JOST Werke AG — Investor Presentation 2021

May 12, 2021

J O S T W E R K E A G – M A Y 1 2 , 2 0 2 1

RESULTS Q1 2021 JOACHIM DÜRR (CEO) & CHRISTIAN TERLINDE (CFO)

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Highlights Q1 2021

JOST achieved new sales record of €257m

Adj. EBIT doubled to €30m and adj. EBIT margin rose to 11.6%

High operational flexibility allowed swift capacity ramp-up

Increasing headwindsfromrising steel prices and logistic costs

Outlook for 2021 confirmed

Market Development Q1 2021 vs. Q1 2020

KEY FINANCIALS Q1 2021

Europe – Strong Start to 2021 with Markets Pointing to Further Growth

• JOST achieved strong growth in Q1 2021 both in transport and agriculture, with reported sales up by +27% to €155m.
• Adjusted for FX of and taking the Ålö contribution in January 2020 into account (which was not consolidated in prior year), organic growth was +16.7%
• Agricultural market grew faster than transport, due to a stronger underlying demand. Trucks and trailer demand accelerated further during Q1 showing a positive trend. Order intake continues to rise.
• Adj. EBIT grew faster than sales by +56% reaching €16.5m in Q1 2021
• Adj. EBIT margin improved to 10.6% due to:
• − higher utilization rates than in previous year as demand continues to grow
• − flexible operating business model with rather fixed SG&A costs
• − favorable product mix with a robust aftermarket business and a higher share of agricultural products, compared to prior year

North America – Markets Recover and Order Intake Rises Further

• North America truck and trailer markets continued to recover during Q1 with order intake rising and dealer stocks shrinking.
• Agricultural business boosted sales significantly. Adjusted for FX-headwinds (-11%) and taking the Ålö contribution in January 2020 into account (which was not consolidated in prior year), organic growth was +28.1%
• In transport, market share gains and a stable aftermarket business allowed JOST to outperform the industry.
• Adj. EBIT grew in line with sales by +26% to €4.1m
• Adj. EBIT margin improved slightly to 7.5%.
• The operating leverage effect resulting from higher sales volumes was partially offset by increasing steel prices and logistic costs as well as by logistic disruptions bringing products from Asia into North America. This affected mostly JOST's agricultural business.

Asia-Pacific-Africa – JOST Continues to Post Strong Growth in APA

• JOST continues to benefit from its strong position in the APA region.
• Sales almost doubled by +93.5% to €47m. This was influenced by previous year's extremely low sales due to the pandemic outbreak in Wuhan/China and the ensuing lockdown.
• India and other markets in Africa and the Pacific region also contributed positively to sales growth in Q1 2021. The contribution of the agricultural business to APA sales was minor.
• FX-headwinds amounted to -2.5%, organic growth was +96.0%.
• Adj. EBIT grew sharply to €8.2m, after barely breaking-even in Q1 2020 due to the pandemic-related lockdown in China.
• JOST's production efficiency in APA is back to its strong levels, with adj. EBIT margin reaching 17.5%. This was supported by:
• − higher utilization rates in all production plants in the region, and
• − a favorable product mix with a higher proportion of heavy-duty couplings.
• − On the other hand, headwinds from rising steel prices and logistic costs had a slightly dampening effect on profitability

Group – JOST With a Strong Start in Fiscal Year 2021

• JOST started 2021 with a strong Q1, posting organic growth of +27.4% and an overall sales growth of +34% to reach record sales volumes of €257m.
• As Ålö was consolidated in February 2020, the acquisition contributed one additional month of sales, compared to the prior year's quarter. Overall FX-headwinds amounted to -5%.
• The strongest contribution to sales growth came from APA, with Europe and North America also showing a positive development as demand continues to strengthen both in transport and agriculture.
• Group adj. EBIT doubled to €29.8m, compared to prior year, growing much faster than sales due to the positive operating leverage effect
• Adj. EBIT margin improved to 11.6% driven by:
• − strong sales growth in APA, Europe and North America with accompanying higher utilization rates across all production plants worldwide
• − a favorable product mix
• − the recovery of the APA region, compared to prior year's Q1, which had been massively affected by the COVID-19 outbreak in Wuhan/China

Net Income and Adjusted EPS Improved Significantly

20 6 19 1 1 21 7 1 29 -1 -8 Net Income Q1 2021 Taxes Q1 2021 Finance Result Q1 2021 EBIT Q1 2021 D&A of PPA Other Exceptionals Adj. EBIT Q1 2021 Finance Result Q1 2021 Proforma Tax Rate 30% Adj. Net Income Q1 2021 Adj. Net Income Q1 2020

KEY HIGHLIGHTS

• In Q1 2021 net profit grew to €19m (Q1 2020: €-4m) and reported EBIT rose to €21m (Q1 2020: €2m)
• Adjustments to EBIT resulted mostly from D&A of PPA (€ -7m)
• Other exceptionals fell to €-1m (Q1 2020: -5m) as acquisition related one-offs have phased out.
• The finance result improved to €-1m due to better interest rates resulting from lower leverage. Prior year was also additionally affected by non-cash unrealized currency losses (Q1 2020: -7m)
• Assuming a constant pro-forma tax rate of 30%, adj. net income grew to €20m (Q1 2020: €6m).
• Adjusted EPS rose in Q1 2021 to €1.35 (Q1 2020: €0.39)

RECONCILIATION OF ADJUSTED EARNINGS Q1 2021 (IN M€)

Development of Equity Ratio and Net Debt

• With adj. EBITDA growing by +69% to €37.1m in Q1 2021, ROCE improved considerably compared to year-end now reaching 14.2%
• Equity ratio grew to 29.7 % as a result of higher net profits achieved during Q1 2021 and the decrease of financial liabilities.
• JOST used €13m cash in Q1 2021 to repay part of the revolving credit facility which had been drawdown during the Ålö acquisition. Thus, liquid assets amounted to €96m at the end of Q1 2021 (Dec. 31,2020: €108m)
• Net debt remained stable at €207m compared to year-end (Dec. 31, 2020: €208m). However, leverage improved considerably, due to the higher LTM adj. EBITDA. As a result, the leverage ratio reached 1.76x adj. EBITDA in Q1 2021.

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 = financial liabilities [excl. refinancing costs] – liquid assets

³ Leverage = Net debt/LTM adj. EBITDA [LTM EBITDA Q1 2021 = € 118m; LTM EBITDA 2020= € 104m, incl. Jan 2020 for Ålö]

Cash Flow and Working Capital Development

COMMENTARY

• Cash conversion rate increased to 89%, boosted by the strong improvement in adj. EBITDA. Free cash flow down to €1.6m (Q1 2020: €18.1m) due to the higher business volume and the associated increase in working capital.
• Capex in Q1 2021 slightly down to €3.9m or 1.5% of total sales, mostly due to different investment phasing between the quarters.
• Trade receivables and trade payables increased compared to prior year due to the stronger business activity in Q1 2021. The comparison quarter Q1 2020 had already been affected by the pandemic outbreak in China, leading to an atypical reduction of trade payables and receivables.

• Inventories went down, compared to prior year also due to the high increase in activity

• NWC as % of LTM sales remained stable at 20.1%.

¹Free cash flow = Operating cash flow – capex

²Cash conversion = (adjusted EBITDA – capex)/adjusted EBITDA

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

OUTLOOK 2021

Market Outlook for FY 2021

35 – 40% (5) – (10)%

Production of class 8 trucks is expected to pick up sharply in 2021, starting the upswing in the cycle

$$
35-40\%
$$

Recovery of trailer production has picked up and is expected to keep a strong momentum throughout the year

$$
10-15\%
$$

Strong recovery of the tractor market in North America, aided by rising commodity prices

Truck demand in APA is expected to fall as China demand slows down in H2 2021. Expectations for other countries better

Trailer production continues to recover from the low volumes in 2020 but still affected by weak Chinese export of trailers

Note: Market estimates for heavy truck based on LMC, Clear Consulting and FTR and OEMs announcements (as of May 2021)

JOST Outlook for 2021

Sales	Low double-digit percent growth y-o-y (2020: 794m€)
Adj. EBIT	Low double-digit percent growth y-o-y (2020: €73m)
Adj. EBIT margin	Higher than previous year (2020: 9.2 %)
Capex (in % of sales)	Approx. 2.5% of sales

Executive Summary

Successful start into 2021 with all regions and business lines contributing significantly to the achieved record sales

High operational flexibility and local-for-local approach allowed us to cope with logistic disruptions and ramp-up capacities swiftly

Significant boost to profitability in all regions, but especially in APA, resulting from higher utilization rates and a good product mix

Important steps taken to push forward innovations in transport and to grow agricultural business in Asia and Latin America

JOST is well positioned to achieve all financial targets in 2021 and continuous profitable growth

Q&A Appendix

Further information

Development of JOST's Sales and Adjusted EBIT by Quarter

Sales and earnings in Q1 2021 increased significantly driven by the strong recovery in all end markets as cycles in transport and agriculture shift towards growth.

Shareholder Structure and Share Information

SHAREHOLDER STRUCTURE AS OF MAY 10, 2021 SHARE INFORMATION

AVGP Other

18.0% 5.1% 5.0% 5.0% 4.9% 62.0%

Allianz Global Investors
Universal-Investment-Gesellschaft
PMB Management
FMR LLC

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

Contact Financial Calendar 2021

• M a y 1 2 P u b l i c a t i o n o f Q 1 2 0 2 1 R e p o r t
• M a y 2 0 V i r t u a l R o a d S h o w
• J u n e 1 0 W a r b u r g H i g h l i g h t s 2 0 2 1
• A u g . 1 2 P u b l i c a t i o n o f Q 2 2 0 2 1 R e p o r t
• S e p t . 1 C o m m e r z b a n k S e c t o r C o n f e r e n c e 2 0 2 1
• S e p t . 2 1 1 0 t h B a a d e r I n v e s t o r C o n f e r e n c e 2 0 2 1
• S e p t . 2 2 1 0 t h B e r e n b e r g 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 1
• N o v . 1 1 P u b l i c a t i o n o f Q 3 2 0 2 1 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

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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

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