Slide 1: PIERER Mobility AG – The leading European powered two-wheeler group
PIERER Mobility AG The leading European powered two-wheeler group Company presentation Half Year 2023 PIERER Mobility AG | Edisonstraße 1, 4600 Wels
Slide 2: Disclaimer
Disclaimer This document is for information purposes only and shall not be treated as giving any investment advice and/or By their nature, forward-looking statements involve known and unknown risks and uncertainties because they relate to recommendation whatsoever. This presentation and any informat
Slide 3: Table of contents
Table of contents 00. PIERER Mobility AG at a glance 01. Performance – Continued growth & strong focus on returns 02. Globalization – Organic growth leveraged by acquisition & strategic partnerships 03. Premium brands 04. Innovation – The future of PTWs 05. People – Development of employees 06. Fina
Slide 4: PIERER Mobility AG at a glance
PIERER Mobility AG at a glance A global leader in the powered two-wheeler industry PIERER Mobility AG | Edisonstraße 1, 4600 Wels
Slide 5: Highlights H1 2023
Highlights H1 2023 Strong sales and revenue performance ▪ Record revenue: € 1,387.6 million (+20,2% vs H1 2022) ▪ Record operating result of € 96.9 million despite big challenges in the bicycle industry ▪ Sales PTW‘s: 230,694 units (+16,4% vs H1 2022) ▪ Double-digit market shares in EU and US ▪ Stre
Slide 6: More than thirty years of successful track record
More than thirty years of successful track record Revenues €m CAGR 92-22: 16.9% CAGR 09-22: 13.8% 2,437 2400 2200 2,042 2000 1800 1600 1,387 1400 1200 1000 800 600 400 200 0 92/93 93/94 94/95 95/96 96/97 97/98 98/99 99/00 00/01 01/02 02/03 03/04 04/05 05/06 06/07 07/08 08/09 H1 2023 2010 2011 2012 2
Slide 7: Four pillars of success
PEOPLE GLOBALIZATION Strategic, continuous growth reinforces “From riders for riders.” All of us are united by our position as a global mobility group. passion, enthusiasm and performance. It’s how we succeed together. FOUR PILLARS OF SUCCESS INNOVATION BRANDS We’re always looking ahead. As a highly
Slide 8: The leading European powered two-wheeler group
THE LEADING EUROPEAN POWERED TWO-WHEELER GROUP Motorcycles New Mobility Design, R&D Digital Transformation, IT Motorsport ~4,370 Employees ~180 Employees ~1,080 Employees 1) ~340 Employees 2) ~260 Employees Simplified presentation by areas as of August 2023 100% shareholdings: KTM AG, Husqvarna Moto
Slide 9: PIERER Mobility DNA
PIERER MOBILITY DNA More than 30 years in the fast lane. CONTINUED GROWTH & STRONG ORGANIC GROWTH LEVERAGED INNOVATION – THE FUTURE OF FOCUS ON RETURNS BY ACQUISITION & STRATEGIC PTWs PARTNERSHIPS ▪ R&D expenses around 8 - 9% of revenues ▪ ~16% sales unit CAGR since 1992 resulting in ~ € 2,437 milli
Slide 10: Performance
Performance Continued growth & focus on returns 01. PIERER Mobility AG | Edisonstraße 1, 4600 Wels
Slide 11: Powered two-wheelers (PTW) unit sales
Powered two-wheelers (PTW) unit sales Sales units CAGR incl. Bajaj 92-22: ~15.5% Sales units CAGR incl. Bajaj 09-22: ~16.2% ▪ 230,694 PTWs sold in Half Year 2023 449,971 thereof 33,029 units (KTM, Husqvarna) 450 000 409,797 distributed by Bajaj 400 000 ▪ Further 31,000 non-E-Bicycles sold 350 000 Un
Slide 12: Motorcycle Wholesales – HY 2023
Motorcycle Wholesales – HY 2023 Deliveries to Motorcycle Dealer Network & General Importers EUROPE NORTH INDIA SOUTH ASIA AUS/NZ AFRICA / 190,293 AMERICA 33,029 AMERICA MID. EAST UNITS SOLD 76,767 50,472 UNITS SOLD 12,104 9,858 6,849 1,214 UNITS SOLD UNITS SOLD +81% (+14,778) UNITS SOLD UNITS SOLD U
Slide 13: Bicycle Wholesales – HY 2023
Bicycle Wholesales – HY 2023 EUROPE NORTH AMERICA REST OF WORLD 71,401 59,212 9,184 3,005 UNITS SOLD UNITS SOLD UNITS SOLD +37% (+817) +40% (+16,901) +33% (+2,266) +19,984 | +39% E-Bicycles 2,077 units >100% E-Bicycles 562 units >100% +16% E-Bicycles 37,762 units +12% Bicycles 21,450 units >100% Bic
Slide 14: Business growth driver: dealers
Business growth driver: dealers 4,600 motorcycle dealers & 2,130 bicycle dealers 575 683 721 ~4,600 Motorcycle dealers 374 ~2,130 Bicycle dealers 1 455 1 556 1 432 327 ▪ 95 MV Agusta and 104 CF Moto ▪ 1,756 independent bicycle 284 dealers 2 200 2 238 2 246 Dealers 1 756 ▪ Europe: ~1,870 dealers 1 36
Slide 15: Motorcycle market insights
Motorcycle market insights (preliminary) 2023 H1 – Global market development ▪ Double-digit market shares in EU and US ▪ Stabilizing market demand for motorcycles Main Motorcycle Markets (>120cc) Europe ~470,000 units (+11%) North America ~290,000 units (+5%) Australia & New Zealand ~33,000 units (-
Slide 16: PIERER New Mobility – Revenues and market opportunity
PIERER New Mobility Revenues and market opportunity E-Mobility sales in (€m) Sales CAGR 2020-2027: ~ 35 % ▪ Estimated market volume Europe 2025-2027: Gross Margin: ~ 25% ~6,000,000 units tbd Sales CAGR 2019-2022: + ~34% ▪ Bicycle market shaped by major challenges ▪ Stock situation at retailers/deale
Slide 17: Globalization
Globalization Organic growth leveraged by acquisition & strategic partnerships 02. PIERER Mobility AG | Edisonstraße 1, 4600 Wels
Slide 18: Strong global partners – Bajaj
Strong global partners Strategic partnership with Bajaj The strong strategic partnership with the Indian Bajaj Group, which already lasts for more than 16 years, produced 1 million SOP of new production units of KTM and Husqvarna motorcycles until January 2023. facility in June 2023 ▪ Further focus
Slide 19: Strong global partners – CFMOTO
Strong global partners Expansion of the joint venture with CFMOTO Strengthening cooperation with Partner CFMOTO, sole distributor for KTM in China, in the areas of product strategy, development as well as industrialization – incl. model planning and the joint development of engines and vehicles. ▪ P
Slide 20: Strong global partners – MAXCOM
Strong global partners PIERER New Mobility | MAXCOM Handling of supply chain, warehousing and logistics Joint venture ▪ Expansion of the (e-)bicycle production with MAXCOM capacity in Europe (Bulgaria) – production facility under construction ▪ Completion and commissioning of the new logistics cente
Slide 21: Infrastructure Projects – KTM North America
Infrastructure Projects KTM NORTH AMERICA HQ CAMPUS CALIFORNIA, USA – Showcase of eight world-class brands under one roof ▪ Most important single sales market in the group: H1 2023 revenue of € 379 million (BY 2022 € 825 million) ▪ 374 employees ▪ ~ 950 motorcycle dealers & ~ 540 bicycle dealers ▪ €
Slide 22: Global production facilities H1 2023
Global production facilities H1 2023 Austria Mattighofen (HQ) Bicycle production facilities Bulgaria Plovdiv (Maxcom, JV) ~112,000 Units in H1 2023 ~91,000 Units in H1 2022 Motorcycle production facilities India Pune (Bajaj) ~83,400 Units in H1 2023 ~ 78,300 Units in H1 2022 China Hangzhou (CFMOTO,
Slide 23: Premium brands
Premium brands 03. PIERER Mobility AG | Edisonstraße 1, 4600 Wels
Slide 24: Sharply positioned motorcycle brands
Sharply positioned motorcycle brands The Racing Brand With Extreme Performance Purity | Performance | Adventure | Extreme The Pioneering Brand With Smart Performance Smart | Progressive | Dynamic | Pure Design The Vibrant Playful Brand With Inviting Performance Daring | Capable | Vibrant | Inviting
Slide 25: Clearly distinct bicycle brands
Clearly distinct bicycle brands The pioneering brand with smart performance Smart | Progressive | Dynamic | Pure Design Performance bikes that ignite the fun of two-wheeled action! Daring | Capable | Vibrant | Inviting The radical brand with an obsession for speed Fast | Competitive | Accomplished |
Slide 26: MV Agusta
MV Agusta Luxury sport motorcycle brand made in Italy since 1945 ▪ 25.1% in MV Agusta Motor S.p.A held by KTM Group ▪ Setup of new companies to manage sales, marketing and customer service as well as purchasing and supply chain: − MV Agusta Motorcycles GmbH in Mattighofen − MV Agusta Motorcycles Nor
Slide 27: Innovation – The future of PTWs
Innovation The future of PTWs 04. PIERERMobility PIERER MobilityAG AG | | Edisonstraße Edisonstraße 1, 1, 4600 4600 Wels Wels
Slide 28: Right vehicle, right place, right energy carrier
Right vehicle, right place, right energy carrier Openness to different technologies E-Drive E-Fuels ▪ Urban environments with rather limited speed and short distances ▪ In market segments that are difficult to electrify, it needs other approaches can benefit from electric powertrains to finding solu
Slide 29: Product development / competence centers
Product development / competence centers ~1,500 employees, over 47,000 m2 Research & Development center (Mattighofen & Munderfing, Austria) ▪ Design, development and testing of ICE powered vehicles, design engineering of components (E/E, metal structures, plastic) and suspension components, prototyp
Slide 30: People – Development of employees
People Development of employees 05. PIERERMobility PIERER MobilityAG AG | | Edisonstraße Edisonstraße 1, 1, 4600 4600 Wels Wels
Slide 31: Development of employees
Development of employees As of 06/30/2023 Key Facts ▪ 6,314 employees (of which approx. 5,100 in Austria), incl. around 200 apprentices ▪ Increase by 658 staff in H1 2023 (compared to 5,656 in H1 2022) ▪ Internationalization of apprentice training: 6-week internship at subsidiaries abroad, for examp
Slide 32: Financials & Guidance
FINANCIALS & GUIDANCE 06. PIERERMobility PIERER MobilityAG AG | | Edisonstraße Edisonstraße 1, 1, 4600 4600 Wels Wels
Slide 33: Financials – Consolidated profit & loss
FINANCIALS CONSOLIDATED PROFIT & LOSS FIGURES UNDER IFRS in €m H1 2022 H1 2023 ∆ 2022/23 Revenues 1,154.1 1,387.6 +20.2% 1 1 ▪ Record revenue was achieved once again (+ € 233.5 million) ▪ Increase in sales volumes very strong in both divisions, especially in Europe EBITDA 162.3 178.9 +10.3% 2 (motor
Slide 34: Financials – Business segments
FINANCIALS BUSINESS SEGMENTS UNDER IFRS H1 2023 1 ▪ Motorcycles segment revenues in H1 2023 increased by around € 204 million vs. H1 2022 (+19%) in €m GROUP MOTORCYCLES BICYCLES OTHERS ▪ Bicycles segment revenues in H1 2023 increased by around € 29 million vs. H1 2022 (+37%) Revenues 1,387.6 1,276.8
Slide 35: Financials – Balance sheet and cash flow
FINANCIALS CONSOLIDATED BALANCE SHEET AND CASH FLOW FIGURES UNDER IFRS in €m 12/31/22 6/30/2023 ∆ 2022/23 Balance sheet total 2,550.6 2,675.5 +4.9% 1 ▪ Dividend payments were higher then the positive result in H1 ▪ Equity ratio reduced to 33.3% Equity 914.4 889.9 -2.7% 1 Total interest-bearing debt
Slide 36: Free cash flow and net debt analysis
FINANCIALS FREE CASH FLOW AND NET DEBT ANALYSIS FREE CASH FLOW - in €m H1 2022 H1 2023 ∆ 2022/23 Net debt Net debt EBITDA 162.3 178.9 16.6 12/31/2022 6/30/2023 (+) Interest receipts and (-) payments -6.7 -23.4 -16.7 (-) Taxes -20.9 -3.1 17.8 (+) Non-cash expenses and (-) income -1.0 -10.6 -9.6 -256.
Slide 37: Financial guidance 2023
FINANCIAL GUIDANCE 2023 CONFIRMED – POSITIVE OUTLOOK KEY KEY KEY OUTLOOK FIGURES FIGURES FIGURES 2023 2022 2021 2020 Revenues in €m/ 6 – 10 % 2,437.2 2,041.7 1,530.4 Revenue growth in % EBIT margin 8 – 10% 9.7% 9.5% 7.0% EBITDA margin 15.6% 16.3% 15.3% 37 PIERERMobility PIERER MobilityAG AG | | Edis
Slide 38: Performance of the PMAG share
PERFORMANCE OF THE PMAG SHARE Broker Recommendation Price target PMAG share (SIX)08/29/2022 - 08/25/2023 Coverage Open: 58.50 I High: 85.00 I Low: 52.90 I Close: 73.80 Last update 08/2023 CHF 95.00 Jefferies Buy (unchanged) new: CHF 87.00 Stifel Buy (vs CHF 95.00) new: CHF 91.00 Vontobel Buy (vs CHF
Slide 39: Management team & contact details
MANAGEMENT TEAM & CONTACT DETAILS PIERER Mobility AG CONTACT DETAILS PIERER Mobility AG Stefan Pierer Edisonstrasse 1 CEO 4600 Wels Austria Viktor Sigl CFO www.pierermobility.com Hubert Trunkenpolz Member of the Executive Board Melinda Busáné Bellér, Investor Relations E-Mail: ir@pierermobility.com