- Revenue rises by around 11% to €1.67 billion; new orders climb by just over 30% to around €1.96 billion
- Adjusted EBIT increases by around 36% to €118 million; adjusted EBIT margin improves from 5.8% to 7.1%
- Acquisition of FFG completed – additional revenue in the defense segment of more than €1 billion expected for 2027, with an adjusted EBITDA margin of over 20%
- Extension of CFO Oliver Neu’s contract until 2032
Cologne, November 5, 2026 – DEUTZ has remained firmly on its growth trajectory amid market conditions that remain challenging. This achievement is the result of sustained organic growth, operational advances, and strategic acquisitions that have enabled DEUTZ to successfully position itself in crisis-resilient lines of business. The increases in revenue and new orders in the first nine months of 2026 were driven by all of the Group’s main segments. The jump in the adjusted EBIT margin of 1.3 percentage points was due to higher revenue, the resulting improvement in capacity utilization in the plants, healthy contributions from M&A transactions, and the successful implementation of the efficiency programs, especially in the engines business.
“Once again, we generated double-digit rises in new orders, revenue, and earnings and significantly increased our profitability amid market conditions that remain challenging. We will continue on this path of growth at an accelerated pace following the acquisition of FFG, which has now been completed. FFG will already be contributing additional revenue of over €1 billion in 2027, with an adjusted EBITDA margin of more than 20%, making our defense business one of the Group’s central pillars. With FFG on board, we will become a leading provider of military vehicles, drive systems, and energy solutions made in Germany,” says DEUTZ CEO Sebastian Schulte.
Group’s strategic transformation gains further momentum: FFG acquisition completed as scheduled, strategic partnership for unmanned ground vehicles planned
At the start of July, DEUTZ signed an agreement to acquire FFG Flensburger Fahrzeugbau Gesellschaft mbH (FFG). During an extraordinary general meeting in late August, the shareholders of DEUTZ AG voted almost unanimously in favor of a capital increase in return for a non-cash contribution, to be used to partly fund the acquisition. The completion of this transaction, which is the biggest in the Company’s history to date, is a game changer in many ways. Firstly, DEUTZ will become a major player in the defense business. Secondly, the Company’s newest business unit will evolve into a central pillar of the Group alongside the established Energy, Engines, and NewTech business units and the service business, which is a key driver of growth across all of the other areas of business. Going forward, FFG will represent the core of DEUTZ’s defense activities. But all segments are set to benefit from synergy effects and access to new markets.
DEUTZ has also taken further steps to expand its activities relating to mobility and energy solutions for security and defense applications. To this end, DEUTZ signed a memorandum of understanding with Hypercraft, a US company based in Provo, Utah, at the end of September. Hypercraft develops products such as unmanned ground vehicles (UGVs). The aim is for DEUTZ to contribute its extensive experience relating to engines, hybrid-electric systems, and the scaled integration of defense vehicles. Together, the two companies intend to develop innovative and reliable solutions for defense customers worldwide. In addition, Hypercraft will provide access to its network of military customers so that it can participate in the definition of operational requirements and test new DEUTZ products for the US market.
Extension of CFO Oliver Neu’s contract until 2032
During this phase of transformation, the Supervisory Board of DEUTZ AG is striving for continuity on the Company’s management team: the contract of CFO Oliver Neu, which was set to run until September 30, 2027, has been extended until September 30, 2032. In the role of Head of Finance & Controlling from 2021 to 2024 and as CFO since 2024, Oliver Neu has provided focused support for the transformation of the Company initiated by CEO Sebastian Schulte in 2022. During this time, he has played a key role in successfully implementing the Company’s portfolio strategy by maintaining DEUTZ’s sound financial position while giving it the financial flexibility to invest strategically in its transformation, most recently in the form of the successful capital increase carried out in September 2026. He also oversaw the funding of the acquisition of FFG, the biggest transaction in the Company’s history to date. In this context, the Group’s funding was also restructured to make sure that DEUTZ has the necessary financial strength to maintain its growth trajectory. “I am delighted with the confidence shown in me, and I am of course very pleased to continue playing an active role in the Company’s transformation as a member of the Board of Management. Together we will take DEUTZ to the next level while maintaining our long-term profitability, ensuring we are well equipped for global competition, and creating sufficient financial headroom for ongoing investment in our growth,” says CFO Oliver Neu.
Results for the first nine months of 2026 in detail
At €1,962.5 million, DEUTZ recorded a high volume of new orders in the first nine months of 2026 (Q1–Q3 2025: €1,504.5 million). From a segment perspective, the total increase in new orders of around €460 million or 30.4% was primarily driven by the following segments: DEUTZ Engines (up by €168 million), DEUTZ Service (up by €58 million), and DEUTZ Energy (up by €226 million).[1] New orders in the defense business also rose markedly compared with the first three quarters of 2025, advancing by just under €10 million to €89.2 million. Although this represented a relatively small percentage of the Group’s total new orders, the inclusion of FFG will increase this proportion significantly from the first quarter of 2027 onward. The acquisitions that took place in the Energy and Service segments during the reporting period contributed a sum of almost €235 million. The DEUTZ Group’s orders on hand stood at €790.9 million as at September 30, 2026, which was substantially higher than the figure reported a year earlier (September 30, 2025: €467.9 million), primarily as a result of the M&A transactions.
DEUTZ’s revenue also increased significantly year on year, climbing by almost €170 million or 11.3% to €1,669.2 million. The biggest contribution by far came from the fast-growing and successfully expanded Energy segment (up by €72 million), followed by Service (up by €42 million), Defense & Other (up by €28 million), and Engines (up by €25 million).[2] The M&A transactions completed since the end of the third quarter of 2025 contributed revenue of around €150 million.
Adjusted EBIT (EBIT before exceptional items)[3] rose sharply, by 36.0%, to €118.2 million in the period under review (Q1–Q3 2025: €86.9 million). The factors contributing to this uptrend were increased revenue, improved capacity utilization in the plants, structural cost savings under the Future Fit program, and positive contributions to earnings from acquisitions. From a segment perspective, the increase in earnings was primarily attributable to Engines, Energy, and Defense & Other. In line with the rise in adjusted EBIT, the Group’s adjusted EBIT margin surged from 5.8% in the comparative period to 7.1% in the reporting period.
Cash flow from operating activities amounted to a net inflow of €55.8 million in the first nine months of 2026 (Q1–Q3 2025: €76.4 million). The main reason for the year-on-year decrease despite the positive earnings performance was the order-related and seasonal rise in inventories. There was also an impact from larger cash payments for performance-based remuneration components and from severance payments under the Future Fit program.
Free cash flow before mergers and acquisitions stood at minus €50.2 million due to the aforementioned change in cash flow from operating activities (Q1–Q3 2025: plus €2.4 million).
Business outlook for 2026
DEUTZ continues to anticipate that it will achieve revenue of between €2.3 billion and €2.5 billion in 2026. Given that the acquisition of FFG has now been completed, the Company expects its adjusted EBIT margin to reach the upper end of the forecast range of 6.5% to 8.0%. Free cash flow excluding M&A expenditure is still predicted to be in the high-double-digit millions of euros.
| DEUTZ Group: Overview[4] |
|
|
|
|
|
|
|
|
| € million |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
9M 2026 |
|
9M 2025 |
|
Delta |
|
Q3 2026 |
|
Q3 2025 |
|
Delta |
| New orders |
|
1,962.5 |
|
1,504.5 |
|
30.4% |
|
631.2 |
|
470.4 |
|
34.2% |
| Revenue |
|
1,669.2 |
|
1,500.4 |
|
11.3% |
|
553.9 |
|
493.3 |
|
12.3% |
| EBITDA (before exceptional items)[5] |
|
183.4 |
|
147.3 |
|
24.5% |
|
60.7 |
|
51.7 |
|
17.4% |
| EBITDA margin (before exceptional items)[6] |
|
11.0% |
|
9.8% |
|
+1.2pp |
|
11.0% |
|
10.5% |
|
+0.5pp |
| EBITDA |
|
147.8 |
|
110.7 |
|
33.5% |
|
46.7 |
|
45.0 |
|
3.8% |
| Adjusted EBIT (before exceptional items)[7] |
|
118.2 |
|
86.9 |
|
36.0% |
|
38.5 |
|
31.2 |
|
23.4% |
| EBIT margin (before exceptional items)[8] |
|
7.1% |
|
5.8% |
|
+1.3pp |
|
7.0% |
|
6.3% |
|
+0.7pp |
| Exceptional items[9] |
|
-53.7 |
|
-46.8 |
|
14.7% |
|
-24.9 |
|
-9.4 |
|
164.9% |
| EBIT |
|
64.5 |
|
40.1 |
|
60.8% |
|
13.6 |
|
21.8 |
|
-37.6% |
| Net income |
|
40.4 |
|
20.1 |
|
101.0% |
|
6.9 |
|
12.3 |
|
-43.9% |
| Earnings per share (€) |
|
0.26 |
|
0.14 |
|
85.7% |
|
0.04 |
|
0.08 |
|
-50.0% |
| Earnings per share (before exceptional items, €)[10] |
|
0.56 |
|
0.42 |
|
33.3% |
|
0.18 |
|
0.14 |
|
28.6% |
| Equity (Sep. 30/Dec. 31) |
|
1,181.6 |
|
980.0 |
|
20.6% |
|
|
|
|
|
|
| Equity ratio (Sep. 30/Dec. 31) |
|
50.0% |
|
51.3% |
|
-1.3pp |
|
|
|
|
|
|
| Free cash flow[11] |
|
-207.1 |
|
-127.2 |
|
-62.8% |
|
-21.7 |
|
-131.7 |
|
83.5% |
| Free cash flow (before M&A) |
|
-50.2 |
|
2.4 |
|
– |
|
-20.5 |
|
-12.0 |
|
-70.8% |
| Net financial position (Sep. 30/Dec. 31)[12] |
|
-378.4 |
|
-269.4 |
|
-40.5% |
|
|
|
|
|
|
| Working capital (Sep. 30/Dec. 31)[13] |
|
474.4 |
|
382.9 |
|
23.9% |
|
|
|
|
|
|
| Working capital ratio (Sep. 30/Dec. 31)[14] |
|
21.4% |
|
18.7% |
|
+2.7pp |
|
|
|
|
|
|
| Working capital ratio (average) (Sep. 30/Dec. 31)[15] |
|
19.8% |
|
18.6% |
|
+1.2pp |
|
|
|
|
|
|
| Capital expenditure (after deducting grants)[16] |
|
91.3 |
|
61.6 |
|
48.2% |
|
31.2 |
|
26.2 |
|
19.1% |
thereof right-of-use-assets for leases under
IFRS 16 |
|
34.0 |
|
10.5 |
|
223.8% |
|
12.3 |
|
4.7 |
|
161.7% |
| R&D expenditure (after deducting grants) |
|
72.5 |
|
64.0 |
|
13.3% |
|
27.9 |
|
18.9 |
|
47.6% |
| R&D ratio[17] |
|
4.3% |
|
4.3% |
|
0.0pp |
|
|
|
|
|
|
| Employees (number as at Sep. 30)[18] |
|
6,416 |
|
5,678 |
|
13.0% |
|
|
|
|
|
|
| DEUTZ Group |
|
|
|
|
|
|
|
|
|
|
|
|
| € million |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
9M 2026 |
|
9M 2025 |
|
Delta |
|
Q3 2026 |
|
Q3 2025 |
|
Delta |
| New orders |
|
1,962.5 |
|
1,504.5 |
|
30.4 % |
|
631.2 |
|
470.4 |
|
34.2 % |
| Revenue |
|
1,669.2 |
|
1,500.4 |
|
11.3 % |
|
553.9 |
|
493.3 |
|
12.3 % |
| Adjusted EBITDA (before exceptional items) |
|
183.4 |
|
147.3 |
|
24.5 % |
|
60.7 |
|
51.7 |
|
17.4 % |
| EBITDA margin (before exceptional items) |
|
11.0 % |
|
9.8 % |
|
+1,2 PP |
|
11.0 % |
|
10.5 % |
|
+0,5 PP |
| Adjusted EBIT (before exceptional items) |
|
118.2 |
|
86.9 |
|
36.0 % |
|
38.5 |
|
31.2 |
|
23.4% |
| EBIT margin (before exceptional items) |
|
7.1 % |
|
5.8 % |
|
+1,3 PP |
|
7.0 % |
|
6.3 % |
|
+0,7 PP |
| DEUTZ Engines |
|
|
|
|
|
|
|
|
|
|
|
|
| € million |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
9M 2026 |
|
9M 2025 |
|
Delta |
|
Q3 2026 |
|
Q3 2025 |
|
Delta |
| New orders |
|
1,055.5 |
|
888.0 |
|
18.9% |
|
352.5 |
|
272.7 |
|
29.3 % |
| Revenue |
|
932.3 |
|
907.1 |
|
2.8% |
|
289.9 |
|
287.8 |
|
0.7 % |
| Adjusted EBITDA (before exceptional items) |
|
75.1 |
|
57.8 |
|
29.9% |
|
17.5 |
|
19.3 |
|
-9.3 % |
| EBITDA margin (before exceptional items) |
|
8.1% |
|
6.4% |
|
+1,7 PP |
|
6.0% |
|
6.7% |
|
-0,7 PP |
| Adjusted EBIT (before exceptional items) |
|
25.8 |
|
6.6 |
|
290.9% |
|
1.5 |
|
1.9 |
|
-21.1% |
| EBIT margin (before exceptional items) |
|
2.8% |
|
0.7% |
|
+2,1 PP |
|
0.5% |
|
0.7% |
|
-0,2 PP |
| DEUTZ Service |
|
|
|
|
|
|
|
|
|
|
|
|
| € million |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
9M 2026 |
|
9M 2025 |
|
Delta |
|
Q3 2026 |
|
Q3 2025 |
|
Delta |
| New orders |
|
466.8 |
|
408.9 |
|
14.2 % |
|
155.0 |
|
140.4 |
|
10.4 % |
| Revenue |
|
451.2 |
|
408.8 |
|
10.4 % |
|
153.0 |
|
138.9 |
|
10.2 % |
| Adjusted EBITDA (before exceptional items) |
|
89.8 |
|
87.0 |
|
3.2 % |
|
32.7 |
|
32.1 |
|
1.9 % |
| EBITDA margin (before exceptional items) |
|
19.9 % |
|
21.3 % |
|
-1,4 PP |
|
21.4 % |
|
23.1 % |
|
-1,7 PP |
| Adjusted EBIT (before exceptional items) |
|
80.2 |
|
80.8 |
|
-0.7% |
|
28.8 |
|
30.1 |
|
-4.3% |
| EBIT margin (before exceptional items) |
|
17.8 % |
|
19.8 % |
|
-2,0 PP |
|
18.8 % |
|
21.7 % |
|
-2,9 PP |
| DEUTZ Energy |
|
|
|
|
|
|
|
|
|
|
|
|
| € million |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
9M 2026 |
|
9M 2025 |
|
Delta |
|
Q3 2026 |
|
Q3 2025 |
|
Delta |
| New orders |
|
341.7 |
|
115.7 |
|
195.3 % |
|
80.3 |
|
26.1 |
|
207.7 % |
| Revenue |
|
195.1 |
|
123.1 |
|
58.5 % |
|
78.6 |
|
43.8 |
|
79.5 % |
| Adjusted EBITDA (before exceptional items) |
|
25.7 |
|
22.6 |
|
13.7 % |
|
11.7 |
|
5.9 |
|
98.3 % |
| EBITDA margin (before exceptional items) |
|
13.2 % |
|
18.4 % |
|
-5,2 PP |
|
14.9 % |
|
13.5 % |
|
+1,4 PP |
| Adjusted EBIT (before exceptional items) |
|
23.1 |
|
20.8 |
|
11.1% |
|
10.8 |
|
5.3 |
|
103.8% |
| EBIT margin (before exceptional items) |
|
11.8 % |
|
16.9 % |
|
-5,1 PP |
|
13.7 % |
|
12.1 % |
|
+1,6 PP |
| DEUTZ NewTech |
|
|
|
|
|
|
|
|
|
|
|
|
| € million |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
9M 2026 |
|
9M 2025 |
|
Delta |
|
Q3 2026 |
|
Q3 2025 |
|
Delta |
| New orders |
|
9.3 |
|
12.6 |
|
-26.2 % |
|
2.2 |
|
1.9 |
|
15.8 % |
| Revenue |
|
7.4 |
|
6.5 |
|
13.8 % |
|
1.3 |
|
3.3 |
|
-60.6 % |
| Adjusted EBITDA (before exceptional items) |
|
-20.5 |
|
-26.4 |
|
22.3 % |
|
-7.7 |
|
-7.4 |
|
4.1 % |
| EBITDA margin (before exceptional items) |
|
-277.0 % |
|
-406.2 % |
|
+129,2 PP |
|
-592.3 % |
|
-224.2 % |
|
-368,1 PP |
| Adjusted EBIT (before exceptional items) |
|
-21.6 |
|
-27.2 |
|
20.6% |
|
-8.1 |
|
-7.8 |
|
-3.8% |
| EBIT margin (before exceptional items) |
|
-291.9 % |
|
-418.5 % |
|
+126,6 PP |
|
-623.1 % |
|
-236.4 % |
|
-386,7 PP |
| DEUTZ Defense & Other |
|
|
|
|
|
|
|
|
|
|
|
|
| € million |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
9M 2026 |
|
9M 2025 |
|
Delta |
|
Q3 2026 |
|
Q3 2025 |
|
Delta |
| New orders |
|
89.2 |
|
79.3 |
|
12.5 % |
|
41.2 |
|
29.3 |
|
40.6 % |
| Revenue |
|
83.2 |
|
54.9 |
|
51.5 % |
|
31.1 |
|
19.5 |
|
59.5 % |
| Adjusted EBITDA (before exceptional items) |
|
13.3 |
|
6.3 |
|
111.1 % |
|
6.5 |
|
1.8 |
|
261.1 % |
| EBITDA margin (before exceptional items) |
|
16.0 % |
|
11.5 % |
|
+4,5 PP |
|
20.9 % |
|
9.2 % |
|
+11,7 PP |
| Adjusted EBIT (before exceptional items) |
|
10.7 |
|
5.9 |
|
81.4% |
|
5.5 |
|
1.7 |
|
223.5% |
| EBIT margin (before exceptional items) |
|
12.9 % |
|
10.7 % |
|
+2,2 PP |
|
17.7 % |
|
8.7 % |
|
+9,0 PP |
The quarterly statement for the first to third quarter of 2026 is available at www.deutz.com/en/investor-relations.
Upcoming financial dates
March 30, 2027: 2026 annual report
May 13, 2027: Annual general meeting
| For further information on this press release, please contact: |
| Lars Boelke |
Svenja Deißler |
Head of Investor Relations, Communications,
and Marketing |
Senior Manager, Investor Relations & ESG |
| Phone: +49 (0) 221 822-3600 |
Phone: +49 (0) 221 822-2491 |
| lars.boelke@deutz.com |
svenja.deissler@deutz.com |
Forward-Looking statements
This press release may contain certain forward-looking statements based on current assumptions and forecasts made by the DEUTZ management team. Various known and unknown risks, uncertainties, and other factors may lead to material differences between the actual results, the financial position, or the performance of the DEUTZ Group and the estimates and assessments set out here. These factors include those that DEUTZ has described in published reports, which are available at www.deutz.com. The Company does not undertake to update these forward-looking statements or to change them to reflect future events or developments.
About DEUTZ
Founded in 1864 and headquartered in Cologne, Germany, to this day, DEUTZ AG is a broad-based industrial company offering innovative and sustainable solutions in the fields of energy, mobility, and defense, complemented by an extensive service offering across all areas. DEUTZ’s drive solutions are used in a wide range of applications, including construction equipment, agricultural machinery, material handling equipment, gensets, and military vehicles and drones. The Company’s service portfolio ranges from maintenance and repair work, the supply of spare parts, remanufacturing, and digital, data-driven services. As an industrial platform with around 1,250 sales and service locations in nearly 180 countries, DEUTZ offers its customers an integrated range of products and services from a single source. DEUTZ employs around 7,500 people worldwide and generated revenue of just over €2.0 billion in 2025. Further information is available at www.deutz.com.
[1] Rounded figures.
[2] Rounded figures.
[3] To improve the comparability of the Company’s operating profitability over time, exceptional items have also included effects from purchase price allocations (M&A transactions) since 2026. The figures reported in the prior-year period for adjusted EBIT and the adjusted EBIT margin have been adjusted accordingly (€75.5 million and 5.0% respectively). Exceptional items in the first three quarters of 2026 amounted to an expense of €53.7 million that largely related to costs for strategic projects and acquisitions, the effects of purchase price allocations, and costs in connection with the restructuring program. Exceptional items in the first three quarters of 2025 had amounted to an expense of €46.8 million that largely related to costs in connection with the restructuring program and the effects of purchase price allocations.
[4] To improve the comparability of the Company’s operating profitability over time, exceptional items have also included effects from purchase price allocations (M&A transactions) since 2026. The figures reported in the prior-year period for the key performance indicators adjusted for exceptional items have been adjusted accordingly.
[5] Figures disclosed in prior-year period: €146.1 million and €51.6 million respectively.
[6] Figures disclosed in prior-year period: 9.7% and 10.5% respectively.
[7] Figures disclosed in prior-year period: €75.5 million and €28.4 million respectively.
[8] Figures disclosed in prior-year period: 5.0% and 5.8% respectively.
[9] Figures disclosed in prior-year period: expense of €35.4 million and expense of €6.6 million respectively.
[10] Figures disclosed in prior-year period: €0.35 and €0.12 respectively.
[11] Cash flow from operating activities and from investing activities less interest expense.
[12] Cash and cash equivalents less current and non-current interest-bearing financial debt.
[13] Inventories plus trade receivables less trade payables.
[14] Working capital (inventories plus trade receivables less trade payables) as at the balance sheet date divided by revenue for the previous twelve months.
[15] Average working capital at the four quarterly reporting dates divided by revenue for the previous twelve months.
[16] Capital expenditure on property, plant and equipment (including right-of-use assets in connection with leases) and intangible assets, excluding the Group’s capitalized development expenditure in relation to the product portfolio.
[17] Research and development expenditure (after deducting grants) as a percentage of revenue.
[18] Number of employees in full-time equivalents (FTEs).
