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David Kerstens * | Equity Analyst44 (0) 20 7029 8684 | dkerstens@jefferies.comSource: Company data, Jefferies estimatesExhibit 4 - Revenue & EBITA margindevelopment.Source: Company data, Jefferies estimates Exhibit 5 - Aalberts interim results (€ m).BuildingIndustrySemiconHolding & eliminationsTotal revenuesBuildingmargin %Industrymargin %Semiconmargin %Holding & EliminationsEBITAmargin %AmortisationNon-recurring itemsEBITmargin %Net finance costsTaxationNormalised tax rate (%)Minority itemsNet profitNet profit - before amortisationEPS (€)EPS - before amortisation (€)DividendPay-out (%)Avg nr of shares (m)Source: Jefferies estimatesExhibit 6 - Aalberts earnings forecasts (€ m).BuildingIndustrialSemiconHolding & EliminationsTotal revenuesBuildingmargin %Industrialmargin %Semiconmargin %Holding & EliminationsEBITAmargin %AmortisationNon-recurring itemsEBITmargin %Net finance costsTaxationNormalised tax rate (%)Minority itemsNet profitNet profit - before amortisationEPS (€)EPS - before amortisation (€)DividendPay-out (%)Avg nr of shares (m)Source: Company information, Jefferies forecastsPlease see important disclosure information on pages 4 - 9 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Exhibit 7 - Aalberts cash flow statement (€ m).EBIT - adjustedDepreciation & amortisationTaxationChange in provisionsChange in working capitalOperating cash flow% changeInterest paidDividend paidCash flow before capexCapex in property, plant & equipmentAcquisition of intangible assetsAcquistion of subsidairiesDisposalsOtherNet cash flow from investing activitiesShare buybacksChange in interest-bearing debtRepayment of lease liabilitiesOtherCash flow from financing activitiesMovement in cashFree cash flow% changeFree cash conversion ratio (%)Source: Company data, Jefferies estimatesExhibit 8 - Aalberts balance sheet (€ m).Property, plant & equipmentRight-of-use assetsIntangible assetsOther non-current assetsDeferred tax assetsInventoriesTrade receivablesOther receivablesOther current assetsCash & cash equivalentsTotal assetsEquityNon-controlling interestsEmployee benefits provisionDeferred tax liabilitiesOther non-current provisionsLong-term debtLong-term lease liabilitiesShort-term debtShort-term lease liabilitiesTrade payablesIncome tax payableOther payablesOther current provisionsOther current liabilitiesTotal liabilitiesWorking capital% of revenuesCash cycle (days)Net debtNet debt / EBITDA (x)Source: Company data, Jefferies estimatesPlease see important disclosure information on pages 4 - 9 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Company DescriptionAalberts N.V.Aalberts is an industrial engineering company, with revenues of €3.1bn in FY24, specialised in four mission-critical technologies, increasinglysold under the Aalberts brand, including integrated piping systems and hydronic flow control in Building Technology, and surface technologiesand advanced mechatronics in Industrial Technology. With these technologies, Aalberts aims to achieve leading market positions in eco-friendlybuildings, accounting for 51% of FY24 revenues, industry (33%), and semicon efficiency (16%). In these market segments, Aalberts' technologyis often seen as mission-critical, expected to result in high-teens 16%-18% EBITA margins by FY26E and >18% by FY30E, and >18% incrementalROCE. Europe accounts for 72% of revenues, followed by America (22%), and APAC, Middle East & Africa (6%). The company is active in over 50countries, operating 51 manufacturing locations and 84 service locations at the end of FY24. Aalberts is headquartered in Utrecht, The Netherlands,and employs 13,124 people worldwide.Company Valuation/RisksAalberts N.V.Our DCF-based €45.0 PT values Aalberts at 13.5x FY25E EV/EBIT, more in line with peers. Risk factors include, but are not limited to: i) Economicrisks, affecting revenues in both building- and industrial technology, mitigated by a strong sustainability angle in end-markets, such as eco-friendlybuildings and sustainable transportation. ii) Raw material price risk, in view of a relatively high dependence on the copper price. Raw material pricefluctuations are generally passed on to customers. iii) Acquisition (integration) risk, as takeover multiples are currently higher, making a valueaccretive M&A strategy more difficult to achieve. iv) Aalberts is exposed to currency risk, as it generated 28% of FY24 revenues outside Europe,including America (22%), and APAC, Middle East, & Africa (6%).Analyst Certification:I, David Kerstens, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations orviews expressed in this research report.Registration of non-US analysts:David Kers