Financial performance indicators

At Group level, we expect the following development of key figures:

It is anticipated that global economic growth will remain at a similar level to that of the previous year, with an estimated increase of 3.3% in 2026. In addition, it is projected that inflation will continue to decline. Following the stabilisation of the construction industry in the sales markets relevant to the Uzin Utz Group in 2025, and an overall increase in construction output of 0.3% being recorded in the 19 EUROCONSTRUCT countries, a significantly stronger upturn is expected for 2026, with growth in construction volume of 2.4% overall being forecast. All of our core and growth markets are expected to achieve positive growth rates that exceed last year's figures. Consequently, we are forecasting a slight increase in sales revenue for the Uzin Utz Group in 2026. This development will also be supported by the various initiatives of the new GROW BIGGER growth strategy. The company's strategic initiatives, including the expansion into new international markets, the introduction of innovative products through targeted investments in research and development activities at global locations, and the development of new target groups, channels and market segments, are expected to result in sustainable sales growth.

Since the end of January 2026, there has been an increase in the price of crude oil, largely due to ongoing geopolitical tensions in the Middle East. The military attack by the USA and Israel on Iran on 28 February 2026 led to significant increases in oil prices at the beginning of March. There are growing concerns about supply shortages, particularly due to the closure of the Strait of Hormuz, and persistently strong global demand, which is increasing uncertainty on the procurement market. The recent rise in national CO2 levies in Germany is also exerting a partially negative influence on raw material prices. By optimising processes, we are nevertheless working to keep the Group's cost of materials ratio stable in 2026. The personnel expenses ratio is expected to rise due to an increase in headcount to implement the growth strategy, as well as the ongoing tight labour market and the associated cost-intensive recruitment of new employees. According to the latest projections, other operating expenses are expected to rise slightly. This is primarily due to increased sales and advertising expenses, which are necessary to develop new target groups and sales channels. Furthermore, an increase in investments is planned for 2026, largely due to the transition to SAP S/4HANA and the modernisation and optimisation of the IT infrastructure. It is anticipated that depreciation and amortisation will increase slightly. This is primarily due to increased amortisation of intangible assets at Uzin Utz SE. Furthermore, alterations to trading policies will have a bearing on the development of consolidated earnings. We anticipate that EBIT will remain at the same level in 2026. It is anticipated that slight sales growth will result in a marginal reduction in the EBIT margin.

The increase in inventories and receivables in 2025 had a negative impact on cash flow from operating activities. We do not expect a similarly strong increase in inventories in 2026 and therefore anticipate a significant increase in operating cash flow.

As well as the performance indicators described above, we are continuing to invest in our global locations. We are planning investments totalling EUR 28,600 thousand for the coming year. The majority of the total investments will be made in the German production company Uzin Utz SE, followed by Pallmann GmbH, Uzin Utz Nederland B.V. and Uzin Utz North America Inc.

Non-financial performance indicators

The following developments in non-financial key figures are anticipated at Group level:

It is anticipated that there will be a marginal increase in production volume in 2026. In line with the forecast of constant capacity, a slight increase in capacity utilisation is therefore expected. Depending on market developments, we will react flexibly to changes and implement adapted working time models.

It is anticipated that there will be a moderate increase in the Group's new product ratio for the 2026 financial year. This development is due in particular to the planned launch of additional products in the area of liquid products. Furthermore, the company is poised for additional sales growth in the segment of FusionTec levelling compounds, which have already established a strong market presence. The targeted expansion of the FusionTec portfolio is also expected to contribute to a positive development of the share of new products in total sales revenues.

The health ratio in the Group has been consistently high, at over 95.0% for a number of years. It is anticipated that no significant changes will be observed in 2026 either.