Duerr Investor Relations presentation Feb 2019

INVESTOR RELATIONS PRESENTATION
Bietigheim-Bissingen, February 2019
www.durr-group.com
Corporate Communications & Investor Relations Dürr AG

2© Dürr AG, CCI, Investor Relations Presentation, Bietigheim-Bissingen, February 2019
DISCLAIMER
This publication has been prepared independently by Dürr AG/Dürr Group (“Dürr”). It may contain statements which address such key issues as strategy, future financial results,
events, competitive positions and product developments. Such forward-looking statements are subject to a number of risks, uncertainties and other factors, including, but not
limited to those described in Dürr´s disclosures, in particular in the chapter “Risks” in Dürr’s annual report. Should one or more of these risks, uncertainties and other factors
materialize, or should underlying expectations not occur or assumptions prove incorrect, actual results, performances or achievements of Dürr may vary materially from those
described in the relevant forward-looking statements. These statements may be identified by words such as “expect,” “want,” “anticipate,” “intend,” “plan,” “believe,” “seek,”
“estimate,” “will,” “project” or words of similar meaning. Dürr neither intends, nor assumes any obligation, to update or revise its forward-looking statements regularly in light of
developments which differ from those anticipated. Stated competitive positions are based on management estimates supported by information provided by specialized external
agencies.
Our financial reports, presentations, press releases and ad-hoc releases may include alternative financial metrics. These metrics are not defined in the IFRS (International
Financial Reporting Standards). Dürr’s net assets, financial position and results of operations should not be assessed solely on the basis of these alternative financial metrics.
Under no circumstances do they replace the performance indicators presented in the consolidated financial statements and calculated in accordance with the IFRS. The
calculation of alternative financial metrics may vary from company to company despite the use of the same terminology. Further information regarding the alternative financial
metrics used at Dürr can be found in our financial glossary on the Dürr web page (http://www.durr.com/investor/service-faqs-glossar-contact/glossary/financial-glossary/).

3
AGENDA
1. Executive Summary
Our five divisions2.
Group strategy3.
Group financials, markets and outlook4.
© Dürr AG, CCI, Investor Relations Presentation, Bietigheim-Bissingen, February 2019

Worldwide leading supplier of efficient production
technologies with outstanding digital expertise. Main
drivers for growth are automation, digitization and
networked production
Dürr: global leader with a strong competitive position in all
businesses it operates
40-50% of business volume generated from emerging
markets. Well positioned against competition
Major customer groups: automotive (55% of orders),
furniture (35% of orders) and general industry (10% of
orders)
EVs with growing importance, Group exposure already
more than 10% of sales
4
1. EXECUTIVE SUMMARY

5
Dürr: 5 divisions
Application
Technology

6
Market share Dürr/competitors1
Paint Dürr ~40-45%, Eisenmann, Taikisha/Geico, Automotive Engineering Cooperation
(Scivic). Local competitors: AE, Giffin, Gallagher Kaiser, Trinity (Toyota),
Georg Koch, Wenker, Sturm
Final Assembly Dürr ~20-25%, Rofa, Automotive Engineering Cooperation, Siemens, Eisenmann,
AFT, Axmann. Local competitor: Sturm
Paint and Final Assembly Systems
Dürr ~50%, ABB, Fanuc, Yaskawa; local competitor: DoolimApplication Technology
Dürr ~25%, John Zink/KEU, CTP, Anguil, EisenmannClean Technology Systems
Dürr 31%, Biesse, scm group, Schelling/IMA. Local competitors: Nanxing, KTD
Woodworking Machinery
and Systems
Balancing Dürr ~45%, CEMB, Kokusai
Filling Dürr ~45%, Fives, SAT
Testing Dürr ~45%, Burke Porter Group, Fori
Measuring and
Process Systems
1 own estimates

7
World market leadership: market shares between 25 and 50% with high entry
barriers
Service potential: increased installed base allows for a growing and profitable
service business
Asset light business model: strong ROCE and high cash flow potential
Growth: average organic growth expected at 2-3% p.a. Further acquisitions should
contribute to the expansion in the long run
Technology leader: Dürr enables customers to reduce costs per unit and thus to
increase production efficiency
Industry 4.0 / smart factory: leading due to intelligent solutions and applications (e.g.
ADAMOS, tapio & LOXEO), early adopter
Value creation: ROCE exceeds cost of capital significantly – ROCE 2018 at 24.0%,
cost of capital 2018 at 9.0%
Earnings decline 2018 only temporarily mainly due to one offs. 2019 back on track
Equity story: good reasons to be invested in Dürr

8
AGENDA
Group strategy3.

9
2. OUR FIVE DIVISIONS
Divisional breakdown 2018
Dürr AG
32%
17%
6%
12%
33%
Group sales: € 3.9 bn
Paint and Final Assembly
Systems
Application Technology
Clean Technology Systems
Measuring and Process
Systems
21%
26%
2%
22%
30%
Group EBIT before extraordinary effects: € 275 m
Systems
Systems

Turn-key paint shops for the automotive industry (OEMs, suppliers)
Final assembly systems (e.g. conveyor equipment, control systems as
well as manufacturing automated solutions)
Service and modernization of existing sites
Significant footprint in China and global EV market
10
2. PAINT AND FINAL ASSEMBLY SYSTEMS
Paint shops and final assembly systems
in € m 2017 2018 2019e
Incoming orders 1,142 1,300 1,100-1,300
Sales revenues 1,175 1,236 1,200-1,300
EBIT 70 56 -
EBIT margin 6.0% 4.5% 4.6-5.5%
ROCE >100% >100% -

11
New OEMs enlarge market base
Faraday Future US
BeeCloud

Product cost
Reduction product
costs
Plastic painting –
new setup
Efficiency
Capacity adjustment
Optimization
manufacturing footprint
Sales process
optimization
Business portfolio &
growth
Service growth
Digital Factory
China: increase of
local competencies
Final assembly
repositioning
Organization
Global structure of
System Center/
Business Center
Optimization Dürr
Systems Group: closer
cooperation within the
divisions
12
Optimization program FOCUS 2.0: 6-7% EBIT margin goal in 2020

High-tech systems, robots and software for automated paint application,
glueing processes and seam sealing
Economic lifetime of paint robots: 12-15 years  replacement cycle just
beginning
Strong service potential (e.g. spare parts) due to increased installed base
13
2. APPLICATION TECHNOLOGY
Paint application, glueing and sealing technology
in € m 2017 2018 2019e
Incoming orders 587 632 620-670
Sales revenues 622 653 630-680
EBIT 65 68 -
EBIT margin 10.4% 10.4% 10.0-11.0%
ROCE 29.2% 24.7% -

Traditional application of paint generates “overspray” (paint
particles which does not reach the intended surface)
Individualization trend leads to two tone painting requirements
Example: current process to paint roof in different color
Manual covering of already painted car and second run in
paint line
Extensive waste due to cover materials, high manual work
load, additional time in paint shop
Dürr’s innovation EcoPaint Jet allows automated, highly
accurate application of paint without overspray (“printer like”):
boost in OEM production efficiency
Innovation currently in OEM beta sites, market launch
expected mid 2019
14
2. APPLICATION TECHNOLOGY
Overspray free application technology opens up new potential

Drivers: regulation (clean air), environmental issues  air & noise
pollution
Customer split: ~20% automotive, ~80% general industry
Negative 2018 EBIT caused by discontinuation of loss-making
micro gas turbine business (€ -17 m)
MEGTEC / Universal acquisition in 10/2018 enhances leadership
position and scale, especially in air pollution. Complementary
products: e.g. noise abatement systems and battery coating lines
15
2. CLEAN TECHNOLOGY SYSTEMS
Air pollution control, noise abatement and battery coating lines
in € m 2017 20181 2019e
EBIT 3 -15 -
EBIT margin 1.8% -6.6% 2.0-3.0%
ROCE 5.5% -9.7% -
1 incl. acquisition of MEGTEC & Universal. Consolidation in Q4 2018

16
2. CLEAN TECHNOLOGY SYSTEMS
Acquisition MEGTEC / Universal: boosting Dürr’s Clean Technology Systems business
Improved Scale
MEGTEC / Universal doubles Clean Technology Systems’ sales. Improved scale boosts competitiveness
especially in air pollution technology

Market Leadership
Clean Technology Systems now market leader with a 25% market share in the world with a strong footprint in
NAFTA, Europe and China

Complementary
product portfolio
Additions to the existing portfolio, especially wet and dry electrostatic precipitators, dust control and particle
filtration. Battery coating with interesting potential

Promising
synergy potential
Sales (wood products, chemicals) and service (global service network) as well as bottom-line synergies (cost
degression, e.g. in procurement)

Reasonable
valuation
MEGTEC / Universal generated ~ € 200 m sales and around 5% EBIT-margin in 2018, Enterprise value € 104 m

2021 perspective Clean Technology Systems division EBIT margin goal: 6-7%, up to € 500 m sales


High market shares in all businesses
Positioned globally with a high degree of localization
Strong footprint in China with local production, R&D etc.
17
2. MEASURING AND PROCESS SYSTEMS
Highly profitable machinery niches with global presence
1 Due to sale of Ecoclean business as of March 31, 2017
in € m 2017 2018 2019e
EBIT 641 601 -
EBIT margin 12.6% 13.1% 11.5-12.5%
ROCE 24.5% 21.1% -

Filling
Assembly & testing
Balancing
18
Product overview
Balancing of rotating parts and components for
many manufacturing industries, service centers
Filling of appliances (refrigerators, air
conditioners and others)
Filling automotive – end of line
End of line assembly and testing equipment for
the automotive industry
Testing solutions for autonomous driving

19
Solutions addressing electrical and autonomous driving cars
Autonomous
vehicle testing
• Component and
total system checks
• Traffic scenarios on
monitors
• Moveable front axle
eTENO
• High precision
automatic balancing in
e-drive production.
• Connected with Dürr’s
IIoT marketplace
LOXEO/ADAMOS
G3Blue adapter
• Automated filling
processes in final
vehicle assembly
• Filling electric
vehicles with
refrigerant required
for their batteries

Product range from stand-alone machines through to complete,
automated production lines for efficient woodworking
Major customers: furniture industry, construction supplies and timber
home construction
Strong need for automation: batch one production, fully digitized
process from order to delivery
Major trends: individualization, consolidation at customers’ side
31% market share, biggest customer: IKEA (~ 5% of sales)
20
2. WOODWORKING MACHINERY AND SYSTEMS
Impressive growth since acquisition in 2014: order intake with CAGR of +13.6%
in € m 2017 2018 2019e
Incoming orders 1,366 1,337 1,250-1,450
Sales revenues 1,219 1,298 1,280-1,380
EBIT 83 86 -
EBIT margin 6.8% 6.6% 6.7-7.5%
ROCE 21.8% 19.5% -

2. WOODWORKING MACHINERY AND SYSTEMS
Transformation for substantial value creation
© Dürr AG, CCI, Investor Relations Presentation, Bietigheim-Bissingen, February 2019 21
Digitization: software house and IIoT market place tapio
Strengthening sales expertise with a new concept to boost sales, China in focus
Service growth ~ 8% p.a. to be expected, service excellence
Global engineering and production footprint, reduction of value add in Germany
Standardization (scalable modular platforms and machine series)
Systems business: also addressing mid-size customers
M&A: new segments & closing portfolio gaps

22
AGENDA
Group strategy3.

23
3. DÜRR STRATEGY 2020
Dürr strategy 2020 targets: up to € 4.2 bn sales, 7-8% EBIT margin, 20-30% ROCE

Smart Products: intelligent, networked
and self-regulating products, machinery
and plants (equipped with sensors)
Smart Services: extended, intelligent
service offerings thanks to online
integration of machinery and plants
Smart Processes: efficient development,
production and distribution of our
products, plants and services
Smart Factories: digitalization and
networking of production, tracking and
analysis of data
24
3. STRATEGY
Innovation: digital@DÜRR – 4 smart dimensions

LOXEO and tapio: market places for IIoT apps and digital
services
Suppliers’ and competitors’ machines can also take part
and contribute information/data
No software vendor lock-in
Digital Factories: 100 specialists develop new apps
3. STRATEGY: DIGITAL SOLUTION PROVIDER FOR OUR
CUSTOMERS
Innovation: two digital market places as enablers for digital manufacturing, powered by ADAMOS1
Customer benefit of LOXEO and tapio:
optimizing production, increasing system availability
25
1 ADAMOS: full line IIoT plattform, founded by DMG Mori, Dürr, Software AG, Carl Zeiss, ASM to establish the new industry standard.
MESBoard
Production overview on
mobile devices
Maintenance Assistant: smart
Maintenance
Maintenance prediction
based on wear and tear data
ServiceBoard
Video failure detection & correction
Preventive maintenance to avoid
production problems
App examples:

26
3. STRATEGY
Globalization: strengthening local activities and growing with M&A
in € m 2013 2014 2015 2016 2017 2018
Capex 51.2 54.9 102.3 81.9 88.0 74.4
Acquisitions 34.8 242.1 42.0 13.6 15.3 125.4
Total 86.0 297.0 144.3 95.5 103.3 199.8
15 production, test and engineering centers: extended,
modernized or newly built
Capex spending in 2019e: € 80-90 m
2018 acquisitions:
HOMAG participation increase by 8% to 64%
MEGTEC/Universal acquisition, doubling environmental
business
Further acquisitions planned in target areas mechanical
engineering, automation technology and measuring systems

27
3. STRATEGY
Service: long-term target 30% of sales
2014 2015 2016 2017 2018
Sales revenues (in € m) 634.1 884.9 981.9 947.0 1,039.0
In % of group sales 24.6 23.5 27.5 25.5 26.8
Strengthening service business and capacities in emerging
markets (e.g. China, India, Mexico) with disproportionately
high potential
Service pricing, dedicated offerings, complaint management
system, decentralized ware-housing, delivery speed
2018 service sales: +10%, exceeding € 1 bn mark for the
first time

41%
42%
17%
Modifications and
upgrades
Spare parts and
repairs
Maintenance,
assessments,
seminars
28
3. STRATEGY
Service
Service type in % of revenues
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
Number of paint robots sold (cumulative figure)

Further globalization of Dürr processes
Global processes with full utilization of SAP/CAX/CRM/SharePoint
Global IT platforms, integrated systems, one single database, continuous capex spending
Expansion of sourcing offices and manufacturing in China, India, Mexico, Brazil
Rigorous localization of Dürr products in the emerging markets
Supplemental product portfolio with low-cost/low-end solutions, local added value
Reduction of specifications
Consistent portfolio optimization to improve profitability
Example: sale Dürr Ecoclean 2017
Low-margin business
Focus on conventional power train technology (internal combustion engine) with limited growth perspective
Further optimizations among others: aircraft assembly technology sold in 2014, Austrian workshop closed in 2016,
Energy efficiency streamlining finished in 2018 with the closure of Dürr thermea and micro gas turbine business
29
3. STRATEGY
Efficiency: global processes, localization & portfolio optimization

30
AGENDA
Group strategy3.

31
4. RECORD SALES AND ORDER INTAKE IN 2018
in € m 2016 2017 2018
Incoming orders 3,701.7 3,803.0 3,930.9
Orders on hand (end of period) 2,568.4 2,449.4 2,577.2
Sales 3,573.5 3,713.2 3,869.8
Gross profit on sales 858.3 857.2 855.5
Gross margin (%) 24.0 23.1 22.1
EBIT 271.4 287.0 233.5
EBIT before extraordinary effects 286.4 283.7 274.9
EBIT margin (%) 7.6 7.7 6.0
EBIT margin (%) before extraordinary effects 8.0 7.6 7.1
Net income 187.8 199.6 163.5
EBIT before extraordinary effects of € 41.1 m only slightly down

32
4. CASH GENERATIVE BUSINESS MODEL
Strong cash flow improvement in 2018
in € m 2014 2015 2016 2017 2018
EBT 204.7 244.5 258.1 267.3 219.7
Other aggregated items of cash flow 12.3 66.3 2.9 31.0 -5.8
Net working capital changes 74.3 -137.8 -33.6 -178.5 -51.6
Cash flow from operating activities 291.2 173.0 227.4 119.8 162.3
Interest paid (net) -16.6 -10.4 -15.8 -17.9 -12.0
Capex -53.6 -99.8 -81.6 -87.5 -71.9
Free cash flow 221.1 62.8 129.9 14.3 78.4
Higher inventories caused 2018 NWC increase, but remarkable improvement in Q4 2018. No considerable NWC
expansion expected for 2019

33
4. NWC INCREASE DUE TO SUPPLY CHAIN BOTTLENECKS &
HIGHER SPARE PARTS INVENTORIES (SERVICE CENTERS)
in € m 12/31/2017 12/31/2018
Materials and supplies (net) 181.3 230.2
+ Work in process from small series production 105.4 119.8
+ Finished goods and merchandise (net) 111.8 141.9
+ Prepayments to suppliers 59.1 43.5
+ Inventories and prepayments 457.6 535.4
+ Total trade receivables 533.3 603.0
+ Total contract assets 488.4 478.3
- Trade payables (incl. liabilities from notes payable) 390.5 502.4
- Total contract liabilities 715.2 673.0
= Net working capital 373.7 441.4
███ included in total balance (total work in process less billings)

34
Total balance FY 2019e between € 0 m and € -100 m
in € m 12/31/2017 12/31/2018
Assets
Total contract assets 488.4 478.3
Work in process from small series production 105.4 119.8
Liabilities
Total contract liabilities -715.2 -673.0
Total balance (Total work in process less billings) -121.3 -74.8
4. WORK IN PROCESS BALANCE: NET CUSTOMER PAYMENT
OVERHANG REMAINS IN GUIDED RANGE

35
4. SOLID FINANCIAL RATIOS
12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018
Equity in € m 725.8 714.4 831.0 900.5 992.2
Equity ratio in % 24.4 23.9 24.8 25.6 27.4
Net financial status in € m 167.8 129.4 176.5 176.3 32.3
Net working capital in € m 87.6 236.8 194.4 373.7 441.4
DWC (days working capital) 12.2 22.9 27.2 36.2 41.1
ROCE in % 38.7 45.3 41.1 38.6 24.0
Equity up 10% compared to 12/31/2017, equity ratio of 30% as long-term goal
Net financial status 2018 at € 32 m despite cash out for acquisition (MEGTEC/Universal & increase HOMAG stake (totaling
to € 139 m). IFRS 16 (financial leases) implementation with around € -100 m impact on net financial status in 2019.
ROCE 2018 down due to a higher Capital Emloyed and lower earnings. 2019 to reach a range between 20 and 30%,
clearly above cost of capital

36
4. FURTHER GROWTH IN THE CAR MARKET
20.2 20.4 22.5
22.3 22.8
25.4
22.4 23.2
25.5
26.3 28.7
33.6
2.8
2.8
3.7
0.0
20.0
40.0
60.0
80.0
100.0
120.0
2018 2019 2023
Others China Asia (w/o China) Europe Americas
+3%
Growth drivers until 2023: China, India, South East Asia
1 Light vehicles production
Source: PwC, Autofacts
Last update: January 2019
Ʃ 94.0
Ʃ 97.9
Ʃ 110.7
+9%
+4%
+2%
+2%
+7%
+4%
+2%
+3%
+4%
CAGR
in m units1
+1%
+0%

37
Woodworking machinery market stagnating in 2019
Sources: CSIL, Euroconstruct,
Holzbauverband, competitor data,
regional expert evaluation
4. WOODWORKING MACHINERY MARKETS
39%
12%
5%4%
4%
36%
Furniture production
breakdown
China
US
Germany
Italy
India
Other
3.4
3.5
3.9
4.0 4.0 4.0
4.3
4.5
2015 2016 2017 2018 2019e 2020e 2021e 2022e
in € bn

Sales in € m
3,767
3,574
3,713
3,870
3,900-
4,100
2015 2016 2017 2018 2019e
38
4. OUTLOOK: FURTHER GROWTH EXPECTED
7.1 7.6 7.7
6.0
6.5-
7.0
2015 2016 2017 2018 2019e
EBIT margin in %
3,467
3,702
3,803
3,931
3,800-
4,100
2015 2016 2017 2018 2019e
Order intake in € m
7.8 8.0 7.6
7.1
7.0-
7.5
2015 2016 2017 2018 2019e
EBIT margin before
extraordinary effects in %
2019 EBIT margin up between 6.5 and 7.0%

03/13/2019 MainFirst Best of Southern Germany Conference, Stuttgart
03/19/2019 BofAML Global Industrials Conference 2019, London
03/22/2019 Release of Annual Report 2019
04/05/2019 Lampe Conference, Baden-Baden
05/10/2019 Annual Shareholder Meeting, Bietigheim-Bissingen
05/17/2019 Interim statement for the first quarter of fiscal 2019
05/28/2019 Societe General The Nice Conference, Nice
06/05/2019 Deutsche Bank Berlin Conference, Berlin
39
4. FINANCIAL CALENDAR
Günter Dielmann
 guenter.dielmann@durr.com
 +49 7142 78-1785
Stefan Tobias Burkhardt
 stefantobias.burkhardt@durr.com
 +49 7142 78-3558
Mathias Christen
 mathias.christen@durr.com
 +49 7142 78-1381
Dürr Corporate Communications & Investor Relations contact

Appendix

Incoming orders more than doubled during last 10 years
41
PAINT BUSINESS1
Brownfield (e.g. replacement, modernization) with growing importance
1 Divisions Paint and Final Assembly Systems and Application Technology
61%
15%
24%
47%
21%
32%
Greenfield Brownfield Service
~⅓
~⅓
~⅓
Incoming orders 2008: € 950 m Incoming orders 2018: € 1,933 m Incoming orders 2022e

20%
8%
28%3%
41%
Invest Energy Personnel Service Material
42
COST PER UNIT AND REDUCTION OF RESOURCE CONSUMPTION
Innovation: R&D efforts focused on tangible customer value
Cost per unit in a paint shop
Ø cost per unit in a current paint shop
= € 3201
1 Compared to € 420 15 years ago
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
kWh/unit
Reduction of resource consumption/emissions in paint shops of a German OEM
0.0
0.5
1.0
1.5
2.0
m³/unit
0
0.5
1
1.5
2
2.5
3
3.5
kg/unit
0
1
2
3
4
5
6
l/unit
Energy Paint²Water VOC
-67% -71% -73%
-36%
2 In spray booth only

43
TRADITIONAL OEMS WITH HIGHER INVESTMENTS1
IN 2018 AND 2019
in € bn 2012 2013 2014 2015 2016 2017 2018e 2019e
BMW 5.0 6.6 6.0 5.8 5.7 6.9 7.0 7.2
Daimler 6.4 6.7 6.1 6.8 8.4 10.0 10.5 9.5
FCA 5.4 5.5 5.9 6.7 6.3 6.1 5.9 8.3
Ford 4.2 5.1 5.7 6.2 6.4 6.1 6.6 7.0
GM 6.2 6.2 5.4 6.7 8.7 7.4 7.5 7.6
Renault 1.9 2.5 2.4 2.7 2.0 3.4 4.0 4.0
PSA 1.9 2.2 2.2 2.8 3.3 3.8 5.0 5.3
VW 12.9 15.1 16.1 17.8 18.5 17.9 18.0 18.7
Total 43.9 49.9 49.8 55.5 61.6 59.8 64.5 67.6
1 Capex spending incl. capitalized R&D, Source: Deutsche Bank

Pekka Paasivaara
Member of the Board
Woodworking Machinery and
Systems
Operational Excellence
44
DÜRR AG BOARD OF MANAGEMENT
Dr. Jochen Weyrauch
Member of the Board
Systems
Global IT
Corporate Development
(including M&A)
Carlo Crosetto
CFO
Finance / Controlling
Investor Relations
Risk Management
Legal Affairs / Patents /
Insurance
Global Sourcing non
Productive Material
Corporate Social
Responsibility
Ralf W. Dieter
CEO
Systems
Public Relations
Human Resources (Employee
Affairs Director)
Internal Auditing
Corporate Compliance
digital@DÜRR

45
KEY DATA OF THE SHARE
WKN / ISIN 556 520 / DE0005565204
Bloomberg / Reuters Due / dueg
Class of shares Common bearer shares
Index Category e.g. MDAX (Performance), CDAX (Performance), FAZ Index
Trading centers / stock exchange
Stuttgart (regulated market)
Frankfurt (regulated market)
Several open markets
Capital stock € 177.2 m
Number of shares 69,202,080
Market capitalization as of 02/21/2019 € 2,415 m

25.3%
3.5%
71.2%1
Heinz u. Heide Dürr Stiftung
46
SHAREHOLDER STRUCTURE
Free float at 71.2%1
Institutional and private investors 2
- Thereof AXA S.A. 5.0%
- Thereof The Goldman Sachs Group: 4.8%
- Thereof Deutsche Bank AG: 4.7%
- Thereof MainFirst: 4.7%
- Thereof Morgan Stanley: 4.0%
- Thereof Alecta Pensionsförsäkring: 3.2%
- Thereof BlackRock, Inc.: 3.2%
- Thereof members of the Dürr Board of
Management: 0.3%
- Thereof members of the
Dürr Supervisory Board: 0.1%
Heinz Dürr GmbH
1 Free float calculated according to Deutsche Börse AG
2 According to the relevant laws

47
SHARE PRICE DEVELOPMENT
Remarkable 2011-2014 outperformance
compared to DAX & MDAX
Dürr highly benefited from China boom
due to its strong emerging markets
presence
HOMAG takeover in 2014 took some
time to be understood, but then levered
the Dürr share.
In 2015, China fears impacted the stock
markets and Dürr, too.
Value driver: digitization and HOMAG
boosted outperformance of Dürr share
until end of 2017
2018: rising risks of international
frictions. Operating performance 2018
weaker than expected, outlook for 2019
more promising
0
100
200
300
400
500
600
700
800
900
1,000
1,100
1,200
1,300
1,400
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Dürr indexed
DAX indexed
MDAX indexed

48
DIVIDEND POLICY
Dividend policy: 30-40% payout ratio
0.00 €
0.08 €
0.30 €
0.57 €
0.73 €
0.83 €
0.93 €
1.05 €
1.10 €
2009 2010 2011 2012 2013 2014 2015 2016 2017
in € 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Earnings
per
share
-0.39 0.10 0.90 1.55 2.03 2.17 2.34 2.63 2.78 2.27
Dividend
per
share
0.00 0.08 0.30 0.57 0.73 0.83 0.93 1.05 1.10 Not yet
available
Total
payout
0.0 m 5.2 m 20.8 m 38.9 m 50.2 m 57.1 m 64.0 m 72.7 m 76.1 m Not yet
available
Payout
ratio
- 32% 32% 35% 38% 38% 38% 39% 38% Not yet
available

49
ANALYSTS’ VIEW ON DÜRR
As of 02/19/2019
20 equity research analysts cover Dürr
ø target price: 39.55 €
Target price range between 32 and 55 €
95% recommend to buy or hold the Dürr share
55%
40%
5%
Buy Hold Sell

Funding structure December 31, 2018:
Corporate bond: € 300 m (maturity: 2021)
Bonded loan: € 300 m (maturity: 2021 - 2026)
Syndicated loan: € 465 m
Bilateral credit facilities of a smaller volume and liabilities from
finance leases.
In addition to money and capital market instruments, we are also
able to utilize off-balance-sheet financing instruments such as
factoring programs and operating leases (€ 101.5 m).
The syndicated loan facility is not likely to be drawn in 2019.
50
FINANCING
Financial liabilities
in € m 2016 2017 2018
Bond and bonded loan 596.6 597.3 598.0
Liabilities to banks 35.5 1.9 1.0
Liabilities under finance leases 8.5 5.8 7.2
Other financial liabilities 13.9 8.3 7.8
Accrued interests 0.0 9.4 9.3
Total 654.5 622.6 623.3
of which due within one year 5.3 12.4 12.5
in € m 12/31/2016 12/31/2017 12/31/2018
Combined value 1,026.5 963.6 1,072.1
Drawdown 345.0 300.6 317.3
Credit and guarantee lines

51
VALUE MANAGEMENT
The most important performance indicators at Dürr
Incoming orders
Sales
EBIT
ROCE (EBIT/Capital employed).
Cash flow from operating activities
Free cash flow
Economic Value Added (EVA)
Also non-financial performance indicators tracked, e.g.
Employee and customer satisfaction
Training/education
Ecology/sustainability
R&D/innovation
Key figures
FY
2012
FY
2013
FY
2014
FY
2015
FY
2016
FY
2017
FY
2018
Incoming
orders
2,596.8 2,387.1 2,793.0 3,467.5 3,701.7 3,803.0 3,930.9
Sales
revenues
2,399.8 2,406.9 2,574.9 3,767.1 3,573.5 3,713.2 3,869.8
EBIT 176.9 203.0 220.9 267.8 271.4 287.0 233.5
Operating
cash flow
117.6 329.1 291.3 173.0 227.4 119.8 162.3
Free cash
flow
65.9 261.9 221.1 62.8 129.9 14.3 78.4
ROCE 47.4 76.2 38.7 45.3 41.1 38.6 24.0
EVA 99.3 124.3 121.6 146.2 142.5 142.7 76.0

Duerr Investor Relations presentation Feb 2019

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