Investor Insights from CEOs & CFOs | Financial Results & Presentations | seat11a

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

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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 

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.

Wacker Chemie AG H1 2025: Key Takeaways
Wacker Chemie AG: Q2 2025 Financial Results
Presented by Joerg Hoffmann, CFA – Head of Investor Relations

In this detailed financial update, Joerg Hoffmann, CFA, Head of Investor Relations at Wacker Chemie AG, presents the company’s performance for Q2 2025. While the group navigates persistent macroeconomic headwinds, FX volatility, and softer demand, Wacker remains strategically focused and financially stable with a strong balance sheet and proactive measures to improve profitability.

📊 Q2 2025 Financial Summary:
Metric      Q2 2025   Q2 2024   YoY Change
Sales       €1.41bn    €1.47bn    -4%
EBITDA      €114m    €155m    -26%
EBIT        -€11m    €38m    n.a.
Net Income    -€19m    €35m    n.a.
EBITDA Margin   8.1%    10.5%
CapEx       €96m    €177m    -46%
Net Financial Debt €1.14bn   €661m    +72%

Joerg Hoffmann attributed the earnings decline primarily to weak volume and pricing effects, unfavourable FX developments, and a planned turnaround in Polymers. Additionally, elevated working capital and dividend payments contributed to the higher net debt.

🌍 Strategic Context & Outlook:
Due to continued geopolitical uncertainty, trade-related volatility, and a challenging global economic environment, Wacker has lowered its full-year 2025 guidance:

• Sales now expected between €5.5–5.9 billion (previously €6.1–6.4 billion)

• EBITDA expected between €500–700 million (down from €700–900 million)

  
  

To address these challenges, Wacker is implementing a 3-part strategy:
Growth: Intensify sales and innovation focus
Cash: Optimise working capital and reduce investment
Cost: Improve productivity and utilisation rates across sites

🔬 Segment Performance Highlights:
🧪 Silicones
Sales: €713m | EBITDA: €104m

• Volumes higher YoY, but pricing and FX impacts continued

• Supported by insurance compensation for supply chain disruptions

• FY outlook: sales and EBITDA at prior-year level

  
  

🧱 Polymers
Sales: €363m | EBITDA: €40m

• Weaker construction demand in Europe and China

• VAM turnaround impacted results

• FY outlook: slight sales decline, stable margins

  
  

🧫 Biosolutions
Sales: €87m | EBITDA: €5m

• Market softness continued, though the BENEO partnership for human milk oligosaccharides was initiated

• FY outlook: stable sales and EBITDA

  
  

☀️ Polysilicon
Sales: €218m | EBITDA: €34m

• Strong semi-grade sales, but solar volumes down due to U.S. tariffs and policy uncertainty

• Focus remains on cost and cash management

• FY outlook: flat sales, EBITDA ~€100m

  
  

💰 Balance Sheet & Liquidity:

• Equity: €4.5bn (down €335m due to FX and dividend)

• Liquidity: €796m cash and securities

• CapEx: €96m in Q2, aligned with strategic spend reduction

• Pension liabilities: reduced to €692m
  Wacker’s financial health remains strong, with ample liquidity, although net debt rose to support dividends and investments.

  
  

🌱 Sustainability & ESG Progress:

• Product carbon footprints (PCFs) are now provided to customers

• Progress in reducing CO₂e emissions, water, and energy consumption

• Targets remain in place for Net Zero by 2045

• Continued focus on diversity, supplier sustainability, and safety

🔭 Outlook & Key Message from Joerg Hoffmann:

▶️ 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.

ZEAL Network SE H1 2025: Key TakeawaysZEAL Network SE: Digital Growth Momentum Continues in H1 2025Presented by CFO Andrea Behrendt on seat11a.comZEAL Network SE continues its strong digital performance in H1 2025 with an impressive 76% growth in EBITDA, expanding customer numbers, and the successful scaling of its online games and charity lottery segments. In her seat11a.com presentation, CFO Andrea Behrendt highlights the successful execution of ZEAL’s long-term digital strategy, even in a challenging jackpot environment.H1 2025 Financial Highlights (vs. H1 2024): - Revenue: €101.5 million (+32.3%) - EBITDA: €35.4 million (+76%) - EBIT: €31.1 million (+92.5%) - Net profit after tax: €19.5 million (-47%, due to one-time tax gain in 2024) - EBITDA margin: 34.8% (vs. 26.2% in H1 2024)ZEAL’s core lottery business generated €90.9 million in revenue, while the games segment surged by 49%, reaching €6.7 million. Despite only two jackpot peaks vs. six in the prior-year period, the company maintained strong billings and successfully activated new customer cohorts, demonstrating the resilience of ZEAL’s customer acquisition strategies.Customer & Platform Growth: - Lottery billings: €527.3 million (+4%) - Monthly Active Users (lottery): 1.52 million (+12%) - Average billing per user: €58.03 (slightly down due to jackpot volatility) - Games MAUs: 26k (+32%) - Games ARPU: €42.40 (+15%)While new customer registrations were down 16% due to lower jackpot incentives, ZEAL still reached 499k new users, thanks to targeted brand marketing and platform engagement strategies. Cost-per-lead (CPL) rose to €46.93, reflecting broader media testing and inflation in media costs.Games & Platform Expansion:ZEAL now offers more than 480 online games, with strong usage growth and clear monetisation upside. The company continues to develop this vertical as a strategic pillar, targeting €14 million in annual games revenue in 2025.Traumhausverlosung Update: - 3rd draw concluded in June 2025, raising €1.6 million for charity - 4th draw (St. Peter-Ording) launched in September and shows very strong momentum - Total contributions to charity to date: €5.4 million - ZEAL expects over €30 million in billings from this segment in FY2025Operational Performance and Cost Dynamics: - Personnel costs rose 21% due to a 27% increase in headcount (from 195 to 247 FTE) and management restructuring - Marketing costs increased by 14%, reflecting stronger brand activity and market tests - Direct/indirect costs increased due to developer commissions, software, consultants, and one-off housing purchases associated with the raffle business - Despite these, EBITDA margin rose to 34.8%, highlighting solid operating leverage2025 Guidance Confirmed: - Revenue: €195–205 million - EBITDA: €55–60 million - Marketing spend: €60–70 million - Ongoing investments into charity lottery and online games▶️ 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.

Palfinger AG H1 2025: Key Takeaways

Palfinger AG H1 2025: Strategic Progress Amid Macroeconomic Headwinds

Presented by CFO Felix Strohbichler

In the first half of 2025, Palfinger AG showed solid strategic progress despite a challenging macro environment. CFO Felix Strohbichler reported a decline in revenue and earnings, as expected, but emphasised that order intake is up, the service business is growing, and the foundation is laid for a strong second half.

🟢 Key Highlights from H1 2025:

Revenue was €1,139.5 million, down slightly by -3.1% year-over-year

EBITDA came in at €136.7 million (-12.6%)

EBIT margin was 9.2%, holding relatively stable

Consolidated net result dropped to €50.1 million, down -26.7%

Free cash flow improved significantly to €28.3 million, confirming strong internal cash generation

Despite the earnings dip, Palfinger has laid the groundwork for a rebound. The order book remains robust, especially in EMEA, with stronger intake since Q4 2024. Felix Strohbichler highlights increased activity in Europe and the U.S., with local capacity being ramped up to meet demand.

🛠️ Service Business – A Strategic Growth Lever:

The service segment continues to shine, with the share of total business rising to 17.8% (up from 15.7% in 2023). This is aligned with Palfinger’s target of €700 million service revenue by 2030. Investments include:

A new sales and service hub in Madrid

A modernised site in Duisburg

A new Marine location in Singapore

🌍 Global Production Footprint & Market Position:

With 30 production sites worldwide and operations across Europe, North America, Latin America, APAC, and the marine sector, Palfinger reinforces its position as the global leader in lifting and crane solutions, offering everything from loader cranes and offshore systems to digital platforms.

Its industry diversification—spanning construction, logistics, recycling, forestry, housing, and rail—underpins resilience even in tougher cycles, providing a strong foundation for future growth.

📊 Balance Sheet & Shareholder Value:

Equity ratio improved to 36.2%

Gearing reduced to 89.6%, a significant improvement from 101.4% last year

In Q2 2025, 2.8 million treasury shares were placed, raising €100 million, earmarked for:

Growth in North America

Defence sector investment

Expansion of service operations

The increased free float enhances liquidity and potential ATX index inclusion.

📈 Outlook 2025 & Beyond:

Palfinger expects to recover revenue and EBIT losses in H2 2025, aiming to deliver the second-best year in company history. Key drivers include:

A recovering construction and logistics environment

Continued volume expansion in service and marine

Strong positioning in global infrastructure and rearmament programs (Ukraine reconstruction, RePower EU, U.S. Stargate, etc.)

2027 Targets Remain in Place:

€2.7 billion revenue

10% EBIT margin

>12% ROCE

🧭 Conclusion by CFO Felix Strohbichler:

“We are on track operationally, financially, and strategically. With improving order intake, strong cash flow, and targeted investments, we’re well-positioned to turn the second half into a strong finish and achieve our long-term goals.”

▶️ 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.