Jungheinrich AG

Investor Presentation • Sep 30, 2022

INTRALOGISTICS PIONEERS

Jungheinrich AG Capital Market Presentation

Hamburg, September 2022

1 Jungheinrich at a glance

General conditions 2

Key figures H1 2022 & outlook 3

Strategy 2025+ 4

5

Additional information

Family company and pioneer in intralogistics

Jungheinrich: What sets us apart

Resilient, balanced business model

Good organic growth potential

Good cyclical resilience

Strong implementation: Advancing digital transformation

Leader in lithium-ion technology

Solid liquidity and strong balance sheet

Integrated business model

Broad intralogistics range from a single source

NEW TRUCK BUSINESS

• Development, manufacture and sale of new forklift trucks
• Planning and realisation of automated systems
• Lithium-ion batteries
• Development and manufacture of digital products
• Stacker cranes and load-handling equipment
• Operating and office equipment

SHORT-TERM RENTAL

• Rental periods: generally 1 day to 12 months
• Control over degree of capacity utilisation

USED EQUIPMENT

Marketing of used equipment (leasing, short-term rental fleet and trade-ins) Reconditioning of forklift trucks

AFTER SALES

• 8,081 employees in after-sales services worldwide, of which 5,707 after-sales service technicians
• Revenue (2021) >€1 billion

Complete solutions for warehouse logistics

Financial services enable long-term customer loyalty

CONSOLIDATED COMPANIES

8 countries with financial services companies

REVENUE

€1.1 billion (2021)

LEASING PERCENTAGE

Leasing percentage relative to the number of sold new trucks (2021): 40%

CONTRACTS ON HAND

207 thousand trucks (2021) = Original value of €3.6 billion

REFINANCING PRINCIPLES

• Deadline congruence (fixed terms)
• Interest congruence
• Prevention of cession bans at the customer level
• Residual value congruence

Strong position in Europe, well-balanced customer structure

Revenue by region and customer structure on a par with 2020

1) 2021 financial year, customer structure based on incoming orders (units)

Capital allocation in line with strictly defined criteria, based on conservative financing

1 Jungheinrich at a glance

General conditions 2

Key figures H1 2022 & outlook 3

Strategy 2025+ 4

5

Additional information

Jungheinrich is one of the world's leading solutions providers for the intralogistics sector

Sources: Top 20 Lift Truck Suppliers 2021 – Modern Materials Handling; Top 20 Systems Suppliers 2021 – Modern Materials Handling; KION annual report; Capital IQ

Main business drivers: Economic development, supply chains and digital transformation

OPPORTUNITIES	GDP 1) in %	2021	2022 forecast	RISKS
E-commerce	World	6.1	3.2	Availability of materials and
Automation / Digitalisation	USA	5.7	2.3	supply chain security Further effects of the ongoing
Globalisation / Trend reversal	China	8.1	3.3	COVID-19 pandemic Debt problem, particularly in some
Sustainability awareness	Eurozone	5.4	2.6	European countries
Disruptive technologies	Germany	2.9	1.2	Increased geopolitical conflicts
				Inflation / Stagflation

1) Source: International Monetary Fund, 26 July 2022

Key factors: Successful supply chain management and resilient process control

Supply chains successfully secured, despite extreme materials shortages

Consistent supplier risk management via daily monitoring of supply scopes, capacities, delivery times and routes – additional expansion with alternative suppliers and material portfolios

Stability in transport logistics and parts supply for production successfully guaranteed thanks to extensive procurement market management and supplier management

Continually positive management of the ongoing pandemic

1 Jungheinrich at a glance

General conditions 2

Key figures H1 2022 & outlook

Strategy 2025+ 4

Additional information 5

3

H1 2022 at a glance

Business development in line with expectations in the face of ongoing major challenges with material supply as well as significant material and logistics cost increases

Continued high levels of uncertainty about the impact of the Russia-Ukraine war on the European and global economies

Revenue of €2,202 million, up 11% compared to the previous year

Robust EBIT development of €162 million (previous year: €169 million), EBIT-ROS: 7.4% (previous year: 8.5%)

Strong increase in working capital, especially due to inventory build-up to ensure ability to deliver and finished sales products, negatively impacts free cash flow of €-270 million with €237 million

Forecast for 2022 confirmed despite ongoing great challenges

Incoming orders improve slightly over previous year

Good revenue growth defies limited availability of production materials

Robust result despite unfavourable conditions

Includes net income of €5 million from the transitional consolidation of JT Energy Systems in Q2 2022

Significant increases in material and logistics costs have negative impact on profitability

Continuing restrained investment policy; increased R&D expenditure, in part due to arculus

Research and development expenditure in € million

• Reporting period contains R&D expenditure for arculus (acquired Q4 2021)
• R&D workforce increases to an average of 810 FTE due to implementation of Strategy 2025+ (previous year: 640) 1) Property, plant and equipment and intangible assets without capitalised

development expenditure and right-of-use assets

ROCE reflects necessary increase in working capital

Strong increase in working capital, especially due to inventory build-up to ensure ability to deliver and finished sales products

1) EBIT for the Intralogistics segment in % of the segment's average capital employed

Inventory build-up to ensure ability to deliver reduces free cash flow

• Strong increase in working capital negatively impacts free cash flow of €-270 million with €237 million
• Furthermore, the addition of trucks for short-term rental and trucks for lease also has a negative effect
• In addition to investments in expansion and replacements, payment for acquisition of sales partner in New Zealand included

Free cash flow introduced as new key performance indicator

Targeted expansion of Jungheinrich workforce due to implementation of Strategy 2025+

Employees in the Group in full-time equivalents1)

• Expansion primarily in the sales organisation
• JT Energy Systems leaves scope of fully consolidated companies (-87 FTE)
• Number of temporary workers increased from 606 to 659

1) Employees including trainees and apprentices, excluding temporary workers

Forecast for 2022 specified

Forecast 2022	September 2022
in € billion Incoming orders	4.6 to 4.9
in € billion Revenue	4.6 to 4.8
in € million EBIT	340 to 380
EBIT ROS in %	7.2 to 8.0
in € million EBT	305 to 345
EBT ROS in %	6.5 to 7.3
in % ROCE	14.0 to 17.0
cash flow in € million Free 1) Ad-hoc release as of 23/09/2022	Significantly negative (previous year: 89)

• No significant production interruptions and largely intact supply chains assumed
• Serious production disruptions due to gas shortages not ruled out

24

1 Jungheinrich at a glance

General conditions 2

Key figures H1 2022 & outlook 3

Strategy 2025+ 4

5

Additional information

Strategy 2025+: Successful progressive implementation

Automation is at the core of future growth

arculus

• Focus on autonomous mobile robots (AMR) and software solutions for mobile automation
• A key application area: Good-to-person order picking with ongoing strong growth, not least due to constantly increasing e-commerce
• Software management system enables manufacturer-independent operation of AMR/AGV fleets on the basis of the VDA5050 interface

Magazino

Development and manufacture of intelligent mobile robots

EKS 215a

First fully integrated AGV designed from scratch

Trumpf

• Use of automated guided vehicles (AGV) with specialised interfaces and new software solutions
• Manufacturing machines and AGVs communicate directly

DMG-Mori

• AGVs for direct loading of milling machines with automated workpiece transfer
• Jointly developed handling system for special pallets

New generation of trucks underscores core skill in energy systems

POWERLiNE: New generation of trucks with integrated lithium-ion batteries

Battery-powered ride-on/pedestrian pallet trucks (ERE 225i, ERD 220i), significantly shorter trucks due to integrated battery result in efficiency gains for our customers

New applications

Powertrain solutions for construction and agricultural machinery, European market potential 2030 approx. €250 million 1)

1) external investigations, company estimate

Core aim: Global footprint while staying close to customers

Elements for international orientation

Local presence and proximity to customers in an international network

Focus on acquisitions and/or other strategic partnerships North America

41st direct sales company opened in New Zealand (May 2022)

Digitalisation advancing with hybrid cloud and expansion of digital fleetmanagement system

Improving efficiency with new production plant and DEEP programme

New plant for reach trucks (Czech Republic): Central component to achieve growth targets and increase efficiency and profitability

Progress in DEEP programme (digital end-to-end processes) Situation analysis including definition of IT target architecture completed

Group management system redesigned accordingly

Launching new implementation projects to further increase customer centricity, especially the creation of a new ERP system

Sustainability is part of our DNA

Holistic understanding of strategy with clear central targets

>€5.5 billion Revenue	8%–10% EBIT ROS	~€23,000 EBIT per employee	ROCE 21%–25%	Target for new KPI free cash flow "to come"
20% Revenue outside of Europe	70% Lithium-ion battery equipment ratio	>18% Share of women in management positions	Climate neutrality	Guideline for R&D ratio and capital expenditure rate ~2.5% p.a.

Disclaimer

The explanations in this presentation are forward-looking statements that are based on the company management's current expectations, assumptions and assessments for future developments. Such statements are subject to risks and uncertainty that are largely beyond the company's control.

There is considerable uncertainty for the remainder of 2022, especially as a result of the Russia-Ukraine war, as it is currently not possible to foresee the extent of the potential negative direct and indirect impact on the company, particularly in terms of global procurement and sales activities. Uncertainties that lie beyond the company's control also include changes in the overall economic situation, including impacts from the further course of the coronavirus pandemic, within the intralogistics sector, in materials supply, the availability and price development of energy and raw materials, demand in important markets, developments in competition and regulatory frameworks and regulations, exchange and interest rates and the outcome of pending or future legal proceedings.

Should these or other uncertainties or unknown factors apply or the assumptions on which these statements are based proved false, actual results may deviate significantly from the results stated or implied. No responsibility is therefore taken for forward-looking statements. Without prejudice to existing capital market obligations, there is no intention nor do we accept any obligation to update forward-looking statements.

1 Jungheinrich at a glance

General conditions 2

Key figures H1 2022 & outlook 3

Strategy 2025+ 4

5

Additional information

Jungheinrich: Attractive investment in intralogistics

Strategy 2025+: Creating sustainable value ensures reliable prospects

Customer base in attractive growth sectors

One of the leading solutions providers for the intralogistics sector

1 2 3 4 5

Strong balance sheet and solid liquidity

Integrated business model with large service ratio

Dividend policy: Distribution ratio between 25% and 30%

Long-term performance of the Jungheinrich share

	2017	2018	2019	2020	2021
Dividend yield preferred share in %	1.3	2.2	2.2	1.2	1.5
in € million Market capitalisation	4,004	2,330	2,193	3,733	4,578
Share price performance in %	44	–42	–6	70	23

Investment period	10 years	5 years
Investment date	01/01/2012	01/01/2017
Portfolio value at end of 2021	€78,353	€16,877
Average return p. a.	22.9% €	11.1% €
Comparable return of German share indices p.a.
DAX	10.1%	6.5%
MDAX	14.4%	9.4%
SDAX	13.9%	11.2%

Please note: based on an initial investment of €10 thousand and assuming that annual dividends received were reinvested in additional preferred shares

Jungheinrich share: Key figures and analyst coverage

Key figures for the share	2017	2018	2019	2020	2021
Earnings per preferred share	€1.80	€1.73	€1.75	€1.49	€2.62
Dividend per preferred share	€0.50	€0.50	€0.48	€0.43	€0.68
Total dividend distribution	€50 million	€50 million	€48 million	€43 million	€68 million
Distribution ratio	28%	28%	27%	28%	26%

Quarterly figures at a glance

Jungheinrich key figures 2017–2021 (I)

in € million	2017	2018	2019	2020	2021
Incoming orders	3,560	3,971	3,922	3,777	4,868
Group revenue	3,435	3,796	4,073	3,809	4,240
thereof Germany	851	900	966	917	1,014
thereof abroad	2,584	2,896	3,107	2,892	3,226
EBIT	259	275	263	218	360
EBIT ROS	7.5%	7.2%	6.4%	5.7%	8.5%
ROCE1)	–	–	–	10.8%	20.2%
R&D expenditure	77	84	86	89	102
Capital expenditure2)	88	106	157	75	71

1) EBIT for the Intralogistics segment in % of the segment's average capital employed

2) Property, plant and equipment and intangible assets without capitalised development expenditure and right-of-use assets

Jungheinrich key figures 2017–2021 (II)

in € million	2017	2018	2019	2020	2021
Equity ratio (Intralogistics)	48%	46%	46%	45%	48%
Equity ratio (Group)	30%	29%	28%	29%	31%
Net credit (–) /net debt (+) 1)2)	7	108	172	–194	–222
Tax ratio	25%	29%	27%	25%	23%
Profit or loss	182	176	177	151	267
(FTE3)) Employees	16,248	17,877	18,381	18,103	19,103
thereof Germany	6,962	7,378	7,635	7,577	7,995
thereof abroad	9,286	10,499	10,746	10,526	11,108
Dividend per preferred share	€0.50	€0.50	€0.48	€0.43	€0.68

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

2) Determined according to accounting changes as of 01/01/2019 (IFRS 16 "Leases"). (Values from the previous year have not been adjusted.)

3) In full-time equivalents, always on 31/12

Board of Management team

Dr Lars Brzoska Chairman of the Board of Management

2014–today Jungheinrich AG

2010–2014 Terex Material Handling & Port Solutions AG | Board of Management

2003–2010 Gildemeister AG | Managing Director

Christian Erlach Member of the Board of Management Sales

2007–today Jungheinrich AG

2001–2007 ONE GmbH, Austria | Head of Direct Sales

1985–2001 Kerion Fördermittel Ges. m.b.H. | Head of Sales

Dr Volker Hues Member of the Board of Management Finance

2009–today Jungheinrich AG

2000–2009 CWS-boco International GmbH | CFO

1998–2000 boco Group | CFO

1990–1998 Franz Haniel & Cie. | Investment controlling

Sabine Neuß Member of the Board of Management Technics

2020–today Jungheinrich AG

2018–2019 Kelvion Holding GmbH | COO

2016–2018 KION Group AG | Head of Production Systems

2013–2018 Linde Material Handling GmbH (KION Group AG) | COO TRW Automotive

2010–2013 Safety Systems GmbH | Managing Director, Product line manager

Remuneration system

Basic	Short-term	Long-term
remuneration	variable remuneration	variable remuneration
 Fixed ~40 to 50%, non-performance related  remuneration paid as monthly payments  Ancillary benefits (~1 to 5%): Primarily company car and insurance policies  Pension (~5 to 15%): Defined benefit commitment for existing members and generally fixed annual maintenance payment for newly appointed members	 Target bonus (~15 to 25%)  45% Group EBT return on sales 35% Increase in Group revenue 20% Lithium-ion equipment ratio  Discretionary factor: 0.8 to 1.2  Payment limit: 150% of target amount  Term: 1 year	 Virtual performance share plan (~20 to 30%)  60% Return on capital employed (ROCE) 20% Relative total shareholder return (TSR) compared with an individual peer group 20% sustainability target  Discretionary factor: 0.8 to 1.2  Payment limit: 180% of target amount  Term: 3 years

2022 financial calendar and IR contact

Financial calendar

Date	Events
31/03/2022	Balance sheet press conference (virtual)
31/03/2022	Analyst conference (virtual)
06/05/2022	Interim statement as of 31/03/2022
10/05/2022	Annual General Meeting (virtual)
13/05/2022	Dividend payment
12/08/2022	Interim report as of 30/06/2022
11/11/2022	Interim statement as of 30/09/2022

IR contact

Andrea Bleesen Head of Corporate Investor Relations

Jungheinrich Aktiengesellschaft Friedrich-Ebert-Damm 129 22047 Hamburg Germany

Tel.: +49 (0)40 6948 3407

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 Sector: Industry Stock index: MDAX

Ticker: Reuters JUNG_p.de Bloomberg JUN3 GR