AI assistant
Stabilus SE Interim / Quarterly Report 2025
6214_10-q_2025-05-04_1fcb2e86-0c5a-4f6a-976d-eec76a15a384.pdf
Interim / Quarterly Report
Open in viewerOpens in your device viewer
STABILUS
2425
INTERIM REPORT H1 FY2025
A INTERIM GROUP MANAGEMENT REPORT
B CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
C ADDITIONAL INFORMATION
^{}[]
^{}[]
^{}[]
STABILUS AT A GLANCE
€664 MILLION
Revenue
Adjusted EBIT margin
€27 MILLION
Adjusted free cash flow
Key figures
| PER MILLION | Q2 for the period from January 1 to March 31, | Change | % change | |
|---|---|---|---|---|
| 2025 | 2024 | |||
| Revenue | 338.0 | 313.5 | 24.5 | 7.8% |
| EBIT | 25.9 | 30.9 | (5.0) | (16.2)% |
| Adjusted EBIT | 37.7 | 38.9 | (1.2) | (3.1)% |
| Profit / (loss) for the period | 11.2 | 18.1 | (6.9) | (38.1)% |
| EBIT margin as % of revenue | 7.7% | 9.9% | ||
| Adjusted EBIT margin as % of revenue | 11.2% | 12.4% | ||
| Profit / (loss) for the period as % of revenue | 3.3% | 5.8% | ||
| PER MILLION | H1 for the period from October 1 to March 31, | Change | % change | |
| --- | --- | --- | --- | --- |
| 2025 | 2024 | |||
| Revenue | 663.9 | 618.9 | 45.0 | 7.3% |
| EBIT | 54.0 | 51.2 | 2.8 | 5.5% |
| Adjusted EBIT | 75.5 | 72.2 | 3.3 | 4.6% |
| Profit / (loss) for the period | 25.5 | 30.2 | (4.7) | (15.6)% |
| Capital expenditure (capex) | (46.1) | (36.7) | (9.4) | 25.6% |
| Free cash flow (FCF) | 23.0 | (602.0) | 625.0 | <(100.0)% |
| Adjusted free cash flow | 27.0 | 39.9 | (12.9) | (32.3)% |
| EBIT margin as % of revenue | 8.1% | 8.3% | ||
| Adjusted EBIT margin as % of revenue | 11.4% | 11.7% | ||
| Profit / (loss) for the period as % of revenue | 3.8% | 4.9% | ||
| Capital expenditure (capex) as % of revenue | 6.9% | 5.9% | ||
| FCF as % of revenue | 3.5% | (97.3)% | ||
| Adjusted FCF as % of revenue | 4.1% | 6.4% | ||
| Net leverage ratio | 2.97x | 2.82x | ||
| Employees1) | 7,910 | 8,173 | ||
| Total assets | 1,910.2 | 1,956.4 | ||
| Equity | 689.2 | 692.6 | ||
| Equity ratio | 36.1% | 35.4% |
1) Active and inactive employees excluding contract workers, trainees, interns and graduates.
STABILUS INTERIM REPORT H1 FY2025
A INTERIM GROUP MANAGEMENT REPORT
B CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
C ADDITIONAL INFORMATION
^{}[]
HIGHLIGHTS
Stabilus SE starts first half of 2025 with strong revenue growth thanks to acquisitions
-
In the first half of fiscal 2025, the Group’s total revenue climbed by +€45.0 million, or +7.3% compared with the same period in the previous year to €663.9 million (organic revenue growth rate of (5.3)%). In addition, the organic revenue growth rate in Q2 2025 came to (5.0)%.
-
The Americas and EMEA regions recorded significant sales growth in the first six months of fiscal 2025: The Americas region grew by +15.8% (organic revenue growth rate (3.6)%) and EMEA by +5.3% (organic revenue growth rate (4.8)%). By contrast, the APAC region contracted by (1.1)% (organic revenue growth rate (8.8)%).
-
Revenue is down (14.1)% (organic revenue growth rate (10.0)%) in the Automotive Powerise® business unit due to declining demand and (4.7)% in Automotive Gas Spring (organic revenue growth rate (3.2)%), but is up +40.6% in the Stabilus Industrial Components and Industrial Automation divisions due to acquisitions (organic revenue growth rate (2.3)%).
Significant events
-
Stabilus has continued to affirm the forecast from the Annual Report 2024 of revenue in the range of €1.3 billion to €1.45 billion and adjusted EBIT of 11% to 13% of revenue. In addition, the Stabilus Group expects adjusted free cash flow in a range of €90 million to €140 million.
-
Stabilus SE has completed the business combination with the Destaco Group in accordance with IFRS 3.
-
All items on the agenda of the 2025 Annual General Meeting were adopted with the required majorities.
- Dividend proposal of €1.15 per share
-
Election of a new member of the Supervisory Board
-
CFO Stefan Bauerreis is leaving Stabilus at his own request. A formal search is underway to fill the position, with CEO Dr. Michael Büchsner assuming the CFO’s responsibilities on an interim basis.
-
Stabilus SE will be hosting Capital Markets Day on June 4, 2025 in Koblenz.
STABILUS INTERIM REPORT H1 FY2025
A INTERIM GROUP MANAGEMENT REPORT
B CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
C ADDITIONAL INFORMATION
0 0
INTERIM GROUP MANAGEMENT REPORT
Significant events in the first half of 2025 05
Interim group management report 06
General information 06
Principles of preparing the
interim group management report 07
Economic report 08
Overall assessment of business performance 10
Results of operations of the Stabilus Group 11
Financial position of the Stabilus Group 21
Report on risks and opportunities 26
Impact of trade policy measures
on Stabilus 26
Overall assessment of risk 26
Report on expected developments 27
Subsequent events 28
B
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
Consolidated statement of comprehensive income 29
Consolidated statement of financial position 30
Consolidated statement of changes in equity 31
Consolidated statement of cash flows 32
Notes to the condensed interim
consolidated financial statements 33
Responsibility statement 58
Report on review of interim financial information 59
C
ADDITIONAL INFORMATION
Financial calendar 60
Disclaimer 60
Quarterly overview 61
Other information 62
STABILUS INTERIM REPORT H1 FY2025
A INTERIM GROUP MANAGEMENT REPORT
Significant events in the first half of 2025
B CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
C ADDITIONAL INFORMATION
Significant events in the first half of 2025
Stabilus confirms its business outlook for fiscal 2025
The Stabilus Group's management continues to stand by the forecast from the annual report 2024 with expected revenue in the range of €1.3 billion to €1.45 billion and adjusted EBIT of 11% to 13% of revenue for fiscal 2025. In addition, the Stabilus Group expects adjusted free cash flow in a range of €90 million to €140 million. Based on the assumption (as of mid-April 2025) that the current trade conflict does not escalate further and that there are no further tariff increases, we can hereby affirm our forecast for the entirety of fiscal 2025. In the case that global trade conflicts intensify and protectionist measures increase, Stabilus could be exposed to potential risks from substantial hikes in customs tariffs and new trade barriers, which would have a negative impact on business development and guidance.
Stabilus completes business combination with the Destaco Group
Stabilus SE had not fully completed the analysis of the acquired assets, assumed liabilities, and the determination of deferred taxes in the consolidated financial statements as of September 30, 2024, due to the complexity and in particular the scope of the valuation parameters and detailed information required to measure the acquired net assets at fair value. Consequently, the business combination was recognized as provisional in accordance with IFRS® 3.45. As of March 31, 2025, Stabilus has completed the full purchase price allocation (PPA) of the business combination with the Destaco Group without any adjustments to the reported values in the consolidated financial statements as of September 30, 2024.
2025 Annual General Meeting decides to pay a dividend of €1.15 per share
Stabilus SE held its Annual General Meeting for fiscal 2024 on February 5, 2025. With a registration rate of 84.0% of the share capital, the Annual General Meeting was again met with great interest by Stabilus' shareholders. The Annual General Meeting was held virtually, without shareholders attending in person. The shareholders who had registered in advance were able to watch the live stream of the entire Annual General Meeting in the password-protected Internet portal and to cast their votes on the items of the agenda. The shareholders approved all of the items of the agenda by a large majority (further information can be found on our website at: IR.STABILUS.COM/INVESTORS/GENERAL-MEETING/).
The Annual General Meeting approved the dividend payment of €1.15 per share and thus confirmed the proposal of the Management Board and the Supervisory Board. The distribution ratio for fiscal 2024 was 40.5% (PY: 42.5%) of the consolidated result attributable to the shareholders of Stabilus SE. Furthermore, the election of a new member of the Supervisory Board (Kai-Uwe Knickmann) was approved by a very large majority of the shareholders. In addition, Dr. Joachim Rauhut's mandate as a member of the Supervisory Board ended on February 5, 2025. The Supervisory Board therefore continues to comprise six members.
CFO Stefan Bauerreis leaves Stabilus at his own request
The Chief Financial Officer of Stabilus SE, Stefan Bauerreis, has asked the Supervisory Board to terminate his contract prematurely for personal reasons. The Supervisory Board has complied with this request, and CEO Dr. Michael Büchsner is assuming the CFO's responsibilities on an interim basis. A formal search is underway to fill the position, and until it is permanently filled, the Management Board will also be supported on an interim basis by experienced finance manager Dr. Wend von Wietersheim.
Stabilus to host Capital Markets Day on June 4, 2025, in Koblenz
Stabilus SE is inviting investors and analysts to the Capital Markets Day on June 4, 2025, in Koblenz. This event will feature Stabilus management reporting on the latest developments in the operating segments and business units, the integration of Destaco, and progress made with the "STAR 2030" strategy.
STABILUS INTERIM REPORT H1 FY2025
Interim group management report
General information
Corporate strategy
The Stabilus Group is one of the world's leading providers of motion control solutions for customers in a wide range of industries, including mobility, health, leisure, furniture, energy, construction, industrial machinery and automation. The Group offers a wide range of motion control solutions, such as gas springs, electromechanical drives (Powerise®), dampers, pneumatic and electronic grippers, clamps and end‐of‐arm tools for robotics, as well as indexers and conveyors. Stabilus' strategic aim is to become the global market leader in intelligent motion control technologies (more information available at https://group.stabilus.com/company/strategy).
HR development
For the Stabilus Group, long‐term business success is intrinsically linked to qualified and motivated employees. Consequently, consistent and sustainable personnel development is an essential part of the corporate strategy. Our management is committed to encouraging and maintaining the motivation of our employees to deliver high service quality and increase customer satisfaction. The talent and succession planning process, which has been carried out annually since fiscal 2023 and has been established throughout the Company as an employee development tool, is an essential part of HR management. The aim is to identify employees with potential and assess their strengths, development areas and possible career and development prospects within the organization. As part of this process, potential successors for relevant positions are also analyzed and discussed. This process forms the basis for HR development based on need and is the starting point for subsequent development measures at both local and global level.
As of the end of the first half of fiscal 2025, the Stabilus Group had a total of 7,910 employees worldwide (active and inactive employees, not including temporary workers, trainees, interns or apprentices). This corresponds to a decrease of 74 employees compared with September 30, 2024, and relates to all three regions: Americas, EMEA and APAC (September 30, 2024: 7,984).
The Stabilus Group employed 8,331 active and inactive employees as of March 31, 2025, including contract workers, trainees, interns and graduates (September 30, 2024: 8,479).
Research and development
At the Stabilus Group, focused research and development are intrinsically linked with the successful implementation of the STAR 2030 strategy. Stabilus is therefore investing in the development of new products and processes across all regions, as well as in the qualifications of the employees who drive the Group's success. Stabilus is committed to innovation and the development of new products and functionalities. Stabilus offers customers innovative solutions in the field of door actuators (Powered Check Strap). In addition, existing products are continuously developed and optimized to integrate further functionalities or to contribute to reducing costs through the use of new materials and designs by employing value analysis / value engineering (VA/VE) approaches. Furthermore, the second generation of the Stabilus SD90 trunk lid actuators offers improved performance and holding power and will help to achieve greater market penetration, thus also ensuring expansion of the use of automatic trunk lid opening systems.
Both the Stabilus think tank and the Innovation Race have successfully generated new innovative ideas for pre‐development. Both formats are platforms on which the creative professionals in the Stabilus Group can participate and exchange ideas. For example, the think tank has identified opportunities for tapping into new market segments such as the growing e‐bike market, while the product strategies for dampers in solar fields have been completely revised to enable the solutions used to be as efficient as possible. In a new round of the Innovation Race, ideas were developed for vertically integrating supply chains by exploiting existing core competencies in production.
Sustainability strategy/management
The endeavors to ensure our actions are ecologically, economically and socially sustainable so that we can help shape the future as a leading technology partner, supplier and employer form the core of the Stabilus sustainability strategy. Stabilus reports on sustainability projects in four defined action areas, with specific goals up to 2030 set out for each of them: environment and climate protection, employees and social engagement, products and supply chain, and governance and compliance. The Stabilus sustainability strategy focuses on reducing carbon emissions and improving water intensity, along with diversity targets with a focus on women in management positions. In connection with the integration of the Destaco Group, these companies are also part of the Stabilus sustainability strategy. Progress was made on a variety of projects aimed at boosting the use of renewable energies, saving energy and increasing efficiency, as a contribution toward reducing carbon emissions (more information on non‐financial reporting can be found on the Stabilus website at https://ir.stabilus.com/investor-relations/non-financial-reports).
Principles of preparing the interim group management report
Use of alternative performance measures (APMs)
In addition to performance indicators defined or listed in the IFRS accounting framework, the Stabilus Group also reports financial performance indicators that are derived from or based on the financial statements prepared (referred to as “alternative performance measures” or APMs). The Stabilus Group's management sees these financial performance indicators as key additional information for investors and other readers of the financial reports. These financial performance indicators should therefore be considered supplementary to the information prepared in accordance with IFRS and are not a substitute for this. In accordance with the European Securities and Markets Authority (ESMA) Guidelines on Alternative Performance Measures, the Stabilus Group provides in this interim group management report a definition of the APMs reported, the rationale for their use and their direct reconciliation to the items in Stabilus SE's interim group report. The Stabilus Group uses the following APMs in this interim group management report:
- organic growth;
- adjusted EBIT;
- free cash flow;
- adjusted free cash flow; and
- net leverage ratio.
The calculation of the net leverage ratio is based on net financial debt and adjusted EBITDA, which are also considered to be APMs. Organic growth is presented because we believe it aids in understanding the operating performance of the Stabilus Group. Organic growth is defined as reported revenue growth after removing the effects of acquisitions, divestitures and projected exchange rate fluctuations. The effects resulting from constant foreign exchange rates are calculated as current-year revenue converted at applicable current-year average exchange rates, less current-year revenue converted at average prior-year exchange rates. The definitions and required disclosures for all other APMs are provided in the relevant sections of this interim group management report.
Changes in corporate structure
There were no material changes to the corporate structure compared with the consolidated financial statements for fiscal 2024.
Rounding differences
Unless described otherwise, all amounts are shown in thousands of euro (€ thousand). For arithmetical reasons, the information presented in these interim consolidated financial statements can contain rounding differences of +/- one unit (€ thousand or %).
Gender form
For the sake of simplicity, generally only one gender form is used in this report. All other gender forms are expressly intended.
Forward-looking statements
These interim consolidated financial statements contain forward-looking statements. These statements reflect estimates and assumptions -- including those of third parties (such as statistical data concerning the automotive industry or global economic developments) -- either at the time that they were made or as of the date of this report. Forward-looking statements always entail uncertainty. If these estimates and assumptions later prove to be either inaccurate or only partially accurate, the actual results may differ -- even significantly -- from expectations.
A INTERIM GROUP MANAGEMENT REPORT Interim group management report
B CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
C ADDITIONAL INFORMATION
Economic report
Stabilus is represented around the world and focuses on automotive and industry applications. Besides innovations and new products, the major factors that affect Stabilus' business performance are the rate of growth in gross domestic product (GDP) and, specifically for the automotive sector, the global production volume of light vehicles (including cars and light-duty vehicles with a weight of less than six metric tons) as well as the number of vehicles sold (e.g., new vehicle registrations as an indicator of automobile sales).
General economic developments
The world economy is once again facing major challenges in 2025 after global economic output grew by $+3.3\%$ in the 2024 calendar year despite countervailing factors.
The International Monetary Fund (IMF) has forecasted global economic growth of $+3.2\%$ for the 2024 calendar year (World Economic Outlook - October 2024), and this has now been adjusted to $+3.3\%$ following the update in April 2025 (World Economic Outlook - April 2025). The performance on Stabilus' core markets of Europe, the US and China will vary in 2025, according to the IMF. Within the European Union, German economic output is expected to stagnate in the 2025 calendar year, which contrasts with projected growth of a mere $+0.8\%$ for the euro area. The IMF is forecasting considerably significantly stronger economic growth of around $+4.0\%$ for China for the 2025 calendar year. Within the Americas region, marginal growth of $+1.8\%$ is forecast for the US, with Central and South America expected to grow by $+2.0\%$ in the 2025 calendar year (Brazil: $+2.0\%$ ; Mexico: $(0.3)\%$ ). The IMF anticipates a slowdown in global economic growth in response to tariff policies. Accordingly, the forecast from October 2024, which predicted global economic growth of $3.2\%$ for 2025, was revised downwards by (0.4) percentage points. The forecast for the euro area was $1.2\%$ and for Germany $0.8\%$ , which translates to declines of (0.4) and (0.8) percentage points respectively. Growth of $2.2\%$ was
Latest growth projections for selected national economies
T_001
| % YEAR-ON-YEAR CHANGE IN THE CALENDAR YEAR | 2025* | 2024 |
|---|---|---|
| World | 2.8% | 3.3% |
| European Union | 1.2% | 1.1% |
| thereof Euro area | 0.8% | 0.9% |
| thereof Germany | 0.0% | (0.2)% |
| United Kingdom | 1.1% | 1.1% |
| United States | 1.8% | 2.8% |
| Latin America | 2.0% | 2.4% |
| thereof Brazil | 2.0% | 3.4% |
| thereof Mexico | (0.3)% | 1.5% |
| Emerging and Developing Asia | 4.5% | 5.3% |
| thereof China | 4.0% | 5.0% |
Source: International Monetary Fund, World Economic Outlook, April 2025.
* Projections.
forecast for the USA, which corresponds to a correction of (0.4) percentage points. At $2.5\%$ , Central and South America performed slightly below the previous forecast, with Brazil $(2.2\%)$ and Mexico $(1.3\%)$ recording declines of (0.2) and even (1.6) percentage points respectively. In the APAC region, growth of $4.5\%$ was forecast for China in particular, resulting in a decline of 0.5 percentage points.
Significant factors influencing economic development include the ongoing Russia-Ukraine war, the Israel conflict, and the repercussions of these, such as shortages of energy, raw materials, and supplier products. In addition, the announced or prospective extra tariffs along with previously implemented tariffs are causing further uncertainty in the market environment. Inflation was also exacerbated by high collective wage agreements in Germany and many other countries.
According to estimates by the ifo Institute as of the time of reporting, the average global rate of inflation forecast for the 2025 calendar year will be around $3.9\%$ . In the EMEA region, inflation in the European Union (EU) stood at around $2.5\%$ in March 2025, thereby continuing to decline compared with the preceding months of fiscal 2025 (February inflation: $+2.7\%$ ). Inflation reached $2.3\%$ in Stabilus' core market of Germany in March 2025 and is therefore also flattening out. Inflation in the Americas is also gradually easing. Inflation in Stabilus' core US market was around $2.4\%$ in March 2025 and has therefore fallen further by (0.4) percentage points compared to February 2025. Stabilus' core market of China recorded deflation of approximately $(0.1)\%$ in March 2025; lower than the figure of around $+0.1\%$ anticipated by the market.
STABILUS INTERIM REPORT H1 FY2025
A INTERIM GROUP MANAGEMENT REPORT Interim group management report
B CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
C ADDITIONAL INFORMATION
Financing environment
Interest rate developments at the European Central Bank (ECB) and the Federal Reserve (Fed) will be a key factor in terms of economic developments. To stabilize inflation, the ECB cut the key interest rate five times between June 2024 and March 2025 by (0.25) percentage points each time. A further cut of (0.25) percentage points was made in April 2025, bringing the rate to $2.25\%$ . The Fed lowered its key interest rate in two increments from September 2024 to December 2024. In November 2024, the key interest rate was cut by (0.25) percentage points to $4.5\%$ , followed by a further reduction of (0.25) percentage points to $4.25\%$ in December 2024. From January to March 2025, the Fed made no further changes, and the key interest rate remained at $4.25\%$ . Nevertheless, further changes to rates by the ECB and the Fed cannot be ruled out.
Sector developments
Development in the automotive industry
Despite the ongoing tense macroeconomic situation, high interest rates and ongoing conflicts, particularly the Russia-Ukraine war and the conflict in Israel, global vehicle production (light vehicles) in the period from October 2024 to March 2025 (H1 FY2025) was on a par with the same period of the previous year at 46.1 million vehicles produced, according to S&P Global Mobility (as of April 2025). The highest increase in the number of cars produced was in the APAC region, where the number was up by $+5.3\%$ at 27.6 million units in the first half of fiscal 2025. The Americas region produced $(3.3)\%$ fewer units during the same period, bringing the total to 8.8 million units compared to the corresponding prior-year period (US: (0.3) million fewer units produced). Furthermore, the EMEA region saw a decline of $(5.8)\%$ compared with the same period of the previous year, with a total of 9.7 million units produced and vehicle production stagnating in Germany.
According to the European Automobile Manufacturers Association (ACEA), new car registrations in the EU decreased by around $(0.4)\%$ year on year in the first half of fiscal 2025 (October 1, 2024 to March 31, 2025; as of March 2025). According to Country Economy, the US reported a
| Production of light vehicles* T_002 | ||
|---|---|---|
| IN MILLIONS OF UNITS PER FISCAL YEAR | H1 2025*** | H1 2024** |
| EMEA | 9.7 | 10.3 |
| thereof Germany | 2.1 | 2.1 |
| Americas | 8.8 | 9.1 |
| thereof United States | 4.8 | 5.1 |
| APAC | 27.6 | 26.2 |
| thereof China | 16.4 | 14.9 |
| Worldwide production of light vehicles* | 46.1 | 45.6 |
Source: S&P Global Mobility/Light Vehicle Production Forecast (March/April 2025).
* Passenger and light-duty vehicles $(\propto 6t)$
** S&P Global Mobility forecast, March 2025.
*** S&P Global Mobility forecast, April 2025.
decrease in new passenger car registrations of around $(0.7)\%$ in the first half of fiscal 2025 compared to the corresponding period of the previous year (as of March 2025). By contrast, in the same period, new passenger car registrations in China saw year-on-year growth of $+12.7\%$ (as of March 2025) according to the China Association of Automobile Manufacturers (CAAM).
Development of the industrial sector
Sustained geopolitical tension and the resulting uncertainty affecting the global markets continued to shape the development of the industrial sector. In addition to the structural challenges (e.g., the geopolitical turning point) in conjunction with a pronounced economic downturn and the increasingly perceptible effects of a monetary policy that remains restrictive in some cases (e.g., interest rate trends), companies are confronted with flattening demand.
Industrial production was likewise impacted by the current global challenges, which include the slowdown in global growth, unfavorable financing conditions, the effects of the Russia-Ukraine war and the Israel conflict,
supply bottlenecks, and the shortage of raw materials, as well as the announced, prospective and partially rolled-out tariff hikes.
According to Eurostat (the Statistical Office of the European Union), industrial production adjusted for seasonal effects (development of the volume of production for industry, excluding construction, based on data adjusted for calendar and seasonal effects) rose slightly by $+0.6\%$ in the European Union in February 2025 set against February 2024. Germany experienced a tangible decrease of $(3.7)\%$ .
In the US, industrial production was up $+1.4\%$ year on year in February 2025 after adjustment for seasonal effects.
In China, industrial production rose by $+5.9\%$ in February 2025 compared with the same period in 2024, exceeding the forecast of $+5.3\%$ .
STABILUS INTERIM REPORT H1 FY2025
Development of the procurement markets
Compared with the previous year, the situation in the procurement markets for raw materials and intermediate products appears to be improving slightly as supply bottlenecks ease. This slow process of change is affecting procurement prices for the Stabilus Group. The procurement prices for the key individual raw materials and components used by Stabilus will take some time to come down. Nevertheless, global trade conflicts along with geopolitical conflicts and tensions could once again affect supply chain stability and create uncertainty. In addition, the announced or prospective extra tariffs along with previously implemented tariffs are causing further uncertainty in the market environment. According to the latest internal estimates, the Stabilus Group forecasts that the price of direct materials such as plastics, metals, and steel will fall slightly in fiscal 2025.
Overall assessment of business performance
Overall statement on business performance and the economic situation of the Stabilus Group
Despite the challenging market environment, the Stabilus Group generated sales revenues of €663,941 thousand in the first half of fiscal 2025 (H1 FY2024: €618,919 thousand), which corresponds to a year‐on‐year increase in revenue of +7.3% (organic revenue growth rate of (5.3)%) compared with the same period of the previous year. This is the highest revenue to date in the history of Stabilus due to acquisitions (Destaco first‐time consolidation).
Stabilus was able to perform well overall despite the challenging market environment, with a fall in volumes in the European and American sales markets and in the face of geopolitical and inflation‐induced uncertainty.
Revenue in the EMEA region rose from €255.8 million to €269.4 million, which can also be attributed to the initial inclusion of the Destaco Group with a revenue contribution of €26.3 million. Despite the (5.8)% decline in car production in the region reported by S&P Global Mobility (as of April 2025), Stabilus was able to achieve slight organic revenue growth of (4.8)%, adjusted for currency and acquisition effects. As a result, Stabilus was able to maintain its market position. The challenging economic market conditions, partly as a result of geopolitical uncertainties and the negative impact of inflation, made for a difficult environment.
Revenue in the Americas region rose from €208.4 million to €241.4 million, which can also be attributed to the initial inclusion of the Destaco Group with a revenue contribution of €54.4 million. The region's organic sales growth of (3.6)%, adjusted for currency and acquisition effects, was almost in line with the market expectations of S&P Global Mobility, which reported a decline in passenger car production in the Americas region of (3.3)% (as at April 2025). Consumer demand is falling, interest rates for consumer loans remain at a high level and consumers are waiting for a more favorable environment with lower interest rates. The automotive industry is also waiting for signals following the change of government in the US.
Revenue in the APAC region fell by €(1.7) million or (1.1)% from €154.8 million to €153.1 million. The initial inclusion of the Destaco Group contributed €11.0 million in revenue. The organic revenue growth rate, adjusted for currency and acquisition effects, was (8.8)% (disclosures on operating segments can be found from page 16 onwards).
In terms of divisions, Automotive Powerise^{®} business generated organic revenue growth of (10.0)%. Revenue in the Automotive Gas Spring division decreased organically by (3.2)% compared to the first half of fiscal 2024. In addition, organic revenue growth in the Stabilus Industrial Components and Industrial Automation division was down (2.3)% compared with the first half of fiscal 2024.
The Group closed the first half of fiscal 2025 with an adjusted operating result (adjusted EBIT) of €75.5 million (H1 FY2024: €72.2 million). This represents an adjusted EBIT margin of 11.4% (H1 FY2024: 11.7%), which is lower than in the previous year. The Destaco Group contributed an adjusted operating result of €17.1 million, which corresponds to an adjusted EBIT margin of 18.6%.
Adjusted free cash flow for the first half of fiscal 2025 amounted to €27.0 million (H1 FY2024: €39.9 million). Despite continued high investments in intangible assets and property, plant and equipment, the Group nevertheless achieved a strong adjusted free cash flow. However, market conditions remain challenging and require strict cost management and a consistent approach.
Geopolitical developments and their associated effects, including high inflation rates worldwide, partially led to cost increases in individual cases. High inflation also had a negative effect on staff costs. The Stabilus Group counters these expenses with ongoing process optimization to compensate for the forecast cost increase through efficiency programs as far as possible. In addition, only some of the higher costs were passed on to customers in the form of price increases and only after a delay, so the partial offsetting effect was only evident later.
On October 25, 2024, Stabilus SE issued a promissory note loan in the form of a latecomer tranche to the promissory note loan transaction conducted in September 2024 totaling €40 million. The promissory note loan consists of two tranches with maturities of three and five years, each with fixed interest rates. In addition, to further reduce the portion of the existing debt financing subject to variable interest, the Stabilus Group concluded two interest rate derivatives with a total nominal volume of €166 million in the first quarter of fiscal 2025, which have been recognized as hedge accounting (cash flow hedge). As a result, roughly 54% of the existing debt financing was secured as financial loans subject to fixed interest.
A INTERIM GROUP MANAGEMENT REPORT Interim group management report
B CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
C ADDITIONAL INFORMATION
0
The financial covenants of the facility agreement were complied with at all times. The net leverage ratio increased slightly in the first half of fiscal 2025 to 2.97x (September 30, 2024: 2.82x), which can primarily be attributed to the funding of the business combination with the Destaco Group in the previous fiscal year. The acquisition was financed using credit lines granted and own funds.
Results of operations of the Stabilus Group
Analysis of revenue development
The following tables show the development of the Stabilus Group's revenue for the second quarter and the first half of fiscal 2025 compared to the second quarter and first half of fiscal 2024.
Revenue by region and business unit
T_003
| IN € MILLIONS | Q2 for the period from January 1 to March 31, | % change | % acquisition effect | % currency effect | % organic growth | |
|---|---|---|---|---|---|---|
| 2025 | 2024 | |||||
| EMEA | ||||||
| Automotive Gas Spring | 31.7 | 33.0 | (3.9)% | - | 0.0% | (3.9)% |
| Automotive Powerise® | 27.9 | 29.6 | (5.7)% | - | (0.1)% | (5.6)% |
| Industrial Components | 71.1 | 74.9 | (5.1)% | - | (0.3)% | (4.8)% |
| Industrial Automation (Destaco) | 13.4 | - | n/a | n/a | - | n/a |
| Total EMEA¹) | 144.1 | 137.5 | 4.8% | 9.7% | (0.1)% | (4.8)% |
| Americas | ||||||
| Automotive Gas Spring | 28.7 | 30.6 | (6.2)% | - | (5.2)% | (1.0)% |
| Automotive Powerise® | 38.5 | 45.3 | (15.0)% | - | (13.5)% | (1.5)% |
| Industrial Components | 32.3 | 33.4 | (3.3)% | - | 2.1% | (5.4)% |
| Industrial Automation (Destaco) | 28.2 | - | n/a | n/a | - | n/a |
| Total Americas¹) | 127.7 | 109.3 | 16.8% | 25.8% | (6.4)% | (2.6)% |
| APAC | ||||||
| Automotive Gas Spring | 23.8 | 23.8 | 0.0% | - | 0.9% | (0.9)% |
| Automotive Powerise® | 31.3 | 37.1 | (15.6)% | - | 0.7% | (16.3)% |
| Industrial Components | 6.0 | 5.8 | 3.4% | - | 0.8% | 2.6% |
| Industrial Automation (Destaco) | 5.1 | - | n/a | n/a | - | n/a |
| Total APAC¹) | 66.2 | 66.7 | (0.7)% | 7.6% | 0.8% | (9.1)% |
| Stabilus Group | ||||||
| Total Automotive Gas Spring | 84.2 | 87.3 | (3.6)% | - | (1.6)% | (2.0)% |
| Total Automotive Powerise® | 97.7 | 112.0 | (12.8)% | - | (5.2)% | (7.6)% |
| Total Industrial Components | 109.4 | 114.2 | (4.2)% | - | 0.5% | (4.7)% |
| Total Industrial Automation (Destaco) | 46.7 | - | n/a | n/a | - | n/a |
| Revenue¹) | 338.0 | 313.5 | 7.8% | 14.9% | (2.1)% | (5.0)% |
¹) Revenue breakdown by location of Stabilus company (i.e. "billed-from view").
STABILUS INTERIM REPORT H1 FY2025
A
INTERIM GROUP MANAGEMENT REPORT
Interim group management report
B CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
C ADDITIONAL INFORMATION
The Stabilus Group's revenue of €663.9 million (H1 FY2024: €618.9 million) rose by +€45.0 million, or +7.3%, in the first half of fiscal 2025 compared to the first half of fiscal 2024. The acquisition effects shown here relate solely to the acquisition of the Destaco Group in the amount of €91.7 million. Adjusting for the exchange rate effect of €(13.4) million and the acquisition effect of +€91.7 million, the Stabilus Group achieved organic revenue growth of €(33.4) million, or (5.3)%, in the first half of fiscal 2025. The decline in organic revenue results here, on the one hand, from a volume effect due to lower demand for parts from the Stabilus Group and, on the other hand, from increased price pressure on the market, particularly in China.
Revenue by region and business unit
T_004
| IN € MILLIONS | H1 for the period from October 1 to March 31, | % change | % acquisition effect | % currency effect | % organic growth | |
|---|---|---|---|---|---|---|
| 2025 | 2024 | |||||
| EMEA | ||||||
| Automotive Gas Spring | 60.7 | 63.2 | (4.0)% | - | 0.0% | (4.0)% |
| Automotive Powerise® | 54.0 | 58.3 | (7.4)% | - | (0.1)% | (7.3)% |
| Industrial Components | 128.4 | 134.3 | (4.4)% | - | (0.3)% | (4.1)% |
| Industrial Automation (Destaco) | 26.3 | - | n/a | n/a | - | n/a |
| Total EMEA¹) | 269.4 | 255.8 | 5.3% | 10.3% | (0.2)% | (4.8)% |
| Americas | ||||||
| Automotive Gas Spring | 54.2 | 58.3 | (7.0)% | - | (5.2)% | (1.8)% |
| Automotive Powerise® | 68.3 | 84.7 | (19.4)% | - | (11.8)% | (7.6)% |
| Industrial Components | 64.5 | 65.4 | (1.4)% | - | (1.3)% | (0.1)% |
| Industrial Automation (Destaco) | 54.4 | - | n/a | n/a | - | n/a |
| Total Americas¹) | 241.4 | 208.4 | 15.8% | 26.1% | (6.7)% | (3.6)% |
| APAC | ||||||
| Automotive Gas Spring | 53.6 | 55.3 | (3.1)% | - | 0.7% | (3.8)% |
| Automotive Powerise® | 75.9 | 87.7 | (13.5)% | - | 0.6% | (14.1)% |
| Industrial Components | 12.6 | 11.8 | 6.8% | - | 0.8% | 6.0% |
| Industrial Automation (Destaco) | 11.0 | - | n/a | n/a | - | n/a |
| Total APAC¹) | 153.1 | 154.8 | (1.1)% | 7.1% | 0.6% | (8.8)% |
| Stabilus Group | ||||||
| Total Automotive Gas Spring | 168.5 | 176.8 | (4.7)% | - | (1.5)% | (3.2)% |
| Total Automotive Powerise® | 198.2 | 230.7 | (14.1)% | - | (4.1)% | (10.0)% |
| Total Industrial Components | 205.5 | 211.4 | (2.8)% | - | (0.5)% | (2.3)% |
| Total Industrial Automation (Destaco) | 91.7 | - | n/a | n/a | - | n/a |
| Revenue¹) | 663.9 | 618.9 | 7.3% | 14.8% | (2.2)% | (5.3)% |
¹) Revenue breakdown by location of Stabilus company (i.e. "billed-from view").
STABILUS INTERIM REPORT H1 FY2025
A INTERIM GROUP MANAGEMENT REPORT Interim group management report
B CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
C ADDITIONAL INFORMATION
13
Earnings analysis
The following tables show the consolidated income statement of the Stabilus Group for the second quarter and the first half of fiscal 2025 in comparison with the second quarter and first half of fiscal 2024:
Income statement
T_005
| IN € MILLIONS | Q2 for the period from January 1 to March 31, | % change | |
|---|---|---|---|
| 2025 | 2024 | ||
| Revenue | 338.0 | 313.5 | 7.8% |
| Cost of sales | (244.3) | (230.6) | 5.9% |
| Gross profit | 93.7 | 82.9 | 13.0% |
| Research and development expenses | (10.4) | (8.7) | 19.5% |
| Selling expenses | (35.3) | (28.0) | 26.1% |
| General administrative expenses | (21.7) | (17.7) | 22.6% |
| Other income | 0.9 | 3.0 | (70.0)% |
| Other expenses | (1.4) | (0.6) | >100.0% |
| Profit from operating activities (EBIT) | 25.9 | 30.9 | (16.2)% |
| Finance income | 0.6 | 2.9 | (79.3)% |
| Finance costs | (11.2) | (6.4) | 75.0% |
| Profit / (loss) before income tax | 15.3 | 27.4 | (44.2)% |
| Income tax income/(expense) | (4.1) | (9.3) | (55.9)% |
| Profit / (loss) for the period | 11.2 | 18.1 | (38.1)% |
STABILUS INTERIM REPORT H1 FY2025
A INTERIM GROUP MANAGEMENT REPORT Interim group management report
B CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
C ADDITIONAL INFORMATION
T.006
Income statement
| IN € MILLIONS | H1 for the period from October 1 to March 31, | % change | |
|---|---|---|---|
| 2025 | 2024 | ||
| Revenue | 663.9 | 618.9 | 7.3% |
| Cost of sales | (483.0) | (461.5) | 4.7% |
| Gross profit | 180.9 | 157.4 | 14.9% |
| Research and development expenses | (19.8) | (16.8) | 17.9% |
| Selling expenses | (68.7) | (54.5) | 26.1% |
| General administrative expenses | (42.6) | (38.9) | 9.5% |
| Other income | 5.2 | 4.8 | 8.3% |
| Other expenses | (1.0) | (0.9) | 11.1% |
| Profit from operating activities (EBIT) | 54.0 | 51.2 | 5.5% |
| Finance income | 2.3 | 7.2 | (68.1)% |
| Finance costs | (20.1) | (14.1) | 42.6% |
| Profit / (loss) before income tax | 36.2 | 44.3 | (18.3)% |
| Income tax income/(expense) | (10.7) | (14.0) | (23.6)% |
| Profit / (loss) for the period | 25.5 | 30.2 | (15.6)% |
Cost of sales
The cost of sales increased by $+4.7\%$ , from €(461.5) million in the first half of fiscal 2024 to €(483.0) million in the first half of fiscal 2025. This increase is primarily due to the initial inclusion of the Destaco Group in the amount of €(59.2) million. Revenue costs were impacted by the rise in staff costs due to inflation compared with the same period of the previous year, which had an impact on the cost basis. Compared with the $+7.3\%$ rise in revenue, the cost of sales increased less sharply by $+4.7\%$ . As a percentage of revenue, the cost of sales saw a slight decline of $(1.8)\%$ from $74.6\%$ in the first half of fiscal 2024 to $72.8\%$ in the first half of
fiscal 2025. The ratio was positively influenced by the increase in industrial business and the slight easing of material procurement prices. Adjusted for the Destaco acquisition, the cost of sales fell by (0.5) percentage points to $74.1\%$ in relation to the adjusted revenue. The measures introduced to increase efficiency in production were effective in this respect. Cost savings were also achieved, particularly in personnel costs with the personnel structure being made more flexible. This partially offset the inflation-induced cost increases. As a result of the measures taken, the gross profit margin rose from $25.4\%$ in the first half of fiscal 2024 to $27.2\%$ in the first half of fiscal 2025.
Research and development expenses
R&D costs (less capitalized development costs) rose by $+17.9\%$ , from €(16.8) million in the first half of fiscal 2024 to €(19.8) million in the first half of fiscal 2025. The initial inclusion of the Destaco Group led to an increase in costs of €(2.2) million (less capitalized development costs). The Stabilus Group is continuing to invest in research and development so that it can keep on offering new products and product applications moving ahead. This is particularly true for the ongoing development of the Powerise® product range and the cultivation of new innovation potential and forward-facing business areas such as radar technology and smart door opening technology, as well as LOMx – an innovative method for temperature compensation – and the electronic expansion of grippers from the Destaco product portfolio. The capitalization of development costs (less customer payments) increased from +€13.2 million in the first half of fiscal 2024 to +€15.8 million in the first half of fiscal 2025. As a percentage of revenue, R&D costs rose by +0.3 percentage points from 2.7% in the first half of fiscal 2024 to 3.0% in the first half of fiscal 2025. Adjusted for the Destaco acquisition, R&D costs rose by +0.4% to 3.1% in relation to the adjusted revenue.
Selling expenses
Selling expenses increased by $+ \in 14.2$ million, or $+26.1\%$ , from €(54.5) million in the first half of fiscal 2024, to €(68.7) million in the first half of fiscal 2025. The increase compared with the same period of the previous year can be attributed to the initial inclusion of the Destaco Group in the amount of €(13.3) million. In addition, tariffs introduced on US imports led to cost increases of €(0.3) million. As a percentage of revenue, selling expenses increased by $+1.5$ percentage points, from $8.8\%$ in the first half of fiscal 2024 to $10.3\%$ in the first half of fiscal 2025. Adjusted for the Destaco acquisition, selling expenses rose by $+0.9$ percentage points to $9.7\%$ in relation to the adjusted revenue.
STABILUS INTERIM REPORT H1 FY2025
General administrative expenses
General administrative expenses increased by €(3.7) million, from €(38.9) million in the first half of fiscal 2024 to €(42.6) million in the first half of fiscal 2025. This development is partly due to the one-off consulting costs in connection with the acquisition of the Destaco Group announced in October 2023, which amounted to €12.6 million in the same period of the previous year. In contrast, the initial inclusion of the Destaco Group had an offsetting effect in the amount of €(9.3) million. Both the higher headcount and the inflation-induced rise in salaries also led to higher expenses. As a percentage of revenue, general administrative expenses increased slightly by +0.1 percentage points, from 6.3% in the first half of fiscal 2024 to 6.4% in the first half of fiscal 2025. Adjusted for the one-off consultancy costs in connection with the acquisition of the Destaco Group and the inclusion of the Destaco Group in the previous and current fiscal year, general administrative expenses rose from 4.2% to 5.0%. This figure includes non-recurring integration costs of €1.5 million for the Destaco Group.
Other income and expenses
Other income rose by +€0.4 million, from +€4.8 million in the first half of fiscal 2024 to +€5.2 million in the first half of fiscal 2025. The first half of fiscal 2025 primarily included a +€2.6 million government subsidy program in China and Italy (PY: China: €2.1 million). The results also include net income from foreign currency translation gains from operating activities in the amount of +€0.5 million (PY: net currency translation losses in the amount of €0.1 million), which mainly occurred in the Americas region and resulted from the USD/MXN correlation.
Other expenses increased by €(0.1) million, from €(0.9) million in the first half of fiscal 2024 to €(1.0) million in the first half of fiscal 2025.
Finance income and costs
Finance income was down €(4.9) million, from +€7.2 million in the first half of fiscal 2024 to +€2.3 million in the first half of fiscal 2025. This decline firstly reflects non-recurring exchange rate gains from currency forwards of €3.4 million entered into in the previous year to hedge the exchange risk in connection with the Destaco Group. Secondly, interest income from investments generated by the Group was down €(2.8) million compared to the same period in the previous year. Net foreign exchange gains of €1.2 million were incurred from the translation of foreign currency cash and cash equivalents as well as from other financial liabilities (lease liabilities) in the first half of fiscal 2025 (PY: net foreign exchange losses €(3.1) million).
Finance costs saw a rise of €(6.0) million, from €(14.1) million in the first half of fiscal 2024 to €(20.1) million in the first half of fiscal 2025. This increase is mainly due to the increase in interest expenses of €(9.6) million as a result of the increased debt in connection with the acquisition of the Destaco Group. Net foreign exchange losses of €(3.1) million were also incurred from the translation of foreign currency cash and cash equivalents, as well as from other financial liabilities (lease liabilities) in the previous year.
Finance costs also contain ongoing interest expenses. The interest expense for financial liabilities of €(17.5) million in the first half of fiscal 2025 (H1 FY2024: €(7.5) million) relates in particular to the credit facilities, €(16.2) million of which (H1 FY2024: €(7.4) million) relates to interest paid. Interest on provisions for pensions and early retirement contracts amounted to €(0.9) million (H1 FY2024: €(0.9) million).
Income taxes
Following an income tax expense of €(14.0) million in the first half of fiscal 2024, the Stabilus Group reported an expense of €(10.7) million in the first half of fiscal 2025. The effective tax rate of the Stabilus Group is 29.6% in the first half of fiscal 2025 (H1 FY2024: 31.6%). Withholding tax charges on intragroup dividends had a negative impact on the tax rate in both the 2024 and 2025 financial years, while the effect was more pronounced in the 2024 financial year due to higher dividend payouts.
A INTERIM GROUP MANAGEMENT REPORT Interim group management report
B CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
C ADDITIONAL INFORMATION
16
Revenue and earnings development by segment
The Stabilus Group is organized and managed primarily on a regional level. The three reportable operating segments of the Group are EMEA (Europe, Middle East and Africa), the Americas (North and South America) and APAC (Asia-Pacific). The following table shows the development of revenue and of the adjusted EBIT margin of the operating segments of the Stabilus Group for the second quarter and the first half of fiscal 2025 in comparison with the second quarter and the first half of fiscal 2024:
Operating segments
T_007
| IN € MILLIONS | Q2 for the period from January 1 to March 31, | % change | |
|---|---|---|---|
| 2025 | 2024 | ||
| EMEA | |||
| External revenue¹⁾ | 144.1 | 137.5 | 4.8% |
| Intersegment revenue¹⁾ | 10.9 | 11.8 | (7.6)% |
| Total revenue¹⁾ | 154.9 | 149.3 | 3.8% |
| Adjusted EBIT | 14.9 | 16.0 | (6.9)% |
| as % of total revenue | 9.6% | 10.7% | |
| as % of external revenue | 10.3% | 11.6% | |
| Americas | |||
| External revenue¹⁾ | 127.7 | 109.3 | 16.8% |
| Intersegment revenue¹⁾ | 6.5 | 7.9 | (17.7)% |
| Total revenue¹⁾ | 134.2 | 117.2 | 14.5% |
| Adjusted EBIT | 14.7 | 11.6 | 26.7% |
| as % of total revenue | 11.0% | 9.9% | |
| as % of external revenue | 11.5% | 10.6% | |
| APAC | |||
| External revenue¹⁾ | 66.3 | 66.7 | (0.7)% |
| Intersegment revenue¹⁾ | 3.5 | 0.9 | >100.0% |
| Total revenue¹⁾ | 69.8 | 67.5 | 3.4% |
| Adjusted EBIT | 8.1 | 11.3 | (28.3)% |
| as % of total revenue | 11.6% | 16.7% | |
| as % of external revenue | 12.2% | 16.9% |
¹⁾ Revenue breakdown by location of Stabilus company (i.e., "billed-from view").
STABILUS INTERIM REPORT H1 FY2025
A
INTERIM GROUP MANAGEMENT REPORT
Interim group management report
B CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
C ADDITIONAL INFORMATION
EMEA
External revenue for the EMEA region was $+ \in 13.6$ million or $+ 5.3\%$ higher in the first half of fiscal 2025 than in the first half of fiscal 2024 and thus rose from $\in 255.8$ million to $\in 269.4$ million. Adjusted for exchange rate effects of $\in (0.4)$ million and acquisition effects (from the Destaco Group) of $+ \in 26.3$ million, organic revenue growth amounted to $(4.8)\%$ . The Stabilus Automotive Powerise® business fell by $\in (4.3)$ million, or $(7.4)\%$ , from $\in 58.3$ million to $\in 54.0$ million. Organic revenue growth in the Automotive Powerise® business amounted to $(7.3)\%$ . Revenue in Automotive Gas Spring fell less sharply, decreasing by $\in (2.5)$ million or $(4.0)\%$ from $\in 63.2$ million to $\in 60.7$ million. Organic growth in revenue for the Automotive Gas Spring business was $(4.0)\%$ . According to data from S&P Global Mobility (as of April 2025), passenger car production in the EMEA automotive market fell by $(5.8)\%$ compared with the first half of fiscal 2024 to 9.7 million units produced in the first half of fiscal 2025. The decline in the number of electric cars produced was particularly noticeable here, with sales of these vehicles slowing notably. The macroeconomic environment resulted in widespread consumer restraint in the first half of fiscal 2025 (October 1, 2024 to March 31, 2025). Geopolitical uncertainties continue to impact the market environment, reinforced in particular by the announced and partly rolled-out tariffs on US imports. The automotive industry is currently in the midst of profound change, characterized by a weak economic outlook and intense competition. E-mobility continues to be an important growth driver for the future.
Industrial business (Industrial Components and Industrial Automation) was on an upward trajectory in the first half of fiscal 2025 compared to the first half of fiscal 2024, with revenue rising by $+ \in 20.4$ million or $+15.2\%$ from €134.3 million to €154.7 million, while organic revenue growth in the industrial business came to $(4.1)\%$ . The increase is due to the initial inclusion of the Destaco Group in the amount of $+ \in 26.3$ million. Although the economic conditions that influence Stabilus' Industrial business unit are gradually stabilizing, growth in the European industrial sector is still low. This is also due to the effects of inflation and geopolitical uncertainties. Growth in the distributors, independent aftermarket and
Operating segments
T_008
| IN € MILLIONS | H1 for the period from October 1 to March 31, | % change | |
|---|---|---|---|
| 2025 | 2024 | ||
| EMEA | |||
| External revenue1) | 269.4 | 255.8 | 5.3% |
| Intersegment revenue1) | 22.9 | 22.4 | 2.2% |
| Total revenue1) | 292.3 | 278.1 | 5.1% |
| Adjusted EBIT | 26.1 | 26.0 | 0.4% |
| as % of total revenue | 8.9% | 9.3% | |
| as % of external revenue | 9.7% | 10.2% | |
| Americas | |||
| External revenue1) | 241.4 | 208.4 | 15.8% |
| Intersegment revenue1) | 12.9 | 15.7 | (17.8)% |
| Total revenue1) | 254.3 | 224.0 | 13.5% |
| Adjusted EBIT | 24.4 | 16.9 | 44.4% |
| as % of total revenue | 9.6% | 7.5% | |
| as % of external revenue | 10.1% | 8.1% | |
| APAC | |||
| External revenue1) | 153.1 | 154.8 | (1.1)% |
| Intersegment revenue1) | 7.2 | 1.5 | >100.0% |
| Total revenue1) | 160.3 | 156.3 | 2.6% |
| Adjusted EBIT | 25.0 | 29.3 | (14.7)% |
| as % of total revenue | 15.6% | 18.7% | |
| as % of external revenue | 16.3% | 18.9% |
1) Revenue breakdown by location of Stabilus company (i.e., "billed-from view").
e-commerce segments is notable in this respect. By contrast, the aerospace, marine & rail, commercial vehicles, energy & construction, healthcare, recreation & furniture market segments experienced declines. Adjusted for the Destaco acquisition, the trend in revenue in the industrial machinery & automation market segment is more or less
in line with the prior-year levels. The division's performance shows that the Stabilus Group is benefiting from its broad product range and can more easily offset any declines in the individual areas through other market segments.
STABILUS INTERIM REPORT H1 FY2025
The adverse effects of higher staff costs due to inflation and the geopolitical factors were only partially reduced by passing on price increases to our customers. The efficiency improvement measures initiated in production and stringent cost management also took effect. Adjusted EBIT in the EMEA region climbed marginally by +€0.1 million or +0.4% from €26.0 million in the first half of fiscal 2024 to €26.1 million in the first half of fiscal 2025, of which +€5.0 million resulted from the Destaco acquisition. The adjusted EBIT margin consequently fell by (0.5) percentage points, from 10.2% in the first half of fiscal 2024 to 9.7% in the first half of fiscal 2025.
Americas
External revenue in the Americas region increased by +€33.0 million, or +15.8%, from €208.4 million in the first half of fiscal 2024 to €241.4 million in the first half of fiscal 2025. Adjusted for exchange rate effects of €(13.9) million and acquisition effects (from the Destaco Group) of +€54.4 million, organic revenue growth amounted to (3.6)%. The Automotive Gas Spring business contracted by €(4.1) million, or (7.0)%, from €58.3 million to €54.2 million. The organic growth rate in revenue for the Automotive Gas Spring business was (1.8)%. Our Automotive Powerise^{®} business, on the other hand, saw a decline of €(16.4) million, or (19.4)%, from €84.7 million to €68.3 million, corresponding to an organic revenue growth rate of (7.6)%. According to data from S&P Global Mobility (as of April 2025), the US automotive market contracted by (5.9)% year-on-year to 4.8 million units produced. Auto sales in the US have grown lower than expected, with e-car sales slowing in particular. The growth momentum achieved in the first half of calendar year 2024 cannot be maintained. There are many reasons for the downturn. Consumer demand is waning as a result of the substantial increase in interest rates on consumer loans. Consumers are holding out for an improved economic environment with lower interest rates as well as signals from the upcoming political changes in the US. In addition, the announced or prospective extra tariffs along with partly implemented tariffs on US imports from China, Mexico and the European Union are causing further uncertainty in the region. As a result, the United States could fall into a recession in the current calendar year 2025. In addition, the ongoing trade conflict between the US and China is weighing heavily on procurement markets.
Industrial business (Industrial Components and Industrial Automation) developed well, with revenue growing by +€53.5 million or +81.8% from €65.4 million to €118.9 million. The increase is due to the initial inclusion of the Destaco Group in the amount of +€54.4 million. Organic revenue growth in industrial business amounted to (3.6)%. Incoming orders in US industrial business increased slightly in the first half of fiscal 2025 (October 1, 2024 to March 31, 2025). The division experienced strong growth thanks to new orders, in particular in the aerospace, marine & rail, industrial machinery & automation (adjusted for the Destaco acquisition) and distributors, independent aftermarket and e-commerce market segments. By contrast, the energy & construction, healthcare, recreation & furniture and commercial vehicles market segments experienced declines compared with the same period in the previous year due to challenging market developments. The division's performance shows that the Stabilus Group is benefiting from its broad product range and can more easily offset any declines in the individual areas through other market segments.
The Americas region was similarly affected by increases in staff costs due to inflation. It was not entirely possible to compensate for these with price increases; however, targeted efficiency boosting measures in production and stringent cost management significantly increased the adjusted EBIT margin. Adjusted EBIT in the Americas region climbed by +€7.5 million or +44.4% from €16.9 million in the first half of fiscal 2024 to €24.4 million in the first half of fiscal 2025, of which +€10.1 million resulted from the Destaco acquisition. The adjusted EBIT margin increased by +2.0 percentage points, from 8.1% in the first half of fiscal 2024 to 10.1% in the first half of fiscal 2025.
APAC
External revenue in the APAC region fell by €(1.7) million, or (1.1)%, from €154.8 million to €153.1 million in the first half of fiscal 2025. Adjusted for exchange rate effects of +€1.0 million and acquisition effects (from the Destaco Group) of +€11.0 million, organic revenue growth amounted to (8.8)%.
The Automotive Powerise^{®} business recorded a decline in revenue of €(11.8) million or (13.5)% from €87.7 million to €75.9 million. Organic revenue growth amounted to (14.1)%. The Automotive Gas Spring business also recorded a drop in revenue, falling by €(1.7) million or (3.1)% from €55.3 million to €53.6 million. The organic growth rate in revenue for the Automotive Gas Spring business was (3.8)%. Economic development in the APAC region, especially in China, experienced slower growth in the first half of fiscal 2025 (October 1, 2024 to March 31, 2025) compared with the same period of the previous year. The Chinese automotive market picked up by about +12.7% year-on-year (CAAM—China Association of Automobile Manufacturers), signaling that this development is accompanied by reduced demand for Stabilus parts. This growth can largely be attributed to subsidies and buyback programs introduced by the Chinese government and car manufacturers. According to S&P Global Mobility (as of April 2025), China's passenger car production increased by +10.1% compared with the first half of fiscal 2024 to 16.4 million units produced in the first half of fiscal 2025, while the APAC region saw growth of +5.3% to a total of 27.6 million units produced. Despite the positive development in the automotive market, the uncertain economic outlook is dampening consumer demand and consumers are holding back on investments.
Industrial business (industrial components and industrial automation) was on an upward trajectory in the first half of fiscal 2025 compared to the first half of fiscal 2024, with revenue rising by +€11.8 million or +100.0% from €11.8 million to €23.6 million. The increase is primarily due to the initial inclusion of the Destaco Group in the amount of €11.0 million.
A INTERIM GROUP MANAGEMENT REPORT Interim group management report
B CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
C ADDITIONAL INFORMATION
Organic revenue growth for industrial business amounted to +6.0%. The industrial market also reported increased business in virtually all market segments. The distributors, independent aftermarket, e-commerce, industrial machinery & automation (adjusted for the Destaco acquisition) healthcare, recreation & furniture and the commercial vehicle market segments enjoyed particularly solid growth rates. By contrast, the aerospace, marine & rail and energy & construction market segments contracted, with the aerospace, marine & rail market segment even recording a double-digit decline in revenue.
The APAC region was also impacted by a higher cost base and subject to increased price pressure on the market. Adjusted EBIT in the APAC region fell by €(4.3) million or (14.7)% from €29.3 million in the first half of fiscal 2024 to €25.0 million in the first half of fiscal 2025, of which +€2.1 million resulted from the Destaco acquisition. The adjusted EBIT margin consequently fell slightly by (2.6) percentage points, from 18.9% in the first half of fiscal 2024 to 16.3% in the first half of fiscal 2025.
Reconciliation of adjusted EBIT
The following table shows the reconciliation to adjusted EBIT for the second quarter and first half of fiscal 2025 compared with the second quarter and first half of fiscal 2024. Adjusted EBIT is EBIT adjusted for non-recurring items (for example, restructuring expenses or non-recurring M&A consulting expenses) and depreciation/amortization of fair value adjustments from purchase price allocations (PPA). The Stabilus Group reports adjusted EBIT as its management is of the opinion that adjusted EBIT is more meaningful and therefore contributes to a better understanding of the operating performance of the Stabilus Group on the part of users of the financial statements. Further details of segment reporting can be found in the supplementary financial information on page 54.
| IN € MILLIONS | Q2
for the period from
January 1 to March 31, | | % change |
| --- | --- | --- | --- |
| | 2025 | 2024 | |
| Profit from operating activities (EBIT) | 25.9 | 30.9 | (16.2)% |
| PPA adjustments – depreciation and amortization | 9.2 | 4.0 | >100.0% |
| Consulting | 0.4 | 3.9 | (90.3)% |
| Reorganization | 2.3 | – | n/a |
| Earn-out (purchase price adjustment) | – | 0.2 | (100.0)% |
| Adjusted EBIT | 37.7 | 38.9 | (3.1)% |
| IN € MILLIONS | Q2
for the period from
January 1 to March 31, | | % change |
| --- | --- | --- | --- |
| | 2025 | 2024 | |
| PPA in fiscal 2010 | 1.2 | 1.2 | 0.0% |
| PPA in fiscal 2016 | 2.0 | 2.0 | 0.0% |
| PPA in fiscal 2019 | 0.2 | 0.2 | 0.0% |
| PPA in fiscal 2023 | 0.5 | 0.6 | (15.5)% |
| PPA in fiscal 2024 | 5.3 | – | n/a |
| PPA adjustments | 9.2 | 4.0 | >100.0% |
STABILUS INTERIM REPORT H1 FY2025
A INTERIM GROUP MANAGEMENT REPORT Interim group management report
B CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
C ADDITIONAL INFORMATION
T.011
Reconciliation of EBIT to adjusted EBIT
| IN € MILLIONS | H1 for the period from October 1 to March 31, | % change | |
|---|---|---|---|
| 2025 | 2024 | ||
| Profit from operating activities (EBIT) | 54.0 | 51.2 | 5.5% |
| PPA adjustments – depreciation and amortization | 18.1 | 8.2 | >100.0% |
| Consulting | 1.2 | 12.6 | (90.7)% |
| Reorganization | 2.3 | - | n/a |
| Earn-out (purchase price adjustment) | - | 0.2 | (100.0)% |
| Adjusted EBIT | 75.5 | 72.2 | 4.6% |
T.012
Reconciliation of PPA adjustments
| IN € MILLIONS | H1 for the period from October 1 to March 31, | % change | |
|---|---|---|---|
| 2025 | 2024 | ||
| PPA in fiscal 2010 | 2.3 | 2.3 | 0.0% |
| PPA in fiscal 2016 | 4.0 | 4.0 | 0.0% |
| PPA in fiscal 2019 | 0.3 | 0.4 | (5.3)% |
| PPA in fiscal 2023 | 1.1 | 1.5 | (26.9)% |
| PPA in fiscal 2024 | 10.3 | - | n/a |
| PPA adjustments | 18.1 | 8.2 | >100.0% |
The effects of PPAs from previous company acquisitions came to €18.1 million in the first half of fiscal 2025 (H1 FY2024: €8.2 million). This is straight-line depreciation of the remeasurement of assets that are assigned to the following fiscal years and that can be seen in the table above.
In addition to PPA effects, expenses of €1.2 million incurred in connection with the acquisition of the Destaco Group (H1 FY2024: €12.6 million) were adjusted in the first half of fiscal 2025. Further costs of €2.3 million were adjusted in connection with the premature termination of Stefan Bauerreis' mandate as Chief Financial Officer and the contractually agreed remuneration commitments and non-competition clauses in accordance with the remuneration system.
STABILUS INTERIM REPORT H1 FY2025
A INTERIM GROUP MANAGEMENT REPORT Interim group management report
B CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
C ADDITIONAL INFORMATION
Financial position of the Stabilus Group
Statement of financial position
T_013
IN € MILLIONS
| March 31, 2025 | September 30, 2024 | % change | |
|---|---|---|---|
| Assets | |||
| Non-current assets | 1,350.1 | 1,339.0 | 0.8% |
| Current assets | 560.1 | 571.9 | (2.1)% |
| Total assets | 1,910.2 | 1,910.9 | 0.0% |
| Equity and liabilities | |||
| Equity | 689.2 | 677.7 | 1.7% |
| Non-current liabilities | 856.6 | 942.5 | (9.1)% |
| Current liabilities | 364.3 | 290.7 | 25.3% |
| Total liabilities | 1,220.9 | 1,233.2 | (1.0)% |
| Total equity and liabilities | 1,910.2 | 1,910.9 | 0.0% |
the amount of €37.6 million. Working capital loans amounting to €20.1 million were also repaid in China. Furthermore, the level of cash and cash equivalents was influenced by the dividend of €28.4 million paid to the Stabilus shareholders in February 2025. Inventories also decreased by €(8.1) million. Other assets increased by +€7.7 million, primarily due to advance payments for insurance premiums and higher VAT receivables.
Analysis of net assets
Total assets
The Stabilus Group's total assets decreased slightly by $+ \in 0.7$ million from €1,910.9 million as of September 30, 2024, to €1,910.2 million as of March 31, 2025.
Non-current assets
As of March 31, 2025, the non-current assets of the Stabilus Group increased by $+ \in 11.1$ million, or $+0.8\%$ , as against September 30, 2024, from €1,339.0 million to €1,350.1 million. This increase is mainly due to capital expenditure of $+ \in 33.4$ million, of which $+ \in 3.5$ million related to new leases and $+ \in 29.9$ million to property, plant and equipment. Furthermore, investments in intangible assets of $+ \in 16.2$ million were capitalized in connection with research and development costs. In total, the Stabilus Group made capital expenditure payments (CAPEX) of €46.1 million.
Current assets
As of March 31, 2025, the current assets of the Stabilus Group were down €(11.8) million or (2.1)% as against September 30, 2024, from €571.9 million to €560.1 million. This was due to the lower level of inventories as against September 30, 2024, which fell by €(14.3) million. In October 2024, Stabilus issued two further promissory note loan tranches in the amount of €40 million, which were subsequently used to make partial repayments of the credit facility taken out for the Destaco acquisition in
STABILUS INTERIM REPORT H1 FY2025
As of March 31, 2025, the equity of the Stabilus Group increased by +€11.5 million, or +1.7%, as against September 30, 2024, from €677.7 million to €689.2 million. This increase is mainly due to the profit for the first half of fiscal 2025 of +€25.5 million. In addition, other reserves (accumulated other comprehensive income) decreased by +€14.8 million, from €(57.8) million to €(43.0) million, as a result of unrealized losses from foreign currency translation of +€12.9 million, the remeasurement in equity of derivatives acquired for hedging purposes, which changed by +€1.7 million, and unrealized actuarial losses from pensions (after tax) of +€0.1 million. The dividend payment to our shareholders of €(28.4) million in the second quarter of fiscal 2025 led to a decrease in equity.
Non-current liabilities
As of March 31, 2025, the non-current liabilities of the Stabilus Group were down €(85.9) million or (9.1)% as against September 30, 2024, from €942.5 million to €856.6 million. This development is mainly due to a reclassification of financial liabilities in the amount of €83.0 million from non-current to current liabilities. A tranche from the promissory note loan is due for payment in March 2026. Other financial liabilities also decreased by €(2.6) million due to the repayment of lease liabilities. Pension obligations fell by €(0.4) million due to changes in actuarial assumptions. To secure further long-term refinancing, Stabilus SE issued a promissory note loan in the form of a latecomer tranche in October 2024 to the promissory note loan transaction conducted in September 2024, totaling €40 million. This was used to repay the drawn-down credit facilities in the amount of €37.5 million.
Current liabilities
As of March 31, 2025, the current liabilities of the Stabilus Group rose by +€73.6 million as against September 30, 2024, from €290.7 million to €364.3 million. Current liabilities were influenced by multiple transactions. Financial liabilities increased by +€94.5 million, mainly due to the reclassification of a promissory note loan due for payment from non-current to current in the amount of €83.0 million and the drawing down of credit lines in the amount of €30.7 million. Repayments of working capital loans in China amounting to €20.1 million had an offsetting effect. Trade accounts payable decreased by €(11.6) million. Furthermore, other liabilities fell by €(5.2) million, primarily as a result of the reduction in liabilities to employees and social security contributions. In addition, the provisions for personnel expenses were reduced by €(1.2) million as a result of being utilized and other provisions fell by €(1.1) million due to VAT payments.
A INTERIM GROUP MANAGEMENT REPORT Interim group management report
B CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
C ADDITIONAL INFORMATION
T.014
Cash flows
| IN € MILLIONS | H1 for the period from October 1 to March 31, | % change | |
|---|---|---|---|
| 2025 | 2024 | ||
| Cash flow from operating activities | 68.4 | 70.2 | (2.6)% |
| Cash flow from investing activities | (45.4) | (672.2) | (93.2)% |
| Cash flow from financing activities | (37.4) | 534.5 | >(100.0)% |
| Net increase/(decrease) in cash and cash equivalents | (14.4) | (67.4) | (78.6)% |
| Effect of movements in exchange rates on cash and cash equivalents held | 0.1 | (1.3) | >(100.0)% |
| Cash and cash equivalents as of beginning of the period | 109.4 | 193.1 | (43.3)% |
| Cash and cash equivalents as of end of the period | 95.1 | 124.4 | (23.6)% |
Analysis of the financial position
Cash flow from operating activities
Set against the first half of fiscal 2024, cash flow from operating activities fell by €(1.8) million, or (2.6)%, in the first half of fiscal 2025, from €70.2 million to €68.4 million. This reduction is due on the one hand to the change in net working capital and, on the other hand, to the lower result for the period of €(4.7) million compared with the same period of the previous year. This was also countered by lower income tax payments of €(13.1) million.
Cash flow from investing activities
Cash flow from investing activities changed by $+€626.8$ million, from €(672.2) million in the first half of fiscal 2024 to €(45.4) million in the first half of fiscal 2025. The year-on-year decline is due in particular to the completed acquisition of the Destaco Group in the amount of €636.7 million. In addition, purchases of intangible assets rose by $+€2.4$ million and capital expenditure for property, plant and equipment increased by $+€7.1$ million compared with the same period in the previous year.
Cash flow from financing activities
Cash flow from financing activities changed by €(571.9) million, from +€534.5 million in the first half of fiscal 2024 to €(37.4) million in the first half of fiscal 2025. The reduction compared to the same period in the previous year is primarily due to the cash inflow from the available credit lines in the amount of €591.5 million, which was utilized in full for the purchase price payment for the Destaco Group in the previous year. Excluding the cash inflow in the previous year, cash flow from financing activities amounted to €(57.0) million. The improvement is due on the one hand to the lower dividend payment of €(14.8) million compared to the same period of the previous year. On the other hand, it is also due to the increased cash inflow from financial liabilities amounting to +€13.1 million. This was partially offset by the year-on-year increase in interest payments (+€8.8 million) for financial liabilities.
STABILUS INTERIM REPORT H1 FY2025
A INTERIM GROUP MANAGEMENT REPORT Interim group management report
B CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
C ADDITIONAL INFORMATION
Reconciliation of free cash flow, adjusted free cash flow and net leverage ratio
Free cash flow
Free cash flow is defined as the total of cash flows from operating activities and cash flows from investing activities. Management reports free cash flow because this alternative performance measure aids in assessing the ability of the Stabilus Group to generate cash flows that can be used for debt repayment, further investment or distributions. The free cash flow
changed substantially in the first half of fiscal 2025 as against the first half of fiscal 2024 and came to +€23.0 million (H1 FY2024: €(602.0) million). The free cash flow has been significantly affected by the acquisition of the Destaco Group and the resulting cash outflow in the same period of the previous year. The payments from investing activities that are not related to acquisitions increased by €(9.5) million in the first half of fiscal 2025 set against the same period in the previous year. Despite continued high investments in intangible assets and property, plant and equipment, the
Free cash flow
T.015
| IN € MILLIONS | H1 for the period from October 1 to March 31, | % change | |
|---|---|---|---|
| 2025 | 2024 | ||
| Cash flow from operating activities | 68.4 | 70.2 | (2.6)% |
| Cash flow from investing activities | (45.4) | (672.2) | (93.2)% |
| Free cash flow | 23.0 | (602.0) | >(100.0)% |
| Adjusted free cash flow | T.016 | ||
| IN € MILLIONS | H1 for the period from October 1 to March 31, | % change | |
| --- | --- | --- | --- |
| 2025 | 2024 | ||
| Cash flow from operating activities | 68.4 | 70.2 | (2.6)% |
| Cash flow from investing activities | (45.4) | (672.2) | (93.2)% |
| Free cash flow | 23.0 | (602.0) | >(100.0)% |
| Acquisition of assets and liabilities within the business combination, net of cash acquired | 1.1 | 636.7 | (99.8)% |
| Consulting | 2.6 | 5.1 | (48.1)% |
| Bioremediation | 0.3 | 0.1 | >100.0% |
| Adjusted FCF | 27.0 | 39.9 | (32.4)% |
Group nevertheless achieved a positive operating free cash flow. The calculation of free cash flow for the first half of fiscal 2025 and fiscal 2024 is shown in the adjacent table.
Adjusted free cash flow
Adjusted free cash flow is defined as the total of cash flows from operating activities and cash flows from investing activities before acquisitions, divestments and factors considered in EBIT adjustment (e.g., restructuring costs or non-recurring M&A consulting costs). Management has defined adjusted free cash flow as another of the most important key financial performance indicators from fiscal 2025 onwards in light of its increased importance as part of Group-level internal management. Management reports adjusted free cash flow because this material performance measure aids in assessing the ability of the Stabilus Group to generate cash flows from organic growth (i.e., disregarding acquisitions and divestments). Adjusted free cash flow fell by €(12.9) million in the first half of fiscal 2025 as against the first half of fiscal 2024 from +€39.9 million to +€27.0 million, primarily due to the increase in payments from investing activities not related to acquisitions. The adjustment of €4.0 million in the first half of fiscal 2025 relates to the subsequent purchase price payment from the adjustment of net working capital at the time of the transfer and consulting costs paid in connection with the Destaco acquisition, as well as to bioremediation (EPA Colmar). The adjustments in fiscal 2024 likewise relate to the consulting costs paid in connection with the Destaco acquisition and to bioremediation (EPA Colmar). The calculation of adjusted free cash flow for the first half of fiscal 2025 and fiscal 2024 is shown in the adjacent table.
STABILUS INTERIM REPORT H1 FY2025
A INTERIM GROUP MANAGEMENT REPORT Interim group management report
B CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
C ADDITIONAL INFORMATION
Net leverage ratio
The net leverage ratio is defined as net financial debt divided by adjusted EBITDA. Net financial debt is the nominal amount of financial liabilities, i.e., current and non-current financial liabilities less cash and cash equivalents. Adjusted EBITDA is defined as adjusted EBIT before depreciation/ amortization and before extraordinary non-recurring items (e.g., restructuring or non-recurring M&A consulting expenses). Management reports the net leverage ratio because this alternative performance measure is a useful indicator for assessing the debt and financing structure of the Stabilus Group. The net leverage ratio increased slightly from 2.82x in the first half of fiscal 2024 to 2.97x in the first half of fiscal 2025 (September 30, 2024: 2,82x), which can primarily be attributed to the funding of the business combination with the Destaco Group in the previous fiscal year by means of credit lines granted and existing own funds.
T_017
Net leverage ratio
| IN € MILLIONS | H1 as of March 31, | % change | |
|---|---|---|---|
| 2025 | 2024 | ||
| Financial liabilities | 791.4 | 844.6 | (6.3)% |
| Cash and cash equivalents | (95.1) | (124.4) | (23.6)% |
| Net financial debt | 696.3 | 720.2 | (3.3)% |
| Adjusted EBITDA (LTM, March 31) | 234.3 | 255.5 | (8.3)% |
| Net leverage ratio¹⁾ | 2.97x | 2.82x |
¹⁾ The net leverage ratio is defined as net financial debt divided by adjusted EBITDA for the last 12 months (LTM).
T_018
Financial debt
| IN € MILLIONS | H1 as of March 31, | % change | |
|---|---|---|---|
| 2025 | 2024 | ||
| Financial liabilities (non-current) | 676.4 | 572.2 | 18.2% |
| Financial liabilities (current) | 115.0 | 272.4 | (57.8)% |
| Financial liabilities | 791.4 | 844.6 | (6.3)% |
T_019
Adjusted EBITDA (LTM, Mar 31)
| IN € MILLIONS | H1 as of March 31, | % change | |
|---|---|---|---|
| 2025 | 2024 | ||
| Profit from operating activities (EBIT)¹⁾ | 121.4 | 159.4 | (23.9)% |
| Depreciation | 50.2 | 42.8 | 17.4% |
| Amortization | 18.3 | 18.2 | 0.5% |
| PPA adjustments – depreciation and amortization | 36.2 | 15.2 | >100.0% |
| EBITDA | 226.1 | 235.5 | (4.0)% |
| Consulting | 1.8 | 16.5 | (88.9)% |
| Reorganization | 2.3 | - | n/a |
| Bioremediation (EPA Colmar) | - | 2.6 | (100.0)% |
| Purchase price allocation (PPA) adjustments – increase in inventories | 4.1 | 0.5 | >100.0% |
| Earn-out (purchase price adjustment) | - | 0.4 | (100.0)% |
| Adjusted EBITDA | 234.3 | 255.5 | (8.3)% |
¹⁾ Adjusted to account for integration costs of €5.4 million for the Destaco Group.
STABILUS INTERIM REPORT H1 FY2025
Report on risks and opportunities
In the reporting period (October 1, 2024 to March 31, 2025), there were no significant changes to the disclosures made in the 2024 annual report or the overall assessment of the opportunities and risks of the Stabilus Group with the exception of impacts of trade policy measures on the Stabilus Group. The risk classes of the individual market and sector risks, as well as IT infrastructure/cyber risks, have changed from “medium” to “high”. Please refer to page 56 onwards in the annual report of September 30, 2024 for more information.
To reduce the portion of liabilities attributable to floating interest loans, the Stabilus Group concluded two interest rate derivatives with a total nominal volume of €166 million in the first quarter of fiscal 2025, which have been recognized as hedge accounting (cash flow hedge). Nevertheless, negative effects can arise from its market value and influence the financial position and results of operations.
Impact of trade policy measures on Stabilus
In the wake of increasing global trade conflicts and protectionist measures, Stabilus is exposed to a number of potential risks from tariff hikes and new trade barriers. This has the potential to result in higher import and export costs, supply chain disruptions and competitive disadvantages in key foreign markets. Changes in procurement and political uncertainty harbor further strategic risks.
Opportunities arise in particular from the implementation of Stabilus' guiding strategy of “in the region, for the region”. Our production sites have been specifically set up in close proximity to our customers and consistently expanded in recent years to enhance regional resilience and shorten transportation routes. At the same time, it should be noted that certain raw materials and/or finished products continue to originate from regions subject to customs duties and may therefore be affected by tariff hikes. Further potential lies in increasing efficiency through innovation and in the early adaptation of supply chains and production models. Stabilus is responding to recent developments with a stronger focus on regional markets, by expanding internal customs and trade expertise and by actively monitoring geopolitical developments.
Overall assessment of risk
In light of the announced and prospective tariffs on US imports from China, Mexico and the European Union, the risk of tariff hikes in the first half of fiscal 2025 was newly included in the risk assessment with an assessment of “high” (risk class) and a probability of occurrence of “likely”.
Overall, the geopolitical situation remains a relevant factor of uncertainty that presents both risky and strategic development opportunities.
The Management Board does not anticipate any individual risk or risk resulting from the aggregation of opportunities and individual risks of all categories that could endanger the future of Stabilus SE or the Stabilus Group as a going concern in a material way. The risk-bearing capacity of the Stabilus Group is linked to the Group's financial covenants (net leverage ratio) and equity and is monitored on an ongoing basis.
The aggregated total risk level had no material impact on the risk-bearing capacity in the first half of fiscal 2025, as the Group's overall risk profile did not change significantly compared with September 30, 2024.
A
INTERIM GROUP MANAGEMENT REPORT
Interim group management report
B CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
C ADDITIONAL INFORMATION
Report on expected developments
General economic outlook
As in the previous year, the development of the global economy in fiscal 2025 (Stabilus fiscal year from October 1, 2024, to September 30, 2025) will be accompanied by considerable challenges and depend on the stability of the key markets such as the US, EU and China. The ongoing Russia-Ukraine war, the Israel conflict, and the repercussions of these, such as shortages of energy, raw materials and subcontracted products, are expected to influence general economic performance. The macroeconomic outlook may be volatile in the context of various uncertainties and geopolitical risks stemming from current developments. Declining inflationary momentum and further foreseeable cuts in key interest rates go hand in hand with moderate economic activity. Nevertheless, the economic outlook remains subject to significant downside risks – the current geopolitical crises in particular harbor high risks to economic growth and inflation. However, a tightening or a delayed loosening of monetary policy and the associated high interest rates could also influence the development of the world economy. The macroeconomic challenges are reflected in the forecast published by the International Monetary Fund (World Economic Outlook – April 2025). In light of the forecast, an increase in global gross domestic product of $2.8\%$ is expected for the 2025 calendar year (September 30, 2024: $3.2\%$ ). Within the European Union, very low growth of $+1.2\%$ is forecast for the euro area, while stagnation is expected for Germany. Within the Americas region, growth of $+1.8\%$ is assumed for the United States, with Central and South America expected to grow by $+2.0\%$ (Brazil: $+2.0\%$ ; Mexico: $(0.3)\%$ ). Significantly higher growth rates are projected in the APAC region. For instance, gross domestic product of $+4.0\%$ is expected for Stabilus' core market of China.
Latest growth projections for selected economies
T_020
| % YEAR-ON-YEAR CHANGE IN THE CALENDAR YEAR | 2025* | 2026* |
|---|---|---|
| World | 2.8% | 3.0% |
| European Union | 1.2% | 1.5% |
| thereof Euro area | 0.8% | 1.2% |
| thereof Germany | 0.0% | 0.9% |
| United Kingdom | 1.1% | 1.4% |
| United States | 1.8% | 1.7% |
| Latin America | 2.0% | 2.4% |
| thereof Brazil | 2.0% | 2.0% |
| thereof Mexico | (0.3)% | 1.4% |
| Emerging and Developing Asia | 4.5% | 4.6% |
| thereof China | 4.0% | 4.0% |
Source: International Monetary Fund, World Economic Outlook, April 2025.
* Projections.
Production of light vehicles*
T_021
| IN MILLIONS OF UNITS PER FISCAL YEAR | 2025** | 2026** | 2027** | 2028** | 2029** | 2030** |
|---|---|---|---|---|---|---|
| EMEA | 18.8 | 18.8 | 19.6 | 19.9 | 20.3 | 20.2 |
| thereof Germany | 4.1 | 4.0 | 3.8 | 3.6 | 3.7 | 3.9 |
| Americas | 17.5 | 17.5 | 18.6 | 18.7 | 19.0 | 19.3 |
| thereof United States | 9.4 | 9.3 | 9.7 | 10.0 | 10.1 | 10.3 |
| APAC | 52.9 | 51.9 | 53.0 | 54.1 | 54.1 | 55.3 |
| thereof China | 30.8 | 30.4 | 30.9 | 31.4 | 30.9 | 31.4 |
| Worldwide production of light vehicles* | 89.1 | 88.1 | 91.2 | 92.7 | 93.3 | 94.8 |
Source: S&P Global Mobility/Light Vehicle Production Forecast (April 2025).
* Passenger and light-duty vehicles (< 6 t).
** S&P Global Mobility forecast as of April 2024.
By contrast, the latest OECD forecast issued in March 2025 still anticipates only a moderate recovery in global economic activity. The world economy is accordingly likely to grow by $+3.1\%$ in the 2025 calendar year and by $+3.0\%$ in the 2026 calendar year. However, these estimates are based on
assumptions made prior to the roll-out and partial implementation of tariffs, particularly on US imports from Mexico. These new trade barriers have given rise to additional uncertainty and are likely to have a negative impact on global trade.
STABILUS INTERIM REPORT H1 FY2025
Between October 2024 and March 2025, the ECB cut the key interest rate a total of three times by (0.25)% each time. The decision was made to cut it again by (0.25)% to 2.25% in April 2025. It can be assumed that the ECB will continue to cut interest rates in 2025 and aim to reach a key interest rate level of 2%. The Fed lowered its rate by (0.25)% percentage points in both November and December 2024 to the present 4.25%. From January to March 2025, the Fed made no further changes to rates, leaving the key interest rate at 4.25%. The Fed announced that fewer interest rate hikes are to be expected in the 2025 calendar year.
The Stabilus Group counters all these burdens with ongoing process optimizations to compensate as far as possible for the forecast cost increase in the entire business model through efficiency programs. The global economy has lost momentum recently. Overall, the latest economic indicators show no sign of a recovery in the coming months. The subdued macroeconomic environment as well as the economic trend are unlikely to lead to any significant improvement after the end of 2025. In addition, the announced and partly implemented tariffs on US imports from Mexico are causing further uncertainty in terms of global trade, particularly for automotive industry.
Forecast industry development
Forecast development in the automotive industry
Based on the S&P Global Mobility forecasts for the automotive sector (April 2025), the Stabilus Group continues to anticipate a slight decline in global automotive production of around (0.2)%, to approximately 89.1 million units in fiscal 2025 (September 30, 2024: approximately 89.1 million units). According to S&P Global Mobility, the APAC region will produce more vehicles in fiscal 2025 than in fiscal 2024. S&P Global Mobility anticipates lower production figures in the EMEA and Americas regions. The APAC region is expected to produce around +1.7 million more vehicles, followed by the Americas ((1.0) million) and EMEA ((0.9) million) regions with fewer vehicles produced.
Forecast development in the industrial sector
Sustained geopolitical tension and the resulting uncertainty affecting the global markets will continue to shape the development of the industrial sector. In addition to the structural challenges (e. g. the geopolitical turning point) in conjunction with pronounced global economic downturn and the increasingly perceptible effects of a monetary policy that remains restrictive in some cases (e. g. interest rate trends), companies are confronted with flattening demand, which may lead to risks if economic growth slows down.
Forecast development on the procurement markets
Compared with the previous year, the situation in the procurement markets for raw materials and intermediate products appears to be improving slightly as supply bottlenecks ease. This slow process of change will affect procurement prices for the Stabilus Group. The procurement prices for the key individual raw materials and components used by Stabilus will take some time to come down. However, global conflicts and geopolitical tensions could once again affect supply chain stability and create uncertainty. By its own estimate, the Stabilus Group forecasts that the price of direct materials such as plastics, metals and steel will decline slightly in fiscal 2025. Prices on the energy market have continued to settle, and Stabilus estimates that average energy prices will be similar to the level of late summer 2021. There were no material changes compared with the statements in the annual report 2024.
Forecast development of the Stabilus Group
In consideration of the slowing momentum of the economic landscape, the Stabilus Group anticipates negative repercussions for the business performance of the Group in fiscal 2025. The forecasts communicated by the Management Board in the annual report as of September 30, 2024 for revenue and adjusted EBIT reflect the current macroeconomic and geopolitical uncertainty.
The Stabilus Group's management continues to stand by the forecast from the annual report for 2024, with expected revenue in the range of €1.3 billion to €1.45 billion and adjusted EBIT of 11% to 13% of revenue. In addition, the Stabilus Group expects adjusted free cash flow in a range of €90 million to €140 million. Based on the assumption (as of mid‐April 2025) that the current trade conflict does not escalate further and that there are no further tariff increases, we can hereby affirm our forecast for the entirety of fiscal 2025. In the case that global trade conflicts intensify and protectionist measures increase, Stabilus could be exposed to potential risks from substantial hikes in customs tariffs and new trade barriers, which would have a negative impact on business development and guidance.
The Stabilus Group made a commitment in its “STAR 2030” strategy to profitable and sustainable growth. The long‐term goal of the Stabilus Group is to achieve revenue of €2 billion with an adjusted EBIT margin of around 15% by fiscal 2030.
Subsequent events
As of April 30, 2025, there were no events or developments that could have materially affected the measurement and presentation of the Group's assets and liabilities as of March 31, 2025.
A INTERIM GROUP MANAGEMENT REPORT
B CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
Condensed interim consolidated financial statements
C ADDITIONAL INFORMATION
^{}[]
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
as of and for the three months and six months ended March 31, 2025
Consolidated statement of comprehensive income
Consolidated statement of comprehensive income
1,022
| IN € THOUSANDS | Note | Q2 for the period from January 1 to March 31, | H1 for the period from October 1 to March 31, | ||
|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | ||
| Revenue | 3 | 337,983 | 313,514 | 663,941 | 618,919 |
| Cost of sales | (244,278) | (230,642) | (483,017) | (461,530) | |
| Gross profit | 93,705 | 82,872 | 180,924 | 157,389 | |
| Research and development expenses | (10,428) | (8,662) | (19,839) | (16,810) | |
| Selling expenses | (35,257) | (27,998) | (68,698) | (54,478) | |
| General administrative expenses | (21,661) | (17,684) | (42,554) | (38,854) | |
| Other income | 937 | 2,978 | 5,183 | 4,849 | |
| Other expenses | (1,404) | (645) | (994) | (931) | |
| Profit from operating activities (EBIT) | 25,892 | 30,861 | 54,022 | 51,165 | |
| Finance income | 4 | 637 | 2,946 | 2,254 | 7,150 |
| Finance costs | 5 | (11,194) | (6,425) | (20,072) | (14,052) |
| Profit / (loss) before income tax | 15,335 | 27,382 | 36,204 | 44,263 | |
| Income tax income/(expense) | 6 | (4,114) | (9,323) | (10,691) | (14,048) |
| Profit / (loss) for the period | 11,221 | 18,059 | 25,513 | 30,215 | |
| thereof attributable to non-controlling interests | 299 | 500 | 738 | 1,110 | |
| thereof attributable to shareholders of Stabilus | 10,922 | 17,559 | 24,775 | 29,105 | |
| Other comprehensive income/(expense) | |||||
| Foreign currency translation differences | 16 | (30,716) | 8,719 | 12,929 | (1,294) |
| Hedge of cash flows from financial instruments | 16 | 181 | 14,788 | 1,735 | (552) |
| Items that can be reclassified to consolidated profit or loss in future periods | (30,535) | 23,507 | 14,664 | (1,846) | |
| Unrealized actuarial gains and losses | 16 | 1,128 | 115 | 139 | (2,829) |
| Items not to be reclassified to consolidated profit or loss in future periods | 1,128 | 115 | 139 | (2,829) | |
| Other comprehensive income/(expense), net of taxes | (29,407) | 23,622 | 14,803 | (4,675) | |
| Total comprehensive income for the period | (18,186) | 41,681 | 40,316 | 25,540 | |
| thereof attributable to non-controlling interests | (116) | (1,004) | 3,509 | 324 | |
| thereof attributable to shareholders of Stabilus | (18,070) | 42,685 | 36,807 | 25,216 | |
| Earnings per share (in €): | |||||
| basic (EPS) | 7 | 0.44 | 0.71 | 1.00 | 1.18 |
| diluted (DEPS) | 7 | 0.44 | 0.71 | 1.00 | 1.18 |
STABILUS INTERIM REPORT H1 FY2025
A INTERIM GROUP MANAGEMENT REPORT
B CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
Consolidated statement of financial position
C ADDITIONAL INFORMATION
Consolidated statement of financial position
as of March 31, 2025
Consolidated statement of financial position
T.023
| IN € THOUSANDS | Note | March 31, 2025 | September 30, 2024 |
|---|---|---|---|
| Assets | |||
| Property, plant and equipment | 8 | 306,581 | 300,311 |
| Goodwill | 546,853 | 539,999 | |
| Other intangible assets | 9 | 476,794 | 477,903 |
| Investments in entities accounted for using the equity method and other investments | 6,000 | 6,000 | |
| Other financial assets | 10 | 985 | 41 |
| Other assets | 11 | 1,881 | 1,807 |
| Deferred tax assets | 10,981 | 12,960 | |
| Total non-current assets | 1,350,075 | 1,339,021 | |
| Inventories | 12 | 215,499 | 223,590 |
| Trade and other receivables | 13 | 206,384 | 203,386 |
| Income tax receivables | 14 | 6,273 | 5,559 |
| Other financial assets | 10 | 66 | 759 |
| Other assets | 11 | 36,760 | 29,147 |
| Cash and cash equivalents | 15 | 95,093 | 109,426 |
| Total current assets | 560,075 | 571,867 | |
| Total assets | 1,910,150 | 1,910,888 |
T.023
Consolidated statement of financial position
| IN € THOUSANDS | Note | March 31, 2025 | September 30, 2024 |
|---|---|---|---|
| Equity and liabilities | |||
| Issued capital | 16 | 24,700 | 24,700 |
| Capital reserves | 16 | 201,395 | 201,395 |
| Retained earnings | 16 | 473,318 | 476,948 |
| Other reserves | 16 | (41,142) | (53,174) |
| Equity attributable to shareholders of Stabilus | 658,271 | 649,869 | |
| Non-controlling interests | 30,976 | 27,859 | |
| Total equity | 689,247 | 677,728 | |
| Financial liabilities | 17 | 676,370 | 757,246 |
| Other financial liabilities | 18 | 55,963 | 58,626 |
| Provisions | 20 | 14,916 | 15,083 |
| Pension plans and similar obligations | 21 | 46,936 | 47,334 |
| Deferred tax liabilities | 22 | 62,410 | 64,180 |
| Total non-current liabilities | 856,595 | 942,469 | |
| Trade accounts payable | 148,073 | 159,652 | |
| Financial liabilities | 17 | 115,041 | 20,546 |
| Other financial liabilities | 18 | 11,330 | 10,825 |
| Income tax liabilities | 23 | 12,138 | 14,194 |
| Provisions | 20 | 34,718 | 37,257 |
| Other liabilities | 24 | 43,008 | 48,217 |
| Total current liabilities | 364,308 | 290,691 | |
| Total liabilities | 1,220,903 | 1,233,160 | |
| Total equity and liabilities | 1,910,150 | 1,910,888 |
STABILUS INTERIM REPORT H1 FY2025
A INTERIM GROUP MANAGEMENT REPORT
B CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
Consolidated statement of changes in equity
C ADDITIONAL INFORMATION
0
Consolidated statement of changes in equity
for the first six months ended March 31, 2025
Consolidated statement of changes in equity
T.024
| IN € THOUSANDS | Note | Issued capital | Capital reserves | Retained earnings | Other reserves | Equity attributable to shareholders of Stabilus | Non-controlling interests | Total equity |
|---|---|---|---|---|---|---|---|---|
| Balance as of September 30, 2023 | 24,700 | 201,395 | 458,285 | (650) | 683,730 | 28,271 | 712,001 | |
| Profit / (loss) for the period | - | - | 29,105 | - | 29,105 | 1,110 | 30,215 | |
| Other comprehensive income/(expense) | 16 | - | - | - | (3,888) | (3,888) | (787) | (4,675) |
| Total comprehensive income for the period | - | - | 29,105 | (3,888) | 25,217 | 323 | 25,540 | |
| Dividends | 16 | - | - | (43,225) | - | (43,225) | (259) | (43,484) |
| Change in ownership interest in subsidiaries without a change of control | - | - | (1,168) | - | (1,168) | (274) | (1,442) | |
| Change in non-controlling interests | - | - | - | - | - | - | - | |
| Balance as of March 31, 2024 | 24,700 | 201,395 | 442,997 | (4,538) | 664,554 | 28,061 | 692,615 | |
| Balance as of September 30, 2024 | 24,700 | 201,395 | 476,948 | (53,174) | 649,869 | 27,859 | 677,728 | |
| Profit / (loss) for the period | - | - | 24,775 | - | 24,775 | 738 | 25,513 | |
| Other comprehensive income/(expense) | 16 | - | - | - | 12,032 | 12,032 | 2,771 | 14,803 |
| Total comprehensive income for the period | - | - | 24,775 | 12,032 | 36,807 | 3,509 | 40,316 | |
| Dividends | 16 | - | - | (28,405) | - | (28,405) | (397) | (28,802) |
| Change in ownership interest in subsidiaries without a change of control | - | - | - | - | - | - | - | |
| Change in non-controlling interests | - | - | - | - | - | 5 | 5 | |
| Balance as of March 31, 2025 | 24,700 | 201,395 | 473,318 | (41,142) | 658,271 | 30,976 | 689,247 |
STABILUS INTERIM REPORT H1 FY2025
A INTERIM GROUP MANAGEMENT REPORT
B CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
Consolidated statement of cash flows
C ADDITIONAL INFORMATION
Consolidated statement of cash flows
for the period from October 1 to March 31
T.025
Consolidated statement of cash flows
| IN € THOUSANDS | Note | H1 for the period from October 1 to March 31, | |
|---|---|---|---|
| 2025 | 2024 | ||
| Profit / (loss) for the period | 25,513 | 30,215 | |
| Income tax income/(expense) | 10,691 | 14,048 | |
| Net financial result | 4/5 | 18,205 | 3,527 |
| Interest received | 625 | 3,183 | |
| Depreciation and amortization (incl. impairment losses) | 8/9 | 49,701 | 37,600 |
| Gains/losses from the disposal of assets | 153 | (100) | |
| Changes in inventories | 8,091 | (2,408) | |
| Changes in trade and other receivables | (2,998) | 11,201 | |
| Changes in trade payables | (10,507) | 12,325 | |
| Changes in other assets and liabilities | (12,133) | (10,831) | |
| Changes in provisions | (5,015) | (1,520) | |
| Income tax payments | 28 | (13,916) | (27,001) |
| Cash flow from operating activities | 68,410 | 70,240 | |
| Proceeds from disposal of property, plant and equipment | 1,773 | 1,176 | |
| Purchase of intangible assets | 9 | (16,206) | (13,854) |
| Purchase of property, plant and equipment | 8 | (29,880) | (22,772) |
| Losses from currency hedging in connection with a business combination | - | (4,805) | |
| Acquisition of assets and liabilities within the business combination, net of cash acquired | 2 | (1,072) | (631,922) |
| Cash flow from investing activities | (45,385) | (672,177) |
T.025
Consolidated statement of cash flows
| IN € THOUSANDS | Note | H1 for the period from October 1 to March 31, | |
|---|---|---|---|
| 2025 | 2024 | ||
| Receipts under financial liabilities | 40,000 | 758 | |
| Receipts from loans | 17 | - | 46,030 |
| Receipts under bridge financing | 17 | - | 250,000 |
| Receipts under credit line | 17 | 30,718 | 294,750 |
| Payments for redemption of financial liabilities | 17 | (57,631) | (666) |
| Payment for the acquisition of non-controlling interests | (5) | (1,442) | |
| Payments for lease liabilities | (5,483) | (4,001) | |
| Dividends paid | 16 | (28,405) | (43,225) |
| Dividends paid to non-controlling interests | (397) | (259) | |
| Payments for interest | 28 | (16,227) | (7,413) |
| Cash flow from financing activities | (37,430) | 534,532 | |
| Net increase/(decrease) in cash and cash equivalents | (14,405) | (67,405) | |
| Effect of movements in exchange rates on cash and cash equivalents held | 72 | (1,321) | |
| Cash and cash equivalents as of beginning of the period | 109,426 | 193,099 | |
| Cash and cash equivalents as of end of the period | 95,093 | 124,373 |
STABILUS INTERIM REPORT H1 FY2025
Notes to the condensed interim consolidated financial statements
Notes to the condensed interim consolidated financial statements
as of and for the three months and six months ended March 31, 2025
1 General information
Reporting entity
By way of resolution of the Extraordinary General Meeting on March 24, 2022, and the subsequent entry in the Luxembourg Trade and Companies Register on April 5, 2022, Stabilus SE, Frankfurt am Main transformed its legal form from that of a Société Anonyme (S. A.) under Luxembourg law to a European Company (Societas Europaea (SE)). Since being entered in the commercial register of the Frankfurt am Main Local Court under no. HRB 128539 on September 2, 2022, the registered office of the Company has been in Frankfurt am Main with the business address Wallersheimer Weg 100, 56070 Koblenz, Germany. The shares of Stabilus SE, Frankfurt am Main, (hereinafter referred to as "Stabilus SE") are listed in the SDAX (previous year: MDAX) of the Frankfurt Stock Exchange at the end of the reporting period with the ISIN DE000STAB1L8. The ticker symbol is STM.
Principles of preparing the interim consolidated financial statements
Accounting
The condensed consolidated financial statements of Stabilus SE and its subsidiaries as of March 31, 2025 have been prepared in accordance with the applicable International Financial Reporting Standards (IFRS), as adopted in accordance with Regulation (EC) No. 1606/2002 of the European Parliament and of the Council on the application of international accounting standards by the EU for interim group management reporting. In accordance with IAS 34, "Interim financial reporting," the interim consolidated financial statements of the Stabilus Group for the first half of fiscal 2025 have been prepared in condensed form.
The components of these interim consolidated financial statements were prepared using the accounting policies applied in the consolidated financial statements as of September 30, 2024. As the interim consolidated financial statements are presented in significantly less detail than full consolidated financial statements, they should be read in conjunction with the company's consolidated financial statements as of September 30, 2024.
The preparation of financial statements requires estimates that involve complex and subjective judgments and the use of assumptions for matters that are uncertain and are subject to change. Judgments and estimates can change from period to period and can have a material impact on the financial position and result of operations. Estimates and judgments are reviewed by the Management on an ongoing basis and updated if necessary. Revisions to estimates are recognized prospectively.
Income taxes are calculated in each interim report in principle on the basis of a best possible estimate and are based on the expected weighted average annual income tax rate, where any one‐time effects are taken into account immediately in the period in which the result occurs.
The judgments are subject to increased uncertainty based on the ongoing uncertainties relating to geopolitical challenges and the impacts of the globally high levels of inflation.
These condensed interim consolidated financial statements and the interim group management report for the first half of fiscal 2025 have undergone a limited review by the Group auditor Deloitte GmbH, Frankfurt am Main. The interim consolidated financial statements were approved for publication by the Management Board on April 30, 2025.
Rounding differences
Unless expressly described otherwise, all amounts are shown in thousands of euro (€ thousand). For arithmetical reasons, the information presented in these interim consolidated financial statements can contain rounding differences of +/- per unit (€ thousand or %).
Gender form
For the sake of simplicity, generally only one gender form is used in this report. All other gender forms are expressly intended.
Consolidated entities
These interim consolidated financial statements include the financial statements of Stabilus SE and all subsidiaries that are directly or indirectly controlled by Stabilus. There were no material changes to the corporate structure compared with the consolidated financial statements for fiscal 2024.
A INTERIM GROUP MANAGEMENT REPORT
B CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
Notes to the condensed interim consolidated financial statements
C ADDITIONAL INFORMATION
3
Foreign currency translation
The interim consolidated financial statements are presented in euro (€). The exchange rates of the most important functional currencies for the Stabilus Group were as follows:
Exchange rates
T_026
| Country | ISO code | Closing rate as of Mar 31, | Average rate as of Mar 31, | ||
|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | ||
| Argentina | ARS | 1,157.2054 | 927.3432 | 1,087.7569 | 690.5082 |
| Australia | AUD | 1.7318 | 1.6607 | 1.6560 | 1.6522 |
| Brazil | BRL | 6.2507 | 5.4032 | 6.1933 | 5.3531 |
| China | CNY | 7.8442 | 7.8144 | 7.6648 | 7.7884 |
| India | INR | 92.3955 | 90.1365 | 90.6364 | 89.8586 |
| Mexico | MXN | 22.0627 | 17.9179 | 21.4679 | 18.6621 |
| Romania | RON | 4.9771 | 4.9735 | 4.9758 | 4.9716 |
| South Korea | KRW | 1,594.7100 | 1,458.6700 | 1,509.7962 | 1,432.6174 |
| Thailand | THB | 36.706 | 39.4120 | 35.9926 | 38,5402 |
| Turkey | TRY | 41.0399 | 34.9487 | 37.5500 | 32.1762 |
| United States | USD | 1.0815 | 1.0811 | 1.0598 | 1.0808 |
Forward-looking statements
These interim consolidated financial statements contain forward-looking statements. These statements reflect estimates and assumptions – including those of third parties (such as statistical data concerning the automotive industry or global economic developments) – either at the time that they were made or as of the date of this report. Forward-looking statements always entail uncertainty. If these estimates and assumptions later prove to be either inaccurate or only partially accurate, the actual results can differ – even significantly – from expectations.
Changes in accounting policies / new standards published
The accounting policies applied in the consolidated financial statements comply with the IFRS applicable in the EU as of September 30, 2024. The revised standards, interpretations and changes from the consolidated financial statements of the company as of September 30, 2024 that are mentioned have no material impacts on the interim consolidated financial statements of the Stabilus Group.
STABILUS INTERIM REPORT H1 FY2025
A INTERIM GROUP MANAGEMENT REPORT
B CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
Notes to the condensed interim consolidated financial statements
C ADDITIONAL INFORMATION
^{}[]
Selected notes to the condensed interim consolidated financial statements
2 Business combination
The purchase price allocation (PPA) for the business combination with the Destaco Group as of March 31, 2024 was recognized as provisional in the consolidated financial statements of Stabilus SE as of September 30, 2024 in accordance with IFRS 3.45. As of March 31, 2025, Stabilus has completed the full purchase price allocation of the business combination with the Destaco Group without any adjustments to the reported values in the consolidated financial statements as of September 30, 2024.
Please refer to the disclosures on page 107 onwards in the annual report as of September 30, 2024 for more information on the business combination. The fair values of the identifiable assets and liabilities of the acquired company as of the acquisition date in accordance with IFRS 3.18 are shown in the following table:
| Business combinations | T_{027} |
|---|---|
| IN € THOUSANDS | Destaco Group |
| Assets | |
| Property, plant and equipment | 50,940 |
| Other intangible assets | 271,002 |
| Other assets | 1,110 |
| Deferred tax assets | 1,781 |
| Total non-current assets | 324,833 |
| Inventories | 49,813 |
| Trade and other receivables | 31,932 |
| Other assets | 1,315 |
| Cash and cash equivalents | 1,499 |
| Total current assets | 84,559 |
| Total assets | 409,392 |
| Business combinations | T_{027} |
| --- | --- |
| IN € THOUSANDS | Destaco Group |
| Equity and liabilities | |
| Other financial liabilities | 12,325 |
| Pension plans and similar obligations | 4,602 |
| Deferred tax liabilities | 27,549 |
| Total non-current liabilities | 44,476 |
| Trade accounts payable | 22,598 |
| Other financial liabilities | 441 |
| Provisions | 3,212 |
| Other liabilities | 11,432 |
| Total current liabilities | 37,683 |
| Total equity and liabilities | 82,159 |
| Net assets | 327,233 |
| Consideration transferred | 630,248 |
| Goodwill | 303,015 |
| Goodwill adjustment from cash flow hedges for the purchase price | 8,181 |
| Total goodwill | 311,196 |
STABILUS INTERIM REPORT H1 FY2025
A INTERIM GROUP MANAGEMENT REPORT
B CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
Notes to the condensed interim consolidated financial statements
C ADDITIONAL INFORMATION
3
3 Revenue
The Group's revenue developed as follows:
Revenue by region and business unit
T_028
| Q2 for the period from January 1 to March 31, | H1 for the period from October 1 to March 31, | |||
|---|---|---|---|---|
| IN € THOUSANDS | 2025 | 2024 | 2025 | 2024 |
| EMEA | ||||
| Automotive Gas Spring | 31,681 | 32,968 | 60,705 | 63,187 |
| Automotive Powerise® | 27,843 | 29,616 | 53,960 | 58,324 |
| Industrial Components | 71,114 | 74,938 | 128,442 | 134,255 |
| Industrial Automation (Destaco) | 13,363 | - | 26,263 | - |
| Total EMEA¹) | 144,001 | 137,522 | 269,370 | 255,766 |
| Americas | ||||
| Automotive Gas Spring | 28,736 | 30,566 | 54,197 | 58,297 |
| Automotive Powerise® | 38,513 | 45,334 | 68,321 | 84,674 |
| Industrial Components | 32,254 | 33,413 | 64,459 | 65,405 |
| Industrial Automation (Destaco) | 28,215 | - | 54,443 | - |
| Total Americas¹) | 127,718 | 109,313 | 241,420 | 208,376 |
| APAC | ||||
| Automotive Gas Spring | 23,854 | 23,753 | 53,606 | 55,284 |
| Automotive Powerise® | 31,310 | 37,073 | 75,909 | 87,692 |
| Industrial Components | 5,947 | 5,854 | 12,608 | 11,801 |
| Industrial Automation (Destaco) | 5,153 | - | 11,028 | - |
| Total APAC¹) | 66,264 | 66,680 | 153,151 | 154,777 |
| Stabilus Group | ||||
| Total Automotive Gas Spring | 84,271 | 87,287 | 168,508 | 176,768 |
| Total Automotive Powerise® | 97,666 | 112,023 | 198,190 | 230,690 |
| Total Industrial Components | 109,315 | 114,205 | 205,509 | 211,461 |
| Total Industrial Automation (Destaco) | 46,731 | - | 91,734 | - |
| Revenue¹) | 337,983 | 313,515 | 663,941 | 618,919 |
¹) Revenue breakdown by location of Stabilus company (i.e., "billed-from view").
STABILUS INTERIM REPORT H1 FY2025
A INTERIM GROUP MANAGEMENT REPORT
B CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
Notes to the condensed interim consolidated financial statements
C ADDITIONAL INFORMATION
37
4 Finance income
Finance income was down €(4.9) million, from +€7.2 million in the first half of fiscal 2024 to +€2.3 million in the first half of fiscal 2025. This decline firstly reflects non-recurring exchange rate gains from currency forwards of €3.4 million entered into in the previous year to hedge the exchange risk in connection with the Destaco Group. Secondly, interest income from investments generated by the Group was down +€2.8 million compared to the same period in the previous year. Net foreign exchange gains of €1.2 million were incurred from the translation of foreign currency cash and cash equivalents as well as from other financial liabilities (lease liabilities) in the first half of fiscal 2025 (PY: net foreign exchange losses €(3.1) million).
| Finance income | ||||
|---|---|---|---|---|
| Q2 for the period from January 1 to March 31, | H1 for the period from October 1 to March 31, | |||
| IN € THOUSANDS | 2025 | 2024 | 2025 | 2024 |
| Interest income on loans and financial receivables | 189 | 1,556 | 399 | 3,183 |
| Net foreign exchange gains | – | 868 | 1,242 | – |
| Gains from derivative financial instruments | 425 | 420 | 564 | 3,796 |
| Other interest income | 23 | 102 | 49 | 171 |
| Finance income | 637 | 2,946 | 2,254 | 7,150 |
STABILUS INTERIM REPORT H1 FY2025
A INTERIM GROUP MANAGEMENT REPORT
B CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
Notes to the condensed interim consolidated financial statements
C ADDITIONAL INFORMATION
3
5 Finance costs
Finance costs saw a rise of €(6.0) million, from €(14.1) million in the first half of fiscal 2024 to €(20.1) million in the first half of fiscal 2025. This increase is mainly due to the increase in interest expenses of €(9.6) million as a result of the increased debt in connection with the acquisition of the Destaco Group. Net foreign exchange losses of €(3.1) million were also incurred from the translation of foreign currency cash and cash equivalents, as well as from other financial liabilities (lease liabilities) in the previous year.
Finance costs also contain ongoing interest expenses. The interest expense for financial liabilities of €(17.5) million in the first half of fiscal 2025 (H1 FY2024: €(7.5) million) relates in particular to the credit facilities, €(16.2) million of which (H1 FY2024: €(7.4) million) relates to interest paid. Interest on provisions for pensions and early retirement contracts amounted to €(0.9) million (H1 FY2024: €(0.9) million).
6 Income taxes
Following an income tax expense of €(14.0) million in the first half of fiscal 2024, the Stabilus Group reported an expense of €(10.7) million in the first half of fiscal 2025. The effective tax rate of the Stabilus Group is 29.6% in the first half of fiscal 2025 (H1 FY2024: 31.6%). Withholding tax charges on intragroup dividends had a negative impact on the tax rate in both the 2024 and 2025 financial years, while the effect was more pronounced in the 2024 financial year due to higher dividend payouts.
| Finance costs
T_030 | | | | |
| --- | --- | --- | --- | --- |
| IN € THOUSANDS | Q2 for the period from January 1 to March 31, | | H1 for the period from October 1 to March 31, | |
| | 2025 | 2024 | 2025 | 2024 |
| Interest expense on financial liabilities | (7,480) | (3,369) | (16,468) | (6,878) |
| Net foreign exchange losses | (1,291) | – | – | (3,148) |
| Interest expenses for lease liabilities | (500) | (334) | (991) | (655) |
| Loss from changes of the carrying amount of other financial assets and liabilities | (950) | (1,647) | (950) | (1,647) |
| Other interest expenses | (973) | (1,075) | (1,663) | (1,723) |
| Finance costs | (11,194) | (6,425) | (20,072) | (14,052) |
STABILUS INTERIM REPORT H1 FY2025
A INTERIM GROUP MANAGEMENT REPORT
B CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
Notes to the condensed interim consolidated financial statements
C ADDITIONAL INFORMATION
39
7 Earnings per share
The weighted average number of shares used to calculate earnings per share in the first six months ended March 31, 2025 and 2024 is shown in the following table:
Weighted average number of shares
T.031
| DATE | Number of days | Transaction | Change | Total shares | Total shares (time-weighted) |
|---|---|---|---|---|---|
| October 1, 2023 | 182 | 24,700,000 | 24,700,000 | ||
| March 31, 2024 | 24,700,000 | 24,700,000 | |||
| October 1, 2024 | 181 | 24,700,000 | 24,700,000 | ||
| March 31, 2025 | 24,700,000 | 24,700,000 |
The earnings per share for the first six months of the fiscal year ended March 31, 2025 and 2024 were as follows:
Earnings per share
T.032
| H1 for the period from October 1 to March 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Profit / (loss) attributable to shareholders of the parent (in € thousands) | 24,775 | 29,105 |
| Weighted average number of shares | 24,700,000 | 24,700,000 |
| Earnings per share (in €) | 1.00 | 1.18 |
Basic and diluted earnings per share are calculated by dividing the profit attributable to the shareholders of the Company by the weighted average number of shares outstanding. As in the previous year, there were no dilutive items as of March 31, 2025. Accordingly, diluted earnings per share are the same as basic earnings per share.
STABILUS INTERIM REPORT H1 FY2025
A INTERIM GROUP MANAGEMENT REPORT
B CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
Notes to the condensed interim consolidated financial statements
C ADDITIONAL INFORMATION
8 Property, plant and equipment
The carrying amounts of property, plant and equipment are presented in the following table:
Property, plant and equipment – carrying amount T_033
| IN € THOUSANDS | March 31, 2025 | September 30, 2024 |
|---|---|---|
| Buildings and land | 23,371 | 23,188 |
| Building and land improvements | 46,550 | 46,834 |
| Technical equipment and machinery | 114,904 | 112,011 |
| Other tangible assets | 22,564 | 22,988 |
| Construction in progress | 58,200 | 52,588 |
| Right-of-use-asset – Building and land improvements | 35,127 | 36,881 |
| Right-of-use-asset – Technical equipment and machinery | 255 | 418 |
| Right-of-use-asset – Other tangible equipment | 5,610 | 5,404 |
| Total | 306,581 | 300,311 |
Property, plant and equipment includes right-of-use assets due to the application of IFRS 16 (Leases). Please refer to Note 19 "Leases" for additional information on future lease payments.
Property, plant and equipment amounted to €306,581 thousand as of March 31, 2025 (September 30, 2024: €300,311 thousand). In the first six months of fiscal 2025, the Group invested €29,881 thousand (H1 FY2024: €22,771 thousand) in property, plant and equipment.
In addition, the Group concluded new leasing contracts in the amount of €3,461 thousand (H1 FY2024: €3,228 thousand), especially for buildings in the amount of €1,818 thousand (H1 FY2024: €2,301 thousand) and for other property, plant and equipment in the amount of €1,639 thousand (H1 FY2024: €926 thousand).
No government grants were provided for property, plant and equipment in the first half of fiscal 2025 or in the first half of fiscal 2024.
Contractual commitments for the acquisition of property, plant and equipment amounted to €9,541 thousand (September 30, 2024: €13,334 thousand).
The advance payments of the Stabilus Group for property, plant and equipment and intangible assets in the amount of €2,167 thousand (September 30, 2024: €365 thousand) were included in construction in progress. Larger prepayments are typically secured by a bank guarantee or ensured by an in-depth check of the relevant supplier.
9 Other intangible assets
The carrying amounts of other intangible assets are presented in the following table:
Other intangible assets – carrying amount T_034
| IN € THOUSANDS | March 31, 2025 | September 30, 2024 |
|---|---|---|
| Development cost | 43,552 | 46,274 |
| Development costs for construction in progress | 47,296 | 35,999 |
| Software | 5,851 | 8,812 |
| Patents | 530 | 471 |
| Customer relationships | 277,991 | 282,713 |
| Technology | 76,125 | 77,437 |
| Trade names | 25,449 | 26,195 |
| Total | 476,794 | 477,903 |
As of March 31, 2025, other intangible assets amounted to €476,794 thousand (September 30, 2024: €447,903 thousand). Additions to intangible assets in the first six months of fiscal 2025 amounted to €16,206 thousand (H1 FY2024: €13,854 thousand). This can primarily be attributed to capitalized costs for development projects of €15,788 thousand (H1 FY2024: €13,157 thousand) (net of related customer grants).
Amortization of capitalized internal development projects amounted to €(6,371) thousand (H1 FY2024: €(6,372) thousand). Amortization expenses on development costs include impairment losses of €(116) thousand (H1 FY2024: €(784) thousand) due to the withdrawal of customers from the respective projects. The impairment losses are included in the cost of sales.
Contractual commitments for the acquisition of intangible assets amount to €900 thousand (September 30, 2024: €962 thousand).
STABILUS INTERIM REPORT H1 FY2025
A INTERIM GROUP MANAGEMENT REPORT
B CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
Notes to the condensed interim consolidated financial statements
C ADDITIONAL INFORMATION
41
10 Other financial assets
T.035
Other financial assets
| IN € THOUSANDS | March 31, 2025 | September 30, 2024 | ||||
|---|---|---|---|---|---|---|
| Current | Non-current | Total | Current | Non-current | Total | |
| Derivatives designated as hedges | - | 962 | 962 | - | - | - |
| Call option | - | 23 | 23 | - | 41 | 41 |
| Other miscellaneous | 66 | - | 66 | 759 | - | 759 |
| Other financial assets | 66 | 985 | 1,051 | 759 | 41 | 800 |
Miscellaneous
Other financial assets as of March 31, 2025 primarily comprise derivative financial instruments consisting of interest rate swaps and a recognized call option for the acquisition of interests (Cultraro) from non-controlling interests. In addition, an amount of €66 thousand (September 30, 2024: €66 thousand) relates to the amount retained from the sale of trade accounts receivable from a factoring arrangement of €17.6 million (September 30, 2024: €11.9 million). Stabilus considers that its other financial assets have a low credit risk based on the external credit ratings of customers, and impairment losses are considered immaterial.
STABILUS INTERIM REPORT H1 FY2025
A INTERIM GROUP MANAGEMENT REPORT
B CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
Notes to the condensed interim consolidated financial statements
C ADDITIONAL INFORMATION
42
11 Other assets
Other assets
T.036
| IN € THOUSANDS | March 31, 2025 | September 30, 2024 | ||||
|---|---|---|---|---|---|---|
| Current | Non-current | Total | Current | Non-current | Total | |
| VAT | 7,703 | – | 7,703 | 7,108 | – | 7,108 |
| Prepayments | 4,344 | – | 4,344 | 4,086 | – | 4,086 |
| Deferred charges | 19,315 | – | 19,315 | 14,827 | – | 14,827 |
| Other miscellaneous | 5,398 | 1,881 | 7,279 | 3,126 | 1,807 | 4,933 |
| Other assets | 36,760 | 1,881 | 38,641 | 29,147 | 1,807 | 30,954 |
12 Inventories
Inventories that are expected to be turned over within twelve months amounted to €215,499 thousand (September 30, 2024: €223,590 thousand).
Inventories
T.037
| IN € THOUSANDS | March 31, 2025 | September 30, 2024 |
|---|---|---|
| Raw materials and supplies | 122,079 | 124,605 |
| Finished products | 41,414 | 42,873 |
| Work in progress | 30,290 | 32,322 |
| Merchandise | 21,716 | 23,790 |
| Inventories | 215,499 | 223,590 |
STABILUS INTERIM REPORT H1 FY2025
A INTERIM GROUP MANAGEMENT REPORT
B CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS Notes to the condensed interim consolidated financial statements
C ADDITIONAL INFORMATION
13 Trade and other receivables
Trade and other receivables include the following items:
| IN € THOUSANDS | March 31, 2025 | September 30, 2024 |
|---|---|---|
| Trade accounts receivable | 209,855 | 206,630 |
| Other receivables | 1 | 444 |
| Allowance for doubtful accounts | (3,472) | (3,688) |
| Trade and other receivables | 206,384 | 203,386 |
14 Income tax receivables
As of March 31, 2025, current tax assets amounted to €6,273 thousand (September 30, 2024: €5,559 thousand) and are measured at the amount expected to be recovered from the taxation authorities when the amount already paid in respect of current and prior periods exceeds the amount due for those periods.
15 Cash and cash equivalents
Cash and cash equivalents include cash on hand and liquid funds and demand deposits in banks. As of March 31, 2025, cash and cash equivalents amounted to €95,093 thousand (September 30, 2024: €109,426 thousand). Cash in banks earned interest at floating rates based on daily bank deposit rates.
16 Equity
The development of the equity is presented in the statement of changes in equity.
Issued capital
The capital subscribed as of March 31, 2025, was €24.7 million (September 30, 2024: €24.7 million) and was fully paid up.
Authorized capital
By way of resolution of the Annual General Meeting on February 15, 2023, the authorized capital (Authorized Capital 2023/1) of the Company was increased by €4,940 thousand up to February 14, 2028 and now amounts to €7,410 thousand. Stabilus could therefore still issue 7.4 million shares (with a nominal value of €1.00 each), which represents 30% of the shares issued to date. By resolution of the Extraordinary General Meeting on August 11, 2022, the Company's authorized capital was set at €2,470 thousand (authorized capital 2022).
Authorization to acquire treasury shares
At the Annual General Meeting on February 15, 2023, the company was authorized up to February 14, 2028 to acquire and use treasury shares in line with the provisions of German corporate law. The treasury shares must not exceed 10% of the share capital of the Company at any time.
The company did not acquire any treasury shares in the first half of fiscal 2025 or in the whole of fiscal 2024.
Capital reserves
The capital reserves amounted to €201,395 thousand as of March 31, 2025 (September 30, 2024: €201,395 thousand). The capital reserves are reported separately to show the total amount of capital that shareholders have contributed to the Company in addition to the Company's issued capital.
Retained earnings
Retained earnings as of March 31, 2025 came to €473,318 thousand (September 30, 2024: €476,948 thousand) and included the Group's net result for the first half of fiscal 2025 of €24,775 thousand.
Dividends
By resolution of the Annual General Meeting on February 5, 2025, a dividend payment of €1.15 per share was agreed for fiscal year 2024 (PY: €1.75 per share); the distribution ratio is 40.5% (PY: 42.5%) of the consolidated result attributable to the shareholders of Stabilus SE. A dividend of €28.41 million (PY: €43.23 million) was thus paid to our shareholders in the first half of fiscal 2025. Dividends of €397 thousand (H1 FY2024: €259 thousand) were also paid to non-controlling shareholders of a Stabilus subsidiary in the first half of fiscal 2025.
Non-controlling interests
Non-controlling interests amounted to €30,976 thousand as of March 31, 2025 (September 30, 2024: €27,859 thousand). Changes in the first half of fiscal 2025 related primarily to the profit from operating activities attributable to non-controlling interests and the change from currency translation.
STABILUS INTERIM REPORT H1 FY2025
A INTERIM GROUP MANAGEMENT REPORT
B CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
Notes to the condensed interim consolidated financial statements
C ADDITIONAL INFORMATION
Other reserves
The following table shows a breakdown of the line item "Other reserves" and the movements in such reserves during the reporting period:
Other reserves
T.039
| IN € THOUSANDS | Cumulative foreign currency translation adjustment1) | Unrealized actuarial gains and losses2) | Hedge of cash flows from financial instruments1) | Other reserves attributable to shareholders of Stabilus | Non-controlling interests | Total |
|---|---|---|---|---|---|---|
| Balance as of September 30, 2023 | 2,758 | (3,538) | 130 | (650) | (3,756) | (4,406) |
| Before tax | (46,512) | (4,918) | (3,674) | (55,104) | (908) | (56,012) |
| Tax (expense) / benefit | – | 1,466 | 1,114 | 2,580 | – | 2,580 |
| Other comprehensive income / (expense), net of taxes | (46,512) | (3,452) | (2,560) | (52,524) | (908) | (53,432) |
| Balance as of September 30, 2024 | (43,754) | (6,990) | (2,430) | (53,174) | (4,664) | (57,838) |
| Before tax | 10,158 | 82 | 2,449 | 12,689 | 2,771 | 15,460 |
| Tax (expense) / benefit | – | 57 | (714) | (657) | – | (657) |
| Other comprehensive income / (expense), net of taxes | 10,158 | 139 | 1,735 | 12,032 | 2,771 | 14,803 |
| Balance as of March 31, 2025 | (33,596) | (6,851) | (695) | (41,142) | (1,893) | (43,035) |
1) Items that may be reclassified in profit or loss in the future if certain conditions are met.
2) Items that are not reclassified in profit or loss.
Exchange differences arising on the translation of the financial statements of the Group's foreign operations are recognized in other comprehensive income and shown in a separate reserve within equity, which is reported in the table as the cumulative foreign currency translation adjustment. On disposal of a foreign operation, the related amount is reclassified out of the cumulative foreign currency translation adjustment into profit or loss, where it is recognized as part of the gain or loss on disposal. Hedge
accounting is used for hedges of cash flows from financial instruments. When hedge accounting for cash flow hedges ends, the amount cumulatively recognized in other comprehensive income remains there if the hedged future cash flows are still expected to occur. Otherwise, the amount is immediately reclassified to profit or loss as a reclassification adjustment. The ineffective portion is recognized directly in profit or loss.
The unrealized actuarial gains and losses relate to the Stabilus defined benefit pension plan.
STABILUS INTERIM REPORT H1 FY2025
A INTERIM GROUP MANAGEMENT REPORT
B CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
Notes to the condensed interim consolidated financial statements
C ADDITIONAL INFORMATION
17 Financial liabilities
Financial liabilities comprise the following items:
Financial liabilities
T.040
| IN € THOUSANDS | March 31, 2025 | September 30, 2024 | ||||
|---|---|---|---|---|---|---|
| Current | Non-current | Total | Current | Non-current | Total | |
| Senior facilities | - | 100,000 | 100,000 | - | 100,000 | 100,000 |
| Promissory note loan | 83,000 | 356,715 | 439,715 | - | 399,715 | 399,715 |
| Revolving credit line | 25,000 | 219,398 | 244,398 | - | 257,145 | 257,145 |
| Other facilities | 7,041 | 257 | 7,298 | 20,546 | 386 | 20,932 |
| Financial liabilities | 115,041 | 676,370 | 791,411 | 20,546 | 757,246 | 777,792 |
On June 28, 2022, Stabilus entered into a new facilities agreement with Commerzbank Aktiengesellschaft, DZ Bank AG, Landesbank Baden-Württemberg, Landesbank Hessen-Thüringen Girozentrale and UniCredit Bank AG as the mandated lead arrangers and facility agent. The facilities agreement is for an amount of €450.0 million with a basic term of five years and a prolongation option of two additional years up to no longer than 2029. The facilities comprise a syndicated loan facility of €100.0 million and a syndicated revolving loan facility of €350.0 million. Depending on the Company's gearing, the facility bears interest at between 50 and 150 basis points above Euribor. The Group's liabilities under the senior facility (the syndicated credit facilities loans in the amount of €344.4 million) are measured at amortized cost. The second prolongation option up to June 28, 2029, was exercised in April 2024.
As of March 31, 2025, the promised revolving credit line of €350.0 million with a volume of €244.4 million was utilized to refinance the acquisition of the Destaco Group (September 30, 2024: €257.2 million). The Group also utilized €3.0 million of the revolving credit line of €350.0 million to secure existing guarantees.
Stabilus issued a promissory note loan (Schuldscheindarlehen) with a total volume of €95.0 million on March 4, 2021 through its subsidiary Stabilus GmbH and with Stabilus SE acting as guarantor. The tranches of the promissory note loan with maturities of five and seven years bear variable interest rates.
Stabilus issued a second promissory note loan with a volume of €55.0 million through its subsidiary Stabilus GmbH on January 28, 2022. Stabilus GmbH serves as the guarantor. The term is five years with a variable interest rate.
On September 27, 2024, Stabilus SE issued a promissory note loan of €250.0 million. Stabilus GmbH serves as the guarantor. The term is between three and five years, with fixed and variable interest rates in each case.
On October 25, 2024, Stabilus SE issued a promissory note loan in the form of a latecomer tranche to the promissory note loan transaction conducted in September 2024 totaling €40 million. The promissory note loan consists of two tranches with maturities of three and five years, each with fixed interest rates.
Stabilus now has a total promissory note loan volume of €440.0 million. Further details are described in the table below:
Overview of promissory note loan tranches
T.041
IN € THOUSANDS
| Tranche | Volume | Interest rate | Expiry date |
|---|---|---|---|
| 5 years variable | 83,000 | 6M-Euribor + 100 bp | March 4, 2026 |
| 5 years variable | 55,000 | 6M-Euribor + 80 bp | January 28, 2027 |
| 7 years variable | 12,000 | 6M-Euribor + 125 bp | March 4, 2028 |
| 3 years variable | 87,000 | 6M-Euribor + 140 bp | September 27, 2027 |
| 3 years fixed | 23,000 | 3.781% | September 27, 2027 |
| 3 years fixed | 20,000 | 3.806% | September 27, 2027 |
| 5 years variable | 79,000 | 6M-Euribor + 160 bp | September 27, 2029 |
| 5 years fixed | 61,000 | 3.944% | September 27, 2029 |
| 5 years fixed | 20,000 | 3.998% | September 27, 2029 |
| Total | 440,000 |
STABILUS INTERIM REPORT H1 FY2025
A INTERIM GROUP MANAGEMENT REPORT
B CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
Notes to the condensed interim consolidated financial statements
C ADDITIONAL INFORMATION
46
18 Other financial liabilities
Other financial liabilities include lease liabilities, derivative financial instruments and a put option for minority shareholders concluded as part of the business combination with the Cultraro Group for 40% of the non-controlling interests.
The decrease is mainly due to the payments of lease liabilities, which were offset by new leases in the first half of fiscal 2025.
A detailed description for calculating the fair value is provided under liabilities from put options (page 106) and in financial instruments (page 138, sub-note 33) in the accounting policies in the consolidated financial statements as of September 30, 2024.
Other financial liabilities
T_042
| IN € THOUSANDS | March 31, 2025 | September 30, 2024 | ||||
|---|---|---|---|---|---|---|
| Current | Non-current | Total | Current | Non-current | Total | |
| Lease liabilities | 10,263 | 31,125 | 41,388 | 9,625 | 33,550 | 43,175 |
| Derivative liabilities | 1,067 | 880 | 1,947 | 1,200 | 2,050 | 3,250 |
| Put option | - | 23,958 | 23,958 | - | 23,026 | 23,026 |
| Other financial liabilities | 11,330 | 55,963 | 67,293 | 10,825 | 58,626 | 69,451 |
STABILUS INTERIM REPORT H1 FY2025
A INTERIM GROUP MANAGEMENT REPORT
B CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
Notes to the condensed interim consolidated financial statements
C ADDITIONAL INFORMATION
47
19 Leases
Future minimum lease payments from leases that cannot be terminated are expected to amount to €48.9 million in the next few years (September 30, 2024: €50.8 million). Lease payments of €12.0 million (September 30, 2024: €11.4 million) from this amount are payable within the next year.
As of March 31, 2025, lease liabilities came to €41.4 million (September 30, 2024: €43.2 million). Of this amount, €10.3 million (September 30, 2024: €9.6 million) is payable within the next year.
The Stabilus Group expects interest expenses on lease liabilities of €1.8 million (September 30, 2024: €1.7 million) for the fiscal year.
Outflows for lease payments
T_043
| IN € THOUSANDS | March 31, 2025 | September 30, 2024 |
|---|---|---|
| Within 1 year | 12,026 | 11,359 |
| > 1 year to 5 years | 24,186 | 27,357 |
| > 5 years | 12,726 | 12,120 |
| Total | 48,938 | 50,835 |
Interest expense on lease liabilities
T_044
| IN € THOUSANDS | March 31, 2025 | September 30, 2024 |
|---|---|---|
| Within 1 year | 1,763 | 1,734 |
| > 1 year to 5 years | 3,891 | 3,885 |
| > 5 years | 1,896 | 2,041 |
| Total | 7,550 | 7,660 |
Maturity of lease liabilities
T_045
| IN € THOUSANDS | March 31, 2025 | September 30, 2024 |
|---|---|---|
| Within 1 year | 10,263 | 9,625 |
| > 1 year to 5 years | 20,295 | 23,472 |
| > 5 years | 10,830 | 10,078 |
| Total | 41,388 | 43,175 |
STABILUS INTERIM REPORT H1 FY2025
A INTERIM GROUP MANAGEMENT REPORT
B CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS Notes to the condensed interim consolidated financial statements
C ADDITIONAL INFORMATION
48
20 Provisions
The discount rate for part-time retirement used to calculate long-term provisions (range from 2.82% to 3.49%) was applied in accordance with the external expert report (FY 2024: range from 3.17% to 3.49%). For all other non-current provisions, the interest rate was between 4.8% and 5.8% as of March 31, 2025 (FY2024: between 4.8% and 5.8%).
The development of the current and non-current provisions is set out in the table below:
Provisions
T.046
| IN € THOUSANDS | March 31, 2025 | September 30, 2024 | ||||
|---|---|---|---|---|---|---|
| Current | Non-current | Total | Current | Non-current | Total | |
| Anniversary benefits | 13 | 193 | 206 | 8 | 192 | 200 |
| Early retirement contracts | 1,800 | 2,229 | 4,029 | 1,810 | 1,903 | 3,713 |
| Personnel expenses | 11,235 | 4,081 | 15,316 | 12,492 | 3,981 | 16,473 |
| Bioremediation | 2,422 | 514 | 2,936 | 2,590 | 496 | 3,086 |
| Purchase commitments | 3,792 | - | 3,792 | 3,292 | - | 3,292 |
| Legal and litigation costs | 111 | - | 111 | 118 | - | 118 |
| Warranties | 6,251 | 7,397 | 13,648 | 6,761 | 8,020 | 14,781 |
| Other miscellaneous | 9,094 | 502 | 9,596 | 10,186 | 491 | 10,677 |
| Provisions | 34,718 | 14,916 | 49,634 | 37,257 | 15,083 | 52,340 |
The provision for employee-related expenses comprises employee bonuses and termination benefits.
The provision for bioremediation relates to the former Stabilus Inc. US site in Colmar, PE, USA. The provision fell in the first six months of fiscal 2025 from €3,086 thousand to €2,936 thousand as a result of it being utilized. These provisions primarily related to the costs for the contractor that is carrying out the bioremediation over the next few years. For a detailed description of how the provision for bioremediation is calculated for the Group, please refer to sub-note 27, Provisions, in the consolidated financial statements as of September 30, 2024 (p. 131 et seq.).
21 Pension plans and similar obligations
The Group's liabilities for pension plans and similar obligations decreased by €(398) thousand from €47,334 thousand as of September 30, 2024 to €46,936 thousand as of March 31, 2025. The discount rate was 3.42% as of March 31, 2025 compared with 3.52% as of September 30, 2024.
22 Deferred tax liabilities
Deferred tax liabilities amounted to €62,410 thousand as of March 31, 2025 (September 30, 2024: €64,180 thousand). The decline can primarily be attributed to the straight-line amortization on purchase price allocations recognized in previous financial years as well as to the use of recognized interest carryforwards.
23 Income tax liabilities
Current income tax liabilities amounted to €12,138 thousand (September 30, 2024: €14,109 thousand) and comprise corporate and trade taxes.
STABILUS INTERIM REPORT H1 FY2025
A INTERIM GROUP MANAGEMENT REPORT
B CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
Notes to the condensed interim consolidated financial statements
C ADDITIONAL INFORMATION
49
24 Other liabilities
The following table sets out the breakdown of the Group's other liabilities:
Other liabilities
T_047
| IN € THOUSANDS | March 31, 2025 | September 30, 2024 | ||||
|---|---|---|---|---|---|---|
| Current | Non-current | Total | Current | Non-current | Total | |
| Liabilities to employees | 12,489 | - | 12,489 | 15,938 | - | 15,938 |
| Social security contributions | 3,790 | - | 3,790 | 6,148 | - | 6,148 |
| Advance payments received | 9,920 | - | 9,920 | 4,606 | - | 4,606 |
| Vacation expenses | 7,177 | - | 7,177 | 5,603 | - | 5,603 |
| Other personnel-related expenses | 9,010 | - | 9,010 | 10,913 | - | 10,913 |
| Other miscellaneous | 622 | - | 622 | 5,009 | - | 5,009 |
| Other liabilities | 43,008 | - | 43,008 | 48,217 | - | 48,217 |
Liabilities to employees essentially comprise outstanding wages and salaries.
STABILUS INTERIM REPORT H1 FY2025
A INTERIM GROUP MANAGEMENT REPORT
B CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
Notes to the condensed interim consolidated financial statements
C ADDITIONAL INFORMATION
50
25 Contingent liabilities and other financial commitments
Contingent liabilities
A contingent liability is: a) a possible obligation that arises from past events and the existence of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity, or b) a present obligation that arises from past events but is not recognized because
- it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation; or
- the amount of the obligation cannot be measured with sufficient reliability.
Guarantees
A detailed description of the guarantees granted by the Group can be found in the consolidated financial statements as of September 30, 2024. There were no material changes in the first half of fiscal 2025.
Other financial commitments
The purchase commitment for property, plant and equipment and other intangible assets decreased from €14,296 thousand as of September 30, 2024, to €10,441 thousand as of March 31, 2025.
The nominal values of other financial commitments are as follows:
| Contingent liabilities and other financial commitments | ||
|---|---|---|
| T,048 | ||
| IN € THOUSANDS | March 31, 2025 | September 30, 2024 |
| Purchase commitment for non-current assets | 9,541 | 13,334 |
| Purchase commitment for other intangible assets | 900 | 962 |
| Total | 10,441 | 14,296 |
STABILUS INTERIM REPORT H1 FY2025
A INTERIM GROUP MANAGEMENT REPORT
B CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
Notes to the condensed interim consolidated financial statements
C ADDITIONAL INFORMATION
26 Financial instruments
The following table shows the carrying amounts and fair values of the Group's financial instruments within the meaning of IFRS 7 and by measurement category. The fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
Financial instruments
T_049
| IN € THOUSANDS | Measurement category acc. to IFRS 9 | March 31, 2025 | September 30, 2024 | ||
|---|---|---|---|---|---|
| Carrying amount | Fair value¹⁾ | Carrying amount | Fair value¹⁾ | ||
| Other investments | FVtPL | 6,000 | 6,000 | 6,000 | 6,000 |
| Trade and other receivables | AC | 206,384 | – | 203,386 | – |
| Cash and cash equivalents | AC | 95,093 | – | 109,426 | – |
| Other financial assets | AC | 66 | – | 66 | – |
| Derivatives designated as hedges | n/a | 962 | – | – | – |
| Assets from call option | FVtPL | 23 | 23 | 41 | 41 |
| Contingent consideration | FVtPL | – | – | 693 | 693 |
| Total financial assets | 308,528 | 6,023 | 319,612 | 6,734 | |
| Financial liabilities | FLAC | 791,411 | 813,195 | 777,792 | 805,817 |
| Trade accounts payable | FLAC | 148,073 | – | 159,652 | – |
| Lease liabilities | n/a | 41,388 | – | 43,175 | – |
| Liabilities from put option | FVtPL | 23,958 | 23,958 | 23,026 | 23,026 |
| Derivatives designated as hedges | n/a | 1,947 | – | 3,251 | – |
| Total financial liabilities | 1,006,777 | 837,153 | 1,006,896 | 828,843 | |
| Aggregated according to IFRS 9 categories: | |||||
| Financial assets measured at amortized cost (AC) | 301,543 | – | 312,878 | – | |
| Financial assets measured at fair value through profit or loss (FVtPL) | 6,023 | 6,023 | 6,734 | 6,734 | |
| Financial liabilities measured at fair value through profit or loss (FVtPL) | 23,958 | 23,958 | 23,026 | 23,026 | |
| Financial liabilities measured at amortized cost (FLAC) | 939,484 | 813,195 | 937,444 | 805,817 |
¹⁾ The simplification option under IFRS 7.29a was utilized. This does not apply to other investments and the contingent consideration.
STABILUS INTERIM REPORT H1 FY2025
A INTERIM GROUP MANAGEMENT REPORT
B CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
Notes to the condensed interim consolidated financial statements
C ADDITIONAL INFORMATION
The following table provides an overview of the classification of financial instruments presented above in the fair value hierarchy (Level 1 to Level 3), except for financial instruments with fair values corresponding to the carrying amounts (i.e., trade accounts receivable and payable, cash and other financial liabilities):
Financial instruments
T,050
| IN € THOUSANDS | March 31, 2025 | September 30, 2024 | ||||||
|---|---|---|---|---|---|---|---|---|
| Total | Level 1¹⁾ | Level 2²⁾ | Level 3³⁾ | Total | Level 1¹⁾ | Level 2²⁾ | Level 3³⁾ | |
| Financial liabilities | ||||||||
| Senior facilities | 346,571 | - | 346,571 | - | 359,498 | - | 359,498 | - |
| Promissory note loan | 459,325 | - | 459,325 | - | 425,773 | - | 425,773 | - |
| Liabilities from put option | 23,958 | - | - | 23,958 | 23,026 | - | - | 23,026 |
| Other facilities | 7,298 | - | 7,298 | - | 20,546 | - | 20,546 | - |
| Derivatives designated as hedges | 1,947 | - | 1,947 | - | 3,251 | - | 3,251 | - |
| Financial assets | ||||||||
| Investments | 6,000 | - | - | 6,000 | 6,000 | - | - | 6,000 |
| Call option | 23 | - | - | 23 | 41 | 41 | ||
| Derivatives designated as hedges | 962 | - | 962 | - | - | - | - | - |
| Contingent consideration | - | - | - | - | 693 | - | 693 | - |
¹⁾ Fair value measurement based on quoted prices (unadjusted) in active markets for these or identical instruments.
²⁾ Fair value measurement based on inputs that are observable on active markets either directly (i.e. as prices) or indirectly (i.e. derived from prices).
³⁾ Fair value measurement based on inputs that are not observable market data.
The hierarchy level to which the fair value measurement is assigned is determined based on the lowest level input that is significant to the measurement as a whole. If circumstances arise that require a different classification, it will be reclassified on the effective date. It is the Group's policy to recognize transfers into and out of a level of the fair value hierarchy at the date of the event or change in circumstances that caused the transfer. No transfers between Level 2 and Level 3 of the fair value hierarchy were conducted in the first six months of fiscal 2025.
The fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The following methods and assumptions were used to estimate the fair values in the current and in the prior fiscal year:
- Senior secured bonds, revolving long-term credit line, bridge financing and the promissory note loan are classified in Level 2 of the fair value hierarchy because the instruments themselves are not traded in an active market, but all the material inputs required to measure fair value are observable in active markets. Their fair value is estimated using a present value technique by discounting the contractual cash flows using the implied returns on similar instruments from entities of similar standing and marketability. The most significant input is the discount rate that reflects the credit risk of the issuer. The Group obtains the valuation for its senior secured bonds from an independent service provider on a quarterly basis. The fair value of the contingent consideration does not underlie any variation. The recognized amount is fixed in the purchase agreement. The carrying amounts of trade accounts receivable, cash and cash equivalents, other financial assets and trade accounts payable closely approximate their fair value due to their predominantly short-term nature.
- The interest rate swap is measured according to Level 2 due to its nature. Standard market methods are used in which the valid market interest rates (3M/6M Euribor and ESTR interest rate) as of the measurement date are used as inputs.
- Gains and losses in connection with financial instruments recognized in Level 3 are accounted for through profit or loss in the other financial result. The financial instruments reported within Level 3 include an investment for which sensitivity cannot be reliably determined. Risks essentially result from changes to planning assumptions regarding future business performance. Level 3 also includes a liability from a put option resulting from the acquisition of an interest in the Cultraro Group as part of a business combination. This option is measured using unobservable market data. The market value of the interest, which is based on an agreed EBITDA multiplier, also constitutes a lower limit. If there is a higher market multiplier, the EBITDA multiplier agreed in the contract can also be increased to a certain extent in accordance with a contractually agreed calculation formula. The assumed EBITDA market multiplier (median
STABILUS INTERIM REPORT H1 FY2025
6.7x; September 30, 2024: 8.6x) was determined based on a peer group. A discount rate of 10.0% (September 30, 2024: 10.2%) was used to calculate the fair value. The present value of the purchase price liability from the shareholders' put option as of the measurement date was calculated using a Monte Carlo simulation. The simulation was carried out until 2031 using adjusted inputs. For each simulation, the present value of the purchase price liability resulting from the shareholders' put option was used by applying the contractually agreed formula along with the EBITDA market multipliers and the target company's EBITDA.
Risk reporting
Internal risk management
Within the budgeting process, the Group employs an integrated system for the early identification and monitoring of risks specific to the Group in order to identify changes in the business environment and deviations from targets at an early stage and to initiate countermeasures in advance. This also includes the monthly short‐ and medium‐term analysis of the order intake, inventories and the accounts receivable and accounts payable balances.
Based on the results of this initial assessment, further evaluations are frequently conducted for individual companies if deemed appropriate. Customer behavior is ascertained and analyzed continuously, and the information obtained from these serves as an early warning indicator for possible changes in demand patterns. Interest rate and currency risks, as well as developments on currency exchange markets, are monitored continuously in conjunction with risk management.
In addition, significant KPIs are reported monthly by all Group companies and are assessed by the Group's management.
Financial risks
There were no material changes in the first half of fiscal 2025. A detailed description of the Stabilus Group's risk reporting can be found in the consolidated financial statements as of September 30, 2024.
Credit risks
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in a financial loss to the Group. The Group has adopted a policy of dealing only with creditworthy counterparties and obtaining sufficient collateral where appropriate, as a means of mitigating the risk of financial loss from payment defaults. The Stabilus Group does not hold any collateral as of the end of the reporting period. The Group's exposure and the credit ratings of its counterparties are monitored, and the aggregate value of transactions entered into is spread among approved counterparties.
In the first half of fiscal 2025, the Group had one customer that accounted for about 9% of total external revenue, one customer that accounted for about 6%, and one customer that accounted for about 4% of total external revenue. Revenue with these customers amounted to €60,343 thousand (H1 FY2024: €66,676 thousand), €40,256 thousand (H1 FY2024: €47,754 thousand) and €26,487 thousand (H1 FY2024: €38,269 thousand) respectively.
Revenue was generated in all three operating segments in the first half of fiscal 2025 and 2024 and no single customer in a region accounted for more than 10% of total consolidated revenue.
Liquidity risks
The Management Board has established an appropriate liquidity risk management framework for the management of the Group's short‐, medium‐ and long‐term funding and liquidity management requirements. The Group manages liquidity risk by maintaining adequate banking facilities and reserve borrowing facilities and by monitoring the forecast cash flow of the Group entities at regular intervals.
In the first half of fiscal 2025 and 2024, the Russia‐Ukraine war and unrest in the Middle East did not have any material adverse effects on the liquidity of the Stabilus Group.
Financial market risks
The Group's activities expose it primarily to the financial risks of changes in foreign currency exchange rates (see below) and interest rates (see below). The Group entered into two further derivative financial instruments (interest rate swaps) as of March 31, 2025. The Group monitors closely its exposure to interest rate risk and foreign currency risk and regularly checks the opportunities of entering into derivative financial instruments.
Market risks
The Stabilus Group is exposed to various market risks. Market crises for Stabilus chiefly comprise changes to stock market prices, changes to the prices of goods and raw materials and price fluctuations on energy markets. Stabilus hedges the prices of goods and raw materials through long‐term supply contracts that include price adjustment clauses. The Group has not concluded any futures contracts related to energy price risks. For more information, please see the Report on risks and opportunities in the interim group management report.
Exchange rate risk
As a result of its subsidiaries, the Group has significant assets and liabilities outside the euro area, especially in US dollars. These assets and liabilities are denominated in local currencies. When the net asset values are converted into euro, currency fluctuations result in period‐to‐period changes in those net asset values. The Group's equity position reflects these changes in net asset values. The Group did not enter into hedging transactions for currency fluctuations in the first half of fiscal 2025.
The Group also has transactional currency exposures that arise from sales or purchases denominated in currencies other than the functional currency and loans denominated in foreign currencies. In order to mitigate the
impact of currency exchange rate fluctuations for the operating business, the Group continually assesses its exposure and attempts to balance revenue and costs in a currency to reduce the currency risk.
Besides the statement of financial position, the Group's revenue and costs are also impacted by currency fluctuations.
Stabilus' main exposure to currency risk (USD) was approximately $15 million as of March 31, 2025 (H1 FY2024: approximately $15 million). An increase/decrease in the value of the US dollar compared to the euro of ±10% would lead to an increase/decrease in EBIT of approximately €1.5 million (H1 FY2024: approximately €1.4 million).
Interest rate risk
The Group is exposed to interest rate risks that mainly relate to debt obligations as the Group's financing is primarily based on Euribor‐based credit agreements.
The interest rate risk is assessed and managed by central financial risk management by analyzing the cash flow sensitivity of the Group's cash flows due to floating interest loans.
Stabilus' exposure to interest rate risk includes variable‐rate liabilities with a nominal amount of €661.0 million. The Stabilus Group uses interest rate swaps with a nominal value of €304.0 million, which are aligned with the maturities of the promissory note loans (maturities in March 2026, January 2027, September 2027 and September 2029). The fixed interest rate for the interest rate swap is 3.484%, 2.983%, 2.074% and 2.069%.
The interest rate swap hedges the Euribor interest rate risk until March 2026 and September 2029, leaving an interest rate risk of €357.0 million without interest rate swap coverage. An increase/decrease in variable interest rates (Euribor) of +1%/-1% would lead to an increase/decrease in finance costs of approximately €3.6 million within one year (September 30, 2024: €5.5 million).
Notes to the consolidated statement of cash flows
The statement of cash flows is prepared in compliance with IAS 7. The statement of cash flows of the Stabilus Group shows the development of the cash flows from operating, investing and financing activities. Inflows and outflows from operating activities are presented in accordance with the indirect method and those from investing and financing activities by the direct method.
The cash funds reported in the statement of cash flows comprise all liquid funds, cash balances and cash at banks reported in the statement of financial position.
Interest payments in the first half of fiscal 2025 of €16,227 thousand (H1 FY2024: €7,413 thousand) are reflected in cash outflows from financial activities. Income tax payments in the same period of €13,916 thousand (H1 FY2024: €27,001 thousand) are recognized in the cash flow from operating activities.
Segment reporting
The Stabilus Group is organized and managed primarily on a regional level. The three reportable operating segments of the Group are EMEA (Europe, Middle East and Africa), the Americas (North and South America) and APAC (Asia‐Pacific). Based on Stabilus' guiding strategy of “in the region, for the region”, we have established our locations near the Group's customers and have continuously expanded this approach in recent years. The segment reporting structure is based on management reporting.
In the first half of fiscal 2025 and 2024, no single customer in a region accounted for more than 10% of total consolidated revenue. The customer structure, products and services offered (product portfolio) are largely the same in all three regional segments.
The Group measures the performance of its operating segments through a measure of segment profit or loss (key performance indicator) which is referred to as “adjusted EBIT”. Adjusted EBIT represents EBIT adjusted for exceptional non‐recurring items (e.g. restructuring or one‐time advisory costs) and depreciation/amortization of fair value adjustments resulting from purchase price allocations (PPA).
A INTERIM GROUP MANAGEMENT REPORT
B CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
Notes to the condensed interim consolidated financial statements
C ADDITIONAL INFORMATION
Segment information for the first six months ended March 31, 2025 and March 31, 2024 is as follows:
The column "Other/Consolidation" includes the effects from the purchase price allocation for the April 2010 business combination.
Segment reporting
T_051
| EMEA | Americas | APAC | ||||
|---|---|---|---|---|---|---|
| H1 for the period from October 1 to March 31, | H1 for the period from October 1 to March 31, | H1 for the period from October 1 to March 31, | ||||
| IN € THOUSANDS | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| External revenue¹⁾ | 269,370 | 255,767 | 241,420 | 208,375 | 153,151 | 154,777 |
| Intersegment revenue¹⁾ | 22,906 | 22,372 | 12,869 | 15,674 | 7,177 | 1,504 |
| Total revenue¹⁾ | 292,276 | 278,139 | 254,289 | 224,049 | 160,328 | 156,281 |
| Depreciation and amortization (incl. impairment losses) | (23,588) | (20,592) | (15,475) | (8,605) | (8,309) | (6,075) |
| EBIT | 17,146 | 9,576 | 15,398 | 14,979 | 23,807 | 28,939 |
| Adjusted EBIT | 26,145 | 25,974 | 24,382 | 16,878 | 24,987 | 29,283 |
| Adjusted EBIT margin as % of external revenue | 9.7% | 10.2% | 10.1% | 8.1% | 16.3% | 18.9% |
| Segment total | Other/consolidation | Stabilus Group | ||||
| --- | --- | --- | --- | --- | --- | --- |
| H1 for the period from October 1 to March 31, | H1 for the period from October 1 to March 31, | H1 for the period from October 1 to March 31, | ||||
| IN € THOUSANDS | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| External revenue¹⁾ | 663,941 | 618,919 | - | - | 663,941 | 618,919 |
| Intersegment revenue¹⁾ | 42,952 | 39,550 | (42,952) | (39,550) | - | - |
| Total revenue¹⁾ | 706,893 | 658,469 | (42,952) | (39,550) | 663,941 | 618,919 |
| Depreciation and amortization (incl. impairment losses) | (47,372) | (35,272) | (2,329) | (2,329) | (49,701) | (37,601) |
| EBIT | 56,351 | 53,494 | (2,329) | (2,329) | 54,022 | 51,165 |
| Adjusted EBIT | 75,514 | 72,135 | - | - | 75,514 | 72,135 |
| Adjusted EBIT margin as % of external revenue | 11.4% | 11.7% | - | - | 11.4% | 11.7% |
¹⁾ Revenue breakdown by location of Stabilus company (i.e., "billed-from view").
EBIT for the EMEA operating segment in the financial year ended March 31, 2025, contains impairment losses of €(116) thousand (March 31, 2024: €(784) thousand). The revenue between the segments was calculated at market rates. The amounts presented in the column "Other/Consolidation" above include the elimination of transactions between the segments and certain other corporate items that are related to the Stabilus Group as a whole and are not allocated to the segments, e.g., depreciation from purchase price allocations.
The EBIT corrections mainly contain the effects of the PPAs of the past business acquisitions in the amount of €15.5 million. For the business acquisition of the Destaco Group, €24.7 million has been recognized for the first time compared with the same period in the previous year. In addition, expenses in the amount of €4.1 million incurred in fiscal 2025 were corrected, which are primarily related to the acquisition of the Destaco Group.
STABILUS INTERIM REPORT H1 FY2025
A INTERIM GROUP MANAGEMENT REPORT
B CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
Notes to the condensed interim consolidated financial statements
C ADDITIONAL INFORMATION
The following table sets out the reconciliation of the total segments' profit (adjusted EBIT) to profit before income tax:
| Adjusted EBIT of all segments | T_052 |
|---|---|
| IN € THOUSANDS | H1 for the period from October 1 to March 31, |
| --- | --- |
| 2025 | |
| Adjusted EBIT of all segments | 75,514 |
| Other/consolidation | - |
| Group adjusted EBIT | 75,514 |
| Adjustments to EBIT | (21,492) |
| Profit from operating activities (EBIT) | 54,022 |
| Finance income | 2,254 |
| Finance costs | (20,072) |
| Profit / (loss) before income tax | 36,204 |
The information about geographical areas is set out in the following tables:
| Geographical information: Revenue by country
(by country of residence of the Stabilus company) | | T_053 |
| --- | --- | --- |
| IN € THOUSANDS | H1 for the period from October 1 to March 31, | |
| | 2025 | 2024 |
| Germany | 184,214 | 173,258 |
| Romania | 63,943 | 68,160 |
| United Kingdom | 3,843 | 2,410 |
| Turkey | 3,083 | 3,807 |
| Italy | 7,105 | 7,662 |
| France | 3,768 | - |
| Netherlands | 530 | 470 |
| Spain | 2,884 | - |
| EMEA | 269,370 | 255,767 |
| Mexico | 90,844 | 111,931 |
| United States | 143,060 | 89,248 |
| Brazil | 5,598 | 5,418 |
| Argentina | 1,919 | 1,778 |
| Americas | 241,420 | 208,375 |
| China | 129,589 | 130,769 |
| South Korea | 16,524 | 19,427 |
| Australia | 1,541 | 1,343 |
| Japan | 2,643 | 1,917 |
| New Zealand | 703 | 1,073 |
| India | 1,371 | - |
| Thailand | 781 | - |
| Taiwan | - | 248 |
| APAC | 153,151 | 154,777 |
| revenue | 663,941 | 618,919 |
| Geographical information: Non-current assets by country
(by country of residence of the Stabilus company) | | T_054 |
| --- | --- | --- |
| IN € THOUSANDS | March 31, 2025 | September 30, 2024 |
| Germany | 338,603 | 333,884 |
| Romania | 35,447 | 33,299 |
| United Kingdom | 7,948 | 8,068 |
| Turkey | 1,706 | 1,928 |
| France | 9,445 | 9,570 |
| Italy | 5,609 | 4,986 |
| Spain | 442 | 436 |
| Goodwill | 266,109 | 266,184 |
| EMEA | 665,309 | 658,354 |
| United States | 235,231 | 235,222 |
| Mexico | 45,263 | 43,025 |
| Brazil | 3,075 | 3,080 |
| Argentina | 303 | 306 |
| Goodwill | 220,364 | 213,327 |
| Americas | 504,236 | 494,961 |
| China | 86,610 | 90,156 |
| South Korea | 13,515 | 12,927 |
| Australia | 909 | 906 |
| Singapore | 212 | 174 |
| Japan | 874 | 979 |
| New Zealand | 530 | 589 |
| India | 1,681 | 1,586 |
| Thailand | 4,838 | 4,941 |
| Goodwill | 60,380 | 60,488 |
| APAC | 169,550 | 172,746 |
| Total | 1,339,094 | 1,326,061 |
The non-current assets do not include financial instruments, deferred tax assets, post-employment benefit assets or rights arising under insurance contracts.
STABILUS INTERIM REPORT H1 FY2025
A INTERIM GROUP MANAGEMENT REPORT
B CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
Notes to the condensed interim consolidated financial statements
C ADDITIONAL INFORMATION
T.855
Geographical information:
non-current liabilities by country
(by country of residence of the Stabilus company)
| IN € THOUSANDS | March 31, 2025 | September 30, 2024 |
|---|---|---|
| Germany | 755,294 | 829,530 |
| Romania | 2,083 | 3,797 |
| United Kingdom | 377 | 375 |
| Turkey | 69 | 446 |
| France | 562 | 568 |
| Italy | 1,782 | 1,950 |
| Spain | 243 | 263 |
| EMEA | 760,410 | 836,930 |
| United States | 16,778 | 22,716 |
| Mexico | 5,486 | 6,877 |
| Brazil | - | 51 |
| Argentina | - | 0 |
| Americas | 22,264 | 29,644 |
| China | 10,057 | 10,062 |
| South Korea | 315 | 370 |
| Australia | 6 | 37 |
| Singapore | 130 | 131 |
| Japan | 219 | 286 |
| New Zealand | 297 | 332 |
| Thailand | 469 | 474 |
| India | 19 | 23 |
| APAC | 11,512 | 11,715 |
| Total | 794,185 | 878,289 |
Non-current liabilities do not include deferred tax liabilities.
30 Related party disclosures
According to IAS 24, the reporting entity has to disclose specific information on transactions between the Group and other related parties. Balances and transactions between the Company and its consolidated subsidiaries, which constitute related parties within the meaning of IAS 24, have been eliminated in the course of consolidation and are therefore not commented on in this note. To our knowledge, no individual shareholder of Stabilus SE can exercise significant influence over the Company or the Group. None of the Group entities can exercise significant influence over entities not included in consolidation.
Related parties of the Stabilus Group primarily comprise members of key management personnel and their close relatives. At the Stabilus Group, members of the Management Board, regional managers (EMEA, Americas and APAC), the Supervisory Board and key management personnel, as well as their close family members, are considered related parties.
The remuneration of – and other transactions with – key managers of the Company constitute related party transactions pursuant to IAS 24. No reportable transactions were concluded with members in key positions in the first half of the 2025 financial year.
31 Subsequent events
As of April 30, 2025, there were no events or developments that could have materially affected the measurement and presentation of the Group's assets and liabilities as of March 31, 2025.
Koblenz, April 30, 2025
Stabilus SE
Management Board
STABILUS INTERIM REPORT H1 FY2025
A INTERIM GROUP MANAGEMENT REPORT
B CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS Responsibility statement
C ADDITIONAL INFORMATION
RESPONSIBILITY STATEMENT
To the best of our knowledge, we, Dr. Michael Büchsner (Chief Executive Officer) and David Sabet (Chief Technology Officer), confirm that, in accordance with the applicable accounting policies for interim financial reporting, the condensed interim consolidated financial statements provide a true and fair view of the Group's assets, liabilities, financial position, and profit or loss. The interim management report presents a fair overview of the development and performance of the business and the position of the Group, together with a description of the principal opportunities and risks associated with the expected development of the Group for the remainder of the fiscal year.
Koblenz, April 30, 2025
DR. MICHAEL BÜCHSNER
DAVID SABET
Stabilus SE
The Management Board
STABILUS INTERIM REPORT H1 FY2025
Report on Review of Interim Financial Information
T. G. G. S. and T. G. G. S.
To Stabilus SE, Frankfurt am Main/Germany
We have reviewed the condensed interim consolidated financial statements, which comprise the consolidated statement of financial position as at 31 March 2025, the consolidated statement of comprehensive income, the consolidated statement of changes in equity, the consolidated statement of cash flows as well as selected explanatory notes, and the interim group management report of Stabilus SE, Frankfurt am Main, for the period from 01 October 2024 to 31 March 2025, that are part of the half-year financial information under Section 115 German Securities Trading Act (WpHG). The preparation of the condensed interim consolidated financial statements in accordance with the IFRS applicable to interim financial reporting as adopted by the EU, and of the interim group management report in accordance with the requirements of the WpHG applicable to interim group management reports is the responsibility of the executive directors of the Company. Our responsibility is to issue a review report on the condensed interim consolidated financial statements and on the interim group management report based on our review.
We conducted our review of the condensed interim consolidated financial statements and of the interim group management report in compliance with the German Generally Accepted Standards for Reviews of Financial Statements promulgated by the Institut der Wirtschaftsprüfer (IDW) and in supplementary compliance with the International Standard on Review Engagements 2410 “Review of Interim Financial Information Performed by the Independent Auditor of the Entity”. Those standards require that we plan and perform the review to obtain a certain level of assurance to preclude through critical evaluation that the condensed interim consolidated financial statements have not been prepared, in material respects, in accordance with the IFRS applicable to interim financial reporting as adopted by the EU, or that the interim group management report has not been prepared, in material respects, in accordance with the requirements of the WpHG applicable to interim group management reports. A review is limited primarily to inquiries of company personnel and to analytical procedures applied to financial data and thus provides less assurance than an audit. Since, in accordance with our engagement, we have not performed an audit, we do not express an audit opinion.
Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed interim consolidated financial statements of Stabilus SE, Frankfurt am Main, have not been prepared, in material respects, in accordance with the IFRS applicable to interim financial reporting as adopted by the EU, or that the interim group management report has not been prepared, in material respects, in accordance with the requirements of the WpHG applicable to interim group management reports.
Frankfurt am Main, April 30, 2025
Deloitte GmbH
Wirtschaftsprüfungsgesellschaft
STEFAN DORISSEN
(German Public Auditor)
SVEN HENRICH
(German Public Auditor)
A INTERIM GROUP MANAGEMENT REPORT
B CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
C ADDITIONAL INFORMATION
Financial calendar
Disclaimer
ADDITIONAL INFORMATION
FINANCIAL CALENDAR
Financial calendar
T_056
DATE 1) 2) PUBLICATION/EVENT
| August 4, 2025 | Publication of quarterly statement Q3 FY2025 |
|---|---|
| December 8, 2025 | Publication of 2025 Annual Report |
1) We cannot rule out changes of dates. We recommend looking at the information in the Investor Relations/Financial Calendar section of our website (ir.stabilus.com/investor-relations/financial-calendar).
2) Please note that our fiscal year (FY) ends in September (e.g., FY2025 comprises a twelve-month period from October 1, 2024 to September 30, 2025).
DISCLAIMER
This interim report is also published in English. The German version takes precedence in case of doubt.
Forward-looking statements
This interim report contains forward-looking statements that relate to the current plans, objectives, forecasts, and estimates of the management of Stabilus SE. These statements take into account only information that was available up to and including the date that this interim report was prepared. Stabilus SE management does not guarantee that these forward-looking statements will prove correct. The future performance of Stabilus SE and its subsidiaries and the results actually achieved are subject to a number of risks and uncertainties that could cause actual events or results to deviate significantly from the forward-looking statements.
Many of these factors are beyond the control of Stabilus SE and its subsidiaries and so cannot be predicted accurately. These factors include changes in economic circumstances and the competitive situation, changes in the law, fluctuations in interest or exchange rates, legal disputes and investigations, and the availability of funding. These and other risks and uncertainties are discussed in this interim report. Other factors can also have a negative impact on our performance and results.
Stabilus SE neither intends nor assumes any separate obligation to update forward-looking statements or to change these to reflect events or developments that occur after this interim annual report is published.
Rounding
Certain figures in this interim report have been rounded up or down. There may therefore be discrepancies between the actual totals of the individual amounts in the tables and the totals shown, as well as between the numbers in the tables and the numbers given in the corresponding analyses in the text in this interim report. All percentage changes and key figures in this interim report were calculated using the underlying data in millions of euro (€ millions) to one decimal place.
STABILUS INTERIM REPORT H1 FY2025
A INTERIM GROUP MANAGEMENT REPORT
B CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
C ADDITIONAL INFORMATION
Quarterly overview¹)
T_057
QUARTERLY OVERVIEW
| IN € MILLIONS | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 |
|---|---|---|---|---|---|---|
| Revenue | 338.0 | 326.0 | 336.3 | 350.7 | 313.5 | 305.4 |
| EBIT | 25.9 | 28.1 | 22.9 | 39.3 | 30.9 | 20.3 |
| Adjusted EBIT | 37.7 | 37.8 | 41.9 | 43.1 | 38.9 | 33.3 |
| Profit/(loss) for the period | 11.2 | 14.3 | 17.5 | 24.3 | 18.1 | 12.2 |
| Capital expenditure (capex) | (24.0) | (22.1) | (22.8) | (23.4) | (19.3) | (17.4) |
| Free cash flow (FCF) | 16.1 | 6.9 | 52.7 | 28.9 | (634.4) | 32.4 |
| Adjusted free cash flow | 18.1 | 8.9 | 54.9 | 37.9 | 3.7 | 36.2 |
| EBIT margin as % of revenue | 7.7% | 8.6% | 6.8% | 11.2% | 9.9% | 6.6% |
| Adjusted EBIT margin as % of revenue | 11.2% | 11.6% | 12.5% | 12.3% | 12.4% | 10.9% |
| Profit/(loss) for the period as % of revenue | 3.3% | 4.4% | 5.2% | 6.9% | 5.8% | 4.0% |
| Capital expenditure (capex) as % of revenue | 7.1% | 6.8% | 6.8% | 6.7% | 6.2% | 5.7% |
| FCF as % of revenue | 4.8% | 2.1% | 15.7% | 8.2% | (202.4)% | 10.6% |
| Adjusted FCF as % of revenue | 5.4% | 2.7% | 16.3% | 10.8% | 1.2% | 11.9% |
| Net leverage ratio | 2.97x | 2.81x | 2.82x | 2.86x | 2.82x | 0.18x |
| Employees²) | 7,910 | 7,940 | 7,984 | 7,987 | 8,173 | 7,450 |
| Total assets³) | 1,910.2 | 1,964.1 | 1,910.9 | 1,971.3 | 1,956.4 | 1,343.7 |
| Equity³) | 689.2 | 736.2 | 677.7 | 704.6 | 692.6 | 695.9 |
| Equity ratio³) | 36.1% | 37.5% | 35.5% | 35.7% | 35.4% | 51.8% |
¹) The sum totals of quarterly figures may deviate slightly from the figures for the year as a whole due to rounding.
²) Active and inactive employees excluding temporary workers, apprentices, trainees and graduates.
³) Figures at the end of the quarter.
STABILUS INTERIM REPORT H1 FY2025
A INTERIM GROUP MANAGEMENT REPORT
B CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
C ADDITIONAL INFORMATION
Other information
OTHER INFORMATION
Further information including news, reports, and publications can be found in the Investor Relations section of our website at IR.STABILUS.COM.
Investor Relations
Phone: +49 261 8900 8198
E-mail: [email protected]
STABILUS INTERIM REPORT H1 FY2025
62
STABILUS