Deutz Ag · XETR:DEZ
Deutz — Merger or Acquisition (July 2026)
28 slides from Deutz's merger presentation, Jul 9, 2026
Slide 1: DEUTZ joins forces with FFG – A premier European land defense systems integrator
DEUTZ joins forces with FFG – A premier European land defense systems integrator Accelerating DEUTZ’s strategic growth in the defense sector Analyst & Investor Presentation – 9 July 2026
Slide 2: Disclaimer
Disclaimer This document (the “Presentation”) is for information purposes only and must not be relied upon for any in which the Group operates. Such research and estimates, and their underlying methodology and purpose. It does not purport to contain all information required to evaluate DEUTZ AG (the
Slide 3: Agenda
Agenda 1 Overview Dr. Sebastian C. Schulte CEO of DEUTZ AG 2 Strategic Rationale 3 Proposed Transaction Oliver Neu CFO of DEUTZ AG 4 Next Steps 3
Slide 4: DEUTZ to acquire FFG – creating a leading European land defense champion
1 – Overview DEUTZ to acquire FFG – creating a leading European land defense champion Proven engine design and engineering Manufacturing at industrial scale Established defense Ready to deliver the “Zeitenwende” prime and MRO champion Strong customer relations across NATO Integration exp
Slide 5: A transformational transaction – the story in six highlights
1 – Overview A transformational transaction – the story in six highlights Next DEUTZ momentum Historic defense opportunity FFG: Rare asset, best-in-class accelerating financials NATO budgets are heading toward FY2025 group revenue reached €700bn+, with Germany‘s FFG delivered ~€760m revenue at best-
Slide 6: Shareholders invited to vote on 24 August 2026 to issue new shares
1 – Overview Shareholders invited to vote on 24 August 2026 to issue to new shares 9 July 2026 6 August 2026 24 August 2026 5 November 2026 By end of 2026 or Q1/20271 Signing of 1H 2026 Extraordinary 3Q 2026 Anticipated closing & transaction Results General Meeting Results regulatory approval 1) Com
Slide 7: DEUTZ's transformation into a diversified five-unit industrial platform
1 – Overview The transformation of DEUTZ from a single-product engine manufacturer into a diversified five-unit industrial platform is already reflected in the numbers Diversified technology Strong traction Organization aligned platform beyond engines underpinned by guidance for growth >160 years of
Slide 8: Growing recognition of DEUTZ's industrial platform's earnings quality
1 – Overview Growing recognition of DEUTZ’s industrial platform's earnings quality – a strong foundation to build on Continued revenue expansion at rising margins Strong Share Price Performance (Actuals, Consensus Forecast) (Share Price Return, Rebased to 100) 14.8% CAGR (’25-’27) 400 3.000 30,0% 9.
Slide 9: European defense spending has entered a structural, multi-decade expansion
2 – Strategic Rationale European defense spending has entered a structural, multi-decade expansion European NATO defense budgets 2021 to 2030 (in € billion1 current value, rounded) Ramp-up to 3.5% by 20302 Balanced acceleration3 Minimum4 • Focus on defense sovereignty ~970 leading to need for local
Slide 10: A clear market need and an emerging procurement pipeline for land-systems
2 – Strategic Rationale A clear market need and an emerging procurement pipeline for land-systems and sustainment contracts provides a significant growth opportunity Year of introduction for selected Bundeswehr platforms -5 0 20 30 40 70 years years years years years years M113 Leopard 2 Fuchs Wolf
Slide 11: FFG is a rare asset, with strong growth, best-in-class margins
2 – Strategic Rationale FFG is a rare asset, with strong growth, best-in-class margins, strongly positioned to seize the opportunity ahead Financials Operations Portfolio Revenue mix ~€760m ~90 % ~50% CAGR 2023-25A 9 MRO+ Revenue 2025A Locations2 [Higher platform share] Best-in-Class >1.100 >90 % Ma
Slide 12: FFG is an established prime and MRO provider
2 – Strategic Rationale Across Bundeswehr and NATO land programs FFG is an established prime and MRO provider Original equipment solutions 15+ NATO nations served1 30+ NATO platform types >90% Revenue from NATO and Ukraine contractors WiSENT 2 TAHR ACSV Selected examples include Proprietary vehicle
Slide 13: FFG also develops and delivers proprietary OE platforms: WiSENT 2 and ACSV
2 – Strategic Rationale FFG also develops and delivers proprietary OE platforms: WiSENT 2 and ACSV with CAVS and ACSV expansion as the next program waves Proprietary Development Next program waves1 Platform WiSENT 2 ACSV TAHR CAVS Multifunctional Leopard 2 Modular armored support Tactical reconnaiss
Slide 14: FFG's awarded contracts are a multiple of its current annual revenue base
2 – Strategic Rationale FFG’s awarded contracts are a multiple of its current annual revenue base; the total pipeline provides additional visibility beyond the contracted backlog FFG order backlog and pipeline Project outlook NATO ACSV platform upside Pipeline is multiples of backlog Growing WiSENT
Slide 15: The DEUTZ and FFG combination elevates the defense business to a European land champion
2 – Strategic Rationale The DEUTZ and FFG combination elevates the defense business to a European land champion Certified military powerpack technology across V6 to V12 configurations with direct integration potential across FFG's Platform integration and serial production capacity across platform p
Slide 16: FFG slots directly into the Next DEUTZ structure as the defense unit's new anchor
2 – Strategic Rationale FFG slots directly into the Next DEUTZ structure as the defense unit's new anchor Next DEUTZ: We keep the world moving Defense Energy Engines NewTech Service Build Globalize Streamline Drive Broaden ecosystem business business innovation position System provider of reliable &
Slide 17: The combination is expected to deliver revenue synergies and cost savings
2 – Strategic Rationale The combination is expected to deliver revenue synergies – particularly across DEUTZ’s Engines and Services – as well as material costs and SG&A savings • Revenue and margin uplift from integration of existing and new DEUTZ powerpacks into FFG platforms A Engines • Higher int
Slide 18: DEUTZ engines as the fitting match for FFG's vehicle and modernization portfolio
2 – Strategic Rationale A DEUTZ engines as the fitting match for FFG’s vehicle and modernization portfolio Indicative and selected examples DEUTZ defense engine portfolio Growth area <200kW 200-800kW >800kW Selected FFG OE and modernization portfolio 18
Slide 19: Leveraging DEUTZ' extensive service footprint with FFG's established service capabilities
2 – Strategic Rationale B Leveraging DEUTZ’ extensive service footprint with FFG’s established service capabilities Germany showcased as selected example DEUTZ service centers Selected Germany army locations FFG locations One-of-a-kind, dense service footprint close to the customer High proximity to
Slide 20: Building on DEUTZ' strong offering in energy generation and storage in the field
C Building on DEUTZ’ strong offering in energy generation and storage in the field Joint offering combining energy solutions with FFG portfolio Common customers and end-users across the combined portfolio Growing demand for hybrid military energy ecosystems 20
Slide 21: Combined capabilities across production, procurement, assembly and manufacturing excellence
2 – Strategic Rationale D Combined capabilities across production, procurement, assembly and manufacturing excellence ensuring successful ramp-up Procurement Quality Manufacturing Core capabilities for serial production Significant ramp-up 21
Slide 22: Deal value of ~€1.6bn funded through secured debt and newly issued shares
3 – Proposed Transaction Deal value of ~€1.6bn funded through secured debt and a newly issued shares Deal structure Sellers receiving newly issued DEUTZ Share component shares and becoming long-term shareholders1 ~€0.6b DEUTZ AG shares2 ~€1.6 Cash component Sellers receiving cash component, transact
Slide 23: A fully financed acquisition structured to preserve DEUTZ's balance sheet
3 – Proposed Transaction A fully financed acquisition structured to preserve DEUTZ's balance sheet through disciplined deleveraging Transaction Financing Cash Generation De-leveraging ▪ €1.6bn funded through ~€1bn ▪ FFG balance sheet position net ▪ Deleveraging is organic and self- secured debt and
Slide 24: The transaction is expected to be EPS accretive on pro-forma basis
3 – Proposed Transaction The transaction is expected to be EPS accretive on pro-forma basis, with further upside opportunities driven by synergies, FFG orderbook, and pipeline Transaction EPS accretive Short-term opportunities from existing Long-term upside from Strategic on pro-forma basis1 FFG ord
Slide 25: A transformational transaction – DEUTZ to acquire FFG
4 – Next Steps A transformational transaction – DEUTZ to acquire FFG Next DEUTZ momentum Historical defense Fair value independently accelerating opportunity confirmed FFG: Rare asset, best-in- class financials Complementary businesses create Transaction accretive on pro-forma basis1 ~€1.6 European
Slide 26: Shareholders invited to vote on 24 August 2026 to issue new shares
4 – Next Steps Shareholders invited to vote on 24 August 2026 to issue new shares 9 July 2026 6 August 2026 24 August 2026 5 November 2026 By end of 2026 or Q1/20271 Signing of 1H 2026 Extraordinary 3Q 2026 Anticipated closing & transaction Results General Meeting Results regulatory approval 1) Comp
Slide 27: Thank you.
Thank you. We look forward to your questions.
Slide 28: DEUTZ AG Ottostraße 1 51149 Köln
DEUTZ AG Ottostraße 1 51149 Köln Telefon: +49 (0) 221 822 0 Fax: +49 (0) 221 822 5850 E-Mail: info@deutz.com www.deutz.com