Slides
Page 1
TH www H1 2026 Analyst Presentation 11 August 2026 0000 0040 SMART TECHNOLOGIES <
Page 2
TKH Group NV Important information – disclaimer Cautionary note regarding forward looking statements Statements included in this presentation that are not historical facts (including any statements concerning investment object ives, other plans and objectives of management for future operations or economic performance, or assumptions or forecasts related thereto) are forward-looking statements. These statements are only predictions and are not guarantees. Actual events or the results of our operations could differ materially from those expressed or implied in the forward -looking statements. Forward-looking statements are typically identified by the use of terms such as "may“, "will", "should", "expect", "could", "intend", "plan", "anticipate", "estimate", "believe", "continue", "predict", "potential" or the negative of such terms and other comparable terminology. The forward-looking statements are based on our current expectations, plans, estimates, assumptions and beliefs that involve numerous risks and uncertainties. Assumptions relating to the foregoing involve judgments with respect to, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond our control. Although we believe that the expectations reflected in such forward-looking statements are based on reasonable assumptions, our actual results and performance could differ materially from those set for th in the forward-looking statements. 2H1 2026 Analyst Presentation 11 AUGUST 2026
Page 3
TKH Group NV • Turnover +33.3% and EBITDA +90.0% in H1 2026 • Strong growth in turnover and EBITDA in Q2 vs both Q2 2025 & Q1 2026 • Strong improvement in output inter- array cable in Eemshaven • Strong performance in Onshore Energy • Separation process on track • Dual track process • Separate teams for both Automation and Electrification • New segmentation to reflect changes • Medium term guidance for Electrification activities Key Messages 3 • Turnover down 5.7% in H1 and EBITA down 21.1% • Performance impacted by low order intake in previous quarters • Turnover +12.1% and EBITA +27.5% in H1 2026 • Strong performance from 2D and 3D Machine Vision • Security Vision benefited from larger projects Outlook: Organic growth in turnover and Adjusted EBITA for 2026 Automation Electrification Separation process Automated Machinery Vision Technologies H1 2026 Analyst Presentation 11 AUGUST 2026
Page 4
TKH Group NV H1 2026 Results 4H1 2026 Analyst Presentation 11 AUGUST 2026
Page 5
TKH Group NV Q2 2026 Key Figures 5 €507.6 Turnover +18.0% Vision Technologies Turnover +16.1% €67.3 Adjusted EBITA +67.5% Automated Machinery Turnover -5.5% 13.3% ROS Q2 2025: 9.2% Electrification Turnover +36.9% Adjusted EBITA & ROS are excluding one-off expenses of €3.9 million in Q2 2026 (Q2 2025: €15.1 million) All growth rates are organic growth rates • Automation’s Adjusted EBITA showed a marked organic growth compared to Q2 2025, as well as sequential quarterly growth compared to Q1 2026 • Electrification’s Adjusted EBITDA showed a very sharp organic growth compared to Q2 2025, as well as sequential quarterly growth compared to Q1 2026 • Order intake in Q2 2026 reached €508.1 million (Q2 2025: €381.8 million) H1 2026 Analyst Presentation 11 AUGUST 2026 Automation Turnover +5.9%
Page 6
TKH Group NV H1 2026 Performance 6 €858.1 €955.9 H1 2025 H1 2026 €80.2 €113.7 H1 2025 H1 2026 9.3% 11.9% H1 2025 H1 2026 50.7% 50.2% H1 2025 H1 2026 • One-off net expenses in H1 2026 amounted to €4.5 million (H1 2025: €16.3 million) All growth rates are organic growth rates H1 2026 Analyst Presentation 11 AUGUST 2026 Turnover Added Value Adjusted EBITA* ROS +14.0% +43.5%
Page 7
TKH Group NV H1 2026 Performance 7 15.8% ROCE H1 2025: 13.4% 16.1% Innovation rate H1 2025: 16.4% €1,031.2m Orderbook Dec 2025: €1,027.8m 75% Turnover linked to SDGs H1 2025: 67% €502.4m Net debt Dec 2025: €461.4 Obtained by VMI H1 2026 Analyst Presentation 11 AUGUST 2026
Page 8
TKH Group NV Dual-track process to unlock the value of Electrification Separation Electrification activities on track 8 ElectrificationAutomation • Asset light, technology driven • Multiple end-markets • Global • Scalability • Strong organic value creation potential • Capital intensive, capacity driven • Offshore market dynamics • Regional • Investments for future scaling Material steps in separation process within 12-18 Months following CMD (Sept 2025) Separate teams structured for both businesses Medium term guidance for stand alone Electrification business On 3 September, the proposed separation submitted at EGM for shareholder approval (on voluntary basis) TKH considers the views and support of its shareholders of significant importance in this process 11 AUGUST 2026H1 2026 Analyst Presentation
Page 9
TKH Group NV 9 Vision Technologies H1 2026 performance Security Vision • Growth driven by the delivery of several larger projects • Including parking-related projects in the US and other regions Machine Vision • 2D and 3D Vision recorded strong growth compared to H1 2025 • Benefited from strong demand from the consumer electronics, battery, factory automation, and semiconductor markets • APAC making particularly strong contribution • Integration of 2D brands well on track • Successful launch of all 2D branding activities to the one brand Allied Vision • Expectations for Machine Vision are positive for H2 2026, supported by a strong order book Key figures In € million unless otherwise stated H1 2026 H1 2025 ∆ in % Organic ∆ in % Turnover 270.0 245.2 10.1% 12.1% Added value 62.7% 62.6% Adjusted EBITA 54.5 43.7 24.8% 27.5% ROS 20.2% 17.8% Order book 170.1 141.1 Highlights H1 2026 H1 2026 Analyst Presentation 11 AUGUST 2026
Page 10
TKH Group NV 10 Automated Machinery H1 2026 performance Key figures In € million unless otherwise stated H1 2026 H1 2025 ∆ in % Organic ∆ in % Turnover 218.5 231.8 -5.7% -5.7% Added value 52.9% 54.2% Adjusted EBITA 35.0 44.5 -21.4% -21.1% ROS 16.0% 19.2% Order book 259.2 420.2 Highlights H1 2026 • As anticipated, Automated Machinery’s performance in H1 2026 was affected by lower order intake in Tire Building systems in previous quarters • Current geopolitical circumstances, high energy costs, and tariff uncertainties continue to delay order placements by tire manufacturers • Long-term drivers for advanced tire building systems remain intact • need for greater production flexibility • increased sustainability • higher levels of automation • Drivers will fuel future demand for TKH’s highly automated Tire Building systems H1 2026 Analyst Presentation 11 AUGUST 2026
Page 11
TKH Group NV 11 Electrification H1 2026 performance Key figures In € million unless otherwise stated H1 2026 H1 2025 ∆ in % Organic ∆ in % Turnover 328.2 246.3 33.3% 33.3% Offshore Energy 96.6 53.2 81.6% Onshore Energy 187.0 148.1 26.4% Specialty Cables 45.9 45.0 2.0% Added value 40.1% 39.1% Adjusted EBITDA 41.5 21.9 89.5% 90.0% EBITDA margin 12.6% 8.9% Adjusted EBITA 26.4 10.2 159.5% 160.4% ROS 8.0% 4.1% Order book 507.8 455.4 Highlights H1 2026 • In Q2 2026, turnover up by 36.9% vs Q2 2025 and 19.2% vs Q1 2026 • LTM H1 2026 Adjusted EBITDA to €73.8 million Offshore Energy • Turnover growth of 81.6% • Strong orderbook • Production output & yields Eemshaven improved considerably • Additional pipeline of 92 projects representing >14,400km Onshore Energy • Higher installation volume at customers • Efficiency improvements in roll-out of networks in NL • Removal of a number of regulatory constraints • Value of signed framework agreements amounts to €1.4 billion • Including €650 million framework contract with Alliander • Not included in our order book of €507.8 million Specialty Cables • Turnover increased slightly, affected by weak German economy Electrification’s improved operational performance recorded during the first quarters of 2026 expected to continue in H2 2026 H1 2026 Analyst Presentation 11 AUGUST 2026
Page 12
TKH Group NV 12 Other H1 2026 performance Key figures In € million unless otherwise stated H1 2026 H1 2025 ∆ in % Organic ∆ in % Turnover 144.9 140.2 3.4% 15.6% Added value 44.0% 43.3% Adjusted EBITA 10.7 -5.6 ROS 7.4% -4.0% Order book 94.1 63.1 Highlights H1 2026 Divestments reduced turnover by 11.9%, related to Dewetron in H2 2025 and Alphatronics in H1 2026 Digitalization (75% of segment turnover) • Significant growth in both turnover and EBITA, driven by strong global demand for optical fibers • Growth of global demand has been driven by substantial investments in AI and the defense industry • Favorable market price • Optical fibre is produced at TKH’s facilities in China • Increased output in the Polish factory serving the European fiber optic cable market H1 2026 Analyst Presentation 11 AUGUST 2026
Page 13
TKH Group NV Capitalize & Execute 2028 targets as communicated on Capital Markets Day of 25 September 2025 remain unchanged • Medium term guidance provided guidance for Electrification on a standalone basis. • Guidance supersedes and replaces all previously disclosed information on Electrification, including the targets provided at the Capital Markets Day on 25 September 2025 Electrification: Medium term guidance Automation Electrification 5 - 7% organic turnover growth (CAGR) EBITA margin 17 - 19% ROCE 25 - 30% > 9% organic turnover growth (CAGR) Referencing turnover LTM H1 2026 of €604.2 million EBITDA margin > 19% • Revenue guidance updated on back of robust order backlog and stronger demand in MV & HV cables • Expansion driven primarily by operational efficiencies and a favourable sales mix from a.o. HV cable projects ELECTRIFICATION: Medium term guidance AUTOMATION: Capitalize & Execute 2028 targets 11 AUGUST 2026 13H1 2026 Analyst Presentation
Page 14
TKH Group NV Highlights & Financial Performance H1 2026 14H1 2026 Analyst Presentation 11 AUGUST 2026
Page 15
TKH Group NV Changes to segmentation Previous Segmentation Longer termNew Segmentation Smart Vision systems Vision Technologies Machine & Security Vision Other Smart Vision 29% 1% Tire Building systems Smart Manufacturing systems Other Smart Manufacturing 26% 4% Automation Vision Technologies • Machine & Security Vision TKH AutomationAutomated Machinery • Incl Tire Building systems 29% 27% Digitalization Other To be divested 10% Other 5% Turnover share for FY2025 Electrification Offshore Energy To be separated Onshore Energy Specialty cables 7% 17% 5% Digitalization Smart Connectivity systems Energy Other Specialty Cables Other Offshore Energy 24% 10% 5% 1% 1511 AUGUST 2026H1 2026 Analyst Presentation
Page 16
TKH Group NV Geographical distribution of turnover NETHER- LANDS EUROPE (OTHER) ASIA NORTH AMERICA OTHER Vision Technologies Automated Machinery Electrification Other H1 2026 H1 2025 Netherlands 26.0% 23.3% Europe (other) 33.7% 33.6% Asia 26.2% 24.1% North America 8.8% 16.6% Other 5.3% 2.4% 16H1 2026 Analyst Presentation 11 AUGUST 2026
Page 17
TKH Group NV Profit and Loss account € million H1 2026 H1 2025 Δ in % Turnover 955.9 858.1 11.4% Raw materials and subcontracted work -475.8 -423.3 Added value 1) 480.1 50.2% 434.8 50.7% 10.4% Operating expenses -335.0 -324.9 3.1% Adjusted EBITDA 1) 145.1 15.2% 109.9 12.8% 32.0% Depreciation -31.5 -29.7 Adjusted EBITA 1) 113.7 11.9% 80.2 9.3% 41.7% One-off income & expenses - 4.5 -16.3 Amortization - 32.3 - 30.2 Impairments - 1.2 - 4.4 Operating result 75.8 29.3 Result associates 2.9 -0.1 Other financial result -17.3 -11.0 Result before taxes 61.4 18.2 Taxes -14.1 -4.6 Net profit 47.3 4.9% 13.6 1.6% 247.0% Adjusted net profit 1,2) 56.6 5.9% 36.0 4.2% 57.3% 1) Excluding one-off income and expenses 2) Before amortization of PPAs and one-off income and expenses attributable to shareholders € million Turnover H1 2025 858.1 Acquisitions & divestments - 16.6 - 1.9% Currency translation - 5.4 - 0.6% Organic growth 119.8 14.0% H1 2026 955.9 11.4% • Electrification – Larger share in total turnover; operational improvements contribute to increase in added value % • Automation – Stable added value % in Vision Technologies and a slight decrease at Automated Machinery due to product mix • Other – Improvement of fibre prices supported recovery in added value • Higher turnover-related operating expenses • Higher depreciation resulting from commissioning Eemshaven plant in 2025 € million Adjusted EBITA H1 2025 80.2 Acquisitions & divestments -0.1 -0.1% Currency translation - 1.3 - 1.7% Organic growth 34.9 43.5% H1 2026 113.7 41.7% 1 2 3 4 1 2 3 4 17H1 2026 Analyst Presentation 11 AUGUST 2026
Page 18
TKH Group NV Profit and Loss account Other financial result • decrease net interest expenses due to lower interest rates • negative exchange results for mainly USD and CNY balances and transactions Normalized effective tax rate at 24.2% (2025: 25.6%) partly due to R&D tax facilities in several countries Result associates largely attributable to • one-off profit from divestment of Alphatronics 6 7 8 6 7 8 18 5 5 One-off expenses related to • acquisitions and divestments, including carve-out of Electrification • 2025: one-off transportation costs due to delayed ramp-up of Eemshaven and restructuring costs in Digitalization 1) Excluding one-off income and expenses 2) Before amortization of PPAs and one-off income and expenses attributable to shareholders H1 2026 Analyst Presentation 11 AUGUST 2026 € million H1 2026 H1 2025 Δ in % Turnover 955.9 858.1 11.4% Raw materials and subcontracted work -475.8 -423.3 Added value 1) 480.1 50.2% 434.8 50.7% 10.4% Operating expenses -335.0 -324.9 3.1% Adjusted EBITDA 1) 145.1 15.2% 109.9 12.8% 32.0% Depreciation -31.5 -29.7 Adjusted EBITA 1) 113.7 11.9% 80.2 9.3% 41.7% One-off income & expenses - 4.5 -16.3 Amortization - 32.3 - 30.2 Impairments - 1.2 - 4.4 Operating result 75.8 29.3 Result associates 2.9 -0.1 Other financial result -17.3 -11.0 Result before taxes 61.4 18.2 Taxes -14.1 -4.6 Net profit 47.3 4.9% 13.6 1.6% 247.0% Adjusted net profit 1,2) 56.6 5.9% 36.0 4.2% 57.3%
Page 19
TKH Group NV 299.7 44.1 2.9 -2.6 -2.9 0.8 -0.9 341.0 260 280 300 320 340 360 19 Balance sheet (in € million) June 30, 2026 Dec. 31, 2025 Intangible assets and goodwill 594.1 597.7 Property, plant and equipment 502.6 501.1 Right-of-use assets 82.8 77.8 Other non-current assets 45.9 45.1 Total non-current assets 1,225.5 1,221.7 Current assets 886.3 805.4 Cash and cash equivalents 114.5 125.3 Total current assets 1,000.9 930.7 Assets held for sale 0 0 Total assets 2,226.4 2,152.4 Total group equity 900.9 899.9 Borrowings 641.0 565.6 Other non-current liabilities 68.6 71.2 Total non-current liabilities 709.6 636.8 Borrowings 70.6 109.9 Other current liabilities 545.3 505.7 Total current liabilities 615.9 615.6 Liabilities held for sale 0 0 Total equity and liabilities 2,226.4 2,152.4 Changes in working capital (in € million) Use of non-recourse factoring • Jun 30, 2026 • Dec 31, 2025 • Jun 30, 2025 €49.1 million €43.8 million €43.0 million Use of supply chain finance • Jun 30, 2026 • Dec 31, 2025 • Jun 30, 2025 €56.5 million €35.5 million €36.1 million 17.0% 1 1 1 18.3% H1 2026 Analyst Presentation 11 AUGUST 2026 (in € million)
Page 20
TKH Group NV Changes to Net Debt 20 (in € million) Net debt / EBITDA • June 30, 2026: 1.8 • December 31, 2025: 1.9 • June 30, 2025: 2.6 H1 2026 Analyst Presentation 11 AUGUST 2026
Page 21
TKH Group NV Free cash flow FCF conversion is affected by developments in working capital. Working capital ratio for the period-end included in the overview are: • 2023: 16.7% • 2024: 17.9% • H1 2025: 19.8% • H2 2025: 17.0% • H1 2026: 18.3% FCF-conversion is traditionally lower in the first half year and stronger in second half due to working capital development Net cash flows from acquisitions and divestments have not been included in FCF (in million € unless stated otherwise) H1 2026 H2 2025 H1 2025 2025 2024 Operating result 75.8 73.7 29.3 103.0 130.6 Depreciation, amortization and impairment 65.0 66.6 63.8 130.4 121.3 EBITDA 140.8 140.3 93.1 233.4 251.9 Change in working capital -46.1 22.4 - 22.4 0 13.9 Taxes paid - 6.6 - 0.6 - 12.3 - 12.9 - 45.3 Other -0.3 3.1 - 2.2 0.9 3.9 Cash flow from operations before interest 87.8 165.1 56.2 221.2 224.4 Payment of lease liabilities - 7.8 - 8.4 - 8.8 - 17.2 - 16.0 Capital expenditure PP&E - 29.3 - 29.2 - 39.8 - 69.0 - 98.7 Capital expenditure intangibles - 29.3 - 29.3 - 30.8 - 60.1 - 61.7 Free Cash Flow (‘FCF’) 21.4 98.2 - 23.2 74.9 48.0 EBITDA to FCF conversion 15.2% 70.0% - 24.9% 32.1% 19.1% 1 2 1 2 21H1 2026 Analyst Presentation 11 AUGUST 2026
Page 22
TKH Group NV Outlook 2211 AUGUST 2026H1 2026 Analyst Presentation
Page 23
TKH Group NV Outlook 2026 TKH reiterates its outlook communicated at the publication of its Q1 2026 results. Barring unforeseen circumstances, TKH expects organic growth in both turnover and Adjusted EBITA in 2026. 2311 AUGUST 2026H1 2026 Analyst Presentation
Page 24
Q&A
Page 25
TKH Group NV APPENDIX 25H1 2026 Analyst Presentation 11 AUGUST 2026
Page 26
TKH Group NV Eyes-Off Beyond Human Monitoring TKH Automation 26 55.5% 45.5% Automated Machinery Vision Technology TKH has the building blocks in place to build one-ecosystem to meet the challenges of autonomous production H1 2026 Turnover ~70% Global market share of outsourced tire building machines Strong Market positions Market leader in high end markets 2D 3D Market leader in high end mission critical security markets Strong market share in many key segments with high customer intimacy Global presence Hands-Off Beyond Human Intervention Autonomous Decision-Making Beyond Human Reaction Time Machine Vision Vision Technology • Top 5 global player in Machine Vision • Global market leader in 3D Machine Vision • Wide product offering of 2D, 3D Vision, hardware and software • Solutions based approach, broad technology base with many unique capabilities • Wide product offering security and surveillance systems to manage and control urban environment • Market leader in high end mission critical security systems • Leader in parking guidance solutions • Leading player in tire building systems: selected supplier to Tier 1 customers • Main products include passenger and truck tire building machines and tire components • Focus on increasing autonomous production as well as sustainable manufacturing and reducing operational costs through continuous innovations Security Vision Automated Machinery 4% 29% 42% 16% 9% NL Europe Asia North America RoW H1 2026 Turnover 11 AUGUST 2026H1 2026 Analyst Presentation
Page 27
TKH Group NV TKH Electrification 27 57%29% 14% Onshore Energy Offshore Energy Specialty cables 60% 29% 8% 3% NL Europe Asia RoW Offshore Energy HV>66kV- <132kV Onshore Energy MV/LV>1kV- <50kV HV>50kV- <220kV Specialty Cables LV>1kV #1 market position Based on 2024-26 tenders participated 92 projects in pipeline representing >14,400km #1 market position Share in Dutch MV DSO cables (2025) €1.4bn in framework agreements Sole supplier For the majority of Specialty Cable customers Targeted market positions with leading connectivity solutions through advanced innovations Invested in capacity to match anticipated market growth High visibility from locked in orderbook and framework contracts Established player with a scaled European platform HV Specialty MV/LV • Leading player in Europe • Innovative, sustainable and robust dry cable design with ease of installation at lower cost • Production site strategically located to North and Baltic seas • Leading player in NL with EU expansion • Tailored technical specifications to Dutch TSOs and DSOs • On time delivery, quality and short lead times for energy cables • High-end and complex solutions across multiple end-markets • High customer loyalty due to long-standing co-development relationships and highly customizable solutions H1 2026 Turnover 11 AUGUST 2026H1 2026 Analyst Presentation
Page 28
TKH Group NV Our sustainable value chain 75% of turnover linked to SDGs non-financial KPIs H1 2026 Electrification Energy cables Subsea cables Automation Machine vision inspection Tire building systems Specialty cables for industrial applications Sustainable Communities Mobility inspection Mission critical communication Parking guidance Connectivity systems CO2e Footprint reduction (scopes 1&2) Compared to 2019 Target 100% neutrality by 2030 77.5% 2025 76.3% 2024 70.3% LTFR Target < 0.7 0.65 2025 0.41 2024 0.70 Satisfaction score Customers Target Average score above benchmark (7.8) 8.6 2025 8.6 2024 8.6 Diversity Female Executive and Senior Management Target > 25% by 2030 21.3% 2025 20.5% 2024 21.6% How we are ratedOur Focus on SDGs How we do it Satisfaction score Employees Target > 7.5 7.8 2025 7.8 2024 7.8 Illness rate Target < 4.0% 3.96% 2025 4.11% 2024 3.97% rating agencies A- 28 11 AUGUST 2026H1 2026 Analyst Presentation