Jungheinrich AG

AGM Information • May 10, 2022

ANNUAL GENERAL MEETING

JUNGHEINRICH AKTIENGESELLSCHAFT, HAMBURG, GERMANY, 10 MAY 2022

DR LARS BRZOSKA

Chairman of the Board of Management – Check against delivery –

GREETING & WELCOME

Dear shareholders.

Today is the third Jungheinrich Annual General Meeting at which I have had the privilege of addressing you as Chairman of the Board of Management of Jungheinrich AG.

It is also the third Annual General Meeting in a row to be convened in the shadow of a global crisis. This is clear from it being the third Annual General Meeting to be held on a purely virtual basis.

With regard to the coronavirus pandemic, in 2020 and 2021 I spoke of "extraordinary times" and what could be described as one of the "greatest medical, economic and social crises since the Second World War". With its negative impact on all areas of life, the coronavirus pandemic was and is so extraordinary and drastic that none of us could ever have imagined it ahead of time.

I stand before you today with 2022 now marked by an additional crisis that is much more profound - the outbreak of war in Europe.

The Russian war of aggression against Ukraine is a watershed moment and a turning point in history.

As a human being and particularly as a father, I am appalled by the images that have been reaching us from Ukraine day after day since the end of February. I am sure that it has affected you in a similar way.

In a situation like this, we should all feel a duty to do what is within our means to help those in need and to do the right thing $-$ as fellow human beings, as Europeans and also as businesses.

But before we turn our attention to these current events and take a closer look at what initiatives have been set in motion at Jungheinrich, let us first examine the previous financial year 2021 together.

STATEMENT OF FINANCIAL POSITION

Rarely in a single year have crisis and boom been as close together as in 2021.

The previous financial year was one in which we were faced with two unusual extremes:

• On the one hand, we saw a clear economic upswing across the majority of all sectors.
• while on the other, there were great economic burdens due to a sharp rise in material costs and extreme supply bottlenecks in an ongoing pandemic situation that is characterised by both lockdowns and quarantines.

Lockdowns with varying intensity and duration have been put into place in many different countries, leading to significant restrictions on mobility for both people and the economy. This meant that many factories stopped producing and ports could no longer handle goods - both of which had drastic consequences for the global supply of materials.

The image of the Ever Given container ship blocking the Suez Canal became a symbol of the disruption of global supply chains in $2021 -$ even though this singular event was far from being the biggest problem in this context.

High global demand for both industrial and consumer goods had a significant impact on the supply bottlenecks, with electronic components in particular subject to extreme scarcity over the course of the year. The costs of semiconductors and microchips rose exorbitantly, as evidenced by the fact that the increases were no longer expressed in percentages, but in multiples of the baseline price. It thus became clear in 2021 that the availability of electronic components is one of the key issues of our time and one that will remain important in the years to come.

This was exacerbated by rising energy prices in 2021, something you are certainly also experiencing in your own lives. Last but not least, the shortage of skilled workers is also a problem - although "shortage" is by no means the right term to use to describe the precarious situation on the labour market today.

Dear shareholders,

In the tug-of-war between boom and crisis, 2021 was the most successful financial year in the company's history:

• Order intake reached a new all-time high of $\epsilon$ 4.87 billion.
• Revenue also saw a historic peak of $\epsilon$ 4.24 billion.
• I would particularly like to highlight the positive trend in earnings and rate of return, which made a very significant contribution to the large increase in Jungheinrich's market capitalisation in 2021.
• At $\epsilon$ 360 million, earnings before interest and income taxes (EBIT) exceeded the previous year's value by €142 million in absolute terms, which is an increase of 65 per cent.
• The EBIT ROSE increased significantly compared to the previous year's value, rising to 8.5 per cent. Within the framework of our strategy, this is a target that we had actually pledged to reach only by 2025.
• Earnings before tax (EBT) reached $6349$ million, with an EBT ROS of 8.2 per cent.
• At $\epsilon$ 267 million, profit for the year was roughly 77 per cent higher than in the previous year.
• We also created 1,000 new jobs across the Group in 2021, the global Jungheinrich team thus grew to 19,103 employees in the previous financial year. This demonstrates that Jungheinrich is a very attractive employer that is able to more than hold its own in an extremely challenging labour market involving intense competition for talent.

The fact that we were able to grow even faster than initially planned in 2021 is primarily the result of our more than 19,100 employees worldwide working on behalf of Jungheinrich each and every day.

Thanks to the outstanding performance of the entire staff, we were able to:

• Generate record order intake in Sales
• Manufacture more trucks than ever before
• Achieve a new peak in after sales revenue
• Once again launch highly innovative products and solutions onto the market

In accordance with our Strategy 2025+, we created sustainable value in 2021 and increased the company's value. In addition, Jungheinrich's re-entry into the MDAX shows that the company is also on the right track from the capital market's point of view.

Our heartfelt thanks go out to all Jungheinrich colleagues around the world for this achievement, regardless of the way in which they serve the organisation on a daily basis.

Against the backdrop of the strong net profit figures for the year, the Board of Management proposes to pay you, our shareholders, a dividend of €0.66 per ordinary share and €0.68 per preferred share.

Compared to the previous year, this corresponds to an increase of 61 per cent for ordinary shares and 58 per cent for preferred shares.

FORECAST & ANNUAL OUTLOOK FOR 2022

Dear shareholders.

In our original planning for 2022, we expected continuing supply bottlenecks – especially for electronic components - and additional increases in material costs. However, after Russia's invasion of Ukraine, omens that were already unfavourable became even more dire.

In addition to massive increases in material costs, especially in regard to steel and steel components, there have been significant increases in energy and logistics costs. Quarantine measures related to the coronavirus are also causing inefficiencies across the entire value chain, with China particularly affected.

In our view, all of this has made it necessary to adjust the forecast for the 2022 financial year.

This is why we issued an ad hoc announcement on 24 March 2022 stating that we still expect profitable growth even against the backdrop of these challenges, but that such growth will be at a slower pace than originally planned.

• For 2022, we currently expect to see incoming orders slightly below the level of the previous year.
• We expect Group revenue to be slightly above the previous year despite the ongoing bottlenecks in supply chains.
• Due to the increases in costs described above, EBIT and EBT are each expected to reach a level significantly below the previous year's figure.
• As a result, the rates of return for EBIT and EBT will also be significantly below the previous year.

In view of the current highly volatile developments, it is extremely difficult to assess the business trend with precision. We are monitoring the markets and events on a daily basis and continuing to work to keep the negative impact on Jungheinrich to a minimum through task forces and crisis teams.

Dear shareholders.

Jungheinrich is a family enterprise. Our value-oriented corporate culture is an integral component of our identity and not something to which we only give lip service. We live and breathe sustainable action - particularly in times of difficulty.

For example, we launched numerous initiatives and humanitarian aid and quaranteed the financial security of the Ukrainian workforce immediately after the outbreak of the war. Private monetary donations by employees are matched by Jungheinrich as part of our inhouse corporate campaign "One Yellow Team". So far, all of these initiatives to support relief efforts in Ukraine and neighbouring countries have generated total donations in the high six-figure range.

As they fled the war, numerous family members of Ukrainian employees were also supported and taken in by Jungheinrich colleagues, especially those located in neighbouring countries. I would like to take this opportunity to express my gratitude to all the helpers for their donations and the high level of personal commitment they have demonstrated. Please accept my sincere thanks.

After the outbreak of the war, Jungheinrich also decided to stop exporting new and used equipment or spare parts to Russia and Belarus. All deliveries to these two countries have been halted until further notice. We will make decisions regarding future planning of our business activities depending on future political and economic developments in Russia.

STRATEGY 2025+

Dear shareholders.

In autumn 2020, we adopted our corporate strategy 2025+ and formulated a central goal: we want to create sustainable value for all our stakeholders: for our customers and business partners, our employees, for you $-$ our shareholders $-$ and for society as a whole.

We remain steadfast in this goal and our Strategy 2025+ and continue to consistently implement our strategic projects and measures, despite an array of geopolitical changes and the much-described turbulence of these times.

In the course of 2021, and thanks to a successful implementation, we reviewed the target figures of the Strategy 2025+ and increased our revenue, productivity and return targets:

• Group revenue is set to grow organically to $€5.5$ billion by 2025 and the target EBIT return on sales will be between 8 and 10 per cent.
• We continue to aim for a share of revenue outside Europe of 20 per cent.
• The new key performance indicator ROCE, introduced with effect from 30 June 2021, is expected to be between 21 and 25 per cent.
• In 2025, we want to achieve an equipment ratio of 70 per cent of lithium-ion batteries in our trucks
• Productivity is to grow to an EBIT of around $\epsilon$ 23,000 per employee, and
• the proportion of female managers is set to increase to over 18 per cent.
• In the medium term, we also want to achieve climate neutrality; this goal also represents an integral and important part of the Group-wide target system.

We have set our sights high to achieve these goals. A large number of projects have been initiated and pushed forward within the framework of six fields of action - automation, digitalisation, energy systems, efficiency, global footprint and sustainability.

Today, I would like to briefly discuss the progress made and measures implemented in the past year:

1. Automation

Automated systems and trucks are the largest growth market for intralogistics, making them a crucial field of action for our company.

The two most important milestones for us in 2021 were the market launch of our new automated Self-Supported Stacker EKS 215a and the acquisition of the technology company arculus.

• The EKS 215a is the first Jungheinrich truck that is not automated on the basis of a manually operated truck, as was the case in the past, but was developed and produced from the outset purely as an automated quided vehicle. The advantages of this concept are far-reaching and reflected in all areas – from performance and functionality, to safety and costs.
• With the acquisition of arculus, we have gained an innovative team for Jungheinrich and have successively expanded our product portfolio to include autonomous mobile robots and important software solutions. This includes, among other things, the control system software, which enables the manufacturer-independent operation of driverless transport systems on the basis of the VDA 5050 interface.

2. Digitalisation

Digitalisation is essential for Jungheinrich in two respects.

Firstly, we create added value for our customers through digital products and solutions for the warehouse of the future:

• the Jungheinrich Warehouse Management System as the central brain of the warehouse.
• our logistics interface for networking existing customer systems with Jungheinrich solutions, and
• our fleet management and assistance systems, for the optimum and safe operation of forklift trucks with maximum transparency in terms of costs and operating times.

Second, with the digitalisation of intralogistics business processes, we are also laying the foundation for new business models. With our new IT plant, we have created a hybrid cloud foundation that connects people, machines and software worldwide. Furthermore, I am delighted by the expansion of our digitalisation expertise with the recent establishment of our new development hub in Zagreb.

3. Energy systems

"The future is electric" is something you often read in the media.

Jungheinrich has been doing just that for a long time, namely 70 years. And we were able to celebrate a very special anniversary in 2021: "10 years of lithium-ion technology made by Jungheinrich". In 2011, we were the first manufacturer to have the courage to launch a series-produced truck with a lithium-ion battery. And this courage has been rewarded to this day with our technological leadership in the field of lithium-ion energy systems.

With our lithium-ion integrated and highly innovative POWERLINE trucks, we are setting a new standard for forklift trucks and creating significant added value for our customers in terms of compactness, ergonomics, safety and performance. In 2021, we successfully launched two new members of our POWERLINE family, the ERE 225i and ERD 220i pedestrian pallet trucks. Both trucks are also completely CO₂-neutral by the time they are delivered.

4. Efficiency

Dear shareholders,

Jungheinrich's digital transformation is one of our key projects. In the past year, we once again made significant progress and completed the as-is process analysis and the definition of the new IT target architecture as part of our DEEP (Digital End-to-End Processes) transformation programme. A second milestone centred around the design of the new Group management system. Increasing efficiency, but above all customer centricity, remains our most important goal in the DEEP programme.

With the aim of continuously optimising production capacities and efficiency, we are expanding our production network with a new plant in Chomutov, Czech Republic, the foundation stone for which was laid last Friday. From the second half of 2023, the first reach

trucks will roll off the production line in Chomutov, and 350 new jobs will be created when it is running at full operational capacity.

5. Global Footprint

Local presence and proximity to customers in an international network is one of the factors for the success of our business model. We think globally and act locally. Therefore, expanding our global presence outside Europe, both organically and through strategic partnerships and acquisitions, is an important field of action.

A week ago, we opened our 41st direct sales company in New Zealand. We are increasing our footprint in the Asia-Pacific region, and creating value for both our local and international customers. I would like to take this opportunity to welcome our new New Zealand colleagues to the Jungheinrich family.

6. Sustainability

Sustainability and returns - for a long time, this was considered something of a contradiction. But the supposed contradiction between economy and ecology is dissolving. For many companies, bearing social responsibility has no longer meant paying mere lip service for a long time now, but is rather an integral part of their canon of values. More than that: A comprehensive understanding of sustainability is increasingly becoming a prerequisite for future growth, as people and societies all over the world rightly expect a new understanding of the role being played by companies. Responsible companies are leading by good example. They are showing that ambition in this matter is a crucial pillar of future success.

As part of a global society, we are aware of our many responsibilities, and direct our business activities towards sustainable development. That is why we have also committed to the Science Based Targets initiative and set climate neutrality as a corporate goal.

Today, the share of electric trucks in our product portfolio is close to 100 per cent and thus represents a decisive lever for reducing CO₂ emissions. A lithium-ion forklift, for example, reduces CO₂ emissions by about 52 per cent compared to an IC engine-powered forklift truck, and if electricity from renewable sources is used exclusively in operational use, CO₂ emissions can even be cut by up to 90 per cent. At Jungheinrich, we have been operating

all of our German sites exclusively with green electricity since the first quarter of 2021, and other branches in Europe and the rest of the world will follow. We have also started to generate our own solar power, for example, here at our Group headquarters in Hamburg, and intend to gradually equip all suitable sites with photovoltaic systems in the future.

Another important lever for reducing CO₂ and contributing to the circular economy is the reconditioning of used trucks, which have a 94 per cent recycling rate at Jungheinrich. Similarly, we are working with our partners to recondition used batteries within the scope of second- and third-life concepts. The latest milestone in our sustainability strategy is the $^{\prime}CO_{2}$ -neutral after sales" project, which we are currently piloting in Norway.

The implementation of the aforementioned measure and numerous others is proving successful. Having previously been awarded Gold by one of the most important CSR rating companies EcoVadis for several years, Jungheinrich received the highest possible Platinum award for the first time in 2021, placing it among the top 1 per cent of the world's most sustainable companies.

CONCLUDING REMARKS & THANKS

Dear shareholders.

I would like to thank you, our shareholders, most sincerely for your loyalty, for placing your trust in Jungheinrich, and for continuing to accompany us on our journey together. I would also like to thank the Supervisory Board for its close and constructive cooperation in the financial year just gone. I extend very special thanks to our two shareholder families, Lange and Wolf, for their trusting support in these extraordinary and challenging times.

And thank you all for your attention, I now look forward to surprising you with an exclusive film première and finally letting our new brand ambassador have his say.