Stabilus SE

Investor Presentation • May 5, 2025

Q2 FY2025 RESULTS

ANALYST & INVESTOR WEB CONFERENCE MAY 5, 2025

Stabilus SE (the "Company", later "Stabilus") has prepared this presentation solely for your information. It should not be treated as giving investment advice. Neither the Company, nor any of its directors, officers, employees, direct or indirect shareholders and advisors nor any other person shall have any liability whatsoever for any direct or indirect losses arising from any use of this presentation.

While the Company has taken all reasonable care to ensure that the facts stated in this presentation are accurate and that the opinions contained in it are fair and reasonable, this presentation is selective in nature. Any opinions expressed in this presentation are subject to change without notice and neither the Company nor any other person is under any obligation to update or keep current the information contained in this presentation. Where this presentation quotes any information or statistics from any external source, you should not interpret that the Company has adopted or endorsed such information or statistics as being accurate. This presentation contains forward-looking statements, which involve risks, uncertainties and assumptions that could cause actual results, performance or events to differ materially from those described in, or expressed or implied by, such statements. These statements reflect the Company's current knowledge and its expectations and projections about future events and may be identified by the context of such statements or words such as "anticipate," "believe", "estimate", "expect", "intend", "plan", "project" and "target". No obligation is assumed to update any such statement.

Numbers were rounded to one decimal. Due to rounding, numbers presented may not add up precisely to the totals provided.

KEY TAKEAWAYS

In Q2 FY25, revenue increased by 7.8% y/y due to consolidation of Destaco. Excluding acquisition and currency translation effects, group revenue declined by 5.0%.

Adj. EBIT1 11.2% in Q2 FY25 and 11.4% in H1 FY25.

Our initiatives to further improve robustness and resilience are ongoing.

We are taking precautionary measures to prevent and mitigate the negative impact from the current U.S. trade tariffs policy.

The market environment continues to be challenging; we expect our revenues and earnings to be back-end loaded.

We confirm our guidance given on December 9, 2024: For FY2025 we expect group revenues of €1.3bn - €1.45bn, adj. EBIT margin of 11% -13% and adj. FCF of €90m - €140m.

DESTACO PERFORMANCE IN Q2 AND H1 FY25

INDUSTRIAL AUTOMATION (DESTACO) (€M)

	Q2 FY25 (Jan-March) Actual	H1 FY25 (Oct-March) Actual	LTM1 (Apr-March) Actual
Revenue	46.7	91.7	187.1
EBIT	8.8	17.1	36.6
% revenue	18.8%	18.6%	19.6%
FCF	5.0	8.5	36.0
% revenue	10.7%	9.3%	19.2%

¹ See list of acronyms in appendix.

DESTACO – PART OF STABILUS GROUP FOR THE LAST 12M

Destaco has been part of Stabilus Group for the last twelve months.

Major integration tasks are largely completed. Ongoing projects are on track: further localization of production, stronger focus on industrial market segments, introduction of new products.

In the last twelve months, the company has generated €187.1m revenues, €36.6m EBIT (19.6% of revenue) and €36.0m FCF (19.2% of revenue).

Sales and cost synergies in H1 FY25 amounted to €4.5m and €0.6m, respectively.

The acquisition expands Stabilus product portfolio, increases diversification and robustness, strengthens the Group's industrial machinery and automation business.

STABILUS GROUP IN Q2 FY2025

HIGHER REVENUE DUE TO DESTACO CONSOLIDATION

313.5 338.0 Q2 FY24 Q2 FY25 REVENUE (€M) ADJ. EBIT (€M) PROFIT (€M) ADJ. FCF (€M) + 7.8% % organic growth - 5.0%

Revenue 7.8% y/y

• › Organic -5.0%, M&A +14.9%, FX -2.1% y/y
• › M&A effect: Destaco €46.7m
• › Organic growth in IMA1 and DIAMEC, largely offset by decline in other market segments

Adj. EBIT margin 1.2pp y/y

• › Adj. EBIT -3.1% y/y: Organic -24.2%, M&A +22.6%, FX -1.5%
• › M&A: Destaco €8.8m (18.8% EBIT margin)
• › Incurred integration cost €0.6m

Profit margin 2.5pp y/y

• › Higher selling expenses, finance costs (interest expenses and net fx losses)
• › One-off reorganization expenses

Adj. FCF % revenue 4.2pp y/y

Q2 FY24 Q2 FY25

• › M&A: Destaco €5.0m
• › Adjustments to FCF €2.0m (PY €638.2m)
• › Reduced NWC, lower income tax payments, partly offset by higher capex y/y

¹ See list of acronyms in appendix.

STABILUS GROUP IN H1 FY2025

REVENUE AND EARNINGS INCREASE DRIVEN BY DESTACO CONSOLIDATION

Revenue 7.3% y/y

• › Organic -5.3%, M&A +14.8%, FX -2.2% y/y
• › M&A effect: Destaco €91.7m
• › Growth in IMA1 and DIAMEC largely offset by decline in other market segments

Adj. EBIT margin 30bp y/y

• › Adj. EBIT +4.6% y/y: Organic -17.7%, M&A +23.5%, FX -1.2%
• › M&A: Destaco €17.1m (18.6% EBIT margin)
• › Incurred integration cost €1.5m

Profit margin 1.1pp y/y

› Higher profit from operating activities (EBIT) partly offset by higher finance costs y/y

Adj. FCF % revenue 2.3pp y/y

• › M&A: Destaco €8.5m
• › Adjustments to FCF €4.0m (PY €641.9m)
• › Higher capex by €9.4m or 25.6% y/y

BUSINESS DEVELOPMENT BY REGION IN Q2 FY25

Revenue increase in Americas and EMEA due to the consolidation of Destaco.

AMERICAS: HIGHER REVENUE AND EARNINGS, DRIVEN BY DESTACO CONSOLIDATION

REVENUE (€M)

ADJ. EBIT (€M)

Revenue 16.8% y/y

• › Organic -2.6%, M&A +25.8%, FX -6.4%
• › M&A: Destaco €28.2m

• › Lower organic revenues in Automotive, CV1 , HRF, and EC, partially offset by organic growth in DIAMEC, IMA and AMR

• › Adj. EBIT +26.7% y/y: Organic -10.4%, M&A +43.1%, FX -6.0% y/y

• › M&A: Destaco €5.0m

EMEA: REVENUE GROWTH DRIVEN BY ACQUISITION

REVENUE (€M)

ADJ. EBIT (€M)

Revenue 4.8% y/y

• › Organic -4.8%, M&A +9.7%, FX -0.1%
• › M&A: Destaco €13.4m
• › Lower revenues in Automotive, AMR, CV, HRF, partly offset by growth in DIAMEC1 (spare parts); organic revenues in EC and IMA stable at prioryear level

Adj. EBIT margin 130bp y/y

• › Adj. EBIT -6.9% y/y: Organic -24.4%, M&A +17.5%, FX 0.0% y/y
• › M&A: Destaco €2.8m

APAC: REVENUE AND EARNINGS IMPACTED BY WEAKER AUTOMOTIVE BUSINESS

REVENUE (€M)

Revenue 0.7% y/y

• › Organic -9.1%, M&A +7.6%, FX +0.8%
• › M&A: Destaco €5.1m
• › Lower revenues in Automotive, AMR1 , and DIAMEC, partly offset by organic growth in CV, HRF and IMA; EC revenues at prior-year level

Adj. EBIT margin 470bp y/y

• › Adj. EBIT -28.3% y/y: Organic -37.2%, M&A +8.0%, FX +0.9% y/y
• › M&A: Destaco €0.9m

BUSINESS DEVELOPMENT BY MARKET SEGMENT IN Q2 FY25

ICON	MARKET SEGMENT	% CHANGE Y/Y
	Automotive (AGS and APR)	 9%
	Industrial Machinery & Automation (IMA)	447%1 
	Distributors, Independent Aftermarket, E commerce (DIAMEC)	6% 
	Commercial Vehicles (CV)	9% 
	Health, Recreation & Furniture (HRF)	14% 
	Energy & Construction (EC)	18% 
	Aerospace, Marine & Rail (AMR)	9% 

Despite the challenging market environment, IMA and DIAMEC grew in Q2 FY25 y/y.

¹ The significant increase is due to the consolidation of Destaco (€46.7m revenue in Q2 FY25). Change excl. Destaco: +7% y/y.

NET LEVERAGE RATIO AT 2.97 AS OF END MARCH 2025

• › Net financial debt and net leverage ratio slightly up vs. end FY24.
• › As of end H1 FY25, the net leverage ratio amounted to 2.97.
• › Our goal is to reduce net leverage ratio well below 2.0 within the next two to three years.
• › Our mid-term target leverage ratio is 1.0.

NWC/REVENUE RATIO STABLE ON THE LEVEL OF 20%

› NWC/revenue ratio at 20.3%.

› Our forecast for NWC in FY2025: 17%-20% of LTM revenue.

INVESTMENT FOCUS ON INNOVATIVE NEW PRODUCTS SUCH AS DOOR ACTUATORS

• › Investment focus in Q1 FY25: radar technology, smart door actuation and automation of production facilities.
• › The investments in automation and efficiency reached its peak in FY2024 and will phase out in FY2025.
• › Our forecast for total capex in FY2025: c. 6% of revenue (thereof c. €60m for PPE).

WE CONFIRM OUR GUIDANCE FOR FY2025

	FY2024 Actual	FY2025 Forecast
Revenue	€1,305.9m	€1.3bn - €1.45bn
Adj. EBIT margin	12.0%	11% -13%
Adj. FCF	€132.8m	€90m - €140m

› The market environment continues to be challenging.

• › The range of our expectations reflects higher macroeconomic and geopolitical uncertainty.
• › We expect the FY2025 earnings to be back-end loaded.

The imposed tariffs disrupt global supply chains, reduce visibility and increase uncertainty.

Stabilus Group has taken precautionary measures to mitigate the negative impact from additional tariffs, to protect its market shares and margins.

Lower visibility on customer demand and customer capex decisions.

Based on the current tariff legislation in the U.S. and other countries, we estimate the additional tariff payments in FY2025 in the range of €5m to €10m. Mitigating actions: pricing adjustments, sourcing optimization.

Despite the challenging market environment, Stabilus showed higher revenues in Q2 FY25.

We continue to work on NWC1reductions and CAPEX optimization.

Stabilus Group's approach is being "in region – for the region", "local for local". The impact of the global trade conflict and the risk of additional tariff payments is limited. Based on current tariff legislation and assuming that the trade conflict does not escalate and deteriorate further, we confirm our guidance for FY2025.

We continue to pursue our long-term strategy STAR 2030, focusing on profitable and sustainable growth, customer and employee satisfaction, innovation and sustainability.

CAPITAL MARKETS DAY IN KOBLENZ ON JUNE 4, 2025 INVITATION TO INVESTORS AND ANALYSTS

We are pleased to invite investors and analysts to a Capital Markets Day (CMD) in Koblenz on June 4, 2025. At the CMD, Stabilus management will provide an update on current developments in operating segments and business units, the integration of Destaco and the progress of the STAR 2030 strategy.

Registration: group.stabilus.com/registrationcmd25

Date and time: Wednesday, June 4, 2025, 09:00 – 16:00 CEST Location: Rhein-Mosel-Halle, Julius-Wegeler-Straße 4, 56068 Koblenz

Planned CMD structure:

09:00	Welcome
09:30	Start of factory tour (optional)
11:30	Start of presentations
16:00	End of presentations and Q&A sessions

²⁰ MOTION CONTROL

APPENDIX

²¹ MOTION CONTROL

REVENUE AND ADJUSTED EBIT MARGIN BY QUARTER

Q1 FY20 Q2 FY20 Q3 FY20 Q4 FY20 Q1 FY21 Q2 FY21 Q3 FY21 Q4 FY21 Q1 FY22 Q2 FY22 Q3 FY22 Q4 FY22 Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25

REVENUE

THREE MONTHS ENDED MARCH 31, 2025

REVENUE (€M)

	Q2 FY2024 Actual	Q2 FY2025 Actual	Change	% change	Acquisition effect	Currency effect	Organic growth
Automotive Gas Spring	33.0	31.7	(1.3)	(3.9)%	0.0%	0.0%	(3.9)%
Automotive Powerise	29.6	27.9	(1.7)	(5.7)%	0.0%	(0.1)%	(5.6)%
Industrial Components	74.9	71.1	(3.8)	(5.1)%	0.0%	(0.3)%	(4.8)%
Industrial Automation (Destaco)	-	13.4	13.4	n/a	n/a	n/a	n/a
EMEA	137.5	144.1	6.6	4.8%	9.7%	(0.1)%	(4.8)%
Automotive Gas Spring	30.6	28.7	(1.9)	(6.2)%	0.0%	(5.2)%	(1.0)%
Automotive Powerise	45.3	38.5	(6.8)	(15.0)%	0.0%	(13.5)%	(1.5)%
Industrial Components	33.4	32.3	(1.1)	(3.3)%	0.0%	2.1%	(5.4)%
Industrial Automation (Destaco)	-	28.2	28.2	n/a	n/a	n/a	n/a
AMERICAS	109.3	127.7	18.4	16.8%	25.8%	(6.4)%	(2.6)%
Automotive Gas Spring	23.8	23.8	-	0.0%	0.0%	0.9%	(0.9)%
Automotive Powerise	37.1	31.3	(5.8)	(15.6)%	0.0%	0.7%	(16.3)%
Industrial Components	5.8	6.0	0.2	3.4%	0.0%	0.8%	2.6%
Industrial Automation (Destaco)	-	5.1	5.1	n/a	n/a	n/a	n/a
APAC	66.7	66.2	(0.5)	(0.7)%	7.6%	0.8%	(9.1)%
Total Automotive Gas Spring (AGS)	87.3	84.2	(3.1)	(3.6)%	0.0%	(1.6)%	(2.0)%
Total Automotive Powerise (APR)	112.0	97.8	(14.2)	(12.7)%	0.0%	(5.2)%	(7.5)%
Total Industrial Components (IC)	114.2	109.3	(4.9)	(4.3)%	0.0%	0.5%	(4.8)%
Total Industrial Automation (Destaco)	-	46.7	46.7	n/a	n/a	n/a	n/a
Total	313.5	338.0	24.5	7.8%	14.9%	(2.1)%	(5.0)%

REVENUE

SIX MONTHS ENDED MARCH 31, 2025

REVENUE (€M)

	H1 FY2024 Actual	H1 FY2025 Actual	Change	% change	Acquisition effect	Currency effect	Organic growth
Automotive Gas Spring	63.2	60.7	(2.5)	(4.0)%	0.0%	0.0%	(4.0)%
Automotive Powerise	58.3	54.0	(4.3)	(7.4)%	0.0%	(0.1)%	(7.3)%
Industrial Components	134.3	128.4	(5.9)	(4.4)%	0.0%	(0.3)%	(4.1)%
Industrial Automation (Destaco)	-	26.3	26.3	n/a	n/a	n/a	n/a
EMEA	255.8	269.4	13.6	5.3%	10.3%	(0.2)%	(4.8)%
Automotive Gas Spring	58.3	54.2	(4.1)	(7.0)%	0.0%	(5.2)%	(1.8)%
Automotive Powerise	84.7	68.3	(16.4)	(19.4)%	0.0%	(11.8)%	(7.6)%
Industrial Components	65.4	64.5	(0.9)	(1.4)%	0.0%	(1.3)%	(0.1)%
Industrial Automation (Destaco)	-	54.4	54.4	n/a	n/a	n/a	n/a
AMERICAS	208.4	241.4	33.0	15.8%	26.1%	(6.7)%	(3.6)%
Automotive Gas Spring	55.3	53.6	(1.7)	(3.1)%	0.0%	0.7%	(3.8)%
Automotive Powerise	87.7	75.9	(11.8)	(13.5)%	0.0%	0.6%	(14.1)%
Industrial Components	11.8	12.6	0.8	6.8%	0.0%	0.8%	6.0%
Industrial Automation (Destaco)	-	11.0	11.0	n/a	n/a	n/a	n/a
APAC	154.8	153.1	(1.7)	(1.1)%	7.1%	0.6%	(8.8)%
Total Automotive Gas Spring (AGS)	176.8	168.5	(8.3)	(4.7)%	0.0%	(1.5)%	(3.2)%
Total Automotive Powerise (APR)	230.7	198.2	(32.5)	(14.1)%	0.0%	(4.1)%	(10.0)%
Total Industrial Components (IC)	211.4	205.5	(5.9)	(2.8)%	0.0%	(0.5)%	(2.3)%
Total Industrial Automation (Destaco)	-	91.7	91.7	n/a	n/a	n/a	n/a
Total	618.9	663.9	45.0	7.3%	14.8%	(2.2)%	(5.3)%

ADJUSTED EBIT

THREE AND SIX MONTHS ENDED MARCH 31, 2025

ADJUSTED EBIT (€M)

	Q2 FY2024 Actual	Q2 FY2025 Actual	Change	% change	Acquisition effect	Currency effect	Organic change
EMEA	16.0	14.9	(1.1)	(6.9)%	17.5%	0.0%	(24.4)%
AMERICAS	11.6	14.7	3.1	26.7%	43.1%	(6.0)%	(10.4)%
APAC	11.3	8.1	(3.2)	(28.3)%	8.0%	0.9%	(37.2)%
Total	38.9	37.7	(1.2)	(3.1)%	22.6%	(1.5)%	(24.2)%

	H1 FY2024 Actual	H1 FY2025 Actual	Change	% change	Acquisition effect	Currency effect	Organic change
EMEA	26.0	26.1	0.1	0.4%	19.2%	0.0%	(18.8)%
AMERICAS	16.9	24.4	7.5	44.4%	59.8%	(6.5)%	(8.9)%
APAC	29.3	25.0	(4.3)	(14.7)%	6.8%	0.7%	(22.2)%
Total	72.2	75.5	3.3	4.6%	23.5%	(1.2)%	(17.7)%

P&L AND ADJUSTED EBIT

THREE MONTHS ENDED MARCH 31, 2025

	Q2 FY2024 Actual	Q2 FY2025 Actual	Change	% change
Revenue	313.5	338.0	24.5	7.8%
Cost of sales	(230.6)	(244.3)	(13.7)	5.9%
Gross Profit	82.9	93.7	10.8	13.0%
% margin	26.4%	27.7%
R&D expenses	(8.7)	(10.4)	(1.7)	19.5%
Selling expenses	(28.0)	(35.3)	(7.3)	26.1%
Administrative expenses	(17.7)	(21.7)	(4.0)	22.6%
Other income/expenses	2.3	(0.5)	(2.8)	<(100.0)%
EBIT	30.9	25.9	(5.0)	(16.2)%
% margin	9.9%	7.7%
Finance income/costs	(3.5)	(10.6)	(7.1)	>100.0%
EBT	27.4	15.3	(12.1)	(44.2)%
% margin	8.7%	4.5%
Income tax	(9.3)	(4.1)	5.2	(55.9)%
Profit	18.1	11.2	(6.9)	(38.1)%
% margin	5.8%	3.3%
EPS in €	0.71	0.44	(0.27)	(38.0)%

P&L (€M) ADJUSTED EBIT (€M)

	Q2 FY2024 Actual	Q2 FY2025 Actual	Change	% change
EBIT	30.9	25.9	(5.0)	(16.2)%
PPA adj. - D&A	4.0	9.2	5.2	>100.0%
Reorganization	-	2.3	2.3	n/a
Advisory costs	3.9	0.4	(3.5)	(89.7)%
Total adjustments	8.0	11.8	3.8	47.5%
Adjusted EBIT	38.9	37.7	(1.2)	(3.1)%
% margin	12.4%	11.2%

P&L AND ADJUSTED EBIT

SIX MONTHS ENDED MARCH 31, 2025

	H1 FY2024 Actual	H1 FY2025 Actual	Change	% change
Revenue	618.9	663.9	45.0	7.3%
Cost of sales	(461.5)	(483.0)	(21.5)	4.7%
Gross Profit	157.4	180.9	23.5	14.9%
% margin	25.4%	27.2%
R&D expenses	(16.8)	(19.8)	(3.0)	17.9%
Selling expenses	(54.5)	(68.7)	(14.2)	26.1%
Administrative expenses	(38.9)	(42.6)	(3.7)	9.5%
Other income/expenses	4.0	4.2	0.2	5.0%
EBIT	51.2	54.0	2.8	5.5%
% margin	8.3%	8.1%
Finance income/costs	(6.9)	(17.8)	(10.9)	>100.0%
EBT	44.3	36.2	(8.1)	(18.3)%
% margin	7.2%	5.5%
Income tax	(14.0)	(10.7)	3.3	(23.6)%
Profit	30.2	25.5	(4.7)	(15.6)%
% margin	4.9%	3.8%
EPS in €	1.18	1.00	(0.18)	(15.3)%

P&L (€M) ADJUSTED EBIT (€M)

	H1 FY2024 Actual	H1 FY2025 Actual	Change	% change
EBIT	51.2	54.0	2.8	5.5%
PPA adj. - D&A	8.2	18.1	9.9	>100.0%
Reorganization	-	2.3	2.3	n/a
Advisory costs	12.6	1.2	(11.4)	(90.5)%
PPA adjustments	0.2	-	(0.2)	(100.0)%
Total adjustments	21.0	21.5	0.5	2.4%
Adjusted EBIT	72.2	75.5	3.3	4.6%
% margin	11.7%	11.4%

BALANCE SHEET

MARCH 31, 2025

BALANCE SHEET (€M)

	Sept 2024 Actual	March 2025 Actual	Change	% change
Property, plant and equipm.	300.3	306.6	6.3	2.1%
Goodwill	540.0	546.9	6.9	1.3%
Other intangible assets	477.9	476.8	(1.1)	(0.2)%
Other investments	6.0	6.0	-	0.0%
Inventories	223.6	215.5	(8.1)	(3.6)%
Trade receivables	203.4	206.4	3.0	1.5%
Other assets	50.3	56.9	6.6	13.1%
Cash	109.4	95.1	(14.3)	(13.1)%
Total assets	1,910.9	1,910.2	(0.7)	0.0%
Equity incl. minorities	677.7	689.2	11.5	1.7%
Debt (incl. accrued interest)	777.8	791.4	13.6	1.7%
Pension plans	47.3	46.9	(0.4)	(0.8)%
Deferred tax liabilities	64.2	62.4	(1.8)	(2.8)%
Trade payables	159.7	148.1	(11.6)	(7.3)%
Other liabilities	184.2	172.2	(12.0)	(6.5)%
Total equity and liabilities	1,910.9	1,910.2	(0.7)	0.0%

CASH FLOW

THREE MONTHS ENDED MARCH 31, 2025

CASH FLOW STATEMENT (€M)

	Q2 FY2024 Actual	Q2 FY2025 Actual	Change	% change
Cash flow from operating activities	20.4	38.7	18.3	89.7%
Cash flow from investing activities	(654.8)	(22.6)	632.2	(96.5)%
Cash flow from financing activities	538.7	(16.0)	(554.7)	<(100.0)%
Net increase / (decrease) in cash	(95.7)	0.1	95.8	<(100.0)%
Effect of movements in exchange rates	1.4	(2.4)	(3.8)	<(100.0)%
Cash as of beginning of the period	218.7	97.5	(121.2)	(55.4)%
Cash as of end of the period	124.4	95.1	(29.3)	(23.6)%

ADJ. FCF (€M)

	Q2 FY2024 Actual	Q2 FY2025 Actual	Change	% change
Cash flow from operating activities	20.4	38.7	18.3	89.7%
Cash flow from investing activities	(654.8)	(22.6)	632.2	(96.5)%
Free cash flow	(634.4)	16.1	650.5	<(100.0)%
Adjustments	638.2	2.0	(636.2)	(99.7)%
Adj. FCF	3.7	18.1	14.4	>100.0%

CASH FLOW

SIX MONTHS ENDED MARCH 31, 2025

CASH FLOW STATEMENT (€M)

	H1 FY2024 Actual	H1 FY2025 Actual	Change	% change
Cash flow from operating activities	70.2	68.4	(1.8)	(2.6)%
Cash flow from investing activities	(672.2)	(45.4)	626.8	(93.2)%
Cash flow from financing activities	534.5	(37.4)	(571.9)	<(100.0)%
Net increase / (decrease) in cash	(67.4)	(14.4)	53.0	(78.6)%
Effect of movements in exchange rates	(1.3)	0.1	1.4	<(100.0)%
Cash as of beginning of the period	193.1	109.4	(83.7)	(43.3)%
Cash as of end of the period	124.4	95.1	(29.3)	(23.6)%

ADJ. FCF (€M)

	H1 FY2024 Actual	H1 FY2025 Actual	Change	% change
Cash flow from operating activities	70.2	68.4	(1.8)	(2.6)%
Cash flow from investing activities	(672.2)	(45.4)	626.8	(93.2)%
Free cash flow	(602.0)	23.0	625.0	<(100.0)%
Adjustments	641.9	4.0	(637.9)	(99.4)%
Adj. FCF	39.9	27.0	(12.9)	(32.3)%

LVP DEVELOPMENT / FORECAST

QUARTERLY VIEW: Q1 FY24 – Q4 FY25

Source: leading market forecast institutes, April 2025

LVP DEVELOPMENT / FORECAST

YEARLY VIEW: FY2023 – FY2025

Source: leading market forecast institutes, April 2025

Light vehicle production in million units

ACRONYMS AND ABBREVIATIONS

Adj.	Adjusted
AGS	Automotive Gas Spring
AMR	Aerospace, Marine & Rail
APAC	Asia-Pacific
APR	Automotive Powerise
bp	Basis point
CAPEX	Capital expenditure
CV	Commercial Vehicles
CY	Calendar year
D&A	Depreciation and amortization
DIAMEC	Distributors, Independent Aftermarket, E-commerce
EMEA	Europe, Middle East & Africa
EBIT	Earnings before interest and taxes
EBITDA	Earnings before interest, taxes, depreciation and amortization
EBT	Earnings before taxes
EC	Energy & Construction
FCF	Free cash flow

FX	Foreign exchange, currency effect
FY	Fiscal year
GDP	Gross domestic product
HRF	Health, Recreation & Furniture
IMA	Industrial Machinery & Automation
LTM	Last twelve months
LVP	Light vehicle production
M&A	Mergers & Acquisitions, acquisition effect
NWC	Net working capital
pp	Percentage point
PPA	Purchase price allocation
PPE	Property, plant and equipment
Prelim	Preliminary
PY	Prior year
q/q	Quarter-on-quarter
y/y	Year-on-year

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