New Risk • Jun 24
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 46% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.5x net interest cover). Minor Risk Large one-off items impacting financial results. Duyuru • Jun 22
BAUER Aktiengesellschaft, Annual General Meeting, Jul 29, 2026 BAUER Aktiengesellschaft, Annual General Meeting, Jul 29, 2026, at 09:00 W. Europe Standard Time. Reported Earnings • Jun 18
Full year 2025 earnings released: EPS: €0.26 (vs €0.21 in FY 2024) Full year 2025 results: EPS: €0.26 (up from €0.21 in FY 2024). Revenue: €1.68b (down 18% from FY 2024). Net income: €11.2m (up 23% from FY 2024). Profit margin: 0.7% (up from 0.4% in FY 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 91% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. New Risk • May 11
New major risk - Financial data availability The company's latest financial reports are more than a year old. Last reported fiscal period ended December 2024. This is considered a major risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. In the worst case scenario, it may be facing other major going concern issues jeopardizing its viability as a listed company. Currently, the following risks have been identified for the company: Major Risks Latest financial reports are more than 1 year old (reported December 2024 fiscal period end). Interest payments are not well covered by earnings (1.8x net interest cover). Minor Risk Large one-off items impacting financial results. New Risk • Nov 23
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.8x net interest cover). Minor Risks Latest financial reports are more than 6 months old (reported December 2024 fiscal period end). Large one-off items impacting financial results. Duyuru • Jun 02
BAUER Aktiengesellschaft, Annual General Meeting, Jul 10, 2025 BAUER Aktiengesellschaft, Annual General Meeting, Jul 10, 2025, at 10:00 W. Europe Standard Time. Buy Or Sell Opportunity • May 30
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 50% to €6.75. The fair value is estimated to be €5.46, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to decline by 0.09% per annum. Earnings are forecast to grow by 38% per annum over the same time period. Reported Earnings • May 09
Full year 2024 earnings released: EPS: €0.21 (vs €0.14 in FY 2023) Full year 2024 results: EPS: €0.21 (up from €0.14 in FY 2023). Revenue: €2.10b (up 23% from FY 2023). Net income: €9.10m (up 66% from FY 2023). Profit margin: 0.4% (up from 0.3% in FY 2023). Revenue is forecast to stay flat during the next 3 years compared to a 4.1% growth forecast for the Construction industry in Europe. Valuation Update With 7 Day Price Move • Mar 17
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €5.85, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 12x in the Construction industry in Europe. Total returns to shareholders of 51% over the past year. New Risk • Feb 11
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.0x net interest cover). Minor Risks Latest financial reports are more than 6 months old (reported December 2023 fiscal period end). Share price has been volatile over the past 3 months (8.9% average weekly change). New Risk • Nov 25
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 5.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.0x net interest cover). Minor Risk Share price has been volatile over the past 3 months (5.0% average weekly change). Valuation Update With 7 Day Price Move • Nov 25
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to €4.70, the stock trades at a forward P/E ratio of 2x. Average forward P/E is 11x in the Construction industry in Europe. Total loss to shareholders of 2.7% over the past year. Valuation Update With 7 Day Price Move • Sep 20
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €4.87, the stock trades at a trailing P/E ratio of 38.3x. Average trailing P/E is 14x in the Construction industry in Europe. Total loss to shareholders of 12% over the past year. Duyuru • Aug 09
BAUER Aktiengesellschaft, Annual General Meeting, Sep 19, 2024 BAUER Aktiengesellschaft, Annual General Meeting, Sep 19, 2024, at 10:00 W. Europe Standard Time. Reported Earnings • Jul 29
Full year 2023 earnings released: EPS: €0.14 (vs €3.66 loss in FY 2022) Full year 2023 results: EPS: €0.14 (up from €3.66 loss in FY 2022). Revenue: €1.74b (up 5.9% from FY 2022). Net income: €5.47m (up €101.0m from FY 2022). Profit margin: 0.3% (up from net loss in FY 2022). Duyuru • Dec 14
BAUER Group Is Operational Again After Cyber-Attack The cyber-attack on the BAUER Group took place at the end of October. As of this week, the company can now report that all essential core systems have been put back into operation. As of this week, the company is back online with core systems and are now returning to normal working day. Duyuru • Nov 09
Bauer Announces Changes in the Supervisory Board BAUER AG announced that with effect from November 2, 2023, Mr. Alfons Doblinger joined the Supervisory Board a shareholder representative. With the significantly increased shareholding that SD Thesaurus GmbH and Doblinger Beteiligung GmbH have acquired in BAUER AG since the delisting tender offer, these shares are now also adequately represented on the Supervisory Board on the shareholder representatives' side. Ms. Sabine Doblinger has been a member of the Supervisory Board since 2021. Ms. Andrea Teutenberg left the Supervisory Board when Mr. Alfons Doblinger joined. Ms. Teutenberg has intensively accompanied BAUER AG in her office since 2016, for which the Executive Board and the members of the Supervisory Board would like to thank her warmly and wish her all the best for her future. In addition, there will be a change at the top of the Supervisory Board of BAUER AG. The long-standing Chairman of the Supervisory Board, Prof. Thomas Bauer, will step down before the next Supervisory Board meeting in December, having agreed to separate with respect due to differences of opinion on the future direction of the company. With the resignation of Prof. Thomas Bauer, Prof. Dr. Bastian Fuchs is to be proposed to the court for appointment to the Supervisory Board of BAUER AG as a member representing the shareholders. It is also planned that Prof. Dr. Bastian Fuchs will run for the position of Chairman of the Supervisory Board. Further information on this will be announced in a separate release shortly. New Risk • Oct 26
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -€77m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-€77m free cash flow). Earnings have declined by 51% per year over the past 5 years. Reported Earnings • Aug 23
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: €428.4m (up 7.0% from 2Q 2022). Net income: €2.55m (down 74% from 2Q 2022). Profit margin: 0.6% (down from 2.4% in 2Q 2022). Revenue is forecast to grow 2.9% p.a. on average during the next 2 years, compared to a 9.4% growth forecast for the Construction industry in Germany. New Risk • Jul 01
New major risk - Revenue and earnings growth Earnings have declined by 47% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-€77m free cash flow). Shares are highly illiquid. Earnings have declined by 47% per year over the past 5 years. Minor Risk Currently unprofitable and not forecast to become profitable next year (€16m net loss next year).