JOST Werke AG

Earnings Release • Nov 13, 2023

J O S T W E R K E S E – N O V E M B E R 1 3 , 2 0 2 3

RESULTS Q3 2023 JOACHIM DÜRR (CEO) & OLIVER GANTZERT(CFO)

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Highlights Q3 2023

JOST boosted profitability further in Q3 2023, with adj. EBIT margin going up by 2.1pp to 11.4%, compared to Q3 2022

Adj. EBIT increased by 10% to €33m, despite decline in sales of 11% to €292m

Ongoing market weakness in Agriculture and negative currency translation effects were main reason for the decline in sales

Acquisitions of Crenlo do Brasil and LH Lift in Q3 2023, financed with strong cash flow, open doors to strategic key markets and customers

Adj. EPS went up by 7% to €1.46 in Q3 2023, supported by a strong operating earnings performance in Q3 2023

Market Development Q3 2023 vs. Q3 2022

Note: Market estimates based on LMC Automotive, Clear Consulting, FTR, OEM announcements (as of October 2023)

KEY FINANCIALS Q3 2023

Europe – Strong Profitability Improvements Achieved

KEY FINANCIALS OVERVIEW KEY HIGHLIGHTS

• -10.6% Sales declined by 10.6% to €154m in Q3 2023, driven by a sharp decline in Agriculture and a softening in trailer demand, which could not be offset by robust truck demand. The consolidation of Crenlo do Brasil and LH Lift contributed €6.8m sales in the month of September.
• Seasonality in Q3 2023 was more pronounced than in prior year, since in 2022 orders were postponed from Q2 into Q3 due to supply chain disruptions resulting from the outbreak of the war in Ukraine.
• FX-headwinds in Q3 2023 amounted to -2.1pp, resulting mostly from the SEK.
• Adj. EBIT grew sharply by 91% to €13.4m in Q3 2023, despite declining sales during the quarter. This was mostly due to efficiency gains in the Transport business as well as the successful execution of cost control measures in Agriculture.
• Adj. EBIT margin improved by 4.6pp to 8.7% in Q3 2023. The stabilization of the supply chain and lower freight costs also supported this positive improvement.
• Growing share of aftermarket also contributed to strong profitability.

North America – Profitability Maintained Despite Sales Decline

KEY FINANCIALS OVERVIEW KEY HIGHLIGHTS

• Demand for truck and trailers remained strong, but could not compensate for the sharp decline in Agriculture, especially for the very weak compact loader market. As a result, reported sales in North America declined by 19% to €86m in Q3 2023.
• FX-headwinds increased during the course of the quarter to -7.2pp during Q3 2023. M&A activities had no impact on the sales development in North America.
• Adj. EBIT went down by -18% to €9m, in line with sales. As a result, adj. EBITmargin remained very strong at 10.0%, improving slightly by 0.1pp compared to prior year.
• Ongoing strong capacity utilization in the transport business, combined with fewer logistic disruptions as well as declining sea freight rates, had a positive impact in the overall profitability of the region.
• Costs control measures to mitigate declining sales in Agriculture also contributed to the positive development.
• Growing share of aftermarket also supported the good profitability.

Asia-Pacific-Africa – Strong Market Demand Continues

• Sales in Q3 2023 grew by 7% to €52m supported by an ongoing strong demand for JOST products in India, South-East Asia, the Pacific region and South Africa, as well as by the recovering Chinese market.
• Additional sales in China resulting from the acquisition of LH Lift in September, amounted €0.4m
• FX-headwinds were very high, amounting to -14.2pp in Q3 2023, which led to lower reported sales. Adjusted for FX, sales in the quarter grew by 21% y-o-y.
• Adj. EBIT declined by 13% to €10m in Q3 2023, mostly driven by a shifting product mix as proportion of on-road coupling sales in China continue increase.
• Startup costs resulting from the commissioning of the plant in India also had a negative effect during the quarter.
• Adj. EBIT margin remained strong at 18.7%

Group – JOST Profitability Further Improved

KEY FINANCIALS OVERVIEW KEY HIGHLIGHTS

• JOST sales in Q3 2023 went down by -11% to €292m compared to prior year, due to a sharp decline in Agriculture in the quarter (-40%). Demand for Transport products remained robust on a high level, with the decline of -1% resulting from FX effects.
• JOST achieved its strongest sales growth in the APA region. Additionally, sales contributions from the acquisition of Crenlo do Brasil and LH Lift amounted to €7.2m in Q3 2023.
• FX-headwinds increased further, amounting to -5.6pp in Q3 2023. Adjusted for FX sales in Agriculture went down by -35% and sales in Transport went up by +5% in Q3 2023.
• Group adj. EBIT increased by +10% to €33m in Q3 2023 compared to prior year.
• Adj. EBIT margin grew significantly by 2.1pp to 11.4%, supported by efficiency gains in the Transport business and effective cost control measures in Agriculture, showcasing JOST's flexibility and the resilience of its business model
• Supply chains continued to stabilize, becoming more reliable, and logistic costs went down compared to prior year. These positive developments also contributed to the groupwide improvement in profitability.

Net Income and Adjusted EPS Development

RECONCILIATION OF ADJUSTED EARNINGS 9M 2023 (IN M€)

KEY HIGHLIGHTS

• Reported net income increased by 13% to €58m in 9M 2023 (9M 2022: €52m) and reported EPS went up to € 3.92 (9M 2022: €3.46).
• Adjustments resulted mostly from D&A of PPA (€ -19m) in line with prior year (9M 2022: € -20m).
• Other exceptionals increased to € -8m (9M 2022: € -4m), partly due to administrative expenses triggered by consulting costs in connection with the acquisitions (€-1.3m) as well as one-off expenses for the construction of the plant in India.
• The net finance result amounted to € -12m (9M 2022: € -6m), mainly driven by higher interest payments for interest-bearing bank loans, which amounted to € -10m (9M 2022: € -3m).
• Adj. net income went up by 12% to €78m in 9M 2023 (9M 2022: €70m) and adj. EPS increased to €5.25 (9M 2022: € 4.68).

ROCE, Equity Ratio and Leverage Development

¹ ROCE=LTM adj. EBIT / interest-bearing capital employed (interest-bearing capital = equity + financial liabilities [excl. refinancing costs] – liquid assets + provisions for pensions) ² Net debt = interest bearing capital [excl. refinancing costs] – liquid assets

³ Leverage = Net debt/LTM adj. EBITDA [LTM adj. EBITDA = € 179m; LTM adj. EBITDA PY = € 148m]

Cash Flow and Working Capital Development

¹Free cash flow = Operating cash flow – capex

²Cash conversion = Free cash flow/adj. net income

³Capex = Payments to acquire property, plant and equipment + payments to acquire intangible assets

OUTLOOK FY 2023

Market Development Expectations for FY 2023

Chinese truck market expected to recover, coming from a very low base and supported by the easing of the zero Covid policy.

Recovery of Chinese market and strong fundamentals in other countries in APA will boost demand for trailers in the region.

Note: Market estimates based on LMC, Clear Consulting, FTR, OEM announcements (as of October 2023)

JOST Outlook for 2023 Updated

Sales	On previous year's level (2022: €1,265m)
Adj. EBIT	High-single digit growth y-o-y (2022: €124m)
Adj. EBIT margin	Significant increase (2022: 9.8 %)
Capex (in % of sales) 1	Approx. 2.5% of sales (2022: 2.6%)
Working Capital	Below 20% from sales (2022: 19.2%)

1: Excluding M&A

Executive Summary

JOST achieved strong profitability improvements during Q3, supported by efficiency gains in Transport and effective cost control measures in Agriculture.

Integration of Crenlo do Brasil and LH Lift is well on track. First talks with large agricultural OEMs have been very supportive of JOST's market strategy as well as regional and product expansion.

Market expectations for the remainder of 2023 remain very robust for trucks, while softening in trailer demand and current negative trend in agriculture should continue until year-end.

JOST raised 2023 guidance for adj. EBIT to high single digit growth and expects a significant improvement of adj. EBIT margin in 2023, while sales remaining on previous year's level.

Q&A Appendix

Further information

Development of JOST's Sales and Adjusted EBIT by Quarter

JOST achieved a strong adj. EBIT margin in the third quarter of 2023, despite strong decline in Agriculture and negative currency effects leading to a decline in sales, compared to Q3 2022.

Shareholder Structure and Share Information

SHAREHOLDER STRUCTURE AS OF NOVEMBER 13, 2023 SHARE INFORMATION

ISIN	DE000JST4000
Trading symbol	JST
German Sec. Code Number (WKN)	JST400
Shares in issue	14,900,000
Index	SDAX
Listed since	July 20, 2017

• Universal-Investment-Gesellschaft

Financial Calendar 2023 Contact

• N o v 1 3 P u b l i c a t i o n o f Q 3 2 0 2 3 I n t e r i m R e p o r t
• N o v 3 0 V i r t u a l r o a d s h o w

Financial Calendar 2024

• J a n 9 1 0 J a n 1 1 G e r m a n I n v e s t m e n t S e m i n a r 2 0 2 4 , N e w Y o r k / U S A O D D O B H F F o r u m 2 0 2 4
• J a n 1 6 G e r m a n C o r p o r a t e C o n f e r e n c e 2 0 2 4 , F r a n k f u r t / G e r m a n y
• F e b 2 0 P r e l i m i n a r y R e s u l t s F Y 2 0 2 3
• M a r c h 2 6 P u b l i c a t i o n o f A n n u a l G r o u p R e p o r t 2 0 2 3
• M a y 8 A n n u a l G e n e r a l M e e t i n g
• M a y 1 5 P u b l i c a t i o n o f Q 1 2 0 2 4 I n t e r i m R e p o r t
• A u g 1 4 P u b l i c a t i o n o f Q 2 2 0 2 4 I n t e r i m R e p o r t
• N o v 1 4 P u b l i c a t i o n o f Q 3 2 0 2 4 I n t e r i m R e p o r t

I n v e s t o r R e l a t i o n s C o n t a c t : R O M Y A C O S T A H e a d o f I n v e s t o r R e l a t i o n s

J O S T W e r k e S E S I E M E N S S T R A S S E 2 6 3 2 6 3 N E U - I S E N B U R G G E R M A N Y

E - M A I L : r o m y . a c o s t a @ j o s t - w o r l d . c o m P H O N E : + 4 9 - 6 1 0 2 - 2 9 5 - 379 F A X : + 4 9 - 6 1 0 2 - 295 - 6 6 1

W W W . J O S T - W O R L D . C O M