Duerr: Q1-26 review: Stronger quarters ahead...

Research evidence excerpt

Duerr: Q1-26 review: Stronger quarters ahead...

Deutsche Bank

Research

Rating Company Date

Hold Duerr 12 May 2026

Results

Europe

Germany

Reuters Bloomberg Exchange Ticker Price at 11 May 2026 (EUR) 22.60

DUEG.DE DUE GR GER DUEG

Price Target (EUR) 25.00

Capital Goods

ADR ISIN 52-week range (EUR) 25.10 - 18.02

Engineering

DURYY US2668881061

Q1-26 review: Stronger quarters

Valuation & Risks ahead...

Nikita Papaccio

...in line with seasonality Research Analyst

Duerr reported Q1 figures, which missed market expectations for order intake and +49-69-910-48637

profitability. This was partly due to low order intake last year, which led to lower

Christoph Laskawi

volumes and suboptimal fixed cost utilization this year. Additionally, muted Research Analyst

demand persisted in the Automation division. This will be addressed by a cost- +49-69-910-31924

saving program, with further details expected throughout the year. While the

Nicolai Kempf

company confirmed its FY26 group guidance, it anticipates improving profitability

Research Analyst

in line with typical seasonality, with a stronger second half of the year. We

+49-162-5168792

understand this is backed by a solid project pipeline; however, the risk of customer

delays remains, particularly in the current market environment characterized by Mira Wiegratz

tariff uncertainties and the Middle East conflict. Research Associate

+49-69-9103-1733

Q1-26 in more detail: Cost savings offsetting low fixed cost utilization Tim Rokossa

Head of Research

n Group orders came in at EUR957m, down 11% y/y. Consensus was looking

for a figure north of EUR1bn, implying a miss of 5%. This was especially +49-69-910-31998

driven by weakness in BBS Automation. By region, Europe ex Germany was

the only region showing positive growth y/y.