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February 2026 Frankfurt Leasing Business Deep Dive Update FY 2025
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| Leasing Business Deep Dive | February 2026 2 Disclaimer KION GROUP AG KION Group This document has been prepared by KION GROUP AG (the “Company”, and together with its consolidated subsidiaries, the "KION Group") solely for informational purposes. This disclaimer shall apply in all respects to the entire presentation (including all slides of this document), the oral presen - tation of the slides by representatives of the Company (or any person on behalf of the Company), any question-and-answer session that follows the oral presentation, hard copies of the slides as well as any additional materials distributed at, or in connection with this presentation (collectively, the “Presentation”). 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While the Company believes that such research and estimates are reasonable and reliable, they, 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. The Company, therefore, also assumes no responsibility whatsoever in respect of the accuracy and completeness of any such research and estimates. Accordingly, no reliance should be placed on any of the industry, market or competitive position data contained in this Presentation. Financial information of the Company or the KION Group as of and for the financial year ended 31 December included in the Presentation is based on the respective audited financial statements. 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IFRS financial information for any previous fiscal year figures is adjusted in the Presentation as necessary pursuant to changes to IFRS or other mandatory reclassifications. The addition of the totals presented may result in rounding differences. In addition to figures prepared in accordance with IFRS, the Presentation also includes certain non- GAAP financial performance measures (e.g., EBITDA, EBITDA margin, adjusted EBITDA, adjusted EBITDA margin, adjusted EBIT, earnings before tax, free cash flow, net financial debt, leverage on net financial debt, industrial net operating debt, leverage on industrial net operating debt, and order intake, order book and ROCE). These non-GAAP measures have been included because we believe that investors may find them helpful to measure our performance as reported under the relevant IFRS measures. However, these non -GAAP measures should be considered only in addition to, but not in isolation or as a substitute for, the information prepared in accordance with IFRS. Non- GAAP financial performance measures are not subject to IFRS or any other generally accepted accounting principles, and other companies that report similarly named non-GAAP measures may define or calculate these financial performance measures in different ways.
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| Leasing Business Deep Dive | February 2026 3 Agenda KION GROUP AG 01 Business Model and Strategy 02 Funding 03 Risk Management 04 Lease Accounting & Reporting 05 Key takeaways
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Integrated Business Model within Industrial Trucks & Services Leasing is an important component growing the business KION GROUP AG | Leasing Business Deep Dive | February 2026 4 Ongoing customer relation- ship (e.g. short-term rental) triggers new truck sales • Technology and innovation leadership • Tailor-made solutions and customer options • Optimized total cost of ownership • Multiple brands for multiple segments / markets • Rental offering to match customers’ capacity needs • Integrated in industrial segments Linde MH and STILL • Used truck sales from lease contracts • Sales support vehicle with benefit for aftermarket and service activities • Integrated within regular sales process • Long-term customer relationships Many customer and most leasing contracts linked to service contracts Around half of new truck sales carry leasing contracts After duration of leasing, trucks are used in rental fleet or sold as used trucks New truck sales PRODUCTS SERVICES Financial services Service solutions & aftersales Short-term rental & used trucks • Proximity with global service network • Service contracts • Proprietary spare parts • Solutions approach including fleet data management, automation and intralogistics services
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Leasing and Rental Strategy Integrated approach to drive profitable growth KION GROUP AG | Leasing Business Deep Dive | February 2026 5 Operating Model Risk Management Funding Profit & Resilience • Full support of life cycle management (Leasing, rental, service, used trucks) • Strong customer focus to optimized penetration and retention • Active asset management Profitable growth • Optimized structure to offer competitive funding • Diversified funding-partner portfolio for stable access to market • Matched funding (currency, interest rate, maturity) • Asset focused credit risk approach • Conservative residual value setting • Close management of break clauses • Serve customers’ needs • Full integration into regional sales structures • Central steering body for setting guard railing • Separated captives in bigger markets
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Lease Accounting – KION’s Leasing and Rental Business Contract and financing structure overview KION GROUP AG | Leasing Business Deep Dive | February 2026 6 Leasing business (Long-Term) Direct business Indirect business Vendor financingSale & Leaseback, Rental Facility, self-funded Sale & Leaseback, ABS1, Lease Facility, self-funded Operating lease (OL) - Sales over lease term; accounted for as leased / rental asset Finance lease (FL) - Sales at point in time; accounted for as lease receivable Rental business (Short-Term) Vendor partner CustomerKION KION Customer CustomerRefinancing partner Lease contract Financial liability Lease contract Lease contract Sale contract KION Customer returns truck after contract expires Vendor partner returns truck after contract expires 1 Asset-backed securities
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| Leasing Business Deep Dive | February 2026 7 Agenda KION GROUP AG 01 Business Model and Strategy 02 Funding 03 Risk Management 04 Lease Accounting & Reporting 05 Key takeaways
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Funding Structure of Leasing & Rental Business Increasing share of ABS / RCF optimizing funding condition KION GROUP AG | Leasing Business Deep Dive | February 2026 8 Instrument Balance Sheet Position in €m1 Maturity Matched Funding Interest Matched Funding ABS (Asset-backed securities) SALB (Sale-and-Leaseback) Indirect Leasing (Vendor Financing) Lease/Rental Facility (incl. Revolving Credit Facility) 1 Excluding deferred income FY 2025 FY 2024 FY 2023 1,905 1,809 114 1,811 1,731 1,891 127 1,473 1,503 1,673 136 1,161 Source: KION Group, Annual Report 2025, p. 321-322
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| Leasing Business Deep Dive | February 2026 9 Agenda KION GROUP AG 01 Business Model and Strategy 02 Funding 03 Risk Management 04 Lease Accounting & Reporting 05 Key takeaways
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Risk Management Categories All risk categories are actively managed and mitigated KION GROUP AG | Leasing Business Deep Dive | February 2026 10 • Conservative residual value strategy in place since FY 2001 • Leasing residual values allow for attractive profit margins in our used truck business • KION has never recorded significant aggregated residual value losses Residual Value Risk Customer Default Risk Break Clause Risk • Customer default costs are at 20 basis points per year • Differentiated, asset-based risk approach leads to very low refusal rate • Increasing use of automated scoring • Very low percentage rate of contracts carry a break clause risk • Utilization of break clauses has been rare • No material impact on results • Future customer utilization is expected to remain low
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| Leasing Business Deep Dive | February 2026 11 Agenda KION GROUP AG 01 Business Model and Strategy 02 Funding 03 Risk Management 04 Lease Accounting & Reporting 05 Key takeaways
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Lease Accounting – Balance Sheet Increase in (lease) liabilities resulting from growth of leasing business KION GROUP AG | Leasing Business Deep Dive | February 2026 12 • Many of KION Group’s balance sheet items are related to leasing business, especially: • Leased assets • Rental assets • Lease receivables • Liabilities from lease business • Liabilities from short-term rental business • In general, the development on the asset and liability side of the balance sheet are highly correlated • Therefore, an increase in liabilities is resulting from an increase in leasing business (i.e., lease related assets) and / or a higher dedicated refinancing portion of our leasing business • Valuable information on KION Group’s leasing business can be found in the Notes to the consolidated financial statements Overview Source: KION Group, Annual Report 2025, p. 260-261 1 Also contains non-lease related items
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Lease Accounting – Balance Sheet Direct leasing business drives KION’s balance sheet KION GROUP AG | Leasing Business Deep Dive | February 2026 13 Direct vs. indirect leasing as at Dec 31, 2025 (2024) Leased assets (operating lease) €1,484.3m (€1,366.8m) Lease receivables (finance lease) €3,136.1m (€2,812.7m) Liabilities from lease business €4,714.6m (€4,280.5m) Deferred revenues1 €168.2m (€182.6m) Liabilities from lease business (residual value) €114.0m (€127.0m)Leased assets €242.1m (€264.8m) Indirect Direct Deferred revenues1 €0.0m (€0.1m) Leasing and rental balances as at Dec 31, 2025 (2024) Leasing business Leased assets €1,726.4m (€1,631.5m) Rental assets €803.1m (€805.2m) Lease receivables €3,136.1m (€2,812.7m) Source: KION Group, Annual Report 2025, p. 300-301, 305, 321-322, 326 Rental business 1 Contained in “other liabilities” Liabilities from lease business €4,828.6m (€4,407.5m) Deferred revenues1 €168.2m (€182.7m) Liabilities from short-term rental business €810.2m (€814.1m) Deferred revenues1 €0.1m (€0.3m) DirectIndirect
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Lease Accounting – Income Statement Leasing business contributes 16% to total KION revenue KION GROUP AG | Leasing Business Deep Dive | February 2026 14 Leasing & Rental business accounts for 21% of total KION revenue and 29% of total ITS revenue Leasing only (FL & OL) accounts for 16% of total KION revenue Share of finance lease revenue from New business amounts to 29% Source: KION Group, Annual Report 2025, p. 78, 84, 258 Leasing (FL) = €1,171m (2024: €1,190m) Leasing (OL) = €666m (2024: €619m) Rental (OL) = €557m (2024: €571m)
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Lease Accounting – Income Statement Timely recognition of income differs between finance and operating Lease KION GROUP AG | Leasing Business Deep Dive | February 2026 15 FY 2025 Leasing (FL) Leasing (OL) Rental (OL) Business line New business Rental business Rental business Recognition Revenue (FY 2024) €1,171m (€1,190m) €666m (€619m) €557m (€571m) Cost of sales, SG&A = EBIT impact Financial income Financial expense = EBT impact At commencement of the lease contract Over time (In-) direct leasing business classified as a finance lease generates revenue and cost of sales at commencement of the lease contract (In-) direct leasing business classified as an operating lease generates revenues and cost of sales (i.e., depreciation) over the lease term Refinancing of KION´s leasing business causes financial expenses (finance and operating lease) as well as interest income (finance lease) Customer payments made under operating leases are fully recognized as revenue, covering amortization and interest Finance lease (FL) vs. operating lease (OL) Source: KION Group, Annual Report 2025, p. 84, 286-293
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Lease Accounting – Cash Flow Statement Leasing business is operating cash flow accretive KION GROUP AG | Leasing Business Deep Dive | February 2026 16 KION’s leasing business is presented as operating cash flow 1. EBIT is the basis for the (indirect) calculation of the operating cash flow (OCF) incl. EBIT from leasing & rental business 2. Due to the indirect determination of the OCF, non-cash leasing items included in EBIT, i.e., depreciation €611.2m (2024: €592.9m) and deferred revenue of –€76.0m (2024: –€78.9m) are reversed = +€535.2m (2024: +€514.0m) 3. Changes in leased assets, rental assets as well as lease receivables and dedicated liabilities are offset against each other = -€599.2m (2024: -€543.1m) Taking all relevant lease positions into consideration, leasing and rental business activities usually have a positive OCF effect Understanding the cash flow statement Source: KION Group, Annual Report 2025, p. 262
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| Leasing Business Deep Dive | February 2026 17 Agenda KION GROUP AG 01 Business Model and Strategy 02 Funding 03 Risk Management 04 Lease Accounting & Reporting 05 Key takeaways
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Leasing Business Deep Dive Key takeaways KION GROUP AG | Leasing Business Deep Dive | February 2026 18 1. Leasing business is an important component of the integrated ITS business model 2. Well managed risk profile with resilient income streams 3. Optimized refinancing structure supports competitive funding costs 4. Leasing operations are EBIT and operating cash flow accretive