- Revenue advances by 15% to over €1 billion; new orders surge by 30% owing to broader positioning
- Comfortable profit thanks to growing resilience; Future Fit cost-cutting program bearing fruit
Cologne, August 7, 2025 – In spite of persistently challenging market conditions, DEUTZ generated strong growth in new orders and revenue in the first six months of 2025. This can be seen from the results released today for the first half of 2025. New orders increased by 30.7% to €1,034.1 million and revenue rose by 15.0% to €1,007.1 million. Adjusted EBIT (EBIT before exceptional items) amounted to €47.1 million, with the adjusted EBIT margin coming to 4.7%. DEUTZ is benefiting from the successful implementation of its portfolio strategy and cost savings under its Future Fit cost-cutting program.
“We are reaping the rewards of our transformation into a more resilient company with a broader base. Despite economic uncertainties and geopolitical challenges, we have been able to achieve a significant increase in revenue and have remained comfortably profitable. The integration of new lines of business and the rigorous implementation of our cost-cutting program are enhancing our long-term competitiveness. We will continue to systematically pursue our chosen path,” emphasizes Dr. Sebastian C. Schulte, CEO of DEUTZ AG.
The acquisition of genset manufacturer Blue Star Power Systems, the integration of selected Daimler Truck engines from Rolls-Royce Power Systems, and the acquisitions of HJS Emission Technology (an exhaust aftertreatment specialist) and Urban Mobility Systems (a Dutch innovation leader in the field of battery-electric drives for off-highway applications) all serve to strengthen the portfolio and open up new market potential. The high-margin service business remains an important growth driver, with revenue increasing by 8.7% to €274.9 million in the first half of 2025. Through its Future Fit cost-cutting program, DEUTZ intends to permanently lower costs by €50 million per year by the end of 2026.
“We are making good progress and already expect our Future Fit program to achieve a reduction in costs of more than €25 million in the current financial year. This will enhance our long-term competitiveness and create the conditions for further growth – including through acquisitions,” explains DEUTZ CFO Oliver Neu, who is overseeing the program in cooperation with an interdisciplinary team.
DEUTZ is confirming its previous guidance for 2025 as a whole, in which it anticipated revenue of between €2.1 billion and €2.3 billion and an adjusted EBIT margin of between 5.0% and 6.0%. Free cash flow before mergers and acquisitions is still predicted to be in the mid-double-digit millions of euros. The aforementioned guidance assumes that the market will make a modest recovery in the second half of the year. It is also based on the assumption that with an agreement now having been reached between the EU and the USA in the tariff dispute, the associated uncertainties have been eliminated and consumer reticence in the US end market will dissipate.
Results for the first half of 2025 in detail[1]
Thanks to its broader positioning, the DEUTZ Group’s new orders surged by 30.7% percent compared with the first six months of 2024 to stand at €1,034.1 million. Orders on hand stood at €490.9 million as at June 30, 2025 (June 30, 2024: €365.9 million).
Although unit sales fell by (9.1)% compared with the first half of 2024 to 67,440 units, DEUTZ’s revenue increased sharply, climbing by 15.0% to €1,007.1 million in the first six months of 2025. This countervailing trend was largely due to higher average prices per unit sold thanks to the successful transformation of the portfolio. The revenue contribution of HJS Emission Technology, which was acquired in June, also had a positive impact.
Adjusted EBIT (EBIT before exceptional items)[2]diminished from €50.1 million in the first half of 2024 to €47.1 million in the reporting period, mainly due to lower unit sales, a reduction in the production volume, and the resulting diseconomies of scale. However, the acquisition of Blue Star Power Systems and the takeover of sales and service activities from Rolls-Royce Power Systems in the second half of 2024 had a positive impact on earnings performance. Lower research and development costs (adjusted for exceptional items) and cost savings from the Future Fit cost reduction program, among other initiatives, also helped to mitigate the volume-related deterioration in earnings.
The adjusted EBIT margin came to 4.7% in the first six months of 2025 (H1 2024: 5.7%). This shows that the steps taken by DEUTZ under its Dual+ strategy are paying off and that DEUTZ can do business profitably even when economic conditions are challenging.
Cash flow from operating activities amounted to €60.8 million in the first half of 2025 (H1 2024: €3.3million). This increase compared with the prior-year period was primarily driven by changes to working capital.
The rise in cash flow from operating activities resulted in free cash flow of €4.5 million (€14.4 million before mergers and acquisitions) in the first half of 2025, compared with an outflow of €(35.1) million (before and after mergers and acquisitions) in the first half of 2024.
DEUTZ GROUP: OVERVIEW |
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€ million |
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| H1 2025 |
| H1 2024[3] |
| Change |
| Q2 2025 |
| Q2 2024 |
| Change |
New orders |
| 1,034.1 |
| 791.0 |
| 30.7% |
| 488.0 |
| 371.8 |
| 31.3% |
Unit sales (units) |
| 67,440 |
| 74,162 |
| -9.1% |
| 36,177 |
| 35,920 |
| 0.7% |
Revenue |
| 1,007.1 |
| 875.5 |
| 15.0% |
| 518.1 |
| 420.8 |
| 23.1% |
EBITDA (before exceptional items) |
| 94.5 |
| 94.3 |
| 0.2% |
| 49.9 |
| 44.3 |
| 12.6% |
EBITDA margin (before exceptional items) |
| 9.4% |
| 10.8% |
| -1.4pp |
| 9.6% |
| 10.5% |
| -0.9pp |
EBITDA |
| 65.7 |
| 83.4 |
| -21.2% |
| 46.1 |
| 37.3 |
| 23.6% |
Adjusted EBIT (before exceptional items) |
| 47.1 |
| 50.1 |
| -6.0% |
| 26.1 |
| 22.4 |
| 16.5% |
EBIT margin (before exceptional items) |
| 4.7% |
| 5.7% |
| -1.0pp |
| 5.0% |
| 5.3% |
| -0.3pp |
Exceptional items |
| -28.8 |
| -10.9 |
| 164.2% |
| -3.8 |
| -7.0 |
| -45.7% |
EBIT |
| 18.3 |
| 39.2 |
| -53.3% |
| 22.3 |
| 15.4 |
| 44.8% |
Net income |
| 7.8 |
| 25.6 |
| -69.5% |
| 17.8 |
| 9.1 |
| 95.6% |
Earnings per share (€) |
| 0.06 |
| 0.20 |
| -70.0% |
| 0.13 |
| 0.07 |
| 85.7% |
Earnings per share (before exceptional items, €) |
| 0.23 |
| 0.28 |
| -17.9% |
| 0.17 |
| 0.12 |
| 41.7% |
Equity (Jun. 30/Dec. 31) |
| 807.7 |
| 847.9 |
| -4.7% |
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Equity ratio (Jun. 30/Dec. 31) |
| 45.9% |
| 50.4% |
| -4.5pp |
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Free cash flow[4] |
| 4.5 |
| -35.1 |
| – |
| -19.3 |
| -40.2 |
| 52.0% |
Free cash flow (before M&A) |
| 14.4 |
| -35.1 |
| – |
| -9.0 |
| -40.2 |
| 77.6% |
Net financial position (Jun. 30/Dec. 31)[5] |
| -259.1 |
| -225.6 |
| 14.8% |
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Working capital (Jun. 30/Dec. 31)[6] |
| 366.1 |
| 383.0 |
| -4.4% |
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Working capital ratio (Jun. 30/Dec. 31)[7] |
| 18.8% |
| 21.1% |
| -2.3pp |
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Working capital ratio (average) (Jun. 30/Dec. 31)[8] |
| 19.8% |
| 22.2% |
| -2.4pp |
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Capital expenditure (after deducting grants)[9] |
| 35.4 |
| 45.5 |
| -22.2% |
| 19.0 |
| 25.7 |
| -26.1% |
R&D ratio[10] |
| 4.5% |
| 5.6% |
| -1.1pp |
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R&D expenditure (after deducting grants) |
| 45.1 |
| 49.2 |
| -8.3% |
| 22.5 |
| 23.8 |
| -5.5% |
Employees (number as at Jun. 30)[11] |
| 5,571 |
| 5,043 |
| 10.5% |
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DEUTZ Engines & Services: Key figures |
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€ million |
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| H1 2025 |
| H1 2024 |
| Change |
| Q2 2025 |
| Q2 2024 |
| Change |
New orders |
| 932.3 |
| 774.7 |
| 20.3% |
| 456.4 |
| 366.0 |
| 24.7% |
Unit sales (units) |
| 66,147 |
| 73,570 |
| -10.1% |
| 35,517 |
| 35,676 |
| -0.4% |
Revenue |
| 923.4 |
| 864.5 |
| 6.8% |
| 475.3 |
| 414.8 |
| 14.6% |
Adjusted EBIT (before exceptional items) |
| 56.7 |
| 67.7 |
| -16.2% |
| 28.0 |
| 30.5 |
| -8.2% |
EBIT margin (before exceptional items) |
| 6.1% |
| 7.8% |
| -1.7pp |
| 5.9% |
| 7.4% |
| -1.5pp |
DEUTZ Solutions: Key figures |
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€ million |
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| H1 2025 |
| H1 2024 |
| Change |
| Q2 2025 |
| Q2 2024 |
| Change |
New orders |
| 101.8 |
| 16.3 |
| 524.5% |
| 31.6 |
| 5.8 |
| 444.8% |
thereof DEUTZ Energy |
| 89.6 |
| 13.6 |
| 558.8% |
| 21.2 |
| 3.9 |
| 443.6% |
thereof DEUTZ New Technology |
| 12.2 |
| 2.7 |
| 351.9% |
| 10.4 |
| 1.9 |
| 447.4% |
Unit sales (units) |
| 1,293 |
| 592 |
| 118.4% |
| 660 |
| 244 |
| 170.5% |
thereof DEUTZ Energy |
| 1,037 |
| 236 |
| 339.4% |
| 538 |
| 76 |
| 607.9% |
thereof DEUTZ New Technology |
| 256 |
| 356 |
| -28.1% |
| 122 |
| 168 |
| -27.4% |
Revenue |
| 83.7 |
| 11.0 |
| 660.9% |
| 42.8 |
| 6.0 |
| 613.3% |
thereof DEUTZ Energy |
| 79.3 |
| 8.8 |
| 801.1% |
| 40.4 |
| 4.9 |
| 724.5% |
thereof DEUTZ New Technology |
| 4.4 |
| 2.2 |
| 100.0% |
| 2.4 |
| 1.1 |
| 118.2% |
EBIT before exceptional items |
| -10.2 |
| -17.8 |
| 42.7% |
| -2.7 |
| -8.2 |
| 67.1% |
thereof DEUTZ Energy |
| 8.0 |
| 0.0 |
| – |
| 4.5 |
| 0.1 |
| 4,400.0% |
thereof DEUTZ New Technology |
| -18.2 |
| -17.8 |
| -2.2% |
| -7.2 |
| -8.3 |
| 13.3% |
EBIT margin (before exceptional items) |
| -12.2% |
| -161.8% |
| +149.6pp |
| -6.3% |
| -136.7% |
| +130.4pp |
Detailed information on the results for the first half of 2025 can be found in the interim report, which is available at www.deutz.com/en/investor-relations.
Upcoming financial dates
November 6, 2025: Quarterly statement for the first to third quarter of 2025
March 26, 2026: 2025 annual report
May 7, 2026: Quarterly statement for the first quarter of 2026
May 13, 2026: 2026 Annual General Meeting
[1] Unless otherwise indicated, all the figures disclosed below are for continuing operations only.
[2] Exceptional items in the first half of 2025 amounting to an expense of €25.6 million that largely related to costs in connection with the Future Fit program (H1 2024: expense of €0.0 million).
[3] In 2024, the activities of the Torqeedo Group had, in accordance with IFRS 5, been reported as discontinued operations up to the point of deconsolidation. The comparative key figures for the prior-year period that relate to the income statement, the cash flow statement, capital expenditure, R&D expenditure, and the number of employees only include continuing operations.
[4] Cash flow from operating and investing activities less interest expense.
[5] Cash and cash equivalents less current and non-current interest-bearing financial debt.
[6] Inventories plus trade receivable less trade payables.
[7] Working capital (inventories plus trade receivables less trade payables) as at the balance sheet date divided by revenue for the previous twelve months.
[8] Average working capital at the four quarterly reporting dates divided by revenue for the previous twelve months.
[9] Capital expenditure on property, plant and equipment (including right-of-use assets in connection with leases) and intangible assets, excluding capitalized development expenditure.
[10] Research and development expenditure (after deducting grants) as a percentage of revenue.
[11] Full-time equivalents (FTEs).
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