Interim report
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Hoenle AG, Nicolaus-Otto-Straße 2, 82205 Gilching, Tel. +49 810 5 2083 0, ir@hoenle.com, Web www.hoenle.com Q3 Quarterly Statement of the Hoenle Group October 2025 to June 2026 Earnings development 04/2026- 04/2025- 10/2025- 10/2024- in T€ 06/2026 06/2025 06/2026 06/2025 +/- % Revenue 23,707 22,641 69,026 69,809 -1.1 Gross result 15,693 14,794 45,678 44,740 2.1 EBITDA 1,735 532 4,471 3,554 25.8 Operating profit/EBIT 408 -828 432 -554 >100 Earnings before taxes/EBT -94 -1,281 -1,133 -1,905 40.5 Net income -245 -921 -1,070 -1,320 18.9 Earnings per share in € -0.04 -0.15 -0.17 -0.22 22.7 Number of shares in units 6,062,930 6,062,930 6,062,930 6,062,930 0.0 Financial development in T€ 30.06.2026 30.09.2025 +/- % Non-current assets 91,847 92,226 -0.4 Current assets 50,821 53,289 -4.6 Equity 76,064 77,032 -1.3 Long-term debt 36,471 38,872 -6.2 Short-term debt 30,133 29,611 1.8 Total assets 142,668 145,516 -2.0 Equity ratio in % 53.3 52.9 0.7 Liquidity development 10/2025- 10/2024- in T€ 06/2026 06/2025 +/- % Cash and cash equivalents generated from operating activities 4,599 3,735 23.1 Cash flow from operating activities 3,307 2,021 63.6 Cash flow from investing activities -1,001 -219 <-100.0 Cash flow from financing activities -2,716 -3,495 22.3 Change in cash and cash equivalents -523 -1,598 67.3 Employees 10/2025- 10/2024- average 06/2026 06/2025 +/- % Number of employees 553 558 -0.9
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2 Business development In the first nine months of the 2025/26 financial year, the picture for the Hoenle Group was divided. On the one hand, the economic weakness in mechanical and plant engineering and especially in the printing industry weighed on busi- ness development. In addition, structural changes and consolidations within the industry had an impact on the devel- opment of the Curing Business Unit. On the other hand, sales and earnings in both the Adhesive Systems Business Unit and the Disinfection Business Unit were significantly higher than in the previous year and in line with expectations. The Hoenle Group generated sales of T€ 69,026 in the current financial year, which was slightly below the previous year's level of T€ 69,809. The restructuring measures initiated and the consistent focus on profitable business areas had a positive effect. Earn- ings before interest, taxes, depreciation and amortization (EBITDA) improved from T€ 3,554 to T€ 4,471, while EBIT was positive again at T€ 432 (previous year: T€ -554 ). Business development by Business Units Adhesive Systems After a significant decline in the previous year, sales in the Adhesive Systems Business Unit increased again in the cur- rent fiscal year. It climbed from T€ 24,943 to T€ 26,630. A differentiated picture emerges. The ongoing reluctance to invest slowed down sales of adhesive-curing devices. However, the realisation of several projects with industrial adhe- sives in the electronics and medical technology sectors more than compensated for this decline and contributed to an increase in sales volume in the first nine months of fiscal year 2025/26. It is pleasing that the cost of materials ratio was also improved. One of the reasons for this was the optimisation of the order structure, which led to increased efficiency in production and logistics. In addition, the changed product mix contributed to the decline in the cost of materials ratio. Earnings before interest, taxes, depreciation and amortization (EBITDA) rose from T€ 2,465 to T€ 3,977. The operating result (EBIT) in the Adhesive Systems Business Unit jumped from T€ 1,038 to T€ 2,563. Curing In the Curing Business Unit, the prevailing reluctance to invest was particularly noticeable in the current fiscal year. Revenues fell from T€ 25,737 in the same period of the previous year to T€ 20,862 in the current year. Drying units for printing presses were particularly affected by customers' weak willingness to invest. This picture also fits in with the fact, that the economically ailing German printing press manufacturer manroland sheetfed GmbH announced in March 2026, that it had initiated protective shield proceedings. The Hoenle Group's sales to this customer declined significantly in the year under review. On the earnings side, the restructuring had a positive impact, as part of which personnel measures were also imple- mented in the previous year, which contributed to a decline in personnel expenses in the Curing Business Unit in the current fiscal year. However, the restructuring measures were unable to offset the earnings effect from the decline in sales. Earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to T€ -2,161 in the current fiscal year, compared to T€ -1,245 in the previous year. Operating profit (EBIT) fell from T€ -2,745 to T€ -3,489. Disinfection The long-term positive trend in the Disinfection Business Unit continued in the current financial year. Revenue rose from T€ 19,129 in the previous year to T€ 21,533 in the current financial year. Significantly more low-pressure and medium-pressure UV lamps and components were sold than in the same period of the previous year, especially for water disinfection. Thanks to its expanded product portfolio, Hoenle is also able to meet individual customer require- ments even better and to leverage new sales potential with existing customers and sell additional products and ser- vices. The Hoenle Group sees good development potential in North America and Asia and has therefore expanded its inter- national sales capacities. This contributed to an increase in personnel expenses in the current fiscal year. EBITDA rose in the first nine months from T€ 2,337 in the same period of the previous year to T€ 2,655 in the period under review, while operating profit (EBIT) climbed from T€ 1,156 to T€ 1,359 in the same period.
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3 Business Units 10/2025- 10/2024- in T€ 06/2026 06/2025 +/- % Adhesive Systems Revenue 26,630 24,943 6.8 EBITDA 3,977 2,465 61.3 Operating profit/EBIT 2,563 1,038 >100.0 Curing Revenue 20,862 25,737 -18.9 EBITDA -2,161 -1,245 -73.6 Operating profit/EBIT -3,489 -2,745 27.1 Disinfection Revenue 21,533 19,129 12.6 EBITDA 2,655 2,337 13.6 Operating profit/EBIT 1,359 1,156 17.6 Results of operations Revenue amounted to T€ 69,026. Despite the slightly lower sales level, gross profit improved from T€ 44,740 to T€ 45,678. EBITDA rose by 25.8% to T€ 4,471, while EBIT reached T€ 432, compared with T€ -554 in the previous year. Net income improved to T€ -1,070 from T€ -1,320 in the previous year, corresponding to earnings per share of € -0.17 (previous year: € -0.22). The improvement in earnings was due to an improved product mix, the positive development of the Adhesive Systems and Disinfection Business Units, and the effect of the efficiency measures introduced. In detail, this means that the cost of materials ratio improved in all Business Units and was 35.9% in the reporting year after 37.6% in the previous year. Personnel expenses rose by 1.0% and, together with the slightly lower revenue level, led to an increase in the personnel expense ratio from 43.7% to 44.7%. Savings in marketing and logistics contributed to a reduction in other operating expenses from T€ 10,571 to T€ 9,980. The ratio of other operating expenses there- fore improved from 15.1% in the previous year to 14.4% in the current financial year. Earnings development 04/2026- 04/2025- 10/2025- 10/2024- in T€ 06/2026 06/2025 06/2026 06/2025 +/- % Revenue 23,707 22,641 69,026 69,809 -1.1 Gross result 15,693 14,794 45,678 44,740 2.1 EBITDA 1,735 532 4,471 3,554 25.8 Operating profit/EBIT 408 -828 432 -554 >100.0 Earnings before taxes/EBT -94 -1,281 -1,133 -1,905 40.5 Net income -245 -921 -1,070 -1,320 18.9 Earnings per share in € -0.04 -0.15 -0.17 -0.22 22.7 Number of shares in units 6,062,930 6,062,930 6,062,930 6,062,930 0.0 Financial position Operating cash flow remained positive and continued to improve. The Hoenle Group was therefore able to finance its investments from ongoing business operations. Net debt was further reduced. The liquidity situation remained solid in the reporting period. In the first three quarters of the 2025/26 financial year, the Hoenle Group generated an operating cash flow of T€ 4,599 (previous year: T€ 3,735). After interest and income taxes, cash flow from operating activities amounted to T€ 3,307 (previous year: T€ 2,021). Cash flow from investing activities amounted to T€ -1,001 (previous year: T€ -219). It mainly included payments for the acquisition of property, plant and equipment and intangible assets in the Hoenle Group in the amount of T€ 995 (previous year: T€ 1,429).
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4 The cash flow from financing activities of T€ -2,716 (previous year: T€ -3,495) resulted from the repayment of bank liabilities, the use of credit lines and the payment of lease liabilities. After a decline of T€ 1,598 in the same period of the previous year, cash and cash equivalents decreased by T€ 523 in the first nine months of the current financial year. Liquidity development 10/2025- 10/2024- in T€ 06/2026 06/2025 +/- % Cash and cash equivalents generated from operating activities 4,599 3,735 23.1 Cash flow from operating activities 3,307 2,021 63.6 Cash flow from investing activities -1,001 -219 <-100.0 Cash flow from financing activities -2,716 -3,495 22.3 Change in cash and cash equivalents -523 -1,598 67.3 Financial position Total assets decreased by 2.0% to T€ 142,668. The equity ratio rose to 53.3%, underlining the continued solid financ- ing of the Hoenle Group. Long-term debt was further reduced as planned. On the assets side of the balance sheet, depreciation and amortisation of commercial real estate in particular led to a decline in property, plant and equipment by T€ 1,863 to T€ 67,141 in the first nine months of the 2025/26 financial year. Inventories fell by T€ 1,492 to T€ 27,100 in the same period. Cash and cash equivalents amounted to T€ 7,229 as of June 30 (previous year: T€ 7,753). The Hoenle Group has been repaying its real estate loans for many years. On the liabilities side of the balance sheet, long-term loans also in the first nine months of the current financial year decreased by T€ 2,378 to T€ 31,018. Current bank liabilities amounted to T€ 13,563 (previous year: T€ 12,712), which is attributable to the temporarily higher use of credit lines. Financial development in T€ 30.06.2026 30.09.2025 +/- % Non-current assets 91,847 92,226 -0.4 Current assets 50,821 53,289 -4.6 Equity 76,064 77,032 -1.3 Long-term debt 36,471 38,872 -6.2 Short-term debt 30,133 29,611 1.8 Total assets 142,668 145,516 -2.0 Equity ratio in % 53.3 52.9 0.7 Risk and Opportunity Report In the assessment of the risks and opportunities for the Hoenle Group, there were no significant changes in the re- porting period compared to the corresponding statements in the Annual Report 2024/25. The risk management sys- tem and the main opportunities and risks are described in the Annual Report in the chapter "Opportunities and Risks Report". Outlook Adhesive Systems Business Unit The Adhesive Systems Business Unit has a comprehensive portfolio of UV-curable adhesives and matching curing sys- tems for the implementation of demanding industrial joining processes. By combining material and process expertise, the Hoenle Group develops customer-specific solutions that, in addition to connecting components, fulfil additional functions such as electrical contacting, thermal management, structural stabilisation and the protection of sensitive components. The focus of further business development is on the strategic markets of Electronics, Medical and Optics. In these ar- eas, the demand for high-performance adhesive solutions and energy-efficient UV curing processes that enable
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5 shorter process times and reduced heat input is increasing. The current high number of development and qualification projects with international customers forms a solid basis for future series applications. Against the backdrop of ongoing innovation projects, the continuous expansion of the product portfolio and increas- ing internationalization, the Management Board expects above-average sales growth in the coming years. In addition, efficiency increases in operating processes and the consistent focus of the product portfolio on high-margin applica- tions are expected to contribute to a sustainable improvement in profitability. Business Unit Curing The Curing Business Unit bundles solutions for UV, UV LED and IR curing for the printing and coating industry. The main fields of application are packaging printing, the coating of two- and three-dimensional surfaces and the pro- cessing of technical films and labels. Due to increasing demands on product quality, productivity and process reliabil- ity, the Hoenle Group sees attractive growth prospects in these markets in the long term. The continued subdued investment activity in mechanical and plant engineering in the year under review had a nota- ble negative impact on the Business Unit's business development. However, with a gradual economic recovery and an increasing willingness of customers to invest, the Management Board expects a slight improvement in specific market segment conditions. At the same time, measures to expand the service, spare parts and modernization business are being systematically pursued to further stabilize business development and strengthen recurring revenues. After stabilization in the second half of the calendar year, the Management Board expects a positive sales and earn- ings development in the Curing Business Unit in the coming years due to the further development of innovative prod- uct and process solutions, the expansion of the after-sales business and consistent cost and product management. Business Unit Disinfection The Disinfection Business Unit comprises solutions for UV-based disinfection of water, air and surfaces. The most im- portant fields of application include ballast water treatment, the treatment of process, drinking water and wastewater as well as disinfection solutions in the food industry. In addition, the Hoenle Group is continuously opening up new areas of application for its technologies. With the expansion of the range of services into an integrated portfolio of systems, components, UV lamps, LED tech- nologies, pulsed UV systems and microbiological services, the Business Unit has a strong basis for further growth. Ad- ditional market potential arises from ongoing customer projects, qualifications such as those in the semiconductor industry for ultrapure water treatment, as well as increasing demand for disinfection and quality assurance solutions in the food industry. The Executive Board sees UV-based disinfection as a sustainable and resource-saving key technology with good long- term growth prospects. In addition to a positive development in the existing fields of application, additional impetus is expected from new areas of application as well as from further international market penetration, especially in Asia and North America. Therefore, the Disinfection Business Unit will make a growing contribution to the sales and earn- ings of the Hoenle Group in the coming years. Overall statement on future business development The Hoenle Group is consistently continuing the measures it has initiated to focus on its core business and improve profitability. These include the further streamlining of the product portfolio, efficiency increases in structures and pro- cesses, greater modularization in development and production, and the expansion of the after-sales business. As com- municated in the announcement dated 22.07.2026, the Management Board expects the Hoenle Group to generate revenues of € 92 million to € 95 million (previous year: € 93.7 million) and operating profit before depreciation and amortisation (EBITDA) of €5 million to € 6 million (previous year: € 5.8 million) in the 2025/26 financial year.
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6 Consolidated income statement in T€ 04/2026- 06/2026 10/2025- 06/2026 04/2025- 06/2025 10/2024- 06/2025 Revenue 23,707 69,026 22,641 69,809 Changes in inventories of finished and work-in-progress -242 -40 -231 -25 Other work performed by entity and capitalised 88 223 210 210 Other operating income 334 1,287 568 1,098 Cost of purchased materials and services -8,194 -24,818 -8,393 -26,352 Personnel expenses -10,630 -30,905 -10,301 -30,593 Depreciation and amortisation of property, plant and equipment and intangible assets -962 -2,954 -1,008 -3,041 Depreciation of right-of-use assets IFRS 16 -365 -1,085 -351 -1,067 Other operating expenses -3,080 -9,980 -3,930 -10,571 Impairment pursuant to IFRS 9 -247 -322 -31 -22 Operating profit/EBIT 408 432 -828 -554 Profit/loss from investments accounted for using the equity method 12 Financial income 28 28 7 Financial expenses -505 -1,585 -455 -1,438 Financial result -502 -1,565 -453 -1,351 Earnings before tax and non-controlling interests/EBT -94 -1,133 -1,281 -1,905 Income taxes -151 63 360 586 Consolidated profit or loss -245 -1,070 -921 -1,320 Share of profit attributable to non-controlling interests -21 -21 -14 -14 Share of earnings attributable to shareholders of Hoenle AG -224 -1,049 -907 -1,305 Earnings per share (basic) in € -0.04 -0.17 -0.15 -0.22 Earnings per share (diluted) in € -0.04 -0.17 -0.15 -0.22 Average shares outstanding (basic) 6,061,854 6,061,854 6,061,854 6,061,854 Average shares outstanding (diluted) 6,061,854 6,061,854 6,061,854 6,061,854
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7 Consolidated balance sheet in T€ 30.06.2026 30.09.2025 ASSETS NON-CURRENT ASSETS Goodwill 11,043 11,043 Intangible assets 1,652 1,741 Property, plant and equipment 67,141 69,004 Investments accounted for using the equity method 317 302 Financial assets 376 376 Other non-current assets 4,921 4,556 Deferred tax assets 6,397 5,205 Total non-current assets 91,847 92,226 CURRENT ASSETS Inventories 27,100 28,592 Trade accounts receivables 13,997 13,813 Receivables from companies in which an equity interest is held 66 66 Finance lease receivables 27 145 Other current assets 1,776 1,554 Tax refund claims 626 1,366 Cash and cash equivalents 7,229 7,753 Total current assets 50,821 53,289 TOTAL ASSETS 142,668 145,516 EQUITY AND LIABILITIES EQUITY Subscribed capital 6,063 6,063 Own shares -8 -8 Capital reserves 41,979 41,979 Retained earnings 27,886 28,834 Equity attributable to Hoenle AG shareholders 75,919 76,867 Non-controlling interests 145 166 Total Equity 76,064 77,032 NON-CURRENT LIABILITIES Non-current loans (minus current portion) 31,018 33,396 Non-current lease liabilities 887 911 Other non-current liabilities 66 104 Pension provisions 3,768 3,708 Deferred public investment grants 53 56 Deferred income tax liabilities 679 697 Total non-current liabilities 36,471 38,872 CURRENT LIABILITIES Trade accounts payable 5,384 6,050 Liabilities to companies in which an equity investment is held 4 Contract liabilities 1,570 1,438 Current liabilities from finance leasing 1,153 1,235 Current bank liabilities and current portion of non-current loans 13,563 12,712 Other current liabilities 6,450 6,732 Other provisions 308 324 Income tax liabilities 1,705 1,115 Current liabilities, total 30,133 29,611 TOTAL EQUITY AND LIABILITIES 142,668 145,516
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8 Consolidated Statement of Cash Flows in T€ 10/2025- 06/2026 10/2024- 06/2025 Cash flow from operating activities Consolidated profit before non-controlling interests and taxes from continued operations -1,133 -1,905 Adjustments for: Depreciation of intangible assets, property, plant and equipment and investment property 4,039 4,108 Gains/losses on the disposal of intangible assets, property, plant and equipment and in- vestment property -258 Financial income -20 -87 Financial expenses 1,585 1,438 Other non-cash expenses/income 205 310 Operating result before changes to net current assets 4,676 3,606 Increase/decrease in provisions -38 -76 Increase/decrease in trade receivables -479 2,030 Increase/decrease in receivables from participating companies 2 12 Increase/decrease in assets held for sale -65 Increase/decrease in other assets -104 -338 Increase/decrease in reinsurance -150 Increase/decrease in inventories 1,270 228 Increase/decrease in trade accounts payable -386 -10 Increase/decrease in liabilities to participating companies -3 Increase/decrease in contract liabilities 132 -502 Increase/decrease in other liabilities -322 -1,150 Cash generated from operations 4,599 3,735 Interest paid -1,474 -1,320 Income taxes paid 181 -394 Cash flow from operating activities 3,307 2,021 Cash flow from investing activities Sale of fixed assets and non-current assets 1,303 Payments for the acquisition of property, plant and equipment and in-tangible assets -995 -1,429 Deposits/Withdrawals Participations -139 Payments received from non-current receivables -14 -41 Interest received 8 12 Payments from dividends 74 Cash flow from investing activities -1,001 -219 Cash flow from financing activities Payments received from loans and liabilities to banks 1,587 1,175 Disbursements for loans and liabilities to banks -3,114 -3,373 Payments for the repayment portion of lease liabilities -1,189 -1,170 Dividends paid -128 Cash flow from financing activities -2,716 -3,495 Currency differences -113 95 Net change in cash and cash equivalents -523 -1,598 Cash and cash equivalents at the beginning of the reporting period 7,753 7,508 Cash and cash equivalents at the end of the reporting period 7,229 5,911
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9 Financial Dates of Hoenle AG 18.08.2026 Present Q3 Statement 2025/26 22.09.2026 Berenberg & Goldman Sachs German Corporate Conference, Munich 11.11.2026 MKK Münchner Kapitalmarkt Konferenz (GBC), Munich 23.-24.11.2026 Eigenkapital Forum (Deutsche Börse), Frankfurt 08.12.2026 Preliminary figures for the 2025/26 financial year 28.01.2027 Annual Report 2025/26 Note The interim consolidated financial statements have not been audited. The quarterly statement was prepared on the basis of the accounting principles applied in the last Group Annual Report. The figures and percentages contained in this report may be subject to rounding differences. The management report contains statements and information provided by Dr. Hoenle AG that relate to future peri- ods. The forward-looking statements represent assessments that were made on the basis of information available at the time when this report was prepared. Should the assumptions underlying the forecasts prove to be incorrect or should risks, such as those mentioned in the risk report of the last annual report, materialise, actual developments and results may deviate from current expectations. The Company assumes no obligation to update the statements contained in this management report, with the exception of publishing such updates as required by statutory provi- sions. Hoenle AG Nicolaus-Otto-Str. 2 82205 Gilching Phone +49 8105 2083 0 Email uv@hoenle.com Investor Relations Peter Weinert Phone +49 8105 2083 173 Email ir@hoenle.com