Slide 1: 2018 Earnings
‘| 2018 Earnings hel Denis - President and CEO é Rochet - Chief Financial Officer/ MANITOU =GEHL MUSTANG
Slide 2: Disclaimer
This presentation includes only summary information and does not in any way purport to be comprehensive. None of the Company or any of its affiliates, directors, officers, advisors and employees accepts any obligation, liability, claim or remedy for any loss arising from any use of these presentatio
Slide 3: Presence at trade fairs
Presence at trade fairs A globale presence Some examples... January : Philconstruct (Philippines) April : April: INTERMAT eee EUROSATORY 11 = 15 JUIN 2018 / PARIS September : H\INNOV-AGRI November : b auma NOVEMBER 27-30, 2018 SHANGHAI 2018 annual results| March 72019 Public 5
Slide 4: Manitou Group's positioning in 2018
MW Manitou Group's positioning in 2018 Qr 1.Leader cB 2.Challenger Vad 3.Outsider World Rough terrain material handling © ©) Aerial work platforms & es: Compact equipment or Sea ley Industrial and warehousing forklift ie et A 2018 annual results | March 7 2019 Public Europe North America Rest of wor
Slide 5: 2018 review
My 2018 review... February : Opening of the Ancenis R&D test center LEA Launch of Elevation Frontiers program & 2. a os , Bsus Fi March : Joint the Up movement” start-up Sane? June: « Digital au service de l’efficience RH » award July: Mustang brand is becoming Mustang by Manitou . MUSTANG New REDUC
Slide 6: * Excluding attachments and Services & Solutions Sources: AEM, WITS, BFC, Business Dev. Team
€ * Excluding attachments and Services & Solutions Sources: AEM, WITS, BFC, Business Dev. Team
Slide 7: Presence in markets
WW A presence in 3 markets an CONSTRUCTION 51% Percenta; ge distribution of revenue 2018 ere AGRICULTURE 29 % INDUSTRY 20 % MANION
Slide 8: New products and services
My New products and services PAIDYM Renewal of MSI range A new series of reach trucks with retractable mast Connected and adapted service offers : « All ln » and Easy Manager MT 425 : “THE" telescopic" for the industrial market ! New rough-terrain forklifts : MC 25 & MC 30 5 New stage V motorization
Slide 9: Highlights
WW Highlights FY’18 Net sales of €1 884 m, +18% vs. FY’17 (+ 19% like for like*) Recurring operating income at €129 m (6,9%) vs. €95 m (6,0%) in 2017 Recurring operating income at constant scope, accounting standard and exchange rates at 7.3% EBITDA** at €162 m (9%) vs. €124 m in 2017 Net income gro
Slide 10: Revenue matrix
Wy 12 months revenue matrix MHA : Material Handling & Access CEP : Compact Equipment Products S&S : Services & Solutions 2018 annual esutsiMarch72019 — Public MANITOU [a0
Slide 11: Evolution vs. 2017
MW Evolution vs. 2017 a in€M South North Am APAM Total in % Europe Europe MHA +41 +131 +20 +7 +199 +10% +27% +25% +6% +18% cer +5 +10 +40 +15 +69 +34% +32% +24% +42% +28% SRS +10 +12 -2 +4 +24 +11% +16% -5% +12% +10% Total +56 +154 +57 +26 +293 +11% +26% +20% +15% +18% 2018 annual results | March 7
Slide 12: Evolution vs. 2017
MW Evolution vs. 2017 Rev. in €m 2017.12 Exchange rate | Scope change ; 2018.12 impact and IFRS 15 Evolution at impact constant % vs. Rev. p ee N-1 é MHA 1095 -14 9 221 1294 — a ¢ 18% = CEP 244 -14 15 68 314 -6% 6% S&S 252 5 8 21 276 -2% 3% 1591 =33 15 -2% 1% 28% 10% 1884 18% Total ** at constant sc
Slide 13: MHA division
My MHA division Material Handling and Access bm re I HEAVY-LOAD FORKLIFT ROUGH TERRAIN [oct] TRUCK Bk TRUCK-MOUNTED 5, FORKLIFT a | ley | ae TELEHANDLER INDUSTRIAL FORKLIFT 5), WAREHOUSING TRUCK i] EQUIPMENT ARTICULATED LOADER AERIAL WORK PLATFORM 2o18 annual resus Mareh 72019. ——— bie MANITOU FORKL
Slide 14: MHA review
My VIHA review | ADVANTAGES Overall business growth New orders and order book Strengthening innovation Strong improvement in financial performance I DRAWBACKS Delivery times (depth of the book) Additional costs related to ramp-ups €m 2017 2018 Sales 1095 1294 n/n-1 21% 18% ROP 76 100 % of net sales
Slide 15: CEP division
My CEP division Compact Equipment Products ~~ fan | SKID-STEER fe raw TRACKLOADER l a « be | TELEHANDLER aw BACKHOE LOADER | MINI-EXCAVATOR lay = Qn, |Maren 72019, ——— Padi MANITOU
Slide 16: CEP review
My CEP review | ADVANTAGES Revenue growth Order intake and backlog (including rental companies) Integration and development of India Increase in financial performance | DRAWBACKS Very high growth and ambitions 2018 annual results| March 72019 ———— Public €m 2017 2018 Sales 244 314 n/n-1 20% 28% ROP
Slide 17: S&S division: The solutions offer
NEN S&D division : The solutions offer ©) Creating value for its customers What is a solution for handling, elevation of people and excavation ? A FORKLIFT. ATTACHMENTS A SERVICES PACKAGE v¥ Financing /¥ Warranty extensions MANITOU GEHL MANITOU ¥ Maintenance contract ¥ Connected solution ¥ Spare par
Slide 18: S&S review
MW S&S review €m 2017 2018 Sales 252 276 n/n-1 12%) 10% | ADVANTAGES ROP 19 20 Anew year of growth % of net sales 7,7% 7.2% Development of services Deployment of connected tools Strengthening the management of activities qos IIE GS | DRAWBACKS Pressure on margins Lack of machine availability to acce
Slide 19: Corporate Social Responsibility
MM Corporate Social Responsibility 2018 main collective achievements PRODUCTS & SERVICES Reduce-program.com with Reduce Risks : G 300 videos for users er TH electric prototype, Eco-Stop (Ag), Stop & Go (AWP) 2018 GAIA Index ranking: 18/230 RESULTS People : Gold trophy in the category ETI of the "Lea
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Slide 21: Financial results
/ Financial results
Slide 22: Income statement
MW income statement €M 2017 2018 Net sales 1591 1884 Gross Profit 259 314 % Net Sales 16,3% 16,7% R&D, Sales, Mark., Service & Admin. -163 -184 Current operating profit 95 129 % Net Sales 6,0% 6,9% Non recurring 5 38 Operating profit 90 126 % Net Sales 5,7% 6,7% Share of profits of associates 2 2 Op
Slide 23: Income statement
MW income statement €M H1'17 H2'17 2017 H1'18 H2'18 2018 Net sales 805 786 1591 941 942 1884 Gross Profit 128 131 259 154 160 314 %NetSales 15,9% 16,7% 16,3% 16,3% 17,0% 16,7% R&D, Sales, Mark., Service & Admin. -80 -83 -163 -91 -94 -184 Current operating profit 48 47 95 63 66 129 % Net Sales 6,0% 6
Slide 24: Income statement by division
MW |ncome statement by division €M MHA CEP S&S 2017 MHA CEP S&S Net sales 1095 244 252} +1591 1294 314 276 Gross Profit 163 30 66) 259 198 43 73 % Net Sales 14.9% 121% 261%| 163% 15,3% 13,7% 263% Current operating profit 76 0 19 95 100 93 20) % Net Sales 6,9% 0,0% 7,7% 6,0% 7,7% 3,0% 7,2% Non recurr
Slide 25: Current operating profit evolution vs. N-1
MW Current operating profit evolution vs. N-1 95,3 ME 6,0% Recurring operating Income 2017, Wolume/Mlx Production Pricing policy costs 2018 annual results | March 7 2019 ReaD Public -10,5 M€ -0,6% Fa as 129,3 ME -0,4% -2,3 ME 6,9% -0,2% sdesand Administrative rte ‘Recurring operating marketing costs
Slide 26: Recurring operating profit on a comparable basis
MW Recurring operating profit on acomparable basis 2018.12 Exchange IFRS 15 Scope 2018.12] | 2017.12 rate impact impact impact} comparable in€m basis* Net sales 1884 33 2 -17 1901 1594 Recurring operating profit 129 8 2 -1 139 95 % of net sales 6,9% 0,3% 0,1% 0,0% 7,3% 6,0% On a comparable basis, cu
Slide 27: Balance sheet
MW Balance sheet Mێ Dec'17 Dec'18 Var Var % Non current assets (exc.Sales Financing) 235 263 28 12% Inventories 451 575 123 27% Trade receivables 325 362 37 11% Finance contracts receivables 6 11 e 93% Other current receivables 40 47 8 19% Cash, cash equivalents & current financial assets 42 32 -10
Slide 28: Cash-Flow
My Cash-Flow Dec'17__Dec'18 Cash Flow from operating activities 35 =5 Earnings before depreciation & amortization 82 123 Change in working capital -37 -108 o/w inventories -46 -114 o/w trade receivables -54 -36 o/w finance contracts receivables (net) 2 -6 o/w trade payables 49 35 o/w other operating
Slide 29: Investments
By investments €M Dec'17 _Dec'18 46,7 R&D 7,6 9,5 ERP/IT 6,6 5,7 Other 0,0 0,0 Total intangibles 14,2 1521 Buildings 6,8 17;5 Industrial equipment 12,6 1255 Other 3,8 3,0 7 — Tangibles excl. Rental fleet 23,2 33,0 Rental fleet 9,4 19,1 m Rental Fleet Tangibles (excl Rental fleet) @ Intangibles Total
Slide 30: Net debt
Wy Net debt €M Dec'17_ Dec'18 Cash & current financial assets 42 32 Bank loans (Club deal) 48 87 Bonds & other 50 42 Facilities (Overdrafts) 5 28 Finance leases (6) 1 Derivatives 2 S, Others 13 18 Total financial liabilities 118 180 NET DEBT 76 148 Gearing 14% 25% 2018 annual results| March 72019 ——
Slide 31: x [e) Y =) Oo
x [e) 2 Y =) Oo
Slide 32: Outlook 2019
MW Outlook 2019 m Salestrend: Outlook for a 2019 Revenue increase around + 10%. m= Profitability : Outlook for an improved 2019 recurring operating income rate of around 40 basis points, equivalent to approximately 7,3 % of sales revenue. 2018 annual results| March 7 2019 = Public MANITOU 32
Slide 33: Appendix
Appendix
Slide 34: Appendix - Definition
MW Appendix - Definition On a comparable basis : at constant scope, accounting standard and exchange rates : Scope : for 2017 acquisitions (Manitou Equipment India in May 2017 and LiftRite at the end of July 2017), subtraction of their contribution, from January 1st of the current year, to the anniv