Voltabox AG

Investor Presentation • Aug 21, 2020

Analyst / Investor Presentation

Publication of Consolidated Financial Statements August 21, 2020

Voltabox Business Performance in 2019

Initial planning Ambitious growth expected // Very good order situation // Set-up of structures

Hard brake Postponement of projects & revenues

Changed conditions Refocusing, Realigning, Restructuring

Comprehensive Adjustments of the Balance Sheet

Reason

Significantly deteriorated business prospects in various markets, due in part to the COVID 19 pandemic; increasingly significant difference between equity and market capitalization

Extensive adjustment of assets

Effect

• Maximum transparency for capital market and potential future (anchor) shareholders
• Maximum reduction of balance sheet risks

• Future earnings completely free of burdening effects – DCF beneficial

Valuation allowances Europe operating segment:

• Impairment of current assets of € 46.6m
• Impairment of goodwill of € 4.1m
• Impairment of intangible assets of € 20.6m
• Impending loss provision of € 3.0m and
• Reversal effects from the Voltamotion takeover of € 9.2m Valuation allowances North America operating segment:
• Impairment of current assets of € 8.8m
• Impairment of goodwill of € 5.6m
• Impairment of intangible assets of € 1.2m

P&L Key Group Figures 2019

Revenue reduced to € 56.6m

(2018: € 66.9 million)

EBITDA decreased to € -14.4m

(2018: € 9.6 million)

EBIT down to € -107.6m (2018: € 5.6 million)

Personnel expense ratio

up to 28.1% (2018: 20.3%)

Material input ratio* increased to 78.2% (2018: 56.4%)

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

Balance Sheet (Assets)

• Decrease of total assets by 50.9%
• Noncurrent assets € -20.6m
  • Intangible assets € -17.3m
  • Goodwill € -9.7m
  • Other assets € -2.9m
• Decrease of inventories by € 11.6m
• Trade receivables reduced by € 24.9m
• Other current assets down by € 5.7m
• Liquidity at € 5.0m
  • Despite extraordinary effects: stabilization of liquidity structures without inflow external funds
  • Balanced liquidity plan over the next 12 months

Balance Sheet (Liabilities)

• Decrease in equity by € 102.7m
• Equity ratio at 58.1%
• Increase of noncurrent liabilities by € 7.6m
  • Particularly due to IFRS 16 (Leasing)
• Current liabilities nearly stable at € 9.5m
  • Trade payables excluded
• Increase in trade payables by € 3.2m

Cash flow Statement

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

• Trade receivables € -38.7m
• Inventories € -11.6m

Investment cash flow affected by

• CAPEX investments of € 15.4m
• Cash receipts from disposals of property, plant and equipment of € 7.3m

First quarter in the wake of first corona effects

• Several projects affected by COVID-19 circumstances
• Inventories cleaned up from old cell technology
• Recognition of a provision for impending losses
• Receivables reduced by € 6.7m to € 24.4m
• Operating cash flow at € 4.1m (prior year: € -12.8m)
• Free cash flow up 90.2% to € -1.5m

In €'000 / as indicated	Jan. 1 to Mar. 31, 2020	Jan. 1 to Mar. 31, 2019
Revenue	2,807	12,630
Gross Profit	1,660	9,032
EBITDA	-6,192	2,508
EBITDA margin in %	-220.6%	19.9%
EBIT	-16,236	560
EBIT margin in %	-578.4%	4.4%
EBIT Adj.	-7,854	560
EBIT margin Adj. in %	-279.8%	4.4%

Preparations Done for the Post-Pandemic Era

NMC 24V standard NMC 24V air-cooled NMC 24V water-cooled NMC 48V standard NMC 48V air-cooled NMC 48V water-cooled >> Standardization selectively enhanced

• Further strengthening of expertise in the area of functional safety

• NMC 36V standard NMC 40V standard NMC 40V water-cooled LTO 48V standard LTO 83V standard NMC 103V water-cooled >> Cell-agnostic approach significantly revised through optimization of supplier structure and cell portfolio

Revision of the product portfolio in terms of value analysis (especially modular kit)

* Excerpt from product portfolio.

Revised approach in the race for technological leadership

• Improvements through omissions of cost-intensive materials and components
• Optimization of the module concepts according to requirements of the applications
• Production on existing lines
• Standardization, where possible, expanded
• Adjustment of charging cycles according to application

Product portfolio now more oriented towards customer needs, enabling even cost leadership!

New Face for the Future

Fundamental reorganisation of the Group – all geared towards

The NEW Voltabox

Outlook: Medium-Term Planning

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

Objectives for 2020ff.

Returning on growth track and further establish basic production

Diversification of customer base

Further optimizing margins of products/systems

Preparing future series production ramp-ups

Increasing footprint in focused markets via continuation of successful sales activities

Stabilizing US subsidiary in revenues, earnings and utilization

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.

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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