Voltabox AG

Investor Presentation • Jul 10, 2019

Roadshow & Conference Presentation

June 2019

Agenda

Highlights

• Technology Overview
• Business Overview
• Financials
• Appendix Financials

Highlights from FY 2018

Continued top line growth +145%

EBIT margin better than expected and including burden

of new Triathlon contract at 8.4% Equity ratio decreases to 85,3%

Liquid funds at € 28.2m

Main drivers in FY18: and Slightly higher CAPEX: € 13.6m

Forecast for 2019: Revenues of € 105-115m, EBIT margin between 8-9%

Voltabox Corporate Development

2019 ff.	+ Start Intralogisticsin-house development + Entry into Intralogistics US market	+ stationary + EV-Buses energy storages + Rail & Port	+ Gardening & Cleaning + OEMs	2019e: € 105 – 115m Revenue, 8-9 % EBIT margin > ~ 300 FTE
2018	+ Acquisitions of Concurrent Design & ACCURATE (Branch: Korntal-Münchingen) + Start of Intralogistics direct sales		E-Bikes / Pedelecs	€ 66,9m Revenue, 8,4 % EBIT margin 235 FTE
2017	Change of legal form to AG & IPO + Branch Aachen	Agriculture & Construction		 € 27,3m Revenue, -10,3 % EBIT margin 99 FTE
2016		Mining		 € 14,5m Revenue, -25,4 % EBIT margin 67 FTE
2015		Material Handling (Intralogistics)	Motorcycles	€ 7,4m Revenue -31,6 % EBIT margin 62 FTE
2014	Foundation Voltabox Deutschland GmbH + Branch Austin (TX, USA)	Trolleybuses		 € 4,6m Revenue -9,7 % EBIT-Marge 41 FTE
	Strategic Milestones		Market Development	Results

R&D Center Voltaforce (under construction) AG

600 square feet

Location Overview

With 277 FTE*, technology hubs and state-of-the-art production facilities, Voltabox is well positioned to grow its business on a global scale.

R&D Center Voltamotion

** In the course of formation.

16 FTE

Product segments

Voltapower – Voltamotion – Voltaforce

Key Developments in Product Segments in FY2018

Agenda

• Highlights
• Technology Overview
• Business Overview
• Financials
• Appendix Financials

E-Mobility Pure Play

Production Steps - From the Cell to the Complete System

TCO-Advantages Driving Substitution of Lead-Acid by Li-Ion

Cell Expertise in the Group

Dr. Fabian Wohde Cell Expert at Voltabox

"

On paper, lithium-ion technology has been convincing right from the start. However, after we have installed numerous Li-Ion-based systems in the market over the past few months, the strengths of the cell chemistries we use are also evident in practice. Lithium-ion battery systems impress with their flexibility, high charging rates, long service life and massive advantages in terms of total cost of ownership". "

Voltabox is Cell Agnostic!

Lithium Iron Phosphate (LFP)

• Nominal cell voltage: 3.2 V to 3.3 V
• No risk of thermal runaway (in case of an accident)
• High cycle stability of up to 4,000 cycles at 80% DoD
• Large operating temperature range -20/+ 55 °c
• High energy density (125 Wh/kg and 292 Wh/l)
• Using only a small portion of rare earths

Nickel Manganese Cobalt (NMC)

• Nominal cell voltage: 3.6 V to 3.7 V
• High cycle stability of at least 6,000 cycles at 80% DoD
• Great operating temperature range of -30/+ 60 °C
• High energy density (136 230 Wh/kg and at least 309 Wh/l)

Lithium Titanium Oxide (LTO)

• Nominal cell voltage: 2.3 V
• Highest cycle stability of up to 30,000 cycles at 80% DoD
• High level of safety thanks to LTO anode
• Great operating temperature range of -30/+ 55 °C
• Energy density of 96 Wh/kg or 202 Wh/l
• Great SoC range useable with the highest performances

Nickel Cobalt Aluminum Oxide (NCA)

• Nominal cell voltage: 3.6 3.7 V (vs. graphite)
• Very wide operating temperature range of -20 /+75°C
• High cycle stability of up to 1,500 cycles at 80-70% DoD
• High energy density (140 280 Wh/kg and 300 - 590 Wh/L)
• Currently being tested or upscaled by many cell manufacturers

Source: IDTechEx.

Cell

Chemistries

Li-Ion Battery System Supplier for Defying Applications

• Voltabox is a pioneer in the electrification of industrial applications. In 2018, the Group expanded its solution portfolio in order to open up further mass markets in the future.
  • Mindset focus on applications (authentic added value solutions)
  • Exceptional integration power (experience in automotive interfaces)
  • Superior realization processes (short time-to-market with modular kit)

Characteristics of selected battery systems

Agenda

• Highlights
• Technology Overview
• Business Overview
• Financials
• Appendix Financials

Market Dynamics

• Overall usage of batteries will increase due to E-mobility mega trend
• Ongoing substitution of lead acid batteries resp. diesel generators by lithium-ion batteries in occupied submarkets
• 12% global market growth expected for battery systems in current Voltabox end markets in 2019
• Intralogistics submarket expected to show fastest adoption of Li-Ion technology due to TCO advantages
• Market penetration of Li-Ion expected to exceed 50% of new sales by 2023 in intralogistics

* HEV/PHEV Buses over 5 meters, mining vehicles, agriculture & construction, motorcycles, pedelecs/e-bikes.

Intralogistics: New Sales Strategy for the booming market

The intralogistics market is preparing itself for the future right now. This led us to the conclusion, that Voltabox has to act proactively in order to take on a pioneering role in terms of electrifying the intralogistics market. In 2019, our strategy for worldwide sales in this market will be implemented clearly visible. " "

Dr. Patrick Ries

Intralogistics: Notes on the business with Triathlon

Deutsche Bundesbank on 21 Nov. 2018: Granting of "Investment Grade" for Triathlon

Extension of payment terms in H2/2018 has ended at 31 Dec. 2018

Current payment terms: mainly 30 days net

Triathlon pays on time (Q4/18: € 5.7m paid prematurely due to forward-looking cash planning)

Triathlon's share of Voltabox' sales in 2018 remained on previous year's level

In 2019e: share reduction by 2/3!

Voltabox of Texas: It's all about Seizing Opportunities

Mass Markets: ACCURATE as a key

* Source: IDTechEx.

Installation of Energy by End Markets

60-Months Cumulative Order Book*

• Total 60-months order book* amounts to around € 1.1bn.
• Thereof approx. 64% signed orders and framework agreements (weighted with 100%)
  • Estimated order backlog is weighted according to the expected lifetime and the probability of occurrence
  • Serves as base for planning
  • Evaluation system in place since inception in 2011

60-months cumulative order book* with 100% weighting as of 31 Dec. 2018

* As defined by the company.

Keyfacts for Revenues 2019e

Agenda

• Highlights
• Technology Overview
• Business Overview
• Financials
• Appendix Financials

Financial Highlights Q1 2018

↗ € 12.6 million

Revenues (previous year: € 5.1 m)

↗ 243 employees*

(31 December 2018: 235)

Targets achieved according to plan – Forecast for further strong growth confirmed

↗ € 2.5 million

Margin: 19.9 % Margin: 4.4 %

EBITDA (previous year: € -0.0 m)

↗ € 0.6 million

EBIT (previous year: € -0.8 m)

* Excluding 42 temporary employees, as of 31 December 2018.

Further Strong Top Line Growth – Profit to rise

Q1 2018 Q1 2019

Cash Flow Statement

• Decrease in trade receivables (while increase in previous year); significant decrease in trade payables and other liabilities
• Buildup of inventories against the backdrop of production expansion
• Payments for investments in property, plant and equipment due to facility expansion in the U.S.
• Payments for investments in intangible assets after 3 months: € 1.7m

Operating Cash Flow Bridge Q1 2019 (y-o-y)

Operating Cash Flow Bridge [in €m]

Key Cash Flow Developments in 2018

EBITDA / Free Cash Flow Bridge [in €m]

Corrections to the Consolidated Financial Statements 2017

• Voltabox AG made adjustments from the previous year in the 2018 consolidated financial statements, which mainly relate to the recognition of deferred taxes and expenses from the IPO, which were allocated to other operating expenses and offset against the profit carried forward.
• The resulting corrections for fiscal year 2017 are explained in the notes to the consolidated financial statements for fiscal year 2018 and have been published on May 6, 2019 in accordance with Section 109 (2)(1) of the German Securities Trading Act (WpHG).

VBX FY 2017 (€m)	Before	Amendment	After	Nature
EBIT	0.6	-3.4	-2.8	Inclusion of reallocated operating expenses from IPO
Tax	-0.1	-2.9	-3.0	Disallowance of deferred tax losses at Voltabox of Texas
Reallocation	9.9	-9.9	0.0	Profit from paragon transfer agreement recognized directly in equity
Net income	9.7	-16.2	-6.5	The above effects
Number of shares (m)	11.3		4.7	Weighted average calculation corrected for timing of debt conversion
EPS (€)	0.86	-2.25	-1.39
Net assets	3.3	-3.0	0.4	Deferred tax assets disallowed

CAPEX Investments

• FY 2018 CAPEX Investments: € 10.0 million in GER and € 3.6 million in the US
• Own work capitalized mainly for following projects
  • Development of battery system for Komatsu BH18/20 vehicle (as well as for 14t LHD)
  • Development of standard container for Trolleyand EV-Buses
  • Further developments of Battery Systems for Schäffer Front Wheel Loader and KUKA AGV
• In 2018, capitalized development costs fell significantly due to direct revenue recognition in the context of long-term, combined development and series supply contracts

FY 2019 CAPEX Investments: Virtually unchanged at approx. € 14m

Capitalized development costs amount to about 57 % of the investment total

CAPEX Investments in 2018

2018: Expectations Met – 2019: Ambitious Business Goals

2019 production

Further expansion of direct sales activities in Europe - Upcoming (additional) orders in Germany and further European countries expected for 2019

UL Certification of battery system for US intralogistics market – First Voltabox of Texas sales with intralogistics systems expected for H2/2019

Acceleration of projects with Komatsu - transfer of validation projects to series

Start of parts of Voltaforce production in Kunshan plant, China – Expansion of production facilities at Austin branch

Opening up new mass market segments

Forecast 2019

↗ € 105-115 m

Revenues 2019 (e)

↗ ca. 8-9 %

EBIT Margin 2019 (e)*

*Considering € 1.5m add. expenses from rearrangement of intralogistics partner agreement

Forecast and Analyst Consensus

Financial performance indicators of Voltabox AG		2018	2019
[in € million / as indicated]	Latest Forecast	Results	Forecast
Group revenue	65 – 70	66.9	Approx. 105 – 115
EBIT margin	7 %*	Approx. 8 – 9 %** 8.4 %
Investments	13.4	13.6	Approx. 14
thereof: IAS 38	5.8	3.0	Approx. 8
Analyst estimates	2018		2019
Group revenue	65.5		112.1
EBIT margin	6.8 %		9.5 %

* Considering € 2m add. expenses from rearrangement of intralogistics partner agreement.

** Considering € 1.5m add. expenses from rearrangement of intralogistics partner agreement.

Performance of Voltabox Share (VBX) since IPO

Voltabox on the Road – Trade Fairs and Exhibitions

Financial Calendar 2019

 January 10-11	ODDO BHF FORUM, Lyon
	Bankhaus
January 31	Lampe German Corporate Conference, London
 February 19-20	ODDO BHF German Conference, Frankfurt am Main
	Annual Report –
April 1	Consolidated Financial Statements 2018
	Bankhaus
April 3-5	Lampe German Conference, Baden-Baden
 April 11	Solventis Aktienforum, Frankfurt am Main
	Group Interim Report as of March 31, 2019 –
May 13	First quarter
 May 16	Annual General Meeting, Delbrück
	Group Interim Report as of June 30, 2019 –
August 21	Half year
 September 2-3	Equity Forum Fall Conference, Frankfurt am Main
	Group Interim Report as of September 30, 2019 –
November 13	9 months
 November 25-27	Eigenkapitalforum, Frankfurt am Main

Agenda

• Highlights
• Technology Overview
• Business Overview
• Financials
• Appendix Financials

Continuous Dynamic Top Line Growth in FY 18

Cash Flow Statement FY 18

Significant increase in net working capital due to increase in trade receivables resulting from

• very good business development and
• sales financing support for main Voltabox partner (limited to H2/2018, ended at Dec. 31)

as well as due to higher inventories resulting from

• ensuring delivery capability in the context of entering the direct intralogistics business and
• preparation for revenue recognition in the first quarter of 2019

Key Factors for Profitability Development in FY 18

Key Developments of Assets in FY 18

• Increase of noncurrent assets by € 23.7m
  • Intangible assets € +11.5m capitalized development expenses and extended scope of consolidation
  • Goodwill € +6.5m Acquisitions of Concurrent Design and ACCURATE
  • Other assets € +5.0m predominantly attributable to longterm accrued expenses and contractual assets
• Decrease of current assets by € -10.0m
  • Inventories € +23.0m expansion of the operating business and in this context entry into the intralogistics direct business
  • Trade receivables € +34.0m temporary extended payment terms to the customer Triathlon
  • Liquid funds € -74.4m short-term capital commitment in operating activities due to the Group's business expansion
  • Other current assets € +6.2m prepaid expenses and recognition of contractual assets

Assets in € million

Key Developments of Equity and Liabilities in FY 18

• Decrease of noncurrent provisions and liabilities by € -0.5m
  • Noncurrent loans € -3.4m
  • Deferred tax liabilities € +2.9m
• Increase of current provisions and liabilities by € 11.8m
  • Current loans € +3.0m
  • Trade payables € +5.7m
  • Liabilities to related parties € -1.3m
  • Other current liabilities € +3.5m
• Increase of equity by € +2.4m
  • Equity ratio at 85.3 % (Dec. 31, 2017: 90.7 %) as expected resulting from the rise in total assets

	Dec. 31, 2018	Dec. 31., 2017*
Equity	154,484	152,111
Subscribed capital	15,825	15,825
Capital reserve	127,992	127,992
Profit/loss carried forward	7,614	14,038
Consolidated net income	2,579	-6,514
Currency translation differences	474	770
Noncurrent provisions and liabilities	7,808	8,287
Noncurrent finance lease liabilities	17	16
Noncurrent loans	141	3,532
Deferred tax liabilities	7,650	4,739
Current provisions and liabilities	19,224	7,375
Trade payables	9,257	3,591
Liabilities to related parties	557	1,813
Other current liabilities	5,871	1,439
	181,516	167,773

Operating Cash Flow Bridge (y-o-y)

Operating Cash Flow Bridge [in €m]

Key Cash Flow Developments in FY 18

EBITDA / Free Cash Flow Bridge [in €m]

*As retrospectively amended in FY 2018 consolidated financials statements.

20

Disclaimer

This presentation is given to you in strict confidence. By attending the presentation, you agree that no part of this presentation or disclaimer may be disclosed, distributed or reproduced to any third party without the consent of Voltabox AG ("Voltabox").

This presentation is being provided for the sole purpose of providing the recipients with background information about Voltabox's business. This presentation, including the information contained in this disclaimer, does not constitute an offer, invitation or recommendation to subscribe for or purchase any security and neither the presentation, disclaimer nor anything contained in them forms the basis of any contract or commitment. This presentation does not purport to summarize all information that an investor should consider when making an investment decision. It should be read in conjunction with Voltabox's other continuous disclosure announcements. Before making an investment decision you should consider whether it is suitable for you in light of your own investment profile and objectives and financial circumstances and the merits and risk involved.

No representation, express or implied, is made as to the fairness, accuracy, completeness or correctness of information, opinions and conclusions contained in this presentation, including the accuracy, likelihood of achievement or reasonableness of any forecasts, prospects, returns or statements in relation to future matters contained in the presentation ("forward-looking statements"). Such forward-looking statements are by their nature subject to significant uncertainties and contingencies and are based on a number of estimates and assumptions that are subject to change (and in many cases are outside the control of Voltabox and its Directors) which may cause the actual results or performance of Voltabox to be materially different from any future results or performance expressed or implied by such forward-looking statements. Forward looking statements are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance.

To the maximum extent permitted by law, neither Voltabox nor its related corporations, directors, employees or agents, nor any other person, accepts any liability, including, without limitation, any liability arising from fault or negligence, for any loss arising from the use of this presentation or its contents or otherwise arising in connection with it.

You represent and confirm by attending and/or retaining this presentation, that you accept the above conditions.

Company Contact

Voltabox AG

Investor Relations

Dr. Kai Holtmann

Artegastraße 1

D-33129 Delbrück

Phone: +49 (0) 5250 9930-964

E-Mail: investor@voltabox.ag