SAFETY BEFORE PROFIT

This basic principle is firmly established within the financial management of the Würth Group. It is based on a preference for maintaining a high equity ratio, tying up capital over the long term and keeping a balanced maturity structure of debt financing, extensive and rapidly available liquidity reserves, a low appetite for counterparty risk, and local-currency financing for operational units. The ratio of net debt to EBITDA has remained far below 2 for many years and is proof of Würth's highly sustainable debt financing and long-term stability.