Jungheinrich AG

Quarterly Report • Aug 12, 2024

Interim Report

as of 30 June 2024

2 Key figures at a glance

3 Jungheinrich share

4 Interim Group management report

4 General macroeconomic conditions
5 Business trend and earnings position
7 Capital structure, financial and asset position
9 Research and development
10 Employees
10 Financial services
10 Risk and opportunity report
11 Future development of the Jungheinrich Group

About this report

We have optimised the PDF version of our interim report for PCs and tablets. The landscape format with individual page view is better suited for viewing on a monitor. The links in the table of contents enable the reader to navigate all chapters quickly and easily. Useful links and standardised function buttons on each page make it easier for the readers to reference content and the reporting in a more user-friendly and transparent manner.

12 Interim consolidated financial statements

12 Consolidated statement of profit or loss
12 Consolidated statement of comprehensive income
13 Consolidated statement of financial position
14 Consolidated statement of cash flows
15 Consolidated statement of changes in equity
16 Notes to the consolidated financial statements

24 Additional information

24 Responsibility statement
24 Financial calendar
24 Legal notice

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Key figures at a glance

Jungheinrich Group		Q2 2024	Q2 2023	Change \%	H1 2024	H1 2023	Change \%	Year 2023
Incoming orders	€ million	1,302	1,334	$-2.4$	2,665	2,684	$-0.7$	5,238
Orders on hand 30 Jun/31 Dec	€ million				1,520	1,731	$-12.2$	1,441
Revenue	€ million	1,348	1,367	$-1.4$	2,622	2,658	$-1.4$	5,546
thereof Germany	€ million	n.a.	n.a.	-	579	600	$-3.5$	1,205
thereof abroad	€ million	n.a.	n.a.	-	2,043	2,058	$-0.7$	4,341
Foreign ratio	\%	n.a.	n.a.	-	78	77	-	78
Earnings before interest and income taxes (EBIT)	€ million	113.0	115.7	$-2.3$	214.5	235.8	$-9.0$	430
EBIT return on sales (EBIT ROS)	\%	8.4	8.5	-	8.2	8.9	-	7.8
ROCE ${ }^{1}$	\%	n.a.	n.a.		16.4	18.2	-	15.9
Earnings before taxes (EBT)	€ million	106.0	102.4	3.5	201.6	221.9	$-9.1$	399
EBT return on sales (EBT ROS)	\%	7.9	7.5	-	7.7	8.3	-	7.2
Profit or loss	€ million	75.2	74.7	0.7	143.1	163.1	$-12.3$	299
Free cash flow	€ million	n.a.	n.a.	-	172	$-182$	$>100$	15
Capital expenditure ${ }^{2}$	€ million	n.a.	n.a.	-	31	37	$-16.2$	90
Research and development expenditure	€ million	n.a.	n.a.	-	83	72	15.3	152
Balance sheet total 30 Jun/31 Dec	€ million				6,817	6,688	1.9	6,910
Shareholders' equity 30 Jun/31 Dec	€ million				2,308	2,113	9.2	2,222
thereof subscribed capital	€ million				102	102	-	102
Employees 30 Jun/31 Dec	FTE $^{3}$				20,871	20,445	2.1	21,117
thereof Germany	FTE $^{3}$				8,456	8,329	1.5	8,688
thereof abroad	FTE $^{3}$				12,415	12,116	2.5	12,429

Jungheinrich share		30/06/2024	30/06/2023	31/12/2023
Earnings per preferred share	€	1.41	1.61	2.94
Shareholders' equity per share	€	22.63	20.72	21.78
Share price ${ }^{4}$ High	€	38.92	36.76	36.76
Low	€	28.76	27.04	24.84
Close	€	30.76	33.54	33.22
Market capitalisation	€ million	3,138	3,421	3,388
Stock exchange trading volume ${ }^{5}$	€ million	304	445	713
$\mathrm{P} / \mathrm{E}$ ratio ${ }^{6}$	factor	10.9	10.4	11.3
Number of shares ${ }^{7}$	million shares	102	102	102

${ }^{1}$ EBIT of the "intra logistics" segment as a percentage of average capital employed of the "Intra logistics" segment.
Property, plant and equipment and intangible assets without capitalised development expenditure and right-of-use assets.
FTE = full-time equivalents.
Ketra closing price.
Ketra and Frankfurt.
P/E ratio = closing price + earnings per preferred share annualised.
Divided into 54.0 million ordinary shares and 48.0 million preferred shares.

Jungheinrich share

International stock market activity in the first half of 2024 was characterised by various factors. On the one hand, geopolitical conflicts continued to have a negative impact on the stock markets. At the same time, inflation in Europe and the USA showed a flat downward trend, so that the prospect of a relaxation of monetary policy supported stock market activity. Against this backdrop, the major domestic share indices moved in different directions. The DAX increased by 9 per cent while the MDAX recorded a loss of 7 per cent. The SDAX showed a slight increase in value of 3 per cent in the six-month period.

The Jungheinrich share performed in line with the MDAX. The closing price in the first half of the year was down 7 percent at $€ 30.76$. The Jungheinrich share's low in the first half of the year was $€ 28.76$ on 28 February 2024; it reached its high of $€ 38.92$ on 9 April 2024. Market capitalisation declined by $€ 250$ million to $€ 3,138$ million (31 December 2023: $€ 3,388$ million).

A resolution was passed at the Annual General Meeting of Jungheinrich AG on 15 May 2024 to pay a dividend for the 2023 financial year of $€ 0.75$ per no-par-value preferred share and $€ 0.73$ per no-par-value ordinary share. The dividend payment for 2023 thus totalled $€ 75$ million (previous year: $€ 68$ million.)

Interim Group management report

• Overall resilient business development in ongoing difficult market conditions
• Resilient EBIT return on sales and strong free cash flow
• Forecast for 2024 confirmed

GENERAL MACROECONOMIC CONDITIONS

Growth rates for selected economic regions

Gross domestic product in \%	Forecast 2024	2023
World	3.2	3.3
USA	2.6	2.5
China	5.0	5.2
Eurozone	0.9	0.5
Germany	0.2	-0.2

Source: International Monetary Fund (forecast as of 16 July 2024 estimates, with updated prior-year figures compared to the 2023 combined management report).

In its July 2024 publication, the International Monetary Fund (IMF) confirmed its April 2024 economic forecast for the world and Germany for the current year. Based on a slowly falling interest rate level, the IMF expects global economic output to increase by 3.2 per cent (2023: 3.3 per cent). Gross domestic product in the USA is expected to increase by 2.6 per cent (2023: 2.5 per cent). The expectation for the Chinese economy increased compared to April 2024 (4.6 per cent). Growth of 5.0 per cent is now expected (2023: 5.2 per cent). Economic development in the eurozone is currently expected to only reach 0.9 per cent (2023: 0.5 per cent). Minimal growth in output of 0.2 per cent is forecast for the German economy in 2024 (2023: -0.2 per cent). From the IMF's perspective, the domestic market is only recovering slowly from the ongoing weakness in industry. Jungheinrich generates a good fifth of its Group revenue in Germany.

PRELIMINARY STATEMENT

Effective 15 March 2023, Jungheinrich acquired the Storage Solutions Group (Storage Solutions), a leading provider of racking systems and warehouse automation in the US, and thus significantly expanded the Group's global footprint in North America. Storage Solutions has been fully included in the consolidated financial statements since the second quarter of 2023.

The Jungheinrich Group's figures for the first half of 2023 therefore include Storage Solution's orders on hand of $€ 145$ million, a contribution to revenue of $€ 69$ million, an operating result of $€ 12$ million and negative effects in connection with the acquisition totalling $€ 19$ million. The negative free cash flow resulting from the purchase price payment totalled around $€ 300$ million.

In the following, Storage Solutions will only be mentioned if it is of material significance for making a comparison.

BUSINESS TREND AND EARNINGS POSITION

Incoming orders and orders on hand

Incoming orders for all business fields - new business ${ }^{1}$, shortterm rental and used equipment, as well as after-sales services - were stable at $€ 2,665$ million in the reporting period in comparison with the previous year ( $€ 2,684$ million). The decline in new business was almost fully offset by growth in after-sales services against the backdrop of the difficult market conditions.

Orders on hand from new business came to $€ 1,520$ million at the end of the first half of 2024. In comparison with the orders on hand of $€ 1,441$ million at the end of 2023, this represents an increase of $€ 79$ million or 5.5 per cent.

Revenue

Group revenue in the first half of 2024 amounted to $€ 2,622$ million (previous year: $€ 2,658$ million). Revenue in Germany fell by 3.5 per cent to $€ 579$ million (previous year: $€ 600$ million) in the reporting period.

Foreign revenue was largely on a par with the previous year's level, at $€ 2,043$ million (previous year: $€ 2,058$ million). The foreign ratio was 78 per cent (previous year: 77 per cent).

Within the EMEA region (Europe, Middle East, Africa), the decline in German revenue was more than offset by revenue growth in Italy and Switzerland. The share of revenue outside the EMEA region fell from 17.5 per cent to 15.6 per cent.

Revenue H1 2024 by region

in € million	H1 2024	H1 2023	Change \%
EMEA	2,211	2,193	0.8
thereof Germany	579	600	-3.5
Americas	232	266	-12.8
APAC	178	199	-10.6
Total	2,622	2,658	-1.4

Table contains rounding differences.

Breakdown of revenue

in € million	H1 2024	H1 2023	Change \%
New business	1,505	1,587	$-5.2$
Short-term rental and used equipment	386	377	2.4
After-sales services	754	711	6.0
"Intralogistics" segment	2,645	2,675	$-1.1$
"Financial Services" segment	692	640	8.1
Consolidation	$-716$	$-657$	9.0
Jungheinrich Group	2,622	2,658	$-1.4$

Table contains rounding differences.

The decline in revenue from new business of $€ 1,505$ million was almost fully offset by growth in after-sales services and positive developments in the financial services business.

At $€ 692$ million, revenue in the financial services business was higher in the first half of 2024 than in the same period of the previous year ( $€ 640$ million) due to business expansion.

[^0]
[^0]: 1 New business consists of new manual material handling equipment, automated material handling equipment and facilities (including stacker cranes and load handling equipment); warehouse equipment, factory and office equipment, energy solutions and digital products.

Earnings position

Cost structure (statement of profit or loss)

in € million	H1 2024	H1 2023	Change \%
Cost of sales	1,776	1,812	-2.0
Gross profit	846	846	-
Selling expenses	474	461	2.8
Research and development costs	65	55	18.2
General administrative expenses	97	91	6.6

Gross profit on sales totalled €846 million, as in the previous year. In the reporting period, it benefited from the measures already initiated in the previous year to increase earnings. Accordingly, the gross margin rose from 31.8 per cent in the same period of the previous year to 32.3 per cent in the first half of 2024.

Selling expenses increased primarily due to effects from collective agreements and the increase in sales personnel in the previous year. Following 17.3 per cent in the previous year, the share of selling expenses represented 18.1 per cent of Group revenue.

Research and development costs climbed significantly to $€ 65$ million in the reporting period (previous year: $€ 55$ million). The main reason for this were Magazino's additional development services for digital products. Magazino was fully acquired in August 2023.

Effects from collective agreements were also reflected in the development of administrative costs. The share of administrative costs in Group revenue rose compared to the previous year ( 3.4 per cent) to 3.7 per cent.

Other operating income increased by $€ 9$ million in the first six months of 2024 to $€+5$ million (previous year: $€-4$ million). In the previous year, the transaction costs for the acquisition of Storage Solutions ( $€ 8$ million) led to a negative amount.

At $€ 215$ million, EBIT was $€ 21$ million below the previous year's figure ( $€ 236$ million). At 8.2 per cent, EBIT return on sales was lower than in the first half of the previous year (8.9 per cent).

The financial result in the first half of 2024 totalled -€13 million (previous year: -€14 million) and was mainly influenced by a better interest result and the improved result of the special fund compared to the same period of the previous year. At €202 million, EBT was down by 9.0 per cent year-onyear ( $€ 222$ million). EBT return on sales amounted to 7.7 per cent (previous year: 8.3 per cent).

Income tax expenses totalled $€ 59$ million (previous year: $€ 59$ million). The taxes on income and on earnings for the current reporting period are recognised taking into account the expected income tax rate for the year as a whole. Profit or loss thus totalled $€ 143$ million (previous year: $€ 163$ million) and earnings per preferred share amounted to $€ 1.41$ (previous year: $€ 1.61$ ).

ROCE fell to 16.4 per cent (previous year: 18.2 per cent). In addition to a lower EBIT in the "Intralogistics" segment compared to the same period of the previous year, the increase in average capital employed was the reason for the change. The increase was due to the full-year recognition of goodwill for Storage Solutions and Magazino.

CAPITAL STRUCTURE, FINANCIAL AND ASSET POSITION

Jungheinrich AG's capital requirements are covered through operating cash flows and short and long-term financing. Jungheinrich maintains a solid liquidity reserve. As of 30 June 2024, the medium-term credit agreements in place amounted to $€ 305$ million. These were supplemented by short-term bilateral credit lines amounting to $€ 213$ million and a commercial paper programme amounting to $€ 300$ million. Both the medium-term credit agreements and short-term credit lines were only used to a small extent. The commercial paper programme had not been utilised as at the balance sheet date. In addition, separate guarantee facilities totalling $€ 158$ million were available, almost half of which were utilised. An additional promissory note issue in the amount of $€ 150$ million in February 2024 increased the total volume of promissory note loans to $€ 310$ million. Credit or promissory note agreements do not contain financial covenants.

Capital structure

Overview of the capital structure

in $€$ million	30/06/2024	$31 / 12 / 2023$	Change \%
Shareholders' equity	2,308	2,222	3.9
Non-current liabilities	2,381	2,236	6.5
Provisions for pensions and similar obligations	174	180	$-3.3$
Financial liabilities	505	357	41.5
Liabilities from financial services	1,535	1,529	0.4
Other liabilities	167	170	$-1.8$
Current liabilities	2,128	2,451	$-13.2$
Other provisions	307	343	$-10.5$
Financial liabilities	203	567	$-64.2$
Liabilities from financial services	685	617	11.0
Trade accounts payable	575	560	2.7
Other liabilities	358	364	$-1.6$
Balance sheet total	6,817	6,910	$-1.3$

Table contains rounding differences.
The $€ 86$ million increase in shareholders' equity in the reporting period resulted not only from profit or loss but also in particular from income with no effect on profit or loss from currency translation. This increase in shareholders' equity was offset by the dividend payment of $€ 75$ million (previous
year: $€ 68$ million). Due to the simultaneous slight decrease in the balance sheet total, the equity ratio rose slightly to 34 per cent ( 31 December 2023: 32 per cent). Adjusted for all effects from the "Financial Services" segment, the shareholder's equity for the "Intralogistics" segment amounted to 51 per cent ( 31 December 2023: 47 per cent).

Provisions for pensions and similar obligations decreased by $€ 6$ million to $€ 174$ million ( 31 December 2023: $€ 180$ million). This was primarily driven by the raised discount rate for the remeasurement of pension provisions in Germany from 3.5 per cent at the end of 2023 to 3.8 per cent as at the balance sheet date. The Group's current and non-current financial liabilities decreased, primarily due to the partial repayment of acquisition financing for Storage Solutions ( $€ 150$ million) by $€ 216$ million to $€ 708$ million ( 31 December 2023: $€ 924$ million). At $€ 2,220$ million, current and non-current liabilities from financial services were up $€ 74$ million against the figure as of 31 December 2023 ( $€ 2,146$ million), due to the higher level of contracts on hand.

At $€ 307$ million, other current provisions were $€ 36$ million below the figure reported on 31 December 2023 ( $€ 343$ million). This was mainly due to the usual utilisation of provisions for personnel. Trade accounts payable increased slightly by $€ 15$ million to $€ 575$ million ( 31 December 2023: $€ 560$ million). Other current liabilities declined to $€ 358$ million as a result of lower income tax liabilities (31 December 2023: $€ 364$ million).

Financial position

As at the reporting date, the Group's net debt amounted to $€ 200$ million (31 December 2023: €262 million). This decrease of $€ 62$ million from the end of 2023 was primarily due to positive free cash flow in the first half of 2024.

Free cash flow, the key performance indicator used to manage the Group's liquidity and financing, is determined as follows using the cash flows from operating activities and investing activities reported in the statement of cash flows:

Free cash flow reconciliation
in $€$ million	H1 2024	H1 2023
Cash flow from operating activities	227	182
Cash flow from investing activities	-47	-330
Adjustment for payments for acquisitions
and proceeds from the sale of securities	-8	-34
as well as payments for time deposits	-55	-364
and proceeds from time deposits	172	-182
Cash flow from investing activities
(adjusted)
Free cash flow	143	163

Statement of cash flows ${ }^{1}$

in $€$ million	H1 2024	H1 2023
Profit or loss	143	163
Depreciation, amortisation and impairment losses	230	217
Changes in trucks for short-term rental and trucks for lease (excluding depreciation) and receivables from financial services	$-237$	$-261$
Changes in liabilities from financing trucks for short-term rental and financial services	77	63
Changes in working capital	52	$-2$
Other changes	$-39$	2
Cash flow from operating activities	227	182
Cash flow from investing activities	$-55$	$-364$
Cash flow from financing activities	$-326$	157
Net cash changes in cash and cash equivalents	$-154$	$-25$

Table contains rounding differences.

1 Exchange rate effects were eliminated in the statement of cash flows. The changes in balance sheet items shown there cannot therefore be reproduced in the statement of financial position.

Cash flow from operating activities came to $€ 227$ million for the period of January to June 2024, an increase of $€ 45$ million compared with the prior-year period ( $€ 182$ million). The increase was mainly due to the further improvement in working capital management compared to the previous year. Although inventories increased slightly, trade accounts receivable were reduced significantly and trade accounts payable also reduced working capital due to a slight increase.

In addition, positive effects from the addition of trucks for short-term rental and trucks for lease along with developments in receivables from financial services in connection with the underlying financing transactions were offset by negative effects from other changes.

At $€-55$ million, cash flow from investing activities in the reporting period was significantly lower than in the same period of the previous year ( $€-364$ million). While the prioryear figure was marked by the purchase price payment of $€ 307$ million for the acquisition of Storage Solutions, investments in the reporting period were made exclusively in property, plant and equipment and intangible assets.

Free cash flow, the sum of cash flows from operating activities and investing activities, rose markedly to $€+172$ million (previous year: $€-182$ million). In the previous year, this figure was impacted by $€ 307$ million from the purchase price payments for Storage Solutions.

Cash flow from financing activities in the reporting period was at $€-326$ million (previous year: $€+157$ million). The significant change of $€ 483$ million was largely due to the cash inflow of $€ 300$ million in connection with the bridge financing for the acquisition of Storage Solutions in the same period of the previous year. In the reporting period, however, there was a cash outflow of $€ 150$ million for the partial repayment of acquisition financing. Cash flow from financing activities also included the dividend payment of $€ 75$ million and further repayments of bank loans and lease liabilities totalling around $€ 100$ million.

Asset position

Overview of the asset structure

in $€$ million	30/06/2024	$31 / 12 / 2023$	Change \%
Non-current assets	3,891	3,832	1.5
Intangible assets and property, plant and equipment	1,373	1,355	1.3
Trucks for short-term rental and trucks for lease	1,048	1,038	1.0
Receivables from financial services	1,275	1,212	5.2
Other assets (including financial assets)	195	217	$-10.1$
Securities	0	10	$-100$
Current assets	2,926	3,078	$-4.9$
Inventories	933	927	0.6
Trade accounts receivable and contract assets	912	955	$-4.5$
Receivables from financial services	456	440	3.6
Other assets	117	105	11.4
Cash and cash equivalents and securities	508	652	$-22.1$
Balance sheet total	6,817	6,910	$-1.3$

Table contains rounding differences.

The balance sheet total decreased slightly by $€ 93$ million to $€ 6,817$ million as of 30 June 2024 (31 December 2023: $€ 6,910$ million).

The increase in intangible assets and property, plant and equipment by $€ 18$ million to $€ 1,373$ million mainly resulted from development costs to be capitalised.

Due to the increase in the number of trucks to meet demand, the carrying amounts for trucks for short-term rental and lease increased slightly by $€ 10$ million as of 30 June 2024 to $€ 1,048$ million ( 31 December 2023: $€ 1,038$ million). At $€ 471$ million, the carrying amounts of trucks for short-term rental remained at the level of the end of the 2023 financial year ( $€ 470$ million), while the carrying amounts of trucks for lease from financial services increased from $€ 568$ million to $€ 577$ million. At $€ 1,731$ million, non-current and current receivables from financial services were $€ 79$ million higher than the year-end figure for 2023 ( $€ 1,652$ million) due to the expansion of business in the "Financial Services" segment.

As at the reporting date, inventories amounted to $€ 933$ million ( 31 December 2023: $€ 927$ million). Trade accounts receivable and contract assets were reduced by $€ 43$ million to $€ 912$ million ( 31 December 2023: $€ 955$ million), in particular due to optimised receivables management. The $€ 12$ million increase in other current assets to $€ 117$ million in the reporting period was mainly due to tax receivables. Cash and cash equivalents and current securities decreased by $€ 144$ million to $€ 508$ million as at the balance sheet date (31 December 2023: $€ 652$ million), primarily due to the partial repayment ( $€ 150$ million) of the bridge financing taken out in the previous year for the acquisition of Storage Solutions ( $€ 300$ million).

RESEARCH AND DEVELOPMENT

Key figures for research and development

in $€$ million	H1 2024	H1 2023	Change \%
Total RbD expenditure thereof capitalised development expenditure	83	72	15.3
Capitalisation ratio	30	31	-
Amortisation of capitalised development expenditure RbD costs (statement of profit or loss)	7	5	40.0

Table contains rounding differences.

The main research and development (R\&D) activities in the reporting period were the construction of new material handling equipment with a focus on the further development of efficient energy storage systems based on lithium-ion technology. There was also a focus on the development of mobile robots and the optimisation of automated systems. A further focal RbD point was digital products.

Total RbD expenditure, which primarily consisted of internal services, increased by $€ 11$ million to $€ 83$ million in the first half of 2024 (previous year: $€ 72$ million). At 30 per cent the capitalisation ratio was on a par with the previous year's level (31 per cent).

According to the statement of profit or loss, RbD costs amounted to $€ 65$ million in the reporting period (previous year: $€ 55$ million). For the first time, this included the development expenses for Magazino.

The number of employees involved in development projects across the Group stood at an average of 1,005 in the reporting period (previous year: 980).

EMPLOYEES

Employees	in FTE
30/06/2024	20,871
31/12/2023	21,117
0.000	12,429
Germany	Abroad

Jungheinrich employed a total of 20,871 people on a fulltime basis throughout the Group as of 30 June 2024, of whom 41 per cent worked in Germany and 59 per cent abroad. The decrease in the reporting period compared to the figure at the end of December 2023 (21,117) resulted from a cautious personnel policy against the backdrop of the difficult market conditions. Throughout the Group, Jungheinrich also employed 357 temporary workers (31 December 2023: 438) as of 30 June 2024, almost all of whom worked in production plants in Germany.

FINANCIAL SERVICES

For a general description of the "Financial Services" segment we refer to the detailed comments in the combined management report of the 2023 annual report.

Key figures for financial services

in $€$ million	30/06/2024	30/06/2023	Change \%
Original value of new contracts ${ }^{1}$	485	473	2.5
Original value of contracts on hand	4,155	3,956	5.0
Trucks for lease from financial services	714	714	-
Receivables from financial services	1,744	1,572	10.9
Shareholders' equity	126	129	$-2.3$
Liabilities	2,655	2,472	7.4
Revenue ${ }^{1}$	692	640	8.1
EBIT ${ }^{1}$	6	11	$-45.5$

1 01/01-30/06

The volume of new long-term financial services contracts totalled $€ 485$ million in the first half of 2024 (previous year: $€ 473$ million). The eight countries with Jungheinrich financial services companies accounted for 63 per cent of the total by value (previous year: 61 per cent).

Original value of contracts on hand amounted to $€ 4,155$ million (previous year: $€ 3,956$ million). In numeric terms, 41 per cent of new truck sales were sold with financial service agreements (previous year: 42 per cent). Revenue in the first six months amounted to $€ 692$ million (previous year: $€ 640$ million). EBIT in the "Financial Services" segment came to $€ 6$ million (previous year: $€ 11$ million).

RISK AND OPPORTUNITY REPORT

The early identification of risks and opportunities and the steps to be taken in response are an important element of corporate governance. The Board of Management of Jungheinrich AG relies on the risk management system to assess risks. The basic principles and courses of action are defined as part of the risk management system in a Group guideline and a risk management manual, which are continually checked and developed further. The functionality and effectiveness of the early-warning system for risks are an established part of regular reviews by the Corporate Audit department and the annual audits of the financial statements. Findings from these audits are reflected in the continuous development work on Jungheinrich's specific risk management system.

The Jungheinrich Group's overall risk and opportunity situation has not changed materially in comparison with the presentation provided in the 2023 combined management report. There are currently no risks apparent that could threaten the existence of the company.

FUTURE DEVELOPMENT OF THE JUNGHEINRICH GROUP

The Board of Management confirms its forecast from 28 March 2024 for the current financial year.

We continue to expect incoming orders to range between $€ 5.2$ billion and $€ 5.8$ billion (2023: $€ 5.2$ billion). Providing supply chains remain stable and in light of the current interest rates and inflation, Group revenue is anticipated to be worth between $€ 5.3$ billion and $€ 5.9$ billion (2023: $€ 5.5$ billion). This is based on the assumption that the geopolitical situation will not deteriorate.

We estimate EBIT to be between $€ 420$ million and $€ 470$ million in the current financial year (2023: $€ 430$ million). The Board of Management initiated appropriate measures to increase earnings in 2023 that are already bearing fruit in the
current year and are proving especially successful in countering rising personnel costs. Negative effects from purchase price allocations for the acquisitions made in 2023 of $€ 13$ million and from variable remuneration of $€ 11$ million have also been taken into account. We anticipate an EBIT return on sales of between 7.6 per cent and 8.4 per cent (2023: 7.8 per cent). EBT is expected to reach a value between $€ 380$ million and $€ 430$ million (2023: $€ 399$ million). EBT return on sales is forecast to be between 6.9 per cent and 7.7 per cent (2023: 7.2 per cent). The ROCE for the 2024 financial year should be between 14.5 per cent and 17.5 per cent (2023: 15.9 per cent). We expect a figure of over $€ 200$ million (2023: $€ 15$ million) for free cash flow.

The explanations above are partially forward-looking statements that are based on the company management's current expectations, assumptions and assessments for future developments. Such statements are subject to risks
and uncertainty that are largely beyond the company's control. This includes changes in the overall economic situation - such as impacts from geopolitical conflicts, natural catastrophes, pandemics and similar force majeure events -, debt issues, within the intralogistics sector, in materials supply, the availability and price development of energy and raw materials, demand in important markets, developments in competition and regulatory frameworks and regulations, exchange and interest rates and the outcome of pending or future legal proceedings. Should these or other uncertainties or unknown factors apply or the assumptions on which these statements are based prove false, actual results may deviate significantly from the results stated or implied. No responsibility is therefore taken for forward-looking statements. Without prejudice to existing capital market obligations, there is no intention to accept any obligation to update forwardlooking statements.

Interim consolidated financial statements

CONSOLIDATED STATEMENT OF PROFIT OR LOSS

in € million	H1 2024	H1 2023
Revenue	2,621.6	2,658.0
Cost of sales	1,775.6	1,812.0
Gross profit on sales	846.0	846.0
Selling expenses	474.3	460.8
Research and development costs	65.1	55.1
General administrative expenses	96.9	90.7
Other operating income (expenses)	4.8	$-3.6$
Earnings before interest and income taxes	214.5	235.8
Financial income (expense)	$-12.9$	$-13.9$
Earnings before taxes	201.6	221.9
Income tax expense	58.5	58.8
Profit or loss	143.1	163.1
thereof attributable to the shareholders of Jungheinrich AG	143.1	163.1
Earnings per share in $€$ (diluted/undiluted) based on profit or loss attributable to the shareholders of Jungheinrich AG
Ordinary shares	1.39	1.59
Preferred shares	1.41	1.61

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

in € million	H1 2024	H1 2023
Profit or loss	143.1	163.1
Items which may be reclassified to the consolidated statement of profit or loss in the future
Income (expense) from the market valuation of derivative financial instruments with a hedging relationship ${ }^{1}$	2.2	$-2.7$
Cost of hedging ${ }^{1}$	0.2	n.a.
Income (expense) from currency translation	12.4	$-23.5$
Income (expense) from investments measured using the equity method	$-0.1$	$-1.4$
Items which will not be reclassified to the consolidated statement of profit or loss
Income (expense) from the measurement of pensions	2.9	$-5.7$
Other comprehensive income (expense)	17.6	$-33.3$
Comprehensive income (expense)	160.7	129.8
thereof attributable to the shareholders of Jungheinrich AG	160.7	129.8

${ }^{1}$ First-time adoption of IFRS 9 for hedge accounting with effect from 1 January 2024 (previously: adoption of IAS 39). Details can be found in the notes to the consolidated financial statements.

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

Assets

in € million	30/06/2024	$31 / 12 / 2023$
Non-current assets
Intangible assets and property, plant and equipment	1,372.6	1,354.6
Trucks for short-term rental	470.9	470.2
Trucks for lease from financial services	577.2	567.9
Financial assets	72.1	70.8
Trade accounts receivable	9.8	9.2
Receivables from financial services	1,275.1	1,211.5
Other receivables and other assets	17.4	17.0
Securities	-	10.0
Deferred tax assets	95.8	120.3
	3,890.9	3,831.5
Current assets
Inventories	933.2	926.6
Trade accounts receivable and contract assets	912.2	954.8
Receivables from financial services	455.6	439.9
Other receivables and other assets	116.5	105.5
Securities	166.8	140.4
Cash and cash equivalents	341.6	511.2
	2,925.9	3,078.4
	6,816.8	6,909.9

Shareholders' equity and liabilities

in € million	30/06/2024	$31 / 12 / 2023$
Shareholders' equity
Equity attributable to the shareholders of Jungheinrich AG	2,307.6	2,222.3
	2,307.6	2,222.3
Non-current liabilities
Provisions for pensions and similar obligations	174.0	180.4
Other provisions	88.9	90.0
Financial liabilities	505.3	356.7
Liabilities from financial services	1,534.7	1,529.3
Liabilities from deferred income	19.0	19.3
Other liabilities	59.5	60.5
	2,381.4	2,236.2
Current liabilities
Other provisions	306.8	342.8
Financial liabilities	203.3	567.0
Liabilities from financial services	685.2	617.6
Trade accounts payable	574.7	560.1
Contract liabilities	193.6	191.4
Liabilities from deferred income	17.2	17.2
Other liabilities	147.0	155.3
	2,127.8	2,451.4
	6,816.8	6,909.9

CONSOLIDATED STATEMENT OF CASH FLOWS

in € million	H1 2024	H1 2023
Profit or loss	143.1	163.1
Income tax expense ${ }^{1}$	58.5	58.8
Income tax expense paid ${ }^{1}$	$-50.4$	$-52.5$
Net interest ${ }^{1,2}$	9.6	11.3
Interest received ${ }^{1,2}$	6.2	1.0
Interest paid ${ }^{1,2}$	$-15.9$	$-12.6$
Dividends received from investments in companies accounted for using the equity method ${ }^{3}$	2.0	2.1
Depreciation, amortisation and impairment losses	230.3	216.6
Changes in provisions	$-43.6$	14.0
Changes in trucks for short-term rental and trucks for lease (excluding depreciation)	$-152.1$	$-173.7$
Changes
Inventories	$-5.5$	$-56.0$
Trade accounts receivable and contract assets	41.1	17.0
Receivables from financial services	$-84.7$	$-86.9$
Trade accounts payable	15.1	48.9
Liabilities from financial services	77.8	62.1
Liabilities from financing trucks for short-term rental	$-1.4$	1.2
Contract liabilities	1.8	$-12.4$
Other changes ${ }^{3}$	$-5.1$	$-20.1$
Cash flow from operating activities	226.8	181.9
Payments for investments in property, plant and equipment and intangible assets/proceeds from the disposal of property, plant and equipment and intangible assets	$-54.5$	$-58.2$
Payments for investments in companies accounted for using the equity method and other financial assets	$-0.1$	$-0.1$
Payments for the acquisition of companies and business areas, net of acquired cash and cash equivalents	-	$-307.1$
Changes in securities and investments in term deposits	7.6	33.5
Changes in current loans granted to related parties	$-0.1$	1.6
Cash flow from investing activities	$-47.1$	$-330.3$

in € million	H1 2024	H1 2023
Dividends paid to the shareholders of Jungheinrich AG	$-75.4$	$-68.3$
Changes in liabilities due to banks and financial loans	$-219.3$	254.1
Repayments of lease liabilities	$-31.0$	$-29.0$
Cash flow from financing activities	$-325.7$	156.8
Net cash changes in cash and cash equivalents	$-146.0$	8.4
Changes in cash and cash equivalents due to changes in exchange rates	1.6	$-8.2$
Changes in cash and cash equivalents	$-144.4$	0.2
Cash and cash equivalents on 01/01	478.6	327.4
Cash and cash equivalents on 30/06	334.2	327.6

[^0]
[^0]: 1 Starting in the 2023 financial year, cash flows from income tax expenses from interest received and paid as well as from dividends received will be disclosed separately in cash flow from operating activities (previous year: table below). For the interim report as of 30 June 2024, the disclosure has been applied accordingly and the comparison figures for the same period of the previous year have been adjusted.
2 Interest in the financial services business is classified as sales/cost of sales.

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

	Subscribed capital	Capital reserve	Retained earnings	Accumulated other comprehensive income (experse)
in € million				Changes in currency translation	Remeasurement of pensions	Market valuation of derivative financial instruments with a hedging relationship ${ }^{1}$	Cost of hedging ${ }^{1}$	At-equity measured interests	Equity attributable to the shareholders of Jungheinrich AG	Total
Balance on 01/01/2024	102.0	78.4	2,151.4	$-47.2$	$-64.9$	2.0	-	0.6	2,222.3	2,222.3
Profit or loss	-	-	143.1	-	-	-	-	-	143.1	143.1
Other comprehensive income (expense)	-	-	-	12.4	2.9	2.2	0.2	$-0.1$	17.6	17.6
Comprehensive income (expense)	-	-	143.1	12.4	2.9	2.2	0.2	$-0.1$	160.7	160.7
Dividend for the previous year	-	-	$-75.4$	-	-	-	-	-	$-75.4$	$-75.4$
Balance on 30/06/2024	102.0	78.4	2,219.1	$-34.8$	$-62.0$	4.2	0.2	0.5	2,307.6	2,307.6
Balance on 01/01/2023	102.0	78.4	1,920.4	$-21.9$	$-42.7$	13.9	n.a.	1.4	2,051.5	2,051.5
Profit or loss	-	-	163.1	-	-	-	n.a.	-	163.1	163.1
Other comprehensive income (expense)	-	-	-	$-23.5$	$-5.7$	$-2.7$	n.a.	$-1.4$	$-33.3$	$-33.3$
Comprehensive income (expense)	-	-	163.1	$-23.5$	$-5.7$	$-2.7$	n.a.	$-1.4$	129.8	129.8
Dividend for the previous year	-	-	$-68.3$	-	-	-	n.a.	-	$-68.3$	$-68.3$
Balance on 30/06/2023	102.0	78.4	2,015.2	$-45.4$	$-48.4$	11.2	n.a.	-	2,113.0	2,113.0

[^0]
[^0]: 1 First-time adoption of IFRS 9 for hedge accounting with effect from 1 January 2024 (previously: adoption of IAS 39). Details can be found in the notes to the consolidated financial statements.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Accounting principles

The consolidated financial statements of Jungheinrich AG as of 31 December 2023 were prepared in accordance with the International Financial Reporting Standards (IFRS) applicable on the balance sheet date. All standards and interpretations of the IFRS Interpretations Committee endorsed by the EU and effective as of 31 December 2023 were applied. These interim consolidated financial statements as of 30 June 2024 were also prepared in accordance with IAS 34. This interim report has not been audited or reviewed by auditors.

The preparation of the consolidated financial statements generally draws on the historical acquisition and manufacturing costs. Certain financial instruments measured at fair value as at the balance sheet date are an exception to this rule. The interim consolidated financial statements as of 30 June 2024 were prepared in euros (€). Unless indicated otherwise, disclosure is in millions of euros. The statement of profit or loss has been prepared using the cost of sales accounting method.

The accounting principles applied to prepare the interim financial statements as of 30 June 2024 and calculate comparative figures for the previous year are the same as those applied to the consolidated financial statements as of 31 December 2023. These principles are described in detail in the notes to the consolidated financial statements in the 2023 annual report.

New accounting standards

The new requirements and changes to IFRS that became mandatory on 1 January 2024 had no material impact on Jungheinrich's interim financial statements as of 30 June 2024. They are described in detail in the notes to the consolidated financial statements in the 2023 annual report.

First-time adoption of IFRS 9 for hedge accounting

At Jungheinrich, derivative financial instruments are mainly used for hedging purposes. The Jungheinrich Group concludes cash flow hedges to secure, among other things, future variable cash flows resulting from revenue and purchases of materials that are partially realised and partially forecasted, but highly probable. Comprehensive documentation ensures the clear assignment of hedges and underlying transactions. A maximum of 75 per cent of the volumes to be hedged are designated as underlying transactions. A maximum of 75 per cent of the volumes to be hedged are designated as hedged items and can be fully hedged up to this amount.

In order to hedge interest rate risks, cash flows from tranches of variable-interest bonds are hedged with interest rate swaps using a matching maturity and an identical payment plan.

Furthermore, the interest rate risks arising from the financial services business of the Group's financing company Elbe River Capital S.A., Luxembourg, are hedged with interest rate swaps as cash flow hedges.

As permitted by IFRS 9, Jungheinrich decided to apply the requirements of IAS 39 for hedge accounting until 31 December 2023. With effect from 1 January 2024, Jungheinrich applied the requirements of IFRS 9 for hedge accounting for the first time.

Upon inception of a hedging relationship according to IFRS 9, both the hedging relationship between the hedging instrument used and the hedged items and between the risk management objective and the underlying strategy are documented. In addition, at the inception of the hedging relationship and on a continual basis documentation is provided as to the extent to which the derivative financial instruments used in the hedging relationship compensate for the changes in the fair values or cash flows of the hedged items.

In the case of derivative financial instruments that are designated as hedges in hedging relationships, certain components can be excluded from designation according to IFRS 9 and their change in fair value can be deferred in other comprehensive income or recognised in profit or loss. In hedging relationships, Jungheinrich designates the spot and forward elements of the hedging instrument as a hedge. The effective portion of the changes in fair value is recognised in other comprehensive income and reported cumulatively in shareholders' equity (market valuation of derivative financial instruments with hedging relationship). The effective portion of the changes in fair value recognised in other comprehensive income is limited to the cumulative change in fair value of the hedged item since the inception of the hedging relationship. An ineffective portion of the changes in fair value of the derivative financial instrument is immediately recognised in profit or loss under cost of sales.

Jungheinrich separates the foreign currency basis spread from the derivative financial instrument and does not designate it as a hedge. Changes in the fair value of the foreign currency basis spread are recognised in other comprehensive income and reported cumulatively as a separate component within shareholders' equity in other comprehensive income (cost of hedging).

If a cash flow hedge expires, is sold or no longer meets the criteria of IFRS 9 for hedge accounting, the hedging relationship is discontinued prospectively. The cumulative gain or loss recognised in other comprehensive income up to this point initially remains in equity and is only recognised in profit or loss when the hedged item occurs. If the hedged item is no longer expected to occur, the cumulative gains or losses recognised in equity must be recognised immediately in profit or loss.

The first-time adoption of hedge accounting according to IFRS 9 did not have any material effects on Jungheinrich's interim financial statements as of 30 June 2024. Jungheinrich had to apply the requirements of hedge accounting according to IFRS 9 prospectively. The comparative figures for the prior-year periods were therefore not adjusted retrospectively.

Estimates

In the consolidated financial statements, it is necessary to a certain degree to make estimates and assumptions that have an impact on the level and recognition of assets and liabilities stated on the statement of financial position as at the balance sheet date and of income and expenses during the reporting period. Estimates and assumptions must be made primarily to determine the economic useful lives of property, plant and equipment, trucks for short-term rental and leased equipment uniformly throughout the Group, to conduct impairment tests on assets and to account for and measure provisions, including those for pensions, guarantee and disposal obligations or legal disputes. Further estimates and assumptions with regard to the expected residual values at the end of the contract term for long-term customer leases must be made to measure the underlying assets. Assumptions and estimates are also necessary when determining the intrinsic value of deferred tax assets, especially on loss carryforwards, and when recognising tax items that are still uncertain. Estimates and assumptions are made on the basis of the latest knowledge available and historical experience as well as additional factors such as future expectations.

For the interim report as of 30 June 2024, a discount rate of 3.8 per cent was used for the measurement of defined benefit pension plans in Germany (31 December 2023: 3.5 per cent) and 5.3 per cent in the United Kingdom (31 December 2023: 4.8 per cent).

Scope of consolidation

In addition to the parent company, Jungheinrich AG, Hamburg, a total of 88 foreign and 28 domestic companies were included in the interim consolidated financial statements as of 30 June 2024. The scope of consolidation comprised 100 fully consolidated subsidiaries, including one structured entity, which were directly or indirectly controlled by Jungheinrich AG. One associated company and 15 joint ventures were accounted for using the equity method.

Jungheinrich Financial Services SAS, Vélizy-Villacoublay (France) took over all the assets and liabilities of the absorbed Jungheinrich Finance France SAS, Vélizy-Villacoublay (France) by way of a merger by absorption as of 1 January 2024.

Revenue

Jungheinrich generates revenue from contracts with customers by providing goods and services, both at a specific point in time and over time. The Group also generates revenue from short-term rental and lease agreements, in respect of which Jungheinrich is the lessor.

Composition of revenue

	H1 2024				H1 2023
in € million	Intralogistics	Financial services	Jungheinrich Group		Intralogistics	Financial services	Jungheinrich Group
Revenue recognition at a certain point in time	1,318.3	-	1,318.3		1,421.3	-	1,421.3
Revenue recognition over a period of time	488.0	100.8	588.8		462.3	94.2	556.5
Revenue from contracts with customers	1,806.3	100.8	1,907.1		1,883.6	94.2	1,977.8
Revenue from short-term rental and lease agreements	221.8	492.7	714.5		217.3	462.9	680.2
Total revenue	2,028.1	593.5	2,621.6		2,100.9	557.1	2,658.0

Revenue from contracts with customers is broken down by region and reportable segment in the following table.

Revenue from contracts with customers by region and segment

	H1 2024				H1 2023
in € million	Intralogistics	Financial services	Jungheinrich Group		Intralogistics	Financial services	Jungheinrich Group
Germany	442.2	25.0	467.2		460.8	23.3	484.1
Italy	120.0	26.2	146.2		123.6	25.1	148.7
France	117.9	15.1	133.0		116.7	14.1	130.8
United Kingdom	68.7	15.0	83.7		96.3	13.7	110.0
Rest of EMEA	731.9	17.6	749.5		701.4	16.2	717.6
APAC	139.6	1.9	141.5		166.6	1.8	168.4
Americas	186.0	-	186.0		218.2	-	218.2
Revenue from contracts with customers	1,806.3	100.8	1,907.1		1,883.6	94.2	1,977.8

Additional disclosures on financial instruments

A detailed description of the individual financial instruments, their measurement, the measurement methods and inputs for the calculation of fair value can be found in the notes to the consolidated financial statements in the 2023 annual report.

Additional disclosures on financial instruments that must be provided in the interim financial statements are shown below.

The following table shows the carrying amounts and fair values of the Group's financial instruments as at the balance sheet date. Financial assets and liabilities not measured at fair value in the consolidated statement of financial position and for which the carrying amount is a reasonable approximation of fair value are not included in the table.

Carrying amounts and fair value of financial instruments

in € million	30/06/2024			$31 / 12 / 2023$
	Carrying amount	Fair value	Carrying amount	Fair value
Assets
Receivables from financial services	1,730.7	1,724.0	1,651.4	1,622.9
Securities ${ }^{1}$	156.8	156.8	121.4	121.4
Financial assets ${ }^{2}$	1.1	1.1	1.0	1.0
Derivative financial assets	10.1	10.1	13.9	13.9
Liabilities
Liabilities from financial services	2,219.9	2,232.6	2,146.9	2,129.0
Financial liabilities ${ }^{3}$	474.0	472.9	697.4	694.6
Derivative financial liabilities	7.1	7.1	7.8	7.8

1 Assigned to the measurement category "at fair value through profit or loss".
2 Without investments measured using the equity method.
${ }^{3}$ Without IFRS 16 lease liabilities.

The carrying amounts of the financial instruments regularly measured at fair value in the consolidated financial statements have been categorised in the table below by their fair value hierarchy level pursuant to IFRS 13 and based on the information and input factors used to determine them.

The fair value hierarchy is based on the input factors used:
Level 1 - (unchanged) market prices quoted on active markets for identical assets or liabilities,

Level 2 - input data other than listed market prices, which can be observed either directly (as a price) or indirectly (derived from prices) for the asset or liability,

Level 3 - referenced input factors used for the measurement of the asset or liability that are not based on observable market data.

Hierarchy levels for financial instruments measured at fair value

in € million	30/06/2024					31/12/2023
	Level 1	Level 2	Level 3	Total	Level 1	Level 2	Level 3	Total
Assets
Securities ${ }^{1}$	156.8	-	-	156.8	121.4	-	-	121.4
Financial assets ${ }^{2}$	-	-	1.1	1.1	-	-	1.0	1.0
Derivative financial assets	0.1	10.0	-	10.1	0.6	13.3	-	13.9
Liabilities
Derivative financial liabilities	0.2	6.9	-	7.1	-	7.8	-	7.8

1 Assigned to the measurement category "at fair value through profit or loss".
2 Without investments measured using the equity method.

The fair value of Level 1 financial instruments was determined on the basis of stock market quotations as at the balance sheet date.

The fair value of Level 2 financial instruments was determined in line with generally acknowledged valuation models based on discounted cash flow analyses and using observable current market prices for similar instruments. The fair value of currency forwards is determined using the mean spot rate on the balance sheet date, adjusted up or down to reflect the remaining term of the futures contract. The fair value of interest rate derivatives is determined on the basis of the market interest rates and interest rate curves on the balance sheet date, taking their maturities into account. Jungheinrich has taken counterparty risks into consideration when measuring fair value.

As at the balance sheet date, the fair value of the financial instruments at level 3 was based on amortised cost. The financial assets assigned to level 3 included non-consolidated shares in investments in affiliated companies and joint ventures as well as other investments. The shares did not have a quoted market price.

No transfers between Levels 1 and 2 took place in the reporting period.

Segment information

Segment reporting is in line with the internal organisational and reporting structure, thus encompassing the reportable segments "Intralogistics" and "Financial Services". Detailed segment information can be found in the notes to the consolidated financial statements in the 2023 annual report.

The "Intralogistics" segment acquires products from long-term customer lease agreements at the end of the term of these agreements at contractually agreed residual values from the "Financial Services" segment. If the contractually agreed residual value is above the current fair value at the end of an agreement's term, the "Intralogistics" segment will take this residual value risk into consideration by forming appropriate provisions for onerous contracts. Within the Jungheinrich Group, these residual value risks are represented as reductions in either the carrying amounts of trucks for lease from financial services, receivables from financial services and/or the inventories affected, depending on the classification of long-term customer contracts. The figures from this cross-segment offsetting were included in the reconciliation items for 2024 and 2023.

The reconciliation items in the first half of 2024 and the first half of 2023 also included the intragroup revenue and costs, interest, interim profits and receivables and liabilities eliminated within the scope of consolidation.

Segment information for H1 2023
in € million	Intralogistics	Financial services	Segment total	Reconciliation	Jungheinrich Group
External revenue	2,100.9	557.1	2,658.0	-	2,658.0
Intersegment revenue	574.2	83.3	657.5	$-657.5$	-
Total revenue	2,675.1	640.4	3,315.5	$-657.5$	2,658.0
Earnings before interest and income taxes (EBIT)	215.7	10.9	226.6	9.2	235.8
Financial income (expense)	$-12.3$	$-1.6$	$-13.9$	-	$-13.9$
Segment income (expense) (EBT)	203.4	9.3	212.7	9.2	221.9
Intangible assets and property, plant and equipment	1,302.2	0.6	1,302.8	-	1,302.8
Trucks for short-term rental	480.0	-	480.0	-	480.0
Trucks for lease from financial services	-	714.3	714.3	$-141.9$	572.4
Financial assets	91.1	-	91.1	$-24.4$	66.7
Inventories	1,005.9	53.1	1,059.0	$-2.2$	1,056.8
Receivables from financial services	-	1,572.4	1,572.4	$-14.5$	1,557.9
Trade accounts receivable and contract assets	900.8	122.0	1,022.8	$-116.9$	905.9
Cash and cash equivalents and securities	486.1	18.6	504.7	-	504.7
Other assets	411.6	120.2	531.8	$-291.0$	240.8
Assets 30/06	4,677.7	2,601.2	7,278.9	$-590.9$	6,688.0
Shareholders' equity 30/06	2,163.3	129.2	2,292.5	$-179.5$	2,113.0
Provisions for pensions	159.7	0.2	159.9	-	159.9
Other provisions	401.1	0.4	401.5	$-26.2$	375.3
Financial liabilities	922.9	1.3	924.2	-	924.2
Liabilities from financial services	-	2,063.9	2,063.9	-	2,063.9
Trade accounts payable	620.8	112.3	733.1	$-116.9$	616.2
Contract liabilities	208.4	0.1	208.5	-	208.5
Other liabilities	201.5	293.8	495.3	$-268.3$	227.0
Liabilities 30/06	2,514.4	2,472.0	4,986.4	$-411.4$	4,575.0
Shareholders' equity and liabilities 30/06	4,677.7	2,601.2	7,278.9	$-590.9$	6,688.0

The ROCE financial key figure represents the Jungheinrich Group's return based on the EBIT generated in the "Intralogistics" segment (annualised for interim reports) in relation to the capital employed (average of capital employed on the current balance sheet date and at the balance sheet date in the last three quarters) that is attributable to this segment. ROCE in the reporting period was 16.4 per cent (previous year: 18.2 per cent).

Events after the close of the first half of 2024

There were no transactions or events of material importance after the close of the first half of 2024 .

Related party disclosures

Jungheinrich AG's major ordinary shareholders are LJH-Holding GmbH, Wohltorf, and WJH-Holding GmbH, Aumühle.

In addition to the subsidiaries included in the consolidated financial statements, Jungheinrich has business relationships with joint ventures, associated companies and affiliated, nonconsolidated subsidiaries. All the relationships with these companies are the result of normal business activities and are conducted on arm's length terms. The transactions with nonconsolidated subsidiaries were of minor amounts.

Members of the Board of Management or the Supervisory Board of Jungheinrich AG are members of supervisory boards or comparable committees of other companies with which Jungheinrich AG has relationships as part of its operating activities. All transactions with these companies are conducted on arm's length terms.

Additional information

RESPONSIBILITY STATEMENT

To the best of our knowledge, and in accordance with the applicable reporting principles for interim reporting, the interim consolidated financial statements give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group, and the interim Group management report includes a fair review of the development and performance of the business and the position of the Group, together with a description of the principal opportunities and risks associated with the expected development of the Group over the remainder of the year.

Hamburg, 9 August 2024
Jungheinrich Aktiengesellschaft
The Board of Management

Dr Lars Brzoska

Maik Manthey

FINANCIAL CALENDAR

9 August 2024

Interim report as of 30 June 2024

12 November 2024

Interim statement as of 30 September 2024

LEGAL NOTICE

Jungheinrich

Aktiengesellschaft

Friedrich-Ebert-Damm 129
22047 Hamburg, Germany
Phone: +49 40 6948-0
Fax: $\quad+49406948-1777$
info@jungheinrich.com
www.jungheinrich.com

Securities identification numbers

ISIN DE0006219934, WKN 621993

Jungheinrich

Aktiengesellschaft
Friedrich-Ebert-Damm 129
22047 Hamburg, Germany
Phone: +49 40 6948-0
Fax: +49 40 6948-1777
info@jungheinrich.com
www.jungheinrich.com