Slides
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HY 2025/26 Results 13 November 2025
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1 OVERVIEW
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© Novem Group Public Page 313 November 2025 Q2 2025/26 key events ▪ Novem reported total revenue of €125.5m (-9.9% y/y), suffering from ongoing weak market sentiment ▪ Year-on-year revenue drop reflects reduced Tooling business from shifted project timing, while Series remained almost stable ▪ Temporary production halts at JLR following a cyber attack and at BMW China led to a revenue loss for the quarter under review ▪ Poor top line impacted Adj. EBIT and translated into a profit margin of 6.1% for the quarter under review ▪ Nonetheless, continued cost management with focus on central office in Germany starting to take effect ▪ Solid free cash flow of €15.8m marks a notable improvement compared to PY (€3.6m) ▪ Novem successfully acquired new business with McLaren ▪ Strategically, securing a pre-development project with Harley-Davidson opens opportunities in two-wheeler market Soft demand and project delays continue to put pressure on performance
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© Novem Group Public Q2 2025/26 financial highlights Revenue (€m) 139.4 Adj. EBIT (€m) Adj. EBIT margin (%) Net leverage (x Adj. EBITDA) Free cash flow (€m) Q2 2024/25 Q2 2025/26 125.5 12.0 7.7 8.6% 6.1% 3.6 1.9x 15.8 2.0x Page 413 November 2025
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© Novem Group Public HY 2025/26 financial highlights Revenue (€m) 279.5 Adj. EBIT (€m) Adj. EBIT margin (%) Net leverage (x Adj. EBITDA) Free cash flow (€m) HY 2024/25 HY 2025/26 254.5 26.2 15.4 9.4% 6.0% 0.6 1.9x 17.2 2.0x Page 513 November 2025
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2 GROUP RESULTS Page 6
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© Novem Group Public 108.0 118.6 116.8 116.1 16.0 19.4 12.2 9.5 124.0 138.0 128.9 125.5 Q3 24/25 Q4 24/25 Q1 25/26 Q2 25/26 Revenue Series Revenue Tooling 119.5 116.1 19.9 9.5 139.4 125.5 Q2 24/25 Q2 25/26 Revenue Series Revenue Tooling Revenue 13 November 2025 Page 7 ▪ In Q2 2025/26, total revenue of €125.5m came down by €-13.8m or -9.9% compared to last year ▪ Measured at constant foreign exchange rates, top line in Q2 would have been higher by €+4.2m or +3.4% ▪ Revenue Series of €116.1m declined by €-3.4m or -2.9% versus prior year and added 92.4% to total revenue ▪ Drop in Series business was predominantly attributable to ongoing weak customer call-offs, to the largest extent in Asia ▪ Latest publicly available data on the LVP market indicates a year- on-year increase of +4.4% for the period under review ▪ Tooling contributed €9.5m to total revenue and was significantly below previous year by €-10.4m or -52.3% due to project delays ▪ Total revenue recorded at €516.5m on a twelve-month basis and showed a slight decline of -2.6% against last quarter Revenue (€m) Highlights LTM revenue (€m) 516.5 -9.9%
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© Novem Group Public 10.0 12.7 7.7 7.7 Q3 24/25 Q4 24/25 Q1 25/26 Q2 25/26 12.0 7.7 Q2 24/25 Q2 25/26 Adj. EBIT 13 November 2025 Page 8 ▪ Adj. EBIT in Q2 2025/26 remained broadly in line with preceding quarter, but fell short of last year by €-4.3m ▪ Despite the pronounced decline in Adj. EBIT, Novem achieved a solid profit margin of 6.1% (PY 8.6%) in Q2 2025/26 ▪ Again, bottom line was negatively hit by the significantly lower turnover, which resulted in an ongoing weak cost coverage ▪ Notably, operating result was not materially influenced by one-off items, highlighting that profitability stemmed from core operational performance ▪ As previously noted, recently implemented cost control initiatives helped to sustain profitability ▪ LTM Adj. EBIT came in at €38.1m, which was well below previous quarter by €-4.3m or -10.2% Adj. EBIT (€m) Highlights LTM Adj. EBIT (€m) -36.0% 38.1
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© Novem Group Public 1.3 26.6 1.3 15.8 Q3 24/25 Q4 24/25 Q1 25/26 Q2 25/26 3.6 15.8 Q2 24/25 Q2 25/26 Free cash flow 13 November 2025 Page 9 ▪ Free cash flow of €15.8m was well above last year by €+12.2m for the reporting period under review ▪ Deviation to a large extent attributable to cash flow from operating activities of €17.3m exceeding previous year by €+10.4m due to following reasons: ▪ Decreased other assets (€+10.9m) and increased provisions (€+10.5m) as well as Others (€+1.4m); partly offset by lower profit for the period (€-6.4m) and other non-cash expenses (€-6.0m) ▪ Cash out-flow for investing activities of €-1.5m recorded below prior year’s level of €-3.3m mainly driven by lower investments ▪ As a result, LTM free cash flow of €45.1m improved by €+12.2m or 37.2% compared to preceding quarter Free cash flow (€m) Highlights LTM free cash flow (€m) 45.1 >100%
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© Novem Group Public 3.5 4.5 1.8 2.4 Q3 24/25 Q4 24/25 Q1 25/26 Q2 25/26 4.5 2.4 Q2 24/25 Q2 25/26 Capital expenditure 13 November 2025 Page 10 ▪ Capital expenditure reached €2.4m in the second quarter of 2025/26 and therefore €-2.1m lower than last year ▪ The underlying capex ratio of 1.9% was below prior year’s figure of 3.3% as a consequence of the lower investments ▪ As previous quarter, nearly half of the capital expenditure in Q2 2025/26 was invested in Pilsen (€1.2m) ▪ Majority of capital expenditure was growth-related and linked to new projects as well as the necessary preparation of the production infrastructure ▪ On a last-twelve-month basis, capex ratio further declined from 2.7% last quarter to 2.4% based on total revenue Capital expenditure (€m) Highlights LTM capital expenditure (€m) -46.2% 12.3
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© Novem Group Public 52.7 53.2 51.8 50.1 23.4 25.3 30.6 27.5 83.4 74.8 79.9 77.4 11.1 14.3 13.1 12.0 -27.5 -43.8 -38.5 -29.8 143.2 123.8 136.9 137.2 Q3 24/25 Q4 24/25 Q1 25/26 Q2 25/26 Inventories Receivables Tooling net Contract assets Payables 58.2 50.1 26.2 27.5 77.0 77.4 13.3 12.0 -35.5 -29.8 139.3 137.2 Q2 24/25 Q2 25/26 Inventories Receivables Tooling net Contract assets Payables ▪ As of 30 September 2025, total working capital stood at €137.2m and was slightly lower than last year by -1.5% (€139.3m) ▪ Deviation of €+2.1m y/y attributable to lower inventories (€+8.1m) and contract assets (€+1.3m); negatively affected by lower trade payables (€-5.7m) and higher trade receivables (€-1.3m) as well as tooling net (€-0.4m) ▪ Favourable inventory variance mainly related to decline in stock of raw materials; partly offset by reduced trade payables reflecting lower volumes ▪ As a percentage of last-twelve-month revenue, total working capital recorded at 26.6% as of 30 September 2025 (24.5% PY) ▪ Trade working capital, without both tooling net and contract assets, also showed a positive trend to €47.8m (€49.0m PY) ▪ While DIO of 39 days outstanding (44 PY) developed favourably and DSO of 31 (PY 30) remained at almost the same level, DPO of 39 (46 PY) worsened Total working capital 13 November 2025 Page 11 Total working capital (€m) Highlights LTM total working capital (€m) -1.5%
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© Novem Group Public 301.9 292.1 -132.4 -153.4 169.5 138.7 Gross financial debt Cash and cash equivalents Sep 24 Sep 25 2.1 1.8 2.0 2.0 Dec 24 Mar 25 Jun 25 Sep 25 ▪ As of 30 September 2025, gross financial debt of €292.1m was well below last year’s figure by €-9.8m (€301.9m PY) ▪ Lease liabilities, by definition included in the gross financial debt, amounted to €41.5m (€51.9m PY) ▪ Principal sources of funds included €153.4m cash (€132.4m PY) and €37.4m from non-recourse factoring (€40.3m PY) ▪ In summary, net financial debt as of 30 September 2025 was at €138.7m and showed a significant improvement over prior year (€169.5m) ▪ As previously reported, net leverage ratio of 2.0x Adj. EBITDA remained at a slightly higher level than prior year (1.9x) Capital structure 13 November 2025 Page 12 Net financial debt (€m) Highlights LTM net leverage ratio 1.9x 2.0x 288.5 305.5 -169.9 -134.4 118.7 171.2 Gross financial debt Cash and cash equivalents Jun 23 Jun 24
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3 RESULTS BY OPERATING SEGMENTS
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© Novem Group Public 50.7 57.2 55.2 41.7 60.3 70.0 61.4 68.5 13.0 10.7 12.3 15.4 124.0 138.0 128.9 125.5 Q3 24/25 Q4 24/25 Q1 25/26 Q2 25/26 Europe Americas Asia 47.5 41.7 75.4 68.5 16.6 15.4 139.4 125.5 Q2 24/25 Q2 25/26 Europe Americas Asia Revenue by operating segments 13 November 2025 Page 14 ▪ Segmental revenue declined across all regions, with a total decrease of €-13.8m y/y, driven to the largest extent by Americas ▪ Lower turnover in Europe (€-5.8m y/y) was predominantly caused by differently phased Tooling business, while Series revenue remained stable at prior year’s level ▪ Similarly, poor top line in Americas (€-6.9m y/y) was attributable to project phasing effects in Tooling, while Series sales remained flat ▪ Revenue in Asia (€-1.2m y/y) was negatively affected by Series business as a consequence of continued weak call-offs for BMW X5 due to a temporary production halt and MB E-class ▪ LTM revenue showed the following distribution across the regions: 50.4% Americas, 39.6% Europe and 10.0% Asia Revenue by region (€m) Highlights LTM revenue by region (€m) -9.9% 516.5
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© Novem Group Public -6.9 -7.3 17.3 15.0 1.6 -0.0 12.0 7.7 Q2 24/25 Q2 25/26 Europe Americas Asia 1.7 -3.9 -3.3 -7.3 8.5 16.7 10.4 15.0 -0.2 -0.1 0.5 0.0 10.0 12.7 7.7 7.7 Q3 24/25 Q4 24/25 Q1 25/26 Q2 25/26 Europe Americas Asia Adj. EBIT by operating segments 13 November 2025 Page 15 ▪ As with revenue, Adj. EBIT showed a similar development across all segments with a total decrease of €-4.3m versus prior year ▪ Adj. EBIT of €-7.3m in Europe (€-6.9m PY) remained negative, mainly impacted by volume-related inefficiencies that resulted in a weak cost coverage ▪ Americas delivered strong Adj. EBIT of €15.0m (€17.3m PY), slightly below prior year, mainly due to reduced income from others and higher input costs ▪ In Asia, Adj. EBIT of €-0.0m (€1.6m PY) fell short of prior year and was negatively affected by lower revenue ▪ In comparison to preceding quarter, LTM Adj. EBIT came down by -10.2% from €42.4m to €38.1m Adj. EBIT by region (€m) Highlights LTM Adj. EBIT by region (€m) -36.0% 38.1 75.8 60.6 60.6 50.6 72.3 60.1 74.5 75.1 23.7 18.1 14.5 14.4 171.9 138.7 149.7 140.1 Q2 23/24 Q3 23/24 Q4 23/24 Q1 24/25 Europe Americas Asia
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4 QUESTIONS & ANSWERS
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5 APPENDIX
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© Novem Group Public Profit and loss statement 13 November 2025 Page 18 Profit and loss statement (€m) Q2 2024/25 Q2 2025/26 HY 2024/25 HY 2025/26 Revenue 139.4 125.5 279.5 254.5 Increase or decrease in finished goods and work in process 0.5 -0.0 2.4 0.4 Total operating performance 139.9 125.5 281.9 254.9 Other operating income 3.9 1.8 5.3 5.1 Cost of materials -72.1 -63.7 -140.1 -126.3 Personnel expenses -35.6 -33.9 -74.9 -71.9 Depreciation, amortisation and impairment -8.0 -7.8 -16.1 -15.7 Other operating expenses -16.1 -14.3 -30.0 -30.7 Adj. EBIT 12.0 7.7 26.2 15.4 Adjustments -0.1 -1.4 -2.9 -1.6 Operating result (EBIT) 11.9 6.3 23.3 13.8 Finance income 5.7 1.3 2.6 19.0 Finance costs -5.3 -3.9 -10.8 -8.2 Financial result 0.4 -2.6 -8.2 10.8 Income taxes -1.9 -1.6 -4.5 -3.2 Deferred taxes -1.2 0.6 0.7 -3.1 Income tax result -3.1 -0.9 -3.8 -6.3 Profit for the period 9.2 2.8 11.2 18.3
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© Novem Group Public Balance sheet 13 November 2025 Page 19 Balance sheet (€m) 30 Sep 2024 30 Sep 2025 30 Sep 2024 30 Sep 2025 Total equity 90.5 95.9 Intangible assets 2.9 2.7 Pensions and similar obligations 28.7 26.5 Property, plant and equipment 180.3 159.1 Other provisions 2.1 2.8 Trade receivables 40.0 39.6 Financial liabilities 249.0 - Other non-current assets 11.3 13.2 Other liabilities 49.3 39.8 Deferred tax assets 11.1 5.1 Deferred tax liabilities 1.3 4.8 Total non-current assets 245.6 219.6 Total non-current liabilities 330.4 73.8 Inventories 103.0 94.4 Tax liabilities 0.3 1.7 Trade receivables 43.0 44.1 Other provisions 35.7 28.9 Other receivables 21.2 20.0 Financial liabilities 1.0 250.5 Other current assets 19.9 15.4 Trade payables 40.5 32.4 Cash and cash equivalents 132.4 153.4 Other liabilities 66.8 63.7 Total current assets 319.5 327.3 Total current liabilities 144.2 377.1 Assets 565.1 546.9 Equity and liabilities 565.1 546.9
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© Novem Group Public Q2 2024/25 Q2 2025/26 HY 2024/25 HY 2025/26 Profit for the period 9.2 2.8 11.2 18.3 Income tax expense (+)/income (-) 1.9 1.6 4.5 3.2 Financial result (+)/(-) net 4.1 2.6 8.2 -10.8 Depreciation, amortisation and impairment (+) 8.0 7.8 16.1 15.7 Other non-cash expenses (+)/income (-) 6.1 0.1 8.2 15.8 Increase (-)/decrease (+) in inventories 1.5 1.5 -4.7 -0.9 Increase (-)/decrease (+) in trade receivables 4.8 5.8 3.7 -3.6 Increase (-)/decrease (+) in other assets -6.1 4.8 2.2 1.8 Increase (-)/decrease (+) in deferred taxes 1.2 -0.6 -0.7 3.1 Increase (-)/decrease (+) in prepaid expenses/deferred income 3.3 2.9 1.1 3.0 Increase (+)/decrease (-) in provisions -7.1 3.4 -9.7 2.0 Increase (+)/decrease (-) in trade payables -8.1 -10.9 -8.6 -29.4 Increase (+)/decrease (-) in other liabilities -5.9 -2.4 -13.0 -2.0 Gain (-)/loss (+) on disposals of non-current assets 0.0 0.0 0.0 0.0 Cash received (+) from/cash paid (-) for income taxes -6.0 -2.0 -10.9 3.4 Cash flow from operating activities 6.9 17.3 7.6 19.6 Cash flow statement 13 November 2025 Page 20 Cash flow statement (€m)
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© Novem Group Public Cash flow statement (cont’d) 13 November 2025 Page 21 Cash flow statement (€m) Q2 2024/25 Q2 2025/26 HY 2024/25 HY 2025/26 Cash received (+) from disposals of property, plant and equipment - 0.0 0.0 0.1 Cash paid (-) for investments in intangible assets -0.2 -0.0 -0.4 -0.1 Cash paid (-) for investments in property, plant and equipment -4.3 -2.4 -9.1 -4.2 Interest received (+) 1.2 0.9 2.5 1.8 Cash flow from investing activities -3.3 -1.5 -7.0 -2.4 Cash paid (-) for lease liabilities -0.0 -2.6 1.0 -6.5 Interest paid (-) -4.5 -3.2 -9.1 -6.6 Cash flow from financing activities -4.6 -5.8 -8.1 -13.1 Net increase (+)/decrease (-) in cash and cash equivalents -0.9 10.0 -7.6 4.1 Effect of exchange rate fluctuations on cash and cash equivalents -1.0 0.2 -1.5 -0.7 Cash and cash equivalents at the beginning of the reporting period 134.4 143.2 141.5 150.1 Cash and cash equivalents at the end of the reporting period 132.4 153.4 132.4 153.4
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© Novem Group Public EBIT adjustments 13 November 2025 Page 22 EBIT adjustments (€m) Q2 2024/25 Q2 2025/26 HY 2024/25 HY 2025/26 Revenue 139.4 125.5 279.5 254.5 EBIT 11.9 6.3 23.3 13.8 EBIT margin 8.6% 5.0% 8.3% 5.4% Restructuring 0.0 1.1 0.0 1.3 Single impairments - - 2.6 - Others 0.0 0.3 0.3 0.3 Exceptional items 0.0 0.3 2.9 0.3 Discontinued operations - - - - Adjustments 0.1 1.4 2.9 1.6 Adj. EBIT 12.0 7.7 26.2 15.4 Adj. EBIT margin 8.6% 6.1% 9.4% 6.0%
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© Novem Group Public Page 2313 November 2025 Definitions and basis of preparation of the financial information ▪ Adj. EBIT is defined as EBIT adjusted for certain adjustments which management considers to be non-recurring in nature, as Novem believes such items are not reflective of the ongoing performance of the business ▪ Adj. EBIT margin is defined as Adj. EBIT divided by revenue ▪ Adj. EBITDA is defined as profit for the year before income tax result, financial result and amortisation, depreciation and write-downs adjusted for certain adjustments which management considers to be non-recurring in nature, as Novem believes such items are not reflective of the ongoing performance of the business ▪ Adj. EBITDA margin is defined as Adj. EBITDA divided by revenue ▪ Capital expenditure is defined as the sum of cash paid for investments in property, plant and equipment and cash paid for investments in intangible assets excluding currency translation effects ▪ Cash conversion is defined as free cash flow divided by Adj. EBITDA ▪ Days inventory outstanding (DIO) is defined by dividing inventories (as shown in the consolidated statement of financial position, but excluding tooling) by revenue generated from the sale of series trim elements in the last three months ▪ Days payables outstanding (DPO) is defined by dividing trade payables (as shown in the consolidated statement of financial position, but excluding tooling) by net costs series incurred in the three months ▪ Days sales outstanding (DSO) is defined by dividing trade receivables (as shown in the consolidated statement of financial position, but excluding tooling) by revenue generated from the sale of series trim elements in the last three months ▪ EBIT is defined as profit for the year before income tax result and financial result ▪ EBITDA is defined as profit for the year before income tax result, financial result and amortisation and depreciation ▪ Free cash flow is defined as the sum of cash flow from operating and investing activities ▪ Gross financial debt is defined as the sum of liabilities to banks and lease liabilities ▪ Net financial debt is defined as gross financial debt less cash and cash equivalents ▪ Net leverage ratio is defined as the ratio of net financial debt to Adj. EBITDA ▪ Tooling net is defined as all costs and revenue related to tools, tool development and prototypes as well as pre-series business ▪ Total operating performance is defined as the sum of revenue and increase or decrease in finished goods ▪ Total working capital is defined as the sum of inventories, trade receivables and contract assets excluding expected losses less trade payables, tooling advance payments received and other provisions related to tooling ▪ Trade working capital is defined as the sum of inventories non-tooling and trade receivables related to non-tooling less trade payables related to non-tooling
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© Novem Group Public Page 2413 November 2025 Further information and disclaimer Date of publication 13 November 2025 Contact investor.relations@novem.com | All information is constantly updated and available. Please visit the Investor Relations Portal on the Company website: https://ir.novem.com Editor Novem Group S.A. | 19, rue Edmond Reuter | 5326 Contern | Luxembourg | www.novem.com Financial information This presentation contains unaudited financial information for Novem, which may be subject to change. Disclaimer Novem Group S.A. (the “Company”, “Novem”) has prepared this presentation solely for your information. It should not be treated as giving investment advice. Neither the Company, nor any of its directors, officers, employees, direct or indirect shareholders and advisors nor any other person shall have any liability whatsoever for any direct or indirect losses arising from any use of this presentation. While the Company has taken all reasonable care to ensure that the facts stated in this presentation are accurate and that the opinions contained in it are fair and reasonable, this presentation is selective in nature. Any opinions expressed in this presentation are subject to change without notice and neither the Company nor any other person is under any obligation to update or keep current the information contained in this presentation. Where this presentation quotes any information or statistics from any external source, you should not interpret that the Company has adopted or endorsed such information or statistics as being accurate. This presentation contains forward-looking statements, which involve risks, uncertainties and assumptions that could cause actual results, performance or events to differ materially from those described in, or expressed or implied by, such statements. These statements reflect the Company’s current knowledge and its expectations and projections about future events and may be identified by the context of such statements or words such as “anticipate”, “believe”, “estimate”, “expect”, “intend”, “plan”, “project” and “target”. No obligation is assumed to update any such statement. Numbers were rounded to one decimal. Due to rounding, the numbers presented may not add up precisely to the totals provided.
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Novem Group S.A. 19, rue Edmond Reuter | 5326 Contern | Luxembourg Email: investor.relations@novem.com www.novem.com