Half Year 2026 Aumann GmbH Earnings Call

August 13, 2026

Speaker #1: Welcome to the earnings call, ladies and gentlemen of Aumann AG. Regarding the first half-year figures for 2026, I'm delighted to welcome the CEO, Sebastian Roll, and CFO, Jan-Henrik Pollitt, who will guide us through the presentation and the figures shortly.

Operator: Welcome to the earnings call, ladies and gentlemen, of Aumann AG regarding the H1 figures for 2026. I am delighted to welcome the CEO, Sebastian Roll, and CFO, Jan-Henrik Pollitt, who will guide us through the presentation and the figures shortly, followed by a Q&A session via audio line and chat. Having said this, Sebastian, the stage is yours.

Speaker #1: Followed by a Q&A session via audio line and chat. Having said this, Sebastian, the stage is yours.

Speaker #2: Thanks. Good afternoon, everyone, and thank you for joining us today. I'm very pleased to have you with us. For those I haven't met yet, my name is Sebastian Roll, and I'm the CEO of Aumann.

Sebastian Roll: Thanks. Good afternoon, everyone, and thank you for joining us today. I am very pleased to have you with us. For those I have not met yet, my name is Sebastian Roll, and I am the CEO of Aumann. Together with me today is our CFO, Jan-Henrik Pollitt. We really appreciate your time and your continued interest in Aumann. In the next few minutes, we will guide you through a brief overview of Aumann and the mixed market picture in H1 2026, the latest developments in e-mobility and Next Automation, including the progress we are making, especially in Next Automation, and of course, a look at our financial performance, where Aumann delivered a solid H1. With that, let me start with a brief overview of our business model.

Speaker #2: And together with me today is our CFO, Jan-Henrik Pollitt. We really appreciate your time and your continued interest in Aumann. In the next few minutes, we will guide you through a brief overview of Aumann and the mixed market picture in the first half of 2026, the latest developments in e-mobility, and next automation, including the progress we are making—especially in next automation—and, of course, a look at our financial performance, where Aumann delivered a solid first half of the year.

Sebastian Roll: In the next few minutes, we will guide you through a brief overview of Aumann and the mixed market picture in H1 2026, the latest developments in e-mobility and Next Automation, including the progress we are making, especially in Next Automation, and of course, a look at our financial performance, where Aumann delivered a solid H1. With that, let me start with a brief overview of our business model.

Speaker #2: So, with that, let me start with a brief overview of our business model. At the core of our business, we develop and build highly automated production lines for leading international customers.

Sebastian Roll: At the core of our business, we develop and build highly automated production lines for leading international customers. Our solutions are designed around the specific production needs of each customer, combining many years of automation expertise. Historically, e-mobility has been Aumann's key strategic focus, where we provide automation solutions for applications such as electric powertrains, battery systems, and other electrified components. Our automation expertise goes well beyond the automotive industry, and this is becoming more and more important for Aumann. The global automation market is supported by strong long-term trends such as demographic change, labor shortages, and increasing cost pressure. With our Next Automation segment, we are using these opportunities to bring our technology and know-how into a broader range of industries. This helps us to further diversify Aumann and take part in the long-term growth of the overall automation market.

Speaker #2: So, our solutions are designed around the specific production needs of each customer, combining many years of automation expertise. Historically, e-mobility has been Aumann's key strategic focus.

Speaker #2: We provide automation solutions for applications such as electric powertrains, battery systems, and other electrified components. But our automation expertise goes well beyond the automotive industry.

Sebastian Roll: Our automation expertise goes well beyond the automotive industry, and this is becoming more and more important for Aumann. The global automation market is supported by strong long-term trends such as demographic change, labor shortages, and increasing cost pressure. With our Next Automation segment, we are using these opportunities to bring our technology and know-how into a broader range of industries. This helps us to further diversify Aumann and take part in the long-term growth of the overall automation market.

Speaker #2: And this is becoming more and more important for Aumann. So, the global automation market is supported by strong long-term trends such as demographic change, labor shortages, and increasing cost pressure.

Speaker #2: With our next automation segment, we are using these opportunities to bring our technology and know-how into a broader range of industries. So, this helps us to further diversify Aumann and take part in the long-term growth of the overall automation market.

Speaker #2: So, let's take a closer look at Aumann's solutions portfolio. Our portfolio ranges from modular solutions to complex process solutions, and fully integrated, large-scale production solutions.

Sebastian Roll: Let us take a closer look at Aumann's solutions portfolio. Our portfolio ranges from modular solutions to complex process solutions and fully integrated large-scale production solutions. This gives us the flexibility to support different customer needs and different levels of production complexity. Our modular solutions offer a flexible and cost-efficient starting point and can be adapted to changing market and production requirements. For more advanced manufacturing processes, we combine our core technologies such as winding, coating, and testing to deliver integrated solutions. The goal is always to implement special process steps in the most efficient way. At the highest level, we bring together these technologies into complete turnkey production lines designed for high output, efficiency, and quality. This broad technology base is an important advantage for all.

Speaker #2: This gives us the flexibility to support different customer needs and different levels of production complexity. So, our modular solution offer a flexible and cost-efficient starting point.

Speaker #2: And can be adapted to changing market and production requirements. For more advanced manufacturing processes, we combine our core technologies, such as winding, coating, and testing, to deliver integrated solutions.

Sebastian Roll: For more advanced manufacturing processes, we combine our core technologies such as winding, coating, and testing to deliver integrated solutions. The goal is always to implement special process steps in the most efficient way. At the highest level, we bring together these technologies into complete turnkey production lines designed for high output, efficiency, and quality. This broad technology base is an important advantage for all.

Speaker #2: The goal is always to implement special process steps in the most efficient way. At the highest level, we bring together these technologies into complete turnkey production lines designed for high output, efficiency, and quality.

Speaker #2: This broad technology base is an important advantage for Aumann. It allows us, on the one hand, to serve our established e-mobility customers, but also, at the same time, to apply our automation expertise in new applications and industries.

Sebastian Roll: It allows us, on the one hand, to serve our established e-mobility customers, but also at the same time to apply our automation expertise in new applications and industries. This is exactly what we are doing with Next Automation. This slide shows how Aumann became a technology leader in e-mobility. Starting from the traditional automotive business, e-mobility was identified as a growth market. Through targeted M&A, Aumann took the first step into e-motor technologies. Building on our know-how, we developed different solutions for the rotor, quickly followed by solutions for the stator, and finally, the full e-motor assembly. After the e-motor, we leveraged our expertise to develop large-scale production solutions for battery modules and packs. In addition, we introduced our own modular systems, for example, in inverter assembly, but also right now, very useful in the field of Next Automation.

Speaker #2: And this is exactly what we are doing with Next Automation. So, this slide shows how Aumann became a technology leader in e-mobility. Starting from the traditional automotive business, e-mobility was identified as a growth market.

Sebastian Roll: Through targeted M&A, Aumann took the first step into e-motor technologies. Building on our know-how, we developed different solutions for the rotor, quickly followed by solutions for the stator, and finally, the full e-motor assembly. After the e-motor, we leveraged our expertise to develop large-scale production solutions for battery modules and packs. In addition, we introduced our own modular systems, for example, in inverter assembly, but also right now, very useful in the field of Next Automation.

Speaker #2: Through targeted M&A, Aumann took the first step into e-motor technologies. Building on our know-how, we developed different solutions for the rotor, quickly followed by solutions for the stator, and finally the full e-motor assembly.

Speaker #2: After the e-motor, we leveraged our expertise to develop large-scale production solutions for battery modules and packs. In addition, we introduced our own modular systems—for example, in inverter assembly, but also right now, which are very useful in the field of next automation.

Speaker #2: So, furthermore, we have expanded into converting technology, enabling us to offer, for example, also production solutions for electrode manufacturing. To sum up, Aumann is a leading provider of turnkey solutions in e-mobility, and on this illustration, we show you the drivetrain of a fully electric car.

Sebastian Roll: Furthermore, we have expanded into converting technology, enabling us to offer, for example, also production solutions for electrode manufacturing. To sum up, Aumann is a leading provider of turnkey solutions in e-mobility, and on this illustration, we show you the drivetrain of a fully electric car. As you know, most of these components can be produced on Aumann production lines. From the outset, we have focused strongly on the e-drive unit. Here, we provide production solutions for different technologies. Our portfolio goes well beyond the e-drive unit. We also provide flexible and scalable solutions for electronic components such as sensors and inverters, perfectly tailored to the needs of our customers. The third major area is, as you know, the energy storage. Here, Aumann covers the full range from battery modules, battery packs, to cell-to-X solutions, and even recycling solutions, which are upcoming right now.

Speaker #2: And as you know, most of these components can be produced on Aumann production lines. From the outset, we have focused strongly on the e-drive unit.

Sebastian Roll: From the outset, we have focused strongly on the e-drive unit. Here, we provide production solutions for different technologies. Our portfolio goes well beyond the e-drive unit. We also provide flexible and scalable solutions for electronic components such as sensors and inverters, perfectly tailored to the needs of our customers. The third major area is, as you know, the energy storage. Here, Aumann covers the full range from battery modules, battery packs, to cell-to-X solutions, and even recycling solutions, which are upcoming right now.

Speaker #2: Here, we provide production solutions for different technologies. But our portfolio goes well beyond the e-drive unit; we also provide flexible and scalable solutions for electronic components, such as sensors and inverters, perfectly tailored to the needs of our customers.

Speaker #2: And the third major area is, as you know, energy storage. Here, Aumann covers the full range, from battery modules to battery packs, to cell-to-X solutions, and even recycling solutions, which are upcoming right now.

Speaker #2: So, this expertise allows us to meet customer needs and develop new solutions for next-generation battery technologies. And importantly, once again, many of these technologies can also be applied to other industries.

Sebastian Roll: This expertise allows us to meet customer needs and develop new solutions for next-generation battery technologies. Importantly, once again, many of these technologies can be also applied to other industries. Having a look on the e-mobility market today and in the future. After a strong year already in 2025, the global BEVs, so battery electric vehicle sales, continued to grow also, as you can see here, in the H1 of 2026, which means a plus of 9% in comparison to 2025. China remains the largest BEV market with 3.6 million, but recent growth has slowed. The US market, which currently shows the lowest volume in comparison, is still challenging. Importantly for Aumann, Europe is showing a very strong momentum, reaching 1.6 million units, which means an increase of 35% in comparison to last year. Germany is close to 50%.

Speaker #2: Having a look at the e-mobility market today and in the future: after a strong year already in 2025, the global BEV—so battery electric vehicle—sales continued to grow, also as you can see here in the first half of 2026.

Speaker #2: This means an increase of 9% compared to 2025. China remains the largest depth market, with 3.6 million, but recent growth has slowed. The US market, which currently shows the lowest volume in comparison, remains challenging.

Sebastian Roll: China remains the largest BEV market with 3.6 million, but recent growth has slowed. The US market, which currently shows the lowest volume in comparison, is still challenging. Importantly for Aumann, Europe is showing a very strong momentum, reaching 1.6 million units, which means an increase of 35% in comparison to last year. Germany is close to 50%.

Speaker #2: But importantly for Aumann, Europe is showing a very strong momentum reaching 1.6 million units which means an increase of 35% in comparison to last year; Germany is close to 50%.

Speaker #2: So, going forward to the 2030s—by 2030—DEPs are expected to make up roughly 40% of sales, and by 2035, even two-thirds. So, this means overall, growing DEP sales are expected to drive new investments in the near future.

Sebastian Roll: Going forward, by 2030, BEVs are expected to make up roughly 40% of sales. By 2035, even two-thirds. This means, overall, growing BEV sales are expected to drive new investments in the near future. In the meantime, this brings us to Next Automation. As mentioned, we are expanding beyond the automotive sector and focusing more industries that need greater efficiency, higher productivity, and less manual work. In this context, we have moved our Next Automation segment to a very strategic approach as well. Today, we are focusing on selected growth markets beyond automotive, such as aerospace, defense, and lifestyle. What these markets have in common is a growing need for automation. Let me give you some examples that our strategy is gaining traction. A good example here is our development in aerospace. As you know, aerospace is gaining momentum.

Speaker #2: In the meantime, this brings us to next automation. As mentioned, we are expanding beyond the automotive sector and focusing more industries that need greater efficiency, higher productivity, and less manual work.

Speaker #2: So, in this context, we have moved our next automation segment to a very strategic approach as well. Today, we are focusing on selected growth markets beyond automotive, such as aerospace, defense, and lifecycle.

Sebastian Roll: In this context, we have moved our Next Automation segment to a very strategic approach as well. Today, we are focusing on selected growth markets beyond automotive, such as aerospace, defense, and lifestyle. What these markets have in common is a growing need for automation. Let me give you some examples that our strategy is gaining traction. A good example here is our development in aerospace. As you know, aerospace is gaining momentum.

Speaker #2: What these markets have in common is a growing need for automation. Let me give you some examples where our strategy is gaining traction. So, a good example here is our development in aerospace.

Speaker #2: So, as you know, aerospace is gaining momentum. So, demand in civil aviation is rising, Boeing and Airbus are forecasting more than 40,000 new aircraft over the next 20 years.

Sebastian Roll: Demand in civil aviation is rising. Boeing and Airbus are forecasting more than 40,000 new aircraft over the next 20 years. Against this backdrop, Aumann secured first orders supporting civil aircraft production ramp. At the same time, defense budgets are boosting. As you know, drones are our strategic focus in this area because drones combine exactly what we do best: electric motor, battery packs, and the full system integration, including, which is also very important, the end-of-line testing, just like in e-mobility. This means nearly same technology, but new applications. Therefore, we easily developed integrated drone assembly lines and have already secured first orders for drone motor production and end-of-line testing.

Speaker #2: So, against this backdrop, Aumann secured first orders supporting civil aircraft production members. At the same time, defense budgets are boosting. So, as you know, drones are our strategic focus in this area, because drones combined exactly what we do best.

Speaker #2: Electric motor, battery packs, and the full system integration including which is also very important, the end-of-line testing just like in e-mobility, so means nearly same technology but new applications.

Sebastian Roll: This means nearly same technology, but new applications. Therefore, we easily developed integrated drone assembly lines and have already secured first orders for drone motor production and end-of-line testing.

Speaker #2: Therefore, we easily developed integrated drone assembly lines and have already secured the first orders for drone motor production and end-of-line testing. Besides aerospace and defense, CleanTech is also a booming industry.

Sebastian Roll: Besides aerospace and defense, clean tech is also a booming industry, and here, Aumann wins orders for automated solar module disassembly solutions and in the area of photovoltaic recycling and membrane manufacturing systems for fuel cell applications targeting charging infrastructure and off-grid solutions. Finally, life science. This sector benefits from long-term trends such as an aging population, strong investment levels, and an attractive margin. Starting at the end of last year, Aumann entered the pharma market with solutions for producing skin-delivered patches and oral thin films. As you can see, there are ongoing developments all over these areas. Now, I would like to hand over to Jan.

Speaker #2: And here, Aumann wins orders for automated solar module disassembly solutions in the area of photovoltaic recycling, as well as membrane manufacturing systems for fuel cell applications targeting charging infrastructure and off-grid solutions.

Speaker #2: And finally, life science. So, this sector benefits from long-term trends such as an aging population, strong investment levels, and an attractive margin. So, starting in the end of last year, Aumann entered the pharma market with solutions for producing skin, delivered patches, and oral thin films.

Sebastian Roll: Finally, life science. This sector benefits from long-term trends such as an aging population, strong investment levels, and an attractive margin. Starting at the end of last year, Aumann entered the pharma market with solutions for producing skin-delivered patches and oral thin films. As you can see, there are ongoing developments all over these areas. Now, I would like to hand over to Jan.

Speaker #2: So, their so, as you can see, there are ongoing developments all over these areas. Now, I would like to hand over to Yana.

Speaker #1: Yeah, thank you very much, Sebastian. And also, a warm welcome from my side. I would now like to share with you the financial figures for the first half of 2026.

Jan-Henrik Pollitt: Yeah, thank you very much, Sebastian, and also a warm welcome from my side. I would now like to share with you the financial figures for the H1 2026. Let me begin by putting the H1 2026 into perspective. Coming into the year, we anticipated that the challenging market environment would continue to weigh on our top line. Against this backdrop, maintaining operational discipline and protecting profitability were key priorities for us. We have made significant progress in improving our cost structure and operational efficiency over the recent months. The current results demonstrate that these measures are taking effect, and that our organization is capable of delivering solid earnings, even at significantly lower volumes. The market environment, particularly in automotive, nevertheless remains demanding. Investment decisions continue to take longer, and both OEMs and suppliers remain cautious with their spending.

Speaker #1: Let me begin by putting the first half of 2026 into perspective. Coming into the year, we anticipated that the challenging market environment would continue to weigh on our top line.

Speaker #1: Against this backdrop, maintaining operational discipline and protecting profitability were key priorities for us. We have made significant progress in improving our cost structure and operational efficiency over the recent months.

Jan-Henrik Pollitt: We have made significant progress in improving our cost structure and operational efficiency over the recent months. The current results demonstrate that these measures are taking effect, and that our organization is capable of delivering solid earnings, even at significantly lower volumes. The market environment, particularly in automotive, nevertheless remains demanding. Investment decisions continue to take longer, and both OEMs and suppliers remain cautious with their spending.

Speaker #1: The current results demonstrate that these measures are taking effect and that our organization is capable of delivering solid earnings even at significantly lower volumes.

Speaker #1: The market environment, particularly in automotive, nevertheless remains demanding. Investment decisions continue to take longer, and both OEMs and suppliers remain cautious with their spending.

Speaker #1: We therefore do not yet see the broad-based recovery in automotive investment that we had initially hoped for. There are, however, clear signs of positive momentum in next automation.

Jan-Henrik Pollitt: We therefore do not see yet the broad-based recovery in automotive investment that we had initially hoped for. There are, however, clear signs of positive momentum in Next Automation. The segment is gaining traction with order intake and order backlog both developing favorably. Our expanded sales activities are increasingly converting into concrete customer opportunities and orders, supporting the continued diversification of our business. Against this backdrop, the H1 developed as follows. Revenue came in at EUR 70.6 million, 35% below previous year, while Next Automation increased revenue by 23%. Despite the lower volumes, EBITDA margin remained in double digits at 10.5%, underlining the resilience of our business. Order intake amounted to EUR 65.4 million, down 27% year-over-year. Order backlog stood at EUR 115.4 million at the end of June. At the same time, we continue to have a very strong financial position with a net cash of EUR 154.4 million.

Speaker #1: The segment is gaining traction, with order intake and order backlog both developing favorably. Our expanded sales activities are increasingly converting into concrete customer opportunities and orders, supporting the continued diversification of our business.

Speaker #1: Against this backdrop, the first half developed as follows. Revenue came in at €70.6 million, 35% below the previous year, while Next Automation increased revenue by 23%.

Jan-Henrik Pollitt: Against this backdrop, the H1 developed as follows. Revenue came in at EUR 70.6 million, 35% below previous year, while Next Automation increased revenue by 23%. Despite the lower volumes, EBITDA margin remained in double digits at 10.5%, underlining the resilience of our business. Order intake amounted to EUR 65.4 million, down 27% year-over-year. Order backlog stood at EUR 115.4 million at the end of June. At the same time, we continue to have a very strong financial position with a net cash of EUR 154.4 million.

Speaker #1: Despite the lower volumes, EBITDA margin remained in double digits at 10.5%, underlining the resilience of our business. Order intake amounted to €65.4 million, down 27% year over year.

Speaker #1: Order backlog stood at 115.4 million euro, at the end of June. At the same time, we continued to have a very strong financial position with a net cash of 154.4 million euro.

Speaker #1: So, while the market environment remains challenging, we are making tangible process in the areas we can influence ourselves: operational efficiency, diversification, and our financial strength.

Jan-Henrik Pollitt: While the market environment remains challenging, we are making tangible progress in the areas we can influence ourselves: operational efficiency, diversification, and our financial strength. Let me now take you through the key developments. Turning to the revenue development. Group revenue amounted EUR 70.6 million, down 35% compared with the prior year period. The decline was primarily attributed to the e-mobility segment, where revenue fell 47% to EUR 47.4 million, reflecting the ongoing weakness in the automotive investment environment. Next Automation, by contrast, continued to expand, increasing revenue by 23% to EUR 23.2 million. Let me now turn to profitability and earnings, which provide further context on the quality of our performance. Looking at the earnings side, the lower revenue level was fully reflected in our absolute EBITDA, while margins remained resilient. EBITDA amounted to EUR 7.4 million, down 35% year over year, broadly corresponding to the reduction in revenue.

Speaker #1: Let me now take you through the key developments. Turning to the revenue development, group revenue amounted to €70.6 million, down 35% compared with the prior year period.

Speaker #1: The decline was primarily attributed to the e-mobility segment, where the revenue fell 47% to 47.4 million euro. Reflecting the ongoing weakness in the automotive investment environment.

Jan-Henrik Pollitt: The decline was primarily attributed to the e-mobility segment, where revenue fell 47% to EUR 47.4 million, reflecting the ongoing weakness in the automotive investment environment. Next Automation, by contrast, continued to expand, increasing revenue by 23% to EUR 23.2 million. Let me now turn to profitability and earnings, which provide further context on the quality of our performance.

Speaker #1: Next automation, by contrast, continued to expand increasing revenue by 23% to 23.2 million euro. Let me now turn to profitability and earnings, which provide further context on the quality of our performance.

Jan-Henrik Pollitt: Looking at the earnings side, the lower revenue level was fully reflected in our absolute EBITDA, while margins remained resilient. EBITDA amounted to EUR 7.4 million, down 35% year over year, broadly corresponding to the reduction in revenue. Nevertheless, the EBITDA margin held at a high 10.5% level, demonstrating the resilience of our operating model. The results also benefited from a strong project execution, with several projects performing better than initially anticipated.

Speaker #1: Looking at the earnings side, the lower revenue level was fully reflected in our absolute EBITDA, while margins remained resilient. EBITDA amounted to 7.4 million euro, down 35% year over year, broadly corresponding to the reduction in revenue.

Speaker #1: Nevertheless, the EBITDA margin held at a high 10.5% level, demonstrating the resilience of our operating model. The results also benefited from strong project execution, with several projects performing better than initially anticipated.

Jan-Henrik Pollitt: Nevertheless, the EBITDA margin held at a high 10.5% level, demonstrating the resilience of our operating model. The results also benefited from a strong project execution, with several projects performing better than initially anticipated. Consequently, a number of risk provisions recognized at year-end were no longer required during the H1, resulting in a positive impact of approximately EUR 2 million from the release of provisions within our other operating income. With that, let me move on to the order intake and order backlogs. The overall investment environment remains demanding, with automotive, in particular, still characterized by cautious spending and extended decision cycles. This continues to weigh on incoming orders. We are responding on two fronts: maintaining a disciplined cost and capacity structure while intensifying our diversification activities. In the H1, group order intake amounted to EUR 65.4 million, a decline of 27% year over year.

Speaker #1: Consequently, a number of risk position provisions recognized at year end were no longer required during the first half, resulting in a positive impact of approximately 2 million euro from the release of provisions within other operating income.

Jan-Henrik Pollitt: Consequently, a number of risk provisions recognized at year-end were no longer required during the H1, resulting in a positive impact of approximately EUR 2 million from the release of provisions within our other operating income. With that, let me move on to the order intake and order backlogs.

Speaker #1: With that, let me move on to the order intake and order backlogs. The overall investment environment remains demanding. With automotive in particular, still characterized by cautious spending and extended decision cycles, this continues to weigh on incoming orders.

Jan-Henrik Pollitt: The overall investment environment remains demanding, with automotive, in particular, still characterized by cautious spending and extended decision cycles. This continues to weigh on incoming orders. We are responding on two fronts: maintaining a disciplined cost and capacity structure while intensifying our diversification activities. In the H1, group order intake amounted to EUR 65.4 million, a decline of 27% year over year.

Speaker #1: We are responding on two fronts: maintaining a disciplined cost and capacity structure, while intensifying our diversification activities. In the first half, group order intake amounted to €65.4 million, a decline of 27% year-over-year.

Speaker #1: This picture is, however, significantly different within next automation. Order intake increased by 72% to 37.7 million euro, supported by the continued expansion of our sales activities.

Jan-Henrik Pollitt: This picture is, however, significantly different within Next Automation. Order intake increased by 72% to EUR 37.7 million, supported by the continued expansion of our sales activities. Our sales pipeline has also grown further, providing additional opportunities for future order intake and revenue growth. Group backlog stood at EUR 115.4 million at the end of June, compared with EUR 162.4 million a year earlier. Again, Next Automation stands out positively. Its order backlog increased by 32% to EUR 61.9 million. Let me now take a closer look at the performance of our individual segments, starting with E-Mobility. In the E-Mobility segment, order intake of EUR 27.7 million is 59% under the previous year due to the mentioned market conditions. As a result, order backlog decreased by 54% to EUR 53.4 million. At the same time, revenue decreased by 47% to EUR 47.4 million.

Speaker #1: Our sales pipeline has also grown further, providing additional opportunities for future order intake and revenue growth. Group backlog stood at 115.4 million euro at the end of June, compared with 162.4 million euro a year earlier.

Speaker #1: Again, Next Automation stands out positively. Its order backlog increased by 32% to €61.9 million. Let me now take a closer look at the performance of our individual segments, starting with E-Mobility.

Jan-Henrik Pollitt: Again, Next Automation stands out positively. Its order backlog increased by 32% to EUR 61.9 million. Let me now take a closer look at the performance of our individual segments, starting with E-Mobility. In the E-Mobility segment, order intake of EUR 27.7 million is 59% under the previous year due to the mentioned market conditions. As a result, order backlog decreased by 54% to EUR 53.4 million. At the same time, revenue decreased by 47% to EUR 47.4 million.

Speaker #1: In the e-mobility segment, order intake of €27.7 million is 59% below the previous year due to the mentioned market conditions. As a result, order backlog decreased by 54% to €53.4 million.

Speaker #1: At the same time, revenue decreased by 47% to €47.4 million. EBITDA is declining due to volume, to €5.9 million after six months.

Jan-Henrik Pollitt: EBITDA is declining due to volume to EUR 5.9 million after six months, which means a strong margin of 12.3% after 11.9% in the previous year. In the Next Automation segment, order intake increased year over year by 72% to EUR 37.7 million due to the new positioning. End of June 2026, order backlog amounted EUR 61.9 million, an increase of 32%. Revenue stands at EUR 23.2 million, 23% above previous year. EBITDA slightly increased to EUR 2.7 million, corresponding an EBITDA margin of 11.7%. Let me briefly turn to our financial position. At the end of June, Aumann continued to have a very strong balance sheet with an equity ratio of 62.2% and cash of EUR 158 million, including net cash of EUR 154 million.

Speaker #1: Which means a strong margin of 12.3% after 11.9% in the previous year. In the next automation segment, order intake increased year over year by 72% to 37.7 million euro due to the new positioning.

Speaker #1: End of June 2026, order backlog amounted 61.9 million euro, an increase of 32%. Revenue stands at 23.2 million euro, 23% above previous year. And EBITDA slightly increased to 2.7 million euro, corresponding an EBITDA margin of 11.7%.

Jan-Henrik Pollitt: Revenue stands at EUR 23.2 million, 23% above previous year. EBITDA slightly increased to EUR 2.7 million, corresponding an EBITDA margin of 11.7%. Let me briefly turn to our financial position. At the end of June, Aumann continued to have a very strong balance sheet with an equity ratio of 62.2% and cash of EUR 158 million, including net cash of EUR 154 million.

Speaker #1: Let me briefly turn to our financial position. At the end of June, Aumann continued to have a very strong balance sheet, with an equity ratio of 62.2% and cash of €158 million, including net cash of €154 million.

Speaker #1: It is worth noting that the equity ratio already reflects the €23 million liability recognized in connection with our share buyback program, although the corresponding cash outflow took place in July.

Jan-Henrik Pollitt: It is worth noting that the equity ratio already reflects the EUR 23 million liability recognized in connection with our share buyback program, although the corresponding cash outflow took place in July. Our strong financial position gives us significant flexibility going forward. It allows to pursue attractive market opportunities, continue the expansion of Next Automation, both organically and through M&A, and maintain our commitment to shareholder returns. This is also reflected in our share buyback program and our proposal to the AGM to distribute a total dividend of EUR 1.11 per share. Let me close with our outlook for the full year. Based on the current order backlog and the continued expansion of the Next Automation sales pipeline, we confirm our 2026 guidance of approximately EUR 160 million in revenue and an EBITDA margin of 6% to 8%.

Speaker #1: Our strong financial position gives us significant flexibility going forward. It allows to pursue attractive market opportunities continue the expansion of next automation both organically and through M&A.

Speaker #1: And maintain our commitment to shareholder returns. This is also reflected in our share buyback program and our proposal to the AGM to distribute a total dividend of €1.11 per share.

Jan-Henrik Pollitt: This is also reflected in our share buyback program and our proposal to the AGM to distribute a total dividend of EUR 1.11 per share. Let me close with our outlook for the full year. Based on the current order backlog and the continued expansion of the Next Automation sales pipeline, we confirm our 2026 guidance of approximately EUR 160 million in revenue and an EBITDA margin of 6% to 8%.

Speaker #1: Let me close with our outlook for the full year. Based on the current order backlog and the continued expansion of the NEXT Automation sales pipeline, we confirm our 2026 guidance of approximately €160 million in revenue and an EBITDA margin of 6 to 8%.

Speaker #1: While market conditions remain challenging, the increasing contribution from next automation and our diversified business model provide an important foundation for a solid and profitable year.

Jan-Henrik Pollitt: While market conditions remain challenging, the increasing contribution from Next Automation and our diversified business model provide an important foundation for a solid and profitable year. With that, I hand back to Sebastian again.

Speaker #1: With that, I hand back to Sebastian again.

Speaker #2: Sebastian, you're still muted. And the left corner.

Operator: Sebastian, you are still muted. In the left corner.

Sebastian Roll: All right. Sorry. Yeah. Let me briefly summarize the key takeaways from the H1 2026. First, E-Mobility. BEV sales, on the one hand, are growing, especially in Europe. However, our automotive customers are still a little bit cautious with new investments. As a result, order intake, as we have seen, intake declined to EUR 65 million. Nevertheless, we expect this situation to change over time. As volume increases, investments have to come back in parallel. Nevertheless, in the meantime, we are making progress in Next Automation. As you have seen, order intake increased by more than 70% with a book-to-bill ratio of 1.6. This clearly confirms that our diversification strategy is working. Despite the lower business volume, we maintained a solid profitability with a double-digit EBITDA margin of 10.4%, same level like last year.

Speaker #1: All right, sorry. So, yeah, let me briefly summarize the key takeaways from the first half of 2026. So first, e-mobility—so BEV sales, on the one hand, are growing, especially in Europe.

Speaker #1: However, our automotive customers are still a little bit cautious with new investments. So, as a result, order intake, as you have seen, declined to €65 million.

Speaker #1: So nevertheless, we expect this situation to change over time as volume increases. Investments have to come back in parallel. Nevertheless, in the meantime, we are making progress in next automation.

Sebastian Roll: Nevertheless, in the meantime, we are making progress in Next Automation. As you have seen, order intake increased by more than 70% with a book-to-bill ratio of 1.6. This clearly confirms that our diversification strategy is working. Despite the lower business volume, we maintained a solid profitability with a double-digit EBITDA margin of 10.4%, same level like last year.

Speaker #1: As you have seen, order intake increased by more than 70%, with a book-to-bill ratio of 1.6. This clearly confirms that our diversification strategy is working.

Speaker #1: Despite the lower business volume, we maintained a solid profitability with a double-digit EBITDA margin of 10.5%, the same level as last year. For the full year 2026, we can continue to expect revenue of around €160 million, with a profitable EBITDA margin of 6% to 8%.

Sebastian Roll: For the full year 2026, we continue to expect revenue of around EUR 160 million, with a profitable EBITDA margin of 6% to 8%. Aumann remains in a very strong financial position with a high net liquidity and a solid equity ratio of more than 60%, and that clearly set us apart from most of our competitors. This means our priorities in the remaining year are totally clear: to manage the current situation in e-mobility, to accelerate the growth of Next Automation organically and through M&A, and to use our strong financial position to create long-term value. Thank you very much for your attention, and we are now happy to take your questions.

Speaker #1: And finally, Aumann remains in a very strong financial position with a high net liquidity and a solid equity ratio of more than 60%. And that clearly set us apart from most of our competitors.

Speaker #1: So this means our priorities for the remainder of the year are totally clear: to manage the current situation in e-mobility, to accelerate the growth of Next Automation both organically and through M&A, and to use our strong financial position to create long-term value. So thank you very much for your attention.

Sebastian Roll: This means our priorities in the remaining year are totally clear: to manage the current situation in e-mobility, to accelerate the growth of Next Automation organically and through M&A, and to use our strong financial position to create long-term value. Thank you very much for your attention, and we are now happy to take your questions.

Speaker #1: And we are now happy to take your questions.

Speaker #2: Thank you very much for your presentation. Ladies and gentlemen, we are moving on to the Q&A session. If you would like to ask your question in person via audio line, you can press on the raise your hand button.

Operator: Thank you very much for your presentation. Ladies and gentlemen, we are moving on to the Q&A session. If you would like to ask your question in person via audio line, you can press on the Raise Your Hand button. If you are dialing in by phone, please use the key combination star 9 to raise your hand. If you are not able to speak freely today, you can also place your questions in our chat box. Amit Verma, you have placed some questions in the chat box and raised your hand. I would like to give you the opportunity to speak to us via audio line. Please unmute yourself. Oh, no. Sorry. Your connection is not very good, Mr. Verma. Therefore, I will read out your questions in the chat box. Q1: Please explain challenges faced in closing acquisitions.

Speaker #2: If you're dialing in by phone, please use the key combination star nine to raise your hand. And if you are not able to speak freely today, you can also place your questions in our chat box.

Speaker #2: And Amit Verma, you have placed some questions in the chat box and raised your hand. I would like to give you the opportunity to speak to us via audio line.

Operator: Amit Verma, you have placed some questions in the chat box and raised your hand. I would like to give you the opportunity to speak to us via audio line. Please unmute yourself. Oh, no. Sorry. Your connection is not very good, Mr. Verma. Therefore, I will read out your questions in the chat box. Q1: Please explain challenges faced in closing acquisitions. It has been nine months since we are looking for some.

Speaker #2: Please unmute yourself.

Speaker #1: Hello?

Speaker #2: Oh, no. Sorry, your connection is not very good, Mr. Verma. Therefore, I will read out your questions in the chat box. Q1: Please explain the challenges faced in closing acquisitions.

Speaker #2: It has been nine months since we are looking for some.

Operator: It has been 9 months since we are looking for some.

Speaker #1: Yeah. I mean, we would also like to move faster, but acquisitions simply take time. We are seeing a good number of potential targets—roughly a handful.

Sebastian Roll: Yeah. We would also like to move faster, but acquisitions simply take time. We are seeing a good number of potential targets, roughly a handful, but each comes with their own specific topics that we also need to assess carefully. In some cases, we have topic with financials, in others, we have topic with operational, or also with order intake. This is something where for us, and this was always our strategy, that quality fit and strategic fit is more important than speed. You know we have done acquisitions in the past. I am quite sure we will do acquisitions in the future. But yeah, we can totally understand your remark, because also we would like to be faster on this topic.

Speaker #1: But each comes with its own specific topic that we also need to, yeah, need to assess carefully. So in some cases, we have topics with financials.

Speaker #1: In other cases, we have topics with operational aspects, or also with order intake. So this is something where, for us—and this was always our strategy—quality fit and strategic fit are more important than speed.

Sebastian Roll: This is something where for us, and this was always our strategy, that quality fit and strategic fit is more important than speed. You know we have done acquisitions in the past. I am quite sure we will do acquisitions in the future. But yeah, we can totally understand your remark, because also we would like to be faster on this topic.

Speaker #1: And you know we have done acquisitions in the past. I'm quite sure we will do acquisitions in the future. But yeah, we can totally understand your remark, yeah, because also we would like to be faster on this topic.

Speaker #2: Thank you. And Q2, why are we not seeing large orders from aerospace and life sciences? Are we also looking at America? These are very large markets.

Operator: Thank you. In Q2, why are we not seeing large orders from aerospace and life sciences? Are we also looking at America? These are very large markets. Please explain our right to win against companies like ATS Corporation.

Speaker #2: And please explain our right to win against companies like ATS Corporation.

Speaker #1: Yeah. So maybe starting with aerospace, I mean, the aerospace market is dominated by mainly two player as you know. This is a market where you for sure have to convince the customers, yeah, you have to fulfill a lot of different topics just to be on the supplier list.

Sebastian Roll: Well, maybe starting with aerospace. The aerospace market is dominated by mainly two players, as you know. This is a market where you, for sure, have to convince the customers. You have to fulfill a lot of different topics just to be on the supplier list. We are very happy that at least one of these big players is already committed on Aumann, and we are quite sure that we really see here upcoming order intakes, and we have already order intakes in H1. So aerospace is gaining momentum step by step. You are right, the other big player is in the United States, and even for this player, we have already offered something. Now we have to see step by step if this will also become, hopefully, orders step by step. But it takes time. Defense and aerospace is really hard to get in.

Sebastian Roll: Maybe starting with aerospace. The aerospace market is dominated by mainly two players, as you know. This is a market where you, for sure, have to convince the customers. You have to fulfill a lot of different topics just to be on the supplier list. We are very happy that at least one of these big players is already committed on Aumann, and we are quite sure that we really see here upcoming order intakes, and we have already order intakes in H1.

Speaker #1: So we are very happy that at least one of these big players is already committed on Aumann. And we are quite sure that we really see here upcoming order intakes.

Speaker #1: And we have already order intakes in the first half. So aerospace is gaining momentum step by step. And you are right. I mean, the other big player is in the United States.

Sebastian Roll: Aerospace is gaining momentum step by step. You are right, the other big player is in the United States, and even for this player, we have already offered something. Now we have to see step by step if this will also become, hopefully, orders step by step. But it takes time. Defense and aerospace is really hard to get in, but on the other side, if you are in such a market, it is, in our point of view, a very nice market.

Speaker #1: And even for these players, we have already offered something. Now we have to see step by step if this will also, hopefully, become orders—step by step.

Speaker #1: But it takes time. Yeah, defense and aerospace is really hard to get in. But on the other side, if you are in such a market, it is, in our point of view, a very nice market.

Sebastian Roll: But on the other side, if you are in such a market, it is, in our point of view, a very nice market.

Speaker #1: Yeah.

Speaker #2: Thank you very much. One question that you already illuminated. Could you give some color? What is the impact of traditional automotive on next automotion segment?

Operator: Thank you very much. One question that you already illuminated, could you give some color, what is the impact of traditional automotive on Next Automation segment? Please elaborate on M&A development. Is there any real project you are in advanced discussions? How many due diligence did the company in the last 2 years?

Speaker #2: And please elaborate on M&A development. Is there any real project you're in advance discussions? How many do you diligence did the company in the last two years?

Speaker #1: Yeah. As I said, I mean, to give a flavor on this, I mean, we have always a handful of companies where we are in discussion where we offering where we are doing due diligence from time to time and so on.

Sebastian Roll: Yeah. As I said, to give a flavor on this, we always have a handful of companies where we are in discussion, where we are offering, where we are doing due diligence from time to time and so on. This is nothing new, honestly speaking. It is a little bit more focused right now, and I think we mentioned this also in our last earnings call, in the way that we are focusing on companies within Next Automation. This is something which has changed a little bit on this topic. Yeah, and the question, as I said, what we try to do is to take our processes, to take our technology knowhow, and to transfer this technology knowhow into Next Automation.

Speaker #1: But this is nothing new, honestly speaking. It's a little bit more focused right now, and I think we mentioned this also in our last earnings call, in the way that we are focusing on companies within the next automation.

Speaker #1: So this is something which has changed a little bit on this topic. Yeah. And the question, okay, as I said, I mean, what we try to do is to take our processes, to take our technology know-how and to transfer this technology know-how into next automation so that means if there's something with a battery if there's something where you have to produce an e-motor or structure light structure, yeah, then this is something where for sure we can deliver a customized production solution.

Sebastian Roll: This is something which has changed a little bit on this topic. Yeah, and the question, as I said, what we try to do is to take our processes, to take our technology knowhow, and to transfer this technology knowhow into Next Automation. That means if there is something with a battery, if there is something where you have to produce an e-motor, or light structure, then, this is something where for sure we can deliver a customized production solution. Yeah, that is what we are doing within Next Automation.

Sebastian Roll: That means if there is something with a battery, if there is something where you have to produce an e-motor, or light structure, then, this is something where for sure we can deliver a customized production solution. Yeah, that is what we are doing within Next Automation.

Speaker #1: And yeah, that's what we are doing with the next automation.

Speaker #2: Thank you very much. And, ladies and gentlemen, due to the number of questions you have, we will extend the call for a few more minutes.

Operator: Thank you very much. Ladies and gentlemen, due to your questions you do have, we will extend the call for a few more minutes to answer them all, and I will be fast. The next questions are coming from one person. First, based on H1 results, are you currently tracking towards the lower end, midpoint, or upper end of the guided EBITDA margin range 6% to 8%? Second question, Next Automation delivered a very strong 72% increase in order intake and now represents the majority of the group backlog. Could you provide more detail on the composition of the sales pipeline and specifically comment on the role of defense and drone-related application within further growth opportunities? The third, given Aumann's net cash position of more than EUR 150 million and your continued focus on expanding Next Automation, could you provide an update on your M&A strategy?

Speaker #2: To answer them all—and I will be fast. The next questions are coming from one person. First, based on H1 results, are you currently tracking towards the lower end, midpoint, or upper end of the guided EBDA margin range, 6% to 8%?

Speaker #2: Second question: Next automation delivered a very strong 72% increase in order intake and now represents the majority of the group backlog. Could you provide more detail on the composition of the sales pipeline, and specifically comment on the role of defense and drone-related applications within further growth opportunities?

Operator: Could you provide more detail on the composition of the sales pipeline and specifically comment on the role of defense and drone-related application within further growth opportunities? The third, given Aumann's net cash position of more than EUR 150 million and your continued focus on expanding Next Automation, could you provide an update on your M&A strategy? Are you currently evaluating acquisition opportunities in areas such as defense, aerospace, clean tech, or life science?

Speaker #2: And the third, given Aumann's net cash position of more than $150 million, and your continued focus on expanding next automation, could you provide an update on your M&A strategy?

Speaker #2: Are you currently evaluating acquisition opportunities in areas such as defense, aerospace, clean tech, or life sciences?

Operator: Are you currently evaluating acquisition opportunities in areas such as defense, aerospace, clean tech, or life science?

Speaker #1: Let's begin with a question concerning our guidance. So yeah, you're right that we are currently in revenue a bit below guidance and in margin a bit above guidance.

Jan-Henrik Pollitt: Let's begin with a question concerning our guidance. You are right that we are currently in revenue a bit below guidance and margin a bit above guidance. As mentioned in the presentation, we have a good sales pipeline and promising sales pipeline, especially in the Next Automation sector. It is a bit too early to have a clear estimation on where exactly we will be with our guidance. Larger customer decisions will take place in H2, and as soon as we have a clear visibility on these decisions, we will evaluate the guidance again.

Speaker #1: So as mentioned in the presentation, we have a good sales pipeline and promising sales pipeline especially in the next automation. Sector. So it's a bit too early to have a clear estimation on where exactly we will be in with our guidance.

Speaker #1: So larger customer decisions will take place in the second half. And as soon as we have a clear visibility on these decisions, we will evaluate the guidance again.

Operator: Thank you very much.

Speaker #1: So for the M&A pipeline, I think we discussed the topics. So the next automation question was on details of the sales pipeline. So of course we cannot directly say or give details on the exact pipeline.

Jan-Henrik Pollitt: For the M&A pipeline, I think we discussed the topics. The Next Automation question was on details of the sales pipeline. Of course, we cannot directly say or give details on the exact pipeline. But I think we have a broad pipeline during the several branches we discussed. There is life science in the pipeline, there is drone and defense aviation business in the pipeline, and also some general industry topics. And especially the aviations, maybe also a bit the automotive topics are also relevant in our pipeline discussions.

Speaker #1: But I think we have a broad pipeline during the several branches we discussed. So there is life science in the pipeline, there is drone and defense aviation business in the pipeline, and also yeah, some general industry topics.

Speaker #1: And especially the aviation—maybe also a bit the human and robot topics—are also relevant in our pipeline discussions.

Speaker #2: Thank you. You mentioned a strong volume uptick in European BEVs. When do you expect your customers to move and invest? Will you be able to keep your margins even if volumes drop further?

Operator: Thank you. You mentioned a strong volume uptick in Europe BEVs. When do you expect your customers to move and invest? Will you be able to keep your margins even if volumes drop further?

Speaker #1: Yeah. I mean, what we see right now is that we see within our battery business currently seeing the first upcoming large requests on this topic.

Sebastian Roll: Yeah. What we see right now is that we see within our battery business currently seeing the first upcoming large requests on this topic. This is on the one end for module and packs, because it seems that the decision on individual platforms and vehicle models are becoming more concrete. This is one topic, and hopefully it is a clear sign of upcoming renewed momentum. But another topic which is a very new topic for us, but very interesting, is that we see now RFQs upcoming in the market of battery recycling and refurbishment. Why is it interesting. It is interesting because we are now talking about refurbishment of battery modules and battery packs, and we are not talking about, I do not know, 1,000, 2,000 packs a year. We are now talking of tens of thousands.

Speaker #1: And this is on the one end for modular impacts because it seems that the decision on individual platforms and vehicle models are becoming more concrete.

Speaker #1: So this is one topic. And hopefully it is clearly sign of upcoming renewed momentum. But another topic which is a very new topic for us, but very interesting is that we see now RFQs upcoming in the market of battery recycling and refurbishment.

Sebastian Roll: Another topic which is a very new topic for us, but very interesting, is that we see now RFQs upcoming in the market of battery recycling and refurbishment. Why is it interesting. It is interesting because we are now talking about refurbishment of battery modules and battery packs, and we are not talking about, I do not know, 1,000, 2,000 packs a year. We are now talking of tens of thousands.

Speaker #1: And why is it interesting? It's interesting because we are now talking about refurbishment of battery modules and battery packs. And not we are not talking about, I don't know, 1,000, 2,000 packs a year.

Speaker #1: We are now talking of tens of thousands per year. And then it really becomes is becoming interesting because then we are talking about we are talking not only about manufacturing we are talking about disassembly, reassembly of the line, and we are talking about end of line testing.

Sebastian Roll: Then it is really becoming interesting because then we are talking not only about manufacturing. We are talking about disassembly, reassembly of the line, and we are talking about end-of-line testing. The idea of some car makers right now is to bring to the market also refurbished battery modules and battery packs. Yeah, this is a very complex assembly line. For sure, for such assembly lines, and now I try to close the loop, for such assembly lines, it might be also possible at least to maintain the margins at it.

Speaker #1: So the idea of some car makers right now is to bring to the market also refurbished battery modules and battery packs. And yeah, this is a very complex this is a very complex assembly line.

Speaker #1: And for sure for such assembly lines, and now I try to close the loop for such assembly lines, it might be also possible at least to maintain the margin level.

Speaker #2: And what are the lead times in next automotion split it by subsectors until when do you have to win projects to bring them into revenue?

Operator: What are the lead times in Next Automation, listed by subsectors. Until when do you have to win projects to bring them into revenue. Still 2026.

Speaker #2: Still 2026?

Speaker #1: That's not really a question of the subsectors. It's more a question of what kind of project it is that's being acquired. So, totally new technologies have slightly longer lead times than well-established technologies in our group.

Jan-Henrik Pollitt: That is not really a question of the subsectors. It is a bit more a question of what kind of project it is, which is acquired. Totally new technologies have a bit longer lead times than well-established technologies in our group. But in general, we will be able to, when the project now is won, to execute 10% to 30% of the new project. If it is a repeater project, maybe even a bit more in 2026.

Speaker #1: But in general, we will be able to, when a project now is won, to execute 10 to 30% of the new project. If it's a repeater project, maybe even a bit more in 2026.

Speaker #2: And the large buybacks of Aumann are executed at high prices vastly above market prices. This may benefit the largest shareholder MBB in receiving a good price of their share sales.

Operator: And the large buybacks of Aumann are executed at high prices vastly above market prices. This may benefit the largest shareholder, MBB, in receiving a good price of their share sales, but it is not the interest of shareholder value for committed shareholders who do not tender. Are you planning further large buybacks at excessive prices, or do you foresee to make future in a way that serves shareholders?

Operator: The large buybacks of Aumann are executed at high prices vastly above market prices. This may benefit the largest shareholder, MBB, in receiving a good price of their share sales, but it is not the interest of shareholder value for committed shareholders who do not tender. Are you planning further large buybacks at excessive prices, or do you foresee to make future in a way that serves shareholders?

Speaker #2: But it's not in the interest of shareholder value for committed shareholders who do not tender. Are you planning further large buybacks at excessive prices, or do you foresee making decisions in the future in a way that serves all shareholders?

Speaker #1: Yeah, I think we positioned ourselves with an attractive dividend payment and an attractive share buyback program. So in general, all shareholders are equal in these decisions.

Jan-Henrik Pollitt: Well, I think we positioned ourselves with an attractive dividend payment and an attractive share buyback program. So in general, all shareholders are equal in these decisions. And based on our 2025 earnings, especially in terms of profitability, we decided in this year where we are maybe a bit behind in order intake and the markets are a bit softer than initially expected. We wanted to keep the Aumann share attractive for our shareholders and therefore we decided for both the share buyback program and the dividend payment, and the decision in the end is at the shareholder, which way is more suitable for the shareholders. Of course, we still see our share price valuated at a bit over cash, which is extremely low and therefore we do not think that the share buyback price was too high, but fair and also attractive for our shareholders.

Jan-Henrik Pollitt: I think we positioned ourselves with an attractive dividend payment and an attractive share buyback program. So in general, all shareholders are equal in these decisions. And based on our 2025 earnings, especially in terms of profitability, we decided in this year where we are maybe a bit behind in order intake and the markets are a bit softer than initially expected.

Speaker #1: And based on our 2025 earnings, especially in terms of profitability, we decided in this year where we are maybe a bit behind in order intake and the markets are a bit softer than initially expected, we wanted to keep the Aumann share attractive for our shareholders and therefore we decided for both the share buyback program and the dividend payment.

Jan-Henrik Pollitt: We wanted to keep the Aumann share attractive for our shareholders and therefore we decided for both the share buyback program and the dividend payment, and the decision in the end is at the shareholder, which way is more suitable for the shareholders. Of course, we still see our share price valuated at a bit over cash, which is extremely low and therefore we do not think that the share buyback price was too high, but fair and also attractive for our shareholders.

Speaker #1: And the decision in the end is that the shareholder which way is more suitable for the shareholders. Of course, we still see our share price valuated at a bit over cash, which is extremely low and therefore we don't think that the share buyback price was too high.

Speaker #1: But fair, and also attractive for our shareholders.

Speaker #2: Thank you. What is the percentage of revenue in automation next coming from automotive sector?

Operator: Thank you. What is the percentage of revenue in Next Automation coming from automotive sector?

Sebastian Roll: There is, within the Next Automation, there is nearly nothing coming from the automotive sector. Yeah, because it is Next Automation. Yeah.

Speaker #1: I mean, within the next automation, there's nearly nothing coming from the automotive sector because it's next automation.

Speaker #2: Thank you very much. And one second. Will the full I have to translate a question because it came in in German. Will the entire order backlog as of June 30 of this year be recognized as revenue or is revenue from that backlog already planned for 2027?

Operator: Thank you very much. One second. I have to translate a question because it came in in German. Will the entire order backlog as of 30 June of this year be recognized as revenue, or is revenue from that backlog already planned for 2027?

Speaker #1: No, a large part of the order backlog will be executed in 2026.

Jan-Henrik Pollitt: No, a large part of the order backlog will be executed in 2026.

Speaker #2: Thank you very much. We have one raised hand by Carlo Cattaneo Adorno. Carlo, here's your allowance to speak if you have some more questions for us.

Operator: Thank you very much. We have one raised hand by Carlo Cattaneo Adorno. Carlo, you are allowed to speak if you have some more questions for us.

Speaker #3: Hello. Thank you for taking my question. I know you've sort of answered this before, but I guess this is a bit more of a specific way to put this question to you.

Carlo Cattaneo Adorno: Hello. Thank you for taking my question. I know you have answered this before, but I guess, this is a bit more of a specific way to put this question to you. We have been following the ACEA data, which shows the EV and hybrid registrations are growing pretty significantly. As you said, in Germany, I think it is 50%. In Europe in general, it is about 30% year-over-year. We can calculate that a lot of that growth is not going to foreign brands. I guess my question is, we are just a little bit confused as to why this has not yet translated into increased orders. Is it because the manufacturers still have a lot of spare capacity for EVs and hybrids? In your view, are we close to the utilization levels that would trigger a new investment?

[Analyst]: Hello. Thank you for taking my question. I know you have answered this before, but I guess, this is a bit more of a specific way to put this question to you. We have been following the ACEA data, which shows the EV and hybrid registrations are growing pretty significantly. As you said, in Germany, I think it is 50%.

Speaker #3: So we've been following the ACEA data which shows the EV and hybrid registrations are growing pretty significantly. And as you said, in Germany, I think it's 50%.

Speaker #3: In Europe in general, it's about 30%. Year over year. And we can calculate that a lot of that growth is not going to foreign brands so I guess my question is we're just a little bit confused as to why this hasn't yet translated into increased orders is it because the manufacturers still have a lot of spare capacity for EVs and hybrids or in your view, are we close to the utilization levels that would trigger new investment?

[Analyst]: In Europe in general, it is about 30% year-over-year. We can calculate that a lot of that growth is not going to foreign brands. I guess my question is, we are just a little bit confused as to why this has not yet translated into increased orders. Is it because the manufacturers still have a lot of spare capacity for EVs and hybrids? In your view, are we close to the utilization levels that would trigger a new investment?

Speaker #1: Yeah, it's exactly in the way you mentioned. Yeah, I mean, just having as you know, one of our large customers is BMW. And the very attractive new class of BMW is ramping up just since, I don't know, some months.

Sebastian Roll: It's exactly in the way you mentioned. Just having, as you know, one of our large customers is BMW. The very attractive Neue Klasse of BMW is ramping up, well, just since, I don't know, some months. But for sure, the investment was one year before at least, here for Aumann. So that means the investment they have right now is the capacity and investment they have right now, they are using right now for the Neue Klasse. The Neue Klasse is very successful and there might be, or for sure, there will be the time where they need additional capacity, for this Neue Klasse, but right now they are more or less fine.

Speaker #1: Yeah, but for sure, the investment was one year before, at least here for Aumann. So that means the investment they have right now is the capacity in investment they have right now—they are using right now for the new class.

Sebastian Roll: That means the investment they have right now is the capacity and investment they have right now, they are using right now for the Neue Klasse. The Neue Klasse is very successful and there might be, or for sure, there will be the time where they need additional capacity, for this Neue Klasse, but right now they are more or less fine.

Speaker #1: The new class is very successful, and there might be, or for sure there will be, a time where they need additional capacity for these new classes. But right now, they are more or less fine.

Speaker #3: Okay. And if I can ask a follow-up that is kind of related and I've sort of asked this before we've talked about it before, but I'm seeing some more news stories about it, like theoretically, the restrictions on China's rare earth materials could increase demand for Aumann's winding technology by encouraging the OEMs to adopt rare earth redesigns.

Carlo Cattaneo Adorno: Okay. If I can ask a follow-up that is kind of related, I've sort of asked this before, we've talked about it before, but, I'm seeing some more news stories about it. Theoretically, the restrictions on China's rare earth materials could increase demand for Aumann's winding technology by encouraging other OEMs to adopt rare earth free designs. Are you seeing this translating into any specific projects? Conversely, on the other side, is there any risk that the manufacturers are actually importing completed motors from China and not producing it locally?

[Analyst]: Okay. If I can ask a follow-up that is kind of related, I've sort of asked this before, we've talked about it before, but, I'm seeing some more news stories about it. Theoretically, the restrictions on China's rare earth materials could increase demand for Aumann's winding technology by encouraging other OEMs to adopt rare earth free designs. Are you seeing this translating into any specific projects? Conversely, on the other side, is there any risk that the manufacturers are actually importing completed motors from China and not producing it locally?

Speaker #3: And are you seeing this translating into any specific project or conversely, on the other side, is there any risk that the manufacturers are actually importing completed motors from China and not producing it locally?

Speaker #1: No, it's exactly the topic you are mentioning. So what we see right now is a very interest in winded rotors instead of assembly rotors with rare materials.

Sebastian Roll: No, it's exactly the topic you are mentioning. What we see right now is a very interest in wound rotors instead of assembled rotors with rare materials. This is exactly where we have one project in the past and where we think that we will see upcoming projects right now, and we are in discussions with some customers concerning exactly this topic. A wound rotor in the past was more or less more for vehicles like, I don't know, smaller classes. Now there's a discussion to put it also in the higher car classes. So it's a very interesting topic, which we are following right now as well.

Speaker #1: And this is exactly where we have now where we have one project in the past and where we think that we will see upcoming projects right now.

Speaker #1: And we are in discussions with some customers concerning exactly this topic. And around it, rotor in the past was more or less more for vehicles like I don't know, smaller classes.

Sebastian Roll: A wound rotor in the past was more or less more for vehicles like, I don't know, smaller classes. Now there's a discussion to put it also in the higher car classes. So it's a very interesting topic, which we are following right now as well.

Speaker #1: And now there's a discussion to put it also in the higher classes in the higher car classes. So it's a very interesting topic. Which we are following right now as well.

Speaker #3: Okay, thank you very much.

Carlo Cattaneo Adorno: Okay. Thank you very much.

[Analyst]: Okay. Thank you very much.

Speaker #2: Thank you, Carlo, for your questions. And ladies and gentlemen, I have time for one more question. Can you talk in more detail about the drone opportunity?

Operator: Thank you, Carlo, for your questions. Ladies and gentlemen, I have time for one more question. Can you talk in more detail about the drone opportunity? Who are the customers? Are these smaller, newer companies or established defense companies? How do you see this developing for Aumann in the coming years?

Speaker #2: Who are the customers? Are these smaller newer companies or established defense companies? And how do you see this developing for Aumann in the coming years?

Speaker #1: Yeah. Customers are both. So very potent very big startups on the one hand side and also established defense companies on the other side. So I think important to know is that we try to get a step in and our first step into this new area was to have at least or to offer end-of-line testing.

Sebastian Roll: Yeah. Customers are both, so very potent, very big startups on the one end side, and also established defense companies on the other side. I think important to know is that we try to get a step in, our first step into this new area was to have at least or to offer end-of-line testing. Because even if they are manufacturing in a more manual way, they need a very precise end-of-line testing. This is something where we try to step in with a lot of different customers and then step by step, having a look on the e-motor. Also here for sure, it is exactly what we have discussed just before. The question, okay, has this e-motor been produced in Europe? For sure, if it is defense, everybody wants to produce these kind of motors on the long time or in the midterm in Europe.

Speaker #1: Because even if they manufacturing in the more manual way, they need a very they need a very precise end-of-line testing. So this is something where we try to step in with a lot of different with a lot of different customers and then step by step having a look on the e-motor so also here for sure it's exactly what we have discussed just before.

Sebastian Roll: This is something where we try to step in with a lot of different customers and then step by step, having a look on the e-motor. Also here for sure, it is exactly what we have discussed just before. The question, okay, has this e-motor been produced in Europe? For sure, if it is defense, everybody wants to produce these kind of motors on the long time or in the midterm in Europe.

Speaker #1: So the question, okay, has these e-motor be produced in Europe? For sure, if it is defense, everybody wants to produce these kind of motors on the long time.

Speaker #1: Or in the midterm in Europe. So this is these are more or less then afterwards the discussions. And in the end of the day, we try to offer the full integrated drone assembly line, but therefore for sure you need a mass production or you need already orders mass orders mass orders to get in the investment or to get in this CAPEX.

Sebastian Roll: These are more or less then afterwards the discussions. In the end of the day, we try to offer the full integrated drone assembly line, but therefore for sure you need a mass production or you need already mass orders to get in the investment or to get in this CapEx.

Speaker #2: Thank you very much. And thank you also everyone for your extra time. You also took we have come to the end of today's earnings call.

Operator: Thank you very much, and thank you also everyone for your extra time you took. We have come to the end of today's earnings call. Thank you very much for your interest in the Aumann AG. A big thank you also to Sebastian and Jan-Henrik for your presentation and your time. Should you have any further questions at a later date, ladies and gentlemen, please feel free to reach out to investor relations. I wish you all a successful day around the world. Having said this, Sebastian, the stage is yours for your closing remarks.

Speaker #2: Thank you very much for your interest in the Aumann AG. A big thank you also to Sebastian and Jan-Henrik for your presentation and your time.

Speaker #2: Should you have any further questions at a later date, ladies and gentlemen, please feel free to reach out to Investor Relations. I wish you all a successful day around the world, and having said this, Sebastian, the stage is yours for your closing remarks.

Speaker #1: Yeah, let me close with just a few words. So while the automotive market remains challenging we also see and I think this becomes more clear in this call opportunities ahead.

Sebastian Roll: Yeah. Let me close with just a few words. While the automotive market remains challenging, we also see, and I think this becomes more clear in this call, opportunities ahead. Internally, we continuously optimizing our cost structure and our capacities for sure. But externally, we are building new sets of opportunities. Next Automation, and I think that is something you have seen in this call, is gaining momentum and we see significant potential in this segment, and we are confident that the results will follow and we look forward to seeing you at our upcoming annual general meeting. Thank you very much for your interest.

Speaker #1: So, internally, we are continuously optimizing our cost structure and our capacities for sure. But externally, we are building new sales opportunities, next automation, and I think this is something you have seen in this call—it is gaining momentum. We see significant potential in this segment, and we are confident that the results will follow. We look forward to seeing you at our upcoming Annual General Meeting.

Sebastian Roll: Next Automation, and I think that is something you have seen in this call, is gaining momentum and we see significant potential in this segment, and we are confident that the results will follow and we look forward to seeing you at our upcoming annual general meeting. Thank you very much for your interest.

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Half Year 2026 Aumann GmbH Earnings Call

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