Dürr AG

Q2 group order intake increased 13% year over year. Consolidated sales were almost at last year’s level, while the operating EBIT margin improved despite weaker sales and a negative contribution from BBS Automation. Management said BBS Automation will record a second non-cash goodwill impairment of EUR 90 million-EUR 100 million in Q2, and total unplanned extraordinary effects linked to the efficiency program and impairment are expected to be EUR 140 million-EUR 150 million in 2026. Restructuring expenses of EUR 40 million-EUR 50 million are expected this year, mainly in H2, with about EUR 8 million already included in Q2. The company confirmed all group KPIs for 2026. It expects BBS Automation sales to be under EUR 400 million this year and probably next year, then to reach at least EUR 600 million by 2030 at an 8% margin on a sustainable basis.

Jochen Weyrauch framed the call as a response to a weaker-than-expected demand environment, especially in BBS Automation, and said the company launched Vector to make that business more resilient and better matched to current market volumes. He emphasized that Automotive, Woodworking, and the balancing business are helping offset the weakness, and that Dürr is using self-help measures and operating discipline to protect group targets. His tone was cautious but confident, repeatedly saying the group can “make businesses better” and that BBS will benefit from the same playbook used elsewhere.

Dietmar Heinrich focused on the guidance arithmetic and the limited near-term earnings impact from tariffs. He said tariff refunds are partly offset by amounts paid back to customers, so the net profitability effect is only limited, and noted that group margin is likely moving toward the lower end of the guidance range, though the midpoint remains achievable. He also pointed to upside from Automotive seasonality and from the new Poland factory in Woodworking, which should support profitability in H2.

Analysts pressed on whether Industrial Automation’s minus 2.4% adjusted EBIT margin was the trough, and management said the new guidance of minus 1% to plus 1% assumes it is. They were also asked about synergies between BBS and Automotive; management pointed to shared project management tools and the global sales network as the main levers. On HOMAG, management said order intake may improve a bit, but they do not expect a real year-on-year upswing and are preparing for a weak environment by continuing cost savings. Asked whether BBS due diligence missed issues, management said some project accruals date back to due diligence, but some arose after the deal and the company has now installed new management and tools to prevent repeats.