Duerr AG

Latest Results (19.01.2026):

Dürr AG (Duerr AG) — Q3 2025: Dürr reported a clear earnings recovery in Q3 2025 with sequential sales improvement and a strong operating margin before extraordinary effects (6.6% in Q3; 4.9% for 9M). Sales for continued operations were €3,052.0m in 9M (‑3.0% y/y). Free cash flow improved to €85.0m (9M) and the sale of the Clean Technology Systems (environmental) business closed on Oct. 31, 2025. However, reported 9M net income was negative (‑€67.8m) after a €120.4m non‑cash goodwill impairment in Q2. The company confirmed its full‑year guidance and is implementing a €50m administrative cost‑cutting program.

Sales, orders and outlook

Incoming orders for 9M 2025 were materially lower versus the prior year (base effect from very large automotive orders in 2024); order intake remained subdued in Q3 but showed sequential improvement. Management expects further acceleration of sales and higher order activity in Q4 if customer decisions are not delayed.

Profitability

EBIT before extraordinary effects rose to €150.1m for 9M (+9% y/y) with gross margin improving to 22.5% (up 1.7 ppts). Q3 EBIT margin before extraordinary effects was 6.6%, supported by all divisions and a stronger service business. The company reiterates a full‑year EBIT margin guidance of 4.5%–5.5% (9M at 4.9%).

Non‑recurring charge and reported net result

Reported net income for 9M was a loss of €67.8m, driven primarily by a €120.4m non‑cash goodwill impairment recognized in Q2. On an adjusted/operational basis (before that impairment and before prior‑year one‑offs), underlying earnings showed improvement, particularly in Q3.

Cash flow and balance sheet

Free cash flow for 9M was €85.0m (up ~15% y/y) — above the company’s FY guidance range of €0–€50m — benefiting from lower capex and working capital effects. Net financial status stood at about ‑€482.0m at end‑September.

Divisional performance

Automotive: high‑margin and stable (9M EBIT margin ~7.7%); Industrial Automation: clear sequential recovery in Q3 but 9M reported EBIT includes the impairment (reported negative in H1); Woodworking (HOMAG): earnings improved materially via self‑help measures (9M EBIT margin before extraordinary effects 5.2%); Clean Technology Systems: disposed to Stellex Capital (sale closed Oct. 31) and treated as discontinued.

Transformation, costs and guidance

Dürr completed its transformation to a three‑division structure focused on “Sustainable.Automation.” A €50m administration cost‑cutting program is being implemented (management expects €40–50m of related provisions in Q4). Despite near‑term order weakness, the company confirmed its FY guidance at the Q3 call.