Kontron AG Q1 2025: Key Takeaways

Kontron AG Q1 2025 Results – In-depth Summary

Presented by Clemens Billek, Chief Financial Officer of Kontron AG

Profitable Growth and Strategic Transformation

Kontron AG delivered a strong start to FY 2025 with solid operational results and continued transformation into a pure-play IoT and embedded systems specialist. Having fully exited its legacy IT services business, the company is now focused on industrial digital infrastructure and embedded computing.

Revenue & Profitability

Revenue: €385.4 million (+8.2% YoY)

EBITDA: Improved, with continued margin expansion

A high-quality revenue mix and sharpened focus on IoT contributed to robust topline growth. Despite macroeconomic headwinds, Kontron managed to improve its EBITDA margin, thanks to operating discipline and better portfolio allocation.

Strategic Progress & Business Focus

1. Strong Momentum in Core Segments

Kontron’s growth is driven by three strategic verticals:

Smart Industry / Industrial Automation: Embedded control systems for manufacturing and infrastructure players

Communications: Edge servers and connectivity modules for telecom and data infrastructure

Transportation & Energy: Hardware/software for connected rail, EV charging, and smart grids

Long-term megatrends such as AI integration, edge computing, and 5G M2M communication are fueling customer demand and robust order intake.

2. Streamlined Portfolio with Global Reach

With the IT Services divestiture complete, Kontron now operates as a focused IoT solutions provider. New contract wins in North America, APAC, and Europe demonstrate the global relevance of its mission-critical embedded platforms.

3. Recurring Revenues & Platformization Strategy

Kontron is shifting from one-off hardware sales to modular platform solutions with embedded software stacks, unlocking:

Recurring revenues through long-term service and maintenance contracts

Improved customer lock-in and retention

Margin expansion through software integration

Outlook for 2025

Kontron reaffirms full-year guidance with:

Continued revenue growth

EBITDA margin target of 10%

Strong balance sheet supporting M&A readiness and innovation investment

Strategic opportunities lie in smart energy, digital rail, and defense-driven IoT — particularly amid Europe’s reindustrialisation initiatives. The €1 billion revenue milestone is well within reach.

Investor Takeaways

IoT Pure-Play: Complete pivot from IT to industrial embedded systems

Operational Excellence: Q1 2025 saw 8.2% revenue growth and margin improvements

Megatrend Alignment: Positioned in high-growth sectors: edge computing, smart grids, secure transport

Platformification: Software+Hardware strategy improves scalability and profitability

Financial Strength: Resilient balance sheet enables both organic and M&A-driven growth

Conclusion

Kontron AG continues to demonstrate agility and strategic clarity under CFO Clemens Billek’s leadership. With a strong focus on industrial IoT, embedded systems, and digital infrastructure, the company is well-positioned for long-term shareholder value creation in the evolving industrial technology landscape.

▶️ Other videos:

Elevator Pitch: https://seat11a.com/investor-relations-elevator-pitch/

Company Presentation: https://seat11a.com/investor-relations-company-presentation/

Deep Dive Presentation: https://seat11a.com/investor-relations-deep-dive/

Financial Results Presentation: https://seat11a.com/investor-relations-financial-results/

ESG Presentation: https://seat11a.com/investor-relations-esg/

T&C

This publication is intended solely for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions as outlined on www.seat11a.com/legal and www.seat11a.com/imprint.

Hypoport SE Deep Dive: Key Takeaways

📊 Hypoport Deep Dive Q&A with CEO Ronald Slabke

Answering the Three Most Pressing Institutional Investor Questions

Presented on seat11a.com

🎯 Focused Q&A Format for Institutional Investors

In an exclusive and uniquely focused session, Ronald Slabke, CEO of Hypoport SE, engages in a transparent and deeply analytical conversation centred on the three most pressing questions raised by institutional investors. Instead of providing broad operational updates, Slabke concentrates on long-term strategy, structural market trends, and Hypoport’s positioning in Germany’s financial services landscape.

🏡 1. Why Will the German Mortgage Market Outperform Inflation Over the Long Term?

Slabke outlines how Germany’s housing demand has evolved since the European free labour movement began in 2011. Net migration from Southern and Eastern Europe has created long-term demand in urban centres, outpacing supply. The rental market is constrained by regulation, pushing more households toward homeownership.

Key structural drivers:

Low homeownership rate (42%) is rising due to changing demographics and investor exit trends

Expected recovery in new construction as pricing stabilizes

Upcoming refinancing wave from expiring fixed-rate loans

Massive potential for green home investments tied to Germany’s 2050 decarbonization targets

Despite interest rate-driven slowdowns in 2022, prices have rebounded—especially in metro areas like Berlin. Slabke sees a path toward €100 billion in quarterly mortgage volumes and home prices continuing to rise above inflation.

💻 2. What Makes the Europace B2B Mortgage Platform So Critical?

Europace has evolved from a product marketplace into a comprehensive SaaS-powered infrastructure, integrating over 1,000 banks and thousands of advisors. It’s a Salesforce-meets-eBay style digital ecosystem tailored for mortgages.

Key platform enhancements:

Agent and real estate integration to support mortgage closings

Consumer apps for document uploads, price discovery, and 1-click approvals

AI-driven fraud detection, underwriting, and instant credit decisioning

With Europace dominating regional banks and broker networks, and no credible competitor in sight, it is the undisputed backbone of Germany’s mortgage industry—central to Hypoport’s long-term value.

🔄 3. Why Did Hypoport Diversify Beyond Mortgages—and Was It the Right Move?

Hypoport expanded into insurance and other B2B finance sectors to replicate Europace’s success. While these sectors offer long-term promise, results have varied due to differing market readiness and regulation.

Key takeaways from Slabke’s assessment:

Diversification adds resilience and optionality

Not all verticals are equally scalable or receptive to platforms

Hypoport is now focusing on B2B markets where category leadership is achievable

This marks a shift back to core strengths, ensuring that Hypoport doubles down where its platform model can dominate, rather than spreading resources across less strategic segments.

🧠 Conclusion: A Clearer, Stronger Hypoport for the Future

Slabke’s answers deliver a compelling message to long-term investors: Hypoport is structurally aligned with Germany’s most resilient market—housing—and owns the infrastructure to lead it.

With renewed focus on automation, consumer-centric workflows, and platform dominance, Hypoport is positioned to scale even in a high-rate environment. Its strategic clarity and executional discipline support sustainable long-term growth.

seat11a.com continues to be the destination for investor-centric insights, and this session underscores Hypoport’s role as one of Germany’s most innovative, infrastructure-critical fintech firms.

T&C

This publication is intended solely for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions as outlined on www.seat11a.com/legal and www.seat11a.com/imprint.

eDreams ODIGEO's Q1 2025 Key Takeaways

eDreams ODIGEO Q1 FY 2026 – Executive Summary

Presented by CFO David Elizaga on seat11a.com

Strong Start to FY 2026 with Subscription Model at Core

eDreams ODIGEO kicked off its financial year 2026 with a powerful performance that once again reinforces the strength of its subscription-based travel model. CFO David Elizaga presented a highly confident outlook, supported by solid subscriber growth, improved profitability, and continued strategic execution.

Prime: The Growth Engine

At the heart of this success is Prime, eDreams’ unique travel subscription service. With 7.5 million subscribers now onboard, Prime has become the company’s core growth engine. In the first quarter alone, the firm added over 200,000 new subscribers, reaching the upper end of their guidance.

This strong growth is not just about volume—it’s also about quality: renewals continue to increase as the member base matures, making the overall model more cost-efficient and highly profitable over time.

Financial Momentum

This growth in Prime has translated directly into substantial earnings momentum. The company delivered strong increases in both adjusted net income and EBITDA, building on the gains seen in the previous year. As Prime now accounts for around three-quarters of total revenue, eDreams is less exposed to volatile travel pricing and more focused on predictable, high-margin recurring income.

Operational Leverage and Strategic Transformation

Elizaga emphasized that the transformation of eDreams ODIGEO from a transactional to a subscription-based travel business is well ahead of schedule. Operating leverage is improving as acquisition costs drop per subscriber, and profitability continues to scale in line with revenue growth. This demonstrates the power of Prime to reshape not only the company’s income structure but the entire economics of travel booking in Europe and beyond.

Capital Markets Update

From a capital markets perspective, the company also launched a new €20 million share buyback programme, underlining its commitment to shareholders. This follows the near completion of the previous buyback effort, and it comes at a time when liquidity in the stock has markedly improved.

FY 2026 Outlook

Looking forward, the full-year EBITDA guidance of €215 to €220 million has been reaffirmed, representing a near doubling compared to the previous year. Management also remains confident in hitting its Prime subscriber target of 8.25 million by the end of FY 2026, with the long-term ambition to grow the subscriber base by approximately 10% annually.

Conclusion by CFO David Elizaga

Elizaga concluded his presentation by highlighting the company’s position as a pioneer in the travel tech space. The model is not only working—it is accelerating. With Prime’s scale, efficiency, and customer loyalty on the rise, eDreams ODIGEO is entering a new phase of growth, profitability, and shareholder value creation.

▶️ Other videos:

Elevator Pitch: https://seat11a.com/investor-relations-elevator-pitch/

Company Presentation: https://seat11a.com/investor-relations-company-presentation/

Deep Dive Presentation: https://seat11a.com/investor-relations-deep-dive/

Financial Results Presentation: https://seat11a.com/investor-relations-financial-results/

ESG Presentation: https://seat11a.com/investor-relations-esg/

T&C

This publication is intended solely for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions as outlined on www.seat11a.com/legal and www.seat11a.com/imprint.

LEG Immobilien SE – Affordable Housing with Impact and Long-Term Upside

Presented by Frank Kopfinger, Head of Investor Relations and Strategy

In this compelling elevator pitch on seat11a.com, Frank Kopfinger, Head of Investor Relations and Strategy at LEG Immobilien SE, delivers a clear and data-backed insight into one of Germany’s leading residential real estate companies.

🏢 Who is LEG Immobilien SE?

- LEG is Germany’s second-largest pure-play residential real estate company, managing a portfolio of approx. 172,000 units and housing nearly 500,000 tenants.

- LEG operates exclusively in Germany, with a strong regional focus: ~80% of assets are located in North Rhine-Westphalia (NRW) — the country’s most populous state and an economic powerhouse accounting for 22% of German GDP.

- LEG’s strategy is laser-focused on a single asset class: affordable living — a segment with high societal relevance and strong structural demand.

💡 Core Value Proposition: Affordable Housing with Impact

- Average tenant rent: €6.90/m² or about €440/month per household

- 17% of units are rent-restricted, often with state subsidies

- LEG’s approach serves a vital role in tackling Germany’s housing shortage and supports lower-income households while delivering consistent returns

- The portfolio is attractively valued at €1,656/m², significantly below estimated replacement costs of €4,000–5,000/m² (excluding land)

💰 Valuation & NAV Opportunity

- Net Tangible Assets (NTA) per share stand at ~€131

- Compared to the current market price of €73, this represents a ~44% discount

- Kopfinger notes that this valuation gap reflects past interest rate-driven headwinds, but believes the worst is behind them

📈 Crisis Management: From Defensive to Offensive

- LEG navigated recent macro pressures with clear, cash-focused steering and strict financial discipline:

- Shifted core KPI to AFFO (Adjusted Funds from Operations), the sector’s proxy for free cash flow

- Suspended dividend in FY 2022 to conserve capital

- Issued scrip dividends in 2023 and 2024, preserving over €100 million in cash

- Sold >5,700 non-core units since 2023 for >€550 million, often at or above book value

- Halted new development pipeline — last new units to be completed by the end of 2025

- Opportunistically refinanced debt, achieving an average financing cost of 1.54%

- Maintained LTV (Loan-to-Value) at 47.6%, with further deleveraging underway

🏗️ Growth Outlook: Structural Tailwinds Remain Strong

- Germany’s housing sector remains severely undersupplied — and LEG is well-positioned to benefit:

- The supply-demand imbalance continues to widen, with construction output declining

- LEG expects further organic rent growth, driven by:

- Ongoing market rent adjustments

- Cost rent adjustments in subsidised units (2026)

- Expiry of rent restrictions on ~16,000 units by 2028, creating value uplift potential

- LEG also diversifies income through services: energy, multimedia, and maintenance

🔄 Capital Allocation: Predictable and Yield-Oriented

- LEG’s dividend policy is anchored on 100% of AFFO payout

- Also shares proceeds from disposals of non-core assets

- In 2025, LEG narrowed its AFFO guidance to €215–225 million, indicating an expected YoY increase of ~10% at the midpoint

🎯 Strategic Positioning: A Play on Resilience and Social Relevance

- LEG delivers high earnings stability across the cycle

- FFO I and AFFO metrics in 2025 are already back at pre-crisis levels

- Despite macro headwinds, LEG has maintained operational profitability, preserved liquidity, and defended its balance sheet

- The portfolio remains well-balanced across regions, with 67% in normal rent markets and 33% in tense markets — limiting regulatory downside

T&C

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JOST Werke SE H1 2025: Key Takeaways

Q2 2025: Resilience, Strategic Focus, and Hyva PMI Integration

🔹 Strong Group-Level Performance

- Total sales reached €391 million, including €109 million from the Hyva hydraulics segment (excluding crane business).

- Organic sales declined slightly by -3%, reflecting a challenging global demand environment.

- Adjusted EBIT increased by 9.5% to €37 million, supported by resilient aftermarket sales and the positive impact of discontinuing the crane segment.

- Adjusted EBIT margin improved to 9.8%, thanks to effective cost control and portfolio optimisation.

🔹 Regional Trends

- EMEA: Sales grew by 3.7% year-over-year, with EBIT margin rising to 5.8%, indicating market stabilisation.

- Americas: Sales fell by 11.1% due to tariff uncertainty, while profitability remained solid at 11.0% EBIT margin.

- APAC: While sales were down 10.2%, strong growth in Agriculture and OEM partnerships in South America and APAC supported a recovery. EBIT surged by 80.7%, driven by long-term contracts and margin expansion.

🔹 Strategic Highlights

- Crane Business Exit: Sale and Purchase Agreement (SPA) signed on August 11, 2025, with closing expected in Q4.

- Hyva PMI Integration: Integration is proceeding well, with synergies already being implemented.

- Financing: Successful issuance of a €320 million promissory note loan during the quarter, improving the maturity profile at favourable rates.

🔹 Outlook for FY 2025

- Confirmed and specified:

- Sales (continued operations): Expected to grow by 40–50% YoY

- Adjusted EBIT: Increase by 23–28% YoY

- Adjusted EBITDA: Increase by 23–28%

- CapEx: Approximately 2.9% of sales

- Working capital: Targeted below 18.5% of sales

- Including discontinued operations (cranes): Sales growth outlook rises to 50–60% and EBIT to 25–50%, depending on deal closure timing.

🔹 Key Messages

- Despite macroeconomic pressures, JOST’s diversified business model—spanning geographies, industries, and customer bases—proved effective in mitigating risk and stabilising margins.

- The aftermarket and Agricultural segments offer strong potential for further growth.

- M&A and local market share gains remain central to JOST’s long-term strategy.

▶️ Other videos:

Elevator Pitch: https://seat11a.com/investor-relations-elevator-pitch/

Company Presentation: https://seat11a.com/investor-relations-company-presentation/

Deep Dive Presentation: https://seat11a.com/investor-relations-deep-dive/

Financial Results Presentation: https://seat11a.com/investor-relations-financial-results/

ESG Presentation: https://seat11a.com/investor-relations-esg/

T&C

This publication is intended solely for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions as outlined on www.seat11a.com/legal and www.seat11a.com/imprint.

Hypoport SE H1 2025: Key TakeawaysHypoport SE H1 2025: Rebounding Stronger in Germany’s Digital Finance EcosystemPresented by Ronald Slabke, CEOIn his H1 2025 presentation on seat11a.com, Ronald Slabke, CEO of Hypoport SE, outlines a strong rebound in operating performance, signalling a continuation of the recovery that began in late 2024. With double-digit revenue growth, a 94% increase in EBIT, and stable platform expansion, the digital financial service provider reinforces its leadership in Germany’s mortgage and real estate ecosystems.H1 2025 Key Financial Figures (Adjusted): - Revenue: approx. €305 million (+13% YoY) - Gross Profit: approx. €130 million (+14% YoY) - EBIT: approx. €16 million (+94% YoY) - EBIT Margin: significantly improved - Free Cash Flow: positive trend continuedQ2 2025 Highlights: - Revenue: approx. €146 million (+6% YoY) - Gross Profit: approx. €64 million (+13% YoY) - EBIT: approx. €7.4 million (nearly 2x YoY)CEO Ronald Slabke’s Commentary: “The growth trajectory that began with the private mortgage market rebound in 2024 continues into the first half of 2025. Our platforms—especially Europace, Finmas, and Genopace—are benefiting from both market recovery and stronger partner engagement. Our digital ecosystem is gaining depth, and we are becoming increasingly indispensable to our partners.”Platform and Segment Highlights: Real Estate & Mortgage Platform (Europace, Finmas, Genopace): - Core growth driver in H1 2025 - Transaction volume grew faster than the market average - Productivity improvements for banks, brokers, and insurers - Increased automation and better customer journeys attracted new partners - Continued scaling in cooperative banking segments - Financing Platform (B2B Lending): Stable but slower growth - Mixed performance across corporate lending and development financing - Cost control measures offset margin pressure - Focus on digitising manual processes - Insurance Platform: Solid user base, modest revenue growth - Further digital product investments underway - Evaluating enhanced cross-platform capabilities with mortgage platforms Real Estate Platform: - Slight uptick in transaction-based revenue - Lower asset rotation in institutional real estate segment - Preparing to integrate deeper ESG metrics into listings and analytics - Steady partner base growth in mid-sized housing segment Strategic Themes Driving Momentum: - Continued digitisation of real estate financing in Germany - Platforms like Europace becoming essential infrastructure - Regulatory pressures driving demand for compliance automation - Strengthening network effects between banking and insurance partners - Record-high customer loyalty metrics Financial Stability and Operational Leverage: - Improved operating leverage from higher platform utilisation - Disciplined hiring focused on product and technology - Ongoing cost focus with targeted R&D investment - Conservative capital allocation prioritising organic growth and profitability▶️ Other videos: Elevator Pitch: https://seat11a.com/investor-relations-elevator-pitch/ Company Presentation: https://seat11a.com/investor-relations-company-presentation/ Deep Dive Presentation: https://seat11a.com/investor-relations-deep-dive/ Financial Results Presentation: https://seat11a.com/investor-relations-financial-results/ ESG Presentation: https://seat11a.com/investor-relations-esg/ T&C This publication is intended solely for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions as outlined on www.seat11a.com/legal and www.seat11a.com/imprint.

Mutares SE Elevator Pitch: Key Takeaways

🔍 Who is Mutares?

Mutares is a global private equity specialist focused on distressed carve-outs and special situations. The firm, headquartered in Munich, is family and owner-managed, with around 40% of shares held by management, ensuring strong alignment with shareholder interests.

“We take what others discard and transform it into something of value,” says CIO Johannes Laumann, encapsulating Mutares’ unique and entrepreneurial approach that sets it apart in the private equity landscape.

💼 Core Strategy

Mutares thrives on entrepreneurial transformation. It acquires non-core assets from corporates—typically underperforming, unloved businesses—and restores them through active hands-on restructuring. With ~160 operational experts embedded in the portfolio companies, Mutares drives turnaround from the inside out.

🌍 Global Expansion & Footprint

By 2025, Mutares is set to further its global reach, establishing new offices in Chicago, Tokyo, Mumbai, and Shanghai, in addition to its strong European base in cities like Frankfurt, Milan, Paris, and Helsinki. This expansion instils optimism for the company’s future growth and success.

This local presence enables deal sourcing and execution on a global scale, with expert understanding of regional nuances and distressed asset opportunities.

📦 Diversified Portfolio

Mutares segments its ~33 portfolio companies into four balanced sectors, mitigating cyclical risk:

- Automotive & Mobility – €2.8 bn annualized revenue

- Engineering & Technology – €1.5 bn annualized revenue

- Goods & Services – €1.6 bn annualized revenue

- Infrastructure & Special Industry – €1.4 bn annualized revenue

- These sectors span early-, late-, and non-cyclical industries, giving Mutares flexibility to buy and sell across market environments.

📈 Outlook 2025

Following years of dynamic growth, Mutares enters a new strategic phase focused on profitable exits and global consolidation:

- Transaction Pipeline: Over €200 million in gross exit proceeds targeted

- Revenues (Group): €6.5 to €7.5 billion

- Holding Net Income: €130 to €160 million

- EPS Target: €7 per share

- Mid-Term Goal: €200 million net income → €9 EPS

- Market Cap Vision: €1 billion

- Revenue Vision: €10 billion Group turnover

Laumann emphasises:

“We’re not a fund. We don’t have to exit on a clock. We sell when it makes sense.”

📌 Segment Outlook

- Automotive & Mobility: Consolidation and preparing large platforms for exit

- Engineering & Technology: Expansion driven by energy, infrastructure, and the “Trump effect” in industrial policy

- Infrastructure & Special Industry: Strong momentum in defence and logistics

- Goods & Services: Reliable, non-cyclical services with niche leadership

💰 Capital Allocation & Dividends

Mutares follows an attractive dividend policy:

Base Dividend: €2.00 per share

Performance Dividend: Additional payout from significant exits

Bond Investors: Access to double-digit returns with bonds maturing in 2027 and 2029, listed in Frankfurt and Oslo

🧩 Why Invest in Mutares?

- Leading European player in carve-out restructuring

- Globally diversified transaction and portfolio platform

- Hands-on, entrepreneurial turnaround strategy

- Management is personally invested

- Clear roadmap to €200m+ profits and €10bn turnover

- Strong alignment of shareholder value and sustainable growth

“With one share in Mutares, you’re exposed to 33 companies across industries—and we’re just getting started,” concludes Laumann.

T&C

This publication is intended solely for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions as outlined on www.seat11a.com/legal and www.seat11a.com/imprint.

Mutares SE Deep Dive: Key Takeaways

🧩 Segment-by-Segment Strategic Outlook

1. Automotive & Mobility

Focus on consolidation and exit readiness for two major portfolio groups. Selected expansion will occur only where highly accretive. The segment remains a major revenue contributor (~€2.8 billion annualized).

2. Engineering & Technology

Described by Laumann as benefiting from the “Trump effect”, this segment rides the wave of infrastructure and energy capex, including investments in both traditional and renewable energy sectors. Exposure to high-demand fields like defense, chemicals, and logistics positions Mutares for deep value creation here.

3. Infrastructure & Special Industry

Dubbed the “home run” segment, this unit has proven resilient and profitable, especially through recent geopolitical shifts. With growing demand for logistics and defense equipment, Mutares is expanding its industrial presence in this vertical, with about €1.4 billion in annualized revenue across 7 companies.

4. Goods & Services

This segment is viewed as non-cyclical and plannable, delivering recurring revenues from industrial services. The team continues to scale existing operations, dominate niche markets, and consolidate fragmented sub-sectors across Europe.

🌍 Global Reach & Portfolio Diversification

With offices in Tokyo, Shanghai, Mumbai, Chicago, and Helsinki, Mutares now boasts over 35 companies across 4 continents, creating a balanced and diversified platform. Annualized group revenue is now over €7 billion, and the firm’s average holding period of 3–5 years allows for deep operational turnaround and exit readiness.

Mutares follows an active ownership model focused on:

- Deep operational engagement

- Cost transformation and synergy creation

- Exit multiple enhancement (ROIC target of 7–10x)

💰 Capital Structure & Dividend Policy

Mutares offers investors access to the private equity space through:

- An attractive dividend strategy: €2.00 base dividend plus performance dividend

- Listed bonds maturing in 2027 and 2029

- A goal to grow market cap to €1 billion

- A long-term net income target of €200 million

The company also pursues sustainable management practices, operating as a family- and owner-managed enterprise, with strong alignment between management and shareholders.

✅ Key Takeaways

- €130–160 million net income targeted for 2025

- €6.5–7.5 billion in group revenue guidance

- Over €200 million in exit proceeds expected

- Expansion in North America and Asia

- New growth from infrastructure, defense, chemicals, and logistics

- Strategic consolidation in Automotive & Mobility

- Mutares aims for €10 billion in revenues and €200 million in profit

Laumann concluded by reiterating Mutares’ unwavering commitment to growth, value creation, and a shareholder-aligned model. With its buy-build-exit approach and sector-diversified structure, Mutares is positioning itself as a global leader in special situations and distressed carve-outs, ensuring a secure and prosperous future for all stakeholders.

▶️ Other videos:

Elevator Pitch: https://seat11a.com/investor-relations-elevator-pitch/

Company Presentation: https://seat11a.com/investor-relations-company-presentation/

Deep Dive Presentation: https://seat11a.com/investor-relations-deep-dive/

Financial Results Presentation: https://seat11a.com/investor-relations-financial-results/

ESG Presentation: https://seat11a.com/investor-relations-esg/

T&C

This publication is intended solely for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions as outlined on www.seat11a.com/legal and www.seat11a.com/imprint.

LEG Immobilien SE: H1 2025 Financial Performance HighlightsPresented by Frank Kopfinger, Head of Investor RelationsIn his H1 2025 presentation on seat11a.com, Frank Kopfinger outlines a solid half-year performance for the group, emphasising double-digit AFFO growth, high occupancy, and strategic progress in sustainability and capital structure. Despite persistent macroeconomic challenges, LEG remains one of Germany’s most reliable and resilient residential real estate platforms.Financial Highlights H1 2025 (vs. H1 2024): Rental Income: €579.5m vs. €568.0m (+2.0%) Net Cold Rent: €549.0m vs. €537.7m (+2.1%) Funds from Operations (FFO I): €202.7m vs. €202.0m (+0.3%) Adjusted FFO (AFFO): €143.8m vs. €130.1m (+10.5%) AFFO per share: €2.13 vs. €1.93 (+10.4%) Loan-to-Value (LTV): 43.5% vs. 44.3% (Improved) Occupancy Rate: 99.0% (Stable)Key Takeaways: AFFO growth of 10.5% YoY reflects high rental stability and disciplined cost control Net cold rent increase supported by modernisations, indexation, and robust occupancy Maintenance and operating costs well managed, contributing to stable margins CapEx focus remains disciplined, with selective, ESG-aligned modernisation Dividend payout ratio tied to AFFO for long-term investor confidencePortfolio Performance: ~167,000 residential units focused on affordable housing in German urban and suburban areas Like-for-like rent growth of 3.1% despite regulatory headwinds Re-letting rent growth of 4.5% in dynamic locations Strong demand and low supply in core marketsESG & Sustainability Strategy: Modernisation rate at 2.6% of portfolio (targeted, cost-effective upgrades) Focus on climate-efficient buildings and tenant-centred refurbishment CO₂ intensity reduction remains a strategic priority Strategy supports tenant loyalty, compliance, and long-term valuationBalance Sheet & Capital Structure: LTV improved to 43.5%, enhancing financial flexibility Average debt maturity extended to 8.6 years, average interest cost 1.57% No major refinancing needs until 2026 Continued moderate deleveraging via retained earnings and disciplined cash flowFull-Year 2025 Guidance (Confirmed): AFFO: €265–280 million AFFO per share: €3.90–4.10 Dividend: Based on 100% AFFO payout Continued CapEx discipline and operating stabilityFinal Outlook from Frank Kopfinger:“We continue to deliver on what LEG is known for: stable, predictable results, responsible capital management, and value creation for all stakeholders. Our strong operational base gives us the flexibility to grow responsibly in a changing environment.”▶️ Other videos: Elevator Pitch: https://seat11a.com/investor-relations-elevator-pitch/ Company Presentation: https://seat11a.com/investor-relations-company-presentation/ Deep Dive Presentation: https://seat11a.com/investor-relations-deep-dive/ Financial Results Presentation: https://seat11a.com/investor-relations-financial-results/ ESG Presentation: https://seat11a.com/investor-relations-esg/ T&C This publication is intended solely for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions as outlined on www.seat11a.com/legal and www.seat11a.com/imprint.

Carl Zeiss Meditec AG 9M 2024/25: Key Takeaways

Carl Zeiss Meditec: 9M 2024/25 Financial Performance Update

Presented by Sebastian Frericks, Head of Investor Relations

Sebastian Frericks, Head of Investor Relations at Carl Zeiss Meditec, presents a strong nine-month performance for the fiscal year 2024/25, underscoring strategic progress, rising order momentum, and margin stabilisation across key markets. Despite ongoing macroeconomic challenges, the group maintains its outlook and continues to invest in innovation and growth initiatives.

📊 Key Financial Highlights (9M 2024/25 vs. PY):

- Revenue: €1,699.5 million (+7.6%)

- Order Entry: €1,600.1 million (+23.3%)

- EBITA: €175.4 million (+3.1%)

- EBITA Margin: 11.0% (PY: 11.4%; adjusted: 11.1%)

- Operating cash flow: Increased YoY

- Net Financial Debt: -€384.1 million (due to shareholder loan)

Revenue was boosted by solid Q3 growth, and order entry surged due to a strong performance in both equipment and recurring business across all regions. However, the company faced challenges from U.S. tariffs and FX risks, which affected the revenue and margin. Despite these headwinds, the underlying operating performance remained robust.

🔬 Segment Performance:

👁️ Ophthalmology (OPT)

- Revenue: €1,251.1m (+9.5%)

- EBITA Margin: 10.6% (up +1.6pp)

- Margin uplift was driven by growth in refractive consumables and the successful integration of DORC

- Strong IOL (intraocular lens) volume growth in China despite pricing pressure from volume-based procurement (VBP)

🧠 Microsurgery (MCS)

- Revenue: €349.0m (+1.6%)

- EBITA Margin: 12.3% (down -7.3pp)

- Performance impacted by product transition to the new KINEVO® 900 S, lower neurosurgical volumes, and FX tariffs

🌍 Regional Highlights:

- Americas: €407.5m (+14.2%) – Driven by DORC consolidation and organic growth

- EMEA: €482.8m (+11.7%) – Strong in Germany, UK, Nordics

- APAC: €709.9m (+1.8%) – Southeast Asia and India positive; Japan down; China stable

🚀 Strategic Growth Drivers:

🔹 VISUMAX® 800 and SMILE® pro

- Now >20% of the global installed base

- Over 50 systems installed in China, with SMILE® pro surpassing 10,000 procedures

- ZEISS holds ~50% share of the Chinese refractive market, positioning itself as the #1 total solution provider

🔹 DORC Integration

- Strong YTD contribution with order funnel expansion

- ILM-Blue® approved in China

- Integration of sales forces progressing, especially in APAC

- Targeting EVA Nexus expansion in dual accounts and vitrectomy procedures

🔹 Digital & Surgical Milestones

- VERACITY Surgery Planner used in >2 million planned cataract surgeries in the U.S.

- PENTERO® 800 S and ILM-Blue® approved by Chinese NMPA

- VISUMAX® / SMILE® recognised with the Berthold Leibinger Innovation Prize

💡 Operational Efficiency & Cost Management:

- OpEx reduction through lower R&D and integration costs

- Investments in IT and marketing increased slightly

- Admin costs up due to DORC consolidation

- EBITA margin recovery achieved even with external headwinds

▶️ Other videos: 

Elevator Pitch: https://seat11a.com/investor-relations-elevator-pitch/ 

Company Presentation: https://seat11a.com/investor-relations-company-presentation/ 

Deep Dive Presentation: https://seat11a.com/investor-relations-deep-dive/ 

Financial Results Presentation: https://seat11a.com/investor-relations-financial-results/ 

ESG Presentation: https://seat11a.com/investor-relations-esg/ 

T&C 

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