As of 26 March, 2025

The expected macroeconomic, political and industry-specific conditions in the markets addressed by the Koenig & Bauer Group provide the basis for the forecast for 2025 (1 January 2025 to 31 December 2025) and subsequent years.

The estimates made are based on the assumption that external conditions do not significantly worsen over the current situation. The following external factors play a decisive role:

• Geopolitical developments: No further escalation or tighter restrictions in connection with the war in Ukraine, the Middle East conflict or other geopolitical tensions liable to affect supply chains, production
processes or sales markets.

• Trade policy uncertainties: Continued international trade conflicts, in particular the announcement of trade tariffs – for example by the Trump administration – and possible protectionist measures that could
trigger spending restraint or higher costs along the supply chain.

• Underlying macroeconomic conditions: No unexpected re-emergence of higher inflation, interest rate trends or an economic slowdown that could impact demand in central markets. In addition, the forecast is tied to the company’s own business performance and the successful implementation of strategic initiatives.

Outlook for 2025: Higher profitability on a slight increase in revenue

Despite difficult and uncertain global economic and geopolitical conditions, Koenig & Bauer sees itself well positioned for 2025. Thanks to a historically high order backlog and additional savings under the “Spotlight” focus programme, the Executive Board anticipates a slight increase in revenue to €1.3bn, accompanied by higher operating EBIT in a corridor of €35 – 50m. Within this corridor, target achievement is highly dependent on actual global economic and geopolitical developments over the next few months.

^{*) For revenue, „slight“ corresponds to a change of up to +/- 5 %, while changes of +/- 5 % or more are described as „significant“.
**) For operating EBIT, „slight“ corresponds to a change of up to +/- 10%; changes of +/- 10% or more are considered „significant“.}

Both the Paper & Packaging Sheetfed Systems (P&P) and the Special & New Technologies (S&T) segments are expected to make a slightly greater contribution to revenue. Compared to 2024, the P&P segment should make a slightly larger contribution to operating EBIT in 2025, while the S&T segment should make a significantly larger contribution to operating EBIT in 2025 due to the “Spotlight” measures initiated.

In view of the earnings performance in 2024 and the persistently challenging global economic environment, the Executive Board and the Supervisory Board will be proposing at the annual general meeting that a dividend be omitted for the financial year as a result of the net loss reported by Koenig & Bauer AG. As Koenig & Bauer attaches great importance to ensuring the appropriate participation of its shareholders in the company’s success, the dividend policy provides for the distribution of a dividend of 15 – 35% of consolidated earnings, with a minimum dividend of €0.30 per share, subject to profitable business performance during the year.

Target achievement in 2026 highly dependent on global economic and geopolitical developments

Koenig & Bauer continues to project Group revenue of roughly €1.5bn in 2026, accompanied by an operating EBIT margin of around 6%. Due to the global economic and geopolitical uncertainties and, resulting from this, the limited forward planning visibility, Group revenue is currently expected to come to between €1.4bn and €1.5bn, with the operating EBIT margin reaching 5-6%.