Gesco Ag · XETR:GSC1
Gesco — FY2025 Earnings Presentation
28 slides from Gesco's earnings presentation, Apr 15, 2026
Slide 1: Annual Results Press Conference on the 2025 Annual Report
Annual Results Press Conference on the 2025 Annual Report Johannes Pfeffer (CEO) Andrea Holzbaur (CFO) 15 April 2026 1
Slide 2: GESCO Financial Results 2025
GESCO Financial Results 2025 A. Holzbaur, CFO 2
Slide 3: EBIT slightly improved, group earnings more than doubled
EBIT slightly improved → Group earnings more than doubled Group at a glance Change in €m 2024 2025 abs. in % Order backlog 188,9 161,8 -27,2 -14,4% Incoming Orders 519,1 476,0 -43,1 -8,3% Revenue 513,8 495,0 -18,8 -3,7% EBITDA 36,7 33,8 -2,9 -7,9% EBIT 15,2 15,5 0,3 2,1% ROS in % 3,0% 3,1% 18 bp 6,0
Slide 4: Portfolio restructuring significantly reduces revenue
Portfolio restructuring significantly reduces revenue Revenue bridge to the previous year Changes to the portfolio: in € million Sales fell by €33.7 million as a result of 513,8 portfolio restructuring in 2024. 20,1 The acquisition of Eckart increases sales 6,8 495,0 -18,7 by €20.1 million. -11,4 -0
Slide 5: Portfolio restructuring reduces reliance on Germany
Portfolio restructuring reduces reliance on Germany Sales breakdown by region 2024 2025 €m % €m % Germany 240,1 46,7% 205,7 41,6% Europe w/o Germany 154,3 30,0% 155,6 31,4% Others 119,4 23,2% 133,6 27,0% 513,8 100,0% 495,0 100,0% Germany’s share falls by 5.1 percentage points Revenue share of ‘Other
Slide 6: Portfolio restructuring and one-off effects affecting earnings
Portfolio restructuring and one-off effects are affecting earningsdge: Group earnings in € million Portfolio restructuring has a 0,7 4,8 0,4 positive impact on earnings. -1,0 3,8 9,9 Earnings adjusted for one- 4,2 -0,9 off effects have improved 2,9 -6,8 significantly as a result: 4,4 2024: €8.2 mill
Slide 7: Materials Refinement & Distribution: one-off effects result in negative EBIT
Materials Refinement & Distribution One-off effects result in a negative EBIT Order intake in € million Sales in € million EBIT in € million 234.3 239.5 ROS in % 207.0 209.4 -0.1 0.0% -0.8% -1.6 2024 2025 2024 2025 2024 2025 7
Slide 8: Materials Refinement & Distribution: EBIT excluding one-off items increased
Materials Refinement & Distribution EBIT excluding one-off items increased compared with the previous year Order intake in € million Sales in € million Adjusted EBIT in € million 234.3 239.5 Adjusted ROS in % 207.0 209.4 5,2 4.1 1.7% 2.5% 2024 2025 2024 2025 2024 2025 8
Slide 9: Healthcare & Life Sciences: EBIT significantly increased
Healthcare & Life Sciences EBIT significantly increased whilst revenue remained stable Order intake in € million Sales in € million EBIT in € million ROS in % 158.5 144.1 143.5 128.4 12.3 8,1 8.6% 5.6% 2024 2025 2024 2025 2024 2025 9
Slide 10: Industrial Assets & Infrastructure incl. Eckart
Industrial Assets & Infrastructure incl. Eckart Significant increase due to SVT Order intake in € million Sales in € million EBIT in € million ROS in % 140.6 142.3 111.9 115.5 13.6 12.4 10.7% 9.6% 2024 2025 2024 2025 2024 2025 10
Slide 11: GBS is starting to show results
GBS is starting to show results KPI overview by segment Materials Refinement & Health Care & Life Science Industrial Assets & Distribution Infrastructure 01.01.2024 - 01.01.2025 - 01.01.2024 - 01.01.2025 - 01.01.2024 - 01.01.2025 - in Mio. € 31.12.2024 31.12.2025 31.12.2024 31.12.2025 31.12.2024 31.
Slide 12: Doerrenberg portfolio acquisition impacts balance sheet ratios
The acquisition of Doerrenberg’s portfolio has a negative impact on the balance sheet ratios Working capital Free cash flow excluding M&A Net debt including leases 44.9 61.7 194.4 173.5 41.6 -0.7 2024 2025 2024 2025 2024 2025 12
Slide 13: Adjusted working capital and net debt at previous year's level
Adjusted for the acquisition of the portfolio, WOC and net debt are at the previous year’s level Free cash flow financed M&A and dividends Adjusted working capital Adjusted free cash flow excluding M&A Adjusted net debt including leases 44.9 41.6 173.5 173.4 39.7 20.3 2024 2025 2024 2025 2024 2025 1
Slide 14: Market Environment and GESCO Strategy
Market Environment and GESCO Strategy J. Pfeffer, CEO 14
Slide 15: Market Environment & Politics 2025
CEO’s Report: Market Environment & Politics 2025 Global economy: Global GDP: 2.8% – 3.2% (2024: 2.6% – 3.2%) USA: 2.1% – 2.2% (2024: 2.8%) China: 4.8% – 5.0% (2024: 5.0%) Germany: 0.0% - 0.2% (2024: -0.2%) Sources: OECD, IMF, Statista, Federal Statistical Office Germany and its key sectors:
Slide 16: Market Environment & Politics 2025
CEO’s Report: Market Environment & Politics 2025 10 out of 12 months in 2025 were on a par with or worse than the corresponding months in 2024 The deterioration slowed over the course of 2025 Overall Index 01/2025 – 12/2025: -4.3% 16
Slide 17: Where is the global economy heading in 2026?
CEO’s Report: Where is the global economy heading in 2026? Planning principles and assumptions for GESCO SE’s business planning for 2026: Germany’s GDP: 0.0 – 1.0% Positive market momentum compared to the previous year is once again at risk of fizzling out due to the Iran crisis Global GDP: 2.0
Slide 18: GESCO's Strategic Direction: segment structure proving its worth
CEO’s Report: GESCO’s Strategic Direction As the portfolio grows, the chosen segment structure is proving its worth Materials Refinement & Distribution Materials Refinement & Distribution Focus: ‘Processes’ CASTEON Health Care & Life Science Focus: ‘Products’ Industrial Assets & Infrastructure Focus
Slide 19: Transformation of key asset Doerrenberg implemented in 2025 (I)
CEO’s Report: GESCO’s Strategic Direction Transformation of key asset Doerrenberg implemented in 2025 (I) Review of APC 2025: 19
Slide 20: Transformation of key asset Doerrenberg implemented in 2025 (II)
CEO’s Report: GESCO’s Strategic Direction Transformation of key asset Doerrenberg implemented in 2025 (II) GESCO press release dated 9 February 2026: "The insolvency of Bergische Edelstahlwerke GmbH (BEW) as the purchaser and successor to the former Doerrenberg business units 'Foundry' and 'Steelwor
Slide 21: Transformation of key asset Doerrenberg implemented in 2025 (III)
CEO’s Report: GESCO’s Strategic Direction Transformation of key asset Doerrenberg implemented in 2025 (III) GESCO announcement on 27 November 2025: "Doerrenberg spins off Casting Products division into new company CASTEON" Implementation effective as of 16 April 2026; new company CASTEON GmbH foun
Slide 22: The 'new' Doerrenberg expands its market reach
CEO’s Report: GESCO’s Strategic Direction The 'new' Doerrenberg expands its market reach GESCO press release dated 5 December 2025: “The largest individual subsidiary of GESCO SE, Doerrenberg Edelstahl GmbH, is taking over the stock of tool steels from Deutsche Edelstahlwerke (DEW)” DEW withdraws
Slide 23: GBS continues to grow steadily
CEO’s Report: GESCO’s Strategic Direction GBS continues to grow steadily and is proving to be a highly effective foundation for enhancing the value of our portfolio companies Objective: By 2026, all GESCO companies will perform better in the core disciplines of successful business operations than th
Slide 24: GBS continues to grow steadily
CEO’s Report: GESCO’s Strategic Direction GBS continues to grow steadily and is proving to be a highly effective foundation for enhancing the value of our portfolio companies 24
Slide 25: GESCO 2026 Strategy: GBS 'CASH IS KING' programme
CEO’s Report: GESCO 2026 Strategy The GBS ‘CASH IS KING’ programme provides us with the foundation for further inorganic growth Rationale: Enable GESCO to maintain momentum in its risk-limiting expansion strategy despite a lack of market impetus Kick-off: April 2026 Focus areas: Method-based m
Slide 26: Forecast for 2026
Forecast for 2026 A. Holzbaur, CFO 26
Slide 27: Forecast for 2026
Forecast for 2026 Prognose in €m 2025 2026 Sales 495,0 510-520 Group Earnings 9,9 15 - 20 The forecast is subject to unusually high volatility and uncertainty due to the geopolitical situation. 27
Slide 28: Q&A
Q&A 28