Slide 1: Q1/26 Financial Results
Q1/26 FINANCIAL RESULTS MARC LLISTOSELLA I CEO FRANK WEBER I CFO May 7, 2026
Slide 2: Key take-aways today
Key take-aways today Good start in 2026 RVS: record backlog and strong margin increase CVS: strong margin recovery continues Resilient business model of Knorr-Bremse once again proven Guidance FY26 confirmed 2
Slide 3: Robust demand in Rail continues and good EU Truck market
Robust demand in Rail continues and good EU Truck market Current situation Outlook FY26 Order books at OEMs remain very high Global: B-t-B ~1 or slightly above EU: Overall higher; passenger business still EU: Ongoing high demand stronger than freight APAC: CN slightly lower yoy; IN positi
Slide 4: Q1/26: Promising quarter as expected with significant margin expansion
Q1/26: Promising quarter as expected with significant margin expansion OPERATING REVENUES OF EBIT MARGIN ORDER INTAKE € 1.94bn 13.5% FREE CASHFLOW € 2.23bn (org. +2.1% yoy) (PY: 12.1%) € 32m (org. -3.1% yoy) (PY: € 15m) € 1.06bn 16.5% (org. +0.8% yoy) (PY: 15.6%) ORDER BOOK € 7.8bn 20% CASH (org. +6
Slide 5: Focused investments while maintaining capital discipline
Focused investments while maintaining capital discipline CapEx NWC1,2 Free Cashflow ROCE1,2 (annualized) [€m] % of sales [€m] Scope of days [€m] [%] 3.2% 71.6 72.62 32 +260bps 2.7% 67.61 22.1%1 1,557 1,4561 19.5% 21.5%2 1,5622 62 15 53 Q1/25 Q1/26 31.03.25 31.03.26 Q1/25 Q1/26 Q1/25 Q1/26 HVAC as “A
Slide 6: RVS: Record-high order book supported by resilient order intake
RVS: Record-high order book supported by resilient order intake Order intake [€m] Order book [€m] B-t-B again >1 Order book on record level 1.23 Book-to-bill 1.19 +7.3% -3.7% ▪ EU: Overall lower 5,933 ▪ Growth driven by APAC 1,312 33 ▪ APAC: Lower in CN 5,530 and the Americas 1,263 -29 -53 and Ind
Slide 7: RVS: EBIT margin higher due to operating leverage and BOOST
RVS: EBIT margin higher due to operating leverage and BOOST Revenue [€m] Op. EBIT [€m]/ Margin1 Organic revenues up Profitability up ~90bps 1% due to project 16.5% timing 15.6% -0.4% ▪ Solid operating 9 29 leverage in EU 1,065 1,060 ▪ EU: Overall higher in +5.8% overcompensated -43 +0.8% OE and in
Slide 8: CVS: Solid demand in a tough market environment
CVS: Solid demand in a tough market environment Order intake [€m] Order book [€m] OI solid after record Order book slightly 1.19 Book-to-bill 1.10 demand driven by EU lower organically in -1.7% Q1/26 yoy -9.4% 1,914 1,882 1,065 EU: OI at solid level 0 964 but lower yoy EU: lower yoy mainly -47 d
Slide 9: CVS: Good organic revenue growth and strong rebound of EBIT margin
CVS: Good organic revenue growth and strong rebound of EBIT margin Revenue [€m] Op. EBIT [€m]/ Margin Revenue drivers BOOST and operating 11.5% leverage very -1.8% supportive EU: slightly higher yoy 9.5% 894 32 0 NA: OE still slightly 878 lower but signs of Strong impact of +3.6% -48 +19.2% BO
Slide 10: Guidance FY26 confirmed
Guidance FY26 confirmed Revenue [€m] Op. EBIT Margin Free Cashflow [€m] General Assumptions ▪ FX based on levels as of 02/26 ▪ Essentially stable geopolitical and 8,000-8,300 macroeconomic conditions ~14% 750-850 7,817 13.0% 790 No stronger effects due to Middle East crisis (e.g. supply chain restri
Slide 11: Q&A / Backup
Q&A / Backup
Slide 12: Financial calendar 2026 – Upcoming events and FY26 release dates
Financial calendar 2026 – Upcoming events and FY26 release dates DATE EVENT LOCATION Apr 30 Annual General Meeting Online May 7 Q1/26 financial results Online UBS Best of Europe Virtual One-on-One May 12 Online Conference 2026 May 18 UBS European Conference Frankfurt May 19/20 Berenberg European Con
Slide 13: Q1/26 – Group: Order intake and Order book
Q1/26 – Group: Order intake and Order book Order intake [€m] Order book [€m] 1.21 Book-to-bill 1.15 +5.0% 7,813 -6.2% 7,443 6,0% 2,376 33 Org. 2,229 growth1 -74 -106 -3.1% RVS 5,530 5,933 RVS 1,312 1,263 CVS 1,065 964 CVS 1,914 1,882 Q1/25 Organic M&A FX Q1/26 31.03.2025 31.03.2026 1) duagon consoli
Slide 14: Q1/26 – Group: Revenue development
Q1/26 – Group: Revenue development Revenue [€m] Revenue [€m] By business By region -1.1% 1,958 1,937 1,958 41 29 1,937 Asia/ 472 -4.4% 451 -91 Pacific +2.1% SA 45 -4.4% 43 RVS 1,065 1,060 NA 492 -11.6% 435 EU 949 +6.2% 1,008 CVS 894 878 Q1/25 Organic M&A1 FX Q1/26 Q1/25 Q1/26 1) duagon consolidated
Slide 15: Q1/26 – Group: Op. EBIT growth vs. prior year
Q1/26 – Group: Op. EBIT growth vs. prior year op. EBIT [€m]/ EBIT Margin1 13.5% 12.1% +10.5% 32 3 261 Reported: Reported: 204 245 (10.4%) 236 -10 (12.6%) +13.6% RVS 175 (16.5%) 166 (15.6%) CVS 101 85 (11.5%) (9.5%) Q1/25 Organic M&A FX Q1/26 1) M&A: before PPA 15
Slide 16: Group Q1/26 – Bridge reported EBIT to operating EBIT
Group Q1/26 – Bridge reported EBIT to operating EBIT Op. EBIT [€m]/ op. EBIT margin [%] + 140bps + 220bps 261 245 12 (13.5%) 4 236 (12.6%) (12.1%) 204 RVS: ~€ 2m RVS: ~€ 12m (10.4%) CVS: ~€ 2m 175 162 (15.3%) (16.5%) 166 148 (15.6%) RVS (13.9%) 99 101 71 85 CVS (11.2%) (11.5%) (9.5%) (7.9%) Q1/25 re
Slide 17: Investor Relations contact
Investor Relations contact Andreas Sophia Spitzauer Kursawe +49 89 3547 182310 +49 89 3547 187311 +49 175 5281320 +49 151 62330709 Andreas.Spitzauer@knorr-bremse.com Sophia.Kursawe@knorr-bremse.com 17
Slide 18: Disclaimer
Disclaimer IMPORTANT NOTICE This presentation has been prepared for information and background purposes only. It does not constitute or form part of, and should not be construed as, an offer of, a solicitation of an offer to buy, or an invitation to subscribe for, underwrite or otherwise acquire, an