30, 2025 Dec. 31, 2024 June 30, 2025 Dec. 31, 2024
ASSETS
Trade receivables AC 47,765 49,079 47,765 49,079
Other financial assets 3,179 576 3,179 576
of which hedging derivatives n. a. 1,771 566 1,771 566
of which non-hedging derivatives FVtPL 1,408 10 1,408 10
of which deposits >3 months AC – – – –
Cash and cash equivalents AC 13,288 11,777 13,288 11,777
EQUITY AND LIABILITIES
Financial liabilities 108,043 98,923 110,075 99,925
Liabilities to banks AC 89,455 79,100 91,298 80,216
of which variable rate 40,590 41,006 40,590 41,006
of which fixed rate 48,865 38,094 50,708 39,210
Liabilities from promissory notes AC – – – –
of which variable rate – – – –
of which fixed rate – – – –
Liabilities to leasing companies n. a. 18,587 19,823 18,777 19,709
of which variable rate – – – –
of which fixed rate 18,587 19,823 18,777 19,709
Trade payables AC 65,659 65,681 65,659 65,681
Other financial liabilities 677 6,473 677 6,473
of which hedging derivatives n. a. 659 5,137 659 5,137
of which non-hedging derivatives FVtPL 18 1,335 18 1,335
of which others AC – – – –
of which aggregated by measurement category:
Loans and receivables AC 61,052 60,856 61,052 60,856
Financial liabilities measured at amortized cost AC 155,114 144,780 156,957 145,896
Financial assets held for trading FVtPL 1,408 10 1,408 10
Financial liabilities held for trading FVtPL 18 1,335 18 1,335

All assets and liabilities measured at fair value are assigned to level 2 of the measurement hierarchy in accordance with IFRS 13. In the reporting period, there were no changes in the valuation techniques applied and no transfers between hierarchy levels.

18

PWO

2025

6. Other disclosures

6.1 Related parties

For information on related party disclosures, please refer to the disclosures in the consolidated financial statements as of December 31, 2024. There were no changes as of June 30, 2025.

6.2 Additional information on the statement of cash flows

The funds shown in the statement of cash flows include the cash and cash equivalents. The current account liabilities due on demand of EUR 15,823k (p/y: EUR 13,242k) are included in "Current financial liabilities" in the statement of financial position.

7. Segment report

Of the reported revenue as of June 30, 2025, four customers each accounted for more than 10% of revenue, with EUR 45,485k, EUR 43,912k, EUR 36,170k and EUR 32,637k, which relate to all business units. In the previous year, revenue shares above 10% were identified for 4 customers, with these amounting to EUR 49,248k, EUR 37,984k, EUR 36,874k and EUR 33,920k.

7.1 Segment information by region H1 2025

EURk China Germany Canada Mexico Serbia Czech
Republic		 Consolidation Group
Total revenue 24,507 103,965 29,206 56,143 2,087 73,329 147 289,384
Internal revenue -3,821 -5,095 -568 -29 -1,226 -5,282 – -16,021
External revenue 20,686 98,870 28,638 56,114 861 68,047 147 273,363
Total output 24,507 104,077 29,206 56,155 2,116 73,329 -15,874 273,516
Other operating income 325 13,156 9,209 5,096 2,834 79 -9,201 21,498
Total expenses -20,956 -117,030 -26,639 -55,417 -4,247 -69,101 24,831 -268,559
Depreciation/amortization -1,104 -4,304 -2,859 -2,246 -201 -3,113 12 -13,815
EBIT before currency effects 2,552 -3,578 8,964 3,602 513 1,450 -232 13,271
EBIT including currency effects 2,772 -4,101 8,917 3,588 502 1,194 -232 12,640
Interest income 3 2,890 7 – 5 – -2,642 263
Interest expenses -103 -3,358 -332 -1,448 -10 -1,885 2,287 -4,849
Distribution from affiliated
companies		 – 7 – – – – -7 –
Earnings before taxes (EBT) 2,672 -4,562 8,592 2,140 497 -691 -594 8,054
Income taxes -709 565 -2,148 -642 -74 141 171 -2,696
Net profit/loss for the period 1,963 -3,997 6,444 1,498 423 -550 -423 5,358
Assets 48,217 125,134 37,073 78,632 33,565 149,663 -32,404 439,880
of which non-current assets1 20,129 50,853 18,207 27,830 27,124 65,632 -7,217 202,558
of which contract assets 9,682 33,703 5,548 12,759 – 52,916 -14,555 100,053
Liabilities 14,410 48,353 12,083 44,653 25,484 87,345 -109,888 122,440
Capital expenditure 876 1,997 534 1,710 7,554 5,087 -745 17,013
Employees (as of June 30) 282 933 347 773 132 839 – 3,306

HALF-YEAR FINANCIAL REPORT

Non-current assets do not include any deferred taxes.

1

7.2 Segment information by region H1 2024

EURk China Germany Canada Mexico Serbia Czech
Republic		 Consolidation Group
2 Letter from the Executive Board Total revenue 27,794 122,496 24,989 59,959 1,376 71,851 81 308,546
3 Interim Group management Internal revenue -3,555 -8,851 -600 -307 -743 -5,914 – -19,970
report External revenue 24,239 113,645 24,389 59,652 633 65,937 81 288,576
9 Consolidated interim financial Total output 27,794 122,601 24,989 60,017 1,376 71,851 -19,889 288,739
statements Other operating income 153 7,952 2,555 713 360 219 -4,965 6,987
14 Notes to the consolidated Total expenses -23,701 -124,580 -24,332 -53,068 -2,224 -65,483 24,935 -268,453
interim financial statements Depreciation/amortization -1,164 -4,420 -1,150 -2,330 -131 -2,771 12 -11,954
EBIT before currency effects 3,054 1,710 2,149 5,256 -611 3,822 93 15,473
21 Other information EBIT including currency effects 3,082 1,553 2,062 5,332 -619 3,816 93 15,319
22 Contact Interest income 3 3,584 36 1 7 – -3,054 577
Interest expenses -273 -3,791 -717 -1,451 -9 -2,021 3,054 -5,208
Earnings before taxes (EBT) 2,812 1,346 1,381 3,882 -621 1,795 93 10,688
Income taxes -1,154 -888 -345 -1,165 – -397 -27 -3,976
Net profit/loss for the period 1,658 458 1,036 2,717 -621 1,398 66 6,712
Assets 50,584 148,106 37,915 79,969 9,982 145,775 -39,477 432,854
of which non-current assets1 21,349 45,088 19,950 29,103 6,077 61,814 -66 183,315
of which contract assets 9,580 35,049 5,606 17,279 1,000 41,840 -7,563 102,791
Liabilities 48,138 50,978 19,795 50,884 6,015 86,542 -136,600 125,752
Capital expenditure 139 2,124 1,093 3,990 470 2,767 – 10,583
Employees (as of June 30) 283 1,004 306 729 84 786 – 3,191

1 Non-current assets do not include any deferred taxes.

8. Events after the end of the reporting period

No events of particular significance for the net assets, financial position and results of operations that would require reporting occurred after the June 30, 2025, reporting date.

9. Composition of the Supervisory Board and the Executive Board

The composition of the Executive Board and Supervisory Board remained unchanged in the reporting period compared to disclosures in the 2024 Annual Report.

Members of the Executive Board

  • Carlo Lazzarini | Chairman/CEO
  • Jochen Lischer | CFO

Members of the Supervisory Board

  • Karl M. Schmidhuber | Chairman
  • Dr. Georg Hengstberger | Deputy Chairman
  • Andreas Bohnert | Employee representative
  • Carsten Claus
  • Stefan Klemenz | Employee representative
  • Dr. Jochen Ruetz

10. Responsibility statement

"We confirm that, to the best of our knowledge and in accordance with applicable accounting principles for interim reporting, the consolidated interim financial statements present a true and fair view of the Group's net assets, financial position and results of operations and that the Interim Group Management Report describes fairly, in all material respects, the Group's business development and performance, the Group's position and the significant risks and opportunities of the Group's expected future development in the remaining months of the fiscal year."

Oberkirch, July 22, 2025

The Executive Board

Carlo Lazzarini Jochen Lischer Chairman/CEO CFO

11. Report by the Audit Committee of the Supervisory Board

The interim financial report for the 2nd quarter and the first half of the year 2025 was submitted to the Audit Committee of the Supervisory Board and explained by the Executive Board. The Audit Committee approved the interim financial report.

Oberkirch, July 23, 2025

The Chairman of the Audit Committee

Carsten Claus

OTHER INFORMATION

Financial calendar

2 Letter from the Executive Board

November 13, 2025 Quarterly statement on third quarter and first 9 months of 2025 November 24–26, 2025 German Equity Forum, Frankfurt am Main

CONTACT

2 Letter from the Executive Board

INVESTOR RELATIONS CONTACTS

Jochen Lischer CFO Telephone: + 49 7802 84-844

[email protected]

Charlotte Frenzel

Corporate Communications & Investor Relations Telephone: + 49 7802 84-844 [email protected]

Lukas Daucher

Investor Relations & Accounting Telephone: + 49 7802 84-282 [email protected]

Figures in this document are generally presented in EURk and in EURm. Differences between individual figures and the actual amounts in EUR may arise from rounding. Such differences are not of a significant nature. The English translation of this document is provided for ease of understanding only. In the event of a difference in interpretation between the German and English texts, the German version shall prevail.

PICTURES

PWO AG

CONCEPT AND DESIGN Berichtsmanufaktur GmbH, Hamburg

PWO AG

INDUSTRIESTRASSE 8 77704 OBERKIRCH GERMANY

TELEPHONE +49 7802 84-0 [email protected] PWO-GROUP.COM

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