JOST Werke AG

Investor Presentation • May 28, 2024

RESULTS FULL YEAR 2023

JOACHIM DÜRR (CEO) & OLIVER GANTZERT (CFO)

Disclaimer

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This presentation (the "Presentation") was specifically prepared by JOST Werke SE (the "Company") for informational purposes only. It is intended to provide a general overview of the Company's business and does not purport to include all aspects and details regarding the Company. This Presentation must not be reproduced in any form, passed on or otherwise made available, directly or indirectly, to any other person, or published or otherwise disclosed, in whole or in part, for any purpose, without prior written consent by the Company. Neither the Company nor any of its directors, officers, employees or advisors, nor any other person makes any representation or warranty, express or implied, as to, and accordingly no reliance should be placed on, the fairness, accuracy or completeness of the information contained in the Presentation or of the views given or implied. Neither the Company nor any of its respective directors, officers, employees or advisors nor any other person shall have any liability whatsoever for any errors or omissions or any loss howsoever arising, directly or indirectly, from any use of this information or its contents or otherwise arising in connection therewith.

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Strategic Highlights in 2023

Expansion of product portfolio through M&As and R&D

Expansion of geographical footprint through a greenfield investment in India and M&As in Brazil and Finland

New OEMs customer contracts in Transport and Agriculture as well as in Construction to boost mid-term growth

Further improvements in carbon footprint reduction to support customers' needs and mitigate climate change

Groupwide gains in production efficiency paired with product portfolio adjustments enhanced profitability in all segments

JOST Expands its Product Portfolio Through M&A and R&D

Financial Highlights in 2023

Sales at €1.25bn on prior year's level, with organic sales in Transport up by +9% offsetting decline in Agriculture of organic -25%

Adj. EBIT margin expanded significantly by 1.5pp to 11.3% and adj. EBIT reached at €141m a new record level

Free cashflow increased significantly to €+112m and leverage improved to below 1.0x net debt/adj. EBITDA

Adj. EPS went up by +8% to €6.24 per share

Dividend proposal raised by +7% to €1.50 per share

Financial Targets for 2023 Achieved

Sales	On previous year's level (2022: €1,265m)	-1% to €1,250m
Adj. EBIT	High-single digit growth y-o-y (2022: €124m)	+14% to €141m
Adj. EBIT margin	Significant increase (2022: 9.8 %)	11.3%
Capex (% of sales) 1	Approx. 2.5% of sales (2022: 2.6%)	2.5%
Leverage	Lower than previous year (2022: 1.278x)	0.998x

1: Excluding M&A

Market Development FY 2023 vs. FY 2022

	EUROPE		NORTH AMERICA	ASIA-PACIFIC-AFRICA
TRUCK MARKET e) m u	+14%	Robust demand for trucks driven by pent-up demand.	Production of class 8 truck +4% remained strong, softening some in H2 2023.	Truck market in China recovered +31% some, up from very low levels. Demand in other APA countries remained strong.
ol v TRAILER Y ( MARKET R T S U	-11%	Trailer market contracted, especially in H2 2023.	Trailer demand grew further +4% from an already high level supported by strong economy.	Robust trailer demand, driven by India and the Pacific region. +11% China, too, started a slow recovery.
D N I TRACTOR MARKET	-4%	Tractor market declined due to uncertainties regarding inflation and interest rates.	Demand for compact and small -9% tractors slumped with only high HP tractors achieving growth.
C NI A G R O	-3%	Strong demand for trucks compensated for weakness in trailer and agriculture.	Sharp decline in agricultural -8% compact market could not by offset by growth in Transport.	JOST benefited from strong +30% demand in APA as well as the slowly recovering Chinese market.

Note: Market estimates based on LMC, Clear Consulting, FTR, OEM announcements (March 2024)

KEY FINANCIALS FY 2023

Europe – Profitability Improvements Despite Weakness in Agriculture

• • Strong demand for trucks partially offset weakness in trailer and agriculture
• • Consolidation of Crenlo do Brasil and LH Lift increased sales in Q4 2023

• FX headwinds of -2.0pp burdened sales in FY 2023

• • Efficiency gains and strict cost control supported margin improvement in FY 2023
• • Stable supply chains and lower freight rates
• Q4 burdened by negative product mix and stronger seasonality
• Longer year-end breaks in Ag plants to safeguard operational efficiency

North America – Strong Profitability Boost Despite Sales Decline

• • Robust demand for Transport products in 2023
• FX headwinds of -2.5pp in FY 2023
• Sharp decline in compact-loader market

• Strong seasonality in Q4 paired with normalization of demand for trucks and trailers

• • Boost in profitability through efficiency gains and portfolio clean-ups
• • Positive one-off effects in Q4 due to lump-sum price adjustments for FY 2023
• • Stable supply chains and lower sea freight
• • Q4: strong aftermarket

Asia-Pacific-Africa – Strong Market Demand Continues

• • Strong markets in India, Australia, New Zealand, South Africa
• • Ongoing recovery of Chinese truck market (export-driven in 2023)
• • LH Lift sales in China supported Q4 growth

• Strong FX headwinds of -10.4pp in FY 2023

• • Strong profitability due to high share of off-road business
• Slightly less favorable regional mix due to growing China sales
• Ramp-up costs for production plant in India
• • Increasing proportion of agricultural business

Group – JOST Profitability Improves Significantly Despite Flat Sales

• • Robust demand for Transport (organic +9%)
• Weak demand for agricultural loaders due to high dealer inventories and declining compact tractor market (organic -25%)
• FX headwinds of €-42m slowed sales growth in 2023
• • Consolidation of M&As supported nominal sales in Q4
• • Strong boost in profitability across all regions
• • Efficiency gains and strict cost control paired with active portfolio management boosted adj. EBIT margin
• • Stable supply chains, lower sea freight and declining steel costs
• • Resilient aftermarket business in both business lines

Adjusted Net Income and Adjusted EPS Improved

• Interest payments for loans tripled as a result of rising EURIBOR
• • Taxes declined by 5% compared to 2022

Reported EPS declined from €4.02 to €3.51

• Final earn-out for Ålö acquisition
• M&A consulting fees, ramp-up costs in India as well as site relocation and reorganization costs
• • PPA D&A declined compared to 2022

Adj. EPS increased from €5.76 to €6.24

Adj. tax rate amounts to 25%

ROCE, Equity Ratio and Leverage Development

• ROCE jumped by +2.8pp to 21.0% (+15.4%), showcasing the efficient used of capital and high shareholder value creation

• • Reported net income in 2023 boosted equity growth
• • Further deleveraging supported equity ratio increase
• FX translation effects
• Acquisition of Crenlo do Brasil and LH Lift (€56m) as well as dividend payout (€21m)
• • Excellent Free Cashflow development
• • Leverage reduced below 1.0x

¹ ROCE=LTM adj. EBIT (incl. acquisitions LTM) / 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 2023 = € 181m (incl. acquisitions LTM); LTM adj. EBITDA PY = € 154m

Cash Flow and Working Capital Development

• • Strong operative performance and strict inventory management
• • Free cash flow up by 374% to €+112m
• • Cash conversation rate back in long-term target range of ≥1

• Chennai greenfield plant in India (Agriculture)

• • Capex (excl. M&A) in line with target of 2.5% of sales
• Consolidation of M&As as per 1st Sep. 2023
• • Strict Working Capital Management
• Trade payables down due to reduction of safety stock
• • NWC in % sales improved to 18%, better than expected

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

²Cash conversion = Free cash flow/adj. Net Income

Strong Reductions of CO² Emissions and Energy Consumption Achieved

• • Energy consumption down due to investments in energy efficiency

• Consolidation of Crenlo do Brasil and LH Lift contributed additional 5.7m kWh to energy balance

• • Further increases of renewable energies in power mix up by +7pp to 37%
• • Increase of own green energy production through new roof top solar plants
• • Scope 1 and Scope 2 CO² emissions per production hour down -46% compared to basis year 2020, faster than anticipated

OUTLOOK FY 2024

Market Development Expectations for FY 2024

TRUCK

TRAILER

INDUSTRY (Volume)

TRACTORS

Normalization of demand, compared to very high, pent-up-demand-driven levels in prior year

(5) – (10) %

Outlook for trailer demand in Europe continues to soften, given slow economy

Demand for agricultural tractors expected to decline further in Europe.

(15) – (20) % 5 – 10 %

Demand for Class 8 trucks expected to contract, compared to very high of 2023

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Trailer production expected to contract, following very high volumes in 2023

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Demand for agricultural tractors in light and medium HP segment expected to contract

EUROPE NORTH AMERICA ASIA-PACIFIC-AFRICA

Chinese truck market should continue its recovery, supporting demand. Other markets in APA expected to remain strong.

Recovery of Chinese market and solid fundamentals in other countries in APA should boost demand

Demand for agricultural tractors should stagnate or shrink slightly compared to 2022

Note: Market estimates based on LMC, Clear Consulting, FTR, OEM announcements (as of March 2024)

JOST Outlook for 2024

Sales	Single digit decline y-o-y; (2023: €1,250m)
Adj. EBIT	Single digit decline y-o-y (2023: €141m)
Adj. EBIT margin	Decline y-o-y, remaining within strategic corridor of 10.0-11.5%
Capex (in % of sales) 1	Approx. 2.5% - 2.9% of sales
Working Capital	Below 19% from sales (2023: 18.0%)

1: Excluding M&A

Strategic Focus in 2024

In Agriculture: Generate new global cross-selling opportunities for JOST's new agricultural products and continue acquiring new OEM contracts.

In Transport: Increase revenue per customers by upselling new products and continue strengthening market positioning in all regions.

In Operations: Localize production of JOST's loader design to Brazil and consolidate production plants in Ningbo, China.

In ESG: Identify and implement further measures to reduce JOST's CO² emissions, and start measuring Scope 3 emissions across the supply chain.

In Finance: Defend high profitability through flexibility, sharpen cost focus, improve Working Capital and identify potential for further efficiency gains.

Executive Summary

JOST is posed to achieve strong, profitable mid-term growth by leveraging its excellent market positioning to grow its global business further.

High flexibility and continued efficiency gains supported major increase in profitability despite the flat sales development in 2023.

Improvements in Working Capital and operational excellence boosted free cash flow and accelerated deleveraging to below the 1.0x mark

Despite cyclical slow-down in 2024, JOST will defend its high profitability and keep adj. EBIT margin within its strategic target corridor.

JOST sees the current market environment as a window of opportunity to invest in further strategic organic and inorganic growth.

Q&A Appendix

Further information

Development of JOST's Sales and Adjusted EBIT by Quarter

Shareholder Structure and Share Information

SHAREHOLDER STRUCTURE AS OF MARCH 26, 2024		SHARE INFORMATION
			ISIN	DE000JST4000
			Trading symbol	JST
			German Sec. Code Number (WKN)	JST400
42%	20%		Shares in issue	14,900,000
		Allianz Global Investors	Index	SDAX
			Listed since	July 20, 2017

Contact Financial Calendar 2024

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