Good morning, ladies and gentlemen. Welcome to our webcast on the first nine months of the 2025 financial year.

My name is Frank Dernesch and I am Head of Investor Relations and Treasury at technotrans. Today with me are our CEO, Michael Finger, and our CFO, Natascha Sander.

Today's agenda is as follows: our CEO, Michael Finger, will begin with an overview and the highlights, followed by the performance in our focus markets. Then, Natascha Sander will explain the financials in detail.

After that, Michael will describe our new mid-term strategy, Ready for Growth 2030, and the forecast for 2025. After the prepared remarks, we will open the floor for your questions.

Please note, this presentation contains forward-looking statements. Actual results may differ due to risks and uncertainties.

Now, I am pleased to hand over to our CEO, Michael Finger. Michael, the floor is yours.

Thank you.

Thank you, Frank, and a warm welcome from me as well. After a very strong first half, I'm pleased to present another strong quarter.

That despite a continued news flow of uncertainties. We continued our growth path, strengthened our position in key markets, and significantly improved our profitability.

Revenue grew by 4.6% to €183.5 million. EBIT increased by 68% to €12.8 million.

Accordingly, EBIT margin improved to 7%. ROCE rose significantly from 10.8% to 16.3%, ROCE is already above our guidance.

Another strong point for me is the free cash flow. Free cash flow increased from €0.2 million last year up to €8 million in this quarter.

This was great teamwork. Our positive momentum continued also in the order situation.

The order backlog is at €86 million, and we see a book-to-bill ratio of 1.1, another indicator for continued growth. In total, I'm pleased with the third quarter and with our performance in the first nine months.

We keep moving technotrans in a positive direction. We have improved all key financial parameters.

Revenue is growing, EBIT margins improved, strong ROCE, and a strong free cash flow. At this time, I want to give credits to our team to a job very well done.

Before I will give you an overview of the revenue development in our markets, let me share five highlights. The first one is from Print.

We signed an exclusive framework agreement with our customer Windmöller & Hölscher. Windmöller & Hölscher is the global leader in flexo printing.

We have acquired orders in the low double-digit million-euro range for our tool cleaning system. This partnership strengthens our position in packaging print, deepens our relationship to Windmöller & Hölscher, and enhances the visibility of our technology as an industrial benchmark.

Finally, it's worth to mention that this order creates a stable revenue corridor for our print business for the upcoming years. The second one is really new and strategically important.

We won a big order in space communication for liquid cooling systems. The systems are used in satellite ground communication, and this success demonstrates our capability in extremely high thermal stability, long-duration reliability, and mission-critical cooling.

It positions us in a fast-growing, high-value niche market with strong technical barriers. The third highlight comes from Data Centers.

We received another follow-up order in a single-digit million-euro range for CDUs, which stands for coolant distribution units. This order confirms our competitiveness in data center technology, our relevance in AI and cloud-driven infrastructures, and our ability to build long-term customer relationships.

Even more important, this provides access to a multi-year growth curve driven by AI and high-performance computing. The fourth highlight is coming from E-Buses.

We won a double-digit million-euro follow-up order for battery thermal management systems from a leading European electrobus company. This is strategically important because e-bus segments are electrifying rapidly.

Our BTS platform is scalable, and it opens doors for further platforms and markets. Finally, the fifth highlight comes from Plastics.

Our Plastics division delivered a highly successful presence at the K trade show taking place in October in Düsseldorf this year. At this worldwide leading trade fair for plastics, we showcased a live bioplastic production cell, energy-efficient cooling systems, and natural refrigerant technology.

The customer response was very positive and positions us well as a preferred partner for plastics industry. To sum it up, these five highlights clearly show innovations turning into business, we are winning scalable volume orders, and we position technotrans for sustained, profitable growth.

Let's turn to the revenue performance of our markets in more detail, starting with Energy Management. This focus market remains the key growth engine for technotrans.

Revenue increased to almost €29 million, representing 11% growth year-over-year. This represents already 16% of our group revenue.

The key drivers like BTMS for rail and road as well as CDUs for data centers and space communication I've already mentioned. In Healthcare & Analytics, revenue jumped to €15.1 million, and this is a growth rate of 40% year-over-year, representing 8% of consolidated revenue.

The demand from our customers remained exceptionally high for analytical systems, laboratory cooling solutions, baggage scanner cooling, and semiconductor manufacturing applications. This performance confirms the structural growth in these areas for high-precision cooling.

With our production in our clean room facility, we are able to make the difference in this segment. Print continues its recovery and remains our largest market with one-third of our business.

Revenue grew by 8% up to €63.2 million. The Windmöller & Hölscher success story I've just mentioned was already one key driver for this.

This success is based on our engineering expertise. We keep on working on innovations like this to hold our global market leader position in print.

In Plastics, we saw another weak quarter due to macroeconomic conditions. Revenue declined by 2% to €37.4 million, representing 20% of our revenue.

As I outlined, the K trade show demonstrated strong customer engagement, reinforced the future market potential, and our role as an innovator in that area. Laser is facing even stronger headwinds.

We saw a 9% revenue decrease to €29 million. These market conditions to be affected by macroeconomic pressure and increased global competition in standard applications coming especially from China.

The EUV business remained strong on the other side. This demonstrates the potential for special laser business.

There are, of course, differences between our focus markets. Some are very strong, like Energy Management, Print, and Healthcare & Analytics, and some are still challenging, like Laser and Plastics.

It's good to see that our business model is working. We are much more resilient than in the past.

We can more than compensate the challenges with stronger growth in other areas. All of that on a profitable base.

With that said, I will hand over to Natascha, and she will walk you through our financials.

Thank you, Michael. Ladies and gentlemen, good morning, and a warm welcome also from my side.

Let me start my part with a clear message: technotrans delivered an outstanding financial performance in the first nine months of '25. We achieved profitable growth, reinforced our financial position, and improved all financial KPIs significantly.

Let's start with the top line. After a very good first half-year '25, we continued our positive development and accelerated revenue growth.

technotrans had a very strong third quarter. Consolidated revenue reached €63 million, exceeding quarters one and two.

Respectively, revenue in the first nine months increased by 4.6% compared to last year, reaching €183.5 million. As Michael described, the excellent performance was driven by strong equipment sales in our focus markets, Energy Management, Healthcare & Analytics, and Print.

In Plastics and Laser, the market situation remained difficult. On the bottom line, our group profitability remains strong and shows a sustainable improvement.

In Q3, EBIT remained robust at €4.4 million with a margin of 7%. Accordingly, in the nine months period, EBIT rose significantly by 68% to €12.8 million compared to last year.

The EBIT margin went up strongly from 4.3% to 7.0%, an outstanding performance with a plus of 270 basis points. This great improvement was driven by higher revenue in our gross markets, an optimized product mix and technology, our strong cost discipline, efficiency improvement measures implemented in '25, and of course, the continued positive effects of TT Sprint.

Restructuring effects that burdened last year are no longer relevant in '25. Let's turn to our reporting segments.

In Q3, revenue in Technology exceeded the last two quarters due to rising demand for our solutions. In the first nine months, revenue in Technology increased strongly by 6.6% to €138.6 million compared to last year.

Main growth drivers were Energy Management, Healthcare & Analytics, and Print. Segment EBIT in Technology reached a solid margin of 4% in Q3.

Compared to Q2, the margin softened due to a temporary change in product mix. In the nine months period, EBIT rose sharply from €0.6 million to €5.8 million, representing a very good margin of 4.2%.

This represents a strong margin increase of 380 basis points. Key drivers for this notable improvement in profitability were scaling effects, an improved product portfolio, operating efficiencies, and the absence of last year's restructuring charges.

Let's move on to the segment Services. Revenue in Services gained momentum in Q3.

In the first nine months, revenue of €44.9 million was slightly below previous year due to an ongoing weaker service business in our focus market Plastics. This was partially offset by improving business in the other focus markets.

Nevertheless, EBIT remained stable at €7 million with a robust margin of 15.5%. The strong profitability fueled the return on capital employed.

ROCE increased substantially from 10.8% to 16.3%. In the nine months period, ROCE has already exceeded our guided corridor for '25.

This development is outstanding. Looking at the cash flow, we delivered what we projected and promised.

Free cash flow increased from €0.2 million last year to a very high level of €8 million in the nine months period, supported by a substantially increased operating cash flow, a normalization in working capital, and disciplined investments. A great performance.

technotrans is on the right cash generation track. Let's turn to profitability in detail.

Gross profit increased by 12.1% to €53.6 million. Gross margin improved strongly from 27.3% to 29.2% thanks to efficiency gains and an optimized product mix.

EBITDA increased significantly to €18 million with a notable margin of 9.8%. Net profit surged by 75% to €8 million.

Accordingly, earnings per share rose sharply to €1.15 compared to €0.66 in the previous year. Our strong performance has also a positive impact on the development of our financial position.

Equity ratio remains strong and stable at 59.9%. Net debt declined to €16.9 million, improving the net debt-EBITDA ratio enormously to 0.69.

With this development, technotrans further improved its investment-grade financial profile, a substantial improvement compared to year-end '24. Let me close my chapter with a short summary: across all main KPIs—revenue, EBIT margin, ROCE, and free cash flow—technotrans is delivering profitable and sustainable growth.

We are financially strong and robust. We are efficient.

Our strong performance is a clear indicator of the success and resilience of our business model. technotrans is ready for growth.

With this said, please let me hand back to Michael for strategy and outlook.

Thank you very much, Natascha. As Natascha said, we are ready for growth.

We have made our homework. We have developed technotrans from a pure print company into a diversified group with a strong focus on thermal management in growing markets.

We are on track to complete our strategy Future Ready 2025 by end of this year. This transformation strengthened our organization, simplified structures, increased efficiency, and created a clear market focus.

The results are visible in revenue, in margins, in ROCE, and in resilience. Today, technotrans is more focused, more resilient, and more diversified than ever before.

We are very well positioned in growing markets. We are ready for the next phase.

We are, as I said, ready for growth. Ready for growth means scaling what already works exceptionally well, leveraging our thermal management expertise across new applications, entering global future markets with strong tailwinds, with a strong focus on profitable growth.

The market environment for our business has rarely been attractive. According to Fortune Business Insights, the market for thermal management systems is growing by around 6% year-on-year.

This is already a solid growth rate. Our strategy is based and supported on five strong megatrends.

For all these megatrends, thermal management is essential, and we are already well positioned with our products. For example, artificial intelligence: there is a massive demand for liquid cooling in data centers; electrification: we are already delivering battery thermal management systems and charging infrastructure; digitalization: driven by increasing requirements in print and analytics; decarbonization: Plastics supports recycling lightweight materials and green cooling with temperature control units; last but not least, medical progress: high-precision cooling for imaging and diagnostics.

Driven and supported by these megatrends, we will grow faster than the market. Based on this great foundation, we have defined clear mid-term ambitions for 2030: a revenue of over €350 million and an EBIT margin between 9% and 12%.

These targets are ambitious, but realistic. Let's take a look at the key elements of the strategy.

We have already prepared a solid foundation for all of the key elements of our strategy. We already spoke about the support of megatrends.

This is clearly one of our main drivers. Our unique range in thermal management is constantly opening up new areas of business like hydrogen, like mining, and space communication.

Another key element of our new strategy is our new divisional structure. For all, our four divisions have already a full operative responsibility and a clear focus on their markets.

This will strengthen our resilience. Finally, and most important, our focus on profitability and on our core business.

We will continue to optimize our portfolio, we will continue to reduce complexity, we will generate scale effects from volume business, and we will improve our operational excellence. All of this and many more details we presented at our Capital Markets Day in October, which took place at our corporate headquarters in Sassenberg.

We did so with remarkably strong investor participation. The high resonance confirmed two things: first, the market clearly recognizes the progress technotrans has made during the Future Ready transformation phase; and second, investors shared our view that the company is now entering a new growth phase, a phase that is driven by global megatrends and supported by our unique position in thermal management.

With that said, let's get back to 2025 and the outlook for this year. In the first nine months, we have realized great results.

Despite a challenging economic environment, we remain confident to confirm our guidance: revenue should come in between €245 and €265 million with an EBIT margin between 7% and 9% and a ROCE of between 13% and 16%. With that said, I hand back to Frank to open the Q&A.

Thank you very much.

Thank you very much, Michael. Ladies and gentlemen, we now open the floor for your questions.

Please use the raise hand function or submit your questions via the chat. Lines are now open.

Are there any raised hands? Does anyone want to ask a question?

Yes, Mr. Brach, please.

Go ahead. We will unmute you now.

Good morning. Can you hear me?

Very well. Thank you.

Two questions for me. The first one is on the guidance.

There's still quite a wide range between the top and the bottom end of the guidance with €20 million. Could you provide us with your view what needs to happen to reach the upper end, which seems quite ambitious, and yeah, when would you expect the lower end of the guidance?

A good question, and even a good question in those uncertain times we are in, as I said. We've confirmed our guidance indeed, and if you look a little bit different on our key parameters, revenue and EBIT will be in line with market expectations for sure.

I think in times like this, we could end up in the lower half of the guidance for sure if we look also to our consensus, this seems to be realistic. You never know.

ROCE, we will end up in the upper half of the guidance, as Natascha outlined. We are already above our guidance of 16%.

Okay. Thank you for that clarification.

Then the second one is on your capacity increase at Sassenberg. What is the current timeline regarding start of construction, and also maybe your current estimate for the production start, and which cash outflow do you expect for next year, 2026?

Let me start with the plannings. At the moment, we are in setting up the details for our future production plant.

We are sorting out the right partner for this building. We are in the final stage.

The plan is to start with the building next year, and based on that, you need a construction time of approximately a good year from starting, and after that, we directly start the sourcing in logistics and production for sure. Regarding financial cash out, Natascha?

Yes. Regarding the cash out impact from the building, we expect a low double-digit million amount, and we expect that a part will be cash out at the end of '26 and another part in '27.

Okay. Thank you very much, Natascha and Michael.

You're welcome. That's it for me.

Thank you very much.

Thank you very much, Mr. Brach.

Let's move on to Stefan Augustin, please.

Hello, can you hear me?

Yes, we can hear you.

Good morning.

Good morning. First question is actually on the very strong cash flow in the third quarter.

If I have done the calculations right, I have roughly €3 million that have been contributed by net working capital between Q2 and Q3 because there is such a strong increase in Q3 versus Q2, and I have around €2.8 million on the net income side. That gives me around 6, and so I wonder, can you help me, is there one special or larger, bigger part to conclude to get to the rest of the very strong €10 million in operational cash flow you showed in Q3?

How does that look if you would have to make a projection in the direction of Q4? Is there a reversal, or would we continue on a very strong cash flow path?

Yes. If we take a look at the cash flow, you already mentioned that we had an improvement in the working capital, and the operating cash flow was very strong in Q3.

If you take a look at the net profit, there are some positions included like tax expenses which were not cash-relevant in Q3.

These will be cash-relevant then a little later in the year probably, or not at all?

Later in the year or next year. Mhm.

As well.

Okay. Then with respect to the product mix, also can we assume actually quite strong shipments from the EM segment in the fourth quarter?

As you see, Energy Management is our growth engine, as I said in my speech. They are constantly growing.

The volume increase you saw also in Technology is, of course, mainly driven by this performance, the strong growth performance, and of course, we will continue to see strong growth rates also in the upcoming quarter.

All right. Thank you very much.

That would have been from my side.

Thank you very much, Mr. Augustin.

Thank you, Mr. Augustin, also from my side.

Is there anyone who would like to ask a question, an additional question? I do not see any raised hands, nor written questions.

Last call.

Looks like that we have answered already all the open points during our speech. Yes.

Results

talk

for themselves. If there are indeed no further questions...

To Michael.

Let's wait another second. Mhm.

There is a high chance to answer or to ask a couple of questions next week as Natascha and I will attend on the German Equity Forum in Frankfurt on Monday and Tuesday. We have already scheduled a lot of meetings, and as I said, if there are questions left, a high chance to meet there, and we would appreciate to meet you there in Frankfurt.

Indeed, this is our last call for this year. Unbelievable, but the year is almost done.

We would like to use and take the opportunity to thank you for your participation, for your interest in technotrans. We wish you all the best for the rest of this year and a good start for 2026.

Also on behalf of Natascha, thanks again for participating on this call, for your constant interest, for your continued trust, and have a good day. Take care and goodbye.