GEA FINANZKENNZAHLEN

Profitable growth continued:
Organic revenue and EBITDA margin withfurther increase in the first quarter of 2024

Financial Key Figures of GEA
Q1
2024

Q1
2023

Changein %1,365.0

1,580.7

-13.6

1.10

1.24

–

Order backlog

3,241.3

3,446.0-5.9

Revenue

1,241.2

1,270.9

-2.3

2.7

13.9

-1,115 bp
147 bp(EUR million)
Results of operations
Order intake

Order intake down 13.6 percent as expected, particularly due to a strong prior-year
quarter and negative currency translation effects (organic decline of 9.7 percent)Book-to-bill ratio

Order backlog remains high at EUR 3.2 billion (Q1 2023: EUR 3.4 billion)

Organic revenue growth in %1
Share of service revenue in %

38.0

36.6

Organic Revenue with growth of 2.7 percent (reported: decline of 2.3 percent)

EBITDA before restructuring expenses

180.5

171.8

5.1

as % of revenue

14.5

13.5

103 bp

EBITDA

172.6

157.3

9.8

EBIT before restructuring expenses

132.9

127.7

4.0

EBIT

121.8

112.8

8.0

Profit for the period

90.6

81.7

10.9

ROCE in %2

32.3

33.1

-76 bpBook-to-bill ratio still positive with 1.10 (Q1 2023: 1.24)
Share of service business increased further to 38.0 percent (Q1 2023: 36.6 percent)
EBITDA before restructuring expenses up to EUR 180.5 million(Q1 2023: EUR 171.8 million)

Financial position

EBITDA margin before restructuring expenses increased to 14.5 percent

Cash flow from operating activities

-42.2

-49.3

14.3

(Q1 2023: 13.5 percent)Cash flow from investing activities

-15.2

-3.1

< -100

ROCE down slightly from high level to 32.3 percent (Q1 2023: 33.1 percent)Free cash flow

-57.5

-52.4

-9.7

Net assets
457.1

368.9

23.9

8.6

6.9

161 bp8.3

Free cash flow down to EUR ‑57.5 million (Q1 2023: EUR ‑52.4 million)

Net working capital (reporting date)

Net working capital with 8.6 percent of revenue within target range of

Capital employed (reporting date)3

1,881.5

1,737.9

8.0 to 10.0 percent (Q1 2023: 6.9 percent)

Equity2,448.5

2,338.7

4.7

Equity ratio in %

41.9

40.4

150 bp

Net liquidity decreased, particularly due to the share buyback program, to

Net liquidity (+)/Net debt (-)4

218.0

274.3

-20.5

EUR 218.0 million (Q1 2023: EUR 274.3 million)

GEA Shares
12.5

Outlook for 2024 confirmed

as % of revenue (LTM)

Earnings per share (EUR)

0.53

0.47

Earnings per share before restructuring expenses (EUR)

0.59

0.54

8.0

Market capitalization (EUR billion; reporting date)5

6.7

7.6

-11.8

Employees (FTE; reporting date)

18,81018,413

2.2•

Organic revenue growth 2.0 to 4.0 percent

Total workforce (FTE; reporting date)

19,581

19,416

0.9•

EBITDA margin before restructuring expenses 14.5 to 14.8 percent•

ROCE 29.0 to 34.0 percent) Adjusted for portfoio and currency transation effects) EBT before restructuring expenses of the ast  months Capita empoyed average of the ast  quarters and excuding goodwi from the acquisition of the former GEA AG
by former Metageseschaft AG in ) Capita empoyed excuding goodwi from the acquisition of the former GEA AG by former Metageseschaft AG in ) ncuding ease iabiities of EUR 0 miion as of March  0 (March  0 EUR 0 miion)
) The market capitaization incude treasury shares XETRA cosing price as of March  0 EUR  XETRA cosing price as of March  0 EUR GEA Q1 2024

2

GEA IN THE FIRST QUARTER OF 2024

GEA in the First Quarter of GEA has made a good start in the 2024 financial year and has continued its profitable growth. Nevertheless,

EBITDA before restructuring expenses was further raised, and at EUR 180.5 million, achieved an increase of

the market environment in the first quarter of 2024 was still dominated by high interest rates, negative

5.1 percent compared to the prior-year quarter (Q1 2023: EUR 171.8 million). The corresponding EBITDA

currency developments and geopolitical uncertainties. This was reflected in the order intake.

margin improved by 1.0 percentage points to 14.5 percent (Q1 2023: 13.5 percent).

In the first quarter of 2024, GEA achieved an order intake of EUR 1,365 million (Q1 2023: EUR 1,581 million),In the first three months, profit for the period improved by 10.9 percent to EUR 90.6 million (Q1 2023:

which is an expected reduction of 13.6 percent compared to the record order intake in the first quarter of

EUR 81.7 million). As a result, earnings per share increased from EUR 0.47 to EUR 0.53. Earnings per share2023. Organically – i.e. excluding portfolio and currency translation effects – the decrease amounted tobefore restructuring expenses amounted to EUR 0.59 in comparison to EUR 0.54 in the prior-year quarter.

9.7 percent. The negative currency translation effects totaled EUR 62 million. Despite a generally goodproject pipeline, there were still postponements in the awarding of larger orders, especially large orders witha volume of more than EUR 15 million. In the first quarter, two large orders with a total volume of
EUR 51 million were received in the Liquid & Powder Technologies and Food & Healthcare Technologies
divisions (Q1 2023: five large orders with a total value of EUR 126 million).
At EUR 1,241 million, revenue was down slightly by 2.3 percent compared to the prior-year quarter (Q1 2023:
EUR 1,271 million). However, on an organic basis, revenue rose by 2.7 percent. The negative currencytranslation effects accounted for EUR 64 million. The book-to-bill ratio – the ratio of order intake to revenue– was 1.10, down from 1.24 in the first quarter of 2023. In the customer industries, beverage in particular
recorded strong revenue growth, while almost all other customer industries saw declines. Revenue in theabove-average profitable service business increased further compared to the prior-year quarter, rising to38.0 percent of total revenue (Q1 2023: 36.6 percent).

On March 31, 2024, net liquidity – including lease liabilities – decreased to EUR 218.0 million (March 31, 2023:
EUR 274.3 million) primarily due to the share buyback program. The total volume of shares acquired to dateas part of the share buyback in the period from November 9, 2023 up to and including March 31, 2024
amounts to around 3.1 million shares (total volume of EUR 111.3 million). The net working capital increased to
8.6 percent of revenue in comparison to the prior-year quarter (Q1 2023: 6.9 percent) and therefore waswithin the target range of 8.0 to 10.0 percent.
Capital employed as an average of the last four quarters rose by EUR 112.9 million to EUR 1,812.2 million,
mainly as a result of the significant decrease in cash due to the share buyback program. The increase in EBIT
before restructuring expenses was not able to compensate for this, with the result that ROCE fell slightly froma high level of 33.1 percent to 32.3 percent.
The outlook for GEA for the financial year 2024 published in the 2023 Annual Report is confirmed. Organic
revenue growth of 2.0 to 4.0 percent and an EBITDA margin before restructuring expenses of 14.5 to
14.8 percent are still expected. GEA anticipates that the return on capital employed (ROCE) will be within arange of 29.0 to 34.0 percent.

GEA Q1 2024

3

REPORT ON ECONOMIC POSITION

Report on economic
position
Business developments
Order intake
Order intake(EUR million)

Q1
2024

Q1
2023

Separation & Flow Technologies

402.2

457.3

-12.1

Liquid & Powder Technologies

388.7

511.5

-24.0

Food & Healthcare Technologies

258.6

252.2

2.5

Farm Technologies

198.7

253.2

-21.5

Heating & Refrigeration Technologies

162.6

184.9

-12.1

Consolidation

-45.7

-78.4

41.7

1,365.0

1,580.7

-13.6

GEA

Changein %•As expected, order intake declined by 13.6 percent to EUR 1,365 million in the first quarter, largely due toa strong prior-year quarter as well as currency effects; organically, the figure fell by 9.7 percent but has
improved significantly compared to the previous quarter (Q4 2023: EUR 1,260 million)•

Order intake down in almost all divisions, with the exception of Food & Healthcare Technologies, which
recorded slight growth, both reported and organic•

Compared to the high prior-year quarter order intake down in all regions•

Growth in the food and pharmaceutical customer industries, decline in all other customer industries•

In terms of development by order size, there were declines in all size categories compared to the highprior-year quarter, but a positive trend in each case compared to Q4 2023

Changein order intake in %

Q1
2024

Change compared to prior year

-13.6

FX effects-3.9

Acquisitions/Divestments-0.0

Organic-9.7•

Reluctance to invest in large orders (> EUR 15 million): two large orders in the first quarter totaling
EUR 51 million in the Liquid & Powder Technologies and Food & Healthcare Technologies divisions in Asia
& Pacific as well as North and Central Europe (in comparison to Q1 2023: five large orders over
EUR 126 million in the Separation & Flow Technologies and Liquid & Powder Technologies divisions)

GEA Q1 2024

4

REPORT ON ECONOMIC POSITION

Revenue•

Revenue declined slightly by 2.3 percent to EUR 1,241 million in the first quarter, largely due to currency

Revenue(EUR million)

Q1
2024

Q1
2023

Changein %Separation & Flow Technologies

356.6

371.3

-3.9

Liquid & Powder Technologies

374.2

386.6

-3.2

Food & Healthcare Technologies

238.0

246.0

-3.2

revenues in the Separation & Flow Technologies, Farm Technologies and Heating & Refrigeration

Farm Technologies

187.2

186.6

0.3

Technologies increased significantly to a certain extent, whereas Liquid & Powder Technologies and Food

Heating & Refrigeration Technologies

138.8

131.9

5.2

Consolidation

-53.7

-51.5

-4.2

1,241.2

1,270.9-2.3

GEA

Changein revenue in %

Q1
2024

Change compared to prior-year-2.3

FX effects-5.0

Acquisitions/Divestments-0.1

Organic2.7

effects; organic growth of 2.7 percent; negative currency translation effect amounting to EUR 64 million•

Revenue growth in the Farm Technologies and Heating & Refrigeration Technologies divisions; organically,& Healthcare Technologies recorded slight declines•

Revenue in the above-average profitable service business rose again, further increasing its share of total
revenue to 38.0 percent (Q1 2023: 36.6 percent)•Book-to-bill ratio of 1.10 (previous year: 1.24)•

Regional revenue performance: while DACH & Eastern Europe, North and Central Europe and Latin America
recorded significant growth; revenues declined in the other regions•

Revenue growth in the beverage customer industry and constant development in dairy farming, all othercustomer industries below the level of the prior-year quarter

GEA Q1 2024

5

REPORT ON ECONOMIC POSITION

Results of operations
Development of selected key figures(EUR million)

Q1
2024

Q1
2023

Changein %Revenue

1,241.2

1,270.9-2.3

Gross profit

433.3

433.0

0.1

Gross margin (in %)

34.9

34.1

84 bp

EBITDA before restructuring expenses

180.5

171.8

5.1

as % of revenue

14.5

13.5

103 bpRestructuring expenses (EBITDA)

-7.9

-14.5

–

EBITDA

172.6

157.3

9.8

Depreciation, impairment losses and reversals of impairment losses on property, plant andequipment as well as amortization of impairment losses and reversals of impairment losses on
intangible assets and financial assets and reversals of impairment losses and impairment losses

-50.8

-44.4

–

EBIT

121.8

112.8

8.0

Restructuring expenses (EBIT)

11.0

14.9

–

EBIT before restructuring expenses

132.9

127.7

4.0

Profit for the period

90.6

81.7

10.9

Earnings per share (EUR)

0.53

0.47

12.5

Earnings per share before restructuring expenses (EUR)

0.59

0.54

8.0

•

Revenue in the first quarter declined by 2.3 percent to EUR 1,241 million; organic growth of 2.7 percent•

Gross profit of EUR 433.3 million, in line with the previous year; gross margin increased from 34.1 percent
to 34.9 percent; gross margin before restructuring expenses up from 34.3 percent to 35.3 percent•

EBITDA before restructuring expenses further grew by 5.1 percent to EUR 180.5 million; corresponding
EBITDA margin before restructuring expenses up by 1.0 percentage points to 14.5 percent•

Separation & Flow Technologies experienced a modest uptick in EBITDA before restructuring expenses,
Farm Technologies and Heating & Refrigeration Technologies saw a sharp surge; Liquid & Powder
Technologies and Food & Healthcare Technologies experienced a notable decline•

EBITDA margins before restructuring expenses of divisions with corresponding performance•

Restructuring expenses (EBITDA) declined significantly to EUR 7.9 million (Q1 2023: EUR 14.5 million)•

EBIT before restructuring expenses improved by 4.0 percent to EUR 132.9 million, reflecting the positive
overall performance•

Profit after tax from continued operations increased despite a slightly higher tax rate of 24.7 percent(Q1 2023: 22.8 percent), by 6.1 percent to EUR 88.9 million (Q1 2023: EUR 83.7 million)•

Profit for the period improved by 10.9 percent to EUR 90.6 million; corresponding earnings per share
increased from EUR 0.47 to EUR 0.53 and earnings per share before restructuring expenses also improved(from EUR 0.54 to EUR 0.59)

GEA Q1 2024

6

REPORT ON ECONOMIC POSITION

Financial position
Overview of net liquidity incl. discontinued operations(EUR million)
Cash and cash equivalents

03/31/2024

12/31/2023

03/31/2023

482.1

623.9

535.2

•

On the reporting date, March 31, 2024, net liquidity – including lease liabilities – decreased to
EUR 218.0 million (March 31, 2023: EUR 274.3 million); the year-on-year decline is primarily attributableto payments related to the share buyback program

Current securities

4.1

4.0

–

Liabilities to banks

101.2

101.9

100.7

Leasing liabilities

167.0

154.8

160.2

EUR 368.9 million); main driver for the increase were lower trade payables in conjunction with lower

Net liquidity (+)/Net debt (-)

218.0

371.2

274.3

contract liabilities and higher trade receivables; significant reduction in inventories and lower contract•

On March 31, 2024, net working capital increased to EUR 457.1 million (March 31, 2023:

assets compared to the same quarter of the previous year only partially compensated for this•As a percentage of revenue, net working capital was at 8.6 percent and within target corridor of
8.0 to 10.0 percent

•
Q1
2024

Q1
2023

Cash flow from operating activities

-42.2

-49.3

7.0

Cash flow from investing activities

-15.2

-3.1

-12.1

Free cash flow

-57.5

-52.4

-5.1

of EUR 3.1 million) including payments for property, plant and equipment and intangible assets ofCash flow from financing activities-83.0-125.042.0

EUR 27.1 million

Cash flow of other discontinued operations
Change in unrestricted cash and cash equivalents

Changeabsolute

Cash flow from operating activities attributable to continued operations with cash outflow of

Overview of cash flow statement(EUR million)

-0.8

-0.8

0.1

-141.8-183.5

41.7

EUR 42.2 million in the first quarter of 2024 (Q1 2023: cash outflow of EUR 49.3 million); slight
improvement mainly due to improved earnings••

Cash flow from investing activities with a cash outflow of EUR 15.2 million (Q1 2023: cash outflow

Free cash flow of EUR ‑57.5 million, slightly lower than in the prior-year quarter (Q1 2023:
EUR ‑52.4 million)•

Cash flow from financing activities saw a cash outflow of EUR 83.0 million (Q1 2023: cash outflow of
EUR 125.0 million); this principally consists of payments for the acquisition of treasury shares in theamount of EUR 61.6 million; the prior-year quarter included payments from the repayment of a borrower’s
note loan (EUR 100.0 million)

GEA Q1 2024

7

REPORT ON ECONOMIC POSITION

Return on Capital Employed (ROCE)
03/31/2024

03/31/2023

EBIT before restructuring expenses of the last 12 months (EUR million)

585.7

562.2

Capital employed (EUR million)*

1,812.2

1,699.3

Return on capital employed (in %)

32.3

33.1

Return on capital employed (ROCE)

03/31/2024

03/31/2023

Total assets

5,848.9

5,864.0

minus current liabilities

2,414.9

2,473.8

minus goodwill mg/GEA

780.3

781.2

minus deferred tax assets

342.9

312.5

minus cash and cash equivalents

475.7

623.9

minus other adjustments

22.8

-26.6

1,812.2

1,699.3

Capital employed

Capital employed increased to EUR 1,812 million (March 31, 2023: EUR 1,699 million), beside higher net
working capital, mainly due to increase in non-current assets•

Return on capital employed (ROCE) fell slightly from 33.1 percent to 32.3 percent due to the lower
increase in EBIT before restructuring expenses in relation to rise of capital employed•*) Capita empoyed excuding goodwi from the acquisition of the former GEA AG by former Metageseschaft AG in  (average of the ast  quarters)
this aso appies for the ROCE of the divisionsCalculation capital employed*(EUR million)•

Improvement of ROCE in the Farm Technologies and Heating & Refrigeration Technologies divisions*) Average of the ast  quarters

GEA Q1 2024

8

REPORT ON ECONOMIC POSITIONGEA Divisions
Separation & Flow Technologies
Separation & Flow Technologies(EUR million)

Q1
2024

Q1
2023

Changein %Order intake

402.2

457.3

-12.1

Revenue

356.6

371.3

-3.9

Share service revenue in %

45.2

46.7

-152 bps

EBITDA before restructuring expenses

96.3

94.8

1.6

as % of revenue

27.0

25.5

148 bps

EBITDA

94.5

93.6

0.9

EBIT before restructuring expenses

84.0

84.2

-0.2

EBIT

82.2

83.0

-1.0

ROCE in % (3rd Party)*

36.7

38.1

-140 bps• Order intake in the first quarter of 2024 fell by 12.1 percent to EUR 402.2 million from a strong prior-year
quarter – an organic decline of 5.3 percent; performance mainly due to dairy processing industry and alarge order received from a customer in the chemical industry in the previous year•

Book-to-bill ratio of 1.13 (previous year: 1.23)•

Revenues showed a moderate decline of 3.9 percent to EUR 356.6 million, but organic growth of•Share of service revenue fell from 46.7 percent to 45.2 percent; a change of logistics service provider led

5.2 percent, primarily in the Latin America and Asia & Pacific (incl. China) regions
to (prompted by the partner) a temporary slowdown and a deferral of service revenues to subsequent
quarters; however, order intake in the service business grew further in comparison to the previous year•*) ROCE as one of the reevant performance indicators has now been considered as “ROCE rd Party” (excuding interdivisiona effects in the capita empoyed) at the divisiona eve

earnings in Q1 2024 resulting from the change of logistics service provider was offset by the planned sale

Changein revenue in %

Q1
2024

Change compared to prior-year-3.9

FX effects-9.2

Acquisitions/Divestments
Organic

Increase of EBITDA before restructuring expenses by 1.6 percent to EUR 96.3 million; the effect onof a developed property, (due to relocation no longer required); the EBITDA margin increased by
1.5 percentage points to 27.0 percent•

ROCE fell from 38.1 percent to 36.7 percent due to higher capital employed–
5.2

GEA Q1 2024

9

REPORT ON ECONOMIC POSITION

Liquid & Powder Technologies
Liquid & Powder Technologies(EUR million)

Q1
2024

Q1
2023

Changein %Order intake
Revenue

388.7

511.5

-24.0

374.2

386.6

-3.2

Share service revenue in %

26.9

23.3

357 bps

EBITDA before restructuring expenses

25.6

30.0

-14.7

as % of revenue

6.8

7.8

EBITDA

23.8

EBIT before restructuring expenses

17.3

EBIT

12.4

19.2

-35.6

–

–

–

ROCE in % (3rd Party)*and pharma; other product groups down on the previous year
One large order (> EUR 15 million) totaling EUR 31 million from the beverage industry (Q1 2023: four large-93 bp

•

27.2

-12.6

Book-to-bill ratio positive at 1.04 (previous year: 1.32)

22.0

-21.3

•

Revenue down by 3.2 percent to EUR 374.2 million; organic decline of 0.7 percent; revenue situation

Changein revenue in %

Q1
2024

Change compared to prior-year-3.2

FX effects-2.5

Organic

Order intake saw a strong decline of 24.0 percent in the first quarter to EUR 388.7 million due to a very
high prior-year figure, corresponding to an organic decline of 21.6 percent; positive performance in food•*) ROCE as one of the reevant performance indicators has now been considered as “ROCE rd Party” (excuding interdivisiona effects in the capita empoyed) at the divisiona eveDue to negative capita empoyed ROCE is not meaningfu

Acquisitions/Divestments•

orders totaling EUR 102 million from the dairy processing, food and new food industries)

impacted by declining order intake in the second half of 2023 and in the first three months of the current
financial year•

Slight regional growth in Western Europe, Middle East & Africa regions as well as a sharp increase in North& Central Europe were unable to fully offset the downturn in all other regions•

Share of the service business further increased from 23.3 percent to 26.9 percent of total revenues•

EBITDA before restructuring expenses decreased from EUR 30.0 million to EUR 25.6 million, primarily asa result of the decline in revenue; the EBITDA margin fell accordingly from 7.8 percent to 6.8 percent–-0.7

GEA Q1 2024

10

REPORT ON ECONOMIC POSITION

Food & Healthcare Technologies•

Order intake increased by a slight 2.5 percent to EUR 258.6 million in the first quarter compared to the

Food & Healthcare Technologies(EUR million)

Q1
2024

Q1
2023

Changein %Order intake

258.6

252.2

2.5

Revenue

238.0

246.0

-3.2

Share service revenue in %

36.0

32.2

381 bps•Book-to-bill ratio increased to 1.09 (previous year: 1.03)

EBITDA before restructuring expenses

22.5

25.5

-11.7

•

Revenue down by 3.2 percent on the prior-year quarter at EUR 238.0 million (organic decline of

as % of revenue

9.5

10.4

-90 bps

EBITDA

20.3

20.8

-2.6

EBIT before restructuring expenses

11.7

15.2

-23.2

EBIT

9.5

10.2

-6.9

ROCE in % (3rd Party)*

6.1

15.3

-919 bps*) ROCE as one of the reevant performance indicators has now been considered as “ROCE rd Party” (excuding interdivisiona effects in the capita empoyed) at the divisiona eve

Q1
2024

Change compared to prior-year-3.2

FX effects-0.6

Organic

industry with a total value of EUR 20 million

2.6 percent) as a result of the order intake trend in the second half of 2023 in the freezers and processlines for food processing business areas•

Revenue performance varies from region to region: considerable growth in the DACH & Eastern Europe
and Latin America regions, but declining performance in the other regions•

Service revenue continued to grow, thereby increasing its share of total revenue to 36.0 percent in the•

EBITDA before restructuring expenses declined by 11.7 percent to EUR 22.5 million in the reporting

reporting quarter (Q1 2023: 32.2 percent)

Changein revenue in %Acquisitions/Divestments

previous year; organic growth of 3.1 percent; includes one large order (> EUR 15 million) in the pharma–-2.6

quarter; corresponding EBITDA margin down by 0.9 percentage points to 9.5 percent, but with a clearly
positive trend compared to previous quarters (Q3 2023: 6.8 percent, Q4 2023: 7.2 percent)•

ROCE fell from 15.3 percent to 6.1 percent due to higher capital employed combined with lower EBIT
before restructuring expenses

GEA Q1 2024

11

REPORT ON ECONOMIC POSITION

Farm Technologies•

At EUR 198.7 million, order intake in the first quarter came in at 21.5 percent below the very high prior-

Farm Technologies(EUR million)

Q1
2024

Q1
2023

Changein %Order intake

198.7

253.2

-21.5

Revenue

187.2

186.6

0.3

Share service revenue in %

47.8

47.6

28 bps

EBITDA before restructuring expenses

27.1

23.4

16.2

•

Book-to-bill ratio of 1.06 (previous year: 1.36)•

Revenue of EUR 187.2 million was in line with the previous year (increase of 0.3 percent), but experienced

as % of revenue

14.5

12.5

198 bps

EBITDA

26.6

22.3

19.5

EBIT before restructuring expenses

20.5

16.6

23.3

EBIT

20.0

15.5

28.5

ROCE in % (3rd Party)*

29.7

24.5

520 bps*) ROCE as one of the reevant performance indicators has now been considered as “ROCE rd Party” (excuding interdivisiona effects in the capita empoyed) at the divisiona eveChangein revenue in %Change compared to prior-year
FX effects
Acquisitions/Divestments
Organic

Q1
2024

year figure (organic decline of 14.7 percent); the service business saw a slight increase over the prioryear level; by contrast, the new machinery business came in lower, especially in the areas of liquid manure
management technology and automated milking carousels

a marked organic increase of 10.4 percent•

Western Europe, Middle East & Africa regions in comparison to the previous year, but declined in the North
America and Asia & Pacific (incl. China) regions•

Share of the service business increased slightly from 47.6 percent to 47.8 percent in the reporting quarter•

EBITDA before restructuring expenses noticeably improved from EUR 23.4 million to EUR 27.1 million due
to the consistent implementation of price adjustments in recent months; the EBITDA margin increased

0.3
-10.0
–
10.4

Revenue increased in the DACH & Eastern Europe, North & Central Europe as well as Latin America andaccordingly from 12.5 percent to 14.5 percent•

Significant improvement in ROCE from 24.5 percent to 29.7 percent due to the increase in EBIT before
restructuring expenses

GEA Q1 2024

12

REPORT ON ECONOMIC POSITION

Heating & Refrigeration Technologies
Heating & Refrigeration Technologies(EUR million)

Q1
2024

Q1
2023

Changein %Order intake

162.6

184.9

-12.1

Revenue

138.8

131.9

5.2

Share service revenue in %

39.2

38.4

82 bps

EBITDA before restructuring expenses

18.6

15.5

19.7

as % of revenue

13.4

11.8

162 bps

EBITDA

18.8

15.2

23.9

EBIT before restructuring expenses

15.1

12.2

24.2

EBIT

15.4

11.8

29.8

ROCE in % (3rd Party)*

42.6

28.6

1,397 bps*) ROCE as one of the reevant performance indicators has now been considered as “ROCE rd Party” (excuding interdivisiona effects in the capita empoyed) at the divisiona eveChangein revenue in %•At EUR 162.6 million, order intake declined by 12.1 percent in the first quarter, in particular due to thestrong prior-year quarter, which was marked by high-volume orders; organic decline of 11.6 percent•

Book-to-bill ratio of 1.17 (previous year: 1.40)•

At EUR 138.8 million, revenue increased by 5.2 percent compared with the previous year, mainly as aresult of the extremely positive performance in the USA and Eastern Europe; organic growth of 5.8 percent•

Revenue growth across almost all regions: main drivers were the DACH & Eastern Europe, North & Central•

Share of the service business in total revenue increased from 38.4 percent to 39.2 percent due to a

Europe and North America regions
disproportionate increase in service revenue•

EBITDA before restructuring expenses saw significant growth of 19.7 percent to EUR 18.6 million, thecorresponding EBITDA margin increased from 11.8 percent to 13.4 percent

Q1
2024

Change compared to prior-year

5.2

FX effects-0.0

Acquisitions/Divestments-0.6

Organic*

5.8•

Significant increase in ROCE of 28.6 percent to 42.6 percent due to both the positive earnings trend andthe improvement in capital employed*) Organic saes growth is cacuated on the basis of the revenue reported in the previous year ess disposed businesses

GEA Q1 2024

13

REPORT ON ECONOMIC POSITION

Other/Consolidation
Others/consolidation(EUR million)

Q1
2024

Q1
2023

Changein %Order intake

-45.7

-78.4

41.7

Revenue

-53.7

-51.5

-4.2

EBITDA before restructuring expenses

-9.6

-17.4

44.9

•

Other/consolidation mainly includes the support functions (e.g. finance, legal, communication, etc.) forGroup management and the divisions as well as consolidation effects between the segments; intra-Grouporder intake and revenue flows are eliminated accordingly, costs are allocated according to causation•

Change in EBITDA before restructuring expenses (increase of EUR 7.8 million) compared to the prior-year

EBITDA

-11.4

-21.9

47.9

quarter mainly attributable to allocation of centrally incurred expenses in line with causation, leading to a

EBIT before restructuring expenses

-15.7

-22.5

30.0

EBIT

-17.5

-26.9

34.9

higher cost burden on the divisions

GEA Q1 2024

14

REPORT ON ECONOMIC POSITION

Outlook We confirm our outlook for 2024. It is based on the market projections and other assumptions described in

Business outlook

the 2023 Annual Report under “Economic environment in 2024.”

With regard to the 2024 financial year, GEA continues to expect:

Economic environment in In its April 2024 outlook, the International Monetary Fund (IMF) forecasts global economic growth of
3.2 percent in 2024, the same rate as in 2023. A slight improvement in developed markets – where growth isexpected to increase from 1.6 percent in 2023 to 1.7 percent in 2024 – will be offset by a slight decelerationof growth in emerging markets and developing countries from 4.3 percent in 2023 to 4.2 percent in 2024.

Outlook
Revenue development (organic )1

Forecast for 2024
(as per Annual Report 2023)

2023+2.0% to +4.0%

EUR 5.373 million

EBITDA margin before restructuring expenses

14.5% to 14.8%

14.4%

ROCE2

29.0% to 34.0%32.7%) Adjusted for portfoio and currency transation effects) Capita Empoyed as average of the ast four quarters

At 0.8 percent, the forecast for the eurozone has been reduced by a slight 0.1 percentage points comparedto the January forecast. The IMF has reduced its forecast for Germany by 0.3 percentage points and now
expects growth of 0.5 percent.
Global inflation is expected to fall from 6.8 percent in 2023 to 5.9 percent in 2024, with the IMF anticipatingthat developed markets will reach their inflation targets more quickly than emerging markets and developing

GEA also does not expect any changes for the individual divisions compared with the expectations publishedin the 2023 Annual Report.
Further information on the outlook for 2024 can be found in the 2023 Annual Report (pages 167 ff).

countries. The IMF expects inflation of 2.6 percent in developed markets and 8.3 percent in emerging
markets and developing countries.

Düsseldorf, May 8, 2024

Under these conditions, GEA is currently very confident of achieving the following financial outlook. This does
not take into account any significant deterioration or improvement in the parameters described beyond thestatements made above that could have a negative or positive impact on global economic development or
GEA's business performance.

GEA Q1 2024

15

CONSOLIDATED BALAN CE SHEET

Consolidated Balance Sheetas of March  Assets(EUR thousand)
Property, plant and equipment

03/31/2024

12/31/2023

Changein %Equity and liabilities(EUR thousand)

03/31/2024

12/31/2023

Changein %-1.0

813,357

796,278

2.1

Issued capital

510,922515,992

1,488,239

1,476,108

0.8

Capital reserve

1,217,861

1,217,861–

Other intangible assets

391,597

392,423-0.2

Retained earnings

678,793

628,487

8.0

Other non-current financial assets

32,82247,360-30.7

Accumulated other comprehensive income

15.9

Other non-current assets

5,638

5,567

1.3

Equity attributable to shareholders of GEA Group AG

368,200

382,723-3.8

Non-controlling interests

Goodwill

Deferred taxes
Non-current assets

40,51534,9692,448,091

2,397,309

2.1

411

412

-0.2

2,448,502

2,397,721

2.1

112,705

114,867-1.9-2.1

3,099,853

3,100,459-0.0EquityInventories

870,262

842,355

3.3

Non-current provisions

Contract assets

346,957

373,960-7.2

Non-current employee benefit obligations

621,276

634,633

Trade receivables

762,701

770,888-1.1

Non-current financial liabilities

216,506

205,267

5.5

Income tax receivables

52,19553,499-2.4

Non-current contract liabilities

4,063

5,608

-27.5
6.4

Other current financial assets

68,17262,261

9.5

Other non-current liabilities

Other current assets

152,757

124,946

22.3

Deferred taxes

Cash and cash equivalents

482,049

623,886-22.7

Non-current liabilities

Assets held for sale

729

685

112,355

106,875

5.1

1,067,634

1,067,935-0.0

13,450

1,991

> 100

Current provisions

268,991

266,247

1.0

Current assets

2,748,543

2,853,786-3.7

Current employee benefit obligations

212,680

291,439-27.0

Total assets

5,848,396

5,954,245-1.8

Current financial liabilities

143,568

135,747

5.8

Trade payables

681,967

769,036-11.3

Current contract liabilities

835,473864,692-3.4

Income tax liabilities

53,29865,136-18.2

Other current liabilities

131,499

96,292

36.6

Liabilities held for sale

4,784

–

–

Current liabilities

2,332,260

2,488,589-6.3

Total equity and liabilities

5,848,396

5,954,245-1.8

GEA Q1 2024

16

CONSOL IDATED INCO ME STATEMENT

Consolidated Income Statement
for the period January  – March  

Q1
2024

Q1
2023

Revenue

1,241,165

1,270,868-2.3

Cost of sales

807,910

837,913-3.6

Gross profit

433,255

432,955

0.1

Selling expenses

149,759

143,704

4.2-0.5(EUR thousand)Changein %Research and development expenses

27,626

27,772

General and administrative expenses

147,627

150,665-2.0

Other income

78,64999,650-21.1

Other expenses

62,486

97,067-35.6

Net result from impairment and reversal of impairment on trade receivables and contract assets-2,631-1,952-34.8

Other financial income

943

1,418

-33.5

Other financial expenses

-885

-20

< -100121,833

112,843

8.0

5,634

4,200

34.1
11.4

Earnings before interest and tax (EBIT)Interest income
Interest expense

9,507

8,534

Profit before tax from continuing operations

117,960

108,509

8.7

Income taxes

29,08824,77917.4

Profit after tax from continuing operations

88,872

83,730

6.1

Profit or loss after tax from discontinued operations

1,690-2,041–

Profit for the period

90,562

81,68910.9

thereof attributable to shareholders of GEA Group AG

90,562

81,689

10.9

–

–

–

(EUR)

Q1
2024

Q1
2023

Changein %Basic and diluted earnings per share from continuing operations

0.52

0.49

7.7

Basic and diluted earnings per share from discontinued operations

0.01

-0.01

–

Basic and diluted earnings per share

0.53

0.47

12.5

Weighted average number of ordinary shares used to calculate basic and diluted earnings per share (million)

169.9

172.3

-1.4

thereof attributable to non-controlling interests

GEA Q1 2024

17

CONSOLIDATED CASH FLOW STATEMENT

Consolidated Cash Flow Statement
for the period January  – March  (EUR thousand)

Q1
2024

Q1
2023

(EUR thousand)

Q1
2024

Q1
2023

Profit for the period

90,562

81,689Payments for acquisition of treasury shares-61,581-1,315plus income taxes

29,08824,779Payments from lease liabilities-17,476-15,989

Repayments of borrower‘s note loans–-100,000-524-3,597plus-/minus profit or loss after tax from discontinued operations-1,6902,041

Profit before tax from continuing operations

117,960

108,509

3,873

4,334

Earnings before interest and tax (EBIT)

121,833

112,843

Interest payments

Depreciation, amortization, impairment losses, and reversal of impairment losses on non-current assets

50,80844,438Other non-cash income and expenses

4,423

7,764

Employee benefit obligations from defined benefit pension plans-10,375-11,550

Cash flow from financing activities

Change in provisions and other employee benefit obligations-78,652-76,482

Effect of exchange rate changes on cash and cash equivalents

Losses and disposal of non-current assets-13,542-218

Change in inventories including unbilled construction contracts*

Net interest income

Repayments of finance loans
Proceeds from the taking up of financial loans––-3,444-4,119Cash flow from financing activities of continued operations-83,025-125,020

Cash flow from financing activities of discontinued operations–

31-83,025-124,989

Change in cash and cash equivalents-36,833-49,686

Change in trade receivables

11,748

7,567

Change in trade payables-90,286-14,315

thereof restricted cash and cash equivalents

Change in other operating assets and liabilities

18,379-48,629

less cash and cash equivalents classified as held for saleTax payments-19,727-20,989

Cash and cash equivalents reported in the balance sheet

Cash flow from operating activities of continued operations-42,224-49,257*) ncuding advanced payments received

Cash flow from operating activities of discontinued operations

-683

-925

-42,907-50,182

Cash flow from operating activities
Proceeds from disposal of non-current assets

14,256

2,076

Payments to acquire property, plant and equipment, and intangible assets-27,134-35,196

Payments from non-current financial assets
Interest income
Dividend income
Payments from company acquisitions

–

-3

3,604

3,340

5

–

-5,970––26,652

Cash flow from investing activities of continued operations-15,239-3,131

Cash flow from investing activities of discontinued operations

-65

93

-15,304-3,038Proceeds from sale of subsidiaries and other businesses

Cash flow from investing activities-601-5,290-141,837-183,499

Cash and cash equivalents at beginning of period

623,886

718,727

Cash and cash equivalents total

482,049535,228

18,985

16,923––

482,049535,228

GEA Q1 2024

18

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

Consolidated Statement of Changes in Equity
as of March  Accumulated other comprehensive income(EUR thousand)
Balance at Jan. 1, 2023
(172,365,312 shares)

Issued capital

Capital reserves

Retained earnings

Translation offoreign operations

Result from fair value
measurement offinancial instruments

Result of
cash flow hedges

Equity attributable
to shareholders of
GEA Group AG

Non-controllinginterests

Total
2,280,944

496,945

1,217,861

488,394

79,725-2,47781

2,280,529

415

Profit for the period––

81,689–––81,689–81,689Other comprehensive income––-5,584-18,906–35-24,455–-24,455

Total comprehensive income––

76,105-18,906–35

57,234–

57,234Purchase of treasury shares-99–-1,215–––-1,314–-1,314

Adjustment hyperinflation*

–

–

1,508

300

–

–

1,808

–

1,808

Balance at March 31, 2023
(172,331,076 shares)

496,846

1,217,861

564,792

61,119-2,477116

2,338,257

415

2,338,672

Balance at Jan. 1, 2024
(170,879,493 shares)

2,397,721

515,992

1,217,861

628,487

39,109-4,119-21

2,397,309

412

Profit for the period––

90,562–––

90,562-1

90,561Other comprehensive income

–

–

5,629

5,012

–

22

10,663–

10,663

Total comprehensive income––

96,191

5,012

–

22

101,225-1

101,224

Purchase of treasury shares-5,070–-56,510–––-61,580–-61,580

Adjustment hyperinflation*

–

–

9,138

512

–

–

9,650

–

9,650

Changes in combined Group

–

–

1,487

–

–

–

1,487

–

1,487

Balance at March 31, 2024
(169,200,602 shares)

510,9221,217,861

678,793

44,633-4,11912,448,091

411

2,448,502*) Effect of accounting for hyperinfation in Argentina and Turkey

GEA Q1 202419