GEA Group AG
Roadshow presentation

Düsseldorf, January 2024

Disclaimer
This presentation contains forward-looking statements. Forward-looking statements may include, in particular, statements about future
events, future financial performance, plans, strategies, expectations, prospects, competitive environment, regulation and supply anddemand. Statements with respect to the future are characterized by theuse of words such as "expect", "intend", "plan", "anticipate", "believe", "estimate" and similar terms. Forward-looking statements are
based on our current assumptions and forecasts. These statements naturally entail risks and uncertainties, which may cause the actual
results of operations, financial position or performance to diverge materially from the estimates given here. Factors that could cause sucha divergence include, inter alia, changes in the economic and business environment, fluctuations in exchange rates and interest rates,
launches of competing products,
poor acceptance of new products or services, and changes in business strategy. Given these uncertainties, readers
should not put undue reliance on any forward-looking statements. We undertake no obligation to update or revise
any forward-looking statements.
Due to rounding, the sum of percentages of order intake, sales by region, customer industry as well as EBITDA share may vary from 100%.

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AGENDA
1. Overview GEA

4

2. Q3 2023 Results and Guidance 2023

14

3. Mission 26 / Sustainability

24

4. GEA – a compelling investment

30

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GEA at a glance"Engineering for a better world" is the driving and energizing principle connecting GEA’s employees. As one of thelargest systems suppliers GEA makes an important contribution to a sustainable future with its solutions and services,
particularly in the food, beverage and pharmaceutical sectors. Across the globe, GEA’s plants, processes andcomponents contribute significantly to the reduction of CO2 emissions, plastic use as well as food waste in production.
GEA is listed on the German MDAX and the STOXX® Europe 600 Index and also included in the DAX 50 ESG, the Dow
Jones Sustainability Index Europe and MSCI Global Sustainability indexes.

FY 2022
FY 2021

Order intake

Revenue

5,679
5,222
EUR million

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before restructuring
expenses

before restructuring
expenses

EBITDA

Dividend

Employees

5,165
4,703

712
625

13.8
13.3

0.95
0.90

18,23618,143

EUR million

EUR million

percent ofrevenue

EUR per share

FTEs

EBITDA

4

Our applications – in touch with GEA everyday

Food
Every thirdchickennugget is
producedusing GEA
technology

Approx. every
third processline for instantcoffee wasinstalled by
GEA

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Dairy Farming
and Processing
Approx. one
quarter ofprocessed milk
comes from
GEA production
systems

Beverages

Pharma &healthcare

Approx. every
second literof beer isbrewed with theaid of systems
and processsolutions from
GEA

Every fourth
liter of humanblood formaking plasmaderived products
is processedusing GEA
equipment

Chemical

Refrigerationand Heating

MarineMore than
one third of
all polymer
producers
are using
GEA drying
technology

Each industry
we serve
utilizes
industrial
refrigeration
technology
from GEA

Every second
container shipin the world
sails with
GEA marine
equipment on
board

5

GEA’s key customer
industries
food, beverages &pharmaceuticals
are very stable,
reliable and growing
due to global
megatrends▪ Demand for

Food
Safety &Quality

Essential andAffordable
Medicines▪ New Food

Growing
MiddleClass

Growing
World
Population

Sustainable
Solutions
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Urbanization
6

GEA’s key customer
industries
food, beverages &pharmaceuticals
are very stable,
reliable and growing
due to global
megatrends

Production growth

Industry volatility[CAGR 2002-2022 in %][Standard Deviation 2002-2022 in %]3.7%

Food & Beverages

4.8%

Pharmaceuticals
Agriculture, forestry &fisheries1
Oil&Gas Extraction
Pulp & Paper

2.8%~70% of GEA sales

1.0%
3.1%
0.9%

1.2%

2.2%

2.3%

2.4%

Industrial production w/oConstruction

3.3%

2.9%

Chemicals

3.6%

3.2%

Electrical, optical &high-tech
Mechanical engineering

Machines for mining &construction
Motor vehicles~8% of GEA sales

6.0%
4.6%

4.6%

7.3%

3.8%
2.3%

14.1%
9.7%

Source: Oxford Economics per 01/2023; Global production real value-added output in USD (expressed in constant prices)
1 CAGR and standard deviation for agriculture, forestry and fisheries 2005-2022

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GEA has a highly diversified customer base100%

Cumulative revenue share

Typical industrial
company
80%

60%

GEA
40%

~45%

~50%

~39%
~28%

20%

0%

~3%
Top 1

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Top 10Top 50

Top 100

Top 150

Top 200

Customers

8

Separation & Flow Technologies

World-class components and equipment for production
excellence
Separators. Homogenizers. Valves & Pumps
Separation & Flow Technologies encompass process engineering components andmachines, including separators, decanters, homogenizers, valves and pumps, which are at
the heart of many production processes.
These solutions contribute to a cleaner environment in numerous industrial applications.
They also ensure the efficient separation and homogenization of liquids used in the
production of foods, beverages, medicines and home & personal care products that
consumers enjoy and rely on. GEA pumps and valves guarantee that raw materials andproducts move safely and efficiently through plants.

Revenue

EBITDA1

EBITDA1 margin

Employees

1,416

360

25.4

4,907

Previous year: EUR 1,237 million

Previous year: EUR 303 million

Previous year: 24.5 percent

Previous year: 4,860

EUR million

EUR million

percent

Full-time equivalents

all numbers are from FY 2022 and FY 2021 respectively
1 before restructuring expenses
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Liquid & Powder Technologies

Specialists in processing equipment and integrated solutions
Liquid & Filling Technologies. Powder & Thermal Separation Technologies
Liquid & Powder Technologies provide processing equipment and integrated solutions forthe dairy, food, including new food, beverage, chemical and home & personal careindustries. The portfolio includes brewing systems, liquid processing & filling,
concentration, precision fermentation, crystallization, purification, drying, powder handling& packaging as well as systems for emission control.
GEA designs, builds, configures and installs versatile and efficient equipment andtechnologies, processing lines and complete plants, for products as diverse as cell-based
protein to polymers.

Revenue

EBITDA1

EBITDA1 margin

Employees

1,716

166

9.7

5,404

Previous year: EUR 1,546 million

Previous year: EUR 150 million

Previous year: 9.7 percent

Previous year: 5,241

EUR million

EUR million

percent

Full-time equivalents

all numbers are from FY 2022 and FY 2021 respectively
1 before restructuring expenses
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Food & Healthcare Technologies

Safe foods and medicines for a growing population
Pasta, Extrusion & Milling. Bakery. Slicing & Packaging.
Food Solutions. Frozen Food. Pharma & Healthcare
Food & Healthcare Technologies provide solutions for food processing. This covers
preparation, marinating and further processing of meat, poultry, seafood and veganproducts, in addition to processing lines for pasta, baked goods, snacks, breakfast
cereals, confectionery and pet food. GEA also offers equipment for freezing, slicing andpackaging of food and milling.
GEA solutions for the pharmaceutical & nutraceutical industry include components,
equipment and entire plants for processing solid, liquid as well as semi-solid products andhigh potent drugs either for batch or continuous production.

Revenue

EBITDA1

EBITDA1 margin

Employees

1,001

107

10.7

3,571

Previous year: EUR 937 million

Previous year: EUR 100 million

Previous year: 10.7 percent

Previous year: 3,577

EUR million

EUR million

percent

Full-time equivalents

all numbers are from FY 2022 and FY 2021 respectively
1 before restructuring expenses
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Farm Technologies

Smart solutions for farmers now and in the future
Milking & Dairy Farming: Milking & Feeding, Manure
Farm Technologies offer integrated customer solutions for efficient, high-quality milk
production and livestock farming. This includes automatic milking and feeding systems,
conventional milking solutions and digital herd management tools. GEA manure
management solutions ensure operators have the right tools for safe and efficient storage,
application and upcycling of this important resource.
The portfolio also includes a wide range of hygiene products and chemicals to promote
optimum udder health and highest milk quality.

Revenue

EBITDA1

EBITDA1 margin

Employees

742

86

11.6

1,909

Previous year: EUR 634 million

Previous year: EUR 76 million

Previous year: 12.0 percent

Previous year: 1,865

EUR million

EUR million

percent

Full-time equivalents

all numbers are from FY 2022 and FY 2021 respectively
1 before restructuring expenses
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Heating & Refrigeration Technologies

Industrial heating and cooling solutions for climate-friendly
production processes
Turnkey installations. Compressors & compressor packages.
Heat pumps. Chillers. Controls
Heating & Refrigeration Technologies combine extensive production process knowledge
and integrated heating and cooling expertise to deliver sustainable, energy-saving
solutions for customers in the food, beverage and other key industries.
GEA plays an important role in the decarbonization of production processes, cities andother market activities. Via a sustainable energy solutions platform, which includes acomprehensive portfolio of heat pumps, GEA delivers the precise temperatures critical to
our customers’ operations. Our proven technologies provide customers with integrated,
high-efficiency solutions that significantly reduce CO₂ emissions and energy costs.

Revenue

EBITDA1

EBITDA1 margin

Employees

524

57

10.9

1,716

Previous year: EUR 584 million

Previous year: EUR 59 million

Previous year: 10.2 percent

Previous year: 2,091

EUR million

EUR million

percent

Full-time equivalents

all numbers are from FY 2022 and FY 2021 respectively
1 before restructuring expenses
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Q3 2023 results
and guidance 2023

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Share buyback program of €400m until 2025 and cancellation ofshares worth €700m

Planned volume

Tranches

2-3 tranches; 1st tranche of €150m to be executed within
next 6 months

Duration

Until 2025

Utilization of shares

ESG feature

Roadshow Presentation€400m

Cancellation; in addition, previously held 8.2m treasury
shares (4.5% of share capital) will also be cancelledFirst tranche will be featured with donation for GEA
specific project with Viva con Agua

15

Executive Summary Q3 23

Top-line negatively impacted by FX, further profitability improvements & strong cash generation
€m

Q3 23

Q3 22

Δ
reported

Δ
organic

Order intake

1,247

1, 372

-9.1%

-1.7%

Three large orders (>€15m) totaling €138m vs. five large orders
in Q3 22 of €128m

Sales

1,351

1,354

-0.2%

6.9%

Solid organic new machine and strong organic service sales
growthEBITDA1
EBITDA1 margin

207.0
15.3%

198.7
14.7%

4.2%
0.6%p

EBIT1

162.0

154.7

4.7%

ROCE1,2

33.9%

30.6%

3.3%p

EBIT1 improvement overcompensates increase in capital
employed; ROCE of all divisions up YoY except for FHT

Net liquidity3

233

235

-0.9%

Due to strong cash generation almost on prior year quarter
despite €56m cash outflow on share buyback program in Q4 22

EBITDA1 increase driven by higher gross profit1; operating costs
have remained stable

1 Before restructuring expenses I 2 Capital employed average of the last 4 quarters I 3 Net liquidity at the end of Q3 23 including lease liabilities of €156m (Q3 22: €166m)

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Strong Free Cash Flow generation
FCF

Free Cash Flow Q3 23, €m▪ NWC €10m: inflow driven by lower tradereceivables and inventories coupled withhigher advance payments▪ 95% of EBITDA2 converted into FCF2 in Q3 23

10

-9

-48

22

0

-16

-2

236

207

187

EBITDA Delta NWC
beforeRestructuring

FCF conversion ratio2 (L4Q)

33

-27

Taxes

Cash-out Provisions
Restructuring

OthersOperatingCash flow

Capex

OthersFree Cash
Lease
Flow
payments

168

Interests
paid

Net Cash
Flow

Net Cash at the end of Q3 23 vs. at the end of Q2 23, €m▪ 45% of EBITDA was converted into FCF, up
from 34% as per end of Q2 23-1▪ Target corridor of 55% to 65%

168

233

65
Net Cash1at theend of Q2 23

Net Cash Flow

OthersNet Cash1 at theend of Q3 23

1 Including lease liabilities of €156m at the end of Q3 2023 and €157m at the end of Q2 2023 I 2 before restructuring expenses

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NWC/Sales ratio at 8.3%
YoY and QoQ improvement

800 €m

20%

700 €m▪ NWC has been nearly flat YoY as higher advancepayments and lower trade receivables havealmost fully offset the decline in trade payables
and the increase in inventories

15%

600 €m

500 €m7.9%

8.9%

Guided corridor
6.1%

384

▪ Down QoQ due to higher advance payments,
lower trade receivables and inventories

8.3%

458

449

10%

6.9%

446

400 €m

8.5%

5%

369

300 €m314

0%200 €m-5%▪ NWC ratio within the guided corridor of 8.0 –10.0%

100 €m

0 €m

-10%
Q2 22

Q3 22

Q4 22

Q1 23

Q2 23

Q3 23

NWC as of end of quarter (in €m)
NWC as of end of quarter in percentage of sales (L4Q)

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Strong financial position and solid financial flexibility
Maturity structure cash credit lines (€m)
Maturity/Year

Drawn

undrawn

Comments

460

Evergreens, bilateral credit
lines with core banks.

0Committed fixed rateborrower‘s note loan without
investors right of earlytermination.

2023

2025

Finance KPIs

100

2028

0

650

Total

104

710

Committed liquidity back-up
credit facility.
Linked to ESG indicators1.

€m

End of
Q3 23

End ofQ3 22

Δ

Equity

2,425

2,333



Leverage1 (Rating)

1.3x

2.0x



Financial Headroom

650

650

●

Cash and cash equivalents

483

606



Short-term investment

9-- Drawn credit lines (incl. accrued interest)

104

205



= Net liquidity excl. lease liabilities

389

401



- Lease liabilities

156

166



= Net liquidity (incl. lease liabilities)

233

235



1 According to Moody‘s consideration (1.3x in September 2023 as of June 2023 and 2.0x in September

2022 as of June 2022)

AgencyLast Update

Moody‘s
Fitch

RatingOutlook

Current

Prior

Current

Prior

22-Mar-23

Baa2

Baa2

positivestable19-Apr-23

BBB

BBB

stablestable1 Such as the achieved reduction of CO2 emissions (Scope 1 and 2), female representation in leadership positions, etc.

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Consolidated balance sheet1
As of September 30, 2023
Assets in €m

Equity and liabilities in €m

Property, plant and equipment

756.0

Equity2,425

Goodwill

1,475

Non-current provisions

99.1

Other intangible assets

388.1

Non-current employee benefit obligations

588.3

Others356.6

Non-current financial liabilities

204.6

Non-current assets

2,976

Others125.8

Inventories

926.4

Non-current liabilities

1,018

Contract assets

450.8

Current provisions

244.3

Trade receivables

730.7

Current employee benefit obligations

242.8

Cash and cash equivalents

483.0

Trade payables

737.2

Others311.9

Current contract liabilities

912.9

Current assets

2,903

Others298.3

Current liabilities

2,436

Total equity and liabilities

5,878

Total assets

5,878

1 Rounded numbers, may not add up

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Consolidated income statement
€m

Q3 23

Q3 22

Δ

Q1-Q3 23

Q1-Q3 22

Δ

Revenue

1,351

1,354

-0.2%

3,964

3,751

5.7%

Cost of Sales

877.7

895.4

-2.0%

2,601

2,498

4.1%

Gross profit

473.4

458.2

3.3%

1,363

1,253

8.8%

Selling expenses

138.8

145.0

-4.3%

432.7

431.1

0.4%

R&D

26.7

23.1

15.4%

82.3

72.7

13.3%

General and administrative

150.2

147.7

1.7%

453.4

422.0

7.4%

Others1

0.5

1.7

11.5

4.3

EBIT

158.2

144.1

406.2

331.2

Financial result

-5.2

-4.1

-16.6

-12.6

EBT

153.0

140.0

9.3%

389.6

318.6

29.1%

Taxes

35.2

38.6

-8.7%

90.0

86.5

3.9%

Net profit2

120.8

107.0

12.9%

300.3

255.9

17.4%

Weighted average number of shares3

172.3

176.0

-2.1%

172.3

177.0

-2.6%

EPS4

0.70

0.61

15.3%

1.74

1.45

20.5%

9.8%

22.6%

1 includes other income and expenses, net result from impairment, other financial income and expenses l 2 includes profit or loss after tax from discontinued operations l 3 in million l 4 in EUR

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Confirming 2023 guidance (upgraded in May)

Organic sales

EBITDA1

ROCE1(currency and portfolio adjusted)(Before restructuring expenses)(Before restructuring expenses)

% YoY

€m

%

Upgradedguidance>8.0

upper part of>32.0

Initial guidance>5.0

730– 790≥29.0

Prior year

€5,165m; 8.9%

712

31.8

730-790

In addition, GEA targets to further improve its EBITDA margin before restructuring expenses to ≥14.0%
1 Based on constant exchange rates; for our divisional guidance, please see our Q3 23 report on page 15.

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Additional financial guidance for 2023

Depreciation &Amortization (incl.
PPA, IFRS 16)1

Financial result

Tax rateCapexaroundaroundaroundaround

€180m

€25m

23%

€240m

thereof impact from
PPA
around€12m

1 Before restructuring expenses

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Mission 26 /Sustainability

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Mission 26

PurposeEngineering for a better world
VisionWe safeguard future generations by providing sustainable solutions
for the nutrition and pharmaceutical industries
Profitable
GrowthSustainability

Organic Sales CAGR1

Innovation &Digitalization

4-6%

EBITDA
margin2> 15%

ROCE2,3> 30%

EXCELLENCENew Food

Sales Excellence

Service Excellence

Operational
Excellence

Ambitious financial
targets

Acquisitions

1 Currency and portfolio adjusted | 2 Before restructuring expenses; based on constant exchange rates |3 Capital employed excluding EUR ~800m goodwill from the acquisition of the former GEA AG by former Metallgesellschaft AG in 1999 (average of the last 4 quarters)

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Our sustainability approach
Announced in 2021, upgraded in 2023

Engineering for a better world.

NET ZERO

by 2040

Sustainable Solutions

Responsible Operations

Employer of Choice▪ Reduce greenhouse gas emissions scope 3
by 27.5% by 2030 (raised from 18%)

▪ Reduce greenhouse gas emissions scope 1 & 2
by 80% by 2030 (raised from 60%)

▪ 100% of solutions will be offered with zero
freshwater-use by 2030

▪ 50% of total energy demand is covered by certified energy
management system by 2026

▪ 80% favorable rating on the question: “Would you
recommend GEA as a good place to work?”
in internal employee engagement survey by 2026

▪ 100% of packaging-related solutions use
sustainable packaging materials by 2030

▪ All sites in water-stressed areas that implemented
a water strategy by 2026

▪ 100% of service parts and machinery packaging
material to fulfill one of the five R’s of circular economy(Reduce; Re-use; Repair; Remanufacture; Recycle)
by 2026▪ >95% of waste recovery rate at production sites by 2026
▪ 100% of preferred suppliers fulfill GEA’s sustainability
criteria by 2026

▪ 21% female representation in managementlevels L1 – L3 by 2026
▪ 80% of open positions filled by own talent acrossmanagement levels L1 – L7 by 2026
▪ Building a diverse talent pool to further strengthen
diversity on all management levels by 2026

▪ 100,000 people reached through skill-based
volunteering in 2026
▪ Donation of 1% of net profit per year

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We are raising our previous ambitions from 20211…

GEA
Net Zero

2030
2026
2019

Scope 1 & 2

Ambitious
long-term
target remains

80%
Scope 3

Scope 1 & 2

Base
year

Reference ​point for our greenhousegas emission reduction
targets ​

2040

27,5%

60%
Short-term target
set for the firsttime

Mid-term
targetincreased in all
scopesNet Zero target 2040
and increased mid-termtargets 2030 are in the
SBTi-validation process

1 Previous targets, set in 2021, were the reduction of scope 1 & 2 emissions by 60% and of scope 3 emissions by 18% until 2030.

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… and we let our shareholders vote at the AGM 2024

Say on Climate: We give our shareholders asay on our climate protection activities

We will present our Climate Transition Plan
2040 to our shareholders at the upcoming
Annual General Meeting in 2024

Our shareholders will be asked to approve
this plan as part of a consultative voteRoadshow Presentation

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ESG rating highlights

ISS:
Prime Status1

German Sust. Award:
Finalist
In September 2022,
GEAs ‘Prime Status’(leadership in its
industry index group)
was confirmed.

CDP:
Climate A List
GEA holds two CDP
leadership rankings:
an ‘A’ for tacklingclimate change andan ‘A-’ for acting toprotect water
security.

In January 2023,
GEA was upgradedfrom ‘AA’ to ‘AAA’in the MSCI ESG
Ratings
Assessment.

2023: Finalist for theGerman Sustainability
Award

DJSI Europe & World:
MemberFollowing theDecember 2023
annual index review,
GEA remained in the
DJSI Europe andbecame a constituentof the DJSI World.

Sustainalytics:
Low Risk3

MSCI:„AAA“-Rating2

EcoVadis:„Gold“-Rating

In January 2024, GEA
received an ESG Risk
Rating of 14.2 and wasassessed by
Sustainalytics to be at
Low Risk of experiencing
material financial impacts
from ESG factors.

Sustainalytics:
Top Rated
GEA ranks among
the top five
percent of allcompanies ranked
by EcoVadis
worldwide.

In 2024, GEA wasrecognized by
Sustainalytics as
an ESG Industry
Top Ratedcompany.

1 In September 2022, GEA's "Prime Status" (leading in the industry index group) was confirmed in the ISS ESG Corporate Rating. I 2 In 2023, GEA received an "AAA" rating (on a scale of AAA-CCC) in the MSCI ESG Ratings. Disclaimer Statement:

The use by GEA of any MSCI ESG Research LLC or its affiliates (“MSCI”) data, and the use of MSCI logos, trademarks, service marks or index names herein, do not constitute a sponsorship, endorsement, recommendation, or promotion of GEA
by MSCI. MSCI services and data are the property of MSCI or its information providers, and are provided ‘as-is’ and without warranty. MSCI names and logos are trademarks or service marks of MSCI. I 3 Copyright ©2024 Morningstar
Sustainalytics. All rights reserved. This section contains information developed by Sustainalytics (www.sustainalytics.com). Such information and data are proprietary of Sustainalytics and/or its third party suppliers (Third Party Data) and areprovided for informational purposes only. They do not constitute an endorsement of any product or project, nor an investment advice and are not warranted to be complete, timely, accurate or suitable for a particular purpose. Their use issubject to conditions available at https://www.sustainalytics.com/legal-disclaimers.
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GEA – A
COMPELLINGINVESTMENT

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GEA – a compelling investment
Leading positions in attractive and growing
Food, Beverages and Pharma markets
Well positioned to capture
growth opportunities in New Food
Technological leadership
Strong commitment to sustainability
Clear plan for profitable growth
Strong cash generation allows
sustainable dividend increase and share buyback
Proven track record of management teamRoadshow Presentation

31

GEA.com