Dürr (AO) | Buy | Q1 2026 softer than consensus, 2026 guidance kept

Research evidence excerpt

Dürr (AO) | Buy | Q1 2026 softer than consensus, 2026 guidance kept

Dürr Buy | Target Price: EUR28.00

The Automotive division remained the largest contributor and showed resilience despite slightly lower sales and order intake.

Major orders were secured in China and the United States, and Dürr noted that the project pipeline is stronger than last year.

Automotive generated revenues of EUR480 million with an EBIT margin before extraordinary effects of 6.0%. The division also

benefited from the transfer of the lithium-ion battery business from Industrial Automation into Automotive from January 2026

onward.

Industrial Automation had a weaker quarter. Order intake dropped 27%, and EBIT before extraordinary effects nearly halved to

EUR5 million. The balancing technology business (Schenck) performed strongly, but BBS Automation suffered from subdued

automotive demand and underutilization in several plants. Dürr announced optimisation measures and strategic repositioning

initiatives, including restructuring activities already underway in China.

Homag experienced softer demand in the furniture segment, although timber house construction continued to trend positively.

Orders down 7% YOY. Revenues declined 9% to EUR310 million, while EBIT margin before extraordinary effects fell to 3.1%. The

company cited ERP transition costs and lower volumes as temporary burdens but stressed that ongoing capacity management

and the ramp-up of the new Polish factory should improve efficiency significantly from 2027 onward.

A key strategic priority remains expanding the service business, which represented nearly 28% of group sales in Q1. Spare parts

became a larger share of service revenues, helping improve gross margins. Management described service expansion as an