Vitesco Technologies Group AG

Investor Presentation • May 8, 2024

VITESCO TECHNOLOGIES

Q1 2024 RESULTS

Regensburg, 08.05.2024

Public

DISCLAIMER

This presentation may contain forward-looking statements, estimates, opinions and projections with respect to anticipated future performance of Vitesco Technologies Group AG. These forward-looking statements can be recognized by terms such as "expects", "anticipates", "intends", "plans", "believes", "seeks", "estimates", "will" or words with similar meaning. Vitesco Technologies Group AG has made such forward-looking statements on the basis of the information available to it and assumptions it believes to be reasonable. The forward-looking statements and information may involve risks and uncertainties, and actual results may differ materially from those forecasts. Forward-looking statements should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not such results will be achieved. Any forward-looking statements included herein only speak as at the date of this presentation. Vitesco Technologies Group AG does not assume any obligation to update such forward-looking statements and to adapt them to future events or developments.

This presentation includes certain financial measures such as EBIT, adjusted EBIT, adjusted EBITDA, order intake or net debt, which are not defined by International Financial Reporting Standards (IFRS). These alternative performance measures should be considered in addition, but not as a substitute for the information prepared in accordance with IFRS. Alternative performance measures are not subject to IFRS or other generally accepted accounting principles. Other companies that report similarly titled alternative performance measures may calculate them differently. An explanation of the alternative performance measures can be found in the annual report of Vitesco Technologies Group AG. Rounding differences may occur for arithmetical reasons.

This presentation is for information purposes only. It is not intended to constitute investment advice or an offer to sell, or a solicitation to buy, any securities.

AGENDA OF THE CONFERENCE CALL ON THE Q1 2024 RESULTS

• | HIGHLIGHTS FOR Q1 2024
• | KEY FIGURES
• | MARKET DEVELOPMENT
• | SALES AND ADJUSTED EBIT DEVELOPMENT
• | CASH FLOW AND LIQUIDITY PROFILE
• | BALANCE SHEET STRUCTURE

| CONFIRMATION GUIDANCE FOR FY 2024

SOLID START INTO THE YEAR DESPITE CHALLENGING CONDITIONS

1,992

€ million sales in Q1 2024 – due to expected decline in Contract Manufacturing and divested businesses

33€ million adjusted EBIT – increased profitability due to less dilutive business 1.7%

Vitesco Technologies and Schaeffler AGMs voted in favor of the pending merger

269 € million total electrification

sales during Q1 2024

free cash flow due to negative one-time effects -91€ million

708 order intake in Q1 2024, thereof 282 € million in electrification business € million

Adj. EBIT before amortization of intangibles from PPA, consolidation and special effects. Order intake defined as sum of acquired lifetime sales within the respective fiscal year.

IMPROVED PROFITABILITY DESPITE CONTINUOUS CHALLENGING MARKET ENVIRONMENT

Vitesco Technologies Group (€ mn)

	Q1 2023	Q1 2024	Delta
Sales % growth	2,314.2	1,991.9	-322.3 -13.9%
Adj. EBIT	30.8	33.0	2.2
% margin	1.4%	1.7%	0.3pp
EBIT	-25.3	15.4	40.7
% margin	-1.1%	0.8%	1.9pp
Capex1	98.0	84.4	-13.6
% of sales	4.2%	4.2%	0.0pp
Free Cash Flow	-41.1	-90.6	-49.5
% margin	-1.8%	-4.5%	-2.7pp
Equity Ratio	39.1%	37.8%	-1.3pp

Sales

Sales decreased due to consolidation and negative FX effects (2.1pp)

Adjusted EBIT

Increase in profitability supported by decrease of Non-Core sales

Capex

Capex at prior year's level due to strict cash management – fully focused on investing into electrification business

Free Cash Flow

Negative free cash flow due to Contract Manufacturing related one-time effects

CORE BUSINESS GROWTH CONTINUES TO TREND ABOVE GLOBAL PRODUCTION VOLUMES

Light Vehicle Production¹

	Q1 2024 Production	Q1 ∆ YoY
Europe	4.4	-3.5%
North America	3.9	+1.4%
China	6.3	+4.8%
Rest of World	6.6	-5.2%
Worldwide	21.2	-0.8%

Highlights and Comments – Market

• Recovery in North America continues at slower rate due to sticky interest rates and tight credit issuance
• China's LV³ production supported robust market momentum and by new trade-in program used as stimulus

(mn units) Year-on-year Growth Rates (in %)

• Top-line development underlines once more our transformation progress: Core organically outperforms the market while Non-Core sales decrease according to plan
• Germany stood out positively on a year-on-year basis

Rounding differences may occur for arithmetical reasons.

1 Based on S&P Global Mobility, Light Vehicle Production Forecast as of 04/2024. Regions as defined for Vitesco Technologies' sales regions. | 2 Sales without effects from consolidation and FX. | 3 Light Vehicles.

Q1 CHARACTERIZED BY ACCELERATED PHASE-OUT OF NON-CORE TECHNOLOGIES

PLANNED SALES DECREASE IN NON-CORE ACTIVITIES SUPPORTS FURTHER IMPROVEMENT IN ADJUSTED EBIT MARGIN

UNCHANGED POSITIVE SALES PERFORMANCE SHOWING FURTHER IMPROVEMENT STEPS IN PROFITABILITY MARGIN

CORE ICE BUSINESS CONTINUES TO BACK TRANSFORMATIONAL PROGRESS TOWARDS ELECTRIFICATION

Electrification Core ICE (excl. Electrification) Non-Core

^{306 269} Q1 2023 Q1 2024 Sales (€ mn) Adjusted EBIT (€ mn) -53 -72 Q1 2023 Q1 2024 -17.2% -26.8%

• 1,295 1,300 Q1 2023 Q1 2024 65 98 Q1 2023 Q1 2024 Sales (€ mn) Adjusted EBIT (€ mn) Sales (€ mn) Adjusted EBIT (€ mn) 5.2% 7.5%
• Q1 2023 included high volumes from meanwhile phased out projects, which could not be compensated by new product ramp-ups yet
• Adj. EBIT impacted by high input and ramp-up costs
• Steady top-line development despite weak overall market environment
• Further significant margin step-up reflects resiliency of our Core ICE business
• Decrease in Non-Core business, especially in Contract Manufacturing, accelerates as planned

423

Q1 2023 Q1 2024

713

Adj. EBIT came in slightly positive

PP: Percentage Points. Adj. EBIT before amortization of intangibles from PPA, consolidation and special effects.

^{19 7}

2.9% 1.6%

4

Q1 2023 Q1 2024

CASH FLOW BURDENED BY WORKING CAPITAL AND CONTINUED HIGH INVESTMENTS

EQUITY RATIO AND NET DEBT DEMONSTRATE OUR SOLID BALANCE SHEET

• Increase in net working capital mainly driven by decrease in accounts payables
• Working capital intensity in line with our long-term projections following ramp-down of Contract Manufacturing
• Net debt/LTM adj. EBITDA ratio remains at solid level and demonstrates our comfortable liquidity situation

6

Equity ratio remains at very solid level around 38%

WE RECONFIRM OUR GUIDANCE AND MARKET OUTLOOK FOR FY2024

Vitesco Technologies Group (€ mn)
	2023	2024E
Sales	9,233	8,300 to 8,800
Adj. EBIT Margin	3.7%	4.5% to 5.0%
Capex1 Ratio	5.4%	~ 7%
Free Cash Flow	85	~ -350

Market Outlook
China		~ 0% to 2%
Europe		~ -3% to -1%
NA		~ 0% to 2%
RoW		~ -3% to -1%
World		~ -1% to 1%

The outlook for fiscal year 2024 does not consider any effects resulting from the integration into Schaeffler.

Light Vehicle Production Forecast for changes of FY 2024 production compared to FY 2023 based on S&P Global Mobility, Light Vehicle Production Forecast as of 04/2024.

Adj. EBIT before amortization of intangibles from PPA, consolidation and special effects. Free cash flow defined as operating cash flow plus investing cash flow. | 1 Capex excluding right of use assets (IFRS 16).

CONTACT OUR INVESTOR RELATIONS TEAM

Heiko Eber

Head of Investor Relations Phone: +49 941 2031-72348 Email: heiko.eber@vitesco.com

Jens von Seckendorff

Senior Investor Relations Manager

Phone: +49 941 2031-6381 Email: jens.von.seckendorff@vitesco.com

Gagan Sehgal

Investor Relations Manager

Phone: +49 941 2031-3099 Email: garish.gagan.sehgal@vitesco.com

UPCOMING EVENTS

Corporate Events

	Ir
ল্লাট	A

Interim Report H1/Q2 2024 August 13, 2024

Quarterly Statement 9M/Q3 2024 November 14, 2024

Roadshows and Conferences

Citi Virtual Autos Trip, virt. May 15, 2024

-	::: ัน

dbAccess European Champions, Frankfurt, May 22, 2024

:::
	2:14

J.P. Morgan European Automotive London, June 04, 2024

DB Global Auto Industry Conference, New York June 11, 2024