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A DEUTZ AG H1 2026 results Cologne | 6 August 2026 DEUTZ
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Disclaimer 2 This document (the “Presentation”) is for information purposes only and must not be relied upon for any purpose. It does not purport to contain all information required to evaluate DEUTZ AG (the “Company”) and its subsidiaries (collectively, the “Group”) and/or its financial position. This Presentation does not constitute or form part of, and is not made in connection with any offer, invitation or recommendation to subscribe for, underwrite or otherwise acquire any securities of the Group or any of its subsidiaries or affiliates, nor should it or any part of it form the basis of, or be relied on in connection with, any contract to purchase or subscribe for any securities of the Group or any of its subsidiaries or affiliates, nor shall it or any part of it form the basis of or be relied on in connection with any contract or commitment whatsoever. No part of the Presentation, nor the fact of its distribution, should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. The information contained in the Presentation concerning the Group has been obtained from the Company and other sources. The Presentation is not the product of research, has not been subject to any independent audit or review, is being provided for information purposes only and may not be relied upon by any person. The information contained in the Presentation has not been subject to any independent audit or review and no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained in the Presentation. This Presentation also includes certain financial measures that are not recognized by IFRS or any other generally accepted accounting principles and that may not be permitted to appear on the face of the financial statements or footnotes thereto (“Non-GAAP Measures”). Non-GAAP Measures should not be considered as alternatives to performance measures derived in accordance with IFRS or any other generally accepted accounting principles, may not be comparable to other similarly titled measures of other companies and have limitations as analytical tools. The Presentation also includes rounded information. Due to rounding, numbers presented in this Presentation may not add up precisely to the total provided and percentages may not precisely reflect the absolute figures. A significant portion of the information contained in the Presentation is based on estimates or expectations of the Company, and there can be no assurance that these estimates or expectations are or will prove to be accurate. The internal estimates have not been verified by an external expert, and it cannot be guaranteed that a third party using different methods to assemble, analyze or compute market information and data would obtain or generate the same results. Past performance of the Group is not indicative of future performance. Certain of the industry and market data contained in this Presentation come from the Group’s own internal research and estimates based on the knowledge and experience of the Group’s management in the market in which the Group operates. Such research and estimates, and their underlying methodology and assumptions, have not been verified by any independent source for accuracy or completeness and are subject to change without notice. Accordingly, undue reliance should not be placed on any of the industry or market data contained in this Presentation. Although the Group has obtained such information provided from sources that should be considered reliable, it cannot guarantee its accuracy or completeness. The information provided is purely of an indicative nature and is subject to change without notice at any time. Certain statements contained in the Presentation are statements of future expectations and other forward- looking statements that are based on third party sources and involve known and unknown risks and uncertainties. The forward-looking statements include, but are not limited to, all statements other than statements of historical facts, including, without limitation, those regarding the Group’s outlook, future financial position and results of operations, strategy, plans, objectives, goals and targets and future developments in the markets where the Group participates or is seeking to participate. Forward-looking statements contained in this Presentation regarding trends or activities should not be taken as a representation that such trends or activities will continue in the future. There is no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. No undue reliance should be placed on forward-looking statements, which speak only as of the date of this Presentation. The forward-looking information contained herein represents the subjective views of the management of the Group and has been prepared on the basis of a number of assumptions and subjective judgments which may prove to be incorrect and, accordingly, actual results may vary. They represent the subjective views of the management of the Group and are based on significant assumptions. Industry experts, business analysts or other persons may disagree with these views, assumptions judgments, including without limitation the management’s view of the market and the prospects for the Group. Any forward-looking statements in the Presentation are subject to a number of risks and uncertainties, many of which are beyond the Group’s control, that could cause the Group’s actual results and performance to differ materially from any expected future results or performance expressed or implied by any forward-looking statements. Due to such uncertainties and risks, readers are cautioned not to place undue reliance on such forward-looking statements as a prediction of actual results. The views expressed herein are based on historical numbers, previous business plans, recent business information and include a number of assumptions and other relevant factors. For additional information on these and other factors that could affect our forward-looking statements, see our risk factors, as they may be amended from time to time, set forth in our annual reports.
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Dr. Sebastian Schulte Overview & current development
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H1 2026: Profitable growth continues in second quarter New orders €1.331 million 4 +29% yoy Revenue €1.115 million +11% yoy EBIT margin1 7.1% +1.6pp yoy 1 Before exceptional items. Exceptional items include effects from purchase price allocations (PPA) since FY 2026; the figures for the prior-year periods have been adjusted accordingly, for H1 2025 from 4.7% to 5.5% and for Q2 2025 from 5.0% to 5.8%. Q2: €560 million +15% yoy Q2: €585 million +13% yoy Q2: 7.2% +1.4pp yoy
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5 Key highlights Service pushes for further growth MAXI TRUST extends Energy's global reach Engines’ profitability rebounds Deal with FFG signed
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6 1) Including Ukraine. FFG, proven across NATO land programs, with best-in-class margins and strongly positioned to capture the opportunity ahead Full-vehicle repair, powerpack maintenance, modernization, and capability upgrades across tracked and wheeled NATO fleets Maintenance, repair & service (MRO+) Proprietary vehicle platforms such as WiSENT 2 (Armored Recovery/ Engineer Vehicle) and ACSV (Armored Combat Support Vehicle) as well as partnership models (e.g. TAHR, CAVS) Original equipment solutions ~€760m ~50% CAGR 2023- 25A Revenue 2025A 9 Locations ~90 % MRO+ [Higher platform share] >€1bn Revenue >20% EBITDA Margin (Management target, medium-term) >1.100 Employees >90 % NATO Customers1 >€1.9bn Order Backlog >30 Supported Platforms <20 % Bundeswehr Portfolio RevenueOperationsFinancial
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7 1) Share issuance structured as a contribution in kind, subject to EGM approval; 2) Based on current share price; 3) Total consideration includes further deferred, variable components. Deal value of ~€1.6bn funded through secured debt and a newly issued shares Share component Cash component Strategic Alignment ~€1.6 billion Purchase price3 Deal structure ~€0.6b DEUTZ AG shares2 ~€1bn Cash compensation Sellers receiving newly issued DEUTZ shares, retaining a 29,9% stake and becoming long-term shareholders1 Sellers receiving cash component, transaction financed by secured debt Further variable performance-based components Long-term focused investment agreement Supervisory board representation of FFG families
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8 Expected transaction synergies with further upside opportunities Dilution FFG Stand- Alone Near Term DEUTZ & FFG Synergies Existing FFG Orderbook Long-term DEUTZ & FFG Synergies Long-term FFG Pipeline Transaction EPS accretive on pro-forma basis1 Short-term opportunities from existing FFG order book and early synergies Long-term upside from Strategic synergies and FFG pipeline 1) Based on pro-forma combination and dilution; Arrows only indicative.
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• Continued portfolio and footprint strategy execution to further push profitability − Performance program at Porz plant shows first savings, e.g. efficiency improvement on assembly line 5 − Higher cost savings due to quicker relocation of products from Cologne Kalk to Spain − Voluntary leave program for Cologne site (production and production overhead) with 100-120 FTEs leaving to further improve efficiency • New G-Drive program with multiple new engines, including 24l engine, for genset customers starting with fixed orders • Partnership with FAW back-on-track for BCC-supply of legacy engines • JV with Sany in China progressing well compared to previous FY DEUTZ Engines: Profitability recovery accelerates
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10 1 Before exceptional items. HIGHLIGHTS & OUTLOOK • Demand in Q2 slightly increased yoy, but markets under pressure from economic effect of Iran crisis • Healthy order backlog at €385.4 million (30 June 2025: €314.4 million) • Significantly higher profitability driven by cost savings from Future Fit program, various efficiency programs in all functions (production, supply chain, R&D, sales) • Price increase for engines offsets higher labor costs and increased material prices • Any further uptick in new orders will lead immediately to further gross margin (and EBIT) improvement NEW ORDERS & REVENUE (€ million) ADJUSTED EBIT1 (€ million) DEUTZ Engines Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 296.1 291.3 319.2 328.0 272.7 287.8 364.5 325.2 373.2 306.7 329.8 335.7 3.3% 2.3% New orders Revenue % Margin Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 -0.3 5.0 1.9 7.0 11.5 12.8 -0.1% 3.7% 3.8% 1.5% 0.7% 2.1%
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• Expand as authorized service partner for machine manufacturers and service partner beyond the DEUTZ engine (e.g. US, Nordics and in general Daimler Truck off- highway) • Network expansion in the US continues – G&T Truck Repair acquired in June 2026, significantly strengthening service footprint in California • DEUTZ Power Centers in US with solid field service growth • Realignment of dealer organization in the DACH region, contracts with key dealers under renegotiation • Continuous expansion of the parts trading business in the European independent aftermarket • Exploring synergies across BUs e.g. genset service business with FRERK in Europe DEUTZ Service: Regional growth initiatives drive record order backlog
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Strengthening footprint in the global defense tech ecosystem 12 1 Before exceptional items. HIGHLIGHTS & OUTLOOK • New orders and revenue benefit from regional growth initiatives and integration of latest acquisitions, promising order intake H1 2026 shows 16.1% increase yoy • Order backlog at €57.9 million (30 June 2025: €42.1 million) • Record high monthly revenue of €55 million in June 2026 • Profit margin somewhat diluted by preparation for future growth and slightly lower revenue share of highly profitable spare parts business NEW ORDERS & REVENUE (€ million) ADJUSTED EBIT1 (€ million) DEUTZ Service % Margin Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 142.1 138.3 126.4 131.6 140.4 138.9 139.6 138.8 159.9 148.1 151.9 150.1 20.2% 14.1% New orders Revenue Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 27.0 23.7 30.1 23.6 26.0 25.4 19.5% 17.6%18.0% 16.9% 21.6% 17.0%
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• Acquisition of MAXI TRUST in Brazil (closed 1 June 2026) – expanding regional coverage to Latin America • Further diversification of customers in US (Blue Star Power Systems) progressing well: distributor orders on record high • Seasonal ramp-up of Frerk for H2 2026 going well, commissioning of new assembly facility in Schweringen on track • Push for cross-BU synergies by leveraging the DEUTZ network and expanding sales and building a global business • DEUTZ Energy targeting >€300 million revenues in FY 2026 and >€1 billion in five years • Pilot case for use of Agentic AI in business development and sales initiated DEUTZ Energy: Strongest growth contributor within DEUTZ
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14 1 Before exceptional items. HIGHLIGHTS & OUTLOOK • New orders of €55 million in Q2 including €10 million orders from MAXI TRUST consolidation; strong order backlog of €220.8 million (30 June 2025: €96.4 million) driven by Frerk • Strongest revenue growth contributor across all Business Units, up ~€37 million yoy, driven by Frerk Aggregatebau and MAXI TRUST (from June 2026) and organic growth • Significant margin recovery in Q2 compared to Q1 2026, proves margin quality of Energy business • Solid outlook on FY26 with >€300 million revenue at increasing EBIT margin level NEW ORDERS & REVENUE (€ million) ADJUSTED EBIT1 (€ million) DEUTZ Energy % Margin Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 68.4 38.9 21.2 40.4 26.1 43.8 49.7 45.7 206.7 50.8 54.7 65.7 158.0% 62.6% New orders Revenue Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 6.9 8.6 5.3 5.2 3.3 9.0 17.7% 6.5% 21.3% 13.7% 11.3%12.2%
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• DEUTZ strengthens NewTech presence: Urban Mobility Systems B.V. and Futavis GmbH are renamed and now operate under the DEUTZ NewTech brand • Focus on converting pipeline into revenue by scaling projects, production and delivery capabilities, further enhancing R&D efficiency to enable faster and more cost- effective product development • Capitalizing on current market opportunities given falling battery cell prices and high fuel prices in the off- highway sector DEUTZ NewTech: Profitability improves as revenue nearly doubles
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Strengthening footprint in the global defense tech ecosystem 16 1 Before exceptional items. HIGHLIGHTS & OUTLOOK • H1 new orders of €7.1 million reflect a still muted demand environment; order backlog at €6.5 million (30 June 2025: €11.2 million) • H1 Revenue nearly doubled yoy to €6.1 million, particularly from the delivery of electrified excavators • Improved profitability driven by tighter focus of R&D activities and cost discipline NEW ORDERS & REVENUE (€ million) ADJUSTED EBIT1 (€ million) DEUTZ NewTech Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 1.0 1.4 9.7 1.8 1.9 3.3 0.5 4.8 4.9 2.3 2.2 3.8 -77.3% 111.1% New orders Revenue Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 -12.0 -7.4 -7.8 -8.5 -6.4 -7.1
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• Continued commitment to the DefTech ecosystem with investments in ARX Robotics and TYTAN Technologies − DEUTZ and ARX Robotics launch first series production of the unmanned ground system GEREON in Ulm − Full power for resilient energy solutions: DEUTZ and HDC Solutions enter into strategic partnership • Further ramp-up of SOBEK Group activities and Defense development programs, continued R&D investments in new powertrain solutions − Interest for drone drives from Germany and abroad, including orders from drone package for German army • Growing demand for military engines, powerpacks and hybrid systems, excellent feedback from Eurosatory • FFG acquisition signed; closing subject to EGM approval and regulatory clearance DEUTZ Defense: Becoming a core pillar of DEUTZ
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Strengthening footpr & Other in the global defense tech ecosystem 18 1 Before exceptional items. 2 Due to the new structure of the business unit and the reporting segment, a meaningful yoy comparison is not applicable. HIGHLIGHTS & OUTLOOK • Substantial order growth in Q2 2026 yoy (Q1 2025 dominated by first time consolidation of HJS); order backlog at €43.0 million (30 June 2025: €26.8 million) • H1 2026 revenue growth of 47% yoy to €52.1 million; growth primarily attributable to Defense, specifically to engine deliveries for air defense systems and wheeled vehicles, as well as electric drives for military drones • H1 2026 adj. EBIT of €5.2 million; margin at 10.0%, slightly diluted by investments in the expansion of the Defense business, particularly R&D costs • HJS Emission Technology's turnaround continues, with notably improved results yoy NEW ORDERS & REVENUE (€ million) ADJUSTED EBIT1 (€ million) Segment DEUTZ Defense & Other % Margin Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 38.5 19.1 11.5 16.3 29.3 19.5 18.9 28.9 26.3 22.1 21.7 30.0 88.7% 84.0% New orders Revenue Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 0.2 1.7 3.2 2.9 2.313.1% N.A.2 1.2% 7.7% 8.8% 11.1%
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Oliver Neu H1 2026 Group financials
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20 Note: Relates to continuing operations. 1Before exceptional items. 2Exceptional items include effects from purchase price allocations (PPA) since FY 2026; 2025 figures have been adjusted accordingly. Q2 2026 shows further margin improvement 0 5 10 15 20 25 30 35 40 45 1 2 3 4 5 6 7 8 6.1% Q1 5.3% Q2 1.7% Q3 3.8% Q4 5.2% Q1 5.8% 6.3% Q3 27.7 7.2% 22.4 Q2 7.2 5.6%25.6 7.0% 30.1 31.2 Q2 30.5 Q4 37.3 Q1 42.4 19.4 +12.3 (+41%) Adjusted EBIT1 in € million, margin in % 2024 20252 2026
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New orders in € million Revenue in € million Adjusted EBIT1 in € million (margin in %) H1 2025 H1 2026 1,034.1 1,331.3 +28.7% H1 2025 H1 2026 1,007.1 1,115.3 +10.7% H1 2025 H1 2026 55.7 79.7 +43.1% 5.5% 7.1% 21 1 Before exceptional items. Exceptional items include effects from purchase price allocations (PPA) since FY 2026; prior-year EBIT has been adjusted accordingly from €47.1 million to €55.7 million, the margin has been adjusted from 4.7% to 5.5%. • New orders increased organically and due to 1st time consolidation of Frerk Aggregatebau (~€145 million) and MAXI TRUST (~€10 million); book-to-bill ratio at 1.2 (H1 2025: 1.0), order backlog at €713.6 million (30 June 2025: €490.9 million) • Revenue: All Business Units contributing to growth, with highest absolute increase at BU Energy, followed by Service and Engines; 55% of revenue generated in Europe, 27% in the Americas, 11% in APAMEA, 7% in China • Earnings: Margin increase driven by cost savings from Future Fit program and improved efficiency; net income of €33.5 million, incl. € 12.5 million provision for voluntary leave program Cologne site (H1 2025: €7.8 million, incl. €25 million provision for Future Fit) DEUTZ Group – H1 2026 business figures
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Capital expenditure1,2 in € million 22 1 After deducting grants. 2 Capital expenditure on property, plant and equipment (including right-of-use assets in connection with leases) and intangible assets, excluding capitalization of R&D. 3 Right-of-use assets for leases under IFRS 16. 4 Working capital as at the balance sheet date divided by revenue for the previous twelve months. R&D spending, capital expenditure, and working capital Net R&D spending1 in € million Working capital in € million H1 2025 H1 2026 45.1 44.6 -1.1% R&D ratio 31.12.2025 30.06.2026 382.9 463.4 +21.0% 18.7% Working capital ratio (as at the balance sheet date)4 4.5% 4.0% 5.8 H1 2025 21.7 H1 2026 35.4 60.1 +69.8% Thereof additions as a result of leases3 21.5% • R&D spending allocated to BU Engines (€30.1 m, -€0.1 m yoy), BU NewTech (€8.2 m, -€5.6 m yoy), BU Defense (€6.3 m, +€5.3 m yoy) • Capex predominantly for IT infrastructure, production equipment and software • Working capital ratio increased due to statistical effect from Frerk and MAXI TRUST acquisitions and higher inventories due to order pattern and seasonal factors
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Free cash flow1 in € million Cash flow from operating activities in € million 23 1 Before M&A. Cash flow from operating activities and from investing activities less interest expense. 2 Cash and cash equivalents less current and non-current interest-bearing financial liabilities. Cash flow and net debt Net debt2 in € million H1 2025 H1 2026 60.8 31.9 -28.9 78.1 31.12.2025 91.6 30.06.2026 269.4 520.5 +251.1 H1 2025 H1 2026 14.4 -29.7 -44.1 Thereof leases Thereof leases • Operating cash flow: Significant decrease yoy caused by higher inventories in view of positive order situation, severance payments (Future Fit) and higher payouts for performance-based salary components • FCF1 decreased yoy due to lower operating cash flow, back to more normal seasonal pattern compared to H1 2025 • Net debt increased due to financing of acquisitions (Frerk Aggregatebau, MAXI TRUST, G&T) and investments in ARX and TYTAN
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Leverage Net debt1/EBITDA LTM2 Equity in € million 24 1 Cash and cash equivalents less current and non-current interest-bearing financial liabilities. 2 Before exceptional items. Balance sheet, financing and dividend Dividend per share in € 980 995 31.12.2025 30.06.2026 1,912 2,314 Total assets Equity 51.3% % Equity ratio 43.0% 1.3 2024 1.2 2025 2.1 H1 2026 2022 2023 2024 2025 0.15 0.17 0.17 0.18 • Equity ratio lowered compared to year-end 2025 primarily due to debt-financed acquisitions • Leverage increased to 2.1x after acquisitions of Frerk and MAXI TRUST, which, due to their recent consolidation, do not yet contribute significantly to EBITDA LTM • Dividend paid of increased €0.18 per share after AGM in May 2026
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Dr. Sebastian Schulte Guidance & outlook
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26 Guidance 2026 confirmed Guidance 2026 Revenue €2.3 billion to €2.5 billion thereof (midpoint) Engines €1.330 m, Service €635 m, Energy €290 m, NewTech €35 m, Defense & Other €110 m Adjusted EBIT margin1 6.5% to 8.0% with (midpoint) Engines at 3.25%, Service at 17.5%, Energy at 11.0%, Defense & Other at 11.0% and NewTech with expected losses of €-20 m to €-30 m Free cash flow2 High double-digit million-euro amount • Guidance initially given on market visibility as of end of February 2026 • As of now no substantial direct impact from various geopolitical crisis or US tariffs • Increased resilience from portfolio diversification pays off • Growth supported by positive momentum in Energy, Service and Defense, strengthening overall resilience 1 Before exceptional items. 2 Before M&A.
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27 Key highlights Service pushes for further growth MAXI TRUST extends Energy's global reach Engines’ profitability rebounds Deal with FFG signed
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28 1) Completion of the transaction is subject to customary conditions, in particular receipt of regulatory clearances and approval of the capital increase by the EGM. Shareholders invited to vote on 24 August 2026 to issue to new shares Signing of transaction 9 July 2026 Extraordinary General Meeting (virtual) 24 August 2026 Anticipated closing & regulatory approval By end of 2026 or Q1/20271 3Q 2026 Results 5 November 2026 1H 2026 Results 6 August 2026 Approval from German Federal Competition Authority already received
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Thank you. We look forward to your questions.
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Financial calendar and contact details Contact Investor Relations +49 (0) 221 822-3600 ir@deutz.com Financial calendar Extraordinary General Meeting 24 August 2026 Q3 2026 quarterly statement 5 November 2026 Follow us on 2026