Kardex Holding AG

Investor Presentation • Jul 31, 2025

Media and Analysts Conference H1 2025

31 July 2025

Agenda

Questions and Answers

Introduction Jens Hardenacke, CEO Financials H1 2025 Thomas Reist, CFO Segment Reports Thomas Reist, CFO Outlook Jens Hardenacke, CEO

Introduction

Jens Hardenacke, CEO

Highlights and Key Achievements 1st Half Year 2025

• Ongoing positive demand for Kardex' intralogistics solutions despite geopolitical tensions and trade uncertainties
• Automated Products and Standardized Systems both strengthened the already strong market positions
• Bookings up by 18.7% to EUR 454.3 million with varying levels of demand across the regions
• Net revenues increased by 12.4% to EUR 415.7 million with a higher share of Standardized Systems
• Absolute EBIT slightly increased despite significant investments in R&D, IT and Sales & Marketing to set path for accelerated growth; temporarily leading to an EBIT margin slightly lower than last year

Financials H1 2025

Thomas Reist, CFO

Kardex – Key Figures H1 2021 - 2025 (in EUR million)

Kardex – Income Statement (1/2)

in EUR million	H1 2025	(%)	H1 2024	(%)	(+/-%)
Bookings	454.3	109.3%	382.8	103.5%	18.7%
Order Backlog (30.06.)	512.7	123.3%	488.3	132.1%	5.0%
Net revenues	415.7	100.0%	369.7	100.0%	12.4%
Gross profit	141.9	34.1%	127.3	34.4%	11.5%
OPEX	93.0	22.4%	79.1	21.4%	17.6%
EBITDA	54.1	13.0%	53.1	14.4%	1.9%
EBIT	48.9	11.8%	48.2	13.0%	1.5%

• Strong bookings, with significant year-on-year increase in all business units
• Well-executed project handling translated into strong revenue recognition
• Both reporting segments increased their gross profit margins with sales mix effect
• OPEX increased due to growth related spendings
• EBIT margin well in target range (10-14%)

Kardex – Income Statement (2/2)

in EUR million	H1 2025	(%)	H1 2024	(%)	(+/-%)
EBIT	48.9	11.8%	48.2	13.0%	1.5%
Financial result, net	-0.4	-0.1%	2.4	0.6%	-116.7%
EBT	48.5	11.7%	50.6	13.7%	-4.2%
Income tax	-12.4	-3.0%	-12.3	-3.3%	-0.8%
Tax rate	25.6%		24.3%
Result for the period	36.1	8.7%	38.3	10.4%	-5.7%

Positive financial asset performance not fully neutralizing FX losses in USD, CHF and RMB

Tax rate is slightly up, essentially driven by the tax mix

Kardex – Balance Sheet

in EUR million	H1 2025	YE 2024	(+/-)	(+/-%)
Current assets	335.0	348.9	-13.9	-4.0%
thereof cash and cash equivalents	105.0	136.0	-31.0	-22.8%
thereof NWC (accounts receivable and inventories)	173.2	150.1	23.1	15.4%
thereof current fixed term deposits	17.6	37.3	-19.7	-52.8%
Non-current assets	159.6	144.6	15.0	10.4%
thereof property, plant and equipment	75.0	72.0	3.0	4.2%
thereof financial assets	68.9	65.7	3.2	4.9%
Assets	494.6	493.5	1.1	0.2%
Liabilities	231.2	208.6	22.6	10.8%
thereof NWC (accounts payable)	73.1	61.3	11.8	19.2%
Equity	263.4	284.9	-21.5	-7.5%
Equity ratio	53.3%	57.7%
Equity and liabilities	494.6	493.5	1.1	0.2%

• Higher dividend payout led to lower cash and equity
• Very robust balance sheet, free of interest-bearing debt
• ROIC remains at a strong level of 37.6%

Kardex – Cash Flow Statement

in EUR million	H1 2025	H1 2024	(+/-)	(+/-%)
Result for the period	36.1	38.3	-2.2	-5.7%
Change in non-cash items	9.4	4.5	4.9	108.9%
Change in NWC	-14.7	19.3	-34.0	-176.2%
thereof accounts receivable	-21.4	16.9	-38.3	-226.6%
thereof inventories	-6.7	-3.0	-3.7	-123.3%
thereof accounts payable	13.4	5.4	8.0	148.1%
Change in other assets and liabilities	-3.9	6.0	-9.9	-165.0%
Adjusted net CF from investing activities	-18.5	-12.1	-6.4	-52.9%
thereof CAPEX	-15.9	-6.4	-9.5	-148.4%
Free cash flow	8.4	56.0	-47.6	-85.0%

Lower free cash flow, due to increased NWC, dividend payout and CAPEX

Free cash flow of previous year was supported by beneficial project milestones

Segment Reports

Thomas Reist, CFO

Automated Products

Kardex Remstar

• Global organization providing Sales and Service in over 30 countries
• Automated solutions focusing on order fulfillment and storage/retrieval of single items

• 2'200 FTEs

• 140'000 installed solutions

• 2 manufacturing sites in Germany and 1 in the US
• A global industry partner for intralogistics solutions in its niche markets – with a market share estimated at >35%

Automated Products – Financial Highlights H1 2025

in EUR million	H1 2025	H1 2024	(+/-%)
Bookings	294.1	264.6	11.1%
Order backlog (30.06.)	281.8	311.8	-9.6%
Net revenues	283.0	265.8	6.5%
Gross profit	111.7	104.1	7.3%
Gross profit in %	39.5%	39.2%
EBIT	45.3	44.4	2.0%
EBIT in %	16.0%	16.7%
Employees	2'206	2'060	7.1%

• Increased demand in New Business and Life Cycle Services compared to H1 2024 reflecting strong bookings in both business functions
• High net revenue realization, supported by solid backlog
• EBIT slightly up, despite OPEX increases
• EBIT margin remains in upper target range (14-17%)

Automated Products – Key Figures H1 2021 - 2025 (in EUR million)

Standardized Systems

• German based organization with focus on the DACH region
• Automated solutions focusing on storage/retrieval of unit loads (pallets) and bins

• 390 FTEs

• 1'000 installed solutions worldwide

• 1 manufacturing site in Germany
• Strong market position in Germany and across Europe in selected Industry Segments

Kardex Mlog Kardex AS Solutions

• Global partner of AutoStore since 2021
• The AutoStore technology is an innovative and compact robot-based warehouse solutions
• Completes the existing Kardex portfolio

• 210 FTEs

• Since 2021: >80 won projects in all 3 geographical regions and >50 projects in operation
• Operates globally, based on established sales and service network

Standardized Systems – Financial Highlights H1 2025

in EUR million	H1 2025	H1 2024	(+/-%)
Bookings*	160.4	118.3	35.6%
thereof Kardex Mlog	76.5	41.3	85.2%
thereof Kardex AS Solutions	84.1	77.0	9.2%
Order backlog (30.06.)*	230.9	176.5	30.8%
thereof Kardex Mlog	142.1	85.2	66.8%
thereof Kardex AS Solutions	89.0	91.3	-2.5%
Net revenues*	133.0	104.0	27.9%
thereof Kardex Mlog	54.6	52.1	4.8%
thereof Kardex AS Solutions	78.7	51.9	51.6%
Gross profit	30.2	23.2	30.2%
Gross profit in %	22.7%	22.3%
EBIT	5.4	6.0	-10.0%
EBIT in %	4.1%	5.8%
Employees	612	451	35.7%

• Substantial increase in bookings fueled by the Mlog business complemented by a healthy increase in AS Solutions
• Strong increase in net revenues mainly driven by AS Solutions, enabled by strong backlog in both business units
• Continued investments in growth related functions and innovations in both business units
• As communicated earlier, temporary decrease in EBIT and EBIT margin, below financial target range (5-8%), driven by timing effects in project progress and growth investments
• Generation change at Kardex Mlog initiated

Standardized Systems – Key Figures H1 2021 - 2025 (in EUR million)

Outlook

Jens Hardenacke, CEO

Outlook

• Megatrends like "reshoring", "shortage of skilled labor force" and "automation" are expected to drive the positive market sentiment
• Kardex will continue to substantially invest in sales & marketing, R&D and IT to further outperform the market and to create the basis for continuous profitable growth
• Despite geopolitical tensions and trade uncertainties, a stronger H2 2025 is anticipated in bookings, net revenues and EBIT
• Kardex is confident to achieve results in line with the communicated financial targets

Questions and Answers

Disclaimer

This communication contains statements that constitute "forward-looking statements". In this communication, such forward-looking statements may include statements on the financial situation, earnings situation and business results of Kardex as well as certain strategic plans and objectives. Because these forward-looking statements are subject to risks and uncertainties, actual future results may differ materially from those expressed in or implied by the statements. Many of these risks and uncertainties relate to factors which are beyond Kardex' ability to control or estimate precisely, such as future market conditions, currency fluctuations, the behavior of other market participants, the actions of governmental regulators and other risk factors detailed in Kardex' past and future filings and reports and in past and future filings, press releases, reports and other information posted on Kardex' websites. Readers are cautioned not to put undue reliance on forward-looking statements, which speak only of the date of this communication. Kardex disclaims any intention or obligation to update and revise any forward-looking statements, whether as a result of new information, future events or otherwise.