Slides
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29 October 2026 Rob Smith (CEO), Christian Harm (CFO) Frankfurt KION GROUP AG Q3 2026 Update Call
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| Q3 2026 Update Call | 2026-10-29 2 Agenda 01 Business Update Q3 2026 02 Financial Update 03 Outlook 2026 & Key Takeaways KION GROUP AG
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Q3 2026 Revenue and adj. EBIT growth driven by IAS | Q3 2026 Update Call | 2026-10-29 3 → Order intake in ITS below expectations in EMEA especially in value and economy truck segment while APAC showed strong performance → IAS with significant increases in revenue and adj. EBIT while ITS around prior year level → Free cash flow includes cash out for M&A 1. Adjusted for PPA items and non-recurring items 2. Definition broadened with effect FY2026 to include impact from lease and short-term rental refinancing transactions Order intake -1% YoY EUR 2 . 7 bn. Revenue Adj. EBIT 1 Adj. EBIT margin1 EUR 2 .8 bn. +5% YoY EUR 203 m. 7.2 % EUR 99 m. +10bp YoY -€132m YoY+7% YoY Free cash flow2 KION GROUP AG
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| Q3 2026 Update Call | 2026-10-29 4 Business Update Q3 2026 KION GROUP AG Physical AI delivers measurable customer value in real supply chain operations AI, digital twins, autonomous vehicles, and technology partnerships help customers deploy automation faster, improve safety, and boost performance • Real-world deployment: At GXO in Épinoy, France, KION integrated autonomous vehicles into daily warehouse operations, reducing implementation time by more than 60% • Faster rollout: AI-powered digital twins and simulations help test and optimize systems before deployment, cutting commissioning from weeks to days • Safety focus: KION works with NVIDIA on AI-based safety concepts for autonomous vehicles operating alongside warehouse staff • Strong partner ecosystem: KION collaborates with NVIDIA, Accenture, and others on simulation, computing, perception, and autonomous operations • Proven customer value: At ROSSMANN, KION delivered an AI-enabled Robotic Case Picker; after successful pilots, ROSSMANN ordered additional vehicles
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| Q3 2026 Update Call | 2026-10-29 5 Agenda 01 Business Update Q3 2026 02 Financial Update 03 Outlook 2026 & Key Takeaways KION GROUP AG
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| Q3 2026 Update Call | 2026-10-29 6 ITS – Key Financials KION GROUP AG (in €m) Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 1 Change YoY Change QoQ Order intake (in ’000 units) 60.3 70.6 72.6 69.1 68.4 +13% -1% Order intake 1,942 2,177 2,041 1,941 1,915 -1% -1% Order book 2,039 2,232 2 2,249 2,137 2,080 +2% -3% Revenue 1,944 2,193 2,012 2,068 1,955 +1% -5% of which service 1,027 1,090 1,037 1,066 1,070 +4% +0% Adj. EBIT 171 192 183 183 163 -4% -11% Adj. EBIT margin 8.8% 8.8% 9.1% 8.8% 8.3% -40pp -50bp Adj. EBIT impacted by insufficient capacity utilization Unit order intake in Q3 mainly driven by WH equipment and regionally by APAC and Americas Consequently, new truck order intake in € -9% lower. Service order intake partially compensated with 5% growth, leading to overall ITS order intake -1% lower Revenue increase driven by service growth of 4%, partially offset by new truck revenue -3% lower Adj. EBIT below prior year level mainly due to lower capacity utilization as well as adverse FX - effects, offsetting savings from efficiency program and lower expenses for long -term incentive programs (due to lower share price at end Q3 2026). The corresponding adj. EBIT margin amounted to 8.3% Comments on Q3 2026 results 1. FX translation effects in Q3 2026: order intake: +€23m; revenue: +€23m; adj. EBIT: +€2m 2. Adjusted upwards by €208.5m
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| Q3 2026 Update Call | 2026-10-29 7 IAS – Key Financials KION GROUP AG (in €m) Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 1 Change YoY Change QoQ Order intake 740 658 951 873 751 +1% -14% of which E-commerce (%)2 24% 25% 50% 46% 61% - - Order book 2,936 2,688 2,917 2,953 2,830 -4% -4% Revenue 769 917 768 861 890 +16% +3% of which service 321 303 286 313 348 +8% +11% Adj. EBIT 48 57 46 60 66 +39% +10% Adj. EBIT margin 6.2% 6.2% 6.0% 7.0% 7.4% +120bp +50bp Strong increase in revenue and adj. EBIT Slight increase in Q3 2026 order intake driven by 7% growth in Services, particularly in Modernization & Upgrades Within Business Solutions, pureplay e- commerce more than doubled YoY and accounted for 61% of Business Solutions orders. Growth was also recorded in the General Merchandise and Apparel vertical YoY increase in revenue due to higher order intake in recent quarters, increasing Business Solutions revenue by 22%. Service revenue increased 8% Strong YoY increase in adj. EBIT and adj. EBIT margin reflects higher revenue and lower expenses for long- term incentive programs (due to lower share price at end Q3 2026) Comments on Q3 2026 results 1. FX translation effects in Q3 2026: order intake: +€21m; revenue: +€19m; adj. EBIT: +€2m 2. Calculation based on total order intake less service business
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| Q3 2026 Update Call | 2026-10-29 8 KION Group – Key Financials KION GROUP AG (in €m) Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 1 Change YoY Change QoQ Order intake 2,676 2,823 2,985 2,809 2,651 -1% -6% Order book 4,944 4,8922 5,139 5,070 4,884 -1% -4% Revenue 2,704 3,097 2,771 2,916 2,835 +5% -3% of which service (%) 50% 45% 48% 47% 50% - - Adj. EBIT 190 213 205 224 203 +7% -10% CS / consolidation –28 –36 –24 –18 –26 +5% -45% Adj. EBIT margin 7.0% 6.9% 7.4% 7.7% 7.2% +10bp -50bp Increase in revenue and adj. EBIT Order intake reflects development in the operating segments Revenue growth driven by both ITS and IAS Increase in adj. EBIT margin driven by IAS, and slightly lower expenses for CS/Cons Comments on Q3 2026 results 1. FX translation effects in Q3 2026: order intake: +€44m; revenue: +€42m; adj. EBIT: +€3m 2. Adjusted upwards by €208.5m
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| Q3 2026 Update Call | 2026-10-29 9 Adjusted EBITDA to Net Income KION GROUP AG (in €m) Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Change YoY Change QoQ Adj. EBITDA 456 495 472 497 490 +7% -2% D&A –266 –282 –267 –273 –287 -8% -5% Adj. EBIT 190 213 205 224 203 +7% -10% Non-recurring items 8 –16 –7 6 2 -71% -61% PPA items –21 –21 –21 –21 –21 +0% -1% Reported EBIT 178 176 177 210 184 +4% -12% Net fin. expenses –36 –36 –36 –33 –34 +3% -3% EBT 142 140 141 176 150 +5% -15% Taxes –23 –66 –49 –61 –48 <-100% +21% Tax rate 16%2 47% 35% 35% 32% - - Net income 119 73 92 115 102 -15% -12% Net income to shareholders 114 69 90 112 99 -13% -12% Reported EPS1 €0.87 €0.53 €0.69 €0.86 €0.76 -13% -12% 1. EPS calculation is based on average number of shares of 131.1m 2. Prior year tax rate benefited from a revaluation of deferred tax liabilities following a June 2025 resolution of the German government on lowerin g the federal corporate tax rate from 2028ff
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184 251 99 153 | Q3 2026 Update Call | 2026-10-29 10KION GROUP AG Free Cash Flow -433 -159 -380 256105 124 101 386 66 137 229 271 30 132 231 317 47 99 Q1 Q2 Q3 Q4 (in €m) 2022 2023 2024 2025 2026 (in €m) EBIT reported Effect on net financial debt D&A on non-current assets1,2 NWC 0 Taxes and others -22 Net change from lease and STR business1 CF from operating activities Operating capex Others Free cash flow -50 -65 Procurement lease payments Dividends paid Others 21 Increase in NWC due to higher trade receivables in IAS Includes cashout for tax payments, efficiency program and release of LTI provisions Includes cashout for M&A Free cash flow impacted by cash out for M&A Historical quarterly free cash flow 1. Including impairment and reversals of impairment 2. Excluding lease and short-term rental (STR) assets -56 -1 -25 3 3 2 1 -96 480
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753 794 Net financial debt as at Jun 2026 Change in net financial debt Net financial debt as at Sep 2026 1,196 Industrial net operating debt as at Sep 2026 1,196 2,248 1,244 Net Debt and Leverage stable sequentially | Q3 2026 Update Call | 2026-10-29 11KION GROUP AG Indebtedness and leverage1 ratios as at 30 Sep 2026 (in €m) 1. Leverage based on LTM adj. EBITDA of €1,955m (June 2026: €1,922m) 2. Financial debt used for refinancing of lease business with the March 2026 bond proceeds ❶ Since June 30,2026, the calculation of industrial net operating debt was adjusted and deducts the €495m financial debt used for refinancing the lease business included in net financial debt 4952 0.6x 1.2x 0.6x 1 Liab. from STR financing Liab. from procurement leases Net financial debt STR = Short-Term Rental - €48m
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| Q3 2026 Update Call | 2026-10-29 12 Agenda KION GROUP AG 01 Business Update Q3 2026 02 Financial Update 03 Outlook 2026 & Key Takeaways
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KION Group Industrial Trucks & Services Intelligent Automation Solutions (in €m) FY 2026 Outlook (Jul) FY 2026 Outlook (Oct) FY 2026 Outlook (Jul) FY 2026 Outlook (Oct) FY 2026 Outlook (Jul) FY 2026 Outlook (Oct) Revenue change YoY: 11,525 – 12,025 +2.0% to +6.4% 11,450 – 11,750 +1.4% to +4.0% 8,200 – 8,500 -0.9% to +2.8% 8,100 – 8,300 -2.1% to +0.3% 3,325 – 3,525 +8.3% to +14.8% 3,350 – 3,450 +9.1% to +12.3% Adj. EBIT change YoY: 880 – 980 +11.6% to +24.3% 815 – 875 +3.3% to +11.0% 765 – 835 +6.0% to +15.6% 690 – 740 -4.4% to +2.5% 230 – 270 +25.6% to +47.4% 230 – 250 +25.6% to +36.5% FCF1 change YoY: 420 – 540 -40.8% to -23.8% 400 – 500 -43.6% to -29.5% ROCE (%) change YoY: 8.4 – 9.4 +70bp to +170bp 7.8 – 8.4 +10bp to +70bp | Q3 2026 Update Call | 2026-10-29 13 Updated FY 2026 Outlook ITS: adj. EBIT guidance includes savings from efficiency program IAS: Guidance reflects top line growth, continued progress in completion of legacy projects, improved project execution, and high-margin service business Group: FCF outlook includes ca. €100m cash out for efficiency program (following ca. €50m in 2025) and approx. €200m earmarked for M&A → → → → → → → 1The outlook for free cash flow is based on the amended definition of the key performance indicator free cash flow (see also i n the appendix) KION: Narrowed guidance bracket and lower midpoint resulting from year-to-date business performance and increased visibility on Q4 ITS: Lower midpoint based mainly on the order intake in Q3 and its expected impact on Q4 revenues and adj. EBIT IAS: Narrowed guidance brackets based on better visibility on Q4 KION GROUP AG
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| Q3 2026 Update Call | 2026-10-29 14 Key Takeaways KION grew revenue and adjusted EBIT in Q3 2026 IAS showed another strong quarter with double -digit growth in revenue as well as adjusted EBIT and developed in line with our profitable growth strategy Order intake in ITS remained below expectations in EMEA especially in value and economy truck segment while APAC showed strong performance With 3 quarters in 2026 behind us, and increased visibility on Q4, we narrowed and lowered our guidance ranges for revenue, adjusted EBIT, ROCE and free cash flow. KION GROUP AG
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| Q3 2026 Update Call | 2026-10-29 15 Questions & Answers KION GROUP AG
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Appendix | Q3 2026 Update Call | 2026-10-29 16KION GROUP AG
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| Q3 2026 Update Call | 2026-10-29 17 Assumptions for Outlook 2026 KION GROUP AG Market expectations1 (measured in order intake) • Globally, the industrial truck market in units is expected to grow strongly year-on-year • However, in value terms, the global market growth is expected below unit growth reflecting ongoing product mix shifts • Warehouse automation market with strong growth in order intake compared to 2025 Global Growth expectations of 3.1% (IMF as of Oct 2026) • developed countries 2.1% (Euro Area 1.1%, US 2.3%) • emerging countries 3.7% (China 4.5%) 1 Market expectations remain subject to persistent macroeconomic and geopolitical uncertainties, as well as elevated market volatility.
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Operating Capex ² ... between – € 370m and – € 400m R&D spending ³ ... Around 3% of group revenue Dividend policy … 25% to 40% of consolidated net income, subject to availability of distributable profit FY 2026 Expectation – Housekeeping Items | Q3 2026 Update Call | 2026-10-29 18 Non-recurring items ¹ ... between € 0m and – € 15m (from previously – € 40m and – € 60m) PPA ... around – € 85m to – € 90m Net Financial expenses … between – € 140m and – € 160m Tax rate … effective tax rate between 32% and 36% 1. Refers to NRI s on EBIT 2. Includes capitalized development costs and spending on property, plant, and equipment and on intangible assets (excluding right-of-use assets) 3. Includes R&D expenditure and capitalized development costs (Please see disclaimer on last page regarding forward -looking statements) KION GROUP AG
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2 2 500 41 500 34 76 309 398 25 68 0 500 1,000 1,500 2,000 35 2026 16 2027 2 2028 6 2029 2030 2031 1,386 101 160 311 506 1,784 Leverage Development and Maturity Profile as at 30 September 2026 (in €m) Cash Undrawn RCF Other financial liabilities Commercial paper Promissory notes (Bilateral) Bank loans Bond 3 Self-help returned leverage ratios to below post Dec. 2020 capital increase levels 1.4x 0.6x Dec 2020 0.9x 0.3x Dec 2021 2.3x 1.4x Dec 2022 1.5x 0.7x Dec 2023 1.3x 0.5x Dec 2024 1.2x 0.6x 1.1x Leverage on industrial net operating debt Leverage on net financial debt Sep 2026 Leverage development 1 Maturity profile and free liquidity | Q3 2026 Update Call | 2026-10-29 19 1. Leverage based on adj. LTM EBITDA 2. From June 30, 2026, onwards, the calculation of industrial net operating debt was adjusted and deducts the €495m financial de bt used for the refinancing of the lease business included in net financial debt 3. Total cash and cash equivalents amount to €399m Sums may not add up due to rounding 0.3x KION GROUP AG Sep 2026
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KION ITS : Electrification Rate Development of KION ITS segment Order intake Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Change YoY Change QoQ FY 2022 FY 2023 FY 2024 FY 2025 Change YoY 2025 Order intake (in ’000 units) 60.3 70.6 72.6 69.1 68.4 +13% -1% 268.2 241.7 245.0 266.1 +9% Thereof IC-trucks 4.4 5.4 5.2 4.6 4.6 +4% +0% 31.9 21.6 20.4 19.7 -3% Thereof E-trucks 14.6 16.9 17.1 16.2 16.4 +13% +1% 71.4 60.5 58.9 64.8 +10% Thereof WH-trucks 41.3 48.3 50.4 48.3 47.4 +15% -2% 164.8 159.6 165.7 181.6 +10% Share of electrified products 93% 92% 93% 93% 93% — — 88% 91% 92% 93% — | Q3 2026 Update Call | 2026-10-29 20KION GROUP AG
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Industrial Truck Market and ITS Order Intake Industrial Truck Market 1 Region (Change in units YoY) Q2 2025 Q3 2025 Q4 2025 FY 2025 Q1 2026 Q2 2026 EMEA +2% +5% +2% +3% +24% +12% AMERICAS +17% -1% +15% +12% +9% +10% APAC +17% +25% +7% +14% +9% +19% Global 12% +14% +7% +10% +14% +16% | Q3 2026 Update Call | 2026-10-29 21KION GROUP AG Development of KION ITS segment Regional growth (Change in units yoy) Q3 2025 Q4 2025 FY 2025 Q1 2026 Q2 2026 Q3 2026 EMEA +16% +1% +9% +14% -6% +1% AMERICAS +7% -5% +25% -13% -27% +23% APAC +20% +0% +5% +11% +14% +36% Global +17% +1% +9% +11% -1% +14% 1 Based on WITS unit order intake data as of July 2026. WITS data is published with a 3-month time-lag 2 Market expectations remain subject to persistent macroeconomic and geopolitical uncertainties, as well as elevated market volatility. Q2 26: KION Group unit order intake broadly stable versus PY ( -1% yoy), supported by growth in APAC, while EMEA and Americas declined. Global market share below prior -year level, with decreases in all regions FY 26 market expectation²: Global industrial truck market is expected to grow strongly compared to 2025. In value terms, the global market growth is expected below unit growth reflecting ongoing product mix shifts Q3 26 : KION Group unit order intake increased (+14% yoy) supported by strong growth in APAC and Americas, with EMEA remained broadly stable vs. Q3 2025
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| Q3 2026 Update Call | 2026-10-29 22 Basis for Outlook KION GROUP AG Amended Free Cash Flow definition • Given expected strong growth in Leasing and KION’s good access to capital markets we are broadening the financing of the leasing business to include debt capital market instruments with general corporate purpose. We issued such an instrument in March 2026 with a €500m bond • Consequently, the definition of free cash flow has also been broadened with effect FY2026. It now also includes cash flows resulting from additions to, and repayments of, financial liabilities relating to instruments used for the Company’s general funding, including the associated interest and borrowing costs, to the extent that they are solely for the financing of the lease and short-term rental business. We repaid the leasing RCF with the bond proceeds in Q2 2026 • This means that the impact from those refinancing transactions are reclassified from financing into operating cash flow for the purpose of determining the adjusted free cash flow • This adjustment had no impact on the free cash flow reported for FY 2025 / Q1 2026 ➢ The definition change ensures that the adjusted free cash flow remains comparable to the free cash flows reported historically
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Financial Calendar Date Event 30 November 2026 Berenberg European Conference Windsor Park, London, UK 11 - 12 January 2027 ODDO-Commerzbank German Investment Seminar, New York, USA 19 January 2027 UniCredit – Kepler Cheuvreux German Corporate Conference, Frankfurt, Germany 04 March 2027 Publication of 2026 Annual Report with Press Conference and Analyst Call 17 March 2027 Jefferies Pan-European Mid-Cap Conference, London, UK (TBC) 18 March 2027 Global Industrials Conference, London, UK | Q3 2026 Update Call | 2026-10-29 23KION GROUP AG Subject to change without notice
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24 Key Financials Group figures (in € m) Q3 2026 Q2 2026 Q1 2026 FY 2025 Q4 2025 Q3 2025 Q2 2025 Order intake 2,651 2,809 2,985 11,705 2,823 2,676 3,500 Revenue 2,835 2,916 2,771 11,297 3,097 2,704 2,708 Adj. EBITDA1 490 497 472 1,867 495 456 457 Adj. EBITDA margin in %1 17.3 17.1 17.0 16.5 16.0 16.9 16.9 Adj. EBIT 1 203 224 205 789 213 190 189 Adj. EBIT margin in %1 7.2 7.7 7.4 7.0 6.9 7.0 7.0 Q3 2026 Q2 2026 Q1 2026 FY 2025 Q4 2025 Q3 2025 Q2 2025 1,915 1,941 2,041 8,147 2,177 1,942 2,070 1,955 2,068 2,193 8,272 2,193 1,944 2,020 413 424 419 1,683 438 409 413 21.1 20.5 20.0 20.3 20.0 21.0 20.5 163 183 183 722 192 171 173 8.3 8.8 9.1 8.7 8.8 8.8 8.6 Q3 2026 Q2 2026 Q1 2026 FY 2025 Q4 2025 Q3 2025 Q2 2025 751 873 951 3,599 658 740 1,445 890 861 768 3,071 917 769 698 96 84 70 271 86 67 62 10.7 9.8 9.1 8.8 9.4 8.8 8.9 66 60 46 183 57 48 42 7.4 7.0 6.0 6.0 6.2 6.2 6.0 1. Adjusted for PPA items and non-recurring items Industrial Trucks & Services Intelligent Automation Solutions | Q3 2026 Update Call | 2026-10-29 KION GROUP AG
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| Q3 2026 Update Call | 2026-10-29 25 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"). This disclaimer shall apply in all respects to the entire presentation (including all slides of this document), the oral presentation 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”). By attending the meeting (or conference call or video conference) at which the Presentation is made, or by reading the written materials included in the Presentation, you (i) acknowledge and agree to all of the following restrictions and undertakings, and (ii) acknowledge and confirm that you understand the legal and regulatory sanctions attached to the misuse, disclosure or improper circulation of the Presentation. This Presentation is provided for information purposes only. Any redistribution, reproduction or any other disclosure is subject to applicable laws and the Company’s prior written consent. None of the Company, its affiliates or any of their respective directors, officers, employees, agents or any other person shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of the Presentation or its contents or otherwise arising in connection with the Presentation. The information and opinions contained in this Presentation do not purport to be comprehensive, are provided as at the date of the document and are subject to change without notice. The Company is not under any obligation to update or keep current the information contained in the Presentation. The Presentation does not constitute or form part of, and should not be construed as, an offer to sell or issue, or the solicitation of an offer to purchase, subscribe to or acquire, securities of the Company, its affiliates or an inducement to enter into investment activity in the United States or any other country. No part of this Presentation, nor the fact of its distribution, should form the basis of, or be relied on by any person in connection with, any contract or commitment or investment decision whatsoever. Certain industry, market and competitive position data contained in this Presentation, if any, come from official or third-party sources. Third party industry publications, studies and surveys generally state that the data contained therein has been obtained from sources believed to be reliable, but that there is no guarantee of the accuracy or completeness of such data. While the Company believes that each of these publications, studies and surveys has been prepared by a reputable source, the Company has not independently verified the data contained therein, and the Company assumes no responsibility whatsoever in respect of the accuracy and completeness of any such data. In addition, certain industry, market and competitive position data contained in this Presentation come from the Company's own internal research and certain estimates are based on the knowledge and experience of the Company's management in the market in which the Company operates. 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 included in the Presentation is derived, if and to the extent included, from audited financial statements and/or from unaudited or reviewed interim financial information for the relevant reporting periods. Certain information in the Presentation and statements regarding the possible or assumed future or other performance of the Company and its affiliates or its industry or other trend projections constitute forward-looking statements. These statements reflect the Company’s current knowledge and expectations and projections about future events and may be identified by the context of such statements or words such as “anticipate”, “believe”, “expect”, “intend”, “project” and “target”. By their nature, forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors because they relate to events and depend on circumstances that will occur in the future whether or not outside the control of the Company. Such factors include, but are not limited to, changes in economic and industry- specific conditions, the competitive as well as the political situation, changes in national and international law, interest-rate or exchange-rate fluctuation, legal disputes and investigations, and the availability of funds. These factors may cause actual results, performance or developments to differ materially from those expressed or implied by such forward-looking statements. Accor- dingly, no assurance is given that such forward-looking statements are correct, complete or accurate. They speak only as at the date of the Presentation and the Company undertakes no obligation to update these forward-looking statements. 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, etc.). 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.