Press Release
FOR IMMEDIATE RELEASE

Düsseldorf, November 8, 2023

GEA with improved EBITDA margin and strong free cash flow in thirdquarter; outlook for 2023 confirmed––––––––

Order intake down 9.1 percent to EUR 1,247 million (Q3 2022: EUR 1,372 million), particularly due tonegative currency effects of EUR 96 million; slight organic decline of 1.7 percent
Organic revenue growth of 6.9 percent; reported revenue stable at EUR 1,351 million (Q3 2022: EUR1,354 million)
EBITDA before restructuring expenses up 4.2 percent to EUR 207 million (Q3 2022:EUR 199 million)
EBITDA margin before restructuring expenses increased by a further 0.6 percentage points to15.3 percent (Q3 2022: 14.7 percent)
ROCE up markedly to 33.9 percent (Q3 2022: 30.6 percent)Free cash flow significantly increased by 81 percent to EUR 187 million (Q3 2022: EUR 103 million)
Net working capital as a percentage of revenue in the last 12 months, improved to 8.3 percent (Q32022: 8.9 percent); slight decline in net liquidity to EUR 233 million (Q3 2022: EUR 235 million)
Outlook for 2023 fiscal year confirmed

In a challenging environment, GEA again delivered a robust performance in the third quarter of 2023.
EBITDA before restructuring expenses rose by 4.2 percent to EUR 207 million. The corresponding
EBITDA margin improved by 0.6 percentage points to 15.3 percent. Return on capital employed (ROCE)
climbed from 30.6 percent to 33.9 percent. Free cash flow increased significantly to EUR 187 million.
Order intake decreased by 9.1 percent to EUR 1,247 million; organically, the decline was just 1.7
percent. Revenue declined by a slight 0.2 percent to EUR 1,351 million, but grew by a substantial 6.9
percent organically. The development of these two figures was particularly influenced by negative
currency effects caused by the stronger euro, which reduced order intake by EUR 96 million andrevenue by EUR 85 million.
“We are currently navigating an environment dominated by rising interest rates, negative currency trends
and geopolitical uncertainty. Notwithstanding these negative influences, we have demonstrated oureconomic resilience,” says CEO Stefan Klebert. “The growth in the EBITDA margin, which has reachedmore than 15 percent for the first time in six years, is particularly positive. We also significantly increased
our free cash flow.”
Order intake and revenue performance hampered by negative currency effects
At EUR 1,247.4 million, order intake in the third quarter of 2023 was down by 9.1 percent on the prioryear level of EUR 1,371.7 million, primarily due to currency effects. Organic order intake declined by just
1.7 percent. The beverage and pharma customer industries recorded significant double-digit growth,
while all other industries declined – in some cases sharply. Three large orders (> EUR 15 million)
amounting to a total of EUR 138 million were secured. Two of these large orders were recorded by theLiquid & Powder Technologies division and one by the Food & Healthcare Technologies division.

GEA Group Aktiengesellschaft
Phone +49 211 9136-1492 - gea.com
Peter-Müller-Str. 12, 40468 Düsseldorf, Germany

Media Relations
Anne Putz, +49 211 9136-1500
pr@gea.com

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Revenue decreased slightly by 0.2 percent to EUR 1,351.1 million (Q3 2022: EUR 1,353.6 million). Incontrast, organic growth of 6.9 percent was achieved; all divisions, with the exception of Food &Healthcare Technologies, contributed to this development. Among the customer industries, notably dairy
farming, dairy processing, beverage and chemicals performed positively. The share of the particularly
profitable service business was further increased to 36.2 percent in the third quarter of 2023 (Q3 2022:34.5 percent).
Strong service business leads to improved earnings
Third-quarter EBITDA before restructuring expenses rose 4.2 percent to EUR 207.0 million (Q3 2022:EUR 198.7 million). The corresponding margin improved by 0.6 percentage points to 15.3 percent (Q32022: 14.7 percent). The higher share of the service business contributed significantly to this positive
development.
Profit for the period climbed by 12.9 percent to EUR 120.8 million (Q3 2022: EUR 107.0 million).
Earnings per share increased accordingly from EUR 0.61 to EUR 0.70, with earnings per share before
restructuring expenses up from EUR 0.66 to EUR 0.72.
Alongside improved earnings, cash flow from operating activities rose clearly in the third quarter toEUR 235.7 million (Q3 2022: EUR 146.5 million), especially due to higher advance payments and a
decline in trade payables. With only a slight change in investing activities, free cash flow rose sharply by
81.0 percent to EUR 186.9 million (Q3 2022: EUR 103.3 million). Around 95 percent of EBITDA was thus
converted into free cash flow (before restructuring expenses).
Net liquidity, including lease liabilities, amounted to 232.9 Mio. EUR as at the reporting date of
September 30, 2023 (September 30, 2022: 235.1 Mio. EUR). Net working capital as a percentage ofrevenue improved to 8.3 percent compared with 8.9 percent in the prior-year quarter. Return on capital
employed (ROCE) increased noticeably from 30.6 percent to 33.9 percent.
“The strong cash generation this quarter is also particularly notable. We managed to convert virtually allof our EBITDA into free cash flow,” adds CFO Bernd Brinker. “The growth in ROCE is also impressive,reaching the highest level ever achieved by GEA.”
The first nine months of 2023 at a glance
In the first nine months of the current fiscal year, order intake declined by 2.5 percent (organic: growth of1.6 percent) to EUR 4,209 million (9M 2022: EUR 4,319 million). Negative currency effects amounted to
EUR 148 million in the period from January to September. The impact on revenue was EUR 129 million.
In spite of this, revenue rose by 5.7 percent (organic: 9.8 percent) to EUR 3,964 million (9M 2022:EUR 3,751 million). EBITDA before restructuring expenses climbed 13.1 percent to EUR 570.3 million inthe reporting period (9M 2022: EUR 504.4 million). The corresponding EBITDA margin further increased
to 14.4 percent from 13.4 percent in the prior year. At EUR 300.3 million, profit for the period wasnoticeably higher than in the same period of the previous year (EUR 255.9 million). Earnings per share
increased accordingly from EUR 1.45 to EUR 1.74. Earnings per share before restructuring expenses
rose from EUR 1.62 to EU 1.89.

GEA Group Aktiengesellschaft
Phone +49 211 9136-1492 - gea.com
Peter-Müller-Str. 12, 40468 Düsseldorf, Germany

Media Relations
Anne Putz, +49 211 9136-1500
pr@gea.com

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Outlook for 2023 fiscal year confirmed
GEA has confirmed its forecast for fiscal year 2023, which was raised in May 2023. The company still
expects revenue to grow on an organic basis by more than 8.0 percent. EBITDA before restructuring
expenses at constant exchange rates is anticipated to be at the upper end of a range between
EUR 730 million and 790 million. At the same time, GEA aims improve the EBITDA margin before
restructuring expenses to at least 14.0 percent. GEA expects ROCE to be more than 32.0 percent, atconstant exchange rates.

GEA Group Aktiengesellschaft
Phone +49 211 9136-1492 - gea.com
Peter-Müller-Str. 12, 40468 Düsseldorf, Germany

Media Relations
Anne Putz, +49 211 9136-1500
pr@gea.com

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Press Release
Key Financial Figures of GEA(EUR million)

Q32023

Q32022

Changein %Q1-Q3
2023

Q1-Q3
2022

Changein %1,247.4

1,371.7-9.1

4,209.5

4,318.6

-2.5

1.06

1.15

–

Results of operations
Order intake
Book-to-bill ratio

0.92

1.01

–

Order backlog

3,348.7

3,414.9-1.9

3,348.7

3,414.9-1.9

Revenue

1,351.1

1,353.6-0.2

3,964.2

3,751.0

5.7

Organic revenue growth1

6.9

10.2

-336 bps

9.8

8.7

117 bpsShare of service revenue in %

36.2

34.5

161 bps

36.1

35.1

101 bps

EBITDA before restructuring expenses

207.0

198.7

4.2

570.3504.4

13.1

as % of revenue

15.3

14.7

64 bps14.4

13.4

94 bps

EBITDA

203.2

188.1

8.0

539.6

466.0

15.8

EBIT before restructuring expenses

162.0

154.7

4.7

437.2

371.7

17.6

EBIT

158.2

144.1

9.8

406.2

331.2

22.6

Profit for the period

120.8

107.0

12.9

300.3

255.9

17.4

ROCE in %2

33.9

30.6

326 bps

33.9

30.6

326 bps

Cash flow from operating activities

235.7

146.5

60.9

217.1

183.6

18.3

Cash flow from investing activities

-48.8

-43.2

-13.0

-115.6

-97.0

-19.2

Free cash flow

186.9

103.3

81.0

101.5

86.6

17.2

448.7

445.6

0.7

448.7

445.6

0.7

Financial position

Net assets
Net working capital (reporting date)

8.3

8.9

-51 bps

8.3

8.9-51 bpsCapital employed (reporting date)3

1,831.2

1,758.1

4.2

1,831.2

1,758.1

4.2

Equity2,424.8

2,333.2

3.9

2,424.8

2,333.2

3.9

Equity ratio in %

41.3

39.4

182 bps

41.3

39.4

182 bps

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

232.9

235.1

-0.9

232.9

235.1

-0.9

Earnings per share (EUR)

0.70

0.6115.3

1.74

1.45

20.5

Earnings per share before restructuring
expenses (EUR)

0.72

0.66

9.9

1.89

1.62

16.8

Market capitalization(EUR billion; reporting date)5

6.3

6.0

4.9

6.3

6.0

4.9

Employees (FTE; reporting date)

18,77318,197

3.2

18,77318,197

3.2

Total workforce (FTE; reporting date)

19,70019,2862.1

19,70019,2862.1

as % of revenue (LTM)GEA Shares

1) Adjusted for currency and portfolio effects.
2) EBIT before restructuring expenses of the last 12 months. Capital employed average of the last 4 quarters and excluding goodwill from the acquisition of the former GEA AGby former Metallgesellschaft AG in 1999.
3) Capital employed excluding goodwill from the acquisition of the former GEA AG by former Metallgesellschaft AG in 1999.
4) Including lease liabilities of EUR 156.2 million as of September 30, 2022 (prior-year EUR 165.8 million).
5) The market capitalization include treasury shares; XETRA closing price as of September 29, 2023: EUR 34.96; XETRA closing price as of September 30, 2022: EUR 33.34

GEA Group Aktiengesellschaft
Phone +49 211 9136-1492 - gea.com
Peter-Müller-Str. 12, 40468 Düsseldorf, Germany

Media Relations
Anne Putz, +49 211 9136-1500
pr@gea.com

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Media Relations
Anne Putz
Peter-Müller-Str. 12, 40468 Düsseldorf, Germany
Phone +49 211 9136-1500
anne.putz@gea.com
About GEAGEA is one of the world's largest suppliers of systems and components to the food, beverage, and pharmaceutical industries.
The international technology group, founded in 1881, focuses on machinery and plants, as well as advanced process
technology, components, and comprehensive services. With more than 18,000 employees working across five divisions and62 countries, the group generated revenues of more than EUR 5.1 billion in fiscal year 2022. GEA plants, processes,components, and services enhance the efficiency and sustainability of production processes across the globe. They contributesignificantly to the reduction of CO2 emissions, plastic usage, and food waste. In doing so, GEA makes a key contribution
toward a sustainable future, in line with the company’s purpose: "Engineering for a better world".
GEA is listed in the German MDAX and the STOXX® Europe 600 Index and is also among the companies comprising theDAX 50 ESG and MSCI Global Sustainability and the Dow Jones Sustainability Europe Indices.
More information can be found online at gea.com.
If you do not want to receive any further information from GEA, please send an e-mail to pr@gea.com.

GEA Group Aktiengesellschaft
Phone +49 211 9136-1492 - gea.com
Peter-Müller-Str. 12, 40468 Düsseldorf, Germany

Media Relations
Anne Putz, +49 211 9136-1500
pr@gea.com

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