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GEA.com
H1 2025
Half-yearly financial report | January 1 – June 30, 2025
GEA H1 2025
2
Raised forecast for financial year 2025 following
strong performance in the second quarter
Order intake increased by 1.5 percent to EUR 1,309.1 million
(Q2 2024: EUR 1,289.4 million); Organic growth of 5.0 percent
Revenue decreased slightly 0.9 percent to EUR 1,311.8 million
(Q2 2024: EUR 1,323.3 million), but organic growth of 1.5 percent
Book-to-bill ratio improved to 1.00 (Q2 2024: 0.97)
Share of service revenue further expanded to 40.1 percent (Q2 2024: 38.9 percent)
EBITDA before restructuring expenses again increased to EUR 216.7 million
(Q2 2024: EUR 200.6 million)
EBITDA margin before restructuring expenses rose significantly to 16.5 percent
(Q2 2024: 15.2 percent)
ROCE increased significantly to 35.3 percent (Q2 2024: 32.3 percent)
Free cash flow declined to EUR 38.0 million (Q2 2024: EUR 83.3 million),
due to higher Net Working Capital and increased Capex
Net working capital improved to 7.8 percent of revenue (Q2 2024: 9.1 percent)
Net debt at EUR 59.8 million, mainly due to share buybacks and dividend payments
(Q2 2024: net liquidity of EUR 31.8 million)
Forecast for 2025 raised
• Organic revenue growth: 2.0 to 4.0 percent (before 1.0 to 4.0 percent)
• EBITDA margin before restructuring expenses: 16.2 to 16.4 percent
(before 15.6 to 16.0 percent)
• ROCE: 34.0 to 38.0 percent (before 30.0 to 35.0 percent)
Financial Key Figures of GEA
(EUR million)
Q2 2025¹
Q2 2024¹
Change
in %
H1 2025
H1 2024
Change
in %
Results of operations
Order intake
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
3,131.4
3,163.8
-1.0
3,131.4
3,163.8
-1.0
Revenue
1,311.8
1,323.3
-0.9
2,570.2
2,564.5
0.2
Organic revenue growth2
1.5
1.6
-16 bp
1.2
2.2
-100 bp
Share of service revenue in %
40.1
38.9
123 bp
40.9
38.5
241 bp
EBITDA before restructuring expenses
216.7
200.6
8.1
415.0
381.1
8.9
as % of revenue
16.5
15.2
137 bp
16.1
14.9
128 bp
EBITDA
207.9
185.5
12.0
398.8
358.2
11.3
EBITA
179.0
164.4
8.9
342.6
310.2
10.4
EBITA before restructuring expenses
170.1
149.3
13.9
326.4
285.0
14.5
EBIT before restructuring expenses
162.9
151.1
7.8
312.6
284.0
10.1
EBIT
154.0
136.1
13.2
294.3
257.9
14.1
Profit for the period
107.0
98.8
8.4
201.4
189.3
6.4
ROCE in %
35.3
32.3
304 bp
35.3
32.3
304 bp
Financial position
Cash flow from operating activities
82.4
117.3
-29.8
64.6
75.1
-13.9
Cash flow from investing activities
-44.4
-34.1
-30.4
-75.4
-49.3
-52.9
Free cash flow
38.0
83.3
-54.4
-10.8
25.8
–
Net assets
Net working capital (reporting date)
422.2
486.1
-13.1
422.2
486.1
-13.1
as % of revenue (LTM)
7.8
9.1
-135 bp
7.8
9.1
-135 bp
Capital employed (reporting date)
1,952.4
1,912.2
2.1
1,952.4
1,912.2
2.1
Equity
2,233.5
2,317.5
-3.6
2,233.5
2,317.5
-3.6
Equity ratio in %
39.7
40.8
-110 bp
39.7
40.8
-110 bp
Net liquidity (+)/Net debt (-)3
-59.8
31.8
–
-59.8
31.8
–
GEA Shares
Earnings per share (EUR)
0.66
0.59
12.1
1.23
1.12
10.0
Earnings per share before restructuring expenses (EUR)
0.69
0.66
3.7
1.32
1.25
5.4
Market capitalization (EUR billion; reporting date)4
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
1) Additional information: not subject to external audit review.
2) Adjusted for portfolio and currency translation effects.
3) Including lease liabilities of EUR 213.4 million as of June 30, 2025 (June 30, 2024: EUR 178.6 million).
4) XETRA closing price as of June 30, 2025: EUR 59.40; XETRA closing price as of June 28, 2024: EUR 38.90; In previous year the market capitalization still included treasury shares.
GEA H1 2025
3
CONTENTS
INTERIM GROUP
MANAGEMENT REPORT
GEA H1 2025
4
GEA H1 2025
GEA IN THE FIRST HALF OF 2025
5
GEA IN THE FIRST HALF OF 2025
GEA Group continued to see robust demand for its products and services in the first half of 2025, despite
ongoing geopolitical tensions and the global tariff debate triggered by the US government. Profitability also
increased significantly again in the first half of 2025, primarily thanks to the strong performance of the service
business and improved margins in the new machine business. This positive development, combined with
expectations for the remainder of the second half of 2025, prompted the Executive Board to raise its full-year
guidance on July 31, 2025. GEA now expects organic revenue growth of 2.0 to 4.0 percent (previously: 1.0 to
4.0 percent). The EBITDA margin before restructuring expenses is forecast at 16.2 to 16.4 percent (previously:
15.6 to 16.0 percent). For return on capital employed (ROCE), GEA anticipates a range of 34.0 to 38.0 percent
(previously: 30.0 to 35.0 percent).
Order intake and revenue
The order intake* in the first half of 2025 increased by 2.6 percent to EUR 2,724.0 million (H1 2024:
EUR 2,654.4 million). This was due in particular to higher demand in the base business (order volume of less
than EUR 1 million) and orders of between EUR 5 and 15 million. In organic terms – i.e., excluding portfolio and
currency translation effects – the order intake increased by 4.2 percent. At divisional level, Separation & Flow
Technologies (SFT), Food & Healthcare Technologies (FHT) and Farm Technologies (FT) contributed to
growth. The Liquid & Powder Technologies (LPT) division received three large orders with a total value of
EUR 82.6 million (H1 2024: six large orders at LPT and FHT with a total volume of EUR 148.6 million). Order
intake increased in almost all regions, except of North and Central Europe and notably Asia Pacific. On
the customer side, growth was driven in particular by the Dairy Farming, Dairy Processing, New Food and
Oil & Gas industries.
Revenue in the first six months of 2025 remained largely stable and, at EUR 2,570.2 million was slightly above
the previous year’s figure (H1 2024: EUR 2,564.5 million). Organic growth amounted to 1.2 percent. At division
level, the increase in revenue was driven by SFT, FHT and HRT. Regional growth was particularly strong
in North America, Western Europe, Middle East & Africa which were able to fully offset the decline in Latin
America and DACH & Eastern Europe.
Among customer industries, the strongest growth was in Dairy Processing as well as in Food and Pharma,
while Dairy Farming, Beverage and Chemical in particular declined. The highly profitable service business
was further expanded in the first half of the year, resulting in a revenue share of 40.9 percent (H1 2024:
38.5 percent).
Results of operations
Due to a higher gross profit the EBITDA before restructuring expenses for the first half of the year rose by
8.9 percent to EUR 415.0 million (H1 2024: EUR 381.1 million). The higher gross profit is primarily based on
positive volume and margin effects in the service business and improved margin quality in the new machine
business. The corresponding EBITDA margin increased again as a result and rose significantly to 16.1 percent
(H1 2024: 14.9 percent). All divisions except FT saw a year-on-year improvement in their EBITDA margin.
Despite an increase in income tax expenses, the profit for the period improved to EUR 201.4 million in the first
half of the year (H1 2024: EUR 189.3 million). Earnings per share before restructuring expenses increased
accordingly to EUR 1.32 (H1 2024: EUR 1.25), at the same time with a lower average number of shares
outstanding. Earnings per share at EUR 1.23 were also above the comparative figure of EUR 1.12.
Cash flow
The cash flow from operating activities in the first half of the year amounted to EUR 64.6 million (H1 2024:
EUR 75.1 million). The inflows from the profit for the period were offset primarily by an increase in net working
capital and the annual bonus payments. With higher investing activities at the same time the free cash flow
decreased by EUR 36.6 million and amounted to EUR ‑10.8 million (H1 2024: EUR 25.8 million).
*) Additional information: not subject to external auditor review.
GEA H1 2025
GEA IN THE FIRST HALF OF 2025
6
Net financial position
As of June 30, 2025, net debt amounted to EUR 59.8 million (December 31, 2024: net liquidity of
EUR 343.5 million). The decrease in liquidity in the first half of the year was mainly due to the dividend
payment for the financial year 2024 in May 2025 as well as payments made for the share buyback program.
Furthermore, net working capital and payments to acquire property, plant and equipment, and intangible
assets increased.
The share buyback program launched in November 2023 with a total volume of around EUR 400 million
was successfully completed on April 11, 2025. In the first half of 2025, 2,183,564 shares were repurchased for
about EUR 115.7 million. In total, 9,529,412 treasury shares were acquired at an average price of EUR 41.98.
The shares were cancelled without reducing the subscribed capital on May 21, 2025, resulting in a new total
number of GEA shares of 162,801,664.
Net working capital (NWC)
The NWC increased by 29.0 percent compared to the balance sheet date to EUR 422.2 million
(December 31, 2024: EUR 327.3 million). While inventories rose, trade receivables declined significantly. At the
same time, lower trade payables and contract liabilities had an increasing effect on NWC.
As percentage of revenue, the NWC increased in the first half of 2025 to 7.8 percent (December 31, 2024:
6.0 percent), but remained within the target range of 7.0 to 9.0 percent.
Return on capital employed
The return on capital employed (ROCE) as of the reporting date increased significantly to 35.3 percent
(December 31, 2024: 33.8 percent). This was due to a disproportionately strong increase of 11.0 percent in
EBIT before restructuring expenses over the last twelve months relative to capital employed. Capital employed
as an average of the last four quarters rose by 1.5 percent, mainly due to an increase in non-current assets.
Rating
The international rating agency Fitch raised its credit rating for GEA from BBB to BBB+ and adjusted the
outlook to stable in May 2025. Moody’s confirmed the credit rating of Baa1 at the upper end of the rating
class and maintained the stable outlook.
Second quarter 2025*
A strong base business and orders of between EUR 5 and 15 million led to an increase in order intake in the
second quarter by 1.5 percent to EUR 1,309.1 million (Q2 2024: EUR 1,289.4 million). In organic terms, growth
amounted to 5.0 percent. This development underscores the robustness and breadth of the GEA Group’s
business model.
Revenue in the second quarter declined by 0.9 percent to EUR 1,311.8 million (Q2 2024: EUR 1,323.3 million).
In contrast, organic growth of 1.5 percent was achieved, driven by the SFT, FHT and HRT divisions. The
service share of total revenue increased to 40.1 percent (Q2 2024: 38.9 percent).
At EUR 216.7 million, EBITDA before restructuring expenses in the second quarter of 2025 was 8.1 percent
above the prior-year quarter (Q2 2024: EUR 200.6 million), mainly as a result of the positive development in
gross profit. The corresponding EBITDA margin increased significantly to 16.5 percent (Q2 2024: 15.2 percent).
Profit for the period increased by 8.4 percent to EUR 107.0 million (Q2 2024: EUR 98.8 million). In line with
the lower number of shares outstanding, earnings per share before restructuring expenses
increased to 0.69 EUR (Q2 2024: 0.66 EUR). Earnings per share increased from 0.59 EUR to 0.66 EUR.
*) Additional information: not subject to external auditor review.
GEA H1 2025
REPORT ON ECONOMIC POSITION
7
REPORT ON ECONOMIC POSITION
Business developments and current position
Order intake
Order intake*
(EUR million)
Q2 2025*
Q2 2024*
Change
in %
H1 2025
H1 2024
Change
in %
Separation & Flow Technologies (SFT)
411.2
389.1
5.7
822.5
791.3
3.9
Liquid & Powder Technologies (LPT)
346.0
400.0
-13.5
752.7
788.6
-4.6
Food & Healthcare Technologies (FHT)
262.9
254.2
3.4
530.7
512.8
3.5
Farm Technologies (FT)
207.0
158.3
30.7
421.2
357.0
18.0
Heating & Refrigeration Technologies (HRT)
137.2
142.4
-3.6
299.9
305.0
-1.7
Consolidation
-55.1
-54.6
-0.9
-103.1
-100.3
-2.7
GEA
1,309.1
1,289.4
1.5
2,724.0
2,654.4
2.6
*) Additional information: not subject to external audit review.
Change
in order intake in %
Q2 2025*
Q2 2024*
H1 2025
H1 2024
Change compared to prior year
1.5
-6.7
2.6
-10.4
FX effects
-2.4
-3.2
-0.9
-3.6
Acquisitions/divestments
-1.0
–
-0.6
-0.0
Organic
5.0
-3.5
4.2
-6.8
*) Additional information: not subject to external audit review.
The first half of 2025 showed solid demand, despite ongoing geopolitical tensions and volatile global tariff
discussions. Overall, order intake rose by 2.6 percent to EUR 2,724.0 million (H1 2024: EUR 2,654.4 million).
Declines in the LPT and HRT divisions were fully offset by growth in the other divisions. Organically, revenue
grew by 4.2 percent in the first six months.
This increase was once again mainly due to a pleasing trend in the base business (orders below EUR 1 million)
as well as orders in the size category between EUR 5 and 15 million. From January to June of the current
financial year, GEA received three large orders (order volume > EUR 15 million) in the LPT division with a total
volume of EUR 82.6 million (H1 2024: six large orders with a total volume of EUR 148.6 million for LPT and FHT).
Order intake in almost all regions increased in comparison to the first half of 2024. Declines in North and
Central Europe as well as Asia Pacific were fully offset by the other regions. Growth on the customer side
was particularly driven by the Dairy Farming, Dairy Processing, New Food and Oil & Gas industries, while the
Food, Beverage and Chemical industries in particular declined.
Order backlog
As of June 30, 2025 the order backlog declined slightly by 0.1 percent to EUR 3,131.4 million (December 31, 2024:
EUR 3,127.3 million).
Second quarter 2025*
A strong base business and orders of between EUR 5 and 15 million increased the order intake in the second
quarter by 1.5 percent to EUR 1,309.1 million (Q2 2024: EUR 1,289.4 million). In organic terms, growth
amounted to 5.0 percent. This underscores the robustness and breadth of the business model of GEA.
GEA H1 2025
REPORT ON ECONOMIC POSITION
8
Revenue
Revenue
(EUR million)
Q2 2025*
Q2 2024*
Change
in %
H1 2025
H1 2024
Change
in %
Separation & Flow Technologies (SFT)
384.6
382.8
0.5
763.1
739.4
3.2
Liquid & Powder Technologies (LPT)
380.0
416.2
-8.7
744.5
790.4
-5.8
Food & Healthcare Technologies (FHT)
262.2
239.7
9.4
513.4
477.7
7.5
Farm Technologies (FT)
182.3
190.0
-4.0
348.9
377.2
-7.5
Heating & Refrigeration Technologies (HRT)
150.0
143.8
4.3
299.9
282.6
6.2
Consolidation
-47.3
-49.1
3.6
-99.6
-102.8
3.0
GEA
1,311.8
1,323.3
-0.9
2,570.2
2,564.5
0.2
*) Additional information: not subject to external audit review.
Change
in revenue in %
Q2 2025*
Q2 2024*
H1 2025
H1 2024
Change compared to prior-year
-0.9
-1.4
0.2
-1.9
FX effects
-2.0
-3.0
-0.7
-4.0
Acquisitions/divestments
-0.3
–
-0.2
-0.0
Organic
1.5
1.6
1.2
2.2
*) Additional information: not subject to external audit review.
Revenue remained largly stable in the first half of 2025, increasing slightly by 0.2 percent to EUR 2,570.2 million
(H1 2024: EUR 2,564.5 million). Growth was primarily driven by service revenue, which more than offset the
decline in the new machine business. The service business continued to develop positively in all divisions.
The revenue share increased accordingly to 40.9 percent (H1 2024: 38.5 percent).
Organically – i.e. excluding portfolio and currency translation effects – growth of 1.2 percent was achieved,
driven by the SFT, FHT and HRT divisions. In contrast, LPT and FT recorded revenue declines, in particular due
to the lower order intake during financial year 2024.
Revenue growth in the regions North America and Western Europe, Middle East & Africa fully offset the declines
in Latin America and DACH & Eastern Europe. North and Central Europe as well as Asia Pacific remained at
prior-year levels.
Among customer industries, the strongest growth was seen in Dairy Processing, Food and Pharma, while in
particular Dairy Farming, Beverage and Chemicals declined.
The book-to-bill ratio*, which reflects the ratio of order intake to revenue, increased to 1.06 (H1 2024: 1.04).
Second quarter 2025*
In the second quarter, revenue was down 0.9 percent compared to the second quarter of the previous year
and amounted to EUR 1,311.8 million (Q2 2024: EUR 1,323.3 million). In contrast, an increase of 1.5 percent
was achieved organically. Growth came from the SFT, FHT and HRT divisions, while LPT and FT declined.
The share of the service business in revenue rose to 40.1 percent (Q2 2024: 38.9 percent).
*) Additional information: not subject to external audit review.
GEA H1 2025
REPORT ON ECONOMIC POSITION
9
Results of operations
Development of selected key figures
(EUR million)
Q2 2025*
Q2 2024*
Change
in %
H1 2025
H1 2024
Change
in %
Revenue
1,311.8
1,323.3
-0.9
2,570.2
2,564.5
0.2
Gross profit
500.4
478.3
4.6
974.8
911.6
6.9
Gross margin (in %)
38.1
36.1
200 bp
37.9
35.5
238 bp
EBITDA before restructuring expenses
216.7
200.6
8.1
415.0
381.1
8.9
as % of revenue
16.5
15.2
137 bp
16.1
14.9
128 bp
Restructuring expenses (EBITDA)
-8.9
-15.0
–
-16.2
-22.9
–
EBITDA
207.9
185.5
12.0
398.8
358.2
11.3
Depreciation on property, plant
and equipment
-36.0
-35.2
-2.3
-71.8
-69.0
-4.0
Impairment losses and reversals of
impairment losses on property, plant and
equipment, and financial assets
-1.8
-1.0
-75.4
-0.6
-4.2
85.1
EBITA
170.1
149.3
13.9
326.4
285.0
14.5
Depreciation on intangible assets
-15.4
-14.8
-3.8
-29.1
-26.2
-11.0
Impairment losses and reversals of
impairment losses on intangible assets
-0.8
1.5
–
-3.0
-0.8
< -100
EBIT
154.0
136.1
13.2
294.3
257.9
14.1
Restructuring expenses (EBIT)
8.9
15.0
–
18.3
26.1
–
EBIT before restructuring expenses
162.9
151.1
7.8
312.6
284.0
10.1
Profit for the period
107.0
98.8
8.4
201.4
189.3
6.4
Earnings per share (EUR)
0.66
0.59
12.1
1.23
1.12
10.0
Earnings per share before restructuring
expenses (EUR)
0.69
0.66
3.7
1.32
1.25
5.4
*) Additional information: not subject to external audit review.
In the first half of 2025, GEA generated revenue of EUR 2,570.2 million (H1 2024: EUR 2,564.5 million).
Despite the only slight increase in revenue, gross profit improved disproportionately, by 6.9 percent to
EUR 974.8 million (H1 2024: EUR 911.6 million). This development was driven by positive volume and margin
effects in the service business as well as better margin quality in the new machine business. The gross
margin increased accordingly to 37.9 percent (H1 2024: 35.5 percent). Adjusted for restructuring expenses
of EUR 4.1 million (H1 2024: EUR 8.7 million), the gross margin was at 38.1 percent (H1 2024: 35.9 percent).
EBITDA before restructuring expenses increased in the first half of the year by 8.9 percent to EUR 415.0 million,
driven by the improved gross profit. This was partly offset by higher administrative and selling expenses,
primarily as a result of increased personnel costs and expenses for strategic projects such as the Transform360
program. The EBITDA margin before restructuring expenses increased significantly to 16.1 percent (H1 2024:
14.9 percent), with all divisions except FT increasing their EBITDA margin.
The restructuring expenses at EBITDA level for the first half year amounted to EUR 16.2 million (H1 2024:
EUR 22.9 million). Of this, EUR 8.5 million were cash-effective (H1 2024: EUR 11.0 million). The restructuring
expenses primarily comprised measures to optimize the product portfolio, adjustments in sales and production
as well as material costs in connection with the centralization and streamlining of group structures.
Depreciation and amortization before restructuring expenses in the first half of the year were
EUR 102.4 million (H1 2024: EUR 97.1 million). In line with the positive operating development EBIT before
restructuring expenses thus increased to EUR 312.6 million (H1 2024: EUR 284.0 million). The income tax
expenses amounted to EUR 79.3 million (H1 2024: EUR 59.4 million), which, in terms of earnings before
taxes, resulted in a tax rate of 28.8 percent (H1 2024: 24.2 percent). The increase in the tax rate compared
to prior-year period is mainly attributable to a lower recognition of additional deferred tax assets on tax
loss carryforwards. Profit after tax from continuing operations increased to EUR 195.8 million (H1 2024:
EUR 186.3 million).
Profit for the period improved to EUR 201.4 million (H1 2024: EUR 189.3 million). It includes a positive result
after taxes from discontinued operations of EUR 5.5 million (H1 2024: EUR 3.0 million), primarily resulting from
the settlement of an old pending legal case.
In terms of profit for the period, earnings per share before restructuring expenses increased to EUR 1.32
(H1 2024: EUR 1.25), with a reduced average number of shares of 163.5 million compared to the previous
year (H1 2024: 169.1 million shares). Earnings per share at EUR 1.23 were also up on the prior-year figure
of EUR 1.12.
GEA H1 2025
REPORT ON ECONOMIC POSITION
10
Second quarter 2025*
Revenue declined in the second quarter by 0.9 percent to EUR 1,311.8 million (Q2 2024: EUR 1,323.3 million).
In contrast, the gross profit increased by 4.6 percent to EUR 500.4 million (Q2 2024: EUR 478.3 million)
driven by a positive development in the service business and improved margins in the new machine business.
The gross margin improved to 38.1 percent (Q2 2024: 36.1 percent). Adjusted for restructuring expenses of
EUR 2.1 million (Q2 2024: EUR 3.6 million), the gross margin before restructuring expenses amounted to
38.3 percent (Q2 2024: 36.4 percent).
EBITDA before restructuring expenses increased by 8.1 percent to EUR 216.7 million (Q2 2024:
EUR 200.6 million). Accordingly, the EBITDA margin rose significantly to 16.5 percent (Q2 2024: 15.2 percent).
With the exception of FT, all divisions made a positive contribution to this development. The restructuring
expenses (EBITDA) in the second quarter were at EUR 8.9 million (Q2 2024: EUR 15.0 million).
Despite a higher tax rate of 28.5 percent (Q2 2024: 23.8 percent) the profit after tax from continuing
operations increased by 5.5 percent to EUR 102.8 million. Profit for the period increased to EUR 107.0 million
(Q2 2024: EUR 98.8 million) and included a positive result after taxes from discontinued operations of
EUR 4.2 million (Q2 2024: EUR 1.4 million).
Earnings per share before restructuring expenses increased to EUR 0.69 (Q2 2024: EUR 0.66), earnings per
share increased from EUR 0.59 to EUR 0.66.
Financial position
Net financial position
As of the reporting date, June 30, 2025, the Group reported net debt of EUR 59.8 million (December 31, 2024:
net liquidity of EUR 343.5 million). The significant decrease in liquidity in the first half of the year was mainly
due to the dividend payment for the financial year 2024 as well as payments made for the share buyback
program. Furthermore, net working capital and payments to acquire property, plant and equipment, and
intangible assets increased.
*) Additional information: not subject to external audit review.
As of June 30, 2025, the cash credit lines of GEA and their utilization are detailed as follows:
GEA cash credit lines incl. discontinued operations
(EUR million)
Maturity
06/30/2025
approved
06/30/2025
utilized
12/31/2024
approved
12/31/2024
utilized
Borrower‘s note loan (2025)
February 2025
–
–
100
100
Syndicated credit line (”Club Deal“)
August 2028
650
–
650
–
Bilateral credit lines
until further
notice
110
52
63
3
Total
760
52
813
103
The share buyback program launched in November 2023 with a total volume of around EUR 400 million was
successfully completed on April 11, 2025. In the first half of 2025, 2,183,564 shares were repurchased for
about EUR 115.7 million. In total, 9,529,412 treasury shares were acquired at an average price of EUR 41.98.
The shares were cancelled without reducing the subscribed capital on May 21, 2025, resulting in a new total
number of GEA shares of 162,801,664.
Net financial postion incl. discontinued operations
(EUR million)
06/30/2025
12/31/2024
06/30/2024
Cash and cash equivalents
298.0
638.3
313.1
Liabilities to banks
-144.3
-104.2
-102.7
Leasing liabilities
-213.4
-190.6
-178.6
Net liquidity (+)/Net debt (-)
-59.8
343.5
31.8
Cash and cash equivalents amounted to EUR 298.0 million as of June 30, 2025 a decrease of EUR 340.3 million
compared to the balance sheet date. In the first half of the year lease liabilities increased by EUR 22.8 million
to EUR 213.4 million, mainly driven by the new long-term rental agreement for the headquarter of GEA Group
in Düsseldorf.
In May, 2025, GEA Group Aktiengesellschaft paid a dividend of EUR 1.15 per share, 15 cents higher than in the
previous year. Short-term financial loans totaling EUR 144.0 million were taken up primarily for the purpose
of paying out dividends and are to be repaid within the current financial year.
GEA H1 2025
REPORT ON ECONOMIC POSITION
11
As at the reporting date, GEA had available guarantee lines mainly for contract performance, advance
payments and warranties in the amount of EUR 1,069.6 million (December 31, 2024: EUR 1,075.8 million). Of
these, EUR 405.5 million had been utilized (December 31, 2024: EUR 390.0 million).
The main factors influencing the change in the net financial position over the past six months are shown in
the following chart:
Net
position
12/31/2024*
Net
cash flow
Free
cash flow
Lease
payments
Interest
payments
Discontinued
operations
Dividends
Currency
effects
Share
buyback
Others
Net
position
06/30/2025*
Change in net financial position
(EUR million)
+343.5
–58.1
–10.8
–35.8
–11.6
+3.5
–187.2
–19.7
–120.0
–21.6
–59.8
*) Including lease liabilities of EUR 213.4 million as of June 30, 2025 (December 31, 2024: EUR 190.6 million).
Net working capital (NWC)
Compared to the balance sheet date of December 31, 2024, NWC increased by EUR 94.9 million to
EUR 422.2 million (December 31, 2024: EUR 327.3 million). While inventories increased, this was offset by a
significant reduction in trade receivables. At the same time, lower trade payables and contract liabilities had
an increasing effect on net working capital.
As a percentage of revenue, NWC increased to 7.8 percent as of June 30, 2025 (December 31, 2024:
6.0 percent), but remained within the target range of 7.0 to 9.0 percent.
The chart below shows the change in net working capital compared with December 31, 2024:
+327.3
–0.1
+51.0
–74.7
+87.1
+29.9
+1.7
+422.2
Change in Net Working Capital as of June 30, 2025
(continued operations)
(EUR million)
Net Working
Capital
12/31/2024
Trade
payables
Inventories
Trade
receivables
Contract
assets
Contract
liabilities
Anticipated
contract losses
Net Working
Capital
06/30/2025
GEA H1 2025
REPORT ON ECONOMIC POSITION
12
Consolidated Cash Flow Statement
The consolidated cash flow statement is summarized as follows:
Overview of cash flow statement
(EUR million)
H1 2025
H1 2024
Change
(in EUR million)
Cash flow from operating activities
64.6
75.1
-10.5
Cash flow from investing activities
-75.4
-49.3
-26.1
Free cash flow
-10.8
25.8
-36.6
Cash flow from financing activities
-313.2
-332.1
18.8
Net cash flow of discontinued operations
3.5
-1.3
4.7
Change in unrestricted cash and cash equivalents
-340.3
-310.8
-29.6
The cash flow from operating activities of continued operations amounted to EUR 64.6 million (H1 2024:
EUR 75.1 million). The inflows from the profit of the period were offset primarily by the build-up of net working
capital as well as annual bonus payments to employees.
Cash outflow from investing activities increased by EUR 26.1 million to EUR 75.4 million (H1 2024: cash
outflow of EUR 49.3 million), mainly due to payments to acquire property, plant and equipment, and intangible
assets of EUR 91.6 million (H1 2024: EUR 68.5 million). Investment activities in 2024 were primarily
concentrated in the second half of the financial year.
The free cash flow for the first six months of 2025 amounted accordingly to EUR ‑10.8 million (H1 2024:
EUR 25.8 million). The individual impact drivers starting from EBITDA before restructuring expenses are
shown in the adjacent chart.
The financing activities led to a cash outflow of EUR 313.2 million (H1 2024: cash outflow EUR 332.1 million).
In addition to the dividend payment, this included in particular payments from the purchase of treasury shares
and payments from the scheduled repayment of a borrower’s note loan. A cash inflow resulted from proceeds
from the taking up of financial loans.
EBITDA
before
restructuring
Delta net
working
capital
Taxes
Cash-out
restructuring
Others
Operating
cash flow
Capex
Others
Free
cash flow
Free cash flow
(EUR million)
+415.0
+64.6
–91.6
+16.2
–10.8
–103.0
–54.8
–8.5
–184.1*
*) Mainly from pensions, provisions and changes in other assets/other liabilities.
GEA H1 2025
REPORT ON ECONOMIC POSITION
13
Net assets
Condensed balance sheet
(EUR million)
06/30/2025
as % of
total assets
12/31/2024
as % of
total assets
Change
in %
Assets
Non-current assets
3,177.1
56.5
3,256.1
54.0
-2.4
thereof goodwill
1,481.2
26.3
1,497.4
24.8
-1.1
thereof deferred taxes
311.2
5.5
402.7
6.7
-22.7
Current assets
2,447.9
43.5
2,776.1
46.0
-11.8
thereof cash and cash equivalents
298.0
5.3
638.3
10.6
-53.3
thereof assets held for sale
12.9
0.2
11.6
0.2
11.9
Total assets
5,624.9
100.0
6,032.2
100.0
-6.8
Equity and liabilities
Equity
2,233.5
39.7
2,424.1
40.2
-7.9
Non-current liabilities
1,000.5
17.8
988.0
16.4
1.3
thereof deferred taxes
92.5
1.6
91.6
1.5
1.0
Current liabilities
2,391.0
42.5
2,620.0
43.4
-8.7
thereof liabilities held for sale
–
–
–
–
–
Total equity and liabilities
5,624.9
100.0
6,032.2
100.0
-6.8
Compared to the balance sheet date total assets decreased by 6.8 percent, or EUR 407.3 million to
EUR 5,624.9 million (December 31, 2024: EUR 6,032.2 million).
The decline in non-current assets to EUR 3,177.1 million (December 31, 2024: EUR 3,256.1 million) was mainly
attributable to deferred tax assets, which were recognized EUR 91.5 million lower than at the balance sheet
date. This was primarily due to the reduction of deferred tax assets through the scheduled utilization of tax
loss carryforwards and the development of the US dollar exchange rate. This was offset in particular by an
increase in other intangible assets of EUR 21.6 million, mainly in connection with the Transform360 program.
The decline in current assets to EUR 2,447.9 million (December 31, 2024: EUR 2,776.1 million) resulted
primarily from the level of cash and cash equivalents, which fell by EUR 340.3 million to EUR 298.0 million as
of June 30, 2025.
Equity decreased by EUR 190.6 million, or 7.9 percent, to EUR 2,233.5 million (December 31, 2024:
EUR 2,424.1 million). The increase in equity from the profit for the period of EUR 201.4 million was offset by
reducing effects from the dividend payment of EUR 187.2 million, the acquisition of treasury shares of
EUR 95.7 million, and charges recognized directly in equity from the currency translation of EUR 123.9 million
without affecting profit or loss. As of the reporting date, the equity ratio was 39.7 percent (December 31, 2024:
40.2 percent).
Compared with December 31, 2024, non-current liabilities increased by EUR 12.5 million to EUR 1,000.5 million
(December 31, 2024: EUR 988.0 million). One significant effect came from other non-current financial liabilities
(increase of EUR 25.9 million). Here, non-current lease liabilities increased, driven by the new long-term rental
agreement for the headquarter of GEA in Düsseldorf. This was partially offset by a EUR 12.5 million decrease
in non-current employee benefit obligations, mainly due to a higher actuarial interest rate in Germany, which
led to a reduction in pension liabilities. In contrast, other non-current personnel-related obligations increased,
primarily as a result of bonus and gratuity commitments.
Current liabilities decreased by EUR 229.0 million to EUR 2,391.0 million (December 31, 2024:
EUR 2,620.0 million). The main reasons for this were a reduction in current obligations to employees by
EUR 93.2 million, primarily due to lower liabilities from bonuses and gratuities. In addition, trade payables
decreased by EUR 87.1 million, and current contract liabilities declined by EUR 27.9 million. In contrast,
other current financial liabilities increased by EUR 8.7 million, mainly due to the addition of current financial
loans amounting to EUR 144.0 million. This increase was offset by the scheduled repayment of a borrower’s
note loan of EUR 100.0 million.
GEA H1 2025
REPORT ON ECONOMIC POSITION
14
Return on Capital Employed (ROCE)
Return on capital employed (ROCE)
06/30/2025
06/30/2024
EBIT before restructuring expenses of the last 12 months (EUR million)
654.3
589.4
Capital employed (EUR million)*
1,851.1
1,824.5
Return on capital employed (in %)
35.3
32.3
*) Capital employed as average of the last four quarters; this also applies for the ROCE of the divisions.
The return on capital employed (ROCE) as of the reporting date significantly increased to 35.3 percent
(June 30, 2024: 32.3 percent). EBIT before restructuring expenses rose by 11.0 percent over the past twelve
months, which outpaced the 1.5 percent increase in capital employed.
Capital employed as an average of the last four quarters rose by EUR 26.6 million to EUR 1,851.1 million,
mainly as a result of the increase in non-current assets.
Calculation capital employed*
(EUR million)
06/30/2025
06/30/2024
Total assets
5,766.4
5,840.0
minus current liabilities
2,429.1
2,414.7
minus goodwill mg/GEA
781.2
780.3
minus deferred tax assets
351.8
348.2
minus cash and cash equivalents
415.4
475.5
minus other adjustments
-62.1
-3.3
Capital employed
1,851.1
1,824.5
*) Average of the last four quarters.
GEA H1 2025
REPORT ON ECONOMIC POSITION
15
Employees
Compared to December 31, 2024, the number of employees decreased by 24 to 18,323. A workforce
expansion in the Global Corporate Center as well as in SFT and HRT were offset by reductions in other divisions.
Including contingent workforce, the total workforce increased by 64 employees to 19,153.
The following table shows the regional development of employee numbers:
Employees* by region
06/30/2025
12/31/2024
06/30/2024
DACH & Eastern Europe
6,960
38.0%
7,030
38.3%
7,109
38.3%
North and Central Europe
3,186
17.4%
3,187
17.4%
3,280
17.7%
Asia Pacific
3,048
16.6%
3,012
16.4%
3,013
16.2%
Western Europe, Middle East & Africa
2,655
14.5%
2,641
14.4%
2,651
14.3%
North America
1,675
9.1%
1,705
9.3%
1,738
9.4%
Latin America
800
4.4%
773
4.2%
778
4.2%
Employees (FTE)
18,323
100.0%
18,347
100.0%
18,568
100.0%
Contingent workforce (FTE)
830
–
742
–
802
–
Total workforce (FTE)
19,153
–
19,089
–
19,371
–
*) Full-time equivalents (FTE) excluding vocational trainees and inactive employment contracts.
Research and development (R&D)
Research and development (R&D)
for own purposes of GEA (EUR million)
Q2 2025*
Q2 2024*
Change
in %
H1 2025
H1 2024
Change
in %
Depreciation of capitalized development
expenses (Cost of Sales)
5.2
4.4
17.9
9.6
8.9
8.0
Research and development expenses
30.1
27.0
11.7
57.5
54.6
5.3
R&D expenses for own purposes of GEA
35.3
31.4
12.6
67.0
63.4
5.7
R&D ratio (as % of revenue)
2.7
2.4
–
2.6
2.5
–
Capitalized development expenses
9.5
10.8
-11.8
15.2
18.1
-15.6
Depreciation of capitalized development
expenses
-5.2
-4.4
17.9
-9.6
-8.9
8.0
R&D expenditure
39.6
37.7
5.0
72.7
72.7
0.1
R&D ratio (as % of revenue)
3.0
2.9
–
2.8
2.8
–
Research and development (R&D) - total
(EUR million)
Q2 2025*
Q2 2024*
Change
in %
H1 2025
H1 2024
Change
in %
R&D expenses for own purposes of GEA
35.3
31.4
12.6
67.0
63.4
5.7
R&D expenses on behalf of third parties
(Cost of Sales)
3.4
3.1
9.4
7.6
6.6
14.4
R&D expenses - total
38.7
34.5
12.3
74.6
70.1
6.5
R&D ratio - total (as % of revenue)
3.0
2.6
–
2.9
2.7
–
*) Additional information: not subject to external audit review.
R&D expenses for own purposes increased in the first six months of 2025 compared with the same period
of the previous year by 5.7 percent to EUR 67.0 million. This includes R&D expenses of EUR 57.5 million
(H1 2024: EUR 54.6 million) and depreciation of capitalized development expenses of EUR 9.6 million
(H1 2024: EUR 8.9 million). The Group’s R&D ratio for own purposes was 2.6 percent (H1 2024: 2.5 percent).
R&D expenses on behalf of third parties in the first half of 2025 totaled EUR 7.6 million (H1 2024:
EUR 6.6 million), which are recognized under the cost of sales. The Group’s total R&D expenses for the first
six months amounted to EUR 74.6 million (H1 2024: EUR 70.1 million). The total R&D ratio taking into account
R&D expenses on behalf of third parties rose to 2.9 percent (H1 2024: 2.7 percent).
GEA H1 2025
REPORT ON ECONOMIC POSITION
16
Divisions of GEA in the first half of 2025
Separation & Flow Technologies
Separation & Flow Technologies
(EUR million)
Q2 2025¹
Q2 2024¹
Change
in %
H1 2025
H1 2024
Change
in %
Order intake1
411.2
389.1
5.7
822.5
791.3
3.9
Revenue
384.6
382.8
0.5
763.1
739.4
3.2
Share service revenue in %
49.2
50.6
-134 bp
49.9
48.0
189 bp
Cost of materials
-110.1
-110.9
0.7
-231.3
-225.2
-2.7
Personnel expenses
-119.0
-119.4
0.3
-241.5
-233.3
-3.5
EBITDA before restructuring expenses
116.5
104.3
11.7
221.4
200.6
10.4
as % of revenue
30.3
27.3
304 bp
29.0
27.1
188 bp
EBITDA
115.3
101.9
13.1
218.9
196.5
11.4
EBITA before restructuring expenses
104.2
93.2
11.9
197.3
178.5
10.5
EBITA
103.0
90.8
13.4
194.8
174.4
11.7
EBIT before restructuring expenses
101.9
91.8
11.1
193.7
175.8
10.2
EBIT
100.7
89.4
12.6
191.1
171.6
11.4
ROCE in % (3rd Party)2
40.0
36.5
357 bp
40.0
36.5
357 bp
1) Additional information: not subject to external audit review.
2) ROCE, as one of the relevant performance indicators, has now been considered as ”ROCE 3rd Party“ (excluding interdivisional effects in the capital employed) at the divisional level.
Change
in revenue in %
Q2 2025*
Q2 2024*
H1 2025
H1 2024
Change compared to prior-year
0.5
0.4
3.2
-1.7
FX effects
-2.4
-6.9
-0.9
-8.0
Acquisitions/divestments
–
–
–
–
Organic
2.9
7.3
4.1
6.3
*) Additional information: not subject to external audit review.
The order intake* of SFT increased in the first half of 2025 by 3.9 percent to EUR 822.5 million (H1 2024:
EUR 791.3 million). Organically, growth amounted to 4.9 percent. The growth was primarily in the Pharma and
Dairy Processing customer industries and came from the regions of North and Central Europe as well as
Western Europe, Middle East & Africa. The book-to-bill ratio* amounted to 1.08 (H1 2024: 1.07).
Revenue increased by 3.2 percent (organically by 4.1 percent) to EUR 763.1 million (H1 2024: EUR 739.4 million),
driven by the expansion of the service business. Its revenue share increased to 49.9 percent and thus
remained at a high level (H1 2024: 48.0 percent). Regional growth drivers were primarily Asia Pacific, North
and Central Europe as well as Western Europe, Middle East & Africa.
EBITDA before restructuring expenses increased by 10.4 percent to EUR 221.4 million (H1 2024:
EUR 200.6 million), supported primarily by positive volume and margin effects in the service business.
H1 2024 also included the profit from the scheduled sale of a developed property in the first quarter of 2024.
The EBITDA margin for the first six months of 2025 rose by 1.9 percentage points to 29.0 percent. ROCE
increased to 40.0 percent as a result of a higher EBIT before restructuring expenses in the past twelve months.
Second quarter of 2025*
In the second quarter of 2025, order intake increased by 5.7 percent (organically by 8.2 percent) to
EUR 411.2 million. Revenue was up by 0.5 percent to EUR 384.6 million, which corresponds to an organic
growth of 2.9 percent. The share of service business amounted to 49.2 percent of revenue (Q2 2024:
50.6 percent). The prior-year quarter included service revenue which was postponed from the first to the
second quarter of 2024 due to delays in the processing of service orders with a new logistics service provider
in the first quarter. EBITDA before restructuring expenses increased by 11.7 percent to EUR 116.5 million. The
EBITDA margin increased accordingly from 27.3 percent to 30.3 percent.
*) Additional information: not subject to external audit review.
GEA H1 2025
REPORT ON ECONOMIC POSITION
17
Liquid & Powder Technologies
Liquid & Powder Technologies
(EUR million)
Q2 2025¹
Q2 2024¹
Change
in %
H1 2025
H1 2024
Change
in %
Order intake1
346.0
400.0
-13.5
752.7
788.6
-4.6
Revenue
380.0
416.2
-8.7
744.5
790.4
-5.8
Share service revenue in %
28.5
26.1
245 bp
28.5
26.5
208 bp
Cost of materials
-188.0
-216.8
13.3
-367.1
-411.2
10.7
Personnel expenses
-125.1
-130.6
4.2
-245.5
-260.6
5.8
EBITDA before restructuring expenses
40.2
42.6
-5.6
76.5
68.2
12.2
as % of revenue
10.6
10.2
34 bp
10.3
8.6
165 bp
EBITDA
38.8
31.8
22.0
74.9
55.6
34.7
EBITA before restructuring expenses
33.8
36.2
-6.6
63.5
55.5
14.4
EBITA
32.4
25.4
27.6
61.9
40.6
52.4
EBIT before restructuring expenses
31.4
34.2
-8.3
59.0
51.5
14.5
EBIT
30.0
23.4
28.1
57.3
35.8
60.4
ROCE in % (3rd Party)2
–
–
–
–
–
–
1) Additional information: not subject to external audit review
2) ROCE, as one of the relevant performance indicators, has now been considered as ”ROCE 3rd Party“ (excluding interdivisional effects in the capital employed) at the divisional level.
Due to negative capital employed, ROCE is not meaningful for the years 2024 and 2025.
Change
in revenue in %
Q2 2025*
Q2 2024*
H1 2025
H1 2024
Change compared to prior-year
-8.7
-4.1
-5.8
-3.7
FX effects
-2.1
-1.7
-1.0
-2.1
Acquisitions/divestments
–
–
–
–
Organic
-6.6
-2.4
-4.8
-1.6
*) Additional information: not subject to external audit review.
In the first half of 2025, the order intake* of LPT decreased by 4.6 percent to EUR 752.7 million (H1 2024:
EUR 788.6 million). The main reason was a lower volume of large orders (> EUR 15 million). In total, three large
orders with a total volume of EUR 82.6 million were secured in the Dairy Processing customer industry during
the first six months (H1 2024: four large orders totaling EUR 113.3 million in Beverage and Chemical). On an
organic basis, order intake declined by 3.0 percent. Regionally, the decrease was primarily attributable to Asia
Pacific. In terms of customer industries, growth in Dairy Processing and New Food could not offset declines
in other sectors. The book-to-bill ratio* slightly increased to 1.01 (H1 2024: 1.00).
Revenue development was still impacted by the decline in order intake in the first half of 2024. As a result,
revenue fell by 5.8 percent (organically by 4.8 percent) to EUR 744.5 million. It is expected that the strong
order intake in the fourth quarter of 2024 will positively influence LPT’s revenue performance in the coming
quarters. Regionally, DACH & Eastern Europe and Asia Pacific provided positive momentum, while all other
regions showed a decline. The service business continued to perform very well, increasing its share of total
revenue to 28.5 percent (H1 2024: 26.5 percent).
EBITDA before restructuring expenses increased by 12.2 percent to EUR 76.5 million (H1 2024:
EUR 68.2 million). The decline in revenue was offset by a higher gross margin as a result of a positive product
mix and optimized project execution. In addition, efficiency measures introduced in the past financial year led
to cost savings. The EBITDA margin increased accordingly to 10.3 percent (H1 2024: 8.6 percent).
Second quarter of 2025*
In the second quarter of 2025, order intake decreased by 13.5 percent (organically by 10.7 percent) to
EUR 346.0 million. Revenue declined by 8.7 percent to EUR 380.0 million, translating to an organic decline of
6.6 percent. The service share of revenue increased to 28.5 percent (Q2 2024: 26.1 percent). Due to lower
revenue, EBITDA before restructuring expenses fell by 5.6 percent to EUR 40.2 million. Thanks to improved
gross margins, the corresponding EBITDA margin increased slightly to 10.6 percent.
*) Additional information: not subject to external audit review.
GEA H1 2025
REPORT ON ECONOMIC POSITION
18
Food & Healthcare Technologies
Food & Healthcare Technologies
(EUR million)
Q2
2025¹
Q2
2024¹
Change
in %
Q1-Q2
2025
Q1-Q2
2024
Change
in %
Order intake1
262.9
254.2
3.4
530.7
512.8
3.5
Revenue
262.2
239.7
9.4
513.4
477.7
7.5
Share service revenue in %
34.5
35.8
-130 bp
35.3
35.9
-64 bp
Cost of materials
-110.6
-96.9
-14.1
-209.7
-198.4
-5.7
Personnel expenses
-79.7
-77.1
-3.4
-159.2
-154.6
-3.0
EBITDA before restructuring expenses
34.6
23.6
46.9
66.0
46.1
43.3
as % of revenue
13.2
9.8
337 bp
12.9
9.7
321 bp
EBITDA
33.9
24.2
40.1
63.3
44.5
42.3
EBITA before restructuring expenses
28.3
17.2
64.9
53.8
34.0
58.3
EBITA
27.6
17.8
55.1
51.0
32.3
57.8
EBIT before restructuring expenses
22.9
12.0
90.8
43.3
23.7
82.6
EBIT
22.2
12.6
75.7
40.5
22.1
83.6
ROCE in % (3rd Party)2
15.0
7.8
714 bp
15.0
7.8
714 bp
1) Additional information: not subject to external audit review.
2) ROCE, as one of the relevant performance indicators, has now been considered as ”ROCE 3rd Party“ (excluding interdivisional effects in the capital employed) at the divisional level.
Change
in revenue in %
Q2 2025*
Q2 2024*
H1 2025
H1 2024
Change compared to prior-year
9.4
-3.7
7.5
-3.5
FX effects
-1.0
0.1
-0.1
-0.2
Acquisitions/divestments
-1.7
–
-1.2
–
Organic
12.2
-3.8
8.8
-3.2
*) Additional information: not subject to external audit review.
The order intake* of FHT in the first half of 2025 increased by 3.5 percent to EUR 530.7 million (H1 2024:
EUR 512.8 million). This corresponded to an organic growth of 7.1 percent. This growth resulted primarily from
the business with process lines for food processing. In contrast, the Pharma customer industry declined, as
the prior-year period included two large orders totaling EUR 35.3 million. Positive regional effects came from
Latin America, Western Europe, Middle East & Africa and Asia Pacific (excluding China). The book-to-bill
ratio* was 1.03 (H1 2024: 1.07).
Revenue increased by 7.5 percent (organically by 8.8 percent) to EUR 513.4 million (H1 2024: EUR 477.7 million).
Revenue development was primarily driven by growth in the North and Latin America regions as well as in
Europe. From a customer industry perspective, both Food and Pharma developed very positively. The service
share of revenue slightly declined due to the increased new machine business to 35.3 percent (H1 2024:
35.9 percent).
EBITDA before restructuring expenses rose significantly by 43.3 percent to EUR 66.0 million (H1 2024:
EUR 46.1 million), mainly due to improved gross margins combined with higher revenue volume. The prior-year
period had also been impacted by adverse effects from the execution of orders with particularly low margins.
As a result, the EBITDA margin before restructuring expenses increased accordingly by 3.2 percentage
points to 12.9 percent (H1 2024: 9.7 percent).
ROCE almost doubled to 15.0 percent (H1 2024: 7.8 percent) and is the result of a significant increase in EBIT
before restructuring expenses combined with only a slight increase of the capital employed.
Second quarter of 2025*
Order intake increased by 3.4 percent to EUR 262.9 million (organically by 10.0 percent). Revenue increased
by 9.4 percent to EUR 262.2 million, which corresponds to organic growth of 12.2 percent. The service share
of revenue decreased from 35.8 percent to 34.5 percent. EBITDA before restructuring expenses increased
significantly by 46.9 percent to EUR 34.6 million. The EBITDA margin improved due to higher gross margins
to 13.2 percent (Q2 2024: 9.8 percent).
*) Additional information: not subject to external audit review.
GEA H1 2025
REPORT ON ECONOMIC POSITION
19
Farm Technologies
Farm Technologies
(EUR million)
Q2 2025¹
Q2 2024¹
Change
in %
H1 2025
H1 2024
Change
in %
Order intake1
207.0
158.3
30.7
421.2
357.0
18.0
Revenue
182.3
190.0
-4.0
348.9
377.2
-7.5
Share service revenue in %
51.1
47.7
345 bp
54.7
47.7
699 bp
Cost of materials
-85.4
-87.3
2.2
-158.2
-174.7
9.4
Personnel expenses
-52.4
-50.9
-2.9
-100.3
-100.4
0.1
EBITDA before restructuring expenses
26.3
28.2
-6.8
47.6
55.4
-14.0
as % of revenue
14.4
14.9
-43 bp
13.7
14.7
-103 bp
EBITDA
23.7
27.0
-12.1
42.7
53.6
-20.3
EBITA before restructuring expenses
21.1
23.9
-11.5
37.2
46.1
-19.3
EBITA
18.5
22.6
-18.1
32.3
44.3
-27.1
EBIT before restructuring expenses
18.6
22.1
-15.7
32.8
42.6
-23.1
EBIT
16.0
20.9
-23.1
25.8
40.8
-36.9
ROCE in % (3rd Party)2
28.8
28.6
20 bp
28.8
28.6
20 bp
1) Additional information: not subject to external audit review.
2) ROCE, as one of the relevant performance indicators, has now been considered as ”ROCE 3rd Party“ (excluding interdivisional effects in the capital employed) at the divisional level.
Change
in revenue in %
Q2 2025*
Q2 2024*
H1 2025
H1 2024
Change compared to prior-year
-4.0
-2.7
-7.5
-1.2
FX effects
-2.4
-4.1
-1.0
-7.0
Acquisitions/divestments
–
–
–
–
Organic
-1.6
1.4
-6.5
5.8
*) Additional information: not subject to external audit review.
FT recorded a significant increase in order intake* of in the first half of 2025 by 18.0 percent (organically by
19.2 percent) to EUR 421.2 million (H1 2024: EUR 357.0 million). Growth in the new machine business was
driven by automated and conventional milking systems as well as manure management solutions. The positive
development in the service business was mainly supported by the hygiene products business. Key contributing
factors included rising milk prices and improved interest rate conditions. All regions except Asia Pacific
showed positive development. The book-to-bill ratio* increased significantly to 1.21 (H1 2024: 0.95).
Revenue decreased by 7.5 percent to EUR 348.9 million (H1 2024: EUR 377.2 million) and is primarily due to
the lower order backlog at the beginning of the current financial year. On an organic basis, the decline
was 6.5 percent. The decrease is in particular related to the new machine business in the DACH & Eastern
Europe as well as in the Western Europe, Middle East & Africa regions. In contrast, North America recorded
revenue growth. The share of service continued to rise due to the lower revenue in the new machine business
and reached 54.7 percent (H1 2024: 47.7 percent).
EBITDA before restructuring expenses fell by 14.0 percent to EUR 47.6 million, mainly due to the decline
in revenue (H1 2024: EUR 55.4 million). The EBITDA margin before restructuring expenses decreased
accordingly to 13.7 percent (H1 2024: 14.7 percent).
ROCE increased to 28.8 percent (H1 2024: 28.6 percent) resulting from lower capital employed.
Second quarter of 2025*
In the second quarter of 2025, order intake rose significantly by 30.7 percent (organically by 34.3 percent)
to EUR 207.0 million. In contrast, revenue was still 4.0 percent (organically 1.6 percent) below the prior-year
figure and amounted to EUR 182.3 million. The service share increased to 51.1 percent. Despite an improved
gross margin EBITDA before restructuring expenses fell by 6.8 percent to EUR 26.3 million due to lower
revenue. The EBITDA margin before restructuring expenses decreased accordingly by 0.4 percentage points
to 14.4 percent.
*) Additional information: not subject to external audit review.
GEA H1 2025
REPORT ON ECONOMIC POSITION
20
Heating & Refrigeration Technologies
Heating & Refrigeration Technologies
(EUR million)
Q2 2025¹
Q2 2024¹
Change
in %
H1 2025
H1 2024
Change
in %
Order intake1
137.2
142.4
-3.6
299.9
305.0
-1.7
Revenue
150.0
143.8
4.3
299.9
282.6
6.2
Share service revenue in %
40.8
38.2
260 bp
40.0
38.7
133 bp
Cost of materials
-74.6
-71.8
-3.9
-145.4
-142.0
-2.4
Personnel expenses
-43.9
-40.2
-9.2
-85.0
-79.1
-7.5
EBITDA before restructuring expenses
20.4
17.9
13.4
41.4
36.5
13.4
as % of revenue
13.6
12.5
109 bp
13.8
12.9
88 bp
EBITDA
20.3
18.9
7.7
41.4
37.7
9.7
EBITA before restructuring expenses
16.8
14.7
14.4
34.4
30.1
14.2
EBITA
16.8
15.6
7.5
34.4
31.3
9.8
EBIT before restructuring expenses
16.5
14.4
14.1
33.7
29.5
14.0
EBIT
16.4
15.3
7.0
33.6
30.7
9.5
ROCE in % (3rd Party)2
57.9
45.5
1,242 bp
57.9
45.5
1,242 bp
1) Additional information: not subject to external audit review.
2) ROCE, as one of the relevant performance indicators, has now been considered as ”ROCE 3rd Party“ (excluding interdivisional effects in the capital employed) at the divisional level.
Change
in revenue in %
Q2 2025¹
Q2 2024¹
H1 2025
H1 2024
Change compared to prior-year
4.3
-0.1
6.2
2.4
FX effects
-1.4
0.5
0.1
0.2
Acquisitions/divestments
–
–
–
-0.3
Organic2
5.8
-0.6
6.0
2.5
1) Additional information: not subject to external audit review.
2) Organic sales growth is calculated on the basis of the revenue reported in the previous year less disposed businesses.
The order intake* of HRT decreased in the first half of 2025 by 1.7 percent to EUR 299.9 million (H1 2024:
EUR 305.0 million), corresponding to an organic decline of 1.7 percent. This was driven in particular by a lower
number of orders in the range of EUR 1 to 5 million than in the same period of the previous year. In regional
terms, there was a decline in demand in North America as well as in North and Central Europe, which was
partially offset by increased demand in DACH & Eastern Europe and Western Europe, Middle East & Africa.
The book-to-bill ratio* decreased to 1.00 (H1 2024: 1.08).
Revenue increased by 6.2 percent (organically 6.0 percent) to EUR 299.9 million (H1 2024: EUR 282.6 million),
driven in particular by the Western Europe, Middle East & Africa region. The service business was expanded
resulting in a higher share of revenue of 40.0 percent (H1 2024: 38.7 percent).
EBITDA before restructuring expenses increased by 13.4 percent to EUR 41.4 million (H1 2024:
EUR 36.5 million). This increase resulted from a higher gross profit due to positive volume and margin effects.
Therefore, EBITDA margin before restructuring expenses improved to 13.8 percent (H1 2024: 12.9 percent).
ROCE showed a significant increase to 57.9 percent (H1 2024: 45.5 percent). This was mainly due to higher
EBIT before restructuring expenses and further improvements of capital employed.
Second quarter of 2025*
The order intake in the second quarter was EUR 137.2 million, a decline of 3.6 percent (organically by
2.2 percent) compared to the prior-year quarter. Revenue increased by 4.3 percent (organically by 5.8 percent)
to EUR 150.0 million. The service share increased to 40.8 percent (Q2 2024: 38.2 percent). EBITDA before
restructuring expenses increased by 13.4 percent to EUR 20.4 million. The corresponding EBITDA margin
rose by 1.1 percentage points to 13.6 percent.
*) Additional information: not subject to external audit review.
GEA H1 2025
REPORT ON ECONOMIC POSITION
21
Other/Consolidation
Others/consolidation
(EUR million)
Q2 2025*
Q2 2024*
Change
in %
H1 2025
H1 2024
Change
in %
Order intake
-55.1
-54.6
-0.9
-103.1
-100.3
-2.7
Revenue
-47.3
-49.1
3.6
-99.6
-102.8
3.0
EBITDA before restructuring expenses
-21.2
-16.1
-31.9
-38.1
-25.7
-48.2
EBITDA
-24.1
-18.2
-32.1
-42.3
-29.6
-42.9
EBITA before restructuring expenses
-25.3
-20.7
-22.1
-43.7
-34.0
-28.4
EBITA
-28.2
-22.9
-23.1
-47.9
-38.0
-26.3
EBIT before restructuring expenses
-28.5
-23.4
-21.7
-49.8
-39.1
-27.3
EBIT
-31.3
-25.5
-22.7
-54.0
-43.0
-25.6
*) Additional information: not subject to external audit review.
The Other/Consolidation segment primarily comprises the support functions (e.g., finance, law, communication,
etc.) for management of the group and the divisions as well as consolidation effects between the segments.
Intra-group order intake and revenue streams are correspondingly eliminated and costs are allocated
according to their source.
The change in EBITDA before restructuring expenses compared to the first six months of the previous year
is due to increased costs in the Global Corporate Center, primarily in connection with the Transform360
program.
GEA H1 2025
OPPORTUNITIES AND RISK REPORT
22
OPPORTUNITIES AND RISK REPORT
There were no significant changes in the overall view of the GEA Group’s opportunities and risks in the
reporting period compared with the Annual Report 2024. Although the global economic situation remains
volatile due to changing conditions in foreign and trade policy between global trading partners, their direct
impact on the group’s business activities can currently still be classified as moderate. A committee of central
and decentralized functions was formed to monitor recent events in the area of tariffs, analyze their impact
on the group and coordinate any measures.
Based on the current assessment, there are no material risks that could individually or in combination jeopardize
the continuation of the GEA group as a going concern. Appropriate measures were taken for known risks
and adequate accounting provisions were made in accordance with the relevant regulations. However, the
existence of further, as yet unidentified risks and opportunities that could influence the business activities of
GEA cannot be completely ruled out. The established continuous monitoring and evaluation processes of GEA
are designed to recognize potential risks and opportunities at an early stage and to identify and implement
suitable measures to mitigate risks and increase opportunities. In this context, the risk and opportunity
landscape is regularly reviewed to enable the group to respond to changes and adjust measures accordingly.
GEA H1 2025
REPORT ON EXPECTED DEVELOPMENTS
23
REPORT ON EXPECTED
DEVELOPMENTS
• Global economy expected to grow by 3.0 percent in 2025
• GEA expects successful second half of 2025 and has raised its forecast for the full-year
This forecast is based on the market projections and other assumptions described in the 2024 Annual Report
under “Economic environment in 2025” as well as other assumptions and further expectations for the second
half of 2025. The outlook is based on the assumption that there will be no significant deterioration or
improvement in the parameters previously described beyond the statements made above that could have a
negative or positive impact on global economic developments or the business performance of GEA.
Economic Environment in 2025
Projection Global GDP in %
World Economic Outlook by the IMF
July 2025
April 2025
January 2025
Worldwide
3.0%
2.8%
3.3%
Advanced Economies
1.5%
1.4%
1.9%
Emerging Markets and Developing Economies
4.1%
3.7%
4.2%
According to recent calculations by the International Monetary Fund (IMF), global growth for 2025 is likely to
slow to 3.0 percent. In January 2025, the IMF had still projected a growth rate of 3.3 percent. The global
economy continues to be weighed down by ongoing uncertainties stemming from armed conflicts as well as
trade and tariff disputes. A further escalation of the geopolitical situation could jeopardize global supply
chains and lead to higher commodity prices. An increase in effective tariff rates could weaken growth.
Despite these risks, the IMF also sees positive developments in its July forecast. For instance, average
effective US tariff rates have so far remained below the expectations set in April. In addition, global stock
markets have recovered, supported by new announcements on tariffs and surprisingly resilient economic
data. Furthermore, the weaker US dollar has given emerging and developing economies additional monetary
policy flexibility.
Nevertheless, the outlook for advanced economies remains subdued overall. The IMF projects growth of
1.5 percent for 2025. For the United States, the IMF expects gross domestic product to rise by 1.9 percent.
This forecast takes into account lower tariffs than assumed in April, as well as short-term positive impetus
from the “One Big Beautiful Bill Act” announced by US President Trump in July, which is intended to stimulate
corporate investment through tax incentives. For the eurozone, the IMF expects 1.0 percent growth, supported
by a stable labor market and inflation close to the target of 2.0 percent.
Emerging markets and developing economies are expected to grow by 4.1 percent. This assessment is
based on stronger-than-expected economic activity in the first half of 2025 and the significant reduction in
tariffs between the US and China. The IMF forecasts growth of 4.8 percent for China, supported by surprisingly
strong exports, which benefited from a weak Renminbi, among other factors. In addition, declines in US
business were more than offset by higher exports to other regions of the world. With expected growth of
6.4 percent, India remains the most dynamic economy among emerging and developing countries.
Global inflation is expected to fall to 4.2 percent in 2025 (2024: 5.6 percent), with considerable differences
between individual countries. While moderate inflation is expected in many large countries, inflation in the
United States is likely to remain above the central bank’s target.
GEA H1 2025
REPORT ON EXPECTED DEVELOPMENTS
24
Business outlook
GEA once again delivered strong operational performance in the first half of the year. Based on further
expectations for the full year 2025, the Executive Board raised its guidance for all forecast parameters on
July 31, 2025. GEA expects organic revenue growth of 2.0 to 4.0 percent (previously: 1.0 to 4.0 percent). The
EBITDA margin before restructuring expenses is forecast to be between 16.2 and 16.4 percent (previously:
15.6 to 16.0 percent) and for the return on capital employed (ROCE) to be between 34.0 and 38.0 percent
(previously: 30.0 to 35.0 percent). GEA continues to assume that global tariff discussions will not have a
material effect on its business performance in 2025.
For the financial year 2025 GEA forcasts for the group:
Outlook financial year 2025
New Forecast
for 2025
Forecast for 2025 according
to Annual Report 2024
FY 2024
Revenue development (organic1)
+2.0% to +4.0%
+1.0% to +4.0%
EUR 5,422 million
EBITDA margin before restructuring expenses
16.2% to 16.4%
15.6% to 16.0%
15.4%
ROCE2
34.0% to 38.0%
30.0% to 35.0%
33.8%
1) Adjusted for portfolio and currency translation effects.
2) Capital Employed as average of the last four quarters.
For the individual divisions GEA is expecting the following developments:
Revenue development (organic*)
New Forecast
for 2025
Forecast for 2025 according
to Annual Report 2024
FY 2024
Separation & Flow Technologies
unchanged
0.0% to +3.0%
EUR 1,581 million
Liquid & Powder Technologies
unchanged
+2.0% to +6.0%
EUR 1,674 million
Food & Healthcare Technologies
unchanged
+5.0% to +8.0%
EUR 1,007 million
Farm Technologies
-7.0% to -1.0%
-12.0% to -6.0%
EUR 773 million
Heating & Refrigeration Technologies
unchanged
+1.0% to +4.0%
EUR 603 million
Consolidation
–
–
EUR -217 million
*) Adjusted for portfolio and currency translation effects.
EBITDA margin before restructuring expenses
New Forecast
for 2025
Forecast for 2025 according
to Annual Report 2024
FY 2024
Separation & Flow Technologies
27.5% to 29.5%
26.5% to 28.5%
27.4%
Liquid & Powder Technologies
unchanged
10.0% to 12.0%
10.6%
Food & Healthcare Technologies
12.5% to 14.5%
11.5% to 13.5%
10.2%
Farm Technologies
14.0% to 16.0%
13.0% to 15.0%
15.3%
Heating & Refrigeration Technologies
unchanged
12.5% to 14.5%
12.9%
Others/Consolidation*
unchanged
-2.0% to -1.5%
-1.3%
*) In percentage of total revenue.
ROCE1 (3rd Party)
New Forecast
for 2025
Forecast for 2025 according
to Annual Report 2024
FY 2024
Separation & Flow Technologies
36.0% to 42.0%
35.0% to 40.0%
38.4%
Liquid & Powder Technologies2
–
–
–
Food & Healthcare Technologies
15.0% to 19.0%
13.0% to 17.0%
11.1%
Farm Technologies
24.0% to 30.0%
22.0% to 28.0%
30.2%
Heating & Refrigeration Technologies
45.0% to 50.0%
38.0% to 44.0%
53.8%
1) Capital Employed as average of the last four quarters.
2) Due to negative capital employed ROCE in 2024 and 2025 is not meaningful.
Further information to the outlook 2025 can be find in the Annual Report 2024 (pages 253 ff).
Düsseldorf, August 6, 2025
The Executive Board
Stefan Klebert
Bernd Brinker
Johannes Giloth
CONDENSED INTERIM
CONSOLIDATED
FINANCIAL STATEMENTS
GEA H1 2025
25
GEA H1 2025
CONSOLIDATED BAL ANCE SHEET
AS OF JUNE 30, 2025
26
Consolidated Balance Sheet
as of June 30, 2025
Assets
(EUR thousand)
12/31/2025
12/31/2024
Property, plant and equipment
931,470
925,441
Goodwill
1,481,245
1,497,351
Other intangible assets
412,684
391,100
Other non-current financial assets
34,812
32,285
Other non-current assets
5,638
7,264
Deferred taxes
311,212
402,672
Non-current assets
3,177,061
3,256,113
Inventories
826,657
775,678
Contract assets
314,184
314,325
Trade receivables
726,061
800,796
Income tax receivables
55,510
50,646
Other current financial assets
64,400
53,100
Other current assets
150,136
131,627
Cash and cash equivalents
297,979
638,313
Assets held for sale
12,938
11,567
Current assets
2,447,865
2,776,052
Total assets
5,624,926
6,032,165
Equity and liabilities
(EUR thousand)
12/31/2025
12/31/2024
Issued capital
520,375
498,194
Capital reserve
1,217,861
1,217,861
Retained earnings
541,805
631,424
Accumulated other comprehensive income
-46,944
76,270
Equity attributable to shareholders of GEA Group AG
2,233,097
2,423,749
Non-controlling interests
395
395
Equity
2,233,492
2,424,144
Non-current provisions
143,817
143,563
Non-current employee benefit obligations
603,277
615,823
Other non-current financial liabilities
158,655
132,764
Non-current contract liabilities
369
2,456
Other non-current liablities
1,847
1,744
Deferred taxes
92,498
91,626
Non-current liabilities
1,000,463
987,976
Current provisions
264,200
270,360
Current employee benefit obligations
224,847
318,030
Other current financial liabilities
304,895
296,204
Trade payables
720,505
807,632
Current contract liabilities
721,782
749,632
Income tax liabilities
51,473
86,725
Other current liabilities
103,269
91,462
Current liabilities
2,390,971
2,620,045
Total equity and liabilities
5,624,926
6,032,165
GEA H1 2025
27
CONSOLIDATED INCOME STATEMENT
FOR THE PERIOD APRIL 1 – JUNE 30, 2025
Consolidated Income Statement
for the period April 1 - June 30, 2025*
(EUR thousand)
Q2 2025
Q2 2024
Change
in %
Revenue
1,311,789
1,323,343
-0.9
Cost of sales
811,437
845,042
-4.0
Gross profit
500,352
478,301
4.6
Selling expenses
157,746
158,579
-0.5
Research and development expenses
30,124
26,966
11.7
General and administrative expenses
160,533
158,508
1.3
Other income
124,207
31,097
> 100
Other expenses
117,294
32,367
> 100
Net result from impairment and reversal of impairment on trade receivables and contract assets
-5,619
-248
< -100
Other financial income
4,815
4,138
16.4
Other financial expenses
4,073
-779
–
Earnings before interest and tax (EBIT)
153,985
136,089
13.2
Interest income
2,807
5,134
-45.3
Interest expense
13,013
13,467
-3.4
Profit before tax from continuing operations
143,779
127,756
12.5
Income taxes
40,979
30,356
35.0
Profit after tax from continuing operations
102,800
97,400
5.5
Profit or loss after tax from discontinued operations
4,228
1,357
> 100
Profit for the period
107,028
98,757
8.4
thereof attributable to shareholders of GEA Group AG
107,028
98,757
8.4
thereof attributable to non-controlling interests
–
–
–
(EUR)
Q2 2025
Q2 2024
Change
in %
Basic and diluted earnings per share from continuing operations
0.63
0.58
9.1
Basic and diluted earnings per share from discontinued operations
0.03
0.01
> 100
Basic and diluted earnings per share
0.66
0.59
12.1
Weighted average number of ordinary shares used to calculate basic and diluted earnings per share (million)
162.8
168.4
-3.3
*) Additional information: not subject to review.
GEA H1 2025
28
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD APRIL 1 – JUNE 30, 2025
Consolidated Statement of Comprehensive Income
for the period April 1 - June 30, 2025*
(EUR thousand)
Q2 2025
Q2 2024
Change
in %
Profit for the period
107,028
98,757
8.4
Items, that will not be reclassified to profit or loss in the future
Actuarial gains/losses on pension and other post-employment benefit obligations
-4,873
15,599
–
thereof changes in actuarial gains and losses
-6,962
21,968
–
thereof tax effect
2,089
-6,369
–
Result from fair value measurement of financial instruments
-82
-316
74.1
thereof changes in unrealized gains and losses
-82
-316
74.1
thereof tax effect
–
–
–
Items, that were reclassified to profit or loss or will be reclassified subsequently
Exchange differences on translating foreign operations
-97,248
12,663
–
thereof changes in unrealized gains and losses
-97,248
12,663
–
thereof realized gains and losses
–
–
–
Result from fair value measurement of financial instruments
572
-273
–
thereof changes in unrealized gains and losses
837
-352
–
thereof tax effect
-265
79
–
Reclassification in profit or loss from fair value measurement of financial instruments
-572
273
–
thereof net result from impairment and reversal of impairment on financial assets
-837
352
–
thereof tax effect
265
-79
–
Result of cash flow hedges
1
–
–
thereof changes in unrealized gains and losses
1
–
–
thereof realized gains and losses
–
–
–
thereof tax effect
–
–
–
Other comprehensive income
-102,202
27,946
–
Total comprehensive income
4,826
126,703
-96.2
of which attributable to GEA Group AG shareholders
4,826
126,703
-96.2
of which attributable to non-controlling interests
–
–
–
*) Additional information: not subject to review.
GEA H1 2025
29
CONSOLIDATED INCOME STATEMENT
FOR THE PERIOD JANUARY 1 – JUNE 30, 2025
Consolidated Income Statement
for the period January 1 – June 30, 2025
(EUR thousand)
H1 2025
H1 2024
Change
in %
Revenue
2,570,230
2,564,508
0.2
Cost of sales
1,595,392
1,652,952
-3.5
Gross profit
974,838
911,556
6.9
Selling expenses
312,657
308,338
1.4
Research and development expenses
57,469
54,592
5.3
General and administrative expenses
319,605
306,135
4.4
Other income
200,340
109,746
82.5
Other expenses
187,850
94,853
98.0
Net result from impairment and reversal of impairment on trade receivables and contract assets
-5,943
-2,879
< -100
Other financial income
6,746
5,081
32.8
Other financial expenses
4,073
1,664
> 100
Earnings before interest and tax (EBIT)
294,327
257,922
14.1
Interest income
6,840
10,768
-36.5
Interest expense
25,997
22,974
13.2
Profit before tax from continuing operations
275,170
245,716
12.0
Income taxes
79,335
59,444
33.5
Profit after tax from continuing operations
195,835
186,272
5.1
Profit or loss after tax from discontinued operations
5,534
3,047
81.6
Profit for the period
201,369
189,319
6.4
thereof attributable to shareholders of GEA Group AG
201,369
189,319
6.4
thereof attributable to non-controlling interests
–
–
–
(EUR)
H1 2025
H1 2024
Change
in %
Basic and diluted earnings per share from continuing operations
1.20
1.10
8.8
Basic and diluted earnings per share from discontinued operations
0.03
0.02
87.9
Basic and diluted earnings per share
1.23
1.12
10.0
Weighted average number of ordinary shares used to calculate basic and diluted earnings per share (million)
163.5
169.1
-3.3
GEA H1 2025
30
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD JANUARY 1 – JUNE 30, 2025
Consolidated Statement of Comprehensive Income
for the period January 1 – June 30, 2025
(EUR thousand)
H1 2025
H1 2024
Change
in %
Profit for the period
201,369
189,319
6.4
Items, that will not be reclassified to profit or loss in the future
Actuarial gains/losses on pension and other post-employment benefit obligations
8,817
21,228
-58.5
thereof changes in actuarial gains and losses
12,723
30,245
-57.9
thereof tax effect
-3,906
-9,017
56.7
Result from fair value measurement of financial instruments
-82
-316
74.1
thereof changes in unrealized gains and losses
-82
-316
74.1
thereof tax effect
–
–
–
Items, that were reclassified to profit or loss or will be reclassified subsequently
Exchange differences on translating foreign operations
-123,877
17,675
–
thereof changes in unrealized gains and losses
-123,877
17,675
–
thereof realized gains and losses
–
–
–
Result from fair value measurement of financial instruments
703
-1,126
–
thereof changes in unrealized gains and losses
1,033
-1,545
–
thereof tax effect
-330
419
–
Reclassification in profit or loss from fair value measurement of financial instruments
-703
1,126
–
thereof net result from impairment and reversal of impairment on financial assets
-1,033
1,545
–
thereof tax effect
330
-419
–
Result of cash flow hedges
–
22
–
thereof changes in unrealized gains and losses
–
–
–
thereof realized gains and losses
–
32
–
thereof tax effect
–
-10
–
Other comprehensive income
-115,142
38,609
–
Total comprehensive income
86,227
227,928
-62.2
thereof attributable to GEA Group AG shareholders
86,227
227,928
-62.2
thereof attributable to non-controlling interests
–
–
–
GEA H1 2025
31
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD APRIL 1 - JUNE 30, 2025
Consolidated Statement of Cash Flows
for the period April 1 - June 30, 20251
(EUR thousand)
Q2 2025
Q2 2024
Profit for the period
107,028
98,757
plus income taxes
40,979
30,356
plus-/minus profit or loss after tax from discontinued operations
-4,228
-1,357
Profit before tax from continuing operations
143,779
127,756
Net interest income
10,206
8,333
Earnings before interest and tax (EBIT)
153,985
136,089
Depreciation, amortization, impairment losses, and reversal of impairment losses on non-current assets
53,882
49,442
Other non-cash income and expenses
-6,206
6,134
Employee benefit obligations from defined benefit pension plans
-9,878
-11,416
Change in provisions and other employee benefit obligations
32,544
9,099
Losses and disposal of non-current assets
-1,447
7,438
Change in inventories including unbilled construction contracts2
-26,643
-52,031
Change in trade receivables
-32,066
11,500
Change in trade payables
16,680
12,802
Change in other operating assets and liabilities/Other non-cash transactions
-76,697
-23,062
Tax payments
-21,749
-28,675
Cash flow from operating activities of continued operations
82,405
117,320
Cash flow from operating activities of discontinued operations
574
-491
Cash flow from operating activities
82,979
116,829
Proceeds from disposal of non-current assets
2,415
1,325
Payments to acquire property, plant and equipment, and intangible assets
-58,729
-41,333
Payments from/to non-current financial assets
7,235
-855
Interest income
2,760
2,807
Dividend income
1,913
1,968
Proceeds from sale of subsidiaries and other businesses
–
2,022
Cash flow from investing activities of continued operations
-44,406
-34,066
Cash flow from investing activities of discontinued operations
2,890
-32
Cash flow from investing activities
-41,516
-34,098
(EUR thousand)
Q2 2025
Q2 2024
Dividend payments
-187,222
-168,566
Payments for acquisition of treasury shares
-34,564
-60,556
Payments from lease liabilities
-18,278
-16,574
Repayments of finance loans
–
-869
Proceeds from the taking up of financial loans
144,051
–
Interest payments
-5,501
-2,491
Cash flow from financing activities of continued operations
-101,514
-249,056
Cash flow from financing activities of discontinued operations
–
–
Cash flow from financing activities
-101,514
-249,056
Effect of exchange rate changes on cash and cash equivalents
-12,736
-2,607
Change in cash and cash equivalents
-72,787
-168,932
Cash and cash equivalents at beginning of period
370,766
482,049
Cash and cash equivalents total
297,979
313,117
thereof restricted cash and cash equivalents
24,329
15,734
Cash and cash equivalents reported in the balance sheet
297,979
313,117
1) Additional Information: not subject to external auditor review.
2) Including advanced payments received.
GEA H1 2025
32
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD JANUARY 1 - JUNE 30, 2025
Consolidated Statement of Cash Flows
for the period January 1 - June 30, 2025
(EUR thousand)
H1 2025
H1 2024
Profit for the period
201,369
189,319
plus income taxes
79,335
59,444
plus-/minus profit or loss after tax from discontinued operations
-5,534
-3,047
Profit before tax from continuing operations
275,170
245,716
Net interest income
19,157
12,206
Earnings before interest and tax (EBIT)
294,327
257,922
Depreciation, amortization, impairment losses, and reversal of impairment losses on non-current assets
104,475
100,250
Other non-cash income and expenses
6,889
10,557
Employee benefit obligations from defined benefit pension plans
-22,288
-21,791
Change in provisions and other employee benefit obligations
-85,571
-69,553
Losses and disposal of non-current assets
-1,736
-6,104
Change in inventories including unbilled construction contracts*
-87,773
-88,864
Change in trade receivables
41,624
23,248
Change in trade payables
-56,846
-77,484
Change in other operating assets and liabilities/Other non-cash transactions
-73,678
-4,683
Tax payments
-54,791
-48,402
Cash flow from operating activities of continued operations
64,632
75,096
Cash flow from operating activities of discontinued operations
574
-1,174
Cash flow from operating activities
65,206
73,922
Proceeds from disposal of non-current assets
6,051
15,581
Payments to acquire property, plant and equipment, and intangible assets
-91,630
-68,467
Payments from/to non-current financial assets
8,004
-855
Interest income
6,751
6,411
Dividend income
1,913
1,973
Payments from company acquisitions
-6,493
-5,970
Proceeds from sale of subsidiaries and other businesses
–
2,022
Cash flow from investing activities of continued operations
-75,404
-49,305
Cash flow from investing activities of discontinued operations
2,890
-97
Cash flow from investing activities
-72,514
-49,402
(EUR thousand)
H1 2025
H1 2024
Dividend payments
-187,222
-168,566
Payments for acquisition of treasury shares
-120,048
-122,137
Payments from lease liabilities
-35,787
-34,050
Repayments of borrower‘s note loans
-100,000
–
Repayments of finance loans
-2,657
-1,393
Proceeds from the taking up of financial loans
144,051
–
Interest payments
-11,574
-5,935
Cash flow from financing activities of continued operations
-313,237
-332,081
Cash flow from financing activities of discontinued operations
–
–
Cash flow from financing activities
-313,237
-332,081
Effect of exchange rate changes on cash and cash equivalents
-19,789
-3,208
Change in cash and cash equivalents
-340,334
-310,769
Cash and cash equivalents at beginning of period
638,313
623,886
Cash and cash equivalents total
297,979
313,117
thereof restricted cash and cash equivalents
24,329
15,734
Cash and cash equivalents reported in the balance sheet
297,979
313,117
*) Including advanced payments received.
GEA H1 2025
33
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
AS OF JUNE 30, 2025
Consolidated Statement of Changes in Equity
as of June 30, 2025
Accumulated other comprehensive income
(EUR thousand)
Issued capital
Capital reserves
Retained earnings
Translation of
foreign operations
Result from fair value
measurement of
financial instruments
Result of
cash flow hedges
Equity attributable
to shareholders of
GEA Group AG
Non-controlling
interests
Total
Balance at 01/01/2024
(170,879,493 shares)¹
515,992
1,217,861
628,487
39,109
-4,119
-21
2,397,309
412
2,397,721
Profit for the period
–
–
189,319
–
–
–
189,319
–
189,319
Other comprehensive income
–
–
21,228
17,675
-316
22
38,609
–
38,609
Total comprehensive income
–
–
210,547
17,675
-316
22
227,928
–
227,928
Purchase of treasury shares
-10,512
–
-133,390
–
–
–
-143,902
–
-143,902
Dividend payment by GEA Group AG
–
–
-168,566
–
–
–
-168,566
–
-168,566
Adjustment hyperinflation²
–
–
3,069
146
–
–
3,215
–
3,215
Changes in combined Group
–
–
1,147
–
–
–
1,147
–
1,147
Change in other non-controlling interests
–
–
–
–
–
–
–
-1
-1
Balance at 06/30/2024
(167,398,347 shares)¹
505,480
1,217,861
541,294
56,930
-4,435
1
2,317,131
411
2,317,542
Balance at 01/01/2025
(164,985,228 shares)¹
498,194
1,217,861
631,424
80,765
-4,495
–
2,423,749
395
2,424,144
Profit for the period
–
–
201,369
–
–
–
201,369
–
201,369
Other comprehensive income
–
–
8,817
-123,877
-82
–
-115,142
–
-115,142
Total comprehensive income
–
–
210,186
-123,877
-82
–
86,227
–
86,227
Purchase/cancellation of treasury shares
22,181
–
-117,877
–
–
–
-95,696
–
-95,696
Dividend payment by GEA Group AG
–
–
-187,222
–
–
–
-187,222
–
-187,222
Adjustment hyperinflation²
–
–
5,294
745
–
–
6,039
–
6,039
Changes in combined Group
–
–
–
–
–
–
–
–
–
Change in other non-controlling interests
–
–
–
–
–
–
–
–
–
Balance at 06/30/2025
(162,801,664 shares)¹
520,375
1,217,861
541,805
-42,367
-4,577
–
2,233,097
395
2,233,492
1) Outstanding shares.
2) Effect of accounting for hyperinflation in Argentina and Turkey.
GEA H1 2025
34
NOTES TO THE CONDENSED INTERIM
CONSOLIDATED FINANCIAL STATEMENTS
NOTES TO THE CONDENSED INTERIM
CONSOLIDATED FINANCIAL STATEMENTS
1.
Reporting principles
1.1
Basis of presentation
The condensed interim consolidated financial statements of GEA Group Aktiengesellschaft, Peter-Müller-
Straße 12, 40468 Düsseldorf/Germany (entry HRB 65691 in the commercial register of the Local Court of
Düsseldorf) and the interim financial statements of the subsidiaries included in the condensed interim
consolidated financial statements were prepared in accordance with the International Financial Reporting
Standards (IFRS) and related Interpretations issued by the International Accounting Standards Board (IASB),
as adopted by the EU for interim financial reporting in accordance with Regulation (EC) No. 1606/2002 of the
European Parliament and the Council on the application of international accounting standards. In accordance
with IAS 34, the condensed interim consolidated financial statements do not contain all the information and
disclosures required by the IFRS for full-year consolidated financial statements.
The condensed interim consolidated financial statements and interim group management report as of
June 30, 2025, have been reviewed by an auditor. The Executive Board released them for publication on
August 6, 2025.
The condensed interim consolidated financial statements were prepared in euros (EUR). All amounts, including
the comparative figures, are presented in thousands of euros (EUR thousand), except for the segment
reporting. All amounts have been rounded to the nearest whole number using standard rounding rules. Adding
together individual amounts may therefore result in a difference in the order of EUR 1 thousand in some
instances.
With the exception of the regulations applicable for the first time as of January 1, 2025, the accounting
policies applied to these condensed interim consolidated financial statements are the same as those applied
as of December 31, 2024, and are described in detail on pages 314 to 327 of the Annual Report 2024, which
contains the IFRS consolidated financial statements of GEA.
GEA H1 2025
35
NOTES TO THE CONDENSED INTERIM
CONSOLIDATED FINANCIAL STATEMENTS
1.2
First-time adoption of financial reporting standards
The financial reporting standards presented below were applied by GEA for the first time in the year under
review:
Standard/Interpretation
Applicable to financial years
beginning on or after
IAS 21
Amendments to IAS 21 “The Effects of Changes in Foreign
Exchange Rates” – Lack of Exchangeability
(issued by the IASB in August 2023)
January 1, 2025
The initial application of this reporting standard had no material impact on the interim consolidated financial
statements.
1.3
Financial reporting standards not yet applied
The financial reporting standards and interpretations, as well as amendments to existing standards and
interpretations presented below, were already issued at the time that the condensed interim consolidated
financial statements as of June 30, 2025, were being prepared but were not yet mandatory.
Unless otherwise stated, the new standards and interpretations have been adopted into EU law. GEA will not
be applying the new standards and interpretations prematurely.
Standard/Interpretation
Applicable to financial years
beginning on or after
IFRS 10 and IAS 28
Amendments to IFRS 10 and IAS 28 - Sale or Contribution of
Assets between an Investor and its Associate or Joint Venture
(issued by the IASB in September 2014)
Initial application date
postponed indefinitely by IASB
IFRS 1, IFRS 7, IFRS 9, IFRS 10
and IAS 7
Changes from annual improvements
(issued by the IASB in July 2024)
January 1, 2026
IFRS 9 and IFRS 7
Amendments to IFRS 9 and IFRS 7 -
“Classification and Measurement of Financial Instruments”
(issued by the IASB in May 2024)
“Contracts referencing nature-dependent Electricity”
(issued by the IASB in December 2024)
January 1, 2026
IFRS 18
IFRS 18 - “Presentation and Disclosure in
Financial Statements”
(issued by the IASB in April 2024)
January 1, 2027
(subject to endorsement by the EU)
IFRS 19
IFRS 19 - “Subsidiaries without Public Accountability:
Disclosures”
(issued by the IASB in May 2024)
January 1, 2027
(subject to endorsement by the EU)
GEA is currently examining the impact of the revised accounting standards on the consolidated financial
statements. The potential impact of IFRS 18 with regard to the changed requirements in the presentation and
disclosures in the consolidated financial statements is currently being analyzed. Moreover, GEA does not
currently expect the first-time application of the other standards to have a material impact on the consolidated
financial statements.
GEA H1 2025
36
NOTES TO THE CONDENSED INTERIM
CONSOLIDATED FINANCIAL STATEMENTS
1.4
Interim Reporting Principles
These condensed interim consolidated financial statements present a true and fair view of the company’s net
assets, financial position and results of operations in the reporting period.
The preparation of condensed interim consolidated financial statements requires management to make
certain estimates and assumptions that may affect the company’s assets, liabilities, provisions, deferred tax
assets and liabilities, as well as its income and expenses. Although the estimates and assumptions have been
made carefully and in good faith and are continuously reviewed, actual amounts may differ from the estimates
used in the condensed interim consolidated financial statements.
Factors that may cause amounts to fall below expectations include a deterioration in the global economic
situation, geopolitical developments, movements in exchange rates and interest rates, as well as material
litigation and changes in environmental or other legislation. Errors in internal operating procedures, the loss
of customer orders and rising borrowing costs may also adversely affect the group’s future performance.
2. Basis of consolidation
The consolidated group changed as follows in the first half of 2025:
Number
of companies
Consolidated Group as of 12/31/2024
173
German companies (including GEA Group AG)
24
Foreign companies
149
Merger
-1
Liquidation
-2
Other Deconsolidation
-3
Consolidated Group as of 12/31/2025
167
German companies (including GEA Group AG)
24
Foreign companies
143
A total of 39 subsidiaries (as of December 31, 2024: 36) were not consolidated since their effect on the group’s
net assets, financial position and results of operations is immaterial – even when viewed in the aggregate.
GEA H1 2025
37
NOTES TO THE CONDENSED INTERIM
CONSOLIDATED FINANCIAL STATEMENTS
3. Balance sheet disclosures
3.1 Financial instruments
The following table shows the carrying amount and fair values of financial assets and financial liabilities as of
June 30, 2025, including their levels in the fair value hierarchy. In cases where a financial instrument is not
measured at fair value and the carrying amount presents a reasonable approximation of its fair value, the
latter is not disclosed separately.
Carrying amount
Fair value
(EUR thousand)
Total
06/30/2025
Amortized cost
Fair value through
profit or loss
Fair value
recognized in other
comprehensive
income
Total
06/30/2025
Level 1
Level 2
Level 3
Assets
Trade receivables
726,061
640,189
–
85,872
85,872
–
85,872
–
Cash and cash equivalents
297,979
297,979
–
–
–
–
–
–
Other investments
407
–
–
407
407
–
–
407
Other securities
7,804
–
7,804
–
7,804
–
–
7,804
Derivatives not included in a hedging relationship
14,592
–
14,592
–
14,592
–
14,592
–
Contingent assets
450
–
450
–
450
–
–
450
Remaining other financial assets
75,959
75,959
–
–
–
–
–
–
Liabilities
Trade payables
720,505
720,505
–
–
–
–
–
–
Bonds and other securitized liabilities
–
–
–
–
–
–
–
–
Liabilities to banks
144,312
144,312
–
–
144,312
–
144,312
–
Lease liabilities
213,421
213,421
–
–
–
–
–
–
Derivatives not included in a hedging relationship
5,365
–
5,365
–
5,365
–
5,365
–
Contingent consideration
1,289
–
1,289
–
1,289
–
–
1,289
Remaining other financial liabilities
99,163
99,163
–
–
11,816
–
11,816
–
GEA H1 2025
38
NOTES TO THE CONDENSED INTERIM
CONSOLIDATED FINANCIAL STATEMENTS
Carrying amount
Fair value
(EUR thousand)
Total
12/31/2024
Amortized cost
Fair value through
profit or loss
Fair value
recognized in other
comprehensive
income
Total
12/31/2024
Level 1
Level 2
Level 3
Assets
Trade receivables
800,796
715,106
–
85,690
85,690
–
85,690
–
Cash and cash equivalents
638,313
638,313
–
–
–
–
–
–
Other investments
484
–
–
484
484
–
–
484
Other securities
8,651
–
8,651
–
8,651
–
–
8,651
Derivatives not included in a hedging relationship
5,141
–
5,141
–
5,141
–
5,141
–
Contingent assets
–
–
–
–
–
–
–
–
Remaining other financial assets
71,109
71,109
–
–
–
–
–
–
Liabilities
Trade payables
807,632
807,632
–
–
–
–
–
–
Bonds and other securitized liabilities
101,209
101,209
–
–
100,870
–
100,870
–
Liabilities to banks
2,990
2,990
–
–
2,697
–
2,697
–
Lease liabilities
190,577
190,577
–
–
–
–
–
–
Derivatives not included in a hedging relationship
10,760
–
10,760
–
10,760
–
10,760
–
Contingent consideration
874
–
874
–
874
–
–
874
Remaining other financial liabilities
122,558
122,558
–
–
11,573
–
11,573
–
GEA H1 2025
39
NOTES TO THE CONDENSED INTERIM
CONSOLIDATED FINANCIAL STATEMENTS
Financial assets and liabilities that are measured at fair value, or for which a fair value is disclosed in the notes
to the consolidated financial statements, are required to be categorized according to the fair value hierarchy.
Categorization within the levels of the fair value hierarchy is based on the measurement of the underlying
inputs:
Level 1 inputs: quoted prices (unadjusted) in active markets for identical financial assets and liabilities.
Level 2 inputs: quoted market prices that are observable as direct (prices) or indirect (derived from prices)
inputs used to measure fair value and that are not quoted prices as defined by Level 1.
Level 3 inputs: inputs that are not based on observable market data.
There were no transfers into or out of the levels of the fair value hierarchy in the first six months of financial
year 2025.
The fair values of trade receivables and trade payables, cash and cash equivalents, term deposits, remaining
other financial assets as well as remaining other financial liabilities essentially correspond to the carrying
amounts; this is due to the predominantly short remaining maturities. The decrease in cash equivalents is
mainly due to the share buyback program completed in the second quarter of 2025.
Due to existing factoring agreements, trade receivables that have not been derecognized are measured at fair
value. The fair value is calculated based on yield curves observable in the market. These are categorized
within Level 2 of the fair value hierarchy.
Derivatives comprise solely currency derivatives. Fair value is determined on the basis of quoted foreign
exchange rates, taking into account forward premiums and discounts observable in the market. Accordingly,
these are categorized within Level 2 of the fair value hierarchy.
Other financial receivables from the conditional purchase price retention for the sale of the Italian GEA
Refrigeration in the amount of EUR 450 thousand are allocated to Level 3 of the fair value hierarchy. The fair
value of this contingent receivable is determined by means of present value calculations, which take into
account various inputs that are not observable in the market and are based to a large extent on corporate
planning, as specified in the respective purchase price clauses.
Among other things, a previously impaired receivable from the former raw materials activities was allocated
to Level 3 financial instruments, which was classified as other securities whose fair value is determined by
means of a present value calculation on the basis of the debtor’s payment plan.
As the debtor operates a copper mine, its payment plan is influenced by the price of copper. Gains and losses
from the subsequent measurement of the receivable are carried in profit or loss from discontinued operations.
The following table shows the changes in fair value in the first half of 2025:
(EUR thousand)
Fair value 01/01/2025
3,433
Redemption
-358
Interest income
65
Currency translation
-228
Fair value 06/30/2025
2,912
As of June 30, 2025, the main non-observable input factors of the above-mentioned receivable consisted
of expected annual cash inflows of between EUR 344 thousand and EUR 2,642 thousand and an average,
risk-adjusted discount rate of 5.6 percent.
A potential change in one of the main non-observable input factors could have affected the fair values of the
receivables as follows (the other input factors remaining the same):
06/30/2025
Profit and Loss
(EUR thousand)
Increase
Decrease
Expected cash flows (10% movement)
291
-291
Risk-adjusted discount rate (movement 100 basis points)
-13
13
GEA H1 2025
40
NOTES TO THE CONDENSED INTERIM
CONSOLIDATED FINANCIAL STATEMENTS
GEA has invested in a fund that primarily invests in innovative food technologies. The fund shares are assigned
to Level 3 of the fair value hierarchy and are reported as other securities. The fair value is determined using
the International Private Equity and Venture Capital Valuation Guidelines (IPEV Valuation Guidelines), which
provide guidance on typical issues in the valuation of unlisted equity instruments and investment funds. In
valuing the fund’s shares, the price of recent transactions is taken into account and performance is analyzed
to reflect any value adjustments since the most recent transaction.
The following table shows the changes in fair value in the first half of 2025:
(EUR thousand)
Fair value 01/01/2025
5,218
Currency translation
-586
Revaluation
260
Fair value 06/30/2025
4,892
As of June 30, 2025, the main unobservable input factor is the ‘Net Total Value to Paid-in-Capital’ multiplier.
This multiplier indicates the ratio of the value of fund shares plus dividends to paid in capital.
Other equity investments of GEA that are measured at fair value through other comprehensive income upon
their initial recognition as financial assets were also allocated to Level 3 of the hierarchy. Their fair value is
determined by using inputs that are not based on observable market data.
Equity investment of GEA in an asset management company is also reported under other investments and
allocated to Level 3 of the fair value hierarchy. The fair value is determined in accordance with the IPEV
Valuation Guidelines using the sum of the parts method.
The following table shows the changes in fair value in the first half of 2025:
(EUR thousand)
Fair value 01/01/2025
237
Revaluation
-82
Fair value 06/30/2025
155
As of June 30, 2025, the main unobservable input parameters are the value of the investments held by the
company in other entities.
Other financial liabilities from contingent purchase price payments mainly consist of the acquisition of shares
and voting rights in the Northern Irish company CattleEye in the amount of EUR 1,089 thousand and are
allocated to Level 3 of the fair value hierarchy. The fair value is determined in the same way as the conditional
purchase price retention. The fair value of this contingent liability is determined by means of present value
calculations, which take into account various inputs that are not observable in the market as specified in the
respective purchase price clauses.
The fair value of the borrower’s note loan in the amount of EUR 101.2 million, which was repaid as scheduled
in the first half of 2025, and of the liabilities to banks is based of the yield curve, taking into account credit
spreads. They are therefore categorized within Level 2 of the fair value hierarchy. The interest accrued to the
balance sheet date is included in the fair value. As of June 30, 2025, there were current, variable-interest
liabilities to banks in the amount of EUR 144.3 million.
Included in remaining other financial liabilities is a contractual obligation undertaken in the context of a
company acquisition. The fair value of this debt instrument is determined based on the contractually fixed
cash flows using the “ultimate forward rate” published by the European Insurance and Occupational Pensions
Authority. Accordingly, it is assigned to Level 2 of the fair value hierarchy.
GEA H1 2025
41
NOTES TO THE CONDENSED INTERIM
CONSOLIDATED FINANCIAL STATEMENTS
3.2 Equity
The subscribed capital of GEA Group Aktiengesellschaft was EUR 520,376 thousand as of June 30, 2025
(previous year: EUR 520,376 thousand). The shares are bearer shares and are divided into 162,801,664
no-par value shares (previous year: 172,331,076). All shares are fully paid in.
The share buyback program launched in November 2023 with a total volume of around EUR 400 million was
completed as planned in the first half of 2025. As part of the second tranche of the share buyback program,
which was launched on June 3, 2024, a total of 5,378,681 shares were bought back for around EUR 250 million,
of which a total of 2,183,564 shares for around EUR 115.7 million are attributable to the first half of 2025.
Since the start of the program on November 9, 2023, up to and including April 11, 2025, a total of
9,529,412 treasury shares were acquired at an average price of EUR 41.98. These shares were redeemed
on May 21, 2025, without reducing the subscribed capital, decreased the total number of GEA shares
to 162,801,664.
The obligation recognized in connection with the share buyback program for irrevocable repurchase
commitments to the financial service provider and reported under other financial liabilities in the amount of
EUR 20.2 million, was derecognized without affecting profit or loss upon completion of the share buyback
program. In the financial year EUR 2.6 million in interest expense from the valuation of the irrevocable
repurchase obligation was recognized in profit or loss.
4. Consolidated income statement disclosures
Income tax expense
The income taxes disclosed in the interim reporting period were calculated using a tax rate of 28.8 percent
(interim reporting period in the previous year: 24.2 percent). This is based on an estimate of the weighted
average income tax rate expected, taking into account country-specific factors for the full year 2025.
Non-recurring effects – measured based on their actual tax effect at the time they arose – are also considered.
GEA H1 2025
42
NOTES TO THE CONDENSED INTERIM
CONSOLIDATED FINANCIAL STATEMENTS ‑
5.
Other Disclosures
Dividends
In the first half of 2025, GEA paid out dividends on ordinary shares in the amount of
EUR 187,222 thousand (previous year: EUR 168,566 thousand).
Foreign currency translation difference
In the first half of 2025 the recognized change in exchange differences on translating foreign operations
amounted to EUR -123,877 thousand (previous year: EUR 17,675 thousand) and resulted primarily from the
rise of the euro against the US dollar.
Actuarial gains and losses on pension and other post-employment benefit obligations
The actuarial gains on pensions and other post-employment benefit obligations of EUR 8,817 thousand
(previous year: actuarial gains of EUR 21,228 thousand) (after taxes) recognized in other comprehensive
income in the first six months of 2025 were the result of an increase in the discount rates to be used for
measuring pension provisions in Germany and the UK as well as a decrease in the USA (Germany: increase of 20 basis
points, UK: increase of 10 basis points, USA: down 20 basis points since December 31, 2024).
Cash flow disclosures
The inflation effect (loss of purchasing power) on the opening balance of cash and cash equivalents
not recognized in the cash flow statement amounts to EUR 1,282 thousand as of June 30, 2025 (previous
year: EUR 4,748 thousand).
6.
Segment Reporting
The business activities of GEA are divided into five divisions, which are organized based on similar techno-
logies, as follows:
Segment
Activities
Separation & Flow Technologies
Manufacture of process-related components and machinery, notably separators,
decanters, homogenizers, valves,and pumps.
Liquid & Powder Technologies
Process solutions for the dairy, new-food, beverage, food, chemical, and other
industries; the portfolio includes brewing systems, liquid processing, and filling,
concentration, fermentation, crystallization, purification, drying, powder handling,
and packaging, as well as systems for carbon capture, and emission control.
Food & Healthcare Technologies
Solutions for secondary food processing and the pharmaceutical industry, for example
preparing, marinating, and further processing of meat, poultry, seafood, and vegan
products, snack and pasta as well as bakery production, slicing, and packaging lines,
and freeze drying, granulators, and tablet presses for the pharmaceutical industry.
Farm Technologies
Integrated customer solutions for efficient, sustainable, and high-quality milk
production, and livestock farming, e.g., automatic milking and feeding systems,
conventional milking solutions, manure handling, and digital herd management tools.
Heating & Refrigeration Technologies
Sustainable and energy-saving solutions in the field of industrial refrigeration, and
heating for a wide array of industries including food, beverage, dairy, oil, and gas as well
as extensive supporting automation, digital, and service platforms.
A Global Corporate Center bundles all supporting management and administrative functions and performs
the management functions for the entire group. The functions bundled in the Global Corporate Center do not
constitute independent operating segments. The operating expenses of the Global Corporate Center are
allocated, where possible, to the divisions.
Activities that are not part of core business are not disclosed in the data of the divisions. This includes
liabilities related to discontinued operations. Together with the functions bundled in the Global Corporate
Center, they are reported below as “Others”.
The breakdown into divisions is consistent with internal management and reporting to the Executive Board
and Supervisory Board.
GEA H1 2025
43
NOTES TO THE CONDENSED INTERIM
CONSOLIDATED FINANCIAL STATEMENTS
(EUR million)
Separation & Flow
Technologies
Liquid & Powder
Technologies
Food & Healthcare
Technologies
Farm Technologies
Heating & Refrigeration
Technologies
Total Segments
Others
Consolidation
GEA
Q2 2025*
Order intake
411.2
346.0
262.9
207.0
137.2
1,364.3
–
-55.1
1,309.1
External revenue
351.9
378.1
256.6
181.7
143.6
1,311.8
–
–
1,311.8
Intersegment revenue
32.7
1.9
5.6
0.6
6.4
47.3
–
-47.3
–
Total revenue
384.6
380.0
262.2
182.3
150.0
1,359.1
–
-47.3
1,311.8
Cost of materials
-110.1
-188.0
-110.6
-85.4
-74.6
-568.7
–
48.2
-520.5
Personnel expenses
-119.0
-125.1
-79.7
-52.4
-43.9
-420.1
-18.2
–
-438.3
EBITDA before restructuring expenses
116.5
40.2
34.6
26.3
20.4
238.0
-21.9
0.7
216.7
as % of revenue
30.3
10.6
13.2
14.4
13.6
17.5
–
–
16.5
EBITDA
115.3
38.8
33.9
23.7
20.3
231.9
-24.7
0.7
207.9
EBITA before restructuring expenses
104.2
33.8
28.3
21.1
16.8
204.3
-26.0
0.7
179.0
as % of revenue
27.1
8.9
10.8
11.6
11.2
15.0
–
–
13.6
EBITA
103.0
32.4
27.6
18.5
16.8
198.3
-28.8
0.7
170.1
EBIT before restructuring expenses
101.9
31.4
22.9
18.6
16.5
191.3
-29.1
0.7
162.9
as % of revenue
26.5
8.3
8.7
10.2
11.0
14.1
–
–
12.4
EBIT
100.7
30.0
22.2
16.0
16.4
185.3
-32.0
0.7
154.0
as % of revenue
26.2
7.9
8.5
8.8
10.9
13.6
–
–
11.7
Additions to property, plant and equipment and intangible assets
8.8
3.6
7.1
6.2
4.9
30.7
79.0
–
109.7
Depreciation and amortization
-14.6
-8.5
-11.4
-7.0
-3.9
-45.4
-5.9
–
-51.3
Impairment losses and reversals of impairments
–
-0.3
-0.3
-0.7
–
-1.2
-1.3
–
-2.6
*) Additional information: not subject to external audit review.
GEA H1 2025
44
NOTES TO THE CONDENSED INTERIM
CONSOLIDATED FINANCIAL STATEMENTS
(EUR million)
Separation & Flow
Technologies
Liquid & Powder
Technologies
Food & Healthcare
Technologies
Farm Technologies
Heating & Refrigeration
Technologies
Total Segments
Others
Consolidation
GEA
Q2 2024*
Order intake
389.1
400.0
254.2
158.3
142.4
1,344.1
–
-54.6
1,289.4
External revenue
351.3
412.0
234.1
189.0
136.9
1,323.3
–
–
1,323.3
Intersegment revenue
31.5
4.1
5.6
0.9
6.9
49.1
–
-49.1
–
Total revenue
382.8
416.2
239.7
190.0
143.8
1,372.4
–
-49.1
1,323.3
Cost of materials
-110.9
-216.8
-96.9
-87.3
-71.8
-583.7
–
50.3
-533.4
Personnel expenses
-119.4
-130.6
-77.1
-50.9
-40.2
-418.2
-17.4
0.0
-435.6
EBITDA before restructuring expenses
104.3
42.6
23.6
28.2
17.9
216.7
-14.6
-1.5
200.6
as % of revenue
27.3
10.2
9.8
14.9
12.5
15.8
–
–
15.2
EBITDA
101.9
31.8
24.2
27.0
18.9
203.8
-16.7
-1.5
185.5
EBITA before restructuring expenses
93.2
36.2
17.2
23.9
14.7
185.1
-19.2
-1.5
164.4
as % of revenue
24.3
8.7
7.2
12.6
10.2
13.5
–
–
12.4
EBITA
90.8
25.4
17.8
22.6
15.6
172.2
-21.4
-1.5
149.3
EBIT before restructuring expenses
91.8
34.2
12.0
22.1
14.4
174.5
-21.9
-1.5
151.1
as % of revenue
24.0
8.2
5.0
11.6
10.0
12.7
–
–
11.4
EBIT
89.4
23.4
12.6
20.9
15.3
161.6
-24.0
-1.5
136.1
as % of revenue
23.4
5.6
5.3
11.0
10.7
11.8
–
–
10.3
Additions to property, plant and equipment and intangible assets
9.9
15.6
18.5
6.6
4.7
55.3
14.8
–
70.1
Depreciation and amortization
-12.6
-8.4
-12.7
-6.1
-3.5
-43.3
-6.6
–
-50.0
Impairment losses and reversals of impairments
–
–
1.2
–
–
1.2
-0.6
–
0.5
*) Additional information: not subject to external audit review.
The recognition and measurement policies for assets and liabilities of the divisions, and hence also for working capital, are the same as those used in the group and described in the accounting policies section of the
Annual Report 2024.
GEA H1 2025
45
NOTES TO THE CONDENSED INTERIM
CONSOLIDATED FINANCIAL STATEMENTS
(EUR million)
Separation & Flow
Technologies
Liquid & Powder
Technologies
Food & Healthcare
Technologies
Farm Technologies
Heating & Refrigeration
Technologies
Total Segments
Others
Consolidation
GEA
H1 2025
Order backlog1
614.4
1,451.7
657.4
235.3
238.3
3,197.2
–
-65.7
3,131.4
Order intake1
822.5
752.7
530.7
421.2
299.9
2,827.1
–
-103.1
2,724.0
External revenue
697.3
739.0
499.8
346.9
287.3
2,570.2
–
–
2,570.2
Intersegment revenue2
65.8
5.4
13.7
2.1
12.7
99.6
–
-99.6
–
Total revenue2
763.1
744.5
513.4
348.9
299.9
2,669.9
–
-99.6
2,570.2
Cost of materials
-231.3
-367.1
-209.7
-158.2
-145.4
-1,111.7
-0.5
99.6
-1,012.6
Personnel expenses
-241.5
-245.5
-159.2
-100.3
-85.0
-831.5
-36.0
0.0
-867.5
EBITDA before restructuring expenses
221.4
76.5
66.0
47.6
41.4
453.0
-38.6
0.5
415.0
as % of revenue
29.0
10.3
12.9
13.7
13.8
17.0
–
–
16.1
EBITDA
218.9
74.9
63.3
42.7
41.4
441.1
-42.8
0.5
398.8
EBITA before restructuring expenses
197.3
63.5
53.8
37.2
34.4
386.3
-44.2
0.5
342.6
as % of revenue
25.9
8.5
10.5
10.7
11.5
14.5
–
–
13.3
EBITA
194.8
61.9
51.0
32.3
34.4
374.4
-48.4
0.5
326.4
EBIT before restructuring expenses
193.7
59.0
43.3
32.8
33.7
362.4
-50.3
0.5
312.6
as % of revenue
25.4
7.9
8.4
9.4
11.2
13.6
–
–
12.2
EBIT
191.1
57.3
40.5
25.8
33.6
348.4
-54.5
0.5
294.3
as % of revenue
25.0
7.7
7.9
7.4
11.2
13.0
–
–
11.5
ROCE in % (3rd Party)3
40.0
–
15.0
28.8
57.9
–
–
–
35.3
Profit or loss from discontinued operations
–
–
–
–
–
–
5.5
–
5.5
Segment assets
3,025.9
1,998.7
1,369.2
826.0
597.1
7,816.8
3,485.8
-5,677.7
5,624.9
Capital employed (reporting date, 3rd Party)4
1,005.7
-11.0
462.7
276.1
131.4
1,864.9
87.5
–
1,952.4
Net working capital (reporting date, 3rd Party)5
326.6
-142.2
95.5
135.9
64.9
480.6
-58.3
–
422.2
Additions to property, plant and equipment and intangible assets
18.3
13.7
14.8
13.2
9.8
69.9
86.9
-0.0
156.7
Depreciation and amortization
-27.8
-16.9
-22.4
-14.2
-7.8
-89.1
-11.8
–
-100.9
Impairment losses and reversals of impairments
–
-0.6
-0.3
-2.8
–
-3.7
0.1
–
-3.6
1) Unaudited supplemental information.
2) As part of management reporting, revenue from the supporting management and administrative functions is not reported in accordance with IFRS 15.
3) ROCE = EBIT before restructuring expenses/capital employed; EBIT before restructuring expenses of the last 12 month and capital employed calculated as the average for the last four quarters; capital employed = non-current assets less interest-bearing non-current assets and excluding goodwill from acquisition of the former GEA AG by former Metallgesellschaft AG in 1999 +
working capital + non-interest-bearing assets, liabilities and provisions less assets and liabilties in connection with income taxes as well as assets and liabilities in connection with discontinued operations; ROCE, as one of the relevant performance indicators, is considered as ”ROCE 3rd Party“ (excluding interdivisional effects in the capital employed) at the disvisional level. Due to
negative capital employed, ROCE is not meaningful for the division LPT.
4) Capital employed is considered as ”Capital employed 3rd Party“ at the divisional level.
5) Net Working capital = inventories + trade receivables + contract assets - trade payables - contract liabilities - provisions for anticipated losses (POC); Net working capital is considered as ”Net working capital 3rd Party“ at the divisional level.
GEA H1 2025
46
NOTES TO THE CONDENSED INTERIM
CONSOLIDATED FINANCIAL STATEMENTS
(EUR million)
Separation & Flow
Technologies
Liquid & Powder
Technologies
Food & Healthcare
Technologies
Farm Technologies
Heating & Refrigeration
Technologies
Total Segments
Others
Consolidation
GEA
H1 2024
Order backlog1
634.0
1,439.9
659.3
237.3
262.3
3,232.8
–
-69.1
3,163.8
Order intake1
791.3
788.6
512.8
357.0
305.0
2,754.7
–
-100.3
2,654.4
External revenue
676.2
781.9
463.5
375.6
267.3
2,564.5
–
–
2,564.5
Intersegment revenue2
63.2
8.5
14.2
1.6
15.2
102.8
–
-102.8
–
Total revenue2
739.4
790.4
477.7
377.2
282.6
2,667.3
–
-102.8
2,564.5
Cost of materials
-225.2
-411.2
-198.4
-174.7
-142.0
-1,151.5
1.2
102.8
-1,047.5
Personnel expenses
-233.3
-260.6
-154.6
-100.4
-79.1
-828.0
-32.0
-0.0
-860.0
EBITDA before restructuring expenses
200.6
68.2
46.1
55.4
36.5
406.8
-23.9
-1.8
381.1
as % of revenue
27.1
8.6
9.7
14.7
12.9
15.3
–
–
14.9
EBITDA
196.5
55.6
44.5
53.6
37.7
387.8
-27.8
-1.8
358.2
EBITA before restructuring expenses
178.5
55.5
34.0
46.1
30.1
344.2
-32.2
-1.8
310.2
as % of revenue
24.1
7.0
7.1
12.2
10.7
12.9
–
–
12.1
EBITA
174.4
40.6
32.3
44.3
31.3
322.9
-36.2
-1.8
285.0
EBIT before restructuring expenses
175.8
51.5
23.7
42.6
29.5
323.1
-37.3
-1.8
284.0
as % of revenue
23.8
6.5
5.0
11.3
10.4
12.1
–
–
11.1
EBIT
171.6
35.8
22.1
40.8
30.7
301.0
-41.3
-1.8
257.9
as % of revenue
23.2
4.5
4.6
10.8
10.9
11.3
–
–
10.1
ROCE in % (3rd Party)3
36.5
–
7.8
28.6
45.5
–
–
–
32.3
Profit or loss from discontinued operations
–
–
–
–
–
–
3.0
–
3.0
Segment assets6
2,979.0
2,045.7
1,335.3
782.2
617.4
7,759.6
3,640.2
-5,367.6
6,032.2
Capital employed (reporting date, 3rd Party)4, 6
982.6
-98.9
452.1
276.0
107.5
1,719.3
-18.7
–
1,700.6
Net working capital (reporting date, 3rd Party)5, 6
315.4
-195.4
76.5
143.0
49.5
389.1
-61.7
–
327.3
Additions to property, plant and equipment and intangible assets
32.7
21.6
30.4
33.0
8.9
126.7
18.9
–
145.6
Depreciation and amortization
-24.9
-16.7
-22.0
-12.7
-7.0
-83.3
-11.9
–
-95.2
Impairment losses and reversals of impairments
–
-3.1
-0.4
–
–
-3.5
-1.5
–
-5.0
1) Unaudited supplemental information.
2) As part of management reporting, revenue from the supporting management and administrative functions is not reported in accordance with IFRS 15.
3) ROCE = EBIT before restructuring expenses/capital employed; EBIT before restructuring expenses of the last 12 month and capital employed calculated as the average for the last four quarters; capital employed = non-current assets less interest-bearing non-current assets and excluding goodwill from acquisition of the former GEA AG by former Metallgesellschaft AG in 1999 +
working capital + non-interest-bearing assets, liabilities and provisions less assets and liabilties in connection with income taxes as well as assets and liabilities in connection with discontinued operations; ROCE, as one of the relevant performance indicators, is considered as “ROCE 3rd Party“ (excluding interdivisional effects in the capital employed) at the disvisional level. Due to
negative capital employed, ROCE is not meaningful for the division LPT.
4) Capital employed is considered as “Capital employed 3rd Party“ at the divisional level.
5) Net Working capital = inventories + trade receivables + contract assets - trade payables - contract liabilities - provisions for anticipated losses (POC); Net working capital is considered as “Net working capital 3rd Party“ at the divisional level.
6) As of December 31, 2024.
GEA H1 2025
47
NOTES TO THE CONDENSED INTERIM
CONSOLIDATED FINANCIAL STATEMENTS
Consolidation primarily comprises the elimination of investments in subsidiaries, intragroup receivables,
liabilities, revenue, and income and expenses. Intersegment revenue is calculated using standard market prices.
The following table shows the reconciliation of EBITDA to EBIT:
Reconciliation of EBITDA to EBIT
(EUR million)
Q2 2025*
Q2 2024*
H1 2025
H1 2024
EBITDA
207.9
185.5
398.8
358.2
Depreciation of property, plant and equipment, investment property,
and amortization of intangible assets
-51.3
-50.0
-100.9
-95.2
Impairment losses and reversals of impairment losses on property,
plant and equipment, investment property, goodwill, intangible
assets and impairment losses in connection with the classification as
“held for sale“
-1.2
1.2
-3.7
-3.5
Impairment losses and reversals of impairment losses on non-current
financial assets
-1.3
-0.6
0.1
-1.5
EBIT
154.0
136.1
294.3
257.9
*) Additional information: not subject to external audit review.
The breakdown of revenue elements by division is shown in the following tables:
(EUR million)
Separation &
Flow
Technologies
Liquid &
Powder
Technologies
Food &
Healthcare
Technologies
Farm
Technologies
Heating &
Refrigeration
Technologies Consolidation
GEA
Q2 2025*
Revenue by revenue element
From construction contracts
84.8
257.8
136.0
–
47.4
-7.9
518.1
From components business
110.6
13.8
35.7
89.1
41.4
-23.0
267.6
From service business
189.2
108.4
90.4
93.2
61.2
-16.4
526.0
Total
384.6
380.0
262.2
182.3
150.0
-47.3
1,311.8
*) Additional information: not subject to external audit review.
(EUR million)
Separation &
Flow
Technologies
Liquid &
Powder
Technologies
Food &
Healthcare
Technologies
Farm
Technologies
Heating &
Refrigeration
Technologies Consolidation
GEA
Q2 2024*
Revenue by revenue element
From construction contracts
77.4
287.7
112.2
–
45.9
-9.3
513.9
From components business
111.9
20.0
41.7
99.4
42.9
-20.9
295.1
From service business
193.5
108.5
85.8
90.5
55.0
-18.8
514.4
Total
382.8
416.2
239.7
190.0
143.8
-49.1
1,323.3
*) Additional information: not subject to external audit review.
(EUR million)
Separation &
Flow
Technologies
Liquid &
Powder
Technologies
Food &
Healthcare
Technologies
Farm
Technologies
Heating &
Refrigeration
Technologies Consolidation
GEA
H1 2025
Revenue by revenue element
From construction contracts
179.7
503.3
262.9
–
97.5
-17.7
1,025.7
From components business
202.8
28.8
69.4
157.9
82.4
-47.4
493.9
From service business
380.6
212.4
181.1
191.0
120.1
-34.5
1,050.7
Total
763.1
744.5
513.4
348.9
299.9
-99.6
2,570.2
(EUR million)
Separation &
Flow
Technologies
Liquid &
Powder
Technologies
Food &
Healthcare
Technologies
Farm
Technologies
Heating &
Refrigeration
Technologies Consolidation
GEA
H1 2024
Revenue by revenue element
From construction contracts
153.4
545.9
223.6
–
93.7
-17.5
999.0
From components business
231.3
35.4
82.6
197.1
79.5
-46.9
579.0
From service business
354.8
209.1
171.5
180.1
109.4
-38.4
986.5
Total
739.4
790.4
477.7
377.2
282.6
-102.8
2,564.5
GEA H1 2025
48
NOTES TO THE CONDENSED INTERIM
CONSOLIDATED FINANCIAL STATEMENTS
External revenue
(EUR million)
Q2 2025*
Q2 2024*
Change
in %
H1 2025
H1 2024
Change
in %
Asia Pacific
272.4
277.3
-1.8
529.8
528.3
0.3
DACH & Eastern Europe
246.6
248.0
-0.6
475.9
496.3
-4.1
thereof Germany
109.9
115.8
-5.1
216.7
226.8
-4.4
Latin America
90.9
89.5
1.6
180.5
187.8
-3.9
North America
267.7
264.7
1.2
541.9
521.8
3.9
North and Central Europe
213.2
217.0
-1.8
415.4
414.7
0.2
Western Europe, Middle East & Africa
220.9
226.9
-2.6
426.7
415.7
2.6
GEA
1,311.8
1,323.3
-0.9
2,570.2
2,564.5
0.2
*) Additional information: not subject to external audit review.
In accordance with its internal control system, the management of GEA uses ROCE and the EBITDA margin
before restructuring expenses as key indicators for management purposes. When calculating EBITDA margin
before restructuring expenses, EBITDA adjustments are made for effects on earnings attributable to
restructuring measures whose content, scope and definition are described by the Chairman of the Executive
Board, presented to the Chairman of the Supervisory Board and jointly agreed to. Only measures exceeding
EUR 2 million shall be taken into account. If, in addition, the relevant transaction requires approval in accor
dance with the Rules of Procedure of the Executive Board, it must also be approved by the Supervisory Board.
In line with the above definition, restructuring expenses of EUR 18.3 million (previous year: EUR 26.1 million)
were adjusted in the first half of 2025, of which EUR 16.2 million (previous year: EUR 22.9 million) was
attributable to EBITDA. In this context, the term restructuring expenses includes expenses that are directly
related to the restructuring measures (e.g., severance payments) and therefore also qualify as restructuring
expenses under IAS 37. In addition, the restructuring measures defined by the Executive Board also include
impairment losses on assets as well as other expenses indirectly caused by the restructuring measures.
The restructuring expenses and income incurred up to June 30, 2025, are allocated to the divisions as follows:
(EUR million)
Separation &
Flow
Technologies
Liquid &
Powder
Technologies
Food &
Healthcare
Technologies
Farm
Technologies
Heating &
Refrigeration
Technologies
Other
GEA
01/01/2025 - 06/30/2025
Restructuring according to IAS 37
0.7
0.4
0.1
–
–
–
1.2
Impairments and reversals of
impairments of current and
non-current assets
–
–
–
3.2
–
–
3.2
Others
1.8
1.3
2.7
3.8
–
4.3
13.9
Total
2.5
1.7
2.8
7.0
–
4.3
18.3
01/01/2024 - 6/30/2024
Restructuring according to IAS 37
0.7
2.3
–
–
–
–
3.0
Impairments and reversals of
impairments of current and
non-current assets
–
2.9
-0.2
0.3
-0.9
–
2.1
Others
3.5
10.6
1.8
1.5
-0.3
3.9
21.0
Total
4.2
15.8
1.6
1.8
-1.2
3.9
26.1
Restructuring expenses were incurred within the Farm Technologies division in the first half of 2025, primarily
in connection with the continued focusing of the product portfolio and the adjustment of sales activities. In
the Food & Healthcare Technologies and Liquid & Powder Technologies divisions, expenses were mainly
attributable to the reorganization of the product portfolio. At Food & Healthcare Technologies, additional
expenses were incurred for the change in the production concept, while the expenses at the Separation &
Flow Technologies Division related entirely to this measure. The EUR 4.3 million in the “Other” item
predominantly relates to material costs incurred in connection with the centralization and expansion of group
functions as well as the strategic realignment of the group.
The profitability of the five divisions is also measured using earnings before interest, taxes, depreciation and
amortization, and reversals of impairment losses on property, plant and equipment and intangible assets
(EBITDA), along with earnings before interest and taxes (EBIT).
A reconciliation of EBIT to profit or loss before income tax is included in the income statement.
GEA H1 2025
49
NOTES TO THE CONDENSED INTERIM
CONSOLIDATED FINANCIAL STATEMENTS
7.
Related party transactions
There were no material related party transactions with an effect on the net assets, financial position or results
of operations.
8. Events after the End of the Reporting Period
There were no material events after the end of the reporting period.
Düsseldorf, August 6, 2025
The Executive Board
Stefan Klebert
Bernd Brinker
Johannes Giloth
FURTHER
INFORMATION
GEA H1 2025
50
GEA H1 2025
51
RESPONSIBILITY STATEMENT
Responsibility Statement
To the best of our knowledge, and in accordance with the applicable accounting principles for half-yearly
financial reporting, the interim consolidated financial statements give a true and fair view of the assets,
liabilities, financial position, and profit or loss of the group, and the interim management report of the group
includes a fair review of the development and performance of the business and the position of the group,
together with a description of the material opportunities and risks associated with the expected development
of the group for the remaining months of the financial year.
Düsseldorf, August 6, 2025
The Executive Board
Stefan Klebert
Bernd Brinker
Johannes Giloth
GEA H1 2025
REVIEW REPORT
52
Review Report
To GEA Group Aktiengesellschaft, Düsseldorf
We have reviewed the condensed consolidated interim financial statements – comprising the consolidated
balance sheet, the consolidated income statement, the consolidated statement of comprehensive income,
the consolidated cash flow statement, the consolidated statement of changes in equity and selected
explanatory notes – and the interim group management report of GEA Group Aktiengesellschaft, Düsseldorf,
for the period from January 1 to June 30, 2025 which are part of the half-year financial report pursuant to
§ [Article] 115 WpHG (“Wertpapierhandelsgesetz”: German Securities Trading Act). The preparation of the
condensed consolidated interim financial statements in accordance with the IFRS applicable to interim
financial reporting as adopted by the EU and of the interim group management report in accordance with the
provisions of the German Securities Trading Act applicable to interim group management reports is the
responsibility of the parent Company’s Board of Managing Directors. Our responsibility is to issue a review
report on the condensed consolidated interim financial statements and on the interim group management
report based on our review.
We conducted our review of the condensed consolidated interim financial statements and the interim group
management report in accordance with German generally accepted standards for the review of financial
statements promulgated by the Institut der Wirtschaftsprüfer (Institute of Public Auditors in Germany) (IDW).
Those standards require that we plan and perform the review so that we can preclude through critical
evaluation, with moderate assurance, that the condensed consolidated interim financial statements have not
been prepared, in all material respects, in accordance with the IFRS applicable to interim financial reporting
as adopted by the EU and that the interim group management report has not been prepared, in all material
respects, in accordance with the provisions of the German Securities Trading Act applicable to interim group
management reports. A review is limited primarily to inquiries of company personnel and analytical procedures
and therefore does not provide the assurance attainable in a financial statement audit. Since, in accordance
with our engagement, we have not performed a financial statement audit, we cannot express an audit opinion.
Based on our review, no matters have come to our attention that cause us to presume that the condensed
consolidated interim financial statements have not been prepared, in all material respects, in accordance with
the IFRS applicable to interim financial reporting as adopted by the EU nor that the interim group management
report has not been prepared, in all material respects, in accordance with the provisions of the German
Securities Trading Act applicable to interim group management reports.
Düsseldorf, August 6, 2025
PricewaterhouseCoopers GmbH
Wirtschaftsprüfungsgesellschaft
Uwe Rittmann
Philip Meyer zu Spradow
Wirtschaftsprüfer
Wirtschaftsprüfer
(German Public Auditor)
(German Public Auditor)
GEA H1 2025
FINANCIAL CALENDAR/IMPRINT
53
Investor Relations
Phone +49 211 9136-1081
Mail
ir@gea.com
Media Relations
Phone +49 211 9136-1492
Mail
pr@gea.com
Imprint
Published by:
GEA Group Aktiengesellschaft
Peter-Müller-Straße 12, 40468 Düsseldorf, Germany
gea.com
Edited by:
Corporate Accounting, Investor Relations, Corporate Finance
Coordination:
Katja Redweik
Layout:
Christiane Luhmann, luhmann & friends
Picture credits:
TEAMS DESIGN GmbH/Retouch Christiane Luhmann (p. 1, 4, 50),
TEAMS DESIGN GmbH (p. 25)
FINANCIAL
CALENDAR
November 6, 2025
Quarterly Statement as of September 30, 2025
GEA Stock: Key data
WKN
660 200
ISIN
DE0006602006
Reuters code
G1AG.DE
Bloomberg code
G1A.GR
Xetra
G1A.DE
This report includes forward-looking statements on GEA Group Aktien
gesellschaft, its subsidiaries and associates, and on the economic and political
conditions that may influence the business performance of GEA. All these
statements are based on assumptions made by the Executive Board using
information available to it at the time. Should these assumptions prove to
be wholly or partly incorrect, or should further risks arise, actual business
performance may differ from that expected. The Executive Board therefore
cannot assume any liability for the statements made.
Note regarding the rounding of figures
Due to the commercial rounding of figures and percentages, small deviations
may occur.
Note to the statement
This half-yearly financial report is the English translation of the
original German version. In case of deviations between these two, the German
version prevails.
GEA.com
GEA/H1/EN/0040 © GEA Group Aktiengesellschaft. All rights reserved. Subject to modifications. Printed in Germany.
