Dürr IR Presentation

INVESTOR RELATIONS PRESENTATION
Bietigheim-Bissingen, September 2017
www.durr.com
Corporate Communications & Investor Relations Dürr AG

2© Dürr AG, CCI, Investor Relations Presentation, Bietigheim-Bissingen, September 2017
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, September 2017

Worldwide leading supplier of efficient production
technologies with outstanding digital expertise. Major
customer groups: automotive, furniture and general
industry
Innovation leader driven by automation, digitization and
networked production
Highly cash generative; flexible production facilities with
pronounced focus on NWC; strong ROCE
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 30 and 60% in different machinery
and engineering activities
Strong emerging markets presence with
40-50% share of global incoming orders
Share of current incoming orders: 55% automotive
business, 45% general industry, e.g. furniture, machinery
Net exposure to combustion engine technology negligible
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 in strong competitive position
Fast factsCustomers

6
AGENDA
Group strategy3.

Paint and
Final Assembly
Systems
• Incoming orders
€ 1,094 (1,126) m
• Sales
€ 1,140 (1,365) m
• EBIT
€ 77 (100) m
• Operating EBIT
€ 82 (100) m
• EBIT margin
6.8 (7.3) %
• Operating EBIT margin
7.2 (7.3) %
Application
Technology
• Incoming orders
€ 583 (538) m
• Sales
€ 561 (600) m
• EBIT
€ 76 (61) m
• Operating EBIT
€ 59 (61) m
• EBIT margin
13.6 (10.1) %
10.5 (10.1) %
Clean Technology
Systems
• Incoming orders
€ 177 (166) m
• Sales
€ 167 (159) m
• EBIT
€ 6 (6) m
• Operating EBIT
€ 6 (6) m
• EBIT margin
3.7 (3.6) %
3.7 (3.6) %
Measuring
and Process
Systems
• Incoming orders
€ 683 (578) m
• Sales
€ 624 (604) m
• EBIT
€ 80 (70) m
• Operating EBIT
€ 80 (70) m
• EBIT margin
12.8 (11.6) %
12.8 (11.6) %
Woodworking
Machinery and
Systems
• Incoming orders
€ 1,165 (1,058) m
• Sales
€ 1,082 (1,039) m
• EBIT
€ 45 (37) m
• Operating EBIT
€ 71 (63) m
• EBIT margin
4.1 (3.5) %
6.6 (6.1) %
7
2. OUR FIVE DIVISIONS
Divisional breakdown 2016 (2015)
Dürr AG

8
2. MARKET SHARE DÜRR/COMPETITORS1
Paint Dürr 50%, Eisenmann 10-15%, Taikisha/Geico 20%
local competitors: AE, Giffin, Gallagher Kaiser, Trinity (Toyota)
Final Assembly Dürr, Rofa, Scivic, Siemens, Eisenmann
Paint and Final Assembly Systems
Dürr ~50%, ABB ~20%, Fanuc ~15%, Yaskawa ~10%; local competitor: DoolimApplication Technology
Dürr 40-50%2, John Zink/KEU 20%, CTP 10%Clean Technology Systems
Dürr 31%, Biesse 12%, scm group 11%, Schelling/IMA 7%; local competitors: Nanxing, KTD
Woodworking Machinery
and Systems
Balancing Dürr 46%, CEMB 16%, Kokusai 8%
Filling Dürr 48%, Fives 16%, SAT 8%
Testing Dürr 50%, Burke Porter Group 21%, Fori 10%
Measuring and
Process Systems
1 own estimates, average of last 3 years
2 market share relating to business with exhaust-gas purification systems for automotive paint shops

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)
²annualized
in € m 2015 2016 2017e H1 2016 H1 2017
Incoming
orders
1,126 1,094 1,000-1,150 676.0 645.7
Sales
revenues
1,365 1,140 1,050-1,175 567.2 531.3
EBIT 100 771 - 38.0 30.4
EBIT
margin
7.3% 6.8%1 6.0-6.5% 6.7% 5.7%
ROCE >100% >100% >100% >100² >100²

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: 10-12 years  replacement cycle just
beginning
Strong service potential (e.g. spare parts) due to increased installed base
10
2. APPLICATION TECHNOLOGY
Paint application, glueing and sealing technology
1including extraordinary income of € 17 m
²including extraordinary income of € 5.1 m
³annualized
Falls das Bild von der Auflösung zu schlecht
ist, gäbe es noch ein mögliches Ersatzbild
in € m 2015 2016 2017e H1 2016 H1 2017
Incoming
orders
538 583 540-610 308.7 324.9
Sales
revenues
600 561 540-610 263.0 286.0
EBIT 61 761 - 32.1² 29.2
EBIT
margin
10.1% 13.6%1 9.5-11.0% 12.2%² 10.2%
ROCE 32.3% 40.0%1 27-32% 28.6%³ 23.9%³

Application products: components & automated paint solutions
Complete range of application products for general industry (e.g.
plastics, wood, furniture, construction)
Pre-installed and ready2spray robot system, jointly developed by
Kuka and Dürr. Kuka will provide the compact robot and Dürr the
paint application technology.  integrated solution is unique to
the market.
Target: € 50 m revenue by 2019
11
2. APPLICATION TECHNOLOGY
Addressing new markets: General industry
31%
31%
23%
8%
7%
Nordson
Others
Graco
Finishing Brands
Iwata
Competition1
1 Market size ~ € 3 bn

12
2. PAINT BUSINESS1
BUSINESS DRIVERSTYPE
Expansion of capacity in new and existing locations
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
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 75% within 8 years, mostly due to higher demand in brownfield & service business
13
2. PAINT BUSINESS1
Brownfield with growing importance
1 Divisions Paint and Final Assembly Systems and Application Technology
61%
15%
24%
44%
26%
30%
Greenfield Brownfield Service
35%
35%
30%
Incoming orders 2008: € 950 m Incoming orders 2016: € 1,677 m Incoming orders 2020e

Drivers: energy prices, regulation, environmental issues
Customer split: 25% automotive; 25% chemistry, petrochemistry,
pharmacy; 50% other industries
Streamlining at loss making energy efficiency technologies started
14
2. CLEAN TECHNOLOGY SYSTEMS
Exhaust air purification systems & energy efficiency systems
in € m 2015 2016 2017e H1 2016 H1 2017
Incoming
orders
166 177 180-200 90.1 95.1
Sales
revenues
159 167 175-195 75.4 86.1
EBIT 6 6 - 2.4 1.6
EBIT
margin
3.6% 3.7% 4.0-4.5% 3.2% 1.9%
ROCE 11.7% 13.6% 15-20% 9.0%1 5.4%1
¹ annualized

High market shares in all businesses
Positioned globally with a high degree of localization
Strong footprint in China with local production, R&D etc.
15
2. MEASURING AND PROCESS SYSTEMS
Highly profitable machinery niches with global presence
1 Ecoclean business was sold as of March 31, 2017. Ca. € 150m less orders and sales in FY 2017 vs. FY 2016
²annualized
in € m 2015 2016 2017e H1 2016 H1 2017
Incoming
orders
578 683 400-5001 363.0 279.51
Sales
revenues
604 624 450-5251 274.8 251.11
EBIT 70 80 - 27.3 29.11
EBIT
margin
11.6% 12.8%
11.5-
14.0%1 9.9% 11.6%1
ROCE 24.6% 24.9% 20-25% 18.0%² 21.0%2

Filling
Assembly & testing
Balancing
16
2. MEASURING AND PROCESS SYSTEMS
Three strongly performing machinery niche players
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
31% market share, biggest customer: IKEA (~ 5% of sales)
17
2. WOODWORKING MACHINERY AND SYSTEMS
World market leader HOMAG Group acquired to capture automation trend in the industry
in € m 2015 2016 2017e H1 2016 H1 2017
Incoming
orders
1,058 1,165 1,125-1,225 551.5 733.5
Sales
revenues
1,039 1,082 1,100-1,150 526.6 596.7
EBIT 37 45 - 27.5 42.5
EBIT
margin
3.5% 4.1% 6.0-7.0% 5.2% 7.1%
ROCE 8.9% 11.3% 13-18% 12.3%1 22.9%1
¹ annualized

18
FOCUS program progressing well, targets conservative
Growth
Expansion China
Expansion US
Service initiative
Project business
Innovation program
Global organization (“ONE
HOMAG“)
Process improvement
ERP roll-outs
Modular products
Incentive systems
Optimization
Value creation
program
FOCUS
Revenue:
€ 1.25 bn
EBIT margin:
8-10%
Lever Initiatives Targets 2020

19
FOCUS 2017: Shifting gears from “Fix the house” to “Innovation”
„Fix the house“
2016/2017
Sustainable
profitable growth
2018/2019
Optimize portfolio
Standardization
Efficiency improvement in functions
and processes
Develop system business
ONE HOMAG
Profitable system business
Launching of the “Software House”
Integration of complementary
products
Service excellence
(8% growth p.a. expected)
Innovation push
Internationalization
2017/2018
Cross-business-unit innovation
program
Global footprint in production and
engineering
Localization of sales & service
competences

20
AGENDA
Group strategy3.

21
3. DÜRR STRATEGY 2020
Dürr strategy 2020 targets: up to € 5bn sales, 8-10% EBIT margin, >30% ROCE

20%
8%
28%3%
41%
Invest Energy Personnel Service Material
22
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

• e.g. iTAC.IoT.Suite, HOMAG-
tapio-platform, Human Robot
Collaboration (HRC)
• e.g. predictive maintenance,
documentation/ maintenance
via pad, internet, QR code
• e.g. virtual commissioning,
virtual engineering, additive
manufacturing
• e.g. on demand energy supply
for ovens, smart pumps with
reduced maintenance efforts Smart
Products
Smart
Processes
Smart
Factories
Smart
Services
23
3. STRATEGY
Innovation: Goal – Leading in digitization with 4 pillars

24
3. STRATEGY
Innovation: digital@DÜRR
Vision: leader in digitization, automation and networking in
industrial production using intelligent products and services.
Benefitting strongly from digitization and flexibilization in the
industry. Both trends favor innovative and strong companies,
offer differentiation potential vs. competitors and support
consolidation of competitive environment
digital@DÜRR consists of 4 major areas:
smart products, smart services, smart processes and smart
factories
The IIoT platform ADAMOS and the digital market places
LOXEO (Dürr/Schenck) and tapio (HOMAG) enable our
customers to increase equipment availability and productivity

First IIoT platform especially for the mechanical/plant
engineering sector
Goal: Establish ADAMOS as industry standard
Highly scalable IIoT services,
on edge/on premise or via cloud
Leading-edge technology + standard interfaces
Founding partners ADAMOS GmbH:
DMG Mori, Dürr, Software AG, Carl Zeiss, ASM
Combined installed base:
several hundreds of thousands of machines
Further mechanical/plant engineering firms will join
“White label" solution: ADAMOS allows for
company-individual IIoT market places
ADAMOS App Factory develops customized
applications + services
25
3. STRATEGY
Innovation: Industrial Internet of Things (IIoT) platform - First of its kind
ADAMOS: Adaptive Manufacturing Open Solutions
ADAMOS gives Dürr a full line IIoT offering and reinforces our leading market position against pure
software providers

LOXEO and tapio: market places our customers enter for using IIoT apps and digital services
Customers´ suppliers can also take part and contribute information/data
Brand continuity: LOXEO and tapio use Dürr/Schenck´s and HOMAG´s design customer loyalty
Competitor machines can be connected, too
Typical apps/services: performance monitoring, predictive maintenance, production planning, machine learning etc.
ADAMOS App Factory: Full app pipeline high attractiveness
26
3. STRATEGY
Innovation: 2 digital market places in the Dürr Group supported by
Customer benefit of LOXEO and tapio: optimizing production, increasing system availability

27
3. STRATEGY
Globalization: High investments in network of locations – reinforcement of local activities
in € m 2012 2013 2014 2015 2016
Capex 32.5 51.2 54.9 102.3 81.9
Acquisitions 2.9 34.8 242.1 42.0 13.6
Total 35.4 86.0 297.0 144.3 95.5
Extension of global presence: Reinforcement of new markets
but also investments in established markets of 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 2017: around € 80 m
New Dürr Campus in Shanghai, China

Criteria for major acquisitions:
Target areas: mechanical engineering, automation technology, measuring systems, environmental
World market leadership, innovation leadership
No restructuring cases but acquisition targets with earnings improvement and synergy potential
Making use of Dürr‘s excellent positioning in global/emerging markets
Corporate culture should fit
Additional possible acquisitions:
Bolt-on acquisitions in existing divisions
Cross-functional technology acquisitions (e.g. software)
28
3. STRATEGY
HOMAG takeover as a blueprint for larger acquisitions

29
3. STRATEGY
Service: Long-term target 30% of sales
2008 … 2014 2015 2016
Sales revenues (in € m) 395.9 … 634.1 884.9 981.9
In % of group sales 24.7 … 24.6 23.5 27.5
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
2016: Service sales +11%, reaching 27.5% of total sales – despite group sales down 5%
CAGR since 2008: 12%

42%
41%
17%
Modifications and
upgrades
Spare parts and
repairs
Maintenance,
assessments,
seminars
30
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
Aircraft assembly technology sold in 2014
French production facility sold in 2014
Austrian workshop closed in 2016
Small German HOMAG site closed in 2016
Cleaning machinery: sold in Q1 2017
31
3. STRATEGY
Efficiency: Global processes, localization & portfolio optimization

32
AGENDA
Group strategy3.

33
4. EARNINGS ON THE RISE
Net income strongly increased
in € m 2014 2015 2016 H1 2016 H1 2017
Incoming orders 2,793.0 3,467.5 3,701.7 1,989.3 2,078.7
Sales 2,574.9 3,767.1 3,573.5 1,706.9 1,751.3
Orders on hand (end of period) 2,725.3 2,465.7 2,568.4 2,698.9 2,743.0
Gross profit on sales 591.1 828.0 858.3 408,0 421.0
Gross margin (%) 23.0 22.0 24.0 23.9 24.0
EBIT 220.9 267.8 271.4 119.0 144.2
EBIT before extraordinary effects 237.4 294.3 286.4 119.5 129.3
EBIT margin (%) 8.6 7.1 7.6 7.0 8.2
EBIT margin (%) before
extraordinary effects
9.2 7.8 8.0 7.0 7.4
Net income 150.3 166.6 187.8 77.8 99.7

34
4. STRONG CASH FLOW TO BE EXPECTED
Free cash flow doubled in 2016
in € m 2014 2015 2016 H1 2016 H1 2017
EBT 204.7 244.5 258.1 111.9 134.5
Other aggregated items of cash flow 12.3 66.3 2.9 -60.3 -43.7
Net working capital changes 74.3 -137.8 -33.6 -136.2 -131.6
Cash flow from operating activities 291.2 173.0 227.4 -84.6 -40.8
Interest -16.6 -10.4 -15.8 -15.5 -11.6
Capex -53.6 -99.8 -81.6 -38.4 -33.2
Free cash flow 221.1 62.8 129.9 -138.4 -85.7
NWC increase due to a slightly changed payment pattern of customers and normalization in prepayments
2017 cash flow should reach 2016 level

35
4. SOLID FINANCIAL RATIOS
12/31/2013 12/31/2014 12/31/2015 12/31/2016 06/30/2017
Equity in € m 511.4 725.8 714.4 831.0 833.2
Equity ratio in % 25.7 24.4 23.9 24.8 25.5
Net financial status in € m 280.5 167.8 129.4 176.5 96.2
Net working capital in € m -33.1 87.6 236.8 194.4 328.9
DWC (days working capital) -4.9 12.2 22.9 27.2 34.7
ROCE in % 76.2 38.7 45.3 41.1 36.41
Equity ratio increased to 25.5% in H1 2017; equity ratio of 30% as long-term goal
Net financial status expected to reach around € 300 m at year end 2017
ROCE for FY 2017 should stay in our target range of 30-40%
1 annualized

36
Chinese production expected to reach more than 33 m by 2021
20.4 20.6 22.6
21.6 22.1
24.5
21.3 22.2
25.1
26.6 27.3
33.6
2.3 2.5
3.2
0.0
20.0
40.0
60.0
80.0
100.0
120.0
2016 2017 2021
Others China Asia (w/o China) Europe Americas
1 Light vehicles production
Source: PwC, Autofacts
Last update: Juli 2017
Ʃ 92.2
Ʃ 94.7
Ʃ 109.0
+9%
+3%
+4%
+2%
+2%
+6%
+5%
+3%
+3%
+4%
+3%
CAGR
4. FURTHER GROWTH IN THE CAR MARKET
in m units1
+1%

37
4. TRADITIONAL OEMS WITH HIGH INVESTMENTS1
IN 2017 AND 2018
Capex mix could shift towards e-mobility, self-driving, connected cars
in € bn 2012 2013 2014 2015 2016 2017e 2018e
BMW 5.0 6.6 6.0 5.8 5.7 6.3 6.9
Daimler 6.4 6.7 6.1 6.8 8.4 10.0 9.5
FCA 5.4 5.5 5.9 6.7 6.3 6.4 6.8
Ford 4.2 5.1 5.7 6.2 6.4 6.5 7.0
GM 6.2 6.2 5.4 6.7 8.7 8.3 7.4
Renault 1.9 2.5 2.4 2.7 2.0 3.3 3.5
PSA 1.9 2.2 2.2 2.8 3.3 3.9 4.9
VW 12.9 15.1 16.1 17.8 18.5 18.8 18.1
Total 43.9 49.9 49.8 55.5 59.3 63.5 64.1
1 Capex spending incl. capitalized R&D, Source: Deutsche Bank

38
4. WOODWORKING MACHINERY MARKETS
Global automation trends might favor a higher growth for the HOMAG Group
315 326 338 351
2014 2015 2016 2017
+3.7% p.a.
1.3 1.3 1.4 1.4 1.5 1.5
2014 2015 2016 2017 2018 2019
+3.3% p.a.
210 215 222 229 235
2016 2017 2018 2019 2020
+2.9% p.a.
Furniture (share of sales 83%)
Global furniture production
Construction elements (share of sales 14%)
European construction market
Wooden houses (share of sales 3%)
Timber construction
in € bn
Source: CSIL Furniture production, Inomis Database, Holzbauverband

39
4. DÜRR GROUP OUTLOOK 2017
Stable outlook despite Ecoclean deconsolidation; sales and incoming orders outlook conservative
0
5
10
15
20
25
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
2009 2010 2011 2012 2013 2014 2015 2016 2017e
Sales
Incoming orders
Gross margin (in %)
EBIT margin (in %)
in € m
1) Including book gain Ecoclean sale,
without book gain: 6.80 - 7.55%
3,400-
3,600
3,300-
3,700
7.51
-
8.25

09/13/2017 UBS Best of Germany, New York
09/18/2017 Berenberg and Goldman Sachs Sixth German Corporate Conference, Munich
09/19/2017 Baader Investment Conference 2017, Munich
10/04/2017 Deutsche Bank Small & Mid Cap Conference, London
10/04/2017 Berenberg Italian Seminar 2017, Milano
10/18/2017 Capital Markets Day, Darmstadt
11/08/2017 Interim statement for the first nine months of 2017
11/14/2017 UBS European Conference 2017, London
40
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

42
NEW MANAGEMENT BOARD STRUCTURE
Dr. Jochen Weyrauch
Member of the Board
 Measuring and Process
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
 Paint and Final Assembly
Systems
 Woodworking Machinery and
Systems
 Application Technology
 Public Relations
 Human Resources
 Research and Development
 Quality
 Internal Auditing
 Corporate Compliance

43
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, Stoxx 600
Trading centers / stock exchange
Stuttgart (regulated market)
Frankfurt (regulated market)
Several open markets
Capital stock € 88.6 million
Designated Sponsor Oddo Seydler
Number of shares 34,601,040
Market capitalization as of 2017/07/19 € 3,592 m

25.3%
3.5%
71.2%1
Heinz u. Heide Dürr Stiftung
44
SHAREHOLDER STRUCTURE/DIVIDEND POLICY
Free float at 71.2%1
Institutional and private investors
• Thereof the Goldman Sachs Group: 5.1%2
• Thereof Deutsche Bank AG: 4.7%2
• Thereof Morgan Stanley: 4.0%2
• Thereof Deutsche Asset Management: 3.2%2
• Thereof Alecta Pensionsförsäkring: 3.2%2
• Thereof AXA S.A.: 3.0%2
• Thereof Dürr Board of Management: 0.2%2
Heinz Dürr GmbH
1 Free float calculated according to Deutsche Börse AG
2 According to the relevant laws

45
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.
Skeptical view on Dürr in early
2016 changed with strong
quarterly results
Digitization as further value driver
0
100
200
300
400
500
600
700
800
900
1000
1100
1200
1300
2010 2011 2012 2013 2014 2015 2016 2017
Dürr indexed
DAX indexed
MDAX indexed
103.80 €
19/07/17

46
DIVIDEND POLICY
Dividend policy: 30-40% payout ratio
0.00 €
0.15 €
0.60 €
1.13 €
1.45 €
1.65 €
1.85 €
2.10 €
2009 2010 2011 2012 2013 2014 2015 2016
in € 2016 2015 2014 2013 2012 2011 2010 2009
Earnings
per share
5.26 4.67 4.33 4.05 3.10 1.79 0.19 -0.78
Dividend
per share
2.10 1.85 1.65 1.45 1.13 0.60 0.15 0.00
Total
payout
72.7m 64.0m 57.1m 50.2m 38.9m 20.8m 5.2m 0.0m
Payout
ratio
39% 38% 38% 38% 35% 32% 32% -
Share buy-back approval on annual shareholder meeting 2016, possible in 2018

47
ANALYSTS’ VIEW ON DÜRR
24 equity research analysts cover Dürr
ø Target Price: 98.05 € as of July 18, 2017
Range of targets between 62 and 126 €
86% recommend to buy or hold the Dürr share
68%
14%
18%
Buy Hold Sell

48
FIXED INCOME
Key data Bond / Bonded loan („Schuldscheindarlehen”)
Bond Bonded loan („Schuldscheindarlehen”)
WKN / ISIN A1YC44 / XS1048589458 -
Issued volume EUR 300 million EUR 300 million
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 for € 465 million
Real estate loan for the purchase of the Dürr Campus in Bietigheim-Bissingen (2011) with a carrying amount of € 34.3 m
Bilateral credit facilities of a smaller volume and liabilities from finance leases

49
EQUITY STORY
Good reasons to be invested in Dürr
World market leadership: In ~95% of its product portfolio with market shares between 30 and 60%  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, MES)
Value creation: ROCE exceeds cost of capital significantly – ROCE 2016 at 41.1%, cost of capital 2016 at 7.2%.
Continuity: Continuous improvement of earnings since 2010; 6th consecutive record year with steady increase of dividend.

50
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 2016 FY 2015 FY 2014 FY 2013 FY 2012
Incoming orders 701.7 3,467.5 2,793.0 2,387.1 2,596.8
Sales revenues 3,573.5 3,767.1 2,574.9 2,406.9 2,399.8
EBIT 271.4 267.8 220.9 203.0 176.9
Operating
cash flow
227.4 173.0 291.3 329.1 117.6
Free cash flow 129.9 62.8 221.1 261.9 65.9
ROCE 41.1 45.3 38.7 76.2 47.4
EVA 142.5 146.2 121.6 124.3 99.3

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