Jungheinrich AG

Investor Presentation • Nov 10, 2020

IR Presentation Q1 – Q3 2020

Hamburg, 10 November 2020

HIGHLIGHTS

BUSINESS DEVELOPMENT Q1 – Q3 2020

STRATEGIC OUTLOOK

Jungheinrich at a glance

Jungheinrich key figures 2019

Regions and business fields

Business model

HIGHLIGHTS

BUSINESS DEVELOPMENT Q1 – Q3 2020

STRATEGIC OUTLOOK

Highlights Q1– Q3 2020

Q1–Q3 2020

► The business development of the Jungheinrich Group was very satisfactory in light of the ongoing Covid-19 pandemic.

► Despite the market environment, which remains strained, the value of incoming orders was €2.7 billion.

► The decline in revenue was moderate, with a drop of 8 per cent to €2.7 billion.

► EBIT reached a respectable level of €150 million.

► Net credit of €66 million was achieved following net debt of €172 million at the end of December 2019.

► The forecast for 2020 was raised.

Coronavirus – Jungheinrich's status – Protecting employees and customers, and safeguarding our delivery capability are our highest priorities

► Central crisis team and local crisis teams in organisational units and factories identify upcoming risks at an early stage and coordinate all measures in a timely manner to keep the impact of the COVID-19 pandemic on Jungheinrich as minimal as possible.

• ► In particular, Jungheinrich has taken measures to minimise the impact of the pandemic on supply chains and production. Production at all Jungheinrich plants continues at an adjusted level and supply chains remain largely intact.
• ► In the financial services business, the scope of customer-specific payment agreements is very small against the backdrop of the COVID-19 crisis. The refinancing lines remain available as before. Customer defaults on receivables remain at a low level.
• ► Jungheinrich has a very healthy statement of financial position and a solid liquidity reserve.

Global market volume driven by strong increase in demand from China

Worldwide

Market volume in thousand units	Jan–Sep 2020	Jan–Sep 2019	Change %
Europe	324	364	-11.0
thereof Eastern Europe	59	64	-7.8
Asia	586	498	17.7
thereof China	456	351	29.9
North America	175	183	-4.4
Other regions	61	68	-10.3
World	1,146	1,113	3.0

Source: WITS, based on incoming orders

After nine months, truck classes III and IV/V back on course for growth

Worldwide				Market volume	Jan–Sep	Jan–Sep	Change %
	+3%			in thousand units	2020	2019
				Warehousing equipment	542	522	3.8
1,113		1,146		thereof Class II	89	99	-10.1
99		89		thereof Class III	453	423	7.1
423		453	Class II	Counterbalanced trucks	604	591	2.2
			Class III Class I	thereof Class I	173	183	-5.5
183		173	Class IV/V	thereof Class IV/V	431	408	5.6
408		431		Total	1,146	1,113	3.0
Q1 - Q3 2019		Q1 - Q3 2020

Class I	Battery-powered counterbalanced trucks
Class II	Narrow-aisle and reach trucks
Class III Class IV/V	Low- and high-lift trucks and order pickers IC engine-powered counterbalanced trucks

Source: WITS, based on incoming orders

12

European market recovers slightly in third quarter of 2020

	2019			2020			2019
EUROPE	 Q1	 Q2	 Q3	 Q4	 Q1	 Q2	 Q3	 FY
	-4.3%	-9.8%	-8.4%	-3.2%	-5.4%	-28.1%	+0.9	-6.3%

		2019				2020		2019
CHINA	 Q1	 Q2	 Q3	 Q4	 Q1	 Q2	 Q3	 FY
	+11.1%	-4.5%	+4.2%	+26.9%	-21.8%	+40.6%	+76.3	+8.5%

		2019				2020	2019
NORTH AMERICA	 Q1	 Q2	 Q3	 Q4	 Q1	 Q2	 Q3	 FY
	-22.1%	-9.0%	+1.9%	-0.8%	+5.4%	-15.9%	-0.7	-7.9%

	2019				2020			2019
WORLD	 Q1	 Q2	 Q3	 Q4	 Q1	 Q2	 Q3	 FY
	-2.6%	-7.6%	-2.4%	+5.1%	-9.4%	-4.5%	+24.2	-2.0%

Change in % to the same period of the previous year

2019
THEY
$+8.5%$

2019
V FY
$-7.9%$

Third quarter of 2020 characterised by recovery in demand (Q2 2020 still minus 24%)

Incoming orders, in € million

Drop in demand and active reduction of orders for Jungheinrich's own short-term rental fleet affect unit figures in nine-month period

Incoming orders, in thousand units

Downturn in Group revenue remains moderate

Revenue, in € million

• ► Main cause: Revenue downturn in new truck business (€-301 million)
• ► After-sales service has stabilising effect

EBIT primarily affected by noticeable decline in plant capacity utilisation

EBIT, in € million

in the interim report as of 30 June 2020 for the first half of 2019.

► EBIT contains expenses from impairment losses on capitalised development expenses (€18 million), from additions to provisions to pay employees a coronavirus bonus (€13.5 million) and impairment losses on goodwill (€5 million).

► Measures to reduce costs are proving effective. The previous year's figures amended only for the third quarter of 2020 account for the adjustments described

Drop in number of employees

in full-time equivalents

Employees in the Group

• ► This reduction is largely in the sales organisation.
• ► In addition, the number of temporary staff was reduced by 307 to 215 employees.

Jungheinrich Group: 2020 forecast raised

2020

	July 2020	October 2020*
Incoming orders in € billion	3.4 to 3.6	3.5 to 3.7
in € billion Revenue	3.4 to 3.6	3.5 to 3.7
in € million EBIT	130 to 180	180 to 230
EBIT ROS in %	3.8 to 5.0	5.1 to 6.2
in € million EBT	105 to 155	155 to 205
EBT ROS in %	3.1 to 4.3	4.4 to 5.5
Net debt (+)/net credit (-) in € million	considerably < 50	considerably > –50
ROCE in %	8 to 12	10 to 14
in % Market share in Europe		slight improvement as against 2019 (20.2%)

*ad-hoc release as of 21 October 2020

HIGHLIGHTS

BUSINESS DEVELOPMENT H1 2020

STRATEGIC OUTLOOK

Highly Dynamic and Volatile Markets Global Trends

Digitalisation plays an essential role in relation to the transformation processes and competitiveness of all companies

Disruptive technologies offer new opportunities e.g. intelligent interconnectivity and automation

An increasing sustainability awareness drives topics such as electrification and leads to stricter regulations

Urbanisation and e-commerce are driving micro-fulfilment growth

Increase in trade conflicts and protectionism

Sources: BCG Forecast (2017/2020) Electrification, Fraunhofer ISI (2015) Product Roadmap Lithium-ion Batteries 2030, Interact Analysis (2019), McKinsey Report (2018) Disruptive Forces in the industrial sectors

Electric Power as Tradition and Future

The Future Is Yellow

Jungheinrich's Top Strategic Guiding Principles Clear Direction for the Future

Jungheinrich generates, with all internal and external business activities, an added value for the end customer

Jungheinrich radically and sustainably reduces waste along the entire process chain (end-to-end)

Jungheinrich invests in future technologies as an innovation leader

Jungheinrich manifests its position as the industry leader for sustainable solutions

Jungheinrich develops new business models based on existing strengths and/or customer requirements

Jungheinrich places increased emphasis on strategic partnerships and acquisitions as success factors xxxxxxx

Jungheinrich Creates Sustainable Value for all Stakeholders Strategic Outlook

Jungheinrich Focusses on Topics in Line with Global Trends Group Priorities

Multiple Areas of Action within Group Priorities

Digitalisation

• Digital products
• Digital business models
• e-Commerce
• IT Factory

Automation

• Automated Guided Vehicles (AGV)
• Automated Warehouses (AS/RS)

Energy Systems

• Lithium-Ion technology
• Energy Solutions for material handling equipment
• Electrification of industrial machines

Sustainability

• Environment & Energy
• Transparency & responsibility in the supply chain
• Economic responsibility
• Secure & good jobs
• Environmentally friendly & safe products

program (4JU)

excellence technology (N-Ex-T)

Digital end-to-

(DEEP)

end processes

Efficiency

Network

Global

Europe

• China
• North America

Footprint

Disclaimer

Since developments cannot be foreseen, the actual business trend may deviate from the expectations, assumptions and estimates made by Jungheinrich company management in this presentation. Factors that may lead to such deviations include changes in the economic environment, including the consequences of the further development of the COVID-19 pandemic, within the material handling equipment sector, as well as changes to exchange rate and interest rates. No responsibility is therefore taken for the forward-looking statements in this presentation.

NOTES

Market volume for material handling equipment 2015 to 2019 in thousand units

Global ranking of material handling equipment: Jungheinrich among Top 3 worldwide

Group revenue 2018, in € billion

Jungheinrich key data (I)

in € million	2015	2016	2017	2018	2019
Incoming orders	2,817	3,220	3,560	3,971	3,922
Group revenue	2,754	3,085	3,435	3,796	4,073
thereof Germany	701	753	851	900	966
thereof abroad	2,053	2,332	2,584	2,896	3,107
EBIT	213	235	259	275	263
EBIT ROS	7.7%	7.6%	7.5%	7.2%	6.4%
Capital employed1	1,187	1,318	1,497	1,717	1,917
ROCE2	17.9%	17.8%	17.3%	16.0	13.7*
R&D expenditure	55	62	77	84	86
Capital expenditure3)	87	59	88	106	157

*Calculated due to accounting changes from 01/01/2019 (IFRS 16 "Leases") (prior-year figures not adjusted)

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 excluding capitalised development expenses and right-of-use assets ³¹

Jungheinrich key data (II)

in € million	2015	2016	2017	2018	2019
Equity ratio (Intralogistics)	48%	48%	48%	46%	46%
Equity ratio (Group)	31%	31%	30%	29%	28%
Net debt1)	–75	–56	7	108	172*
Tax ratio	31%	28%	25%	29%	27%
Profit or loss	138	154	182	176	177
Employees (FTE3)	13,962	15,010	16,248	17,877	18,381
thereof Germany	6,078	6,511	6,962	7,378	7,635
thereof abroad	7,884	8,499	9,286	10,499	10,746
Dividend per preferred share	€0.402)	€0.44	€0.50	€0.50	€0.48

*Calculated due to accounting changes from 01/01/2019 (IFRS 16 "Leases") (prior-year figures not adjusted)

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) in full-time equivalents 32

Broad customer base

Jungheinrich share: Broad coverage

Key figures for the share	2015*	2016	2017	2018	2019
Earnings per preferred share	€1.36	€1.52	€1.80	€1.73	€1.75
Dividend per preferred share	€0.40	€0.44	€0.50	€0.50	€0.48
Dividend payout	€39 million	€44 million	€50 million	€50 million	€48 million
Distribution ratio	28%	29%	28%	28%	27%

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

Financial calendar

Date	Event
18/03/2020	Balance sheet press conference
18/03/2020	Phone conference FY2019
08/05/2020	Interim statement as of 31/03/2020
11/08/2020	Interim report as of 30/06/2020
27/08/2020	2020 Annual General Meeting (virtual)
01/09/2020	Dividend payment
10/11/2020	Interim statement as of 30/09/2020

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: Sector: Stock index: Prime Standard Industry SDAX

Ticker: Reuters JUNG_p.de Bloomberg JUN3 GR

Contact

Andrea Bleesen Head of Investor Relations Jungheinrich Aktiengesellschaft Friedrich-Ebert-Damm 129 · 22047 Hamburg Tel +49 40 6948-3407 · Fax +49 40 6948-753407 andrea.bleesen@jungheinrich.de · www.jungheinrich.com