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Q1 2025 Analyst Presentation Dr. Alexander Sagel, CEO Anja Mänz-Siebje, CFO May 14, 2025 TRUSTED PARTNER.
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Trusted Partner 1 Q1 2025 Summary – very promising start into the year Q1 2025 CONFERENCE CALL Key order intakes Q1 2025 THOR III / transmissions ~ €140m • Strong order intake of €549m (Q1 2024: €208m) with book-to-bill at 2.0x (Q1 2024: 0.9x) • Defense business (land and sea) with +196% (Order Intake) and +29% (revenue) as main growth driver • New strategic partnerships (NXP, Partzsch, Quantum Systems) • Patria: New FAMOUS APC Concept revealed • MDAX promotion Highlights ~ €35m Turkey / engines ~ €27m International customer / transmissions Leopard II spareparts / transmissions ~ €20m Various international customers / transmissions ~ €70m
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Trusted Partner 2 Very strong order intake, Group on track #1 in mission-critical drive technologies Q1 2025 CONFERENCE CALL APAC REVENUES BY END MARKETS (LTM)Defense Civil 27% 73% New build Aftermarket New build / aftermarket (5) 61% 39% REVENUES BY NEW BUILD/ AFTERMARKET (LTM)Aftermarket New Build • Order intake – Record level for a Q1 • Revenues – Growth in line with our growth strategy • Adj. EBIT – Faster growth in adj. EBIT compared to revenue growth • Adj. EBIT margin – Significant margin improvement driven by all segments ORDER INTAKE €549m +164% YoY REVENUES €273m +15% YoY ADJ. EBIT €38m +38% YoY ADJ. EBIT MARGIN 14.1% +2.4pp YoY
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Trusted Partner 3 Overall business clearly driven by defense business Q1 2025 CONFERENCE CALL 132 390 Q1 2024 Q1 2025 Order Intake (Defense, €m) 158 203 Q1 2024 Q1 2025 Revenue (Defense, €m) +196% +29%
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Trusted Partner 4 Q1 2025 CONFERENCE CALL 134 160 169 235 172 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q1 2025 CONFERENCE CALL Vehicle Mobility Solutions Revenue, €m yoy +28.1% • Strong order intake, e.g. THOR III • VTA and RAM on track and as planned • Increased aftermarket activities by various European customers Order Intake 397 €m
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Trusted Partner 5 79 83 70 98 73 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q1 2025 CONFERENCE CALL Marine & Industry Revenue, €m YoY -6.9% • Strong Order Intake • Shift of revenue into Q2/Q3 due to customer related postponements Order Intake 122 €m
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Trusted Partner 6 29 32 31 33 31 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q1 2025 CONFERENCE CALL Slide Bearings Revenue, €m YoY +6.8% • Continuation of good performance in line with FY2024 • Favourable demand for E- and marine bearings Order Intake 37 €m
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Trusted Partner 7 2.3 Fixed Order Backlog(2) 0.6 Frame Order Backlog(3) 2.5 Soft Order Backlog(4) 5.5 Total Order Backlog LTM revenue coverage(1) Additional recurring aftermarket business outside of framework contracts Total order backlog (Q1-25), €bn Total order backlog at €5.5bn – high order intake leads to further increase of fixed order backlog Q1 2025 CONFERENCE CALL 2.0x 0.5x 2.2x 4.7x
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Financial Summary Anja Mänz-Siebje, CFO TRUSTED PARTNER.
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Trusted Partner 9 Group: Outstanding order intake and revenue in line with growth strategy Q1 2025 CONFERENCE CALL Revenue, €m Fixed order backlog(2), €mOrder intake, €m Q1-24 Q1-25 208 549 163.5% Q1-24 Q1-25 238 273 14.7% Dec-24 Mar-25 2,080 2,331 12.1% 0.9x 2.0x YoY growth Book-to-bill ratio(1)
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Trusted Partner 10 Group: significant increase in adj. EBIT due to production efficiency Net debt(3), €mAdj. EBIT(2), €m Net debt(3), €mAdj. gross profit(1), €m Q1-24 Q1-25 61 79 30.2% Q1-24 Q1-25 28 38 38.1% 1.7x 1.8x Dec-24 Mar-25 375 411 9.5% 25.7% 28.7% 11.7% 14.1% YoY growth Adj. gross profit margin Adj. EBIT margin Net debt / LTM Adj. EBITDA (4) Q1 2025 CONFERENCE CALL
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Trusted Partner 11 VMS: Impressive order intake growth translated into solid revenues Order intake Adj. EBIT(1)Revenue Segment financials, €m Q1-24 Q1-25 79 397 404.2% Q1-24 Q1-25 134 172 28.1% Q1-24 Q1-25 20 29 46.6% 20.2% YoY growth Adj. EBIT margin Q1 2025 CONFERENCE CALL 14.5% 16.6%
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Trusted Partner 12 M&I: Operational progress more than offsetting the revenue dip Segment financials, €m Q1-24 Q1-25 BER300 - EBIT 5 7 54.7% 6.1% 10.2% Q1-24 Q1-25 98 122 24.9% Q1-24 Q1-25 79 73 -6.9% YoY growth Adj. EBIT margin Q1 2025 CONFERENCE CALL Order intake Adj. EBIT(1)Revenue
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Trusted Partner 13 Slide Bearings: Consistent revenue growth and improved margins Segment financials, €m Q1-24 Q1-25 39 37 -5.2% Q1-24 Q1-25 29 31 6.8% Q1-24 Q1-25 5 5 9.3% YoY growth Adj. EBIT margin Q1 2025 CONFERENCE CALL 16.9% 17.3% Order intake Adj. EBIT(1)Revenue
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Trusted Partner 14 Adjustments largely driven by Purchase Price Allocation Q1 2025 CONFERENCE CALL For the period, €m 1 2 Q1-24 Operating profit 11.9 PPA depreciation and amortization as well as income / losses from PPA asset disposals 11.0 Q1-25 24.4 11.0 Operating profit before PPA depreciation and amortization as well as income / losses from PPA asset disposals 22.9 35.4 Adjustments 5.0 Adj. EBIT 27.8 38.4 Depreciation, amortization and impairment losses (excluding PPA depreciation and amortization) 7.7 8.0 Adj. EBITDA 35.5 46.4 3.0
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Trusted Partner 15 Increase of net working capital due to scheduled build up of inventories Net working capital, €m 249 326 (124) (204) Dec-23 268 391 (117) (258) Dec-24 307 437 (125) (286) Mar-25 248 284 334 Customer receivables(1) Prepayments received(2) Inventories Trade payables Q1 2025 CONFERENCE CALL 26.8% 24.9% 28.4%% of LTM revenue
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Trusted Partner 16 Commentary Inventory levels rising in line with expected revenue growth Interest received +€0.8m and Interest payments of (€7.7m) 1 2 Q1 2025 CONFERENCE CALL Free cash flow reduction mainly due to increase of NWC Adj. EBITDA (1) (3.0) Adjustments(2) (49.5) Change in NWC(3) CapEx(4) Income Tax (0.3) Other (5) Unlevered free cash flow Interest result Free Cash Flow (17.9) (24.9) 46.3 (5.0) (6.5) (17.9) (7.0) (24.9) +7.7 (39.7) (46.1) (49.5) Trade payables Inventories Customer receivables +28.5 Prepayments received Change in NWC, €m Comments 1 2 Key cash flow items Q1-25, €m
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OUTLOOK Dr. Alexander Sagel, CEO TRUSTED PARTNER.
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Trusted Partner 18 2025 guidance confirmed based on Q1 Q1 2025 CONFERENCE CALL 2025 Guidance Medium-term target Adj. EBIT(1) Revenue / growth by 2027 >€1.3bn €210m-235m ~15% CAGR ~€300m by 2027 Next steps • Follow defense budget allocation decisions 2025 • Further quantification of additional business potentials • Review mid-term targets • Prepare for growth, “health-check” completed
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Trusted Partner 19 Selection of key order intake targets 2025 Q1 2025 CONFERENCE CALL Patria FAMOUS APC Various IFV programs Various frigates K2 Poland THOR IV frame contract 3+2 years AVDS Engines International
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Trusted Partner 20 Clear focus on 2025 priorities • Implementation of structural measures for NWC optimization • Execute ~3% CapEx spending • Post Merger Integration of Cincinnati Gearing Systems (CGS)/RAMI • Ongoing monitoring market for value-accretive acquisitions according to defined M&A criteria • Securing 2025 OI programs & proceed on future key OI projects • Making progress in key technology areas (e.g. hybridization & autonomy) • Continue with excellence programs along entire value chain • Enforce efficiency improvements in lead plants (e.g. RAM & VTA) Q1 2025 CONFERENCE CALL Operational Excellence Key Order Intake and R&D Projects Disciplined financial framework M&A 1 2 3 4 • Constantly monitoring 2025 defense budget decisions (e.g. NATO summit, June) • Capacity/supply chain scenarios for pot. volume increases (“3% GDP”) European defense budgets5
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Trusted Partner 21 Q1 2025 CONFERENCE CALL Revenue development RENK Group in €m 2020 2024 2028 ~2,500 – 3,000 ~2,000 Ambitions 2030 1,141 556 Project Pipeline in €bn Total Order Backlog(1) in €bn 2025-2031 | Defense | Land & Sea | New Business only NATO EU Upside Strategic M&A Project Pipeline(2) NATO EU Upside(3) ▪ Leveraging strong Total Order Backlog & Project Pipeline ▪ Drive best-in class Operational Execution ▪ Realize Upside Potentials from increasing defense spendings NATO EU ▪ Target value-accretive M&A Opportunities 2.3 2.5 0.6 5.5 Fixed Order Backlog Frame Order Backlog Soft Order Backlog Initial estimate of upside potential beyond our current project pipeline - first revenues from increasing NATO defense budgets expected from 2027 onwards ~12-13
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Trusted Partner 22 May 2025: • Kepler Cheuvreux - Virtual SMID CEO/CFO Tour(15 May) • BNP US Roadshow (19/20 May) • Berenberg European Conference, New York (21/22 May) • db access European Champions Conference, Frankfurt (28 May) June 2025: • Annual General Meeting (4 June, virtual) • JP Morgan Industrials Conference, London (11 June) July 2025: • Pre Close Call H1 (17 July) August 2025: • H1 results (13 August) FINANCIAL CALENDAR 2025 September 2025: • Morgan Stanley Industrial CEOs Unplugged 2025, London (3 September) • DESI London investor meetings (10/11 September) • Baader Investment Conference, Munich (23 September) • Berenberg/Goldman Sachs German Corporate Conference 2025, Munich (24 September) October 2025: • Pre Close Call 9M (23 October) November 2025: • 9M results (13 November) • BNP MidCap CEO Conference, Paris (17/18 November) • Capital Markets Day, Augsburg (20 November) December 2025: • Berenberg European Conference, Windsor (1/2 December) • Goldman Sachs 17th Annual Industrials & Auto Week, London (3/4 December)
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RENK Group / Company presentation / March 2023 Q&A Session TRUSTED PARTNER.
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RENK Group / Company presentation / March 2023 Your contact RENK Group AG TRUSTED PARTNER. Goegginger Straße 73 D-86159 Augsburg Germany www.renk.com Management Board: Dr.Alexander Sagel (Chairman), Anja Mänz-Siebje, Dr. Emmerich Schiller Supervisory Board: Claus von Hermann (Chairman) Registration Court: District court of Augsburg, HRB 39189 VAT ID number: DE 363351811 Investor Relations: Julia Brand, Senior IR Manager Phone: +49 821 5700 735 E-Mail: investors@renk.com Christian Weiß, Senior IR Manager Phone: +49 821 5700 9279 E-Mail: investors@renk.com Maximilian König, Senior IR Manager Phone: +49 821 5700 9302 E-Mail: investors@renk.com
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Trusted Partner 25 By accessing this presentation, you agree to be bound by the following limitations. This presentation has been prepared for information and background purposes only. It does not constitute or form part of, and should not be construed as, an offer of, a solicitation of an offer to buy, or an invitation to subscribe for, underwrite or otherwise acquire, any securities of RENK Group AG (the "Company", and together with its subsidiaries, the "Group"), nor should it or any part of it form the basis of, or be relied on in connection with, any contract to purchase or subscribe for any securities of the Company or with any other contract, commitment or investment decision whatsoever. Certain financial data included in this presentation consists of non-IFRS financial measures. These non-IFRS financial measures may not be comparable to similarly titled measures presented by other companies, nor should they be construed as an alternative to other financial measures determined in accordance with IFRS. You are cautioned not to place undue reliance on any non-IFRS financial measures included herein. Past events or performances should not be taken as a guarantee or indication of future events or performance. Financial information presented in parentheses denotes the negative of such number presented. Any assumptions, views or opinions (including statements, projections, forecasts or other for-ward-looking statements) contained in this presentation represent the assumptions, views or opinions of the Company as of the date indicated and are subject to change without notice. All information not separately sourced is from Company data and estimates. To the extent available and unless denoted otherwise, the industry and market data contained in this presentation has been derived from Company estimates as well as official or third-party sources. Market and market share data has been derived from Company estimates as well as official or third-party sources. Market and market share data are based on company internal estimates derived from continuous analysis and aggregation of local management feedback on market share and ongoing market development. Third party industry publications, studies and surveys generally state that the data contained therein have been obtained from sources believed to be reliable, but that there is no guarantee of the accuracy or completeness of such data. While the Company believes that each of these publications, studies and surveys has been prepared by a reputable source, the Company has not independently verified the data contained therein. In addition, certain of the industry and market data, if not labelled otherwise, contained in this presentation are derived from the Company's internal research and estimates based on the knowledge and experience of its management in the markets in which it operates. The Company believes that such research and estimates are reasonable and reliable, but their underlying methodology and assumptions have not been verified by any independent source for accuracy or completeness and are subject to change without notice. Accordingly, undue reliance should not be placed on any of the industry or market data contained in this presentation. Information contained in this presentation related to past performance is not an indication of future performance. The information in this presentation is not intended to predict actual results, and no assurances are given with respect thereto. Certain Information included in this Presentation is taken or derived from third-party market studies or reports. Market studies are usually based on certain assumptions and expectations that may not be accurate or appropriate, and their methodology is by nature predictive and speculative and therefore subject to uncertainties. The data reflected in market studies is typically based on other industry publications as well as market research, which itself is based on sampling and subjective judgments by both the researchers and the respondents, including judgments about what types of products and transactions should be included in the relevant market. Accordingly, market studies generally state that the information contained therein is believed to be accurate but that no representation or warranty is given by the market study provider as to the accuracy or completeness of such information and that the opinions and analyses provided in the relevant market study are not representations of fact. The information contained in this presentation has not been independently verified, and no representation or warranty, express or implied, is made by the Company nor its affiliates, advisers, connected persons or any other person as to the fairness, accuracy, completeness or correctness of the information contained herein, and no reliance should be placed on it. Neither the Company nor its affiliates, advisers, connected persons, and/or any third-party provider of industry and market data referred to in this Presentation (including Roland Berger) or any other person accepts any liability for any loss howsoever arising (in negligence or other-wise), directly or indirectly, from this presentation or its contents or otherwise arising in connection with this presentation. This shall not, however, restrict or exclude or limit any duty or liability to a person under any applicable law or regulation of any jurisdiction which may not lawfully be disclaimed (including in relation to fraudulent misrepresentation). This presentation includes "forward-looking statements". These statements contain the words "anticipate", "believe", "intend", "estimate", "expect" or words of similar meaning. All statements other than statements of historical facts included in this presentation, including, without limitation, those regarding the Company's financial position, business strategy, plans and objectives of management for future operations (including cost savings and productivity improvement plans) are forward-looking statements. By their nature,such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of the Company to be materially different from results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the Company's present and future business strategies and the market environment in which the Company will operate in the future. These forward-looking statements speak only as of the date of this presentation. Each of the Company, the relevant subsidiaries and their respective agents, employees and advisers, expressly disclaims any obligation or undertaking to update any forward-looking statements contained herein. You are urged to consider these factors carefully in evaluating the forward-looking statements in this presentation and not to place undue reliance on such statements. The information contained in this presentation is provided as of the date of this presentation and is subject to change without notice. For further details, please refer to the footnotes section at the end of the presentation. Disclaimer
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APPENDIX TRUSTED PARTNER.
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Trusted Partner 27 Income statement 27 Financial Appendix Note: Due to commercial rounding of amounts on the basis of € million, minor deviations may occur on addition For the period, €m Q1-2024 Q1-2025 Revenue 237.7 272.6 Cost of sales (187.7) (206.3) Gross profit 50.0 66.3 Distribution expenses (15.2) (16.8) General and administrative expenses (23.6) (22.3) Net allowances on financial assets 0.4 0.1 Other income 4.9 3.3 Other expenses (4.5) (6.3) Operating profit 11.9 24.4 Interest expense (8.8) (9.7) Other financial result 0.7 (9.9) Financial result (8.1) (19.6) Profit / loss before tax 3.8 4.8 Income taxes (6.6) (4.0) Profit / loss after tax (2.8) 0.8
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Trusted Partner 28 Balance sheet – Total assets Financial Appendix 28 Note: Due to commercial rounding of amounts on the basis of € million, minor deviations may occur on addition As of, €m Dec 31, 2024 Mar 31, 2025 Intangible assets 360.5 344.3 Property, plant and equipment 320.7 318.5 Other and financial investments 0.8 0.8 Deffered tax assets 22.4 22.7 Other non-current financial assets 0.1 0.0 Other non-current receivables 12.7 14.5 Non-current assets 717.2 700.8 Inventories 391.2 437.3 Trade receivables 163.6 176.3 Contract assets 114.9 137.4 Current income tax receivables 12.0 10.8 Other current financial assets 6.9 5.9 Other current receivables 19.0 27.9 Cash and cash equivalents 164.3 128.5 Current assets 872.0 924.2 Total 1,589.2 1,625.0
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Trusted Partner 29 Balance sheet – Total equity and liabilities Financial Appendix 29 Note: Due to commercial rounding of amounts on the basis of € million, minor deviations may occur on addition As of, €m Dec 31, 2024 Mar 31, 2025 Share capital (subscribed capital in previous year) 100.0 100.0 Capital reserves 172.7 172.9 Retained earnings 134.9 135.7 Cumulative other comprehensive income 33.3 31.3 Equity attributable to shareholders of RENK Group AG 440.9 439.9 Equity attributable to non-controlling interests 5.8 5.6 of which non-controlling interests in consolidated net income for the year 1.4 0.1 Equity 446.7 445.5 Non-current financial liabilities 527.2 527.1 Pension provisions 2.7 2.7 Deferred tax liabilities 77.2 75.6 Contract liabilities, non-current 39.0 60.4 Other non-current provisions 12.1 12.2 Other non-current financial liabilities 5.7 5.2 Other non-current liabilities 0.0 0.0 Non-current liabilities and provisions 663.9 683.3 Current financial liabilities 6.4 6.5 Income tax liabilities 30.8 31.1 Trade payables 117.0 124.7 Contract liabilities, current 231.4 233.0 Other current provisions 40.0 42.2 Other current financial liabilities 2.0 1.7 Other current liabilities 51.1 57.0 Current liabilities and provisions 478.6 496.2 Total 1,589.2 1,625.0
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Trusted Partner 30 Cash flow statement 30 Financial Appendix Note: Due to commercial rounding of amounts on the basis of € million, minor deviations may occur on addition For the period, €m Q1-2024 Q1-2025 Cash and cash equivalents at beginning of period 102.2 164.3 Profit / loss before tax 3.8 4.8 Income taxes paid (4.9) (6.5) Depreciation, amortization and impairment losses on intangible assets and property, plant and equipment 18.7 18.9 Change in provisions for pension obligations (3.4) 2.4 Result from asset disposals (0.0) (0.0) Other non-cash expenses and income 2.3 (2.5) Change in inventories (17.6) (43.1) Change in other assets (4.7) (45.6) Change in liabilities 33.6 36.6 Change in other provisions (2.6) 2.4 Financial result 8.1 19.6 Cash flows from operating activities 33.3 (13.0) Payment to acquire property, plant and equipment and intangible assets (7.9) (5.0) Proceeds from asset disposals 0.0 0.1 Payments for the acquisition of subsidiaries or other business units less acquired cash and cash equivalents – (5.8) Cash flows from restricted cash 3.9 (2.4) Interest received 0.5 0.8 Cash flow from investing activities (3.5) (12.3) Equity contributions 2.0 – Change in cash-pool (2.6) – Payout from the redemption of bonds (520.0) – Proceeds from the raising of financial loans 514.8 – Lease payments (0.5) (0.9) Interest payments (25.3) (7.7) Cash flows from financing activities (31.6) (8.7) Effect of exchange rate changes on cash and cash equivalents 0.3 (1.8) Change in cash and cash equivalents due to changes in the scope of consolidation 1.1 – Change in cash and cash equivalents (0.5) (35.8) Cash and cash equivalents at end of period 101.8 128.5 Loans receivables 0.3 – Restricted cash 2.6 3.6 Gross liquidity at end of period 104.6 132.2 Financial liabilities (524.1) (533.4)
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Trusted Partner 31 Adjustments For the period, €m 1 2 Q1-24 Operating profit 11.9 PPA depreciation and amortization as well as income / losses from PPA asset disposals 11.0 Q1-25 24.4 11.0 Operating profit before PPA depreciation and amortization as well as income / losses from PPA asset disposals 22.9 35.4 M&A activity related costs 0.0 Capital market readiness costs 2.2 0.0 Costs for implementing efficiency programs 1.1 0.0 0.3 Implementation new tax compliance 0.2 0.1 Other adjustments 0.4 0.9 Adj. EBIT 27.8 38.4 Depreciation, amortization and impairment losses (excluding PPA depreciation and amortization) 7.7 8.0 Adj. EBITDA 35.5 46.4 Financial Appendix
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Trusted Partner 32 Endnotes (1/2) p.7 (1) Defined as total order backlog as of March-25 / LTM revenue for the period ended March 31, 2025. Total order backlog comprised of fixed order backlog, frame order backlog and soft order backlog (2) Fixed order backlog represents with respect to binding customer contracts and purchase orders concluded and/or received the portion of the associated transaction price for which the amount of revenue has not yet been recognized in accordance with IFRS (3) Frame order backlog includes signed frame contracts with fixed annual volumes or volume estimates based on customer information or historical call offs over the entire contract duration, booked for the period of the frame contract term. The numbers as of March 31 include a contract with the character of a binding follow-up contract with the amount of €0.4bn (4) Soft order backlog includes estimated volumes of sole source projects and successor business until 2029 based on public information and customer information for the period April 2025 to March 2029 p.9 (1) Book-to-bill ratio defined as order intake / revenue (2) Fixed order backlog represents with respect to binding customer contracts and purchase orders concluded and/or received the portion of the associated transaction price for which the amount of revenue has not yet been recognized in accordance with IFRS p.10 (1) Adjusted gross profit is defined as gross profit before PPA depreciation and certain items which management considers to be exceptional or non-recurring in nature. Adj. Gross Profit margin is defined as adjusted gross profit divided by revenue. (2) Adj. EBIT is defined as operating profit before the PPA depreciation and amortization as well as income / losses from PPA asset disposals and adjusted for certain items which management considers to be exceptional or non-recurring in nature. Adj. EBIT margin is defined as adj. EBIT divided by revenue. (3) Net debt is defined as the sum of bank debt (previous year: senior secured notes) and lease liabilities less cash and cash equivalents based on the carrying amounts in the IFRS financial statements (4) LTM Adj. EBITDA is defined as operating profit before depreciation, amortization and impairment losses on intangible assets and property, plant and equipment, the PPA depreciation and amortization as well as income / losses from PPA asset disposals and adjusted for certain items which management considers to be exceptional or non-recurring in nature. For a detailed breakdown of adjustments, please refer to the page “Adjustments” in the appendix. p.11-13 (1) Adj. EBIT is defined as operating profit before the PPA depreciation and amortization as well as income / losses from PPA asset disposals and adjusted for certain items which management considers to be exceptional or non-recurring in nature. Adj. EBIT margin is defined as adj. EBIT divided by revenue. For a detailed breakdown of adjustments, please refer to the page “Adjustments” in the appendix. p.15 (1) Comprises contract assets and trade receivables excluding customer prepayment receivables (2) Comprises contract liabilities excluding liabilities from customer prepayment receivables
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Trusted Partner 33 Endnotes (2/2) p.16 (1) Adj. EBITDA is defined as operating profit before depreciation, amortization and impairment losses on intangible assets and property, plant and equipment, the PPA depreciation and amortization as well as income / losses from PPA asset disposals and adjusted for certain items which management considers to be exceptional or non-recurring in nature (2) For a detailed breakdown of adjustments, please refer to the page “Adjustments” in the appendix. (3) Includes change in inventories, customer receivables, trade payables and prepayments received. (4) Capex defined as payments to acquire property, plant and equipment and intangible assets (5) Other reconciliation items include changes in provisions, other receivables and liabilities, unless as these are not attributable to the NWC, as well as other cash and non-cash expenses and income of minor importance. p. 21 (1) Total order backlog as of March 31, 2025 (2) Updated project pipeline corresponds to the total sum of all orders in the program pipeline over the entire period from May 2025 to the end of 2031 excl. project pipeline from soft/frame order backlog (3) NATO EU Upside potential based on management estimates as of May 2025