Jungheinrich AG

Investor Presentation • Mar 20, 2019

Analyst conference

for the 2018 financial year

Hans-Georg Frey (Chairman of the Board of Management) Dr. Volker Hues (Member of the Board of Management, Finance) Frankfurt am Main, 20 March 2019

AGENDA

2018 AT A GLANCE

HANS-GEORG FREY, CEO

FINANCIAL KEY FIGURES

DR VOLKER HUES, CFO

STRATEGIC OVERVIEW

HANS-GEORG FREY, CEO

2018 AT A GLANCE 1 Jungheinrich is one of the world's leading solutions providers for the intralogistics sector

2018 – Another successful year for Jungheinrich

NEW ALL-TIME HIGHS FOR INCOMING ORDERS (€3.97 BILLION), REVENUE (€3.80 BILLION), AND EBIT (€275 MILLION)

EMPLOYEES 18,000 WORLDWIDE

~ 12,000 UNITS OF MATERIAL HANDLING EQUIPMENT WITH LITHIUM-ION TECHNOLOGY DELIVERED

+66% REVENUE IN 5 YEARS

121,000 TRUCKS PRODUCED

GLOBAL SALES AND SERVICE NETWORK EXPANDED: NEW COMPANIES IN COLOMBIA, PERU, ECUADOR AND SERBIA

SERIES LAUNCH OF THE FIRST REACH TRUCK (ETV 216i) WITH BUILT-IN LITHIUM-ION BATTERY

The Jungheinrich Group in figures

Dividend continuity – dividend stable

Objective:

Distribution ratio between 25% and 30% of profit or loss

Figures adjusted retroactively due to the 1:3 stock split implemented on 22 June 2016.

World material handling equipment market

Incoming orders in thousand units

	2018	2017	Change %
World	1,538	1,395	10.3
Europe	524	470	11.5
thereof Eastern Europe	92	77	19.5
Asia	637	568	12.1
thereof China	436	378	15.3
North America	277	267	3.7
Other regions	100	90	11 1

Market volume by product segment 2018 vs 2007

Market structure by product segment 2018 vs 2007

Warehousing equipment IC engine-powered Battery-powered counterbalanced trucks

counterbalanced trucks

Source: WITS; based on incoming orders in units

Development of the material handling equipment markets of importance to Jungheinrich

Double-digit increase in value of incoming orders

■ More than 20% of the increase was due to higher demand for logistics systems solutions.

All business fields, in € million New truck business, in thousand units

Production virtually exclusively focused on electric trucks

■ 97% of the trucks are electric trucks.

Production, in thousand units Orders on hand, in € million

■ A large amount of the orders on hand are attributable to "Logistics Systems".

Group revenue hits all-time high

Group revenue (in € million)

Revenue by region (%)

	2018	2017	Change %
Germany	900	851	5.8
Western Europe	1,780	1,627	9.4
Eastern Europe	616	542	13.7
Other countries	500	415	20.5
Total	3,796	3,435	10.5

• All business fields and divisions contribute to revenue growth.

• After-sales services increases by 9%.

• Growth mainly achieved in Germany, Italy, Poland, Austria and the Czech Republic.

• Revenue outside Europe increases by 20%.

"Logistics Systems" and "Mail Order" continue to grow

EBIT and EBT up again

EBIT, in € million EBT, in € million

■ EBIT adversely affected by noticeably higher personnel costs, higher than expected raw material prices, costs for CeMAT, the industry's leading trade fair, and supply bottlenecks combined with price increases.

■ The measurement of securities and derivatives held in the special fund have a negative influence on the financial result.

Profit or loss slightly below the previous year

Profit or loss, in € million Earnings per preferred share, in €

Research and development expenditure further extended, capital expenditure increased

■ Focus: Expansion of market leadership in energy storage systems, expansion of product portfolio for stacker cranes and stationary conveyor systems.

R&D expenditure, in € million Capital expenditure, in € million

■ Priorities in 2018: Expansion of the spare parts centre in Kaltenkirchen, extension of the plant in Degernpoint, construction of a new sales building in Paris and expansion of the head office in Hamburg.

Cash flow from operating activities impacted by increase in financing for trucks for short-term rental and financial services

Cash flow from operating activities, in € million

Cash flow from investing activities, in € million

■ 2018: 40% of the change is based on payments for company acquisitions in South America and Serbia.

ROCE down on previous year due to rising net debt

• Increase in inventories as at the balance sheet date, a large part (€53 million): increase in finished products, goods and payments made for sales.
• Increase in working capital, the expansion of the short-term rental fleet and payments for company acquisitions lead to higher net debt.
• Adjusted forecast from last year ~ €120 million short at the end of the year.
• ROCE down year-on-year as expected due to disproportional increase in interest-bearing capital (+15%) and comparatively low increase in EBIT (+6%).

1) ROCE = EBIT / interest-bearing capital (as at balance sheet date). Interest-bearing capital: equity + financial liabilities + provisions for pensions and similar obligations + long-term personnel provisions – cash and cash equivalents and securities

Stable financial position and capital structure

• The main factor in the €118 million increase in shareholders' equity is the positive earnings trend in the reporting year.
• Stronger credit financing of short-term rental business.
• Long-term loans to finance real estate and asset investments with matching maturities.

More than 40% of new trucks marketed through financial service agreements

• Leasing ratio still > 40%.
• Financial services agreements ensure long-term customer loyalty.
• Refinancing is carried out with matching maturities and interest rates.

Workforce expanded further

Employees (full-time equivalent)1

• Sales capacity strengthened in Europe, especially in France, Germany, Spain, Italy and Poland.
• 306 new employees due to acquisitions in South America (Colombia, Ecuador and Peru) and Serbia.

1) Including trainees and apprentices, excluding temporary workers

Current development of business in January and February 2019

	Jan and Feb 2018	Jan and Feb 2019	Change in %
Incoming orders in € million	584	663	+14%
Incoming orders in units	20,700	21,500	+4%
Production in units	19,500	18,600	–5%
Revenue in € million	562	613	+9%

Market drivers in the intralogistics sector

Group strategy with clear goals geared towards sustainable, profitable growth

THE CHARACTER OF A FAMILY BUSINESS: ORDINARY SHARES IN FAMILY HANDS.

HIGH EQUITY RATIO, FINANCIAL INDEPENDENCE.

ATTRACTIVE CUSTOMER INDUSTRIES.

STRONG MARKET POSITION.

Long-term stability through an integrated business model

• LESS CYCLICAL, NEARLY 45% OF GROUP REVENUE GENERATED WITH SERVICES.
• CUSTOMERS ARE PRIMARILY IN THE LESS CYCLICAL RETAIL, WHOLESALE, LOGISTICS AND FOOD INDUSTRIES.
• CLOSE CUSTOMER LOYALTY DUE TO HIGH LEASING RATIO (>40%)*.
• JUNGHEINRICH'S TEN LARGEST INDIVIDUAL CUSTOMERS ACCOUNT FOR ONLY APPROX. 10% OF GROUP REVENUE.

*Number of material handling equipment units sold under financial service agreements in relation to the new trucks sold by the Jungheinrich Group.

Market drivers in the intralogistics sector

LITHIUM-ION TECHNOLOGY STRATEGIC INVESTMENT

ELECTRIC MOBILITY

JUNGHEINRICH AND TRIATHLON ESTABLISH A COMPANY FOR THE PRODUCTION AND REPROCESSING OF LITHIUM-ION BATTERY SYSTEMS (70% / 30%): JT ENERGY SYSTEMS GMBH.

• CAPITAL STOCK: €3.1 MILLION.
• OPERATIONAL LAUNCH: AUGUST 2019.

GOAL:

TO BUILD UP PRODUCTION CAPACITIES TO MEET THE RAPIDLY GROWING DEMAND FOR LITHIUM-ION BATTERY SYSTEMS AND EXPAND OUR TECHNOLOGICAL LEADERSHIP IN THIS AREA.

IN 2019.

Range of services for "Logistics Systems"

HETEROGENEOUS CUSTOMER STRUCTURE.

• CONTRACT SIZE FOR AUTOMATED SOLUTIONS GENERALLY BETWEEN €1 MILLION AND €20 MILLION.
• MARKET SHARE OF SYSTEM TRUCKS IN EUROPE > 40%.
• PRODUCTION HIGHLIGHTS FOR AUTOMATED GUIDED VEHICLES (AGVs):
• − AUTOMATED HIGH-RACK STACKER EKX 516A: TOP PERFORMANCE AT LOW ENERGY CONSUMPTION.
• − VERTICAL ORDER PICKER EKS 412S: TOP PERFORMANCE AT ALL LEVELS WITH 14M PICKING EFFICIENCY.
• EXPANSION OF DEGERNPOINT PLANT (WAREHOUSE AND SYSTEM TRUCKS) TO >5,000 UNITS OF MATERIAL HANDLING EQUIPMENT STARTED.

Jungheinrich: an attractive investment

MARKET OPPORTUNITIES MEET THE STRENGTH OF JUNGHEINRICH!

Global market for material handling equipment will continue to grow in 2019, but with slowing momentum

Jungheinrich Group forecast 2019

Jungheinrich: a sound investment

CAGR = compound annual growth rate

Disclaimer

Unforeseeable developments may cause the actual business trend to differ from expectations, assumptions and estimates of the management of Jungheinrich that are reproduced in this presentation. Factors that may lead to such deviations include changes in the economic environment, within the material handling equipment sector as well as to exchange and interest rates. No responsibility is therefore taken for the forward-looking statements in this presentation.

NOTES

Global ranking of material handling equipment manufacturers 2017 revenue of forklift trucks and warehousing equipment in € billion

1) Financial year from April to March

2) Revenue from forklift trucks and warehousing equipment generally lower than Group revenue. Exceptions are

Mitsubishi Logisnext; Crown and Anhui Heli (value given here for revenue from forklift trucks and warehousing equipment = Group value). Source: Logistik Journal, 10/2018

Jungheinrich Group production sites

	Germany				Hungary		China
	Noroen Steep	Uneburg	M DOSbury	Deempoint	Landsberg	Munich	Dresorem	Guidance	Qingpu	Kungshan
Low-lift trucks
Stacker trucks
Battery-powered counterbalanced trucks
IC engine-powered counterbalanced trucks			٠
Reach trucks
Order pickers	٠	٠		٠
Tow tractors and trailers		٠
High-rack stackers				٠
Stacker cranes
Load handling equipment
Automated guided vehicles
Small-series and customised trucks		٠
Control units, batteries and chargers	٠
Reconditioning of used equipment

Jungheinrich: Broad customer base

Based on approximately 70% of incoming orders in units

Jungheinrich key data (I)

in € million	2007	2015	2016	2017	2018
Incoming orders	2,120	2,817	3,220	3,560	3,971
Group revenue	2,001	2,754	3,085	3,435	3,796
thereof Germany	505	701	753	851	900
thereof abroad	1,496	2,053	2,332	2,584	2,896
EBIT	140	213	235	259	275
EBIT ROS	7.0%	7.7%	7.6%	7.5%	7.2%
Capital employed1	578	1,187	1,318	1,497	1,717
ROCE2	24.1%	17.9%	17.8%	17.3%	16.0
R&D expenditure	41	55	62	77	84
Capital expenditure3	52	87	59	88	106

1) Shareholders' equity + Financial liabilities – Cash and cash equivalents and securities + Provisions for pensions and long-term personnel obligations

2) EBIT / Employed interest-bearing capital x 100

3) Property, plant and equipment and intangible assets without capitalised development expenditures

Jungheinrich key data (II)

in € million	2007	2015	2016	2017	2018
Equity ratio (Intralogistics)	40%	48%	48%	48%	46%
Equity ratio (Group)	27%	31%	31%	30%	29%
Net debt1	40	–75	–56	7	108
Tax ratio	41%	31%	28%	25%	29%
Profit or loss	82	138	154	182	176
Employees (FTE3))	10,178	13,962	15,010	16,248	17,877
thereof Germany	4,761	6,078	6,511	6,962	7,378
thereof abroad	5,417	7,884	8,499	9,286	10,499
Dividend per preferred share	€0.192	€0.402	€0.44	€0.50	€0.50 (proposal)

1) Net debt = Financial liabilities – cash and cash equivalents and securities

2) Figures adjusted retroactively due to the 1:3 stock split implemented on 22 June 2016

3) full-time equivalent

Development of Jungheinrich preferred share All-time high: €41.60 on 12 + 15 January 2018

Financial calendar

Balance sheet press conference 20/03/2019 Analyst conference 20/03/2019 2019 Annual General Meeting 30/04/2019 Dividend payment 06/05/2019 Interim statement as of 31/03/2019 10/05/2019 Interim report as of 30/06/2019 08/08/2019 Interim statement as of 30/09/2019 07/11/2019

Andrea Bleesen Contact

Head of Investor Relations Jungheinrich Aktiengesellschaft

Friedrich-Ebert-Damm 129 · 22047 Hamburg Telefon +49 40 6948-3407 · Fax +49 40 6948-753407 andrea.bleesen@jungheinrich.de · www.jungheinrich.com

General information

Subscribed capital: €102 million subdivided into 54,000,000 no-par-value ordinary shares 48,000,000 no-par-value preferred shares (listed)

Securities identification numbers (preferred shares): ISIN: DE0006219934 WKN: 621 993

Stock exchanges: Frankfurt and Hamburg and all other German stock exchanges

Segment	Prime Standard
Branch:	Industry
Stock index:	SDAX

Ticker: Reuters JUNG_p.de Bloomberg JUN3 GR