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Stabilus SE Interim / Quarterly Report 2026
6214_ir_2026-05-03_4a89bf9f-1d51-478d-bb38-89f4232833bf.pdf
Interim / Quarterly Report
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STABILUS
2026
INTERIM REPORT H1 FY2026
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STABILUS INTERIM REPORT H1 FY2026
Interim group management report
Condensed interim consolidated financial statements
Additional information
STABILUS AT A GLANCE
revenue
adjusted EBIT margin
e28.0 MILLION
adjusted free cash flow
Key figures
| IN € MILLIONS | Q2 for the period from January 1 to March 31, | Change | % change | |
|---|---|---|---|---|
| 2026 | 2025 | |||
| Revenue | 304.9 | 338.0 | (33.1) | (9.8)% |
| EBIT | 24.6 | 25.9 | (1.3) | (5.0)% |
| Adjusted EBIT | 34.1 | 37.7 | (3.6) | (9.5)% |
| Profit/(loss) for the period | 9.3 | 11.2 | (1.9) | (17.0)% |
| Capital expenditure (CapEx) | (15.4) | (24.0) | 8.6 | (35.8)% |
| Free cash flow (FCF) | (0.6) | 16.1 | (16.7) | <(100.0)% |
| Adjusted free cash flow | 4.1 | 18.1 | (14.0) | (77.3)% |
| EBIT margin as % of revenue | 8.1% | 7.7% | ||
| Adjusted EBIT margin as % of revenue | 11.2% | 11.2% | ||
| Profit/(loss) for the period as % of revenue | 3.1% | 3.3% | ||
| Capital expenditure (CapEx) as % of revenue | 5.1% | 7.1% | ||
| FCF as % of revenue | (0.2)% | 4.8% | ||
| Adjusted FCF as % of revenue | 1.3% | 5.4% | ||
| IN € MILLIONS | H1 for the period from October 1 to March 31, | Change | % change | |
| --- | --- | --- | --- | --- |
| 2026 | 2025 | |||
| Revenue | 596.0 | 663.9 | (67.9) | (10.2)% |
| EBIT | 45.7 | 54.0 | (8.3) | (15.4)% |
| Adjusted EBIT | 63.4 | 75.5 | (12.1) | (16.0)% |
| Profit/(loss) for the period | 17.4 | 25.5 | (8.1) | (31.8)% |
| Capital expenditure (CapEx) | (33.5) | (46.1) | 12.6 | (27.3)% |
| Free cash flow (FCF) | 21.5 | 23.0 | (1.5) | (6.5)% |
| Adjusted free cash flow | 28.0 | 27.0 | 1.0 | 3.7% |
| EBIT margin as % of revenue | 7.7% | 8.1% | ||
| Adjusted EBIT margin as % of revenue | 10.6% | 11.4% | ||
| Profit/(loss) for the period as % of revenue | 2.9% | 3.8% | ||
| Capital expenditure (CapEx) as % of revenue | 5.6% | 6.9% | ||
| FCF as % of revenue | 3.6% | 3.5% | ||
| Adjusted FCF as % of revenue | 4.7% | 4.1% | ||
| Net leverage ratio | 3.21x | 2.97x | ||
| Employees¹) | 7,314 | 7,823 | ||
| Total assets | 1,884.5 | 1,910.2 | ||
| Equity | 663.9 | 689.2 | ||
| Equity ratio | 35.2% | 36.1% |
¹) Active employees including apprentices, interns, and trainees; not including inactive employees or temporary workers.
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STABILUS INTERIM REPORT H1 FY2026
Interim group management report
Condensed interim consolidated financial statements
Additional information
HIGHLIGHTS
Stabilus strengthens resilience and consistently invests in innovation despite tightened market conditions
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The Group's total revenue for the first six months of fiscal 2026 fell organically by (6.7)% compared with the same period a year earlier to €596.0 million. In addition, the organic revenue growth rate in Q2 2026 came to (6.6)%.
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The regions exhibited diverging development in the first six months of fiscal 2026:
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The EMEA region demonstrated impressive stability and margin enhancement: EMEA grew organically by +0.2% and raised the adjusted EBIT margin by 1.4 percentage points to 11.1%. The Automotive Powerise® business grew organically by 2.5% and Industrial Components by +4.1%. By contrast, Automotive Gas Spring business is declining organically by (4.3)% and Industrial Automation by (14.1)%.
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The Americas region retained margin resilience in difficult conditions: Despite a challenging market environment, the region achieved an adjusted EBIT margin of 6.8% supported by targeted cost management and efficiency gains. Industrial Automation grew organically by +4.6%. By contrast, the Automotive Powerise® business was down by (11.6)%, the Automotive Gas Spring business by (4.4)%, and Industrial Components fell organically by (2.5)%.
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The APAC region showed operating strength with margin improvement: despite difficult market conditions, especially in China, APAC raised the adjusted EBIT margin by 1.2 percentage points to 17.5%, underscoring the margin improvement achieved in the current environment. Industrial Components grew organically by +4.5%. By contrast, the Automotive Powerise® business is declining organically by (30.1)%, Industrial Automation by (30.0)%, and the Automotive Gas Spring business by (19.2)%.
Significant events
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Stabilus has continued to affirm the forecast from the 2025 annual report of revenue in the range of €1.1 billion to €1.3 billion and adjusted EBIT of 10% to 12% of revenue. In addition, the Stabilus Group expects adjusted free cash flow in a range of €80 million to €110 million.
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All items on the agenda of the 2026 Annual General Meeting were adopted with the required majorities.
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Dividend proposal of €0.35 per share
- Election of a new member of the Supervisory Board
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STABILUS INTERIM REPORT H1 FY2026
04
Interim group management report
Condensed interim consolidated financial statements
Additional information
INTERIM GROUP MANAGEMENT REPORT
Significant events in the first half of 2026 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 23
Report on risks and opportunities 28
Overall assessment of risk 28
Report on expected developments 29
Subsequent events 31
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
Consolidated statement of comprehensive income 32
Consolidated statement of financial position 33
Consolidated statement of changes in equity 34
Consolidated statement of cash flows 35
Notes to the condensed interim consolidated
financial statements 36
Responsibility statement 61
Limited review report 62
ADDITIONAL INFORMATION
Financial calendar 63
Disclaimer 63
Quarterly overview 64
Other information 65
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INTERIM GROUP MANAGEMENT REPORT
Significant events in the first half of 2026
Significant events in the first half of 2026
Stabilus confirms its business outlook for fiscal 2026
The Stabilus Group's management continues to stand by the forecast published in the 2025 annual report, with expected revenue for fiscal 2026 ranging from €1.1 billion to €1.3 billion, an adjusted EBIT margin between 10% and 12%, and adjusted free cash flow in a range of €80 million to €110 million. The global economy is expected to recover only moderately in fiscal 2026, but ongoing challenges – including tensions in the Middle East, semiconductor shortages, and dependencies of critical raw materials—continue to dominate the market environment. In light of this, the Stabilus Group anticipates a slight decline in the business volume; the ranges of guidance communicated take existing macroeconomic and geopolitical uncertainties into account.
2026 Annual General Meeting decides to pay a dividend of €0.35 per share and elects Dr. Frank Heinricht to Supervisory Board
Stabilus SE held its Annual General Meeting for fiscal 2025 on February 4, 2026. The meeting was held in person for the first time following the COVID-19 pandemic and the relocation of the headquarters in the interim from Luxembourg to Germany. The return to face-to-face discussions received a very positive response from shareholders: the first on-site event attracted a lot of interest with 64% of the represented share capital attending. In addition to the formal resolutions, the Annual General Meeting also provided space for intensive dialog between the Management Board, Supervisory Board, and shareholders on the company's strategic direction and future development (further information and detailed voting results are available on the website at IR.STABILUS.COM/ INVESTOR-RELATIONS/GENERAL-MEETING).
The Annual General Meeting approved the payment of a dividend of €0.35 per share in accordance with the joint proposal of the Management Board and the Supervisory Board. The distribution ratio for fiscal 2025 was approximately 37% (previous year: 40.5%) of the consolidated profit attributable to the shareholders of Stabilus SE.
Dr. Stephan Kessel's term of office as a member and Chairman of the Supervisory Board ended as scheduled at the Annual General Meeting. He played a key role in shaping the committee over many years and closely oversaw the strategic development of the Stabilus Group – including its IPO in 2014 – during a period of sustained growth and profound changes, including serving temporarily as interim CEO. The Management Board and Supervisory Board expressly thank Dr. Kessel for his many years of dedicated service, his high level of professional expertise, and his responsible and forward-looking leadership, and express their sincere appreciation.
The Annual General Meeting elected Dr. Frank Heinricht to the Supervisory Board. He has more than three decades of experience in the metal, special glass, and electrical industries, as well as in various management positions. Following the Annual General Meeting, the Supervisory Board was reconstituted and elected Dr. Heinricht as its Chairman, thus designating him as the successor to Dr. Stephan Kessel. The Supervisory Board of Stabilus SE continues to consist of six members.
Industrial automation and robotics as growth areas for Stabilus SE
Stabilus SE is continuing to develop its Industrial Automation business and bundling its Group-wide expertise under the "Stabilus4Automation" umbrella. The focus is on developing and providing integrated and scalable solutions for automated production processes and for applications in robotics.
This is based on the technological expertise of the Destaco, ACE, and Hahn Gasfedern brands. Stabilus is thus addressing a global market for end-of-arm tooling as well as for gripping and robotic tool solutions that is marked by structural trends toward growth.
The company intends to expand its share of margin-based products, with a focus on applications in automation and robotics. Its portfolio includes customer-specific solutions ranging from damping and vibration technology to drive systems. Automation solutions used in the company's own production plants are being tested in parallel to boost efficiency.
Existing products are increasingly being used in industrial robotics, especially components for controlled movement in automated processes. In light of growing demands on precision, cycle times, and availability, the company is increasingly focusing its activities on industrial robotics and humanoid robotics in order to transfer existing expertise to new fields of application.
Given the increasing integration of motion control components into industrial robotics as well as into collaborative robot systems and other fields of application, Stabilus aims to further develop its market position in a technology-oriented environment.
Stabilus SE: Presenting product solutions at Enforce Tac 2026 and developing business in security-related applications
Stabilus SE presented its portfolio of actuators and damping systems for safety-relevant applications at Enforce Tac 2026, addressing a market environment characterized by increasing requirements.
In view of rising demand, the company intends to continue developing its business in this area. Stabilus expects future growth to follow a positive trend, but it is nonetheless subject to market- and framework-related uncertainties.
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 dedicated employees. Consistent and sustainable personnel development is therefore firmly embedded in the corporate strategy and aims to continuously strengthen motivation, quality of service, and customer satisfaction.
As part of a comprehensive transformation program, the Stabilus Group is strengthening its competitiveness through structural development, efficiency gains, and targeted optimization of processes and cost structures. One area of focus is further development of the global location portfolio and adaptation of organizational structures to support future growth. At the same time, the “STAR 2030” strategy focuses on employees with the aim of being a “company of choice”. Clear values in the company-wide “CODE-S” program, an open leadership culture, measures to promote health, and a decentralized, internationally oriented organizational structure provide the basis for this.
Strategically focused personnel development with systematic talent and succession planning; global development programs such as STARt up, Rising STARs, and TOP STARs; a Group-wide learning management system; and targeted initiatives to promote diversity -- including LadySTAR -- highlight the aim to fill a significant portion of the company's key positions from its own ranks by 2030 and to secure sustainable growth through efficient and motivated employees.
As of the end of the first half of fiscal 2026, the Stabilus Group had a total of 7,314 employees worldwide (active employees including apprentices, interns and trainees; not including inactive employees or temporary workers). This corresponds to a decrease of 388 employees compared to September 30, 2025 (September 30, 2025: 7,702).
The Stabilus Group employed 7,759 active and inactive employees as of March 31, 2026, including contract workers, trainees, interns, and graduates (September 30, 2025: 8,231).
Research and development
The Stabilus Group continually invests in research and development worldwide to drive innovative products, processes, and applications, as well as to successfully implement the STAR 2030 strategy. The focus areas are door actuators, Industrial Powerise®, and automation technology.
R&D activities focus on enhancing existing product ranges, electrifying grippers and gripping solutions from the Destaco portfolio, and developing new technologies such as smart door opening systems, the LOMx process for temperature compensation, and ultra-short-range radar for vehicle doors. The integration of Destaco allows Stabilus to significantly expand its range of automation solutions and provide offerings along the value chain, supplemented by control and integration solutions.
Existing products are continually optimized to integrate additional functionalities and achieve efficiency and cost advantages via new materials, designs, and value analysis / value engineering (VA / VE) approaches. Examples include the second generation of SD90 tailgate actuators with increased holding power and the increasing market penetration of automatic opening systems.
Model corporate citizen
Our goal is to be a responsible and sustainable model corporate citizen. Global awareness of ecological, economic, and social sustainability has increased, and acting responsibly is a key basis of our continued sustainable growth. We see active responsibility for the environment and people as our mission. Through the implementation of our strategy, we are reinforcing our role as a model corporate citizen wherever we operate as a company.
An important target in this regard is the significant reduction of the carbon emissions of the Stabilus Group worldwide by 2030. On the way to achieving this, existing climate-friendly projects will be expanded and new ones initiated. In line with its strategy, Stabilus is also committed to taking social responsibility -- globally as well as locally in the regions. Respect for human rights and the highest standards of workplace safety
have always been non-negotiable factors for the Stabilus Group. Integrity and diversity are key elements of the corporate culture. The guiding principle of corporate management is based on the values of trust, reliability, honesty, fairness and respect. After all, a positive working environment is crucial for the achievement of top performance and development of new ideas.
Compliance with environmental, social, and governance (ESG) criteria is playing an increasingly important role for our corporate development and for various stakeholders of Stabilus. All three pillars of ESG provide a central basis for Stabilus to grow steadily, solidly, and sustainably (for more information on the sustainability statement, which is part of the Management Report in the 2025 annual report, see the Stabilus website:
GROUP.STABILUS.COM/COMPANY/CORPORATE-SOCIAL-RESPONSIBILITY).
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 this interim group management report, in accordance with the European Securities and Markets Authority (ESMA) Guidelines on Alternative Performance Measures, the Stabilus Group provides a definition of the reported APMs, the rationale for their use, and a reconciliation of these APMs to the items in Stabilus SE's interim group report that can be reconciled directly. The Stabilus Group uses the following APMs in this interim group management report:
- organic growth;
- adjusted EBIT margin;
- adjusted EBIT;
- free cash flow;
- adjusted free cash flow;
- adjusted EBITDA;
- net financial debt; 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 reported because it helps to provide a clearer understanding of the Stabilus Group's operating performance. Organic growth is defined as reported revenue growth after removing the effects of acquisitions, as well as 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 2025.
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 +/- per unit (€ thousand or %).
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.
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INTERIM GROUP MANAGEMENT REPORT
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 commercial 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 International Monetary Fund (IMF) forecast global economic growth of +3.2% for the 2025 calendar year (World Economic Outlook – October 2025), and this has now been adjusted to +3.4% following the last update in April 2026 (World Economic Outlook – April 2026). Performance in Stabilus' core markets of Europe, the US, and China will vary in 2026, according to the IMF. Within the European Union, German economic output is expected to grow by a mere +0.8% in the 2026 calendar year, and growth of +1.1% is forecast for the euro area. The IMF anticipates growth of +4.4% for China in 2026. Within the Americas region, growth of +2.3% is forecast for the US, with Central and South America expected to grow by +2.3% in the 2025 calendar year (Brazil: +1.9%; Mexico: +1.6%).
Factors affecting economic growth continue to include the ongoing Russia-Ukraine war, the Middle East conflict, and the repercussions of these, such as shortages of energy, commodities, and supplier products. The introduction of special tariffs has also increased uncertainty in the market environment. In addition, economic development was challenging as a result of factors such as the semiconductor shortage and dependence on critical commodities.
Latest growth projections for selected national economies
T_001
| % YEAR-ON-YEAR CHANGE IN THE CALENDAR YEAR | 2026* | 2025 |
|---|---|---|
| World | 3.1% | 3.4% |
| European Union | 1.5% | 1.5% |
| thereof Euro area | 1.1% | 1.4% |
| thereof Germany | 0.8% | 0.2% |
| United Kingdom | 0.8% | 1.3% |
| United States | 2.3% | 2.1% |
| Latin America | 2.3% | 2.4% |
| thereof Brazil | 1.9% | 2.3% |
| thereof Mexico | 1.6% | 0.6% |
| Emerging and Developing Asia | 4.9% | 5.5% |
| thereof China | 4.4% | 5.0% |
Source: International Monetary Fund, World Economic Outlook, April 2026.
* Projections.
According to estimates by the ifo Institute as of the time of reporting, the average global rate of inflation forecast for the 2026 calendar year will be around 3.5%. In the EMEA region, inflation in the European Union (EU) amounted to around 2.1% in February 2026 and is therefore once again moderately lower than in the previous year. Within Europe's core market, Germany achieved an inflation rate of 2.0% in February 2026, which is down slightly from the previous months. Inflation in the Americas also followed a similar trajectory. Inflation in Stabilus' core US market was around 2.4% in February 2026 and has therefore fallen by 0.6 percentage points compared to September 2025. In comparison, inflation rates in the APAC region were lower and amounted to around 1.0% in Stabilus' core market of China in March 2026, which is slightly below market expectations of around 1.2%.
Financing environment
Future interest rate developments at the European Central Bank (ECB) and the Federal Reserve (Fed) will be a key factor for economic development. To stabilize inflation, the ECB cut the key interest rate incrementally six times between October 2024 and September 2025 by 0.25 percentage points each time. In June 2025, the ECB made its most recent cut, bringing the key interest rate to 2.0% at present. Since then, the ECB has made no further changes. The Fed kept its key interest rate unchanged from January 2025 to August 2025. This was followed by three successive cuts of 0.25 percentage points each between September 2025 and December 2025, resulting in a current rate of 3.5%. Further measures affecting monetary policy by the ECB and the Fed are not excluded.
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Sector developments
Development in the automotive industry
In light of subdued demand in key markets, a reluctance to invest and ongoing geopolitical tensions – in particular the Russia-Ukraine war, the Middle East conflict, as well as increasing trade disputes and protectionist measures – (0.5) million fewer light vehicles were produced worldwide in the months from October 2025 to March 2026 (H1 FY 2026) than in the same period of the previous year, bringing the total number of vehicles produced to 46.2 million, according to S&P Global Mobility (as of April 2026).
In the first half of fiscal 2026, the APAC region saw a slight decline with a (0.1)% reduction in the number of vehicles produced, reaching a total of 27.8 million units produced. The Americas region produced (1.4)% fewer units during the same period, bringing the total to 8.7 million units compared to the corresponding prior-year period. Furthermore, the EMEA region likewise saw a decline of (2.3)% compared with the same period of the previous year, with a total of 9.8 million units produced and vehicle production stagnating in Germany.
According to the European Automobile Manufacturers Association (ACEA), new car registrations in the EU increased by around 1.5% year on year in the first half of fiscal 2026 (October 1, 2025 to March 31, 2026; as of February 2026). According to Country Economy, the US reported a decrease in new passenger car registrations of around (14.4)% in the first half of fiscal 2026 compared to the corresponding period of the previous year (as of March 2026). In the same period, new passenger car registrations in China saw a year-on-year decline of (3.6)% (as of February 2026) according to the China Association of Automobile Manufacturers (CAAM).
Production of light vehicles*
T_002
| IN MILLIONS OF UNITS PER FISCAL YEAR | H1 2026*** | H1 2025** |
|---|---|---|
| EMEA | 9.8 | 10.0 |
| thereof Germany | 2.1 | 2.1 |
| Americas | 8.7 | 8.9 |
| thereof United States | 4.8 | 4.8 |
| APAC | 27.8 | 27.8 |
| thereof China | 16.2 | 16.6 |
| Worldwide production of light vehicles* | 46.3 | 46.7 |
Source: S&P Global Mobility/Light Vehicle Production Forecast (March/April 2026).
* Passenger cars and light-duty vehicles (≤ 6 t).
** S&P Global Mobility forecast, March 2026.
*** S&P Global Mobility forecast, April 2026.
Development of the industrial sector
Sustained geopolitical tensions and the resulting uncertainty in global markets continued to shape the performance of the industrial sector. In addition to structural challenges and pronounced economic weakness, companies' willingness to invest was dampened by subdued demand expectations, volatile capital markets, stricter financing and regulatory requirements, and uncertainty about the cost of energy and intermediate goods. In this environment, many industrial enterprises are confronted with a tangible drop in demand.
Industrial production was further impacted by global challenges, including the slowdown in global growth, the ongoing impacts of the Russia-Ukraine war and the Middle East conflict, the scarcity of commodities, and the growing number of trade uncertainties. In particular, new and stricter tariffs, as well as corresponding countermeasures, have increased the cost of exports and noticeably impaired the competitiveness of
certain sectors. Forecasts expect these factors to place a significant burden on export-oriented industries in particular. At the same time, uncertainty remains high, as some announced measures have not yet been implemented and further trade policy escalations cannot be ruled out.
According to Eurostat (the Statistical Office of the European Union), adjusted for seasonal effects, industrial production (development of the volume of production for industry excluding construction, based on data adjusted for calendar and seasonal effects) in the European Union fell by (0.6)% in January 2026 in comparison to January 2025. Germany experienced a more significant decrease of (1.6)%.
In the US, industrial production was up +1.4% year on year in February 2026 after adjustment for seasonal effects. In China, industrial production rose by +6.3% in February 2026 compared with the same period in 2025, exceeding the forecast of +5.3%.
Development of the procurement markets
In the first half of fiscal 2026, macroeconomic uncertainties and geopolitical tensions continued to dominate the procurement environment for the Stabilus Group. Individual raw materials and intermediate goods saw slight price declines, whereas transport costs and logistical requirements remained high.
Regional procurement structures were further expanded, strategic supplier relationships were strengthened, and digital instruments for early risk identification were intensified to secure the supply of materials.
The supply situation is stable; there are no significant supply chain disruptions. Material prices are expected to be volatile overall in fiscal 2026.
Overall assessment of business performance
Overall statement on business performance and the economic situation of the Stabilus Group
The Stabilus Group delivered sales revenues of €596.0 million in the first half of fiscal 2026 in a challenging market environment (H1 FY2025: €663.9 million) -- down due to market conditions, but within expectations. Revenue fell by (10.2)%, and the organic revenue growth rate was (6.7)%.
The market environment continued to be challenging in the reporting period and was characterized by declining volumes in China as well as in the European and American markets, ongoing trade wars and geopolitical uncertainties including escalation of the Middle East conflict, inflation-related cost risks, and increasing protectionist measures, in particular rising tariffs. Against this backdrop, the Stabilus Group held its ground.
Revenue in the EMEA region fell from €269.4 million to €266.9 million. Stabilus performed more robustly than the market. According to data from S&P Global Mobility (as of April 2026), passenger car production in the EMEA automotive market fell by (2.3)%, while Stabilus recorded organic revenue growth of +0.2%. As a result, Stabilus was able to maintain its market position. In EMEA, the automotive industry remains exposed to challenging conditions that created a difficult environment for the region. High production costs, fluctuating domestic demand, and the structural transformation to electrified drives are shaping the markets in Europe, while at the same time sales of battery-electric vehicles are steadily growing and offer opportunities for innovative products.
Revenue in the Americas was €220.2 million, compared to €241.4 million in the same period the previous year. Revenue fell organically by 3.9% and thus was weaker than passenger car production reported for the Americas ((1.4)%) by S&P Global Mobility (as of April 2026). In the United States, the market environment in the reporting period was characterized by strong momentum and increasing differentiation in drive technologies. Particularly in the electrification sector, there was a shift in demand between e-mobility and conventional drives. At the same time, competition within the relevant customer segments intensified, resulting in an increasingly competitive order environment and a disproportionately high level of revenue relative to the industry trend. Trade uncertainties and the current tariffs increase cost pressures and strain globally networked value chains.
Revenue in the APAC region fell from €153.1 million to €108.9 million. Organic revenue growth fell by (23.5)%, substantially weaker than passenger car production reported by S&P Global Mobility (as of April 2026) for the APAC region, which stagnated (0.0%) during the same period. The substantial deviation is due in particular to declining sales volumes as well as to price-related effects, which further dampened revenue levels. The automotive industry in the APAC region is also characterized by widely varying regional development. While demand growth is moderate in some markets, such as China and South Korea, political conditions and supply chain disruptions are sources of strain in others. At the same time, electrification is also gaining momentum in the region, which opens up opportunities for innovative products, but still requires flexible production and supply chains. In addition, the decline in revenue results from a volume effect and from price effects in parts of the Stabilus Group.
In terms of divisions, Automotive Powerise^{®} business generated organic revenue growth of (14.8)%. Revenue in the Automotive Gas Spring division decreased organically by (9.1)% compared to the first half of fiscal 2025. Moreover, organic revenue growth in the Stabilus Industrial Automation division was likewise down (4.9)% compared with the first half of fiscal 2025. In contrast, organic revenue growth in the Stabilus Industrial Components division was up by 2.1% compared with the first half of fiscal 2025.
The Stabilus Group closed the first half of fiscal 2026 with an adjusted operating result (adjusted EBIT) of €63.4 million (H1 FY2025: €75.5 million). This represents an adjusted EBIT margin of 10.6% (H1 FY2025: 11.4%).
Adjusted free cash flow for the first half of fiscal 2026 amounted to €28.0 million (H1 FY2025: €27.0 million). Strategic investment projects were consistently continued -- with a lower total investment volume in intangible assets and property, plant and equipment. Against this backdrop, the Stabilus Group generated a solid adjusted free cash flow. The persistently challenging market conditions require consistent cost management and a disciplined approach.
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The Stabilus Group continues to face geopolitical uncertainties, some of which cause additional cost burdens. High personnel costs had an adverse effect, whereas the cost of materials declined slightly in the first half of the fiscal year. Trade policies, especially tariffs on US imports from China, Mexico, and the European Union, continue to create uncertainty in global trade and strain the internationally networked automotive industry in particular.
The Stabilus Group meets these challenges with targeted process optimization and efficiency programs in order to strengthen its operating resilience and largely offset cost increases. Declines in sales volumes as well as price pressures were partly offset by countervailing effects from price adjustments, although their impact on revenue is delayed.
The financial covenants in the facility agreement were complied with at all times in the reporting period. The net debt ratio was 3.21x as of the reporting date (September 30, 2025: 2.97x). This slight increase is mainly due to the declining operating result as a consequence of the ongoing challenging economic environment.
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 2026 compared to the second quarter and first half of fiscal 2025.
Revenue by region and business unit
T_003
| IN € MILLIONS | Q2 for the period from January 1 to March 31, | % change | % currency effect | % organic growth | |
|---|---|---|---|---|---|
| 2026 | 2025 | ||||
| EMEA | |||||
| Automotive Gas Spring | 30.9 | 31.7 | (2.5)% | (0.1)% | (2.4)% |
| Automotive Powerise® | 27.5 | 27.9 | (1.4)% | (2.3)% | 0.9% |
| Industrial Components | 73.4 | 71.1 | 3.2% | (1.1)% | 4.3% |
| Industrial Automation | 11.5 | 13.4 | (14.2)% | (0.2)% | (14.0)% |
| Total EMEA¹) | 143.3 | 144.1 | (0.6)% | (1.0)% | 0.4% |
| Americas | |||||
| Automotive Gas Spring | 25.1 | 28.7 | (12.5)% | (4.0)% | (8.5)% |
| Automotive Powerise® | 31.2 | 38.5 | (19.0)% | 3.4% | (22.4)% |
| Industrial Components | 29.8 | 32.3 | (7.7)% | (9.6)% | 1.9% |
| Industrial Automation | 26.9 | 28.2 | (4.6)% | (10.6)% | 6.0% |
| Total Americas¹) | 113.0 | 127.7 | (11.5)% | (4.7)% | (6.8)% |
| APAC | |||||
| Automotive Gas Spring | 18.1 | 23.8 | (23.9)% | (5.3)% | (18.6)% |
| Automotive Powerise® | 20.9 | 31.3 | (33.2)% | (4.5)% | (28.7)% |
| Industrial Components | 6.3 | 6.0 | 5.0% | (6.2)% | 11.2% |
| Industrial Automation | 3.3 | 5.1 | (35.3)% | (6.0)% | (29.3)% |
| Total APAC¹) | 48.6 | 66.2 | (26.6)% | (5.1)% | (21.5)% |
| Stabilus Group | |||||
| Total Automotive Gas Spring | 74.1 | 84.2 | (12.0)% | (2.9)% | (9.1)% |
| Total Automotive Powerise® | 79.6 | 97.7 | (18.5)% | (0.8)% | (17.7)% |
| Total Industrial Components | 109.5 | 109.4 | 0.1% | (3.9)% | 4.0% |
| Total Industrial Automation | 41.7 | 46.7 | (10.7)% | (7.1)% | (3.6)% |
| Revenue¹) | 304.9 | 338.0 | (9.8)% | (3.2)% | (6.6)% |
¹) Revenue breakdown by location of Stabilus company (i.e. "billed-from view").
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The Stabilus Group's revenue of €596.0 million (H1 FY2025: €663.9 million) fell by €(67.9) million or (10.2)% in the first half of fiscal 2026 compared to the first half of fiscal 2025. Adjusting for the exchange rate effect of €(22.9) million, the Stabilus Group recorded organic revenue growth of €(45.0) million or (6.7)% in the first half of fiscal 2026. 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.
Revenue by region and business unit
T_004
| IN € MILLIONS | H1 for the period from October 1 to March 31, | % change | % currency effect | % organic growth | |
|---|---|---|---|---|---|
| 2026 | 2025 | ||||
| EMEA | |||||
| Automotive Gas Spring | 58.0 | 60.7 | (4.4)% | (0.1)% | (4.3)% |
| Automotive Powerise® | 54.1 | 54.0 | 0.2% | (2.3)% | 2.5% |
| Industrial Components | 132.3 | 128.4 | 3.0% | (1.1)% | 4.1% |
| Industrial Automation | 22.5 | 26.3 | (14.4)% | (0.3)% | (14.1)% |
| Total EMEA¹) | 266.9 | 269.4 | (0.9)% | (1.1)% | 0.2% |
| Americas | |||||
| Automotive Gas Spring | 49.5 | 54.2 | (8.7)% | (4.3)% | (4.4)% |
| Automotive Powerise® | 61.8 | 68.3 | (9.5)% | 2.1% | (11.6)% |
| Industrial Components | 57.2 | 64.5 | (11.3)% | (8.8)% | (2.5)% |
| Industrial Automation | 51.7 | 54.4 | (5.0)% | (9.6)% | 4.6% |
| Total Americas¹) | 220.2 | 241.4 | (8.8)% | (4.9)% | (3.9)% |
| APAC | |||||
| Automotive Gas Spring | 40.2 | 53.6 | (25.0)% | (5.8)% | (19.2)% |
| Automotive Powerise® | 49.3 | 75.9 | (35.0)% | (4.9)% | (30.1)% |
| Industrial Components | 12.3 | 12.6 | (2.4)% | (6.9)% | 4.5% |
| Industrial Automation | 7.1 | 11.0 | (35.5)% | (5.5)% | (30.0)% |
| Total APAC¹) | 108.9 | 153.1 | (28.9)% | (5.4)% | (23.5)% |
| Stabilus Group | |||||
| Total Automotive Gas Spring | 147.7 | 168.5 | (12.3)% | (3.2)% | (9.1)% |
| Total Automotive Powerise® | 165.2 | 198.2 | (16.6)% | (1.8)% | (14.8)% |
| Total Industrial Components | 201.8 | 205.5 | (1.8)% | (3.9)% | 2.1% |
| Total Industrial Automation | 81.3 | 91.7 | (11.3)% | (6.4)% | (4.9)% |
| Revenue¹) | 596.0 | 663.9 | (10.2)% | (3.5)% | (6.7)% |
¹) Revenue breakdown by location of Stabilus company (i.e. "billed-from view").
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Earnings analysis
The following tables show the consolidated income statement of the
Stabilus Group for the second quarter and the first half of fiscal 2026 in
comparison with the second quarter and first half of fiscal 2025:
Income statement
T_005
| IN € MILLIONS | Q2
for the period from
January 1 to March 31, | | % change |
| --- | --- | --- | --- |
| | 2026 | 2025 | |
| Revenue | 304.9 | 338.0 | (9.8)% |
| Cost of sales | (220.9) | (244.3) | (9.6)% |
| Gross profit | 84.0 | 93.7 | (10.4)% |
| Research and development expenses | (9.9) | (10.4) | (4.8)% |
| Selling expenses | (32.9) | (35.3) | (6.8)% |
| General administrative expenses | (17.0) | (21.7) | (21.7)% |
| Other income | 1.4 | 0.9 | 55.6% |
| Other expenses | (1.0) | (1.4) | (28.6)% |
| Profit from operating activities (EBIT) | 24.6 | 25.9 | (5.0)% |
| Finance income | 0.7 | 0.6 | 16.7% |
| Finance costs | (11.4) | (11.2) | 1.8% |
| Profit / (loss) before income tax | 13.8 | 15.3 | (9.8%) |
| Income tax income / (expense) | (4.5) | (4.1) | 9.8% |
| Profit / (loss) for the period | 9.3 | 11.2 | (17.0)% |
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Income statement
T.006
| IN € MILLIONS | H1 for the period from October 1 to March 31, | % change | |
|---|---|---|---|
| 2026 | 2025 | ||
| Revenue | 596.0 | 663.9 | (10.2)% |
| Cost of sales | (436.3) | (483.0) | (9.7)% |
| Gross profit | 159.7 | 180.9 | (11.7)% |
| Research and development expenses | (17.6) | (19.8) | (11.1)% |
| Selling expenses | (65.3) | (68.7) | (4.9)% |
| General administrative expenses | (33.9) | (42.6) | (20.4)% |
| Other income | 4.7 | 5.2 | (9.6)% |
| Other expenses | (1.9) | (1.0) | 90.0% |
| Profit from operating activities (EBIT) | 45.7 | 54.0 | (15.4)% |
| Finance income | 0.7 | 2.3 | (69.6)% |
| Finance costs | (20.9) | (20.1) | 4.0% |
| Profit / (loss) before income tax | 25.5 | 36.2 | (29.6)% |
| Income tax income / (expense) | (8.0) | (10.7) | (25.2)% |
| Profit / (loss) for the period | 17.4 | 25.5 | (31.8)% |
Cost of sales
The cost of sales decreased by (9.7)%, from €(483.0) million in the first half of fiscal 2025 to €(436.3) million in the first half of fiscal 2026. The decline in the cost of sales is mainly due to the decline in revenue. Cost of sales fell by (9.7)% in the reporting period and thus developed substantially in tandem with the decline in revenue of (10.2)%. As a percentage of revenue, the cost of sales remained almost stable, increasing slightly by 0.4 percentage points from 72.8% in the first half of fiscal 2025 to 73.2% in the first half of fiscal 2026. Efficiency measures introduced at an early stage in production, savings from the transformation program, and a more flexible personnel structure had a positive effect on the cost base and helped to partially offset the increases stemming from inflation. As a result, the Stabilus Group has demonstrated pronounced operating resilience and solid cost control when compared with the market, even in a challenging environment. Despite the measures taken, the gross profit margin declined from 27.2% in the first half of fiscal 2025 to 26.8% in the first half of fiscal 2026.
Research and development expenses
R&D costs (less capitalized development costs) declined by (11.1)%, from €(19.8) million in the first half of fiscal 2025 to €(17.6) million in the first half of fiscal 2026.
The Stabilus Group continually invests in research and development to create pioneering products and applications and to ensure its long-term competitiveness. Focused measures aimed at innovation and diversification have resulted in the three core areas of door actuator technology, Industrial Powerise®, and automation technology, which provide the basis for the Group's technological development. A particular focus is the continuous optimization and expansion of the Powerise® product range as well as the electrification of the grippers and gripping solutions from the Destaco portfolio. At the same time, Stabilus is tapping into new technology fields and business potential, for example through smart door opening systems, the innovative LOMx process for temperature compensation, and the development of an ultra-short-range radar for vehicle doors. These activities underscore the Group's strategic focus on sustainable innovation and its ability to serve customers in growing, forward-looking markets with comprehensive solutions.
Capitalization of development costs (less customer payments) decreased from +€15.8 million in the first half of fiscal 2025 to +€14.3 million in the first half of fiscal 2026. In both the first half of 2026 and the same period of the previous year, R&D expenses amounted to 3.0% of revenue.
Selling expenses
Selling expenses declined by (4.9)% in the first half of fiscal 2026 compared to the first half of fiscal 2025, from €(68.7) million to €(65.3) million. The decline in expenses compared with the same period of the previous year can primarily be attributed to both savings from the transformation program launched in September 2025 and the decline in sales volume. In contrast, rising freight and transport costs, personnel costs related to inflation, and the tariffs imposed on US imports led to additional expenses of around €5.4 million. On the whole, however, the cost-cutting measures implemented as part of the transformation program offset these effects. The Stabilus Group has thus noticeably reduced its cost base and largely offset the impacts from external factors. As a percentage of revenue, selling expenses increased by 0.7 percentage points, from 10.3% in the first half of fiscal 2025 to 11.0% in the first half of fiscal 2026.
General administrative expenses
General administrative expenses declined by (20.4)% in the first half of fiscal 2026 compared to the first half of fiscal 2025, from €(42.6) million to €(33.9) million. The year-on-year decline is primarily due to the reduction in the number of employees that was specifically implemented as part of the transformation program launched in September 2025. At the same time, inflation-related salary increases had a dampening effect. However, the transformation program has optimized the long-term personnel costs and shown that Stabilus has strengthened its cost base and increased operational efficiency through targeted organizational adjustments. As a percentage of revenue, general administrative expenses decreased slightly by 0.7 percentage points, from 6.4% in the first half of fiscal 2025 to 5.7% in the first half of fiscal 2026.
Other income and expenses
Other income declined by €(0.5) million, from +€5.2 million in the first half of fiscal 2025 to +€4.7 million in the first half of fiscal 2026.
The first half of fiscal 2026 primarily included a +€1.9 million government subsidy program in China and Italy (previous year: €2.6 million). In addition, the results include €0.3 million in income from foreign currency translation gains from operating activities (previous year: +€0.5 million in net foreign exchange gains). The gains in the previous year mainly occurred in the Americas region and primarily resulted from the USD/MXN correlation.
Other expenses changed by €(0.9) million, from €(1.0) million in the first half of fiscal 2025 to €(1.9) million in the first half of fiscal 2026. This increase is mainly due to €1.4 million in consulting costs incurred as part of the transformation program.
Finance income and costs
Finance income was reduced by €(1.6) million, from +€2.3 million in the first half of fiscal 2025 to +€0.7 million in the first half of fiscal 2026. This decline is primarily due to net foreign exchange gains of €1.2 million 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.
Finance costs increased by €(0.8) million to €(20.9) million in the first half of fiscal 2026 from €(20.1) million in the first half of fiscal 2025. This is mainly due to losses of €(1.6) million resulting from the change in the carrying amounts of other financial assets and liabilities (put option). In addition, net foreign exchange losses of €(0.1) million were incurred from the translation of foreign currency cash and cash equivalents, as well as from other financial liabilities (lease liabilities) (previous year: net foreign exchange gains of €1.2 million). This was countered by a decline in interest expense as well as effects from the use of interest rate derivatives totaling €0.2 million.
The interest expense for financial liabilities of €(17.2) million in the first half of fiscal 2026 (H1 FY2025: €(17.5) million) relates in particular to the credit facilities, €(16.8) million of which (H1 FY2025: €(16.2) million) relates to interest paid. Interest on provisions for pensions and early retirement contracts amounted to €(1.1) million (H1 FY2025: €(0.9) million).
Income taxes
Following an income tax expense of €(10.7) million in the first half of fiscal 2025, the Stabilus Group reported an expense of €(8.0) million in the first half of fiscal 2026. The effective tax rate of the Stabilus Group is 31.5% in the first half of fiscal 2026 (H1 FY2025: 29.6%). The decline in income tax expense is mainly due to positive effects from taxes for previous years as well as higher deferred tax incomes. These overcompensated for the increase in current tax expense in the reporting period, which resulted in particular from higher tax rates due to pension and part-time pension obligations as well as from non-deductible expenses.
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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 2026 in comparison with the second quarter and the first half of fiscal 2025:
Operating segments
T_007
| IN € MILLIONS | Q2 for the period from January 1 to March 31, | % change | |
|---|---|---|---|
| 2026 | 2025 | ||
| EMEA | |||
| External revenue¹⁾ | 143.3 | 144.1 | (0.6)% |
| Intersegment revenue¹⁾ | 9.5 | 10.9 | (12.8)% |
| Total revenue¹⁾ | 152.9 | 154.9 | (1.3)% |
| Adjusted EBIT | 16.1 | 14.9 | 8.1% |
| as % of total revenue | 10.5% | 9.6% | |
| as % of external revenue | 11.2% | 10.3% | |
| Americas | |||
| External revenue¹⁾ | 113.0 | 127.7 | (11.5)% |
| Intersegment revenue¹⁾ | 4.9 | 6.5 | (24.6)% |
| Total revenue¹⁾ | 117.9 | 134.2 | (12.1)% |
| Adjusted EBIT | 9.9 | 14.7 | (32.7)% |
| as % of total revenue | 8.4% | 11.0% | |
| as % of external revenue | 8.8% | 11.5% | |
| APAC | |||
| External revenue¹⁾ | 48.6 | 66.3 | (26.7)% |
| Intersegment revenue¹⁾ | 4.1 | 3.5 | 17.1% |
| Total revenue¹⁾ | 52.6 | 69.8 | (24.6)% |
| Adjusted EBIT | 8.1 | 8.1 | 0.0% |
| as % of total revenue | 15.4% | 11.6% | |
| as % of external revenue | 16.7% | 12.2% |
¹⁾ Revenue breakdown by location of Stabilus company (i.e., "billed-from view").
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EMEA
External revenue in the EMEA region declined in the first half of fiscal 2026 by €(2.5) million, or (0.9)% to €266.9 million, from €269.4 million in the first half of fiscal 2025. After eliminating exchange rate effects of €(2.8) million, organic revenue growth amounted to +0.2%.
The Stabilus Automotive Powerise® business grew slightly by +€0.1 million or 0.2% from €54.0 million to €54.1 million. Organic revenue growth in the Automotive Powerise® business even reached +2.5%. By contrast, revenue in the Automotive Gas Spring business fell by €(2.7) million or (4.4)%, from €60.7 million to €58.0 million. Organic growth in revenue for the Automotive Gas Spring business was (4.3)%. According to data from S&P Global Mobility (as of April 2026), passenger car production in the EMEA automotive market fell by (2.3)% compared with the first half of fiscal 2025 to 9.8 million units produced in the first half of fiscal 2026.
The macroeconomic environment in the first half of fiscal 2026 (October 1, 2025 to March 31, 2026) continued to be characterized by noticeable consumer restraint. In addition, the market environment was impacted by geopolitical uncertainties and the announced and partly rolled-out tariffs on US imports. The automotive industry is undergoing a fundamental structural transformation, characterized by the transformation to e-mobility, digital vehicle platforms, and connected services. Regional differences in sales and demand remain, with Europe experiencing slight growth, stagnating to slightly declining sales in the US, and China recording stable markets with moderate growth.
Operating segments
T_008
| IN € MILLIONS | H1 for the period from October 1 to March 31, | % change | |
|---|---|---|---|
| 2026 | 2025 | ||
| EMEA | |||
| External revenue¹) | 266.9 | 269.4 | (0.9)% |
| Intersegment revenue¹) | 18.3 | 22.9 | (20.1)% |
| Total revenue¹) | 285.2 | 292.3 | (2.4)% |
| Adjusted EBIT | 29.5 | 26.1 | 13.0% |
| as % of total revenue | 10.3% | 8.9% | |
| as % of external revenue | 11.1% | 9.7% | |
| Americas | |||
| External revenue¹) | 220.2 | 241.4 | (8.8)% |
| Intersegment revenue¹) | 9.6 | 12.9 | (25.6)% |
| Total revenue¹) | 229.8 | 254.3 | (9.6)% |
| Adjusted EBIT | 14.9 | 24.4 | (38.9)% |
| as % of total revenue | 6.5% | 9.6% | |
| as % of external revenue | 6.8% | 10.1% | |
| APAC | |||
| External revenue¹) | 108.9 | 153.1 | (28.9)% |
| Intersegment revenue¹) | 7.5 | 7.2 | 4.2% |
| Total revenue¹) | 116.4 | 160.3 | (27.4)% |
| Adjusted EBIT | 19.1 | 25.0 | (23.6)% |
| as % of total revenue | 16.4% | 15.6% | |
| as % of external revenue | 17.5% | 16.3% |
¹) Revenue breakdown by location of Stabilus company (i.e., "billed-from view").
Against this backdrop, margin pressures, higher costs, and a dampened propensity to invest and consume had a dampening effect on the industry. The development of the Stabilus Group's automotive activities corresponded to the aforementioned market environment.
Stabilus Industrial Components business revenue increased in the first half of fiscal 2026 compared to the first half of fiscal 2025 by +€3.9 million, or +3.0%, from €128.4 million to €132.3 million, while Industrial Components business revenue experienced organic revenue growth of +4.1%. By contrast, revenue in the Industrial Automation business fell by €(3.8) million or (14.4)%, from €26.3 million to €22.5 million. Organic revenue growth in the Industrial Automation business amounted to (14.1)%.
From October 2025 to March 2026, the German industrial market developed along a restrained trajectory characterized by persistently subdued domestic demand, structural challenges, international trade, and geopolitical uncertainties. Government support programs and investments in sustainable technologies had only a limited stabilizing effect. The rest of the EMEA region presented a heterogeneous picture: While some growth markets in Eastern Europe and the Gulf region benefited from infrastructure projects and robust demand, activity in mature economies such as France, Italy, and the United Kingdom remained mostly restrained. On the whole, the EMEA region contributed to the stabilization of global industrial demand but remained burdened by political tensions and geopolitical risks. The development of the market segments underscores the varying situations across the markets: Of particular note are the commercial vehicles and aerospace, marine & rail segments, as well as distributors, the independent aftermarket, and e-commerce, as well as energy & construction, all of which posted positive growth in the reporting period. By contrast, the healthcare, recreation & furniture, and the industrial machinery & automation market segments contracted. 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.
Inflation-related increases in personnel costs and geopolitical factors weighed on business, but were partly cushioned by price adjustments to customers. At the same time, the efficiency measures introduced in production and the consistent cost management had a positive impact on the stabilization of the cost base. In addition, savings in personnel structure, especially as a result of the transformation program that was launched in September 2025, led to further effects. On the whole, Stabilus succeeded in securing its operating resilience and competitiveness despite the continued challenging economic environment.
Adjusted EBIT in the EMEA region climbed by +€3.4 million or +13.0% from €26.1 million in the first half of fiscal 2025 to €29.5 million in the first half of fiscal 2026. The adjusted EBIT margin increased by 1.4 percentage points, from 9.7% in the first half of fiscal 2025 to 11.1% in the first half of fiscal 2026.
Americas
External revenue in the Americas declined in the first half of fiscal 2026 compared to the first half of fiscal 2025 by €(21.2) million, or (8.8)%, from €241.4 million to €220.2 million. Adjusted to account for currency effects of €(11.8) million, organic revenue growth declined moderately by (3.9)% compared with the previous year.
The Automotive Gas Spring business contracted year-on-year by €(4.7) million, or (8.7)%, from €54.2 million to €49.5 million. The organic revenue growth rate for the Automotive Gas Spring business was (4.4)%. The Stabilus Automotive Powerise^{®} business also saw a decline compared to the previous year of €(6.5) million, or (9.5)%, from €68.3 million to €61.8 million, corresponding to an organic revenue growth rate of (11.6)%. According to data from S&P Global Mobility (as of April 2026), passenger car production in the Americas automotive market fell in the first half of fiscal 2026 compared with the first half of fiscal 2025 by (1.4)% to 8.7 million units produced.
On the whole, the US automotive market showed subdued performance between October 2025 and March 2026. After a stable business year overall in 2025, the market lost momentum substantially in the fourth quarter. There was a palpable mitigation in demand, particularly in comparison with the strong third quarter -- which was characterized by anticipation effects resulting from ongoing support measures, especially in the electromobility sector. While sales volumes declined or dampened in both October and November, seasonal developments stabilized in December 2025. However, the latter did not offset the negative quarterly trend. At the start of 2026, market momentum remained subdued on the whole, with demand picking up only selectively in individual segments. High prices for new vehicles, higher financing costs owing to the restrictive interest rate environment, and overall subdued consumer sentiment continued to have a dampening effect. At the same time, structural factors -- especially the expiration of government incentives to purchase electric vehicles by the end of the third quarter of 2025 -- led to a mitigation in demand in the electric vehicles segment and to an overall more volatile pattern of demand. In addition, trade policy uncertainties and tariff burdens intensified cost and margin pressures along the value chains. Vehicle availability on the supply side improved substantially in parallel, leading to rising inventory levels in the retail sector and intensifying competitive and price pressures. On the whole, the market environment during the reporting period was characterized by a combination of macroeconomic uncertainty, structural adjustments related to electrification, and dampened as well as sometimes fragmented demand development overall.
Revenue for the Stabilus Industrial Components business was on a downward trajectory in the first half of fiscal 2026 compared to the first half of fiscal 2025, with its revenue falling by €(7.3) million or (11.3)% from €64.5 million to €57.2 million, while organic revenue growth in the Industrial Components business amounted to (2.5)%. The Industrial Automation business contracted by €(2.7) million or (5.0)%, from €54.4 million to €51.7 million. Organic revenue growth in the Industrial Automation business even reached +4.6%.
Incoming orders in US industrial business developed moderately on the whole in the first half of fiscal 2026 (October 1, 2025 to March 31, 2026). Declining investment momentum, high financing costs, and weakened demand from key end markets weighed on industrial activity. Geopolitical uncertainties and trade tensions had a dampening effect on both orders and investment decisions. While government infrastructure programs and relatively robust labor market conditions helped to stabilize the situation, they could not fully compensate for the restrained overall momentum in the reporting period. The US industrial sector in which the Stabilus Group operates recorded a decline in order intake. This development was also reflected in the more moderate revenue growth rates of the relevant market segments in the Americas. Almost all market segments experienced declining revenue growth rates. In contrast, the Industrial Machinery & Automation market segment developed positively with single-digit revenue growth rates. 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 were also severely impacted by increases in personnel expenses owing to inflation. In addition, the gas spring companies in Mexico and the United States faced challenges from increased employee turnover, which required additional investments in training and adversely affected operational efficiency. The resulting cost increases could not be fully offset by price adjustments to customers. Although the adjusted EBIT margin was kept at a solid level in the region despite the adverse impact of targeted increases in production efficiency and consistent cost management, it was 6.8% lower than in September 2025 (7.9%).
Adjusted EBIT in the Americas region declined by €(9.5) million, or (38.9)%, from €24.4 million in the first half of fiscal 2025 to €14.9 million in the first half of fiscal 2026. The adjusted EBIT margin consequently fell slightly by 3.3 percentage points, from 10.1% in the first half of fiscal 2025 to 6.8% in the first half of fiscal 2026.
APAC
External revenue in the APAC region fell in the first half of fiscal 2026 by €(44.2) million, or (28.9)%, from €153.1 million to €108.9 million. After eliminating exchange rate effects of €(8.3) million, organic revenue growth amounted to (23.5)%.
The Automotive Powerise^{®} business recorded a decline in revenue of €(26.6) million or (35.0)% from €75.9 million to €49.3 million. Organic revenue growth amounted to (30.1)%. The Automotive Gas Spring business also recorded a drop in revenue, falling by €(13.4) million or (25.0)% from €53.6 million to €40.2 million. The organic revenue growth rate for the Automotive Gas Spring business was (19.2)%.
On the whole, the Chinese automotive market exhibited subdued development in the first half of fiscal 2026 (October 2025 to March 2026) that differed in regional and segment terms. While largely stable sales initially followed in the first quarter (October to December 2025), momentum in the market continued to weaken in the second quarter (January to March 2026). As a result, the market only had a limited quarter-on-quarter follow-up from January to March 2026. After a relatively stable start to the year, demand weakened noticeably as the quarter wore on. Ongoing dampening consumer sentiment, slowing macroeconomic momentum, as well as persistent structural uncertainties in the real estate sector weighed on the Group. These factors led to restrained demand in the retail customer segment. Intensive price competition, which had already started in the previous quarter, also continued unabated. This intensified due to aggressive price adjustments, especially in the New Energy Vehicles (NEV) segment, and increasingly depressed manufacturers' margins. The stimulus provided by the government in the second quarter was also lower than in previous periods, which is to be seen in connection with the gradual adjustment and reduction of individual subsidies. As a result, sales performance on the whole fell short of expectations and remained largely unchanged or declined slightly. In the context of the half-year analysis, this results in a slightly negative development for the Chinese market on the whole. Weakening could already be seen beginning in the fourth quarter of 2025 and continued at the start of 2026. According to S&P Global Mobility, passenger car production in China declined by around (2.5)% to 16.2 million units in the first half of fiscal 2026 compared with the same period a year earlier. While the Asia-Pacific region (APAC) was more robust on the whole during the same period, it also remained without a clear impetus for growth. With production falling by
just (0.1)% to €27.8 million units, this can be said to be largely stagnant. While high-growth markets such as India and parts of Southeast Asia continued to benefit from structural demand factors, established markets like Japan and South Korea experienced restrained performance. On the whole, the first half of 2026 saw challenging market environment in both China and the APAC region. In addition to macroeconomic uncertainties, intense competition, ongoing price pressures, and geopolitical tensions -- including with the United States -- had a negative impact on the market and earnings prospects of automotive manufacturers.
Revenue for the Stabilus Industrial Components business was on a slight downward trajectory in the first half of fiscal 2026 compared to the first half of fiscal 2025, with its revenue falling by €(0.3) million or (2.4)% from €12.6 million to €12.3 million, while organic revenue growth in the Industrial Components business amounted to +4.5%. The Industrial Automation business contracted by €(3.9) million or (35.5)%, from €11.0 million to €7.1 million. Organic revenue growth in the Industrial Automation business amounted to (30.0)%.
The Chinese industrial market developed in an overall weak to moderately stable environment during the first half of fiscal 2026 (October 2025 to March 2026). Structural pressures, especially the persistently subdued domestic economy, uncertainties in the real estate sector, and restrained investing activities continued to dominate industrial momentum. There was no sustained economic rebound over the course of the quarter. While state support measures and individual infrastructure stimulus had a stabilizing effect in some areas, they could not fundamentally reverse the generally restrained development of the manufacturing sector.
Overall, the Asia-Pacific region (APAC) presented a heterogeneous picture. While individual national economies driven by exports and investments followed a robust trajectory, the industrial economy in more mature markets remained restrained. On the whole, this led to a fragmented regional picture without a uniform growth momentum. Almost all market segments posted declining revenue growth rates. The aerospace, marine & rail, distributors, independent aftermarket, e-commerce, and healthcare, recreation & furniture, as well as the industrial machinery & automation segments, even recorded double-digit declines in revenue. In contrast, the commercial vehicles market segment performed well with single-digit growth. The energy & construction market segment was almost on a par with the same period of the previous year.
The APAC region was also squeezed by a higher cost base caused by factors such as higher personnel costs. At the same time, margins were burdened by increased price pressure. Adjusted EBIT in the APAC region fell by €(5.9) million or (23.6)% from €25.0 million in the first half of fiscal 2025 to €19.1 million in the first half of fiscal 2026. The adjusted EBIT margin increased by 1.2 percentage points, from 16.3% in the first half of fiscal 2025 to 17.5% in the first half of fiscal 2026. Positive, non-recurring effects from purchasing resulting from retrospective supplier price reductions, among other things, fueled the increase in margins and dampened the negative effects of cost and price pressures.
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Reconciliation of adjusted EBIT
The following table shows the reconciliation to adjusted EBIT for the second quarter and first half of fiscal 2026 compared with the second quarter and first half of fiscal 2025. 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 58.
T_009
Reconciliation of EBIT to adjusted EBIT
| IN € MILLIONS | Q2 for the period from January 1 to March 31, | % change | |
|---|---|---|---|
| 2026 | 2025 | ||
| Profit from operating activities (EBIT) | 24.6 | 25.9 | (5.0)% |
| PPA adjustments – depreciation and amortization | 7.6 | 9.2 | (16.8)% |
| Consulting | 0.4 | 0.4 | 0.0% |
| Reorganization | 1.5 | 2.3 | (32.0)% |
| Adjusted EBIT | 34.1 | 37.7 | (9.5)% |
T_010
Reconciliation of PPA adjustments
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Reconciliation of EBIT to adjusted EBIT
T_011
Reconciliation of PPA adjustments
T_012
The effects of PPAs from previous company acquisitions came to €15.2 million in the first half of fiscal 2026 (H1 FY2025: €18.1 million). This is the straight-line depreciation of the revaluation of assets allocated to the corresponding fiscal years and shown in the table above.
In addition, expenses of €2.1 million incurred in connection with the restructuring of the Stabilus Group and €0.4 million in consulting expenses were adjusted for in the first half of fiscal 2026. Consulting expenses of €1.2 million incurred in the previous year are transaction-based and resulted from the acquisition of the Destaco Group. In addition, reorganization expenses of €2.3 million related to the early termination of the contract by the CFO were adjusted in the previous business year.
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Financial position of the Stabilus Group
Statement of financial position
T_013
| IN € MILLIONS | March 31, 2026 | September 30, 2025 | % change |
|---|---|---|---|
| Assets | |||
| Non-current assets | 1,306.3 | 1,297.7 | 0.7% |
| Current assets | 578.2 | 582.8 | (0.8)% |
| Total assets | 1,884.5 | 1,880.5 | 0.2% |
| Equity and liabilities | |||
| Equity | 663.9 | 635.8 | 4.4% |
| Non-current liabilities | 914.7 | 888.4 | 3.0% |
| Current liabilities | 305.9 | 356.4 | (14.2)% |
| Total liabilities | 1,220.6 | 1,244.8 | (1.9)% |
| Total equity and liabilities | 1,884.5 | 1,880.5 | 0.2% |
Analysis of net assets
Total assets
The Stabilus Group's total assets increased slightly by +€4.0 million from €1,880.5 million as of September 30, 2025 to €1,884.5 million as of March 31, 2026.
Non-current assets
The increase in the non-current assets of the Stabilus Group stems primarily from the investments made in property, plant and equipment totaling €26.8 million, of which €7.8 million were for new leases and €19.0 million for property, plant and equipment. Furthermore, investments in intangible assets of €14.5 million were capitalized in connection with research and development costs. In total, the Stabilus Group made capital expenditure payments (CapEx) of €33.5 million. Non-current assets also increased due to carrying amount adjustments attributable to exchange rate effects (e.g., an increase in goodwill of +€5.9 million). Ongoing depreciation of property, plant and equipment in the amount of €20.4 million and amortization of intangible assets in the amount of €23.6 million had the opposite effect on the fixed assets.
Current assets
The decline in the current assets of the Stabilus Group is due to the decline in cash and cash equivalents by €(20.1) million, which has fallen to €142.5 million. This was countered by the increase in inventories by €6.4 million as well as the increase in trade receivables by €2.2 million. In addition, other assets rose by +€4.3 million, mainly due to increased advance payments for software-as-a-service services and insurance policies as well as higher VAT receivables, which are recognized as deferred charges and allocated on a systematic basis over the respective contractual term. Income tax receivables also rose by +€1.3 million.
The equity of the Stabilus Group rose by +€28.1 million and is mainly attributable to the change in other reserves (cumulative change in equity, not included in profit or loss), which improved by +€25.9 million. This arises primarily from unrealized gains from foreign currency translation, as well as from changes in actuarial assumptions regarding pension obligations (after taxes) and the measurement of hedge coverage derivatives without income statement. In addition, profit for the period for the first half of fiscal 2026 contributed positively to the increase in equity, amounting to €17.4 million. The dividends paid to the Stabilus shareholders in the amount of €(8.6) million as well as the share buyback program in the amount of €(3.5) million had a negative impact on equity.
Non-current liabilities
The increase in the non-current liabilities of the Stabilus Group is mainly attributable to an adjustment to the maturity classification. Existing credit lines were used to refinance short-term financial liabilities in the amount of €83.0 million, which changed the maturity structure accordingly. This led to an increase in non-current financial liabilities of +€18.8 million. Other financial liabilities increased by +€3.8 million, resulting from additions from newly concluded lease agreements that exceeded the scheduled repayments. In addition, deferred tax liabilities rose by +€1.2m due to changes in temporary differences. Pension obligations fell by €(1.4) million due to changes in actuarial assumptions.
Current liabilities
The increase in the current liabilities of the Stabilus Group was influenced by multiple transactions. For one, €83.0 million in current financial liabilities were reduced and refinanced through long-term borrowings, which changed the maturity structure of the liabilities accordingly. For another, provisions declined by a total of €(15.7) million, with provisions for personnel expenses and transformation measures being reduced primarily through drawdowns and VAT provisions as a result of payments. Trade accounts payable fell by €(5.8) million. Income tax liabilities fell by €(0.7) million, while other liabilities fell by €(4.6) million, mainly due to lower amounts owed to employees and lower social security contributions.
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Cash flows
T_014
Analysis of the financial position
Cash flow from operating activities
Cash flow from operating activities increased to €53.3 million in the first half of fiscal 2026 (H1 FY2025: €68.4 million). This results from several components: The profit for the period of +€17.4 million as well as the non-cash-effective depreciation and amortization of €49.8 million supported the cash flows from operating activities. With regard to net working capital, there were overall adverse effects: The increase in trade receivables (€(2.2) million) as well as the build-up of inventories (€(6.4) million) led to a cash outflow of €(8.6) million. Other cash outflows resulted from the reduction in trade payables of €(5.8) million and from changes in other assets and liabilities of €(4.9) million. Income tax payments amounted to €(11.2) million, which is lower than in the same period the previous year.
Cash flow from investing activities
Cash flow from investing activities changed to €(31.8) million in the first half of fiscal 2026 (H1 FY2025: €(45.4) million). This is due in particular to reduced investments in property, plant and equipment and intangible assets. Investments in property, plant and equipment were €(19.0) million (previous year: €(29.9) million), while investments in intangible assets related to research and development activities were €(14.5) million (previous year: €(16.2) million). The year-on-year reduction in total investments by €13.6 million reflects a more selective investment strategy of the Stabilus Group.
Cash flow from financing activities
Cash flow from financing activities amounted to €(45.4) million in the first half of fiscal 2026 (H1 FY2025: €(37.4) million). As part of its refinancing strategy, the Stabilus Group borrowed +€83.0 million. This contrasted with loan repayments and repayments of financial liabilities of €(93.0) million. In addition, payments were made for lease liabilities of €(5.8) million and for interest expenses for financial liabilities of €(16.8) million. Dividends paid to Stabilus shareholders amounted to €(8.6) million. In addition, the Group made further cash outflows of €(3.5) million from its share buyback program.
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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, investments, or distributions. Free cash flow changed to +€21.5 million in the first half of fiscal 2026 (H1 FY2025: +€23.0 million). Although operating expenses declined by €(15.1) million, the free cash flow was largely stabilized thanks to the lower investment payments (CapEx), which fell by €(13.6) million compared with the previous business year, resulting in a net decline of only €(1.5) million and underscoring the capital allocation of the Stabilus Group. The calculation of free cash flow for the first half of fiscal 2026 and the first half of fiscal 2025 is shown in the adjacent table.
| Free cash flow | T.015 | ||
|---|---|---|---|
| H1 | |||
| for the period from | |||
| October 1 to March 31, | |||
| IN € MILLIONS | 2026 | 2025 | % change |
| Cash flow from operating activities | 53.3 | 68.4 | (22.1)% |
| Cash flow from investing activities | (31.8) | (45.4) | (30.0)% |
| Free cash flow | 21.5 | 23.0 | (6.5)% |
| Adjusted free cash flow | T.016 | ||
| H1 | |||
| for the period from | |||
| October 1 to March 31, | |||
| IN € MILLIONS | 2026 | 2025 | % change |
| Cash flow from operating activities | 53.3 | 68.4 | (22.1)% |
| Cash flow from investing activities | (31.8) | (45.4) | (30.0)% |
| Free cash flow | 21.5 | 23.0 | (6.5)% |
| Acquisition of assets and liabilities within the business combination, net of cash acquired | – | 1.1 | (100.0)% |
| Consulting | – | 2.6 | (100.0)% |
| Reorganization | 1.4 | – | n/a |
| Transformation program | 5.0 | – | n/a |
| Bioremediation | 0.1 | 0.3 | (63.1)% |
| Adjusted FCF | 28.0 | 27.0 | 3.7% |
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 reports adjusted free cash flow because this key performance indicator 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 changed in the first half of fiscal 2026 to +€28.0 million (H1 FY2025: +€27.0 million). This is mainly due to adjustments from reorganization and transformation measures as well as lower capital expenditures. The adjustment of €(6.5) million in the first half of fiscal 2026 relates to payments made as part of the transformation program and the consulting costs incurred in connection with the restructuring of the Stabilus Group, as well as to bioremediation (EPA Colmar). 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 calculation of adjusted free cash flow for the first half of fiscal 2026 and fiscal 2025 is shown in the adjacent table.
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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 from 2.97x in the first half of fiscal 2025 to 3.21x in the first half of fiscal 2026 (September 30, 2025: 2.96x). This slight increase is mainly due to the declining operating result as a consequence of the ongoing challenging economic environment. The calculation of the net leverage ratio for the first half of fiscal 2026 and fiscal 2025 is shown in the following below.
Net leverage ratio
T_017
| IN € MILLIONS | H1 as of March 31, | % change | |
|---|---|---|---|
| 2026 | 2025 | ||
| Financial liabilities | 785.2 | 791.4 | (0.8)% |
| Cash and cash equivalents | (142.5) | (95.1) | 49.8% |
| Net financial debt | 642.7 | 696.3 | (7.7)% |
| Adjusted EBITDA (LTM, March 31) | 200.5 | 234.3 | (14.4)% |
| Net leverage ratio¹) | 3.21x | 2.97x |
¹) The net leverage ratio is defined as net financial debt divided by adjusted EBITDA for the last 12 months (LTM).
Financial liabilities H1 to March 31
T_018
| IN € MILLIONS | H1 as of March 31, | % change | |
|---|---|---|---|
| 2026 | 2025 | ||
| Financial liabilities (non-current) | 729.5 | 676.4 | 7.8% |
| Financial liabilities (current) | 55.7 | 115.0 | (51.5)% |
| Financial liabilities | 785.2 | 791.4 | (0.8%) |
Adjusted EBITDA (LTM, Mar 31)
T_019
| IN € MILLIONS | H1 as of March 31, | % change | |
|---|---|---|---|
| 2026 | 2025¹) | ||
| Profit from operating activities (EBIT) | 75.7 | 121.4 | (37.6)% |
| Depreciation | 50.9 | 50.2 | 1.4% |
| Amortization | 19.3 | 18.3 | 5.5% |
| PPA adjustments – depreciation and amortization | 30.5 | 36.2 | (15.9)% |
| EBITDA | 176.4 | 226.1 | (22.0)% |
| Consulting | 0.4 | 1.8 | (78.2)% |
| Reorganization | 4.8 | 2.3 | >100.0% |
| Bioremediation (EPA Colmar) | 1.4 | – | n/a |
| Purchase price allocation (PPA) adjustments – increase in inventories | – | 4.1 | (100.0)% |
| Restructuring | 17.6 | – | n/a |
| Adjusted EBITDA | 200.5 | 234.3 | (14.4)% |
¹) Previous year. Adjusted to account for integration costs of €5.4 million for the Destaco Group.
Report on risks and opportunities
In our opinion, there were no material changes in the reporting period from October 1, 2025 to March 31, 2026, compared with the disclosures presented in the annual report of September 30, 2025, and with the overall assessment of the risks and opportunities of the Stabilus Group made there. Accordingly, reference is made to the corresponding statements in the 2025 annual report (page 51 et seq.).
In the reporting period, the uncertainties arising from the macroeconomic and geopolitical framework have continued to rise. These include, in particular, trade tensions, potential trade restrictions as well as the escalation of the Middle East conflict and overall increased volatility in global sales and procurement markets. These developments have an impact in particular on the automotive and industrial end markets relevant for the Stabilus Group.
Against this backdrop, the risk assessments for the individual risks "market and sector risks" as well as "credit and liquidity risks" were adjusted in the reporting period from "medium" to "high".
Overall assessment of risk
The geopolitical and macroeconomic framework conditions continue to represent a significant factor of uncertainty and are associated with both risks and potential strategic opportunities.
In our opinion, the aggregated total risk exposure in the first half of fiscal 2026 had no material impacts on the risk-bearing capacity of the Stabilus Group, because the overall risk profile as of September 30, 2025 – taking into account the aforementioned adjustments in individual risk categories – had not changed significantly.
The Management Board does not anticipate any individual risk or any risk resulting from the aggregation of opportunities and individual risks of all categories that could materially endanger the continued existence of Stabilus SE or the Stabilus Group. 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. As of the reporting date, the Stabilus Group had adequate headroom with respect to the relevant financial covenants; there were no violations of covenant agreements at any time during the reporting period.
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Report on expected developments
General economic outlook
The development of the global economy in fiscal 2026 (Stabilus fiscal year from October 1, 2025 to September 30, 2026) was once again up against considerable challenges and depended on the stability of the key markets such as the US, EU, and China. Ongoing geopolitical crises, particularly the Russia-Ukraine war and the Middle East conflict, as well as shortages of energy, commodities, and intermediate products, also weighed on economic development. The economic outlook remains volatile despite the weakening of the inflation momentum. Ongoing geopolitical tensions and the macroeconomic environment continue to pose significant downside risks to both growth and inflation.
The macroeconomic challenges are reflected in the forecast published by the International Monetary Fund (World Economic Outlook – April 2026). In light of the forecast, an increase in global gross domestic product of +3.1% is expected for the 2026 calendar year. Within the European Union, very low growth of +1.1% is forecast for the euro area, while even lower growth of just +0.8% is expected for Germany. Within the Americas region, growth of +2.3% is assumed for the United States, with Central and South America expected to grow by +2.3% (Brazil: +1.9%; Mexico: +1.6%). Significantly higher growth rates are projected in the APAC region. For instance, gross domestic product of +4.4% is expected for Stabilus' core market of China.
Latest growth projections for selected economies
T_020
| % YEAR-ON-YEAR CHANGE IN THE CALENDAR YEAR | 2026* | 2027* |
|---|---|---|
| World | 3.1% | 3.2% |
| European Union | 1.5% | 1.6% |
| thereof Euro area | 1.1% | 1.2% |
| thereof Germany | 0.8% | 1.2% |
| United Kingdom | 0.8% | 1.3% |
| United States | 2.3% | 2.1% |
| Latin America | 2.3% | 2.7% |
| thereof Brazil | 1.9% | 2.0% |
| thereof Mexico | 1.6% | 2.2% |
| Emerging and Developing Asia | 4.9% | 4.8% |
| thereof China | 4.4% | 4.0% |
Source: International Monetary Fund, World Economic Outlook, April 2026.
* Projections.
Production of light vehicles*
T_021
| IN MILLIONS OF UNITS PER FISCAL YEAR | 2026** | 2027** | 2028** | 2029** | 2030** | 2031** |
|---|---|---|---|---|---|---|
| EMEA | 18.8 | 19.0 | 19.5 | 19.8 | 19.8 | 20.1 |
| thereof Germany | 4.1 | 3.9 | 3.8 | 3.5 | 3.5 | 3.6 |
| Americas | 18.1 | 18.4 | 18.9 | 19.4 | 19.9 | 20.3 |
| thereof United States | 9.9 | 9.9 | 10.3 | 10.6 | 10.9 | 11.2 |
| APAC | 54.9 | 54.9 | 55.7 | 56.2 | 57.1 | 57.5 |
| thereof China | 32.2 | 32.3 | 32.3 | 32.6 | 33.0 | 33.3 |
| Worldwide production of light vehicles* | 91.8 | 92.3 | 94.1 | 95.4 | 96.8 | 97.9 |
Source: S&P Global Mobility/Light Vehicle Production Forecast (April 2026).
* Passenger cars and light-duty vehicles (< 6 t).
** S&P Global Mobility forecast as of April 2026.
After the ECB incrementally cut the key interest rate to 2.0% in 2025, no further adjustments were made in the final meetings of the calendar year. The Fed kept its key interest rate unchanged from January to August 2025; however, this was followed by three successive cuts of 0.25 percentage points each between September and December 2025, resulting in a current rate of 3.5%. Further changes to rates by the ECB and the Fed cannot be ruled out.
The latest OECD forecast issued in March 2026 likewise anticipates only a moderate recovery in global economic activity. The world economy is expected to grow this year by +2.9% and by +3.0% in the coming year. Within the European Union, very low growth of just +0.8% is now anticipated for the euro area in this calendar year and the economy is expected to grow by a mere +1.2% in the coming year. In the Americas region, growth of +2.0% is forecast for the United States this calendar year, with the economy expected to grow by +1.7% in the coming year. The OECD also expects the emerging economies to deliver considerably more in the way of momentum for the world economy, with growth in the core market of China forecast at +4.4% in this calendar year and 4.3% for the coming 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 Group expects to see additional reductions in personnel and operating costs as a result of the comprehensive transformation program.
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 the year.
Forecast industry development
Forecast development in the automotive industry
The global automotive industry is expected to remain stable overall or decline slightly in fiscal 2026. The sector continues to undergo a structural transformation to e-mobility, digital vehicle platforms, and connected services, which requires extensive investment in new technologies and production capacities. Regionally, the picture is heterogeneous: Slight growth is forecast for Europe, the United States is expected to experience stagnant to slightly declining sales, China is forecast to have largely stable markets with slight growth, and the other APAC markets are expected to benefit from infrastructure investments. Mature markets outside these regions, by contrast, remain subdued. In 2026, the automotive industry views itself as being burdened in particular by geopolitical tensions, trade uncertainties, and pressure on margins and costs. Delays in the transition to electrified and digitalized vehicles could place an additional burden on operational development. On the whole, however, moderate global sales growth is expected, albeit subject to ongoing transformation and margin pressures.
Based on the S&P Global Mobility forecasts for the automotive sector (April 2026), the Stabilus Group is anticipating a slight decline in global automotive production of around (0.9)%, to approximately 91.8 million units in fiscal 2026. The EMEA and Americas regions are expected to see lower production, while the APAC region is expected to see a slight increase. The APAC region is expected to add around +0.1 million vehicles, followed by the Americas ((0.3) million) and EMEA ((0.6) million) regions.
Forecast development in the industrial sector
In addition to structural challenges and a continued dampening of economic sentiment, companies are increasingly facing economic pressures. Demand is flattening out; a noticeable rebound in investment and demand activity is therefore not expected until the second half of 2026 at the earliest. Industrial output is likely to be below average in Europe, in particular due to weakness in Germany, France, and Italy.
At the same time, there is structural impetus: The transformation to climate-neutral production, investments in digitalization and automation, and government support programs under the Green Deal or national industrial policies could open up opportunities for growth in the medium term that are, however, expected to affect only certain sub-segments in fiscal 2026.
Despite an increasingly uncertain political environment, it is expected worldwide that North America will benefit from comparatively low energy costs as well as extensive infrastructure and industrial programs. Targeted industrial policy support is also expected in China to stabilize growth, even though structural challenges could hamper a full recovery.
Across all industries, industrial companies are facing flattening demand, higher financing costs, and high cost pressures. The outlook for fiscal 2026 therefore remains subdued. Only a sustained rebound in global demand, an easing of the geopolitical situation, and monetary policy easing could allow for stability or moderate growth toward the end of the reporting period.
Forecast development on the procurement markets
The procurement markets of the Stabilus Group continue to be characterized by macroeconomic uncertainties and geopolitical tensions, including the escalation of the Middle East conflict as well as volatile crude oil prices, which can have an impact on the cost of energy and materials. Despite the slight easing of prices for certain commodities and intermediate products, increased transport costs and persistent logistical challenges continued to exert pressure. To ensure security of supply and meet regulatory and ESG targets, the company is focusing on expanding regional sources of procurement (nearshoring), long-term supplier partnerships, and greater use of digital instruments for early risk identification. Material prices are expected to be volatile overall in fiscal 2026.
Forecast development of the Stabilus Group
According to leading economic institutes, the global economy is expected to recover only moderately in Stabilus fiscal 2026 (October 1, 2025 to September 30, 2026) and will be challenged by economic developments such as the semiconductor shortage and dependence on critical raw materials. As a result, the Stabilus Group expects a slight decline in business volume. The range of the guidance communicated by the Management Board for revenue, adjusted EBIT, and adjusted free cash flow reflects the current macroeconomic and geopolitical uncertainty.
The Stabilus Group's management still anticipates revenue in the range of around €1.1 billion to €1.3 billion and adjusted EBIT of 10% to 12% of revenue for fiscal 2026. In addition, the Stabilus Group expects adjusted operating free cash flow in a range of €80 million to €110 million.
Subsequent events
As of April 29, 2026, there were no events or developments that could have materially affected the assessment and presentation of the Group's assets and liabilities as of March 31, 2026.
Koblenz, April 29, 2026
Stabilus SE
The Management Board
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CONDENSED INTERIM CONSOLIDATED
FINANCIAL STATEMENTS
Consolidated statement of comprehensive income
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
as of and for the three months and six months ended March 31, 2026
Consolidated statement of comprehensive income
Consolidated statement of comprehensive income
T_022
| IN € THOUSANDS | Note | Q2 for the period from January 1 to March 31, | H1 for the period from October 1 to March 31, | ||
|---|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | ||
| Revenue | 2 | 304,885 | 337,983 | 596,025 | 663,941 |
| Cost of sales | (220,918) | (244,278) | (436,337) | (483,017) | |
| Gross profit | 83,967 | 93,705 | 159,688 | 180,924 | |
| Research and development expenses | (9,894) | (10,428) | (17,611) | (19,839) | |
| Selling expenses | (32,872) | (35,257) | (65,267) | (68,698) | |
| General administrative expenses | (17,030) | (21,661) | (33,907) | (42,554) | |
| Other income | 1,352 | 937 | 4,661 | 5,183 | |
| Other expenses | (955) | (1,404) | (1,897) | (994) | |
| Profit from operating activities (EBIT) | 24,568 | 25,892 | 45,667 | 54,022 | |
| Finance income | 3 | 657 | 637 | 728 | 2,254 |
| Finance costs | 4 | (11,409) | (11,194) | (20,939) | (20,072) |
| Profit / (loss) before income tax | 13,816 | 15,335 | 25,456 | 36,204 | |
| Income tax income / (expense) | 5 | (4,468) | (4,114) | (8,012) | (10,691) |
| Profit / (loss) for the period | 9,348 | 11,221 | 17,444 | 25,513 | |
| thereof attributable to non-controlling interests | 223 | 299 | 598 | 738 | |
| thereof attributable to shareholders of Stabilus | 9,125 | 10,922 | 16,846 | 24,775 | |
| Other comprehensive income / (expense) | |||||
| Foreign currency translation differences | 17 | 18,051 | (30,716) | 19,953 | 12,929 |
| Hedge of cash flows from financial instruments | 17 | 2,056 | 181 | 2,354 | 1,735 |
| Items that can be reclassified to consolidated profit or loss in future periods | 20,107 | (30,535) | 22,307 | 14,664 | |
| Unrealized actuarial gains and losses | 17 | 397 | 1,128 | 1,072 | 139 |
| Items not to be reclassified to consolidated profit or loss in future periods | 397 | 1,128 | 1,072 | 139 | |
| Other comprehensive income / (expense), net of taxes | 20,504 | (29,407) | 23,379 | 14,803 | |
| Total comprehensive income for the period | 29,852 | (18,186) | 40,823 | 40,316 | |
| thereof attributable to non-controlling interests | 224 | (116) | (1,887) | 3,509 | |
| thereof attributable to shareholders of Stabilus | 29,630 | (18,070) | 42,710 | 36,807 | |
| Earnings per share (in €): | |||||
| Basic (EPS) | 6 | 0.37 | 0.44 | 0.68 | 1.00 |
| Diluted (DEPS) | 6 | 0.37 | 0.44 | 0.68 | 1.00 |
口
CONDENSED INTERIM CONSOLIDATED
FINANCIAL STATEMENTS
Consolidated statement of financial position
Consolidated statement of financial position
as of March 31, 2026
Consolidated statement of financial position
T.023
| IN € THOUSANDS | Note | March 31, 2026 | September 30, 2025 |
|---|---|---|---|
| Assets | |||
| Property, plant and equipment | 7 | 308,635 | 303,949 |
| Goodwill | 10 | 532,487 | 526,585 |
| Other intangible assets | 9 | 444,828 | 450,439 |
| Investments in entities accounted for using the equity method and other investments | 6,000 | 6,000 | |
| Other financial assets | 11 | 2,883 | 711 |
| Other assets | 12 | 766 | 773 |
| Deferred tax assets | 10,705 | 9,262 | |
| Total non-current assets | 1,306,304 | 1,297,719 | |
| Inventories | 13 | 210,815 | 204,389 |
| Trade and other receivables | 14 | 178,242 | 176,071 |
| Income tax receivables | 15 | 6,245 | 4,934 |
| Other financial assets | 11 | 2,275 | 1,897 |
| Non-current assets held for sale | 8 | 878 | - |
| Other assets | 12 | 37,192 | 32,883 |
| Cash and cash equivalents | 16 | 142,547 | 162,619 |
| Total current assets | 578,194 | 582,793 | |
| Total assets | 1,884,498 | 1,880,512 |
Consolidated statement of financial position
T.023
| IN € THOUSANDS | Note | March 31, 2026 | September 30, 2025 |
|---|---|---|---|
| Equity and liabilities | |||
| Issued capital | 17 | 24,700 | 24,700 |
| Capital reserves | 17 | 201,395 | 201,395 |
| Retained earnings | 17 | 477,005 | 471,632 |
| Other reserves | 17 | (66,083) | (91,947) |
| Equity attributable to shareholders of Stabilus | 637,018 | 605,780 | |
| Non-controlling interests | 26,845 | 29,981 | |
| Total equity | 663,863 | 635,761 | |
| Financial liabilities | 18 | 729,460 | 710,635 |
| Other financial liabilities | 19 | 59,757 | 56,002 |
| Provisions | 21 | 20,771 | 16,832 |
| Pension plans and similar obligations | 22 | 43,514 | 44,917 |
| Deferred tax liabilities | 23 | 61,186 | 60,004 |
| Total non-current liabilities | 914,690 | 888,390 | |
| Trade accounts payable | 143,226 | 149,032 | |
| Financial liabilities | 18 | 55,749 | 83,728 |
| Other financial liabilities | 19 | 17,352 | 13,245 |
| Income tax liabilities | 24 | 7,844 | 8,513 |
| Provisions | 21 | 39,895 | 55,620 |
| Other liabilities | 25 | 41,879 | 46,223 |
| Total current liabilities | 305,945 | 356,361 | |
| Total liabilities | 1,220,635 | 1,244,751 | |
| Total equity and liabilities | 1,884,498 | 1,880,512 |
34
Consolidated statement of changes in equity
Consolidated statement of changes in equity
for the first six months ended March 31, 2026
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, 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) | 17 | - | - | - | 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 | 17 | - | - | (28,405) | - | (28,405) | (397) | (28,802) |
| Change in ownership interest in subsidiaries without a change of control | - | - | - | - | - | - | - | |
| Acquisition of treasury shares | 17 | - | - | - | - | - | - | - |
| Change in non-controlling interests | - | - | - | - | - | 5 | 5 | |
| As of March 31, 2025 | 24,700 | 201,395 | 473,318 | (41,142) | 658,271 | 30,976 | 689,247 | |
| Balance as of September 30, 2025 | 24,700 | 201,395 | 471,632 | (91,947) | 605,780 | 29,981 | 635,761 | |
| Profit / (loss) for the period | - | - | 16,846 | - | 16,846 | 598 | 17,444 | |
| Other comprehensive income / (expense) | 17 | - | - | - | 25,864 | 25,864 | (2,485) | 23,379 |
| Total comprehensive income for the period | - | - | 16,846 | 25,864 | 42,710 | (1,887) | 40,823 | |
| Dividends | 17 | - | - | (8,631) | - | (8,631) | (614) | (9,245) |
| Change in ownership interest in subsidiaries without a change of control | - | - | 635 | - | 635 | (635) | - | |
| Acquisition of treasury shares | 17 | - | - | (3,476) | - | (3,476) | - | (3,476) |
| Change in non-controlling interests | - | - | - | - | - | - | - | |
| Balance as of March 31, 2026 | 24,700 | 201,395 | 477,006 | (66,083) | 637,018 | 26,845 | 663,863 |
35
Consolidated statement of cash flows
Consolidated statement of cash flows
for the period from October 1 to March 31
Consolidated statement of cash flows
T.025
| IN € THOUSANDS | Note | H1 for the period from October 1 to March 31, | |
|---|---|---|---|
| 2026 | 2025 | ||
| Profit / (loss) for the period | 17,444 | 25,513 | |
| Income tax income / (expense) | 8,012 | 10,691 | |
| Net financial result | 3/5 | 20,211 | 18,205 |
| Interest received | 728 | 625 | |
| Depreciation and amortization (incl. impairment losses) | 7/9 | 49,761 | 49,701 |
| Gains / losses from the disposal of assets | (262) | 153 | |
| Changes in inventories | (6,426) | 8,091 | |
| Changes in trade and other receivables | (2,171) | (2,998) | |
| Changes in trade payables | (5,806) | (10,507) | |
| Changes in other assets and liabilities | (4,871) | (12,133) | |
| Changes in provisions | (12,134) | (5,015) | |
| Income tax payments | 29 | (11,156) | (13,916) |
| Cash flow from operating activities | 53,330 | 68,410 | |
| Proceeds from disposal of property, plant and equipment | 1,722 | 1,773 | |
| Purchase of intangible assets | 9 | (14,534) | (16,206) |
| Purchase of property, plant and equipment | 7 | (19,000) | (29,880) |
| Acquisition of assets and liabilities within the business combination, net of cash acquired | - | (1,072) | |
| Cash flow from investing activities | (31,812) | (45,385) |
T.025
| IN € THOUSANDS | Note | H1 for the period from October 1 to March 31, | |
|---|---|---|---|
| 2026 | 2025 | ||
| Receipts under financial liabilities | - | 40,000 | |
| Acquisition of treasury shares | 17 | (3,476) | - |
| Receipts under credit line | 18 | 83,000 | 30,718 |
| Payments for redemption of financial liabilities | 18 | (93,000) | (57,631) |
| Payment for the acquisition of non-controlling interests | - | (5) | |
| Payments for lease liabilities | (5,830) | (5,483) | |
| Dividends paid | 17 | (8,631) | (28,405) |
| Dividends paid to non-controlling interests | (614) | (397) | |
| Payments for interest | 29 | (16,805) | (16,227) |
| Cash flow from financing activities | (45,356) | (37,430) | |
| Net increase / (decrease) in cash and cash equivalents | (23,838) | (14,405) | |
| Effect of movements in exchange rates on cash and cash equivalents held | 3,766 | 72 | |
| Cash and cash equivalents as of beginning of the period | 162,619 | 109,426 | |
| Cash and cash equivalents as of end of the period | 142,547 | 95,093 |
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, 2026
1 General information
Reporting entity
Stabilus SE, Frankfurt am Main, is a European Company (Societas Europaea – SE). The Company is entered in the commercial register of the Frankfurt am Main Local Court under HRB 128539. Its registered office is 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 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 interim consolidated financial statements of Stabilus SE and its subsidiaries as of March 31, 2026 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 2026 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, 2025. 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, 2025.
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 2026 have undergone a limited review by the Group auditor Deloitte GmbH Wirtschaftsprüfungsgesellschaft, Frankfurt am Main. The interim consolidated financial statements were approved for publication by the Management Board on April 29, 2026.
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 %).
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 2025.
37
Notes to the condensed interim consolidated financial statements
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:
T,026
Exchange rates
| Country | ISO code | Closing rate as of March 31, | Average rate as of March 31, | ||
|---|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | ||
| Argentina | ARS | 1,578.4463 | 1,157.2054 | 1,666.1848 | 1,087.7569 |
| Australia | AUD | 1.6693 | 1.7318 | 1.7287 | 1.6560 |
| Brazil | BRL | 6.0065 | 6.2507 | 6.2141 | 6.1933 |
| China | CNY | 7.9341 | 7.8442 | 8.1773 | 7.6648 |
| India | INR | 107.8788 | 92.3955 | 105.3843 | 90.6364 |
| Mexico | MXN | 20.7101 | 22.0627 | 20.9238 | 21.4679 |
| New Zealand | NZD | 2.0061 | 1.9035 | 2.0070 | 1.8285 |
| Romania | RON | 5.0991 | 4.9771 | 5.0912 | 4.9758 |
| South Korea | KRW | 1,753.2200 | 1,594.7100 | 1,701.1739 | 1,509.7962 |
| Thailand | THB | 37.6670 | 36.706 | 37.2206 | 35.9926 |
| Turkey | TRY | 51.1433 | 41.0399 | 50.1762 | 37.5500 |
| United States | USD | 1.1498 | 1.0815 | 1.1670 | 1.0598 |
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, 2025. The revised standards, interpretations, and amendments referred to in the Company's consolidated financial statements as of September 30, 2025 have no material impact on the interim consolidated financial statements of the Stabilus Group.
Selected notes to the condensed interim consolidated financial statements
2 Revenue
The Group's revenue developed as follows:
Revenue by region and business unit
T_027
| Q2 for the period from January 1 to March 31, | H1 for the period from October 1 to March 31, | |||
|---|---|---|---|---|
| IN € THOUSANDS | 2026 | 2025 | 2026 | 2025 |
| EMEA | ||||
| Automotive Gas Spring | 30,875 | 31,681 | 57,971 | 60,705 |
| Automotive Powerise® | 27,569 | 27,843 | 54,121 | 53,960 |
| Industrial Components | 73,346 | 71,114 | 132,268 | 128,442 |
| Industrial Automation | 11,577 | 13,363 | 22,550 | 26,263 |
| Total EMEA¹) | 143,367 | 144,001 | 266,910 | 269,370 |
| Americas | ||||
| Automotive Gas Spring | 25,119 | 28,736 | 49,506 | 54,197 |
| Automotive Powerise® | 31,146 | 38,513 | 61,784 | 68,321 |
| Industrial Components | 29,780 | 32,254 | 57,182 | 64,459 |
| Industrial Automation | 26,922 | 28,215 | 51,729 | 54,443 |
| Total Americas¹) | 112,967 | 127,718 | 220,201 | 241,420 |
| APAC | ||||
| Automotive Gas Spring | 18,060 | 23,854 | 40,166 | 53,606 |
| Automotive Powerise® | 20,849 | 31,310 | 49,291 | 75,909 |
| Industrial Components | 6,333 | 5,947 | 12,321 | 12,608 |
| Industrial Automation | 3,309 | 5,153 | 7,136 | 11,028 |
| Total APAC¹) | 48,551 | 66,264 | 108,914 | 153,151 |
| Stabilus Group | ||||
| Total Automotive Gas Spring | 74,054 | 84,271 | 147,643 | 168,508 |
| Total Automotive Powerise® | 79,564 | 97,666 | 165,196 | 198,190 |
| Total Industrial Components | 109,459 | 109,315 | 201,771 | 205,509 |
| Total Industrial Automation | 41,808 | 46,731 | 81,415 | 91,734 |
| Revenue¹) | 304,885 | 337,983 | 596,025 | 663,941 |
¹) Revenue breakdown by location of Stabilus company (i.e., "billed-from view").
39
3 Finance income
Finance income was reduced by €(1.6) million, from +€2.3 million in the first half of fiscal 2025 to +€0.7 million in the first half of fiscal 2026.
This decline is primarily due to net foreign exchange gains of €1.2 million 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.
| Finance income | Q2 for the period from January 1 to March 31, | H1 for the period from October 1 to March 31, | ||
|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | |
| IN € THOUSANDS | ||||
| Interest income on loans and financial receivables | 315 | 189 | 640 | 399 |
| Net foreign exchange gains | 293 | – | – | 1,242 |
| Gains from derivative financial instruments | 23 | 425 | 39 | 564 |
| Other interest income | 26 | 23 | 49 | 49 |
| Finance income | 657 | 637 | 728 | 2,254 |
4 Finance costs
Finance costs increased by €(0.8) million to €(20.9) million in the first half of fiscal 2026 from €(20.1) million in the first half of fiscal 2025. This is mainly due to losses of €(1.6) million resulting from the change in the carrying amounts of other financial assets and liabilities (put option). In addition, net foreign exchange losses of €(0.1) million were incurred from the translation of foreign currency cash and cash equivalents, as well as from other financial liabilities (lease liabilities) (previous year: net foreign exchange gains of €1.2 million). This was countered by the slight decline in interest expense as well as the use of interest derivatives in the amount of €0.2 million.
The interest expense for financial liabilities of €(17.2) million in the first half of fiscal 2026 (H1 FY2025: €(17.5) million) relates in particular to the credit facilities, €(16.8) million of which (H1 FY2025: €(16.2) million) relates to interest paid. Interest on provisions for pensions and early retirement contracts amounted to €(1.1) million (H1 FY2025: €(0.9) million).
5 Income taxes
Following an income tax expense of €(10.7) million in the first half of fiscal 2025, the Stabilus Group reported an expense of €(8.0) million in the first half of fiscal 2026. The effective tax rate of the Stabilus Group is 31.5% in the first half of fiscal 2026 (H1 FY2025: 29.6%). The decline in income tax expense is mainly due to positive effects from taxes for previous years as well as higher deferred tax incomes. These overcompensated for the increase in current tax expense in the reporting period, which resulted in particular from higher tax rates due to pension and part-time pension obligations as well as from non-deductible expenses.
T,029
Finance costs
| IN € THOUSANDS | Q2 for the period from January 1 to March 31, | H1 for the period from October 1 to March 31, | ||
|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | |
| Interest expense on financial liabilities | (8,231) | (7,480) | (16,226) | (16,468) |
| Net foreign exchange losses | - | (1,291) | (92) | - |
| Interest expenses for lease liabilities | (547) | (500) | (1,009) | (991) |
| Loss from changes of the carrying amount of other financial assets and liabilities | (1,631) | (950) | (1,631) | (950) |
| Other interest expenses | (1,000) | (973) | (1,981) | (1,663) |
| Finance costs | (11,409) | (11,194) | (20,939) | (20,072) |
6 Earnings per share
The weighted average number of shares used to calculate earnings per share in the first six months ended March 31, 2026 and 2025 is shown in the following table:
Weighted average number of shares
T_030
| DATE | Number of days | Transaction | Change | Total shares | Total shares (time-weighted) |
|---|---|---|---|---|---|
| October 1, 2024 | 181 | 24,700,000 | 24,700,000 | ||
| March 31, 2025 | 24,700,000 | 24,700,000 | |||
| October 1, 2025 | 181 | 24,700,000 | 24,700,000 | ||
| March 31, 2026 | 24,700,000 | 24,700,000 |
The earnings per share for the first six months of the fiscal year ended March 31, 2026 and 2025 were as follows:
Earnings per share
T_031
| H1 for the period from October 1 to March 31, | ||
|---|---|---|
| 2026 | 2025 | |
| Profit / (loss) attributable to shareholders of the parent (in € thousands) | 16,846 | 24,775 |
| Weighted average number of shares | 24,700.00 | 24,700,000 |
| Earnings per share (in €) | 0.68 | 1.00 |
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, 2026. Accordingly, diluted earnings per share are the same as basic earnings per share.
7 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 032
| IN € THOUSANDS | March 31, 2026 | September 30, 2025 |
|---|---|---|
| Buildings and land | 22,470 | 22,692 |
| Building and land improvements | 42,293 | 44,336 |
| Technical equipment and machinery | 125,487 | 124,163 |
| Other tangible assets | 21,390 | 22,440 |
| Construction in progress | 56,053 | 51,889 |
| Right-of-use-asset – Building and land improvements | 35,169 | 32,552 |
| Right-of-use-asset – Technical equipment and machinery | 268 | 350 |
| Right-of-use-asset – Other tangible equipment | 5,504 | 5,527 |
| Total | 308,635 | 303,949 |
Property, plant and equipment includes right-of-use assets due to the application of IFRS 16 (Leases). Please refer to Note 20 "Leases" for additional information on future lease payments.
Property, plant and equipment amounted to €308,635 thousand as of March 31, 2026 (September 30, 2025: €303,949 thousand). In the first six months of fiscal 2026, the Group invested €19,002 thousand (H1 FY2025: €29,881 thousand) in property, plant and equipment.
In addition, the Group concluded new leasing contracts in the amount of €7,765 thousand (H1 FY2025: €3,461 thousand), especially for buildings in the amount of €6,096 thousand (H1 FY2025: €1,818 thousand) and for other property, plant and equipment in the amount of €1,669 thousand (H1 FY2025: €1,639 thousand).
No government grants were provided for property, plant and equipment in the first half of fiscal 2026 or in the first half of fiscal 2025.
Contractual commitments for the acquisition of property, plant and equipment amounted to €9,913 thousand (September 30, 2025: €5,662 thousand) respectively.
The advance payments of the Stabilus Group for property, plant and equipment and intangible assets in the amount of €497 thousand (September 30, 2025: €1,788 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.
8 Non-current assets held for sale
In February 2026, the Group decided to sell a property owned by the subsidiary Fabreeka International Inc., including the building located thereon, as part of a sale and leaseback. The relevant sales process was initiated and a binding purchase agreement was concluded in February.
As of March 31, 2026, the assets met the criteria to be classified as held for sale in accordance with IFRS 5. As of that date, the building was no longer depreciated.
At the time of the reclassification, the carrying amount of the assets was €878 thousand. The sale was completed in early April.
The assets were previously part of the property, plant and equipment in accordance with IAS 16. The valuation methods and useful lives used corresponded to the Group's uniform accounting policies.
9 Other intangible assets
The carrying amounts of other intangible assets are presented in the following table:
Other intangible assets – carrying amount T 033
| IN € THOUSANDS | March 31, 2026 | September 30, 2025 |
|---|---|---|
| Development cost | 42,754 | 42,843 |
| Development costs for construction in progress | 57,439 | 51,949 |
| Software | 4,140 | 4,901 |
| Patents | 406 | 458 |
| Customer relationships | 248,842 | 256,613 |
| Technology | 68,141 | 69,726 |
| Trade names | 23,106 | 23,949 |
| Total | 444,828 | 450,439 |
As of March 31, 2026, other intangible assets amounted to €444,828 thousand (September 30, 2025: €450,439 thousand) respectively. Additions to intangible assets in the first six months of fiscal 2026 amounted to €14,534 thousand (H1 FY2025: €16,206 thousand) respectively. This can primarily be attributed to capitalized costs for development projects of €14,352 thousand (H1 FY2025: €15,788 thousand) (net of related customer grants).
Amortization of capitalized internal development projects amounted to €(7,635) thousand (H1 FY2025: €(6,371) thousand). Amortization expenses on development costs include impairment losses of €(243) thousand (H1 FY2025: €(116) 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 €967 thousand (September 30, 2025: €644 thousand) respectively.
Goodwill
Goodwill was divided between the EMEA, Americas, and APAC reporting segments, which correspond to groups of CGUs. The groups of cash-generating units (CGUs) identified for the impairment testing of goodwill are the EMEA, Americas, and APAC reporting segments.
Due to movements in exchange rates, goodwill rose in the first six months of fiscal 2026 by €5.9 million to €532.5 million (September 30, 2025: €526.6 million).
Potential indications of an impairment of the goodwill allocated to the regions (CGUs) were assessed at the end of the first half of fiscal 2026 on the basis of the regions' business performance as well as the information currently available from internal reporting and planning. Recoverability was last determined as of March 31.
The analysis carried out shows that the recoverable amount of the CGUs does not deviate significantly from the values determined in this connection. Based on sensitivity analyses regarding possible changes in significant measurement parameters within a realistic framework, it is assumed that the goodwill allocated to the regions will continue to have adequate headroom on the reporting date.
Overall, the key measurement parameters on which the determination of the recoverable amounts of the CGUs and / or groups of CGUs was based remained largely stable compared with fiscal 2025. However, key changes were made in the assumptions, particularly with respect to WACC, the gross margin, and the cash flow projections. The change in WACC had an impact on the value of the underlying investments, whereas declining estimates as well as adjustments in the gross margin had a dampening effect and partly offset the positive effect on interest rates. These include the forecasts for the development of the adjusted EBIT margin within the five-year planning period, the costs of capital (WACC), and the long-term growth rate. The assumptions used to develop the gross margin are based in particular on industry-specific market studies and internal management estimates. The expected improvements in this regard mainly result from efficiency gains in production as well as from the measures of the transformation program that were initiated in September 2025.
11 Other financial assets
Other financial assets
T.034
| IN € THOUSANDS | March 31, 2026 | September 30, 2025 | ||||
|---|---|---|---|---|---|---|
| Current | Non-current | Total | Current | Non-current | Total | |
| Derivatives designated as hedges | - | 2,868 | 2,868 | - | 696 | 696 |
| Call option | - | 15 | 15 | - | 15 | 15 |
| Other miscellaneous | 2,275 | - | 2,275 | 1,897 | - | 1,897 |
| Other financial assets | 2,275 | 2,883 | 5,158 | 1,897 | 711 | 2,608 |
Miscellaneous
Other financial assets as of March 31, 2026 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 €2.3 million (September 30, 2025: €1.9 million) relates to the haircut retained by the factor from the sale of trade accounts receivable from an ABS factoring arrangement (TPS program in the previous year).
Receivables sold for cut-off dates in the amount of €27.2 million (September 30, 2025: €25.8 million) refer to a group of customers from the automotive and industrial sectors. Stabilus considers that its other financial assets have a low credit risk based on the external credit ratings of the customers.
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STABILUS INTERIM REPORT H1 FY2026
45
CONDENSED INTERIM CONSOLIDATED
FINANCIAL STATEMENTS
Notes to the condensed interim consolidated financial statements
12 Other assets
Other assets
T.035
| IN € THOUSANDS | March 31, 2026 | September 30, 2025 | ||||
|---|---|---|---|---|---|---|
| Current | Non-current | Total | Current | Non-current | Total | |
| VAT | 6,935 | - | 6,935 | 8,211 | - | 8,211 |
| Prepayments | 2,788 | - | 2,788 | 3,237 | - | 3,237 |
| Deferred charges | 23,180 | - | 23,180 | 18,644 | - | 18,644 |
| Other miscellaneous | 4,289 | 766 | 5,055 | 2,791 | 772 | 3,563 |
| Other assets | 37,192 | 766 | 37,958 | 32,883 | 772 | 33,655 |
13 Inventories
Inventories that are expected to be turned over within twelve months amounted to €210,815 thousand (September 30, 2025: €204,389 thousand) respectively.
Inventories
T.036
| IN € THOUSANDS | March 31, 2026 | September 30, 2025 |
|---|---|---|
| Raw materials and supplies | 127,300 | 121,649 |
| Finished products | 48,893 | 48,712 |
| Work in progress | 26,456 | 26,253 |
| Merchandise | 8,166 | 7,775 |
| Inventories | 210,815 | 204,389 |
14 Trade and other receivables
Trade and other receivables include the following items:
| IN € THOUSANDS | March 31, 2026 | September 30, 2025 |
|---|---|---|
| Trade accounts receivable | 179,327 | 175,613 |
| Other receivables | 2,395 | 3,765 |
| Allowance for doubtful accounts | (3,480) | (3,307) |
| Trade and other receivables | 178,242 | 176,071 |
15 Income tax receivables
As of March 31, 2026, current income tax receivables amounted to €6,245 thousand (September 30, 2025: €4,934 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.
16 Cash and cash equivalents
Cash and cash equivalents include cash on hand and liquid funds and demand deposits in banks. As of March 31, 2026, cash and cash equivalents amounted to €142,547 thousand (September 30, 2025: €162,619 thousand) respectively. Cash in banks earned interest at floating rates based on daily bank deposit rates.
17 Equity
The development of equity is presented in the statement of changes in equity.
Issued capital
The capital subscribed as of March 31, 2026, was €24.7 million (September 30, 2025: €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.
In the first half of fiscal 2026, Stabilus SE repurchased 191,940 of its own shares at an average purchase price of €18.10 per share. The total purchase price of €3.5 million was recognized as a deduction in the equity. Own shares do not confer any dividends or voting rights.
Capital reserves
The capital reserves amounted to €201,395 thousand as of March 31, 2026 (September 30, 2025: €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, 2026 came to €477,005 thousand (September 30, 2025: €471,632 thousand) and included the Group's net result for the first half of fiscal 2026 of €16,846 thousand.
Dividends
By resolution of the Annual General Meeting on February 4, 2026, a dividend payment of €0.35 per share was agreed for fiscal 2025 (previous year: €1.15 per share); the distribution ratio is 37.5% (previous year: 40.5%) of the consolidated profit attributable to the shareholders of Stabilus SE. A dividend of €8.63 million was thus paid to our shareholders in the first half of fiscal 2026 (previous year: €28.41 million). In addition, dividends of €614 thousand (H1 FY2025: €397) were also paid to non-controlling shareholders of a Stabilus subsidiary in the first half of fiscal 2026.
Non-controlling interests
Non-controlling interests amounted to €26,845 thousand as of March 31, 2026 (September 30, 2025: €29,981 thousand) respectively. Changes in the first half of fiscal 2026 related primarily to the profit from operating activities attributable to non-controlling interests and the change from currency translation.
47
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.038
| IN € THOUSANDS | Cumulative foreign currency translation adjustment^{1)} | Unrealized actuarial gains and losses^{2)} | Hedge of cash flows from financial instruments^{1)} | Other reserves attributable to shareholders of Stabilus | Non-controlling interests | Total |
|---|---|---|---|---|---|---|
| Balance as of September 30, 2024 | (43,754) | (6,990) | (2,430) | (53,174) | (4,664) | (57,838) |
| Before tax | (41,394) | 1,347 | 2,795 | (37,252) | 2,103 | (35,149) |
| Tax (expense) / benefit | – | (724) | (795) | (1,521) | – | (1,521) |
| Other comprehensive income / (expense), net of taxes | (41,394) | 621 | 2,000 | (38,773) | 2,103 | (36,670) |
| Balance as of September 30, 2025 | (85,148) | (6,369) | (430) | (91,947) | (2,561) | (94,508) |
| Before tax | 22,438 | 1,413 | 3,226 | 27,077 | (2,485) | 24,592 |
| Tax (expense) / benefit | – | (341) | (872) | (1,213) | – | (1,213) |
| Other comprehensive income / (expense), net of taxes | 22,438 | 1,072 | 2,354 | 25,864 | (2,485) | 23,379 |
| Balance as of March 31, 2026 | (62,710) | (5,297) | 1,924 | (66,083) | (5,046) | (71,129) |
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.
18 Financial liabilities
Financial liabilities comprise the following items:
Financial liabilities
T.039
On June 28, 2022, Stabilus entered into a new facilities agreement with Commerzbank Aktiengesellschaft, DZ Bank AG, Landesbank Baden-Württemberg, Landesbank Hessen-Thüringen Girozentrale, Erste Group, the Fifth Third Bank, 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 of €100.0 million and a syndicated credit 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 and loans with a nominal value of €268.0 million) are measured at amortized cost. The second prolongation option up to June 28, 2029, was drawn in April 2024.
In addition, on July 31, 2025, Stabilus signed a new additional credit line of €150 million with a total term ending in June 2029. Depending on the Company's gearing, the facility bears interest at between 120 and 240 basis points above Euribor. The credit line has been drawn down in the amount of €150.0 million as of March 31, 2026.
The loan facilities were drawn down at a nominal value of €418.0 million as of the reporting date. This utilization is linked to compliance with a financial key performance indicator (net leverage ratio), which is reviewed quarterly. The targets set out in the financial covenants were met at all times. The net leverage ratio is calculated using the net financial debt divided by the adjusted EBITDA.
The existing syndicated Group loan agreement was adjusted as of July 30, 2025. The range of the financial covenants was temporarily expanded to a permissible net leverage ratio of up to 4.0x EBITDA (previously 3.5x) until September 30, 2026, as contractually agreed
with the bank consortium. As of March 31, 2026, the relevant net leverage ratio was 3.75x EBITDA. The permitted band will be gradually reduced to 3.5x EBITDA by September 2026.
As of March 31, 2026, the promised revolving credit line of €350.0 million with a volume of €168.0 million was utilized to refinance the acquisition of the DESTACO Group (September 30, 2025: €178.0 million). The Group also utilized €5.0 million of the syndicated 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. On March 4, 2026, the first tranche of the financial liability of €83.0 million was repaid by Stabilus GmbH.
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 three to 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.
49
Stabilus now has a total promissory note loan volume of €357.0 million. Further details are described in the table below:
Overview of promissory note loan tranches
T_040
IN € THOUSANDS
| Tranche | Volume | Interest rate | Expiry date |
|---|---|---|---|
| 5 years variable | 55,000 | 6M-Euribor + 80 bp | January 28, 2027 |
| 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 | 3.803% | September 27, 2027 |
| 7 years variable | 12,000 | 6M-Euribor + 125 bp | March 4, 2028 |
| 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 | 357,000 |
19 Other financial liabilities
Other financial liabilities include lease liabilities, liabilities from ABS factoring, and a put option agreed as part of the business combination with the Cultraro Group for minority shareholders in respect of 40% of the non-controlling interests.
This increase is mainly due to the conclusion of new lease agreements that overcompensated the payments for lease liabilities made in the first half of fiscal 2026.
A detailed description for calculating the fair value is provided under liabilities from put options (page 171) and in financial instruments (page 208, sub-note 33) in the accounting policies in the consolidated financial statements as of September 30, 2025.
Other financial liabilities
T_041
50
20 Leases
Future minimum lease payments from leases that cannot be terminated are expected to amount to €49.0 million in the next few years (September 30, 2025: €45.9 million). Lease payments of €12.4 million (September 30, 2025: €11.7 million) is payable within the next year.
As of March 31, 2026, lease liabilities came to €42.2 million (September 30, 2025: €39.4 million). Of this amount, €10.6 million (September 30, 2025: €10.0 million) is payable within the next year.
The Stabilus Group expects interest expenses on lease liabilities of €1.8 million (September 30, 2025: €1.7 million) for the fiscal year.
Outflows for lease payments
T_042
| IN € THOUSANDS | March 31, 2026 | September 30, 2025 |
|---|---|---|
| Within 1 year | 12,368 | 11,655 |
| > 1 year to 5 years | 25,737 | 23,407 |
| > 5 years | 10,869 | 10,822 |
| Total | 48,974 | 45,885 |
Interest expense on lease liabilities
T_043
| IN € THOUSANDS | March 31, 2026 | September 30, 2025 |
|---|---|---|
| Within 1 year | 1,805 | 1,655 |
| > 1 year to 5 years | 3,664 | 3,363 |
| > 5 years | 1,288 | 1,438 |
| Total | 6,757 | 6,446 |
Maturity of lease liabilities
T_044
| IN € THOUSANDS | March 31, 2026 | September 30, 2025 |
|---|---|---|
| Within 1 year | 10,563 | 10,011 |
| > 1 year to 5 years | 22,073 | 20,044 |
| > 5 years | 9,581 | 9,384 |
| Total | 42,217 | 39,439 |
21 Provisions
The discount rate for part-time retirement used to calculate long-term provisions (2.83%) was applied in accordance with the external expert report (FY 2025 range from 2.85% to 4.12%). For all other non-current provisions, the interest rate was between 4.8% and 5.8% as of March 31, 2026 (FY2025: between 4.8% and 5.8%).
The development of the current and non-current provisions is set out in the table below:
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 stagnated in the first six months of fiscal 2026 from €3,842 thousand to €3,810 thousand. 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, 2025 (p. 199 et seq.).
22 Pension plans and similar obligations
The Group's liabilities for pension plans and similar obligations decreased by €(1,403) thousand from €44,917 thousand as of September 30, 2025 to €43,514 thousand as of March 31, 2026. The discount rate was 4.21% as of March 31, 2026 compared with 4.12% as of September 30, 2025.
23 Deferred tax liabilities
Deferred tax liabilities amounted to €61,186 thousand as of March 31, 2026 (September 30, 2025: €60,004 thousand) respectively.
24 Income tax liabilities
Current income tax liabilities amounted to €7,844 thousand (September 30, 2025: €8,513 thousand) and comprise corporate and trade taxes.
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STABILUS INTERIM REPORT H1 FY2026
52
CONDENSED INTERIM CONSOLIDATED
FINANCIAL STATEMENTS
Notes to the condensed interim consolidated financial statements
25 Other liabilities
The following table sets out the breakdown of the Group’s other liabilities:
Other liabilities
T_046
Liabilities to employees essentially comprise outstanding wages and salaries.
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STABILUS INTERIM REPORT H1 FY2026
53
Interim group management report
CONDENSED INTERIM CONSOLIDATED
FINANCIAL STATEMENTS
Notes to the condensed interim consolidated financial statements
Additional information
26 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, 2025. There were no material changes in the first half of fiscal 2026.
Other financial commitments
The purchase commitment for property, plant and equipment and other intangible assets increased from €6,306 thousand as of September 30, 2025, to €10,880 thousand as of March 31, 2026.
The nominal values of other financial commitments are as follows:
| Contingent liabilities and other financial commitments | ||
|---|---|---|
| March 31, | September 30, | |
| IN € THOUSANDS | 2026 | 2025 |
| Purchase commitment for non-current assets | 9,913 | 5,662 |
| Purchase commitment for other intangible assets | 967 | 644 |
| Total | 10,880 | 6,306 |
27 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_048
| IN € THOUSANDS | Measurement category acc. to IFRS 9 | March 31, 2026 | September 30, 2025 | ||
|---|---|---|---|---|---|
| Carrying amount | Fair value1) | Carrying amount | Fair value1) | ||
| Other investments | FVtPL | 6,000 | 6,000 | 6,000 | 6,000 |
| Trade and other receivables | AC | 178,242 | - | 176,071 | - |
| Cash and cash equivalents | AC | 142,547 | - | 162,619 | - |
| Other financial assets | AC | 2,275 | - | 1,897 | - |
| Derivatives designated as hedges | n/a | 2,868 | - | 696 | - |
| Assets from call option | FVtPL | 15 | 15 | 15 | 15 |
| Total financial assets | 331,947 | 6,015 | 347,298 | 6,015 | |
| Financial liabilities | FLAC | 791,293 | 809,967 | 795,996 | 812,875 |
| Trade accounts payable | FLAC | 143,226 | - | 149,032 | - |
| Lease liabilities | n/a | 42,216 | - | 39,439 | - |
| Liabilities from put option | FVtPL | 27,918 | 27,918 | 26,287 | 26,287 |
| Derivatives designated as hedges | n/a | 278 | - | 1,333 | - |
| Liabilities from ABS factoring | FLAC | 6,684 | 6,684 | 2,150 | 2,150 |
| Other financial liabilities | FVtPL | 12 | 12 | 38 | 38 |
| Total financial liabilities | 1,011,627 | 844,581 | 1,014,275 | 841,350 | |
| Aggregated according to IFRS 9 categories: | |||||
| Financial assets measured at amortized cost (AC) | 323,064 | - | 340,587 | - | |
| Financial assets measured at fair value through profit or loss (FVtPL) | 6,015 | 6,015 | 6,015 | 6,015 | |
| Financial liabilities measured at fair value through profit or loss (FVtPL) | 27,930 | 27,930 | 26,325 | 26,325 | |
| Financial liabilities measured at amortized cost (FLAC) | 941,203 | 816,651 | 947,178 | 815,025 |
1) The simplification option under IFRS 7.29a was utilized. This does not apply to other investments and the contingent consideration.
55
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, other financial assets, and other financial liabilities):
Financial instruments
T.049
| IN € THOUSANDS | March 31, 2026 | September 30, 2025 | ||||||
|---|---|---|---|---|---|---|---|---|
| Total | Level 1¹) | Level 2²) | Level 3³) | Total | Level 1¹) | Level 2²) | Level 3³) | |
| Financial liabilities | ||||||||
| Senior facilities | 419,365 | - | 419,365 | - | 346,368 | - | 346,368 | - |
| Promissory note loan | 369,410 | - | 369,410 | - | 455,892 | - | 455,892 | - |
| Liabilities from put option | 27,918 | - | - | 27,918 | 26,287 | - | - | 26,287 |
| Other facilities | 21,192 | - | 21,192 | - | 10,615 | - | 10,615 | - |
| Derivatives designated as hedges | 278 | - | 278 | - | 1,333 | - | 1,333 | - |
| Liabilities from ABS factoring | 6,684 | - | 6,684 | - | 2,150 | - | 2,150 | - |
| Financial assets | ||||||||
| Investments | 6,000 | - | - | 6,000 | 6,000 | - | - | 6,000 |
| Call option | 15 | - | - | 15 | 15 | - | - | 15 |
| Derivatives designated as hedges | 2,868 | - | 2,868 | - | 696 | - | 696 | - |
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 in 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 2026.
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, the revolving long-term credit line, ABS factoring, 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 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 €STR 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 7.3x; September 30, 2025: 7.3x) was determined based on a peer group. A discount rate of 8.6% (September 30, 2025: 8.6%) was used to calculate the fair value. The present
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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.
28 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 2026. A detailed description of the Stabilus Group's risk reporting can be found in the consolidated financial statements as of September 30, 2025.
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 2026, the Group had one customer that accounted for about 9% of total external revenue, one customer that accounted for about 5%, and one customer that accounted for about 4% of total external revenue. Revenue with these customers amounted to €57,864 thousand (H1 FY2025: €60,343 thousand), €31,446 thousand (H1 FY2025: €40,256 thousand) and €25,242 thousand (H1 FY2025: €26,487 thousand) respectively.
In the first half of fiscal 2026 and 2025, revenue was generated in all three operating segments. With respect to the aforementioned three largest customers, none of these customers exceeded 10% of Group revenue in a region.
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 2026 and 2025, 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 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.
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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 2026.
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.
As of March 31, 2026, the principal currency risk (USD) related to the EBIT of the Stabilus Group was approximately $10 million (H1 FY2025: approx. $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 €0.8 million (H1 FY2025: approximately €1.5 million).
Interest rate risk
The Group is exposed to interest rate risks resulting primarily from promissory note loans as well as from Group financing via syndicated loans and credit lines based on Euribor.
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 €651.0 million. The Stabilus Group uses interest rate swaps with a nominal value of €221.0 million, which are aligned with the maturities of the promissory note loans (maturities in January 2027, September 2027 and September 2029). The fixed interest rate for the interest rate swap is 2.983%, 2.074%, and 2.069%.
The interest rate swap hedges the Euribor interest rate risk until January 2027 and September 2029, leaving an interest rate risk of €430.0 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 €3.8 million within one year (September 30, 2025: €3.6 million).
29 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 2026 of €16,805 thousand (H1 FY2025: €16,227 thousand) are reflected in cash outflows from financial activities. Income tax payments in the same period of €11,156 thousand (H1 FY2025: €13,916 thousand) are recognized in the cash flow from operating activities.
30 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 2026 and 2025, 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).
58
Segment information for the first six months ended March 31, 2026 and March 31, 2025 is as follows:
The column “Other/Consolidation” includes the effects from the purchase price allocation for the April 2010 business combination.
Segment reporting
T_050
| 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 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 |
| External revenue¹⁾ | 266,910 | 269,370 | 220,201 | 241,420 | 108,914 | 153,151 |
| Intersegment revenue¹⁾ | 18,272 | 22,906 | 9,584 | 12,869 | 7,503 | 7,177 |
| Total revenue¹⁾ | 285,182 | 292,276 | 229,785 | 254,289 | 116,417 | 160,328 |
| Cost of sales | (213,527) | (223,735) | (173,167) | (186,052) | (84,417) | (115,598) |
| Depreciation and amortization (incl. impairment losses) | (24,311) | (23,588) | (15,033) | (15,475) | (8,087) | (8,309) |
| EBIT | 21,020 | 17,146 | 8,927 | 15,398 | 18,049 | 23,807 |
| Adjusted EBIT | 29,456 | 26,145 | 14,874 | 24,382 | 19,066 | 24,987 |
| Adjusted EBIT margin as % of external revenue | 11.0% | 9.7% | 6.8% | 10.1% | 17.5% | 16.3% |
| 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 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 |
| External revenue¹⁾ | 596,025 | 663,941 | - | 596,025 | 663,941 | |
| Intersegment revenue¹⁾ | 35,359 | 42,952 | (35,359) | (42,952) | - | |
| Total revenue¹⁾ | 631,384 | 706,893 | (35,359) | (42,952) | 596,025 | 663,941 |
| Cost of sales | (471,111) | (525,385) | (34,774) | (42,368) | (436,337) | (483,017) |
| Depreciation and amortization (incl. impairment losses) | (47,431) | (47,372) | (2,329) | (2,329) | (49,760) | (49,701) |
| EBIT | 47,996 | 56,351 | (2,329) | (2,329) | 45,667 | 54,022 |
| Adjusted EBIT | 63,396 | 75,514 | - | - | 63,396 | 75,514 |
| Adjusted EBIT margin as % of external revenue | 10.6% | 11.4% | - | - | 10.6% | 11.4% |
EBIT for the EMEA operating segment in the financial year ended March 31, 2026, contains impairment losses of €(243) thousand (March 31, 2025: €(116) thousand). The revenue between the segments was calculated at market rates. The amounts presented in the column “Other/Consolidation” 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 in connection with business acquisitions in the amount of €15.2 million (previous year: €18.1 million). In addition, incurred expenses of €2.5 million were adjusted in the first half of fiscal 2026 (previous year: €3.4 million).
¹⁾ Revenue breakdown by location of Stabilus company (i.e., “billed-from view”).
59
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_051 | ||
|---|---|---|
| H1 for the period from October 1 to March 31, | ||
| IN € THOUSANDS | 2026 | 2025 |
| Adjusted EBIT of all segments | 63,396 | 75,514 |
| Other / Consolidation | - | - |
| Group adjusted EBIT | 63,396 | 75,514 |
| Adjustments to EBIT | (17,729) | (21,492) |
| Profit from operating activities (EBIT) | 45,667 | 54,022 |
| Finance income | 728 | 2,254 |
| Finance costs | (20,939) | (20,072) |
| Profit / (loss) before income tax | 25,456 | 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_052
| H1 for the period from October 1 to March 31, | ||
|---|---|---|
| IN € THOUSANDS | 2026 | 2025 |
| Germany | 182,164 | 184,214 |
| Romania | 63,625 | 63,943 |
| United Kingdom | 3,681 | 3,843 |
| Turkey | 3,308 | 3,083 |
| Italy | 6,935 | 7,105 |
| France | 4,142 | 3,768 |
| Netherlands | 558 | 530 |
| Spain | 2,497 | 2,884 |
| EMEA | 266,910 | 269,370 |
| Mexico | 83,457 | 90,844 |
| United States | 129,962 | 143,060 |
| Brazil | 5,309 | 5,598 |
| Argentina | 1,473 | 1,919 |
| Americas | 220,201 | 241,420 |
| China | 89,130 | 129,589 |
| South Korea | 12,688 | 16,524 |
| Australia | 1,521 | 1,541 |
| Japan | 2,256 | 2,643 |
| New Zealand | 785 | 703 |
| India | 1,670 | 1,371 |
| Thailand | 864 | 781 |
| APAC | 108,914 | 153,151 |
| revenue | 596,025 | 663,941 |
Geographical information:
Non-current assets by country (by country of residence of the Stabilus company) T_053
| IN € THOUSANDS | March 31, 2026 | September 30, 2025 |
|---|---|---|
| Germany | 317,041 | 320,009 |
| Romania | 48,581 | 40,468 |
| United Kingdom | 6,869 | 7,038 |
| Turkey | 1,341 | 1,390 |
| France | 8,114 | 8,289 |
| Italy | 6,755 | 7,220 |
| Spain | 447 | 500 |
| Goodwill | 265,230 | 256,170 |
| EMEA | 654,378 | 650,084 |
| United States | 208,773 | 212,590 |
| Mexico | 57,356 | 54,492 |
| Brazil | 3,150 | 3,184 |
| Argentina | 336 | 332 |
| Goodwill | 208,056 | 204,027 |
| Americas | 477,670 | 474,625 |
| China | 83,238 | 85,523 |
| South Korea | 13,668 | 13,670 |
| Australia | 1,623 | 865 |
| Singapore | 0 | 107 |
| Japan | 617 | 784 |
| New Zealand | 483 | 513 |
| India | 993 | 1,044 |
| Thailand | 3,727 | 3,853 |
| Goodwill | 59,201 | 57,388 |
| APAC | 163,551 | 163,747 |
| Total | 1,295,599 | 1,288,456 |
The non-current assets do not include financial instruments, deferred tax assets, post-employment benefit assets or rights arising under insurance contracts.
D
Geographical information:
non-current liabilities by country (by country of residence of the Stabilus company)
T .054
| IN 6 THOUSANDS | March 31, 2026 | September 30, 2025 |
|---|---|---|
| Germany | 801,141 | 776,074 |
| Romania | 965 | 2,701 |
| United Kingdom | 222 | 298 |
| Turkey | 0 | 0 |
| France | 592 | 612 |
| Italy | 3,138 | 3,307 |
| Spain | 160 | 202 |
| EMEA | 806,219 | 783,194 |
| United States | 16,157 | 15,610 |
| Mexico | 8,259 | 7,384 |
| Brazil | – | 0 |
| Argentina | 27 | 75 |
| Americas | 24,443 | 23,069 |
| China | 20,990 | 20,758 |
| South Korea | 273 | 283 |
| Australia | 691 | 8 |
| Singapore | 0 | 59 |
| Japan | 61 | 143 |
| New Zealand | 237 | 272 |
| Thailand | 506 | 492 |
| India | 81 | 108 |
| APAC | 22,841 | 22,123 |
| Total | 853,502 | 828,386 |
Non-current liabilities do not include deferred tax liabilities.
31 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, the Supervisory Board, and key management personnel of Stabilus SE, 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. In the first half of fiscal 2026, no reportable transactions were concluded with members in key positions.
32 Subsequent events
As of April 29, 2026, there were no events or developments that could have materially affected the assessment and presentation of the Group's assets and liabilities as of March 31, 2026.
Koblenz, April 29, 2026
Stabilus SE
Management Board
61
Responsibility statement
RESPONSIBILITY STATEMENT
To the best of our knowledge, we, Dr. Michael Büchsner (Chief Executive Officer), Andreas Jaeger (Chief Financial 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 group 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.
DR. MICHAEL BÜCHSNER
ANDREAS JAEGER
DAVID SABET
The Management Board
Limited Review Report
Toshio Y. Ota
To Stabilus SE, Frankfurt am Main/Germany
We have conducted a limited review of the condensed interim consolidated financial statements of Stabilus SE, Frankfurt am Main, which comprise the consolidated balance sheet as of March 31, 2026, the consolidated statement of comprehensive income, the consolidated statement of cash flows, the consolidated statement of changes in equity and selected explanatory notes, along with the interim group management report for the period from October 1, 2025 to March 31, 2026, which form part of the half-year financial report pursuant to Section 115 WpHG. The Company's management is responsible for ensuring the condensed interim consolidated financial statements are prepared in accordance with the International Financial Reporting Standards (IFRS^{®}) accounting standards applicable to interim financial reporting as adopted by the EU and that the interim group management report is prepared in accordance with the requirements of the WpHG. Our responsibility lies in issuing a review report on the condensed interim consolidated financial statements and on the interim group management report based on our limited review.
We conducted our review of the condensed interim consolidated financial statements and the interim group management report in accordance with German Generally Accepted Standards for Financial Statement Audits promulgated by the Institut der Wirtschaftsprüfer (IDW). We accordingly plan and perform the review in such a way that, based on our critical assessment, we can conclude with reasonable assurance that the condensed interim consolidated financial statements have been prepared in all material respects in accordance with the IFRS accounting standards applicable to interim financial reporting as adopted by the EU, and that the interim group management report has been prepared in all material respects in accordance with the provisions of the WpHG applicable to interim group management reports. A limited review is primarily restricted to interviews with company employees and persons responsible for financial reporting and analytical procedures, and therefore does not provide the level of assurance that can be achieved with the audit of financial statements. As we have not performed an audit of the financial statements in line with our engagement, we are unable to issue an audit opinion.
Based on our review, no matters have come to our attention that would lead us to conclude that the condensed interim consolidated financial statements of Stabilus SE, Frankfurt am Main, have not been prepared in all material respects in accordance with the IFRS accounting standards applicable to interim financial reporting as adopted by the EU, or that the interim group management report has not been prepared in all material respects in accordance with the provisions of the WpHG applicable to interim group management reports.
Frankfurt am Main, April 29, 2026
Deloitte GmbH
Wirtschaftsprüfungsgesellschaft
STEFAN DORISSEN
German Public Auditor
SVEN HENRICH
German Public Auditor
ADDITIONAL INFORMATION
Financial calendar
Disclaimer
ADDITIONAL INFORMATION
Financial calendar
| Financial calendar | 1,055 |
|---|---|
| DATE(1) (2) | PUBLICATION / EVENT |
| --- | --- |
| August 3, 2026 | Publication of quarterly statement Q3 FY2026 |
| December 7, 2026 | Publication of 2026 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, 2025 to September 30, 2026).
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.
ADDITIONAL INFORMATION
Quarterly overview
Quarterly overview¹)
T.056
| IN € MILLIONS | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 |
|---|---|---|---|---|---|---|
| Revenue | 304.9 | 291.1 | 316.1 | 316.0 | 338.0 | 326.0 |
| EBIT | 24.6 | 21.1 | 5.5 | 24.8 | 25.9 | 28.1 |
| Adjusted EBIT | 34.1 | 29.3 | 34.0 | 33.1 | 37.7 | 37.8 |
| Profit / (loss) for the period | 9.3 | 8.1 | (11.4) | 10.1 | 11.2 | 14.3 |
| Capital expenditure (CapEx) | (15.4) | (18.1) | (22.3) | (20.1) | (24.0) | (22.1) |
| Free cash flow (FCF) | (0.6) | 22.1 | 56.4 | 30.9 | 16.1 | 6.9 |
| Adjusted free cash flow | 4.1 | 23.9 | 58.7 | 33.3 | 18.1 | 8.9 |
| EBIT margin as % of revenue | 8.1% | 7.2% | 1.7% | 7.8% | 7.7% | 8.6% |
| Adjusted EBIT margin as % of revenue | 11.2% | 10.1% | 10.8% | 10.5% | 11.2% | 11.6% |
| Profit / (loss) for the period as % of revenue | 3.1% | 2.8% | (3.6)% | 3.2% | 3.3% | 4.4% |
| Capital expenditure (CapEx) as % of revenue | 5.1% | 6.2% | 7.1% | 6.4% | 7.1% | 6.8% |
| FCF as % of revenue | (0.2)% | 7.6% | 17.8% | 9.8% | 4.8% | 2.1% |
| Adjusted FCF as % of revenue | 1.3% | 8.2% | 18.6% | 10.5% | 5.4% | 2.7% |
| Net leverage ratio | 3.21x | 3.04x | 2.96x | 3.03x | 2.97x | 2.81x |
| Employees²* | 7,314 | 7,507 | 7,702 | 7,693 | 7,823 | 7,861 |
| Total assets³) | 1,884.5 | 1,866.0 | 1,880.5 | 1,868.5 | 1,910.2 | 1,964.1 |
| Equity³) | 663.9 | 646.7 | 635.8 | 646.1 | 689.2 | 736.2 |
| Equity ratio²) | 35.2% | 34.7% | 33.8% | 34.6% | 36.1% | 37.5% |
- The number of employees is based on the definition applicable as of FY2025 (only active employees; not including contract workers).
¹) The sum totals of quarterly figures may deviate slightly from the figures for the year as a whole due to rounding.
²) Active employees including apprentices, interns, and trainees; not including inactive employees or temporary workers.
³) Figures at the end of the quarter.
65
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
Email: [email protected]
STABILUS