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Wacker Neuson Group Quarterly report Q1/2026

May 7, 2026, unaudited

Overview Q1/2026

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Q1/2026

Revenue € 591.4 m (+19.8% YoY)

EBIT margin 7.0% (py: 2.5%)

NWC ratio[1] 30.7% (py: 32.8%)

FCF € -2.6 m (py: € 19.4 m)

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Revenue +20% YoY. Notable upward trend in compact equipment.

EBIT margin +4.5 PP YoY supported by higher revenue with unchanged operating costs.

NWC ratio[1] in Q1/2026 significantly lower compared to previous year.

Slightly negative free cash flow in Q1/2026.

1 Net Working Capital (NWC) in % of LTM revenue (last 12 months).

Wacker Neuson Group, Quarterly Report Q1/2026, unaudited (May 7, 2026)

Revenue and profitability – Q1/2026

Profitability in Q1/2026 significantly above previous year

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Revenue EBIT
[€ m] margin
700 20%
581 594 591
600 550
494
15%
500
400
300 7.6% 7.5% 7.0% 10%
5.9%
200
2.5% 5%
100
0 0%
Q1/25 Q2/25 Q3/25 Q4/25 Q1/26
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Comments

Revenue:

Q1/2026 revenue increased by 19.8% compared to previous year
Recovery in construction industry (especially in Europe)
Sentiment in construction industry is more positive than in the agriculture industry

Gross profit:

Gross profit margin in Q1/2026 1.7 PP up compared to previous year due to increased revenue

EBIT:

Profit and loss statement (excerpt)

[€ m]	Q1/26	Q1/25	Δ
Revenue	591.4	493.5	19.8%
Gross profit	139.4	108.2	28.8%
as a % of revenue	23.6%	21.9%	1.7PP
Operating costs1	-97.9	-96.1	-1.9%
as a % of revenue	-16.6%	-19.5%	2.9PP
EBIT	41.5	12.1	>100%
as a % of revenue	7.0%	2.5%	4.5PP
Financial result	-1.6	-6.3	74.6%
Taxes on income	-11.8	-1.6	<-100%
Profit for the period	28.1	4.2	>100%
EPS (in €)	0.41	0.06	>100%

Q1/2026 EBIT margin at 7.0% and therefore +4.5 PP compared to previous year (Q1/2025: 2.5%) supported by higher revenue with unchanged operating costs

1 Including other operating income / other operating expenses.

Wacker Neuson Group, Quarterly Report Q1/2026, unaudited (May 7, 2026)

Development of regions and business segments – Q1/2026

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Recovery in Europe

Revenue

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Share YoY EBIT [1]
[€ m]
Europe 471.6 80% +27% 40.4
Americas 108.0 18% -2% 1.3
Asia-Pacific 11.8 2% +8% 0.2
Q1/2026 591.4 100% 20% 41.5
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Business segment Compact Equipment significantly up compared to previous year

Revenue

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Share YoY
[€ m] [2]
Light Equipment 114.2 19% 0%
Compact Equipment 355.5 60% +40%
Services 124.5 21% -3%
Q1/2026 594.2 100% +20%
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Comments

Revenue Europe (EMEA) +26.7% YoY (adj. for FX effects: +27.1%)

Revenue in Q1/2026 increased significantly compared to previous year
Recovery of the European markets

Revenue Americas -2.3% YoY (adj. for FX effects: +7.6%)

Increasing demand in the US compared to previous year, Mexico and Canada further declined

Revenue Asia-Pacific +8.3% YoY (adj. for FX effects : +11.9%)

Demand in Australia positive again compared to Q1/2025, whereas negative in China

1 EBIT for regions before consolidation amounting to € -0.4 m (Q1/2025: € 9.4 m). 2 Revenue incl. cash discounts amounting to € 2.8 m(Q1/2025: € 2.9 m).

Wacker Neuson Group, Quarterly Report Q1/2026, unaudited (May 7, 2026)

Development of NWC components – Q1/2026

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Inventories

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Inventories
DIO [1 ]
[€ m]
[Days]
1,000 400
800
647 300
616 594 612 614
600
146 200
400 123 132 122 131
100
200
0 0
Q1/25 Q2/25 Q3/25 Q4/25 Q1/26
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Trade receivables

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Trade receivables DSO [2]
[€ m] [Days]
500 200
400
328 317 329 150
298
269
300
100
200 55 51 53 51
41
50
100
0 0
Q1/25 Q2/25 Q3/25 Q4/25 Q1/26
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Trade payables

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Trade payables DPO [3]
[€ m] [Days]
400 200
300 265 150
230 236 236
214
200 100
51 48 51 47 54
100 50
0 0
Q1/25 Q2/25 Q3/25 Q4/25 Q1/26
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Comments

Inventories increased in total by 5.4% since the end of 2025
Trade receivables increased by 22.0% since the end of 2025 due to improved business
Trade payables increased by 12.4% due to further increasing purchasing volume of production plants compared to previous year
1 Days inventory outstanding (ann.) = (inventories/(cost of sales4))365 days.
2 Days sales outstanding (ann.) = (trade receivables/(revenue4))365 days.
3 Days payables outstanding (ann.) = (trade payables/(cost of sales4))365 days.

Wacker Neuson Group, Quarterly Report Q1/2026, unaudited (May 7, 2026)

NWC and cash flow development – Q1/2026

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Net working capital (LTM)
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Cash flow from operating activities

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Net working capital Net working
[€ m] capital ratio [1] [€ m]
1,000 100% 200
800 700 691 692 710 80%
647 150
600 60% 108
100
400 33% 33% 32% 29% 31% 40% 63 61
50 36
200 20%
9
0 0% 0
Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26
Free cash flow Comments
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Free cash flow

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[€ m]
110
86
90
70
48 48
50
19
30
10
-10
-3
Q1/25 Q2/25 Q3/25 Q4/25 Q1/26
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Net working capital ratio[1] 2.1 PP down compared to previous year
Investments amounting to € 11.7 m in Q1/2026 (Q1/2025: € 17.0 m), thereof € 6.2 m in property, plant and equipment and € 5.5 m in intangible assets
Free cash flow amounting to € -2.6 m in Q1/2026 (Q1/2025: € 19.4 m)

1 Net Working Capital in % of LTM revenue (last 12 months).

Wacker Neuson Group, Quarterly Report Q1/2026, unaudited (May 7, 2026)

Financial structure development – Q1/2026

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Net financial debt and gearing

Net financial debt / EBITDA (LTM)[3]

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Net financial debt [1] Gearing [2]
[€ m]
500 100% 1.6
1.4
400 80%
1.2 1.1 1.1
298 299
300 258 60% 1.0 0.9
185 196 0.8 0.6 0.6
200 40%
0.6
20% 20%
17%
12% 13% 0.4
100 20%
0.2
0 0% 0.0
Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26
Equity and equity ratio [4] Comments
Equity Equity ratio
[€ m]
1,600 1,497 1,469 1,494 1,514 1,547 100% • Net financial debt [1] decreased significantly compared to previous year,
net financial debt / EBITDA (LTM) [3] at 0.6
80%
1,200 • Gearing [2] decreased by 7.2 PP compared to previous year
60%
800 60% 59% 60% 62% 62% • Equity and equity ratio at 62% basically unchanged
40%
400
20%
0 0%
Q1/25 Q2/25 Q3/25 Q4/25 Q1/26
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1 Net financial debt = Non-current financial liabilities + Current liabilities to banks + Current portion of non-current liabilities - Cash and cash equivalents. 2 Net financial debt / equity. 3 Net financial debt / EBITDA of the last 12 months. 4 The correction of errors related to the recognition of warranty provisions resulted in adjustments to deferred tax assets, other reserves, retained earnings and current provisions starting Q1/2024. This led to adjustments of equity and equity ratio. Further information is provided in the 2025 Annual Report under „Amendments to financial reporting according to IFRS“.

Wacker Neuson Group, Quarterly Report Q1/2026, unaudited (May 7, 2026)

Sentiment in construction more positive than in agriculture

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Construction:

CECE business climate index – slight decrease

Outlook

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Source: CECE (Committee for European Construction Equipment), April 2026.

Agriculture: CEMA business climate index declining further

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CECE business climate index slightly decreased: current business has clearly gained momentum, geopolitical risks weaken the outlook for the next 6 months
CEMA business climate index remains volatile, decreases to -6 points; the downward pressure affects the current business
Business cycle risks for the fiscal year 2026:
Challenging geopolitical and economic environment (US tariffs, war in the Middle East)
Guidance for the fiscal year 2026 confirmed:
- Revenue between € 2,200 m and € 2,400 m
- EBIT margin between 6.5% and 7.5%
- Investments between € 70 m and € 90 m[1]
- Net working capital in percent of revenue below 30%

Source: CEMA (European Agricultural Machinery Industry Association), April 2026.

1 Investments in property, plant and equipment and intangible assets.

Wacker Neuson Group, Quarterly Report Q1/2026, unaudited (May 7, 2026)

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Consolidated Financial Statements

(unaudited)

Consolidated income statement

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IN € MILLION

IN € MILLION
	Q1/2026	Q1/2025
Revenue	591.4	493.5
Cost of sales	-452.0	-385.3
Gross profit	139.4	108.2
Sales and service expenses	-59.7	-59.9
Research and development expenses	-15.5	-13.5
General administrative expenses	-25.8	-25.3
Other income	3.2	3.2
Other expenses	-0.1	-0.6
Earnings before interest and tax (EBIT)	41.5	12.1
Financial income	7.0	9.2
Financial expenses	-8.6	-15.5
Earnings before tax (EBT)	39.9	5.8
Income taxes	-11.8	-1.6
Profit for the period	28.1	4.2
Earnings per share in € (diluted and undiluted)	0.41	0.06

Wacker Neuson Group, Quarterly Report Q1/2026, unaudited (May 7, 2026)

Consolidated balance sheet

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Consolidated balance sheet
IN € MILLION	IN € MILLION
Mar. 31, 2026 Dec. 31, 2025 Mar. 31, 2025 adjusted	Mar. 31, 2026 Dec. 31, 2025 Mar. 31, 2025 adjusted
Assets	Equity and liabilities

Property, plant and equipment 589.0 598.0 609.6	Subscribed capital 70.1 70.1 70.1
Investment properties 26.4 26.5 27.0	Other reserves* 596.0 591.6 606.7
Goodwill 236.3 236.3 236.3	Net profit/loss* 933.5 905.4 873.2
Other intangible assets 223.3 226.1 234.9	Treasury shares -53.0 -53.0 -53.0
Investments accounted for using the equity method 4.8 4.4 4.9	Equity 1,546.6 1,514.1 1,497.0
Other Investments 3.5 3.2 3.7	Non-current financial liabilities 108.8 109.6 191.6
Deferred tax assets* 44.7 45.7 55.2	Non-current lease liabilities 91.9 97.6 98.3
Non-current financial assets 23.6 23.1 24.4	Deferred tax liabilities 63.0 63.2 62.4
Other non-current non-financial assets 1.2 1.3 0.0	Provisions for pensions and similar obligations 32.3 33.4 34.2
Rental equipment 247.0 260.4 272.3	Non-current provisions 19.6 19.3 13.5
	Non-current contract liabilities 25.5 24.0 20.7
Total non-current assets 1,399.8 1,425.0 1,468.3	Total non-current liabilities 341.1 347.1 420.7
Inventories 647.0 613.7 616.4	Trade payables 265.3 236.1 214.2
Trade receivables 328.6 269.4 297.6	Current liabilities to financial institutions 118.3 109.4 137.4
Tax assets 26.6 28.1 28.6	Current portion of non-current liabilities 0.4 0.4 1.1
Other current financial assets 33.7 34.3 38.5	Current lease liabilities 22.7 23.0 27.6
Other current non-financial assets 37.5 33.3 32.3	Current provisions* 29.7 34.6 34.3
Cash and cash equivalents 31.7 34.0 32.3	Current contract liabilities 12.5 12.0 11.6
Non-current assets held for sale 0.3 0.3 0.0	Income tax liabilities 8.5 14.0 22.3
	Other current financial liabilities 79.8 87.8 76.7
	Other current non-financial liabilities 80.3 59.6 71.1
Total current assets 1,105.4 1,013.1 1,045.7	Total current liabilities 617.5 576.9 596.3

Total assets 2,505.2 2,438.1 2,514.0	Total equity and liabilities 2,505.2 2,438.1 2,514.0

Due to the correction of an error related to the recognition of warranty provisions, Deferred tax assets, Other reserves, Net profit/loss and Current provisions as of March 31, 2025 have been adjusted. Further information is provided in the Annual Report 2025 under “Amendments in financial reporting according to IFRS.”

Wacker Neuson Group, Quarterly Report Q1/2026, unaudited (May 7, 2026)

Consolidated cash flow statement (1/2)

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IN € MILLION

IN € MILLION
	Q1/2026	Q1/2025
EBT	39.9	5.8
Depreciation, amortization, impairment and reversal of impairment of non-current assets	24.7	24.8
Unrealized foreign exchange gains/losses	-0.8	2.6
Financial result	1.6	6.3
Gains from the sale of intangible assets and property, plant and equipment	-0.1	-0.2
Changes in rental equipment, net	13.6	1.3
Changes in misc. assets	-3.0	0.7
Changes in provisions	-5.2	1.8
Changes in misc. liabilities	11.7	8.8
Gross cash flow	82.4	51.9
Changes in inventories	-28.8	-3.9
Changes in trade receivables	-57.8	-46.2
Changes in trade payables	28.5	48.3
Changes in net working capital	-58.1	-1.8
Cash flow from operating activities before income tax paid	24.3	50.1
Income tax paid	-15.0	-13.8
Cash flow from operating activities	9.3	36.3

Wacker Neuson Group, Quarterly Report Q1/2026, unaudited (May 7, 2026)

Consolidated cash flow statement (2/2)

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IN € MILLION

IN € MILLION
	Q1/2026	Q1/2025
Cash flow from operating activities	9.3	36.3
Purchase of property, plant and equipment	-6.2	-7.7
Purchase of intangible assets	-5.5	-9.3
Cash outflows for investments accounted for using the equity method and other investments	-0.4	-0.7
Proceeds from the sale of property, plant and equipment, intangible assets and assets held for sale	0.2	0.8
Cash flow from investment activities	-11.9	-16.9
Free cash flow	-2.6	19.4
Cash receipts from current borrowings	8.6	75.5
Repayments from current borrowings	-0.2	-87.7
Repayments from non-current borrowings	-0.2	-0.6
Repayments from lease liabilities	-6.0	-5.3
Interest paid	-2.5	-4.3
Interest received	0.7	0.8
Cash flow from financial activities	0.4	-21.6
Change in cash and cash equivalents before effect of exchange rates and changes in consolidation group	-2.2	-2.2
Effect of exchange rates on cash and cash equivalents	-0.1	-0.8
Change in cash and cash equivalents	-2.3	-3.0
Cash and cash equivalents at the beginning of the period	34.0	35.3
Cash and cash equivalents at the end of period	31.7	32.3

Wacker Neuson Group, Quarterly Report Q1/2026, unaudited (May 7, 2026)

Group segment reporting

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Geographical segments

IN € MILLION

IN € MILLION
	Europe		Americas		Asia-Pacific		Consolidation		Group
	Q1/2026	Q1/2025	Q1/2026	Q1/2025	Q1/2026	Q1/2025	Q1/2026	Q1/2025	Q1/2026	Q1/2025
Total revenue	750.1	579.4	120.9	124.8	20.9	18.9			891.9	723.1
Revenue from external customers	471.6	372.1	108.0	110.5	11.8	10.9			591.4	493.5
Cost of sales	-359.2	-297.2	-83.6	-80.6	-9.2	-7.5			-452.0	-385.3
EBIT1	40.4	-0.5	1.3	3.2	0.2	0.0	-0.4	9.4	41.5	12.1
1EBIT of regions before consolidation

Business areas

IN € MILLION

IN € MILLION
	Q1/2026	Q1/2025
Segment revenue from external customers
Light equipment	114.2	114.7
Compact equipment	355.5	253.5
Services	124.5	128.2
	594.2	496.4
Less cash discounts	-2.8	-2.9
Total	591.4	493.5

Wacker Neuson Group, Quarterly Report Q1/2026, unaudited (May 7, 2026)

Financial calendar 2026 and contact

May 13, 2026 Annual General Meeting, Munich

August 13, 2026 Publication of Half-Year Report H1/2026, Earnings Call

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November 12, 2026 Publication of Nine-month Statement 9M/2026, Earnings Call

Disclaimer

This document contains forward-looking statements which are based on the current estimates and assumptions by the corporate management of Wacker Neuson Group. Forward-looking statements are characterized by the use of words such as expect, intend, plan, predict, assume, believe, estimate, anticipate and similar formulations. Such statements are not to be understood as in any way guaranteeing that those expectations will turn out to be accurate. Future performance and the results actually achieved by Wacker Neuson Group and its affiliated companies depend on a number of risks, uncertainties and other factors. Many of these factors, including, but not limited to, those described in disclosures, in particular in the risk report of the Company, are outside the Company’s control and cannot be accurately estimated in advance, such as the future economic environment, the actions of competitors and others involved in the market-place or the legal and regulatory framework. If these risks or uncertainties materialize, or if the assumptions underlying any of these statements prove incorrect, then actual results may be materially different from those expressed or implied by such statements. Above and beyond legal requirements, the Company neither plans nor undertakes to update any forward-looking statements.

All rights reserved. As of May 2026. Wacker Neuson Group accepts no liability for the accuracy and completeness of information provided in this document. Reprint only with the written approval of Wacker Neuson Group in Munich, Germany.

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