Kongsberg Automotive

Investor Presentation • Feb 26, 2021

Kongsberg Automotive

Investor Presentation

February 26, 2021

Kongsberg Automotive

Forward-Looking Statements and Non-IFRS Measures

Forward-Looking Statements

This presentation contains certain "forward-looking statements". These statements are based on management's current expectations and are subject to risks, uncertainty and changes in circumstances, which may cause actual results, performance, financial condition or achievements to differ materially from anticipated results, performance, financial condition or achievements. All statements contained herein that are not clearly historical in nature are forward-looking and the words "anticipate," "believe," "expect," "estimate," "plan," and similar expressions are generally intended to identify forward-looking statements. We have no intention and are under no obligation to update or alter (and expressly disclaim any such intention or obligation to do so) our forward-looking statements whether as a result of new information, future events or otherwise, except to the extent required by law. The forward-looking statements in this presentation include statements addressing our future financial condition and operating results. Examples of factors that could cause actual results to differ materially from those described in the forward-looking statements include, among others, business, economic, competitive and regulatory risks, such as conditions affecting demand for products, particularly in the automotive industries; competition and pricing pressure; fluctuations in foreign currency exchange rates and commodity prices; natural disasters and political, economic and military instability in countries in which we operate; developments in the credit markets; future goodwill impairment; compliance with current and future environmental and other laws and regulations; and the possible effects on us of changes in tax laws, tax treaties and other legislation. More detailed information about these and other factors is set forth in the 2020 Kongsberg Automotive Annual Report and the Kongsberg Automotive Quarterly Reports.

Non-IFRS Measures

Where we have used non-IFRS financial measures, reconciliations to the most comparable IFRS measure are provided, along with a disclosure on the usefulness of the non-IFRS measure, in this presentation.

Today's presenters

Norbert Loers

Co-CEO, CFO Zurich (Switzerland)

• since joining in 2017
• industry with deep expertise in finance
• Economics

Robert Pigg Co-CEO, SVP Off-Highway

• Specialty products segment
• segment

• Holds a BA in Mechanical Engineering from Auburn University and a BA in Physical Sciences from Freed-Hardeman University

Kongsberg Automotive provides world-class products to the global Light and Commercial Vehicle industry and beyond

Kongsberg Automotive provides world-class products to the global Light and Commercial Vehicle industry and beyond
We have a high-caliber, experienced team		Experienced and dedicated leadership team with on average 20+ years of industry expertise
We manage the COVID-19 crisis successfully		KA successfully managed COVID-19 downturn by ensuring operational stability, maintaining customer satisfaction and employee safety while completing equity refinancing
We deliver strong profitable growth		Strong profitable growth since 2016 impacted by COVID-19 downturn – successful crisis management resulted in positive adj. EBIT in 2020
We are steadily improving Free Cash Flow		Despite significant COVID-19 sales and margin impact, Free Cash Flow improved by +7 MEUR compared to 2019 while taking a through-cycle perspective with continued CapEx spend
We operate a diversified, resilient business model		Resilient business model building on diversified product portfolio, broad customer base in Light and Commercial Vehicle, recreational, and off-highway markets worldwide
We are a trusted partner to our customers		Trusted relationship of 30+ years to major Automotive OEMs and blue-chip companies with recognition of KA as a partner from the early development on
We are ready for EV with cutting-edge technologies		Continuous investment and industrialization of cutting-edge technologies and products resulting in future-proof portfolio for vehicle electrification

Content

KA company overview

5

Corporate responsibility Resilience of KA business Updates on markets & trends Product & innovation highlights Highlight Interior Comfort Systems Summary & conclusion Q&A

The KA leadership team has on average 20+ years of industry experience and 7+ years of KA tenure

KA, a world-class supplier to the global automotive industry and beyond

	Sales	Adj. EBIT	Free Cash Flow1
2020	969	11 (1%)	-37
2019	1,161	71 (6%)	-44

- based on sum of cash flow from operating activities, investing activities, financial activities and currency effects on cash (together described as Change in cash), excluding net drawdown/ repayment of debt and proceeds received from capital increase/ purchase of treasury shares.

Every 5 globally contains KA products

Global production footprint with ~11k employees

Diversified, global blue-chip customer base in Light Vehicles, Commercial Vehicles, and Specialty Products2 markets

Mission & purpose

To be the global partner of choice for our customers, employees and stakeholders, by providing advantageous solutions that enhance the driving experience

KA operates in three segments: Interior, Powertrain & Chassis and Specialty Products

8

Equipment, Agri., Constr., Industrial

Historical financials overview (1/2)

Adj. EBIT performance, MEUR

• % Adj. EBIT margin (%)

  • KA outgrew its markets since the turnaround in 2016

  • Strong, consistent sales and EBIT growth from 2016 to 2019 2020

    • Active management during COVID-19 crisis to stabilize EBIT despite

Historical financials overview (2/2)

• Through-cycle perspective with continuous investments to sustain future growth despite sales drop (CapEx ratio 6.2%) 0 61 61

• Cash optimization levers in 2020 improved Free Cash Flow by +7 MEUR 2020

• 15 -37 > In position to deliver positive Free Cash Flow after years of investing in restructuring and CapEx

New business wins: Strong recovery after COVID-19 impact in Q2 2020

New business wins, lifetime sales, MEUR

• Ø 76 > New business wins impacted by reduced customer sourcing activities due to COVID-19 in Q2 & Q3 2020

  • Start of recovery in Q3 and strong new business wins in Q4 2020

Book-to-bill performance: High ratio supporting strong future growth

• 1.4 ^> High book-to-bill ratio in 2020 despite crisis with booked business volumes exceeding sales to support strong future growth pipeline bolstered by

  • Positive business growing market segments and strong competitive positioning

Segment financials: Specialty business showed most resistant to COVID-19 crisis

• 2020 heavily impacted by COVID-19 crisis across segments

• Crisis-resistant recreational business with strong operational performance in 2020

KA company overview Content

Corporate responsibility

14

Resilience of KA business Updates on markets & trends Product & innovation highlights Highlight Interior Comfort Systems Summary & conclusion Q&A

Guiding principles for Corporate Responsibility

Leadership & Talent

We aim to develop our employees in an inclusive culture that respects diversity and exemplifies our values

Human Rights & Labor Practices

We advance initiatives which respect human rights and fair labor practices within our organization and throughout our supply chain. Supply Chain Management

We implement practices that consider and support responsible and sustainable sourcing

Environmental Performance

We commit to minimizing the use of natural resources and hazardous materials in the development and manufacture of our products

>	>
1	1

We require all employees to comply with applicable laws and observe the highest standards of business and personal ethics in the conduct of duties and responsibilities

Integrity & Ethics Community Engagement

We contribute our time and financial support to the communities where we work and live

Corporate Responsibility Strategy based on three defined areas:

> People

Health & safety, employee training & development, local communities

> Planet

Climate change, energy usage, waste

> Products & supply chains

Working practices in supply chains, product materials compliance with environmental legislation

KA contributes to improving the long-term environmental health of the planet

MSCI ESG Rating

Only 30% of automotive suppliers with better rating

Energy Intensity, kWh per 1,000 EUR sales Constant energy usage per EUR of production

Waste Index, kg per 1,000 EUR sales 16% improvement vs. 2019 due to decreased scrap rate

Selected green initiatives

Increase renewable energy at all KA facilities

Accelerate energy reduction program

Reduce waste in KA plants

Improve environmental data reporting

KA strives for carbon neutrality

KA targets

Renewable energy Share of renewable energy Landfill waste reduction Y-o-y reduction vs. 2019 baseline

Path to carbon neutrality

• KA is committed to reduce its overall carbon footprint

• 2% > Currently, KA is developing a holistic concept to achieve carbon neutrality

Content

KA company overview Corporate responsibility

Resilience of KA business

18

Updates on markets & trends Product & innovation highlights Highlight Interior Comfort Systems Summary & conclusion Q&A

COVID-19: Active crisis management enabled KA to address needs of all major stakeholder groups

Management of the crisis-induced downturn

COVID-19 shock

COVID-19 is, first and foremost, a humanitarian challenge

Solving the humanitarian challenge is the top priority

Stabilizing business and preparing for next normal is key

dimensions of customer

shipments to customers quality improved in 2020

satisfaction Protected employees' health

7/8 All ~90

locations with comprehensive protection concept MEUR volume throughout 2020

Completed equity

refinancing

5 resilience factors at KA

Status-quo assessment and ambition

Diversified end-markets: Diversified customer base within Light and Commercial Vehicle segment End markets and top 5 customers, % of total sales in 2020 incl. indirect sales OpEx CapEx Cash

Light Vehicle Agriculture & Construction Commercial Vehicle Power Sports & Outdoor Power Equipment Aftermarket Other incl. Industrial

3% 4% 4% 5% 10% 54% 24% 9% 5% 5% 2% 7% 3% Top 5 Commercial Vehicle OEM customers1 Further customers 1. Including sales through Tier1 969 MEUR

• No single OEM customer with more than 10% sales volume Further customers

  • Top5 customers with sales volume of

    • Light Vehicles: ~27%
    • Commercial V.: ~14%

  • Non-automotive business proved resilient in times of automotive downturns

Global diversified customer base: Prevention of any dominant single customer dependency

Top 20 customers, sorted by % of sales in 2020 incl. indirect sales

• Broad customer base prevents any dominant single customer

• Top 10 direct customers contribute to only 53% of sales

OpEx flexibility: High degree of cost flexing during COVID-19 shock, recovery and new baseline in 2020 OpEx flexibilization, delta of Qx 2020 and avg. quarter 2019, MEUR

Dynamic reaction with high OpEx flexibility

Application of flexibility levers during COVID-19 shock, recovery, and new baseline (selection only):

• Continuation of operational improvement programs

• 8 > Adjustment of production capacities (e.g., shifts)
• -7 > Headcount flexibilization incl. insourcing of leased labor, manning reductions, short-time labor, cutting/ insourcing of services

  • Reduction of discretionary spending

Free Cash Flow: COVID-19 recovery and further improvements will turn FCF positive

Free Cash Flow incl. 2021 improvements, MEUR

24

Key levers going forward

Further recovery from COVID-19 downturn OpEx CapEx Cash

Stringent optimization of top line growth while protecting contribution margins

Continuous improvement of working capital management and cash conversion

Clean-up of CapEx pipeline without risking investments for future growth

Content

KA company overview Corporate responsibility Resilience of KA business

Updates on markets & trends

Product & innovation highlights Highlight Interior Comfort Systems Summary & conclusion Q&A

Light Vehicles market: Growth expectation after COVID-19 crisis

Light Vehicle market size, production volume in mn

Source: IHS (Feb 10, 2021)

Overarching Light Vehicle trends

• Powertrain electrification Shared mobility
• Autonomous
• Vehicle connectivity

driving Safer and cleaner regulation

Specific trends relevant to KA

Shift from premium to mass market for vehicle comfort, driving performance, and safety features

Higher customer expectations regarding convenience and interior comfort features

Emergence of new automotive players and shift of regional centers of gravity

Commercial Vehicles market: Slow recovery to 2019 levels Light

Source: LMC (Q4 2020)

Duty Cables Interior Comfort Systems Driveline On- highway Couplings Fluid Transfer Systems Off- Highway Interior Powertrain & Chassis Specialty Products

Overarching Commercial Vehicle trends Commercial Vehicle1 market size, production volume in k

Alternative powertrains: Electrification & fuel cells

1	8

driving Safer and cleaner

Autonomous

regulation

Total Cost of Ownership (incl. fuel economy & efficiency) 11 1,331

Sustainability and ESG2

Specific trends relevant to KA

Value chain depth (incl., modularization and outsourcing from OEMs to suppliers) 146

New chassis and air suspension technologies

More complex compressed air infrastructure

Specialty Products: Similar trends as in Light and Commercial Vehicles markets

Key trends in specialty products

Economic recovery with

Electrification Increased use of electronic Commercial segment growth

GDP growth controls and motors with lower prices and improved robustness equipment – GPD growth Move to urban areas and increased wealth drive commercial Outdoor Power Equipment with more demand for electronic features (e.g., throttle control due to emission regulation) 1. Polytetrafluoroethylene

additional spend on recreational activities and Construction and Agriculture

US +3.5%/+3.3% Emission regulation

Euro area +3.6%/+4.0% China +7.9%/+5.2% Low regulation countries catch up to EU/NA's adoption of electronic throttle

Demand for seamless integration of machines and connected services in-/outside of the vehicle drive use of electronic components

Autonomous

electronic components

Adoption of robots (esp. lawn mowers) increases demand for

Connectivity

Faster adoption of autonomous driving due controlled/bound environment requires fully electronic controls

travel

Reduced international Digitization

Higher demand for technical features (e.g., smart keys and immobilizers, displays) Triggered by COVID-19, more local holidays driving sales of power sports equipment

Autonomous Rising competition

PTFE1 hose products remain the product of choice in various technical markets including Pharmaceutical and Semi-Conductor Manufacturing

Source: World Bank Group (Global Economic Prospects, January 2021) for GDP growth

Market trends: KA well positioned to benefit from current market trends

Selected trends with implication on KA segments

KA segments	Electrification/ CO2 regulation/ fuel economy	Autonomous/ connectivity/ digitalization	Premium-to-mass/ higher interior comfort expectations	Air suspension and compressed air systems	Impact on KA
Interior	Shift from cables to electric actuators1	Shift of focus from	Higher take/fitment rate with standardization of seat comfort features		Interior products as key differentiator for OEMs leading to expansion of features and comfort into new vehicle segments
	Quieter, more energy efficient components	powertrain to interior comfort	Limited exposure to cost pressure and		KA well prepared due to improved operations, engineering, and innovation-backed order pipeline
Powertrain & Chassis	Higher demand for shift-by-wire and electric actuators	Mitigation of technological change away from mechanical	commoditization with innovative product portfolio and clear USPs	Change from hydraulics to compressed air	Electrification of powertrain and autonomous vehicles lead to different product requirements
	Fast adoption of automated manual transmission systems	shift systems by development of shift-by wire products		systems in Asia Increasing market for air suspensions (PC / CV)	KA well positioned as cost/tech leader in ICE business while growing market share in EV market
Specialty Products	Enhanced outperforming couplings system More hoses for EV heat	Adoption of autonomous equipment with high electric content	More technical features (e.g., smart key) More functions and	More complex couplings with integrated features (e.g. sensors)	Emission, safety, and performance requirements lead to higher quality standards and differentiation potential
	mgmt., turbos Uptake of electric throttle control	Integration of machines and connected services in-/outside of the vehicle	features managed by compressed air El. power steering as standard in power sports	Increased Air Suspension fitment rates providing more opportunities for hose assemblies	KA with strong position to capture projected growth with new technologies and global scale
1.		Most often, the electrically actuated products consist of a hybrid design with an actuator and a [shorter] physical cable

Content

KA company overview Corporate responsibility Resilience of KA business Updates on markets & trends

Product & innovation highlights

Highlight Interior Comfort Systems Summary & conclusion Q&A

Couplings: Attractive, increasing market demand with further differentiation potential

Market dynamics

Higher penetration and more complex compressed air systems

Increased performance requirements

Increased focus on total installed cost and lifetime cost in the market

Next generation

KA competitive positioning

Realize future differentiation potential through customized, high-quality and high performing solutions

Enter in new business field and extend current product line (e.g., TwistLock)

Leverage key customer acquisitions and global footprint to enhance and exploit local customer relationships Strong actuation systems

Product highlights

ABC KArtridge and

ABC Twistlock™

Installation cost benefits Performance benchmarking Light weight

31

Manifolds™

Fluid Transfer Systems: Growing business benefiting from EV transition

Market dynamics

Shift from ICE to electric vehicles (BEV, PHEV, and FCEV)

CO2 legislations for ICE vehicles CO2

/Emission

Miles-per-gallon legislation driving new engine technology

KA competitive positioning

Maximize capacity utilization and fully leverage scale effects

Improve assembly margins by continuing backward integration

Gain market share in future EV coolant market

Benefit from extra features on new engine developments

Product highlights

Safety regulations Electrical Vehicle coolant nylon lines assemblies

High performing PTFE cut pieces and assemblies

Battery coolant lines Chassis coolant lines to the electrical modules

Light weight, tight packaging, leak-tight, serviceable

OEM's exploring various design concepts and philosophies

FTS in/depth vehicle hose competencies are key

Unique hose design Weight saving vs. metal tubes Resistance to all bio-fluids Superior durability Enables engine downsizing Superior temperature resistance High temperature fuel hose Ultiflex Hose for Pharmaceutical

Off-Highway: Diverse segment with strong product portfolio Light

Market dynamics

Electrification, Autonomous & Digitization

Emission regulations

Commercial Connectivity segment growth

KA competitive positioning

Grow with targeted investments while continuously improving current operational performance

Expand customer base in power sports, agriculture, and construction markets

Defend current niches and define new applications for base technologies TOP 3

Product highlights

Contactless torque sensor with a rigid shaft

Optional integrated torque sensor

Multi-mode capability

Designed specifically for utility and powersport applications

Contactless electronic paddle shifter

Electronic console shifter with customizable positions and user efforts

Detent or Momentary positions are available in either X or Y axis

Driveline: Segment with high market dynamic and new emerging customers

Market dynamics

Shift from ICE to xEV

Shift in car parc mix

and shift-by-wire systems

KA competitive positioning

Build upon 15% shift-by-wire market share in China with innovative products for shift-by-wire shifters and actuators

Continue winning new BEV-related applications

Sustainably improve customer relationship with existing OEMs Strong

Double-down on patents in application process

Product highlights

Toggle Shifter Small packaging & compact design Low noise level vs. competition Designed for BEV and ICE vehicles Rotary Shifter Designed for

shift fork New locking mechanism w/ low current consumption and quick response Low noise level

vehicles

Dog Clutch Actuator Decoupling Unit

Complete gearshift actuator for BEV T/M Incl. spring assistance and Actuator to decouple

save energy when in 2WD mode

High performance Compact design BEV and ICE Incl. spring assistance

On-Highway: High performing transmission business Light

Market dynamics

Shift to

electric powertrain

Fuel economy and energy savings driving AMT1 demand

Increasing modulari-

zation Adoption of air suspension yields

Increasing total cost of ownership consciousness

KA competitive positioning

Further enhance system supplier capabilities Leverage significant transmission knowledge Push high performance actuators Double-down on systems applicable for MD and HD commercial vehicles Strong Can be used for hybrid trucks 1. Automated manual transmission

Product highlights

Pneumatic actuation can also be used for BEV trucks in addition to ICE based powertrains like AMT

Full electric actuator solutions based on existing technology in development

High performance and precise actuation

First high performance full electric clutch actuator for HD transmissions launched

Qualified for extreme requirements related to robustness and durability to secure uptime for the vehicles

Spin off and knowledge can be utilized for other actuators as gear actuation etc.

Light Duty Cables: KA with leading market position Light

Market dynamics

Shift from mechanical cables to electric actuators & electronic controls

Commoditization in seat market driving need for further innovation

KA competitive positioning

Further drive cost excellence Industrialize new product pipeline Further expand customer base

Product highlights

Cost pressure

EMA systems with flexible packaging and convenient remote actuation

Various EMA offerings allow for packaging in various applications with limited space

Used to replace multiple controls for even more cost

Cabling systems for all aspects of the vehicle where movement or release is a function of the system

Manual release cabling systems have multiple input options to provide comfort, convenience, styling, and mechanical advantage

ICS: Growing market position in favorable environment Light

Market dynamics

Increasing focus on comfort and technification of seats

Seat features as pay-as-a-service

Directed buy towards Tier-2

Directed buy
towards Tier-2 suppliers

Premium to mass market leading to uptake in take-/ fitment rates

KA competitive positioning

Leverage favorable market trends towards comfort and climate systems

Benefit from cross-selling between the products and standardization

Continue expansion of customer base esp. with "new" OEMs and new vehicle segments Top 3

Product highlights

Vent incorporates highly modular KA fan

Made to be adaptable to many seat types

Aerodynamic (slim) design for fast cooling

(Njord blower – gen3) best in class performance and Design offers scalability of the system (basic lumbar to adding multiple massage cells + vent into 1 system)

Can use Small Modular Valve (SMV) with best-in-class package size and weight

Content

KA company overview Corporate responsibility Resilience of KA business Updates on markets & trends Product & innovation highlights

Highlight Interior Comfort Systems

Summary & conclusion Q&A

Interior Comfort Systems is a market-leading supplier of seat climate and support systems

Seat comfort systems

Our customers (selection only)

ICS is technology leader

Advanced valve technologies for pneumatic comfort systems

Value propositions

Key improvements vs. previous product

• Can support bolster, lumbar, and massage functions ^> Best-in-class weight per

• Best-in-class package size for optimal application footprint

• function

• Scalable product enabling 2-24 functions per valve block

ICS with clear path toward cash flow generation

Expected development

• Strong sales growth in coming years with newly developed products

• Cash flow positive from 2022 onwards due to better Capex efficiency and capacity utilization

• CapEx efficiency

• In 2019 and 2020 still investments in industrialization of new technologies and capacity extension CapEx Cash flow
  • 2022 onwards reduction of investments to maintenance and product adaptation for new customers

Most of ICS components' markets expected to grow with 2-3% CAGR until 2025

Strategic ambition by product line

Ventilation

Focus on higher usage of existing solutions and potential new fan technology for further value-add

Lumbar support

Leverage cutting-edge valve technology to address premium OEMs' expanding customer base and drive broader technology adaption

Seat heating

Focus on quality and endurance as differentiator

Massage system

Further build on technology advantage to scale new products

^> All ICS product lines, except seat heating, in growing markets

Market size of product line in MEUR

• Ventilation, lumbar support, massage system markets expected to grow with ~3% CAGR

  • ‒ Market growth in Ventilation and Seat Heat is tempered by overall declining market prices
  • ‒ Solid growth for lumbar support and massage systems of which KA ICS is well positioned to generate returns for its investors

ICS is a market-leading supplier of interior comfort products

ICS value proposition

Technology leader providing high-end products with excellent quality

Well positioned provider of fully integrated solutions of Seat Support, Seat Heat, and Seat Cooling

Strong growth as a result of market share gains and market growth

Improved operative performance establishing solid foundation for further growth

Content

KA company overview Corporate responsibility Resilience of KA business Updates on markets & trends Product & innovation highlights Highlight Interior Comfort Systems

Summary & conclusion

44

Q&A

Investor highlights KA

We have a high-caliber, experienced team

We manage the COVID-19 crisis successfully

We deliver strong profitable growth

We are steadily improving our Free Cash Flow

We operate a diversified, resilient business model

We are a trusted partner to our customers

We are ready for EV with cutting-edge technologies

Experienced and dedicated leadership team with strong industry track-record

Active COVID-19 crisis management enabled KA to address needs of all stakeholder groups

Strong profitable growth since 2016 impacted by COVID-19 downturn – favorable market outlook in all our end-markets

Free Cash Flow improvement of +7 MEUR in 2020 while continuously investing in growth

Resilient business model building on diversified product portfolio and global customer base

Long-standing trusted partner with major automotive OEMs and large blue-chip companies

Future-proof portfolio that is largely powertrain independent and EV-ready for our powertrain related products

Management priorities for 2021 We deliver strong

We have a high-caliber,

We manage the COVID-19

We are steadily improving

We operate a diversified,

We are a trusted partner to

We are ready for EV with

experienced team Strengthen KA executive team with Jörg Buchheim as new CEO and drive people agenda priorities

crisis successfully Continue to prioritize employee safety while ensuring supply chain resilience

profitable growth Defend strong position in existing and double-down on growing segments incl. EV-related products, OFH & electronics

our Free Cash Flow Generate cash with a positive Free Cash Flow in H1 2021 and in each following half-year

resilient business model Further build on operational improvements initiated in 2020 and deliver positive Free Cash Flow performance

our customers Further strengthen global customer base and expand to new segments (e.g., new entrants) and regions

cutting-edge technologies Drive innovation projects to support planned new product launches with focus on electrification

Outlook 2021 Sales

These forward-looking statements are based on several key assumptions incl.:

-

Free Cash Flow¹ -37 2020 1. As defined in APM section in annual report – Free Cash Flow is measured

• Effectively manage increasing shortages of > Defend strong position and build on our strong book-to-bill ratio in all segments incl. EV-related products, OFH & electronics > Further expand our global customer base and > Generate cash with a positive Free Cash Flow in > Capitalize on effective working capital mgmt. 969 ~1,100 ~130

• continue to gain market shares 2020 2021
  • stability achieved in the last years and continue to improve overall profitability ~50
• electronics components while keeping additional costs to a minimum > Harvest cash generation from prior investments
  • H1 2021 and in each following half-year ~10
    • and realize CapEx efficiency improvements ~50
  • in restructuring, products, and growth 2021

based on sum of cash flow from operating activities, investing activities, financial activities and currency effects on cash (together described as Change in cash), excluding net drawdown/ repayment of debt and proceeds received from capital increase/ purchase of treasury shares.

Content

KA company overview Corporate responsibility Resilience of KA business Updates on markets & trends Product & innovation highlights Highlight Interior Comfort Systems Summary & conclusion