Corporate press release
7 August, 2025
GEA once again achieved increases along all key financial performance metrics in the second quarter of 2025, including a significant improvement of the EBITDA margin before restructuring expenses. “Our continued strong performance in the second quarter underlines the excellence of our global teams and our strategic clarity. We operate in resilient markets and have set the right priorities with our efficiency and transformation programs,” said CEO Stefan Klebert.
Order intake in the second quarter of 2025 rose by 1.5 percent to EUR 1,309 million (Q2 2024: EUR 1,289 million). On an organic basis, it grew by 5.0 percent. Demand was particularly strong in the customer industries dairy farming, dairy processing, pharma, and oil & gas. Revenue fell slightly by 0.9 percent to EUR 1,312 million (Q2 2024: EUR 1,323 million); on an organic basis, however, revenues increased by 1.5 percent. From a divisional level, revenue growth was driven by Separation & Flow Technologies (SFT), Food & Healthcare Technologies (FHT) and Heating & Refrigeration Technologies (HRT). The service business, characterized by above-average profitability, continued to perform well across all divisions, increasing its share of overall revenues to 40.1 percent (Q2 2024: 38.9 percent).
EBITDA before restructuring expenses rose once again, climbing by 8.1 percent to EUR 217 million in the second quarter, mainly due to a higher gross profit (Q2 2024: EUR 201 million). The EBITDA margin showed a correspondingly substantial increase, from 15.2 percent in the prior-year quarter to 16.5 percent. Profit for the period climbed by 8.4 percent to EUR 107.0 million (Q2 2024: EUR 98.8 million). Earnings per share before restructuring expenses rose from EUR 0.56 in the prior-year quarter to EUR 0.69, while the earnings per share of EUR 0.66 likewise exceeded the EUR 0.59 prior-year comparative figure.
As of the June 30, 2025, reporting date, net debt was very low at EUR 59.8 million (June 30, 2024: net liquidity of EUR 31.8 million). The slight decrease in liquidity was mainly due to payments for the share buyback program and the May 2025 dividend payout for fiscal year 2024. Net working capital as a share of revenue improved to 7.8 percent, well within the target range of 7.0 to 9.0 percent (June 30, 2024: 9.1 percent). Return on capital employed (ROCE) rose significantly to 35.3 percent (Q2 2024: 32.3 percent), primarily on the basis of higher EBIT before restructuring expenses in the last twelve months.
At EUR 2,724 million, order intake in the first half of fiscal year 2025 was 2.6 percent above the prior-year figure of EUR 2,654.4 million. This corresponds to 4.2 percent organic growth. Revenue increased slightly by 0.2 percent to EUR 2,570 million (H1 2024: EUR 2,564.5 million) and rose by 1.2 percent organically. The service share of revenue increased to 40.9 percent (H1 2024: 38.5 percent). EBITDA before restructuring expenses climbed by 8.9 percent to EUR 415 million (H1 2024: EUR 381.1 million). The corresponding EBITDA margin grew noticeably to 16.1 percent (H1 2024: 14.9 percent). Profit for the period improved by 6.4 percent to EUR 201.4 million (H1 2024: EUR 189.3 million). Earnings per share before restructuring expenses went up to EUR 1.32 (H1 2024: EUR 1.25); earnings per share increased to EUR 1.23 (H1 2024: EUR 1.12).
In July, GEA won one of its largest orders to date. Baladna Food Industries, a leading milk and food producer from Qatar, commissioned GEA to build the world’s largest integrated dairy farm and milk powder factory in Algeria. The order, with a volume between EUR 140 million and EUR 170 million, will be booked in the second half of the current fiscal year.
At the end of July, GEA raised its guidance for fiscal year 2025. In light of the very positive operating performance in the first six months and expectations for the remainder of the financial year 2025, GEA raised all of its guidance parameters: The company now expects organic revenue growth of 2 to 4 percent (previously 1 to 4 percent), an EBITDA margin before restructuring expenses of 16.2 to 16.4 percent (previously 15.6 to 16.0 percent) and ROCE in the 34 to 38 percent range (previously 30 to 35 percent).
“We anticipate a strong second half of the year – and beyond. I expect us to significantly accelerate revenue growth in 2026,” Stefan Klebert continued. “The impact of the recently imposed tariffs on GEA is negligible. Our primary competitors are based in Europe, including the majority of their manufacturing operations. Therefore, we will not be at a competitive disadvantage in geographic terms; even more so given that we have a well-established footprint in the United States, with local production, development, service and sales locations.”
(EUR million) | Q2 2025 | Q2 2024 | Change in % | H1 2025 | H1 2024 | Change in % |
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Results of operations |
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Order intake (EUR million) | 1,309.1 | 1,289.4 | 1.5 | 2,724.0 | 2,654.4 | 2.6 |
Book-to-bill ratio | 1.00 | 0.97 | – | 1.06 | 1.04 | – |
Order backlog (EUR million) | 3,131.4 | 3,163.8 | -1.0 | 3,131.4 | 3,163.8 | -1.0 |
Revenue (EUR million) | 1,311.8 | 1,323.3 | -0.9 | 2,570.2 | 2,564.5 | 0.2 |
Organic revenue growth (%) | 1.5 | 1.6 | -16 bp | 1.2 | 2.2 | -100 bp |
Share of service revenue (%) | 40.1 | 38.9 | 123 bp | 40.9 | 38.5 | 241 bp |
EBITDA before restructuring (EUR million) | 207.9 | 185.5 | 12.0 | 381.1 | 363.3 | 4.9 |
EBITDA margin before restructuring (%) | 15.2 | 14.3 | 89 bp | 14.9 | 13.9 | 96 bp |
EBITDA (EUR million) | 185.5 | 179.2 | 3.5 | 398.8 | 358.2 | 11.3 |
EBITA (EUR million) | 179.0 | 164.4 | 8.9 | 342.6 | 310.2 | 10.4 |
EBITA before restructuring (EUR million) | 170.1 | 149.3 | 13.9 | 326.4 | 285.0 | 14.5 |
EBIT before restructuring (EUR million) | 162.9 | 151.1 | 7.8 | 312.6 | 284.0 | 10.1 |
EBIT (EUR million) | 154.0 | 136.1 | 13.2 | 294.3 | 257.9 | 14.1 |
Profit for the period (EUR million) | 107.0 | 98.9 | 8.4 | 201.4 | 189.3 | 6.4 |
ROCE (%) | 35.3 | 32.3 | 304 bp | 35.3 | 32.3 | 304 bp |
Financial Position |
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Cash flow from operating activities (EUR million) | 82.4 | 117.3 | -29.8 | 64.6 | 75.1 | -13.9 |
Cash flow from investing activities (EUR million) | -44.4 | -34.1 | -30.4 | -75.4 | -49.3 | -52.9 |
Free cash flow (EUR million) | 38.0 | 83.3 | -54.4 | -10.8 | 25.8 | – |
Net Assets |
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Net working capital (EUR million) | 422.2 | 486.1 | -13.1 | 422.2 | 486.1 | -13.1 |
Net working capital as % of revenue (LTM) | 7.8 | 9.1 | -135 bp | 7.8 | 9.1 | -135 bp |
Capital employed (EUR million) | 1,952.4 | 1,912.2 | 2.1 | 1,952.4 | 1,912.2 | 2.1 |
Equity (EUR million) | 2,233.5 | 2,317.5 | -3.6 | 2,233.5 | 2,317.5 | -3.6 |
Equity ratio (%) | 39.7 | 40.8 | -110 bp | 39.7 | 40.8 | -110 bp |
Net liquidity (+)/Net debt (-) (EUR million) | -59.8 | 31.8 | – | -59.8 | 31.8 | – |
GEA Shares |
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Earnings per share (EUR) | 0.66 | 0.59 | 12.1 | 1.23 | 1.12 | 10.0 |
Earnings per share before restructuring (EUR) | 0.69 | 0.66 | 3.7 | 1.32 | 1.25 | 5.4 |
Market capitalization (EUR billion; reporting date) | 9.7 | 6.7 | 44.3 | 9.7 | 6.7 | 44.3 |
Employees (FTE; reporting date) | 18,323 | 18,568 | -1.3 | 18,323 | 18,568 | -1.3 |
Total workforce (FTE; reporting date) | 19,153 | 19,371 | -1.1 | 19,153 | 19,371 | -1.1 |
GEA 是食品加工行业及众多工业领域的领先供应商之一,2019 年的销售总额约达 49 亿欧元。