Voltabox AG

Earnings Release • Sep 4, 2020

Half-year results

September 4, 2020

P&L Key Group Figures H1/2020

Revenue reduced to € 9.5m (H1/2019: € 32.1m)

EBITDA decreased to € -10.7m

(H1/2019: € 0.4m)

EBIT down to € -21.9m (H1/2019: € -3.6m)

Personnel expense ratio up to

76.6% (H1/2019: 26.8%)

Material input ratio* increased to 73.7% (H1/2019: 67.3%)

* Defined as: Material input / (Revenue + Changes in inventories)

Income Statement H1/2020

Revenues and earnings significantly influenced by:

• COVID-19 effects (i.e. Projects and calls postponed, orders cancelled - supply chains blocked, investment stops, customers on short-time work or with interrupted production)
• Higher material input ratio due to increased part prices for preseries systems
• Negative operating EBIT due to fixed cost shortfall against the backdrop of lack of revenues
• EBIT burdened by an impending loss provision from the first quarter

in €m

Group Result

September 4, 2020 Half-year results 2020 3

Balance Sheet (Assets) – as of 06/30/20

Decrease of total assets by 14.3% Noncurrent assets € +5.6m Intangible assets € +0.8m Tangible assets € +4.8m Decrease of inventories by € 3.1m Trade receivables reduced by € 9.8m Other current assets down by € 0.5m Liquidity slightly increased now at € 5.5m

Balance Sheet (Equity and Liabilities) – as of 06/30/20

 Decrease in equity by	€ 21.4m
 Equity ratio at	39.0%
 Increase of noncurrent liabilities by	€ 0.3m
 Current liabilities increase by  Trade payables excluded	€ 3.2m
 Increase in trade payables by	€ 6.7m

15.825 15.825 35.999 14.627 15.359 15.692 9.541 12.755 12.418 19.098 0 € 10.000 € 20.000 € 30.000 € 40.000 € 50.000 € 60.000 € 70.000 € 80.000 € 90.000 € 100.000 € 2019 2020 H1 in €'000 Subscribed Capital Other Equity Non-Current Liabilities Current Liabilities (excl. Trade Payables) Trade Payables 77,997 89,142

Equity and Liabilities

Cash Flow Statement H1/2020

Operating cash flow significantly improved by € 24.4m– mainly by reduced net working capital according to plans

• Trade receivables € -14.0m
• Trade payable € +6.8m
• Inventory € -3.1m

Investment cash flow at the previous year's level

CAPEX investments of € 8.8m

• Liquidity position as of March 31, 2020: € 1.8m
• Liquidity position as of June 30, 2020: € 5.5m

Liquidity management has high priority due to the current situation resulting from the corona crisis. >>> Even before Corona crisis: creation of an independent worst case liquidity plan

Focus Markets in 2020 und 2021

32% 25% 19% 11% 10% 2% 1% Bus Intralogistic Others Automotive Mobile Rail Mining

Revenue 2020

2020

• Bus as main revenue (booked business) market, according to plan
• Intralogistics with large potential due to new client

2021

• Further diversification of customer base
• Production ramp-ups based on new framework agreements - preparation for 2022

Revenue 2021

Forecast 2020

Revenue 2020e

€ 25 to 45m

EBITDA margin 2020e

max. -6%

FCF 2020e

slightly negative

• Still reduced visibility in the context of the COVID-19 pandemic
• High bandwidth due to still given uncertainty on the customers' side and by this several possible scenarios of business development in 2020
• Business opportunities on hand vs. dependency on the further development of the liquidity position
• Successful business initiations through sales and marketing activities 2019/2020 to be continued >>> large effects from 2022 onwards

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Company Contact

Voltabox AG Investor Relations Artegastraße 1 D-33129 Delbrück Phone: +49 (0) 5250 9930-685 Email: investor@voltabox.ag