Duerr Investor Relations presentation Nov 2018

INVESTOR RELATIONS PRESENTATION
Bietigheim-Bissingen, November 2018
www.durr-group.com
Corporate Communications & Investor Relations Dürr AG

2© Dürr AG, CCI, Investor Relations Presentation, Bietigheim-Bissingen, November 2018
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, November 2018

Worldwide leading supplier of efficient production
technologies with outstanding digital expertise driven by
automation, digitization and networked production
Major customer groups: automotive, furniture and general
industry
Asset light business model with pronounced focus on
capital employed; strong ROCE and high cash flow
potential
Expanding service business with healthy margins and
further growth potential
Group structure with efficient processes; further growth via
acquisitions. HOMAG can be seen as a blueprint for
further acquisitions
4
1. EXECUTIVE SUMMARY

Market shares between 25 and 50% in different machinery
and engineering activities
Strong emerging markets presence with ca.
40-50% share of global incoming orders
Share of current incoming orders: 55% automotive
business, 45% general industry, e.g. furniture, machinery
EVs with growing importance. Group exposure already up
to 10% of sales
High entry barriers with limited number of competitors
Business drivers:
Greenfield: growing markets
Brownfield: replacement potential
Service: installed base
Automation, digitization & networking
5
1. EXECUTIVE SUMMARY
Dürr: global leader with a strong competitive position
Fast factsCustomers

6
AGENDA
Group strategy3.

Paint and
Final Assembly
Systems
• Incoming orders
€ 1,210 m (1,094 m)
• Sales
€ 1,175 m (1,140 m)
• EBIT
€ 70 m (77 m)
• Operating EBIT
€ 70 m (82 m)
• EBIT margin
6.0% (6.8%)
• Operating EBIT margin
6.0% (7.2%)
Application
Technology
• Incoming orders
€ 603 m (583 m)
• Sales
€ 622 m (561 m)
• EBIT
€ 65 m (76 m)
• Operating EBIT
€ 65 m (59 m)
• EBIT margin
10.4% (13.6%)
10.4% (10.5%)
Clean Technology
Systems
• Incoming orders
€ 166 m (177 m)
• Sales
€ 186 m (167 m)
• EBIT
€ 3 m (6 m)
• Operating EBIT
€ 3 m (6 m)
• EBIT margin
1.8% (3.7%)
1.8% (3.7%)
Measuring
and Process
Systems
• Incoming orders2
€ 543 m (683 m)
• Sales2
€ 511 m (624 m)
• EBIT2
€ 64 m (80 m)
• Operating EBIT2
€ 65 m (80 m)
• EBIT margin
12.6% (12.8%)
12.8% (12.8%)
Woodworking
Machinery and
Systems
• Incoming orders
€ 1,366 m (1,165 m)
• Sales
€ 1,219 m (1,082 m)
• EBIT
€ 83 m (45 m)
• Operating EBIT
€ 92 m (71 m)
• EBIT margin
6.8% (4.1%)
7.5% (6.6%)
7
2. OUR FIVE DIVISIONS
Divisional breakdown 20171 (2016)
Dürr AG
1 FY 2017 and 9M 2017 figures shown in the entire presentation are adjusted due to IFRS 15
2 decline due to sale of Ecoclean as of March 2017

8
2. 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 ~50%, Burke Porter Group, Fori
Measuring and
Process Systems
1 own estimates

Turn-key paint shops for the automotive industry (OEMs, suppliers)
Final assembly systems (e.g. conveyor equipment, control systems)
Service and modernization of existing sites
9
2. PAINT AND FINAL ASSEMBLY SYSTEMS
Paint shops and final assembly systems
1 including extraordinary expenses in connection with the closure of a smaller plant in Austria (€ 4.9 m)
2 including extraordinary expenses of € 5-10 m due to the FOCUS 2.0 optimization program
in € m 2016 2017 2018e 9M 2017 9M 2018
Incoming
orders
1,094 1,1421 1,000-1,200 826.5 765.4
Sales
revenues
1,140 1,175 1,100-1,200 816.2 878.5
EBIT 77 70 - 47.0 38.9
EBIT
margin
6.8% 6.0% 4.0-5.0% 5.8% 4.4%
ROCE >100% >100% ~100% 90.2%2 79.5%2
1 adjusted for the derecognition of the Iran business
2 annualized

10
New OEMs enlarge market base
Faraday Future US
BeeCloud

11
2. PAINT AND FINAL ASSEMBLY SYSTEMS: OPTIMIZATION
PROGRAM
Re-allocation of OEM spending to
new product developments 2015/2016
Continued cost pressure and unfavorable
pricing
Local competitors gaining
market shares in Asia Pacific
PRODUCT
COST
EFFICIENCY
BUSINESS
PORTFOLIO &
GROWTH ORGANIZATION
Action required for
Paint and Final
Assembly Systems

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 and software for automated paint application, glueing
processes and seam sealing (e.g. robots, atomizers, color change
systems, quality assurance)
Interior painting  automation potential
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
2 including extraordinary income of € 17 m
3 annualized
in € m 2016 2017 2018e 9M 2017 9M 2018
Incoming
orders
583 5871 600-650 460.1 486.4
Sales
revenues
561 622 600-650 447.3 472.1
EBIT 762 65 - 46.6 48.0
EBIT
margin
13.6%2 10.4% 10.0-11.0% 10.4% 10.2%
ROCE 40.0%2 29.2% 27-32% 25.7%3 24.2%3

Application products: components & automated paint solutions
Complete range of application products for general industry (e.g.
plastics, wood, furniture, construction)
Dürr automotive robot also used for painting of larger industrial
products
Pre-installed and ready2spray compact robot system, jointly developed
by Kuka and Dürr. Kuka provides the compact robot and Dürr the paint
application technology  integrated solution is unique to the market.
Target: € 50 m revenue by 2020
14
2. APPLICATION TECHNOLOGY
Addressing new markets: General industry
31%
31%
23%
8%
7%
Graco
Others
Nordson
Finishing Brands
Iwata
Competition1
1 Addressable market ~ € 1.5 bn

15
2. PAINT BUSINESS1
BUSINESS DRIVERSTYPE
Expansion of capacity in new and existing locations (e.g. EVs)
Replacement of old and non-productive plants
Increased quality requirements especially in the emerging markets
Efficiency enhancements: cost reductions (e.g. energy, material); cycle times
Flexibility: addition of new models/facelifts to existing painting lines
Automation: e.g. interior painting of vehicles
Environmental regulation: stricter emissions laws  still 47% of paint shops are
based one solvent borne
Continuous demand: spare parts, upgrades, training
Wear & tear of aging installed base: smaller modernizations and upgrades
Greenfield
Brownfield
Service
1 Divisions Paint and Final Assembly Systems and Application Technology

Incoming orders increased by 90% within 9 years, mostly due to higher demand in brownfield & service business
16
2. PAINT BUSINESS1
Brownfield with growing importance
1 Divisions Paint and Final Assembly Systems and Application Technology
61%
15%
24%
48%
24%
28%
Greenfield Brownfield Service
35%
35%
30%
Incoming orders 2008: € 950 m Incoming orders 2017: € 1,812 m Incoming orders 2022e

Drivers: regulation (clean air), environmental issues
Customer split: 25% automotive; 25% chemistry, petrochemical,
pharmaceutical; 50% other industries
Loss making energy efficiency technologies closed
MEGTEC / Universal acquisition closed in 10/2018
2021: EBIT margin goal: 6-7%; up to € 500 m sales
17
2. CLEAN TECHNOLOGY SYSTEMS
Air pollution control systems and noise abatement systems
in € m 2016 2017 2018e1 9M 2017 9M 2018
Incoming
orders
177 1652 240-270 123.0 152.8
Sales
revenues
167 186 230-250 131.6 119.9
EBIT 6 3 negative3 1.9 -14.23
EBIT
margin
3.7% 1.8% negative3 1.4% -11.9%3
ROCE 13.6% 5.5% negative3 4.2%4 -33.0%4
1 incl. acquisition of MEGTEC & Universal. Consolidation in Q4 2018
3 including impact of discontinuation of loss-making micro gas turbine business:
FY 2018e ~ € -17 m; € 4-5 m ppa due to MEGTEC/Universal acquisition)
4 annualized

18
2. CLEAN TECHNOLOGY SYSTEMS
Acquisition MEGTEC / Universal: The opportunity to boost Dürr’s Clean Technology Systems
business
Improved Scale
Improved scale boosts competitiveness especially in air pollution technology. MEGTEC is a leading player in
4 out of 5 key applications and has a strong footprint especially in North America

Independent
service organization
Set-up independent, decentralized service organization based on the existing MEGTEC organization with a
proactive service approach servicing Clean Technology Systems (CTS) and non-CTS products

Complementary
product portfolio
Additions to the existing portfolio, especially wet and dry electrostatic precipitators, dust control and particle
filtration

Promising
synergy potential
Sales (wood products, chemicals) and service (global service network) as well as bottom-line synergies (cost
degression, e.g. in procurement)

New targets for CTS
Sales potential of up to € 500 m and EBIT margin potential between 6-7% in 2021 for the new Dürr Clean
Technologies Systems division

Reasonable
valuation
MEGTEC / Universal expected to generate € 200 m sales and 5% EBIT-margin in 2018
Enterprise value € 110 m


High market shares in all businesses
Positioned globally with a high degree of localization
Strong footprint in China with local production, R&D etc.
19
2. MEASURING AND PROCESS SYSTEMS
Highly profitable machinery niches with global presence
1 Due to sale of Ecoclean business as of March 31, 2017
(2016: business volume € ~ 200 m) not fully comparable
3 annualized
in € m 2016 2017 2018e 9M 2017 9M 2018
Incoming
orders
683 5431+2 430-4601 418.1 307.7
Sales
revenues
624 5111 440-4801 381.7 326.1
EBIT 80 641 - 47.6 37.9
EBIT
margin
12.8% 12.6% 12.5-13.5% 12.5% 11.6%
ROCE 24.9% 24.6% 20-25% 24.5%3 18.5%3

Filling
Assembly & testing
Balancing
20
2. MEASURING AND PROCESS SYSTEMS
Innovation secures market leading position
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

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)
21
2. WOODWORKING MACHINERY AND SYSTEMS
Impressive growth since acquisition in 2014
in € m 2016 2017 2018e 9M 2017 9M 2018
Incoming
orders
1,165 1,366 1,350-1,450 1,078.9 1,040.9
Sales
revenues
1,082 1,219 1,250-1,300 903.8 937.3
EBIT 45 83 - 65.8 58.7
EBIT
margin
4.1% 6.8% 6.5-7.0% 7.3% 6.3%
ROCE 11.3% 22.0% 15-20% 23.2%1 17.3%1
¹ annualized

Transformation for substantial value creation
© Dürr AG, CCI, Investor Relations Presentation, Bietigheim-Bissingen, November 2018 22
Digitization: Softwarehouse and IIoT platform tapio
Strengthening sales expertise with a new concept to boost sales; China in focus
Service growth ~ 8% p.a. to be expected; service excellence
M&A: New segments & closing portfolio gaps
Global engineering and production footprint; reduction of value add in Germany
Standardization (scalable modular platforms)
Systems business: Also addressing mid-size customers

Reorganization of production system with efficiency gains of >20%
© Dürr AG, CCI, Investor Relations Presentation, Bietigheim-Bissingen, November 2018 23
Short term bottlenecks due to
product mix change towards highly complex systems business
supply chain problems
high order load overstretched current traditional production system
Unexpected complex SAP implementation at Schopfloch plant
task force in place to assure deliverability; external specialists,
increased inventories, stock reduction of produced machinery
One consistent production system to be implemented in all plants until 2020
scalable and standardized
highly flexible
reduction in delivery times
process optimization (e.g. order to cash)
design to cost
already implemented and tested in one plant

24
AGENDA
Group strategy3.

25
3. DÜRR STRATEGY 2020
Dürr strategy 2020 targets: up to € 4.2 bn sales, 7-8% EBIT margin, >30% ROCE

20%
8%
28%3%
41%
Invest Energy Personnel Service Material
26
3. STRATEGY
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

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
27
3. STRATEGY
Innovation: digital@DÜRR – 4 smart dimensions

Founding partners ADAMOS GmbH:
DMG Mori, Dürr, Software AG, Carl Zeiss, ASM
Establish ADAMOS as industry standard
On edge, on premise and in the cloud
Leading edge technologies
Large combined installed base
"White label" solution allows for
company-individual IIoT market places
ADAMOS App Factory develops new apps
28
3. STRATEGY
Innovation: Full line IIoT offering reinforces leading market position against pure software providers
ADAMOS: Adaptive Manufacturing Open Solutions
Next step: Scaling up ADAMOS by integrating
additional partners from the machinery industry.
Latest partners: ENGEL & Karl Mayer

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
Dürr Digital Factory: 70 specialists develop new apps
3. STRATEGY: DIGITAL SOLUTION PROVIDER FOR OUR
CUSTOMERS
Two digital market places as enablers for digital manufacturing
Customer benefit of LOXEO and tapio:
optimizing production, increasing system availability
29

30
3. STRATEGY
Globalization: High investments in network of locations – strengthening local activities
in € m 2013 2014 2015 2016 2017
Capex 51.2 54.9 102.3 81.9 88.0
Acquisitions 34.8 242.1 42.0 13.6 15.3
Total 86.0 297.0 144.3 95.5 103.3
Extension of global presence: Reinforcement of new markets
but also investments in established markets in North America
and Germany with good prospects
15 production, test and engineering centers: extended,
modernized or newly built
Campus concept transferred to key locations: more efficient
processes, open communication and sustainable energy
concept
Capex spending in 2018e: € 75-85 m
New Dürr Campus in Shanghai, China

31
3. STRATEGY
Acquisition course to be continued / HOMAG takeover as a blueprint for acquisitions
Criteria for major „HOMAG II“ acquisition
Target areas: mechanical engineering,
automation technology, measuring systems,
environmental
World market & innovation leadership
No restructuring cases but earnings
improvement and synergy potential
Making use of Dürr‘s excellent positioning
in global/emerging markets
Corporate culture should fit
Sales size up to € 1.5 bn
Valuation must be reasonable
2018: Some bolt-on acquisitions
increase HOMAG participation (64%)
Environmental business doubled

32
3. STRATEGY
Service: Long-term target 30% of sales
2014 2015 2016 2017
Sales revenues (in € m) 634.1 884.9 981.9 947.0
In % of group sales 24.6 23.5 27.5 25.5
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
Q3 2018 service sales: +10%
9M 2018: Service sales adjusted for Dürr Ecoclean +6%
CAGR since 2012: 13%

40%
43%
17%
Modifications and
upgrades
Spare parts and
repairs
Maintenance,
assessments,
seminars
33
3. STRATEGY
Service
Service type in % of revenues
0
2,000
4,000
6,000
8,000
10,000
12,000
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
Cash inflow € 108 m, book gain € 23 m
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, e.g. closure of Dürr thermea and Micro Gas Turbine
34
3. STRATEGY
Efficiency: Global processes, localization & portfolio optimization

35
AGENDA
Group strategy3.

36
4. ON THE WAY TO RECORD SALES AND ORDER INTAKE IN 2018
in € m 2015 2016 2017 9M 2017 9M 2018
Incoming orders 3,467.5 3,701.7 3,803.01 2,906.7 2,753.2
Orders on hand (end of period) 2,465.7 2,568.4 2,449.41 2,618.3 2,465.4
Sales 3,767.1 3,573.5 3,713.2 2,680.7 2,734.1
Gross profit on sales 828.0 858.3 857.2 636.8 602.4
Gross margin (%) 22.0 24.0 23.1 23.8 22.0
EBIT 267.8 271.4 287.0 214.8 153.3
EBIT before extraordinary effects 294.3 286.4 279.2 203.0 178.5
EBIT margin (%) 7.1 7.6 7.7 8.0 5.6
EBIT margin (%) before
extraordinary effects
7.8 8.0 7.5 7.6 6.5
Net income 166.6 187.8 199.6 150.3 103.5
EBIT before extraordinary effects 2018 impacted by expected margin decline in Paint and
Final Assembly Systems and output problems at HOMAG. 2019 improvements expected.

37
4. CHANGED PREPAYMENT PATTERN
Cash flow improvement in Q4 2018 expected
in € m 2014 2015 2016 2017 9M 2017 9M 2018
EBT 204.7 244.5 258.1 267.3 201.2 141.4
Other aggregated items of cash
flow
12.3 66.3 2.9 31.0 -4.8 -39.8
Net working capital changes 74.3 -137.8 -33.6 -178.5 -218.6 -133.5
Cash flow from operating
activities
291.2 173.0 227.4 119.8 -22.2 -31.9
Interest paid (net) -16.6 -10.4 -15.8 -17.9 -11.8 -12.4
Capex -53.6 -99.8 -81.6 -87.5 -48.9 -51.5
Free cash flow 221.1 62.8 129.9 14.3 -82.9 -95.8
Inventory increase main cause for NWC deterioration in 9M 2018
Q3 cash flow from operating activities improved and reached a positive € 27.8 m
Cash flow improvement in Q4 2018 expected, dependent on project execution and customer payments

38
4. NWC: DECLINE IN NWC TO BE EXPECTED IN Q4
in € m 09/30/2017 12/31/2017 09/30/2018
Materials and supplies (net) 185.7 181.3 237.2
+ Work in process from small series production 115.4 105.4 132.0
+ Finished goods and merchandise (net) 121.2 111.8 155.5
+ Prepayments to suppliers 69.2 59.1 67.2
+ Inventories and prepayments 491.4 457.6 591.9
+ Total trade receivables 509.5 533.3 592.6
+ Total contract assets 488.5 488.4 546.5
- Trade payables (incl. liabilities from notes payable) 395.1 390.5 490.8
- Total contract liabilities 675.2 715.2 738.2
= Net working capital 419.1 373.7 502.1
███ included in total balance (total work in process less billings)

39
Total balance FY 2018e between € 0 m and € -100 m
in € m 09/30/2017 12/31/2017 09/30/2018
Assets
Total contract assets 488.5 488.4 546.5
Work in process from small series production 115.4 105.4 132.0
Liabilities
Total contract liabilities -675.2 -715.2 -738.2
Total balance (Total work in process less billings) -71.4 -121.3 -59.6
4. WORK IN PROCESS BALANCE: NET CUSTOMER PAYMENT
OVERHANG IN GUIDED RANGE

40
4. SOLID FINANCIAL RATIOS
12/31/2014 12/31/2015 12/31/2016 12/31/2017 09/30/2018
Equity in € m 725.8 714.4 831.0 900.5 915.8
Equity ratio in % 24.4 23.9 24.8 25.6 25.7
Net financial status in € m 167.8 129.4 176.5 191.5 -18.3
Net working capital in € m 87.6 236.8 194.4 373.7 502.1
DWC (days working capital) 12.2 22.9 27.2 36.2 49.6
ROCE in % 38.7 45.3 41.1 39.4 21.61
Equity up 5% compared to 09/30/2017; equity ratio of 30% as long-term goal
Net financial status as of 09/30/2018 impacted by dividend outflow (€ 81 m), taxes (€ 63 m)
and increase of HOMAG stake (€ 35 m);
Net financial status 2018e at € 30-80 m at year end 2018, dependent on project execution and customer payments in Q4
DWC target of around 40 in 2018
ROCE for FY 2018 should reach a range between 20 and 25%
1 annualized

41
4. FURTHER GROWTH IN THE CAR MARKET
20.2 20.4 22.1
22.2 22.8 25.1
21.6 22.1
24.9
27.4 27.8
33.5
2.6 2.9
3.7
0.0
20.0
40.0
60.0
80.0
100.0
120.0
2017 2018 2022
Others China Asia (w/o China) Europe Americas
+3%
Growth drivers until 2022: China, India, South East Asia, Russia
1 Light vehicles production
Source: PwC, Autofacts
Last update: October 2018
Ʃ 94.0 Ʃ 96.0
Ʃ 109.3
+12%
+1%
+2%
+3%
+2%
+7%
+5%
+3%
+2%
+2%
CAGR
in m units1
+1%

42
4. 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

43
Decent growth until 2022
3,028
3,405
686
763208
290
0
1,000
2,000
3,000
4,000
5,000
2017 2022e
Machinery for
wooden houses
Machinery for doors,
windows, flooring
Furniture machinery
Sources: CSIL, Euroconstruct,
Holzbauverband, competitor data,
regional expert evaluation
Ʃ 3,922
Ʃ 4,458
CAGR +3%
4. WOODWORKING MACHINERY MARKETS
in € m
77% 18% 5%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
HOMAG Sales Share
+2%
+2%
+7%
39%
12%
5%4%
4%
36%
Furniture production
breakdown
China
US
Germany
Italy
India
Other

Sales in € m
2,575
3,767
3,574
3,713
3,750-
3,950
2014 2015 2016 2017 2018e
44
4. OUTLOOK: FURTHER GROWTH EXPECTED1+2
8.6
7.1
7.6 7.7
5.8-
6.3
2014 2015 2016 2017 2018e
EBIT margin in %
2,793
3,467
3,702 3,8033
3,650-
3,950
2014 2015 2016 2017 2018e
Order intake in € m
23.0 22.0
24.0 23.1
22.0-
22.5
2014 2015 2016 2017 2018e
Gross margin in %
2018 EBIT margin before extraordinary effects between 6.8 and 7.2%
1 incl. acquisition of MEGTEC/Universal; consolidation 10/2018
2 2017 figures adjusted due to IFRS 15
3 adjusted for the derecognition of Iran orders

11/14/2018 UBS European Conference, London
11/15/2018 LBBW German Company Day 2018, London
11/20/2018 DZ Equity Conference 2018, Frankfurt
11/28/2018 German Equity Forum, Frankfurt
11/28/2018 Annual Goldman Sachs European Industrials Conference, London
12/05/2018 Berenberg European Conference, Pennyhill, Surrey
12/05/2018 Quirin European Mid Cap Event, Geneva
01/10/2019 Oddo Midcap Forum, Lyon
01/14/2019 Commerzbank German Investment Seminar, New York
45
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

47
MANAGEMENT BOARD STRUCTURE
Dr. Jochen Weyrauch
Member of the Board
 Paint and Final Assembly
Systems
 Clean Technology Systems
 Information Technology
 Corporate Development
(including M&A)
Carlo Crosetto
CFO
 Finance / Controlling
 Investor Relations
 Risk Management
 Legal Affairs / Patents
 Global Sourcing
 Corporate Social
Responsibility
Ralf W. Dieter
CEO
 Application Technology,
Measuring and Process
Systems and Woodworking
Machinery and Systems
 Public Relations
 Human Resources (Employee
Affairs Director)
 Research and Development
 Quality
 Internal Auditing
 Corporate Compliance

48
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 11/05/2018 € 2,187 m

25.3%
3.5%
71.2%1
Heinz u. Heide Dürr Stiftung
49
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

50
SHARE PRICE DEVELOPMENT
Remarkable long-term 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
Dürr
indexiert
DAX
indexiert
MDAX
indexiert

51
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
Earnings
per
share
-0.39 0.10 0.90 1.55 2.03 2.17 2.34 2.63 2.78
Dividend
per
share
0.00 0.08 0.30 0.57 0.73 0.83 0.93 1.05 1.10
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
Payout
ratio
- 32% 32% 35% 38% 38% 38% 39% 38%

52
ANALYSTS’ VIEW ON DÜRR
As of 11/05/2018
20 equity research analysts cover Dürr
ø target price: 43.30 €
Target price range between 30 and 65 €
100% recommend to buy or hold the Dürr share
60%
40%
Buy Hold

53
FIXED INCOME
Key data Bond / Bonded loan („Schuldscheindarlehen”)
Bond Bonded loan („Schuldscheindarlehen”)
WKN / ISIN A1YC44 / XS1048589458 -
Issued volume EUR 300 m EUR 300 m
Coupon 2.875% 1.6% in average
Maturity /
Repayment
April 3, 20211
5, 7, 10 years (issued March 2016)
Nominal value EUR 1,000.00 -
Stock exchange /
listing
regulated market Luxembourg Stock Exchange, unofficial trading
German stock exchanges
-
Rating Since 2010 it does exist neither a company rating nor a bond rating -
Syndicated loan held by Dürr AG: € 465 m
Bilateral credit facilities of a smaller volume and liabilities from finance leases

54
EQUITY STORY
Good reasons to be invested in Dürr
World market leadership: In ~95% of its product portfolio with market shares between 25 and 50%  high entry barriers
Service potential: Increased installed base is starting point for a growing and profitable service business.
Market positioning: About 40-50% of the business volume from emerging markets. Best positioned in competition.
Growth: Organic growth expected at ~3% p.a. Further acquisitions should contribute to the expansion.
Technology leader: Dürr enables customers to reduce costs per units and thus to increase production efficiency.
Industry 4.0 / smart factory: Leading due to intelligent solutions (e.g. ADAMOS, tapio & LOXEO)
Value creation: ROCE exceeds cost of capital significantly – ROCE 2017 at 39.4%, cost of capital 2017 at 7.9%.
Earnings decline 2018 only temporarily mainly due to one offs. 2019 back on track.

55
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
Incoming
orders
2,596.8 2,387.1 2,793.0 3,467.5 3,701.7 3,888.7
Sales
revenues
2,399.8 2,406.9 2,574.9 3,767.1 3,573.5 3,713.2
EBIT 176.9 203.0 220.9 267.8 271.4 287.0
Operating
cash flow
117.6 329.1 291.3 173.0 227.4 119.8
Free cash
flow
65.9 261.9 221.1 62.8 129.9 14.3
ROCE 47.4 76.2 38.7 45.3 41.1 39.4
EVA 99.3 124.3 121.6 146.2 142.5 143.9

Duerr Investor Relations presentation Nov 2018

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