Stabilus SE — Investor Presentation 2024

May 8, 2024

Q2 FY2024 RESULTS

ANALYST & INVESTOR WEB CONFERENCE MAY 8, 2024

Stabilus SE (the "Company", later "Stabilus") has prepared this presentation solely for your information. It should not be treated as giving investment advice. Neither the Company, nor any of its directors, officers, employees, direct or indirect shareholders and advisors nor any other person shall have any liability whatsoever for any direct or indirect losses arising from any use of this presentation.

While the Company has taken all reasonable care to ensure that the facts stated in this presentation are accurate and that the opinions contained in it are fair and reasonable, this presentation is selective in nature. Any opinions expressed in this presentation are subject to change without notice and neither the Company nor any other person is under any obligation to update or keep current the information contained in this presentation. Where this presentation quotes any information or statistics from any external source, you should not interpret that the Company has adopted or endorsed such information or statistics as being accurate. This presentation contains forward-looking statements, which involve risks, uncertainties and assumptions that could cause actual results, performance or events to differ materially from those described in, or expressed or implied by, such statements. These statements reflect the Company's current knowledge and its expectations and projections about future events and may be identified by the context of such statements or words such as "anticipate," "believe", "estimate", "expect", "intend", "plan", "project" and "target". No obligation is assumed to update any such statement.

Numbers were rounded to one decimal. Due to rounding, numbers presented may not add up precisely to the totals provided.

GOOD PERFORMANCE IN CHALLENGING ENVIRONMENT

Revenue growth in Q2 FY24, despite challenging environment (especially in Americas).

Strong growth in APAC2 ( 12.1% y/y) and in market segments Automotive (APR), AMR and HRF.

We expect FY2024 to show back-end loaded results, as in the past two FY. We further specify our FY2024 guidance and forecast Group's revenue and adj. EBIT margin at the lower end of the respective range (€1.4m - €1.5m, 13%-14%) .

We sold more than 110k units (a record) of DA90 door actuation systems in the last six months.

Closing of the DESTACO acquisition and initial consolidation as of March 31, 20241 . (In CY2023, DESTACO generated \$206m revenue with 20% adj. EBIT margin.)

Management roadshow welcoming DESTACO completed. Great feedback and high participation.

MANAGEMENT ROADSHOW WELCOMING DESTACO

WELCOME TOWN HALL MEETINGS

SUZHOU

STABILUS GROUP IN Q2 FY2024

REVENUE GROWTH, DESPITE CHALLENGING ENVIRONMENT

Revenue 0.9% y/y

• › Strong growth in APAC1 , stable revenue in EMEA, partly offset by softer business in Americas
• › Strong growth in Automotive, AMR and HRF

Adj. EBIT margin 70bp y/y

› Continuing high raw material and labor cost inflation

Profit margin 7.9pp y/y

› In Q2 of the prior year, tax income of €9.9m, instead of income tax expense, due to a positive tax ruling re tax refunds for FY2010-FY2014

Adj. FCF % revenue 2.7pp y/y

• › Acquisition-related payout of €638.2m adjusted (PY - )
• › Cash flow from operating activities lower by €2.1m y/y, after €7.5m higher income tax payments, i.e. operating cash flow before tax well above PY

BUSINESS DEVELOPMENT BY REGION IN Q2 FY2024

Very strong and profitable growth in APAC, challenging market environment in Americas

CHALLENGING MARKET ENVIRONMENT IN AMERICAS

REVENUE (€M)

ADJ. EBIT (€M)

Revenue 4.1% y/y

› Revenue growth in HRF1 , CV and AMR, was offset by particularly weak business in EC and to a lower degree in IMA and DIAMEC

• › High raw material and labor cost inflation
• › Revenue dip in market segments with above-average margins

STABLE REVENUE IN EMEA

REVENUE (€M)

ADJ. EBIT (€M)

Revenue 0.2% y/y

• › Strong growth in AMR, offset by softer business in CV, DIAMEC, IMA and HRF
• › Revenue in EC stable y/y; Automotive supported by acquisition effect (Cultraro)

Adj. EBIT margin 0.7pp y/y

› Cost management initiatives continue with the aim of improving the margin in EMEA in the next quarters

VERY STRONG AND PROFITABLE GROWTH IN ASIA-PACIFIC

REVENUE (€M)

Revenue 12.1% y/y

• › Revenue growth driven by Automotive business, particularly by APR1
• › Growth in DIAMEC and IMA was offset by softer business in CV and HRF

Adj. EBIT margin 1.9pp y/y

› Margin improvement in line with revenue growth, supported by efficiency gains

BUSINESS DEVELOPMENT BY MARKET SEGMENT

Strong growth in AMR, HRF and Automotive.

• › Net leverage ratio increased to 2.8, as a consequence of DESTACO acquisition
• › Our goal is to reduce it well below 2.0 within the next two to three years
• › Our target leverage ratio is 1.0

Net financial debt as of end of quarter in €m | Net leverage ratio = net financial debt / LTM adj. EBITDA

NWC/REVENUE RATIO AT 20.0% IN Q2 FY24

• › NWC/revenue ratio at 20.0%, incl. DESTACO's NWC and proforma LTM revenue
• › The increase versus Q1 FY24 due to the consolidation/ inclusion of DESTACO and DESTACO's comparatively higher NWC/revenue ratio

NWC as of end of quarter in €m | NWC/revenue ratio = NWC in % of LTM revenue

HIGHER CAPEX TO DRIVE FUTURE GROWTH

• › Higher capex in the last four quarters
• › Investment in radar technology
• › This investment will facilitate and drive our future revenue growth with DA90 actuator systems
• › Herewith Stabilus returns on the usual annual average level of c. 6% capex ratio (in% of revenue).

FURTHER SPECIFYING FY2024 GUIDANCE

	FY2023 Actual	FY2024 Guidance
Revenue	€1,215.3m	at the lower end of the respective
Adj. EBIT margin	13.0%	range (€1.4bn - €1.5bn, 13% - 14%)

• › We further specify our FY2024 guidance and forecast Group's revenue and adj. EBIT margin at the lower end of the respective range (€1.4m - €1.5m, 13%-14%) .
• › The guidance includes DESTACO's results for the six months April – September 2024.
• › We expect FY2024 to show back-end loaded results, as in the past two fiscal years.

SALES OF DOOR ACTUATION SYSTEMS PICK UP MOMENTUM

We continue to pursue our long-term strategy STAR 2030, focusing on profitable and sustainable growth, customer and employee satisfaction, innovation and sustainability.

Our door actuation systems are well received on the market: In the last six months, we have sold more than 110k units.

The DESTACO acquisition is concluded. We look forward to implementing our integration plan.

First workshops were very successful.

In the next quarterly web conferences, we will inform you about our first achievements and realized synergies.

DESTACO is a great addition and asset to our Group.

Despite challenging market environment, we look to the future with confidence.

¹⁶ MOTION CONTROL

APPENDIX

¹⁷ MOTION CONTROL

REVENUE AND ADJUSTED EBIT MARGIN BY QUARTER

REVENUE

THREE MONTHS ENDED MARCH 31, 2024

REVENUE (€M)

	Q2 FY2023 Actual	Q2 FY2024 Actual	Change	% change	Acquisition effect	Currency effect	Organic growth
Automotive Gas Spring	32.3	33.0	0.7	2.2%	7.8%	0.0%	(5.6)%
Automotive Powerise	29.8	29.6	(0.2)	(0.7)%	0.0%	(1.1)%	0.4%
Industrial	75.1	75.0	(0.1)	(0.1)%	1.8%	(1.9)%	0.0%
EMEA	137.2	137.5	0.3	0.2%	2.8%	(1.3)%	(1.3)%
Automotive Gas Spring	30.9	30.6	(0.3)	(1.0)%	0.0%	2.6%	(3.6)%
Automotive Powerise	43.8	45.3	1.5	3.4%	0.0%	7.9%	(4.5)%
Industrial	39.3	33.4	(5.9)	(15.0)%	0.0%	(7.9)%	(7.1)%
AMERICAS	114.0	109.3	(4.7)	(4.1)%	0.0%	1.0%	(5.1)%
Automotive Gas Spring	23.0	23.8	0.8	3.5%	1.6%	(6.4)%	8.3%
Automotive Powerise	30.7	37.1	6.4	20.8%	0.0%	(7.4)%	28.2%
Industrial	5.8	5.8	-	0.0%	1.6%	(6.4)%	4.8%
APAC	59.5	66.7	7.2	12.1%	0.8%	(6.9)%	18.2%
Total Automotive Gas Spring (AGS)	86.2	87.3	1.1	1.3%	3.3%	(0.8)%	(1.2)%
Total Automotive Powerise (APR)	104.3	112.0	7.7	7.4%	0.0%	0.8%	6.6%
Total Industrial (IND)	120.2	114.2	(6.0)	(5.0)%	1.2%	(4.1)%	(2.1)%
Total	310.6	313.5	2.9	0.9%	1.4%	(1.5)%	1.0%

REVENUE

SIX MONTHS ENDED MARCH 31, 2024

REVENUE (€M)

	H1 FY2023 Actual	H1 FY2024 Actual	Change	% change	Acquisition effect	Currency effect	Organic growth
Automotive Gas Spring	58.5	63.2	4.7	8.0%	8.3%	0.0%	(0.3)%
Automotive Powerise	56.5	58.3	1.8	3.2%	0.0%	(1.1)%	4.3%
Industrial	131.3	134.3	3.0	2.3%	2.2%	(1.9)%	2.0%
EMEA	246.3	255.8	9.5	3.9%	3.1%	(1.3)%	2.1%
Automotive Gas Spring	58.6	58.3	(0.3)	(0.5)%	0.0%	1.1%	(1.6)%
Automotive Powerise	85.8	84.7	(1.1)	(1.3)%	0.0%	6.7%	(8.0)%
Industrial	78.6	65.4	(13.2)	(16.8)%	0.0%	(7.9)%	(8.9)%
AMERICAS	223.1	208.4	(14.7)	(6.6)%	0.0%	0.1%	(6.7)%
Automotive Gas Spring	51.2	55.3	4.1	8.0%	1.5%	(7.0)%	13.5%
Automotive Powerise	69.7	87.7	18.0	25.8%	0.0%	(8.0)%	33.8%
Industrial	11.0	11.8	0.8	7.3%	1.8%	(7.1)%	12.6%
APAC	131.9	154.8	22.9	17.4%	0.7%	(7.5)%	24.2%
Total Automotive Gas Spring (AGS)	168.3	176.8	8.5	5.1%	3.3%	(1.7)%	3.5%
Total Automotive Powerise (APR)	212.1	230.7	18.6	8.8%	0.0%	(0.2)%	9.0%
Total Industrial (IND)	220.9	211.5	(9.4)	(4.3)%	1.4%	(4.3)%	(1.4)%
Total	601.3	618.9	17.6	2.9%	1.4%	(2.1)%	3.6%

P&L AND ADJUSTED EBIT

THREE MONTHS ENDED MARCH 31, 2024

	Q2 FY2023 Actual	Q2 FY2024 Actual	Change	% change
Revenue	310.6	313.5	2.9	0.9%
Cost of sales	(225.4)	(230.6)	(5.2)	2.3%
Gross Profit	85.2	82.9	(2.3)	(2.7)%
% margin	27.4%	26.4%
R&D expenses	(5.7)	(8.7)	(3.0)	52.6%
Selling expenses	(29.6)	(28.0)	1.6	(5.4)%
Administrative expenses	(11.5)	(17.7)	(6.2)	53.9%
Other income/expenses	(1.3)	2.3	3.6	<(100.0)%
EBIT	37.1	30.9	(6.2)	(16.7)%
% margin	11.9%	9.9%
Finance income/costs	(4.4)	(3.5)	0.9	(20.5)%
EBT	32.7	27.4	(5.3)	(16.2)%
% margin	10.5%	8.7%
Income tax	9.9	(9.3)	(19.2)	<(100.0)%
Profit	42.6	18.1	(24.5)	(57.5)%
% margin	13.7%	5.8%
EPS in €	1.71	0.71	(1.00)	(58.5)%

P&L (€M) ADJUSTED EBIT (€M)

	Q2 FY2023 Actual	Q2 FY2024 Actual	Change	% change
EBIT	37.1	30.9	(6.2)	(16.7)%
PPA adj. - D&A	3.5	4.0	0.5	14.3%
Advisory costs	-	3.9	3.9	n/a
PPA adjustments	0.2	0.2	-	0.0%
Total adjustments	3.7	8.0	4.3	>100.0%
Adjusted EBIT	40.8	38.9	(1.9)	(4.7)%
% margin	13.1%	12.4%

P&L AND ADJUSTED EBIT

SIX MONTHS ENDED MARCH 31, 2024

	H1 FY2023 Actual	H1 FY2024 Actual	Change	% change
Revenue	601.3	618.9	17.6	2.9%
Cost of sales	(440.2)	(461.5)	(21.3)	4.8%
Gross Profit	161.1	157.4	(3.7)	(2.3)%
% margin	26.8%	25.4%
R&D expenses	(18.6)	(16.8)	1.8	(9.7)%
Selling expenses	(53.4)	(54.5)	(1.1)	2.1%
Administrative expenses	(22.0)	(38.9)	(16.9)	76.8%
Other income/expenses	(0.9)	4.0	4.9	<(100.0)%
EBIT	66.2	51.2	(15.0)	(22.7)%
% margin	11.0%	8.3%
Finance income/costs	(12.3)	(6.9)	5.4	(43.9)%
EBT	53.9	44.3	(9.6)	(17.8)%
% margin	9.0%	7.2%
Income tax	4.3	(14.0)	(18.3)	<(100.0)%
Profit	58.1	30.2	(27.9)	(48.0)%
% margin	9.7%	4.9%
EPS in €	2.32	1.18	(1.14)	(49.1)%

P&L (€M) ADJUSTED EBIT (€M)

	H1 FY2023 Actual	H1 FY2024 Actual	Change	% change
EBIT	66.2	51.2	(15.0)	(22.7)%
PPA adj. - D&A	7.0	8.2	1.2	17.1%
Advisory costs	-	12.6	12.6	n/a
PPA adjustments	0.2	0.2	-	0.0%
Total adjustments	7.2	21.0	13.8	>100.0%
Adjusted EBIT	73.4	72.2	(1.2)	(1.6)%
% margin	12.2%	11.7%

BALANCE SHEET (INCL. DESTACO)

MARCH 31, 2024

BALANCE SHEET (€M)

	Sept 2023 Actual	March 2024 Actual	Change	% change
Property, plant and equipm.	247.2	278.1	30.9	12.5%
Goodwill	236.6	807.1	570.5	>100.0%
Other intangible assets	230.0	227.8	(2.2)	(1.0)%
Other investments	6.0	6.0	-	0.0%
Inventories	177.3	225.9	48.6	27.4%
Trade receivables	198.0	218.8	20.8	10.5%
Other assets	46.1	68.3	22.2	48.2%
Cash	193.1	124.4	(68.7)	(35.6)%
Total assets	1,334.3	1,956.4	622.1	46.6%
Equity incl. minorities	712.0	692.7	(19.3)	(2.7)%
Debt (incl. accrued interest)	258.0	844.6	586.6	>100.0%
Pension plans	37.7	46.2	8.5	22.5%
Deferred tax liabilities	44.6	42.6	(2.0)	(4.5)%
Trade payables	124.3	160.5	36.2	29.1%
Other liabilities	157.7	169.8	12.1	7.7%
Total equity and liabilities	1,334.3	1,956.4	622.1	46.6%

› The identification and measurement of the assets and liabilities acquired not yet concluded as of March 31, 2024

› The difference between the consideration transferred and the carrying amount of the net assets acquired temporarily and provisionally allocated in full to the goodwill

› The PPA started and will modify the preliminary allocation

CASH FLOW

THREE MONTHS ENDED MARCH 31, 2024

CASH FLOW STATEMENT (€M)

	Q2 FY2023 Actual	Q2 FY2024 Actual	Change	% change
Cash flow from operating activities	22.5	20.4	(2.1)	(9.3)%
Cash flow from investing activities	(10.4)	(654.8)	(644.4)	>100.0%
Cash flow from financing activities	(48.7)	538.7	587.4	<(100.0)%
Net increase / (decrease) in cash	(36.7)	(95.7)	(59.0)	>100.0%
Effect of movements in exchange rates	(0.4)	1.4	1.8	<(100.0)%
Cash as of beginning of the period	192.5	218.7	26.2	13.6%
Cash as of end of the period	155.4	124.4	(31.0)	(19.9)%

ADJ. FCF (€M)

	Q2 FY2023 Actual	Q2 FY2024 Actual	Change	% change
Cash flow from operating activities	22.5	20.4	(2.1)	(9.3)%
Cash flow from investing activities	(10.4)	(654.8)	(644.4)	>100.0%
Free cash flow	12.1	(634.4)	(646.5)	<(100.0)%
Adjustments	-	638.2	638.2	n/a
Adj. FCF	12.1	3.7	(8.4)	(69.4)%

CASH FLOW

SIX MONTHS ENDED MARCH 31, 2024

CASH FLOW STATEMENT (€M)

	H1 FY2023 Actual	H1 FY2024 Actual	Change	% change
Cash flow from operating activities	67.6	70.2	2.6	3.8%
Cash flow from investing activities	(23.1)	(672.2)	(649.1)	>100.0%
Cash flow from financing activities	(51.8)	534.5	586.3	<(100.0)%
Net increase / (decrease) in cash	(7.4)	(67.4)	(60.0)	>100.0%
Effect of movements in exchange rates	(5.6)	(1.3)	4.3	(76.8)%
Cash as of beginning of the period	168.4	193.1	24.7	14.7%
Cash as of end of the period	155.4	124.4	(31.0)	(19.9)%

ADJ. FCF (€M)

	H1 FY2023 Actual	H1 FY2024 Actual	Change	% change
Cash flow from operating activities	67.6	70.2	2.6	3.8%
Cash flow from investing activities	(23.1)	(672.2)	(649.1)	>100.0%
Free cash flow	44.5	(602.0)	(646.5)	<(100.0)%
Adjustments	0.3	641.9	641.6	>100.0%
Adj. FCF	44.8	39.9	(4.9)	(10.9)%

LVP DEVELOPMENT / FORECAST

4.8 5.2 5.2 4.6 5.2 5.1 5.1 4.5

Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24

EMEA

ACRONYMS AND ABBREVIATIONS

Adj.	Adjusted
AGS	Automotive Gas Spring
AMR	Aerospace, Marine & Rail
APAC	Asia-Pacific
APR	Automotive Powerise
bp	Basis point
CAPEX	Capital expenditure
CV	Commercial Vehicles
CY	Calendar year
D&A	Depreciation and amortization
DIAMEC	Distributors, Independent Aftermarket, E-commerce
EMEA	Europe, Middle East & Africa
EBIT	Earnings before interest and taxes
EBITDA	Earnings before interest, taxes, depreciation and amortization
EBT	Earnings before taxes
EC	Energy & Construction

FCF Free cash flow

FY	Fiscal year
HRF	Health, Recreation & Furniture
IMA	Industrial Machinery & Automation
LTM	Last twelve months
LVP	Light vehicle production
NWC	Net working capital
pp	Percentage point
PPA	Purchase price allocation
PY	Prior year
q/q	Quarter-on-quarter
y/y	Year-on-year

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