Slides
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Q3/26 FINANCIAL RESULTS Marc Llistosella CEO Frank Weber CFO October 29, 2026
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2 Key take-aways today Group – BOOST delivers significantly improved KPIs and second-highest quarterly op. EBIT in KB’s history Rail – continued solid margin improvement Truck – strong execution with all KPIs improved Guidance FY26 confirmed IAA, Automechanika and InnoTrans – showcasing industry-leading innovations and receiving excellent customer feedback
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3 Tech leadership and growth opportunities presented at IAA and InnoTrans Evolution of Braking Electro-mechanical Brake Rail Freight Transportation Digital Automatic Coupler (DAC) Future Steering Electric Power Steering (EPS) On-Train & Wayside Solutions Rail Mobility Visioneers Zero-Emission Solutions Redundancy Concepts and Automated DrivingSoftware-defined Solutions Embedded Electronic Solutions Software-Defined Vehicle CVS Service Platform/ AM InnoTrans 2026 IAA Transportation 2026 Growth driven by innovation and quality Zero-emission Trucks: Multi Tumble Piston Compressor Hot topics – Knorr-Bremse
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4 Strong truck markets and unchanged demand in global rail Strong global passenger activity Expanding OEM order books, healthy KB backlog and very good visibility Further digitalization of rail industry Freight opportunities ahead Supportive outlook for 2027 and beyond Improving NA and good EU market TPRs recovery ongoing Robust aftermarket Solid Cojali and strong aftermarket eco-system opportunities via CVS Service Platform Good momentum expected to continue Positive outlook for 2027 in NA and EU Rail market fundamentals provide long- term visibility and growth opportunities KB Truck well positioned to benefit from market recovery Strong rail and truck markets Confidence in FY26 deliveries and good outlook into 2027
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5 BOOST delivering tangible results – another superior quarter with strong results Q3/20 Q3/21 Q3/22 Q3/23 Q3/24 Q3/25 Q3/26 4,458 5,007 6,878 7,191 7,058 7,368 7,883 Order book [€m] Q3/20 Q3/21 Q3/22 Q3/23 Q3/24 Q3/25 Q3/26 1.534 1.589 1.792 1.939 1.910 1.883 2.051 Revenues [€m] Op. EBIT Margin [%] Q3/20 Q3/21 Q3/22 Q3/23 Q3/24 Q3/25 Q3/26 22.2 25.3 16.1 17.5 18.6 21.0 24.2 ROCE (annual.) [%] Q3/20 Q3/21 Q3/22 Q3/23 Q3/24 Q3/25 Q3/26 12.7 13.6 11.3 11.5 12.3 13.3 14.6 Best Q3 in KB‘s history Resilient margin-accretive growth BOOST driving profitability close to old heights Consistent improvement over past four years 10% 1 5%1 1) CAGR since 2020 +190bp +200bp
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Q3/26 – Organic revenue growth and strong EBIT margins 6 FREE CASHFLOW € 238m1 (PY: € 159m) ORDER INTAKE € 2.05bn (org. +2.5% yoy) REVENUES OF € 2.05bn (org. +5.6% yoy) € 1.11bn (org. +1.5% yoy) € 938m (org. +10.8% yoy) OPERATING EBIT MARGIN 14.6% (PY: 13.3%) 17.7% (PY: 17.0%) 12.3% (PY: 10.5%) 129%1 (PY: 104%) ORDER BOOK €7.88bn (org. +3.9% yoy) CASH CONVERSION RATE 1) reported figure shown incl. tariff reimbursement of ~€ +14m in Q3, otherwise CCR 121%
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78 48 Q3/25 Q3/26 72.3 65.71 CapEx [€m] NWC1,2 [€m] Free Cashflow [€m] ROCE1,2 (annual.) [%] 7 Disciplined spending and strong profitability drive significant ROCE expansion and outstanding cash generation 4.2% 2.3% % of sales 159 319 Q3/25 Q3/26 9M/25 9M/26 2383 5313 HVAC as “Asset held for sale” as of 31.12.25; duagon consolidated since 05.01.26 1) As reported: excl. HVAC in NWC and capital employed 2) adjusted: Incl. HVAC in NWC and capital employed 3) Reported figures incl. tariff reimbursements of € 34m per 9M in the U.S. 30.09.25 30.09.26 21.0% 24.2%1 +320bps 23.5%2 Scope of days 70.52 30.09.25 30.09.26 1,563 1,4911 1,6012 224 497
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Order book remains very high Strong order book supports FY26 development and provides good visibility into 2027 and beyond OI > € 1bn EU: Lower in OE and higher in AM APAC: Higher OE in IN only partially compensated for lower overall order intake NA: Higher overall driven only by OE due to strong passenger demand Order intake [€m] Order book [€m] 8 Book-to-bill 16 18 Q3/25 Org. M&A FX Q3/26 \ -162 1,173 1,045 -10.9% -13.8% 0.941.12 Rail – Strong order book provides great visibility into future growth 30.09.25 30.09.26 5,659 5,858 +3.5% +- 0% Org. growth
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Profitability up 70bps Profitability supported by operating leverage in APAC and EU Savings from BOOST measures very supportive Revenues increased EU: Higher in OE and lower AM APAC: Higher in OE and AM; CN slightly higher NA: Higher in OE and lower in AM AM share at 54% Revenue [€m] Op. EBIT [€m]/ Margin 9 Rail – Further EBIT increase by efficiency gains and operating leverage 17.0% 17.7% 7 2 5 4 Q3/25 Org. M&A IEEPA ote FX Q3/26 179 197 +9.9% 16 31 18 Q3/25 Org. M&A FX Q3/26 1,050 1,114 +6.1% +1.5% +3.9% 1) M&A: after PPA 2) one-time effect, reimbursed 21
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OI significantly better yoy All regions up yoy EU: significantly higher yoy NA: significantly stronger yoy reflecting strong market recovery APAC: higher yoy driven by strong demand; CN slightly up and solid orders in Japan Order book significantly up yoy Solid market demand supports order backlog Order books increased across all regions Order intake [€m] Order book [€m] 10 Book-to-bill 1.090.94 Truck – Excellent order intake across all regions, especially in NA 30.09.25 30.09.26 1,710 2,028 +18.6% +16.8% Org. growth Book-to-bill 783 220 14 Q3/25 Org. M&A FX Q3/26 1 1,018 +30.1% +28.2% 0.94
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Profitability up 180bps Op. EBIT margin significantly higher yoy Benefits from operating leverage Supportive regional mix (esp. NA) Org. revenues up 11% EU: higher revenues, both OE and AM stronger NA: very strong OE business, trailer still subdued, AM lower APAC: solid OE and AM business, CN lower AM share at 33% Revenue [€m] Op. EBIT [€m]/ Margin1 1) M&A: after PPA 2) one-time effect, reimbursed 11 10.5% 12.3% 88 27 1 1 Q3/25 Org. M&A IEEPA FX Q3/26 -1 116 +31.9% +30.4% Truck – Double-digit organic growth fueling strong EBIT acceleration 90 1 13 Q3/25 Org. M&A FX Q3/26 833 938 +12.5% +10.8% 21
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Revenue2 [€m] Op. EBIT Margin2 Free Cashflow2 [€m] 12 Guidance FY26 confirmed, revenues and FCF at the upper end of the range 1) Calculation FX headwinds: current FX rates vs. FX rates in FY25 2) FY26 vs. FY25: duagon included and consolidated since 01/26 FY25 FY26e 13.0% 14.0-14.5% 790 FY25 FY26e 750-850 FY25 FY26e 8,100-8,300 7,817 FX based on current levels Essentially stable geopolitical and macroeconomic conditions No stronger effects due to Middle East crisis (e.g. supply chain restrictions) Impact on net income by net restructuring costs of ~€ 35m in FY26 No larger impacts by tariffs Rev. org. growth: low to mid single digit Op. EBIT margin: solid increase Rev. org. growth: mid to high single digit Op. EBIT margin: solid increase General Assumptions Div. assumptions for FY26 vs. FY25
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13 Back Up
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Group Q3/26: Order intake and order book 783 48 17 32 Q3/25 Org. M&A FX Q3/26 1,956 2,053 1,173 1,045 1,018 +4.9% +2.5% 5,659 1,710 30.09.25 5,858 2,028 30.09.26 7,368 7,883 +7.0%Book-to-bill 14 +3.9% Org. growth 1.001.04 Order intake [€m] Order book [€m]
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938 106 32 31 833 Q3/25 Org. M&A FX Q3/26 1,883 2,051 1,050 1,114 +9.0% Group Q3/26: Revenue development y-o-y 943 992 417 485 475 525 48 Q3/25 49 Q3/26 1,883 2,051 +5.2% +16.3% +3.1% +10.5% SA EU Asia/ Pacific NA By division By region 15 Revenue [€m] Revenue [€m] +5.6%
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Group Q3/26: Profitability and EPS 1) M&A: after PPA 2) one-time effect, reimbursed 3) after minorities 16 Q3/25 Q3/26 0.89 1.09 +22% EPS3 [€] 13.3% 14.6% 88 116 179 36 2 5 5 197 Q3/25 Org. M&A1 IEEPA ote FX Q3/26 251 299 +19.1% (17.0%) Reported: 218 (11.6%) Reported: 281 (13.7%) (17.7%) (10.5%) +14.4% + 130bps Op. EBIT [€m]/ Margin (12.3%) 2
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72 110 88 163 184 116 179 197 Q3/25 rep. Q3/26 rep. 7 Restructuring expenses (severances) 12 M&A related expenses (PPA) Q3/26 op. Q3/25 op. 218 281 299 251 + 210bps + 130bps Group Q3/26: Bridge reported EBIT to operating EBIT 17 Rail: ~€ 12mRail: ~€ 1m Truck: ~€ 6m (16.5%) (11.7%) (17.7%) (12.3%) (17.0%) (10.5%)(8.7%) (15.5%) (11.6%) (13.7%) (13.3%) (14.6%) Op. EBIT [€m]/ Margin
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9M/26: Strong KPIs across the board 18 FREE CASHFLOW € 531m1 (PY: € 319m) ORDER INTAKE € 6.48bn (org. +0.7% yoy) REVENUES OF € 6.13bn (org. +4.7% yoy) € 3.36bn (org. +2.5% yoy) € 2.77bn (org. +7.5% yoy) OPERATING EBIT MARGIN 14.1% (PY: 12.8%) 17.3% (PY: 16.4%) 11.9% (PY: 10.1%) ORDER BOOK € 7.88bn (org. +3.9% yoy) 101%1 (PY: 113%) CASH CONVERSION RATE 1) reported figure shown incl. tariff reimbursement of ~€ +34m, otherwise CCR 94%
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Group 9M/26: Order intake and order book 19 42 83 9M/25 Org. M&A FX 9M/26 6,440 -82 6,484 3,773 2,667 3,444 3,044 +0.7% Book-to-bill 1.061.10 +0.7% 5,659 1,710 30.09.25 5,858 2,028 30.09.26 7,368 7,883 +7.0% +3.9% Org. growth Order intake [€m] Order book [€m]
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Group 9M/26: Revenue development 276 92 9M/25 Org. M&A FX 9M/26 5,839 -76 6,132 3,219 2,622 3,359 2,775 +5.0% +4.7% 1,465 139 1,379 2,857 9M/25 1,501 141 1,422 3,068 9M/26 5,839 6,132 +7.4% +3.1% +1.5% +2.5% SA EU Asia/ Pacific NA 20y-o-y By division By region Revenue [€m] Revenue [€m]
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Group 9M/26: Profitability and EPS 1) M&A: after PPA 2) one-time effect, reimbursed 3) after minorities 21 9M/25 9M/26 2.59 3.11 +20% 9M/26 EPS impacted by Restructuring costs (severance payments) € 24m 9M/25 EPS impacted by Restructuring costs (severance payments) € 51m Op. EBIT [€m]/ Margin EPS2 [€] 12.8% 14.1% 264 330 526 116 5 5 580 9M/25 Org. M&A1 IEEPA ote FX 9M/26 749 -10 865 +15.5% (16.4%) Reported: 650 (11.1%) Reported: 806 (13.1%) (17.3%) (10.1%) +15.6% + 130bps (11.9%) 2
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228 319 264 471 537 330 526 580 9M/25 rep. 9M/26 rep. 24 Restructuring Expenses 35 M&A related Expenses 9M/26 op. 9M/25 op. 650 806 865 749 + 200bps + 130bps Group 9M/26: Bridge reported EBIT to operating EBIT 22 Rail: ~€ 35mRail: ~€ 8m Truck: ~€ 10m Others: ~€ 5m (16.0%) (11.5%) (17.3%) (11.9%) (16.4%) (10.1%)(8.7%) (14.6%) (11.1%) (13.1%) (12.8%) (14.1%) Op. EBIT [€m]/ Margin
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HVAC as “Asset held for sale” as of 31.12.25; duagon consolidated since 05.01.26 1) As reported: excl. HVAC in NWC and capital employed 2) adjusted: Incl. HVAC in NWC and capital employed 3.3% 2.9% % of sales 194 180 9M/25 9M/26 319 9M/25 9M/26 5313 23 Group 9M/26 CapEx [€m] NWC1,2 [€m] Free Cashflow [€m] ROCE1,2 (annual.) [%] 497 72.3 65.71 Scope of days 30.09.25 30.09.26 1,563 1,4911 1,6012 70.52 30.09.25 30.09.26 21.0% 24.2%1 +320bps 23.5%2
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Rail 9M/26: Order intake and order book Book-to-bill 24 83 9M/25 Org. M&A FX 9M/26 -380 -32 3,773 3,444 -8.7% 30.09.25 30.09.26 5,659 5,858 +3.5% -10.1% 1.031.17 Order intake [€m] Order book [€m]
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16.4% 17.3% Rail 9M/26: Revenue and profitability 1) M&A: after PPA 2) one-time effect, reimbursed 25 80 92 9M/25 Org. M&A FX 9M/26 3,219 -31 3,359 +4.4% 526 58048 5 5 9M/25 Org. M&A1 IEEPA ote FX 9M/26 -4 +10.2% + 90bps +2.5% +9.1% Revenue [€m] Op. EBIT [€m]/ Margin 2
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Truck 9M/26: Order intake and order book Book-to-bill 26 426 9M/25 Org. M&A FX 9M/26 2,667 0 -50 3,044 +14.1% 30.09.25 30.09.26 1,710 2,028 +18.6% +16.0% 1.101.02 Order intake [€m] Order book [€m]
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10.1% 11.9% Truck 9M/26: Revenue and profitability 27 197 9M/25 Org. M&A FX 9M/26 2,622 0 -44 2,775 +5.8% 264 33072 1 9M/25 Org. M&A IEEPA FX 9M/26 -1 -6 +25.0% + 180bps +7.5% +27.3% Revenue [€m] Op. EBIT [€m]/ Margin 1) M&A: after PPA 2) one-time effect, reimbursed 21
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28 Financial calendar – Upcoming events DATE EVENT LOCATION Oct 29, 2026 Q3/26 financial results Online Nov 3, 2026 Roadshow Amsterdam Nov 4, 2026 Roadshow Dublin Nov 10, 2026 UBS European Conference London Nov 11, 2026 Roadshow Frankfurt Nov 25, 2026 Bernstein Industrials and Infrastructure Conference London Dec 1 & 2, 2026 Goldman Sachs – 18th Annual Industrials Week London Dec 1 & 2, 2026 Berenberg European Conference London Dec 7, 2026 Roadshow Paris Jan 8, 2027 ODDO Conference Lyon Jan 11 & 12, 2027 German Investment Seminar New York Jan 20 & 21, 2027 26th German Corporate Conference Frankfurt Feb 18, 2027 Prelim. Q4/FY 2026 Financial Results Online
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Investor relations contact Andreas Spitzauer Sophia Kursawe +49 89 3547 0593 +49 175 5281320 Andreas.Spitzauer@knorr-bremse.com +49 89 3547 0199 +49 151 62330709 Sophia.Kursawe@knorr-bremse.com 29
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