GEA Group AG
Roadshow presentation

May 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 the use of words such as "expect", "intend", "plan", "anticipate","believe", "estimate" and similar terms. Forward-looking statements are based on our current assumptions and forecasts. Thesestatements naturally entail risks and uncertainties, which may cause the actual results of operations, financial position or performance todiverge materially from the estimates given here. Factors that could cause such a 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 forwardlooking statements. We undertake no obligation to update or revise any forward-looking statements.
Due to rounding, the sum of percentages of order intake and sales by region as well as by customer industry may vary from 100%.

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2

GEA – a compelling investment

A well positioned technology leader in food, beverage and pharma
1

We “walk the talk” – proven track record

2

Continuation of profitable growth3

Strong cash generation enables reinvestment in profitable
growth, sustainable dividend increase and share buyback

4

Sustainability as an integral part of our strategy and businessmodels5

Attractive risk profile due to diversified business in terms ofindustries, regions and customers

6

Leading technologies and positions in attractive Food, Beverages
and Pharma markets

7

Well positioned to capture new growth opportunities
such as New Food, carbon capture and more
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3

GEA – a compelling investment
We “walk the talk” – proven track record

1

Sales (€m)%

EBITDA2 margin

Organic sales growth1

4,880

5,165

5,373

4-6% CAGR1~6,000

4,703

4,635

13.3%
8.9%

2020

2021

2022

2023

9.8%

2026E

2019

Net working capital (€m)

800
700
600
500
400
300
200
100
0

Net working capital/sales ratio (%)

15%

14.0%
682

Guided corridor
8%-10%

7.9%
367

5.1%

6.1%

6.4%

314

346

>15.0%

11.5%

8.4%

CMD-19 target of
11.5-13.5% margin
in 2022 exceeded

CMD-19 target of 2-3% organic sales CAGR
exceeded with 3.4% (2019-2022)

2019

13.8%

14.4%

2020

2021

2022

2023

31.8%

32.7%

2022

2023

2026E

ROCE3
27.8%

10%

>30%

17.1%

5%

10.6%

240

2019

2020

1 Currency and portfolio adjusted

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2021

2022

I 2 Before restructuring expenses I

2023

2026E

0%
2019

2020

2021

2026E

3 Calculation based on capital employed L4Q

4

GEA – a compelling investment
Continuation of profitable growth2

Sales and service excellence driving growth; highly profitable service business growing double digit
Sales (€m)%

Service sales (€m)

Organic sales growth1

38.0%~6,0004-6% CAGR1

5,165
4,880

4,635

Organic service sales growth1%

Service share

34.0%

2,500
36.1%

36.0%

32.0%

5,373

%

33.6%

34.2%

32.3%
1,574

1,942

5-6% CAGR1

1,801
1,560

1,609

30.0%

4,703

34.9%

~36%

12.7%

2,000

1,500

11.9%

28.0%
8.9%

1,000

26.0%

8.4%

24.0%
500

22.0%
20.0%
18.0%

2019

2020

2021

2022

2023

2026E

2019

2020

2021

2022

2023

2026E

0

1 Currency and portfolio adjusted

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GEA – a compelling investment
3

Strong cash generation enables reinvestment in profitable growth, sustainable dividend increase andshare buyback

Free Cash-Flow (€m)

Capex (€m)
228

204
137

~€2.0bn
626

2019

98
2020

about €200m p.a.
(2025-2026)

~260

130
2021

2022

2023

2024E

2025E

2026E

563

Dividend per share (€)1

342

337
296

0.85

0.85

2019

2020

1.00

0.95

0.90
2021

2022

Cash-out share buybacks (€m)

2023

€400m buyback2€300m buyback
94
2019

2020

2021

2022

2023

2024E

1 Dividend payments respectively for the preceding fiscal year

2025E

2026E

2019

2020

2021

206
2022

~350
53

3

2023

2024/25

I 2€400m buyback program started in Nov 2023 and is planned to be completed by early 2025

3 thereof €50m cash-out for share buyback program announced in November 2023

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GEA – a compelling investment
4

Sustainability as an integral part of our strategy and business models
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

 Reduce greenhouse gas emissions scope 1 & 2
by 60% by 2026 and 80% by 2030

 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

 Waste recovery rate at production sites of >98% by 2026
 100% of preferred suppliers fulfill GEA’s sustainability
criteria by 2026 and 100% of A suppliers by 2030

 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

GEA’s sustainability approach: announced in 2021, upgraded in 2023
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GEA – a compelling investment
5

Attractive risk profile due to diversified business in terms of industries, regions and customers

GEA’s key customer industries are very stable, reliable and growing
Production growth1

Industry volatility1(CAGR 2003-2023 in %)(Standard Deviation 2003-2023 in %)Food & Beverages
Pharmaceuticals

3.5%~70% of GEA sales

1.1%

5.2%

Balanced regional profile

4.0%

Latin
America~7% of GEA sales

7%

15%

Typical industrial
company

100%

Cumulative revenue share

22%

APAC

North & Central
Europe

GEA has a highly diversified customer baseWesternEurope & MEA

15%

2023
Sales
22%

80%

North America

60%

DACH &
Eastern Europe

GEA

40%

~26%

20%
0%

China 9%

~2%
Top 1

~36%

~43%

~48%

19%
Germany 8%~12%
Top 10Top 50

Top 100

Top 150

Top 200

Customers

1 Source: Oxford Economics per 01/2024; Global production real value-added output in USD (expressed in constant prices)

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GEA – a compelling investment
6

Leading technologies and positions in attractive Food, Beverages and Pharma markets
Food

Food

Dairy Farming
and Processing

Beverages

Pharma & healthcare

Every third chicken
nugget is produced using
GEA technology

Approx. every third
process line for instantcoffee was installed by GEA

Roughly one quarter ofprocessed milk comesfrom GEA production
systems

Approx. every second
liter of beer is brewed withthe aid of systems andprocess solutions from GEA

Roughly every fourth literof human blood for making
plasma-derived products is
processed using GEA
equipment

ChemicalEnvironment

Refrigeration andHeating

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

Approx. two million tonsof pollutants are averted
annually thanks to GEA
drying technology

Each industry we serve
utilizes industrial
refrigeration technology
from GEA

Roughly every second
container ship in the world
sails with GEA marine
equipment on board

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GEA – a compelling investment
7

Well positioned to capture new growth opportunities such as New Food, carbon capture and more

New Food

Add Better product portfolio

Heat pumps (decarbonisation)

Manure enricher

Lithium production & processing

Carbon capture solutions

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GEA Overview

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GEA at a glance
Order intake

Revenue

EBITDA

5,469

5,373

774

EBITDA margin

Dividend

Employees

14.4

1.00

18,773

EUR million
Previous year: EUR 5,679 million

before restructuring measures

percent of revenue
Previous year: 13.8 percent

Figures from FY 2023 and FY 2022
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EUR million
Previous year: EUR 5,165 million

EUR per share
Previous year: EUR 0.95

before restructuring measures

EUR million
Previous year: EUR 712 million

Full-time equivalents
Previous year: 18,236"Engineering for a better world" is thedriving and energizing principle connecting
GEA’s employees. As one of the largest
systems suppliers GEA makes an important
contribution to a sustainable future with its
solutions and services, particularly in thefood, beverage and pharmaceutical sectors.
Across the globe, GEA’s plants, processes
and components contribute significantly tothe 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 includedin the DAX 50 ESG, the Dow Jones
Sustainability Index Europe and MSCI Global
Sustainability indexes.
12

GEA Group structure

Five divisions organized along technologies; FY 2023
Division

Separation & Flow
Technologies

Liquid & Powder
Technologies

Food & Healthcare
Technologies

Farm
Technologies

Heating & Refrigeration
Technologies

Key
products

Separators, decantershomogenizers, vales &pumps

Engineering of large
projects and entire
process lines

Extrusion & milling, foodprocessing & packaging
equipment, ovens, tablet
presses(Automated) milking &feeding equipment,
manure processing

Compressors, heatpumps, chillers,
controls

Divisional
share1Sales

EBITDA

27%

Sales

EBITDA

31%

48%

21%

Sales

18%

EBITDA

9%

Sales

14%

Sales

EBITDA

13%€1,511m€1,724m€1,029m

€784m

€556m

€396m

€178m

€78m

€110m

€66m

Margin2

26.2%

10.3%

7.6%

14.0%

11.9%

ROCE2

37.8%

-%3

6.7%

28.8%

39.2%

Service share

46.9%

23.6%

33.1%

44.9%

37.2%

Sales
EBITDA2

1 Before consolidation

I

2 Before restructuring expenses

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I

10%

EBITDA

8%

3 Due to negative capital employed, ROCE is not meaningful here

13

Mission 26

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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 ~€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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Mission 26

Well on track to reach the set financial targets
Sales%

EBITDA margin2

ROCE2

before restr. expenses

Organic sales growth1

before restr. expenses

CAGR
4%-6%1~€6.0bn€4.7bn€5.2bn>15.0%€5.4bn

31.8%

14.4%
8.9%

>30.0%

13.8%

8.4%

13.3%

2021
CMD

32.7%

2022

2023

2026E

2021
CMD

27.8%

2022

2023

2026E

2021
CMD

2022

2023

2026E

1 Currency and portfolio adjusted I 2 Based on constant exchange rates

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Mission 26

Well on track to reach the set financial targets, also on divisional level

Sales

EBITDA Margin2

Organic Growth1
2021

2022

2023

2022

2023

CAGR
Target1

GEA

4,703

5,165

5,373

8.9%

8.4%

4-6%

13.3%

14.4%

>15.0%

SFT

1,237

1,416

1,511

10.7%

11.5%

4-5%

24.5%

26.2%

24-26%

LPT

1,546

1,716

1,724

8.2%

3.7%

4-5%

9.7%

10.3%

10-12%

FHT

937

1,001

1,029

4.4%

4.2%

4-5%

10.7%

7.6%

13-15%

FT

634

742

784

10.7%

11.9%

5.5-6.5%

12.0%

14.0%

14-16%

HRT

584

524

556

8.5%

14.8%

5-6%

10.2%

11.9%

12-14%

2021

2023

Target1 Currency and portfolio adjusted I 2 Before restructuring expenses; based on constant exchange rates

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Sustainability

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18

Climate strategy: Well on track for ambitious targets

22%

Scope 3Emission reduction in %

27.5%

53%

Scope 1 & 2

60%

Scope 1 & 2

80%

Time

2019

Reference year

2023

FY results

2026

Short-term target

2030

Mid-term target

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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2040

Net Zero19How do our products contribute to a better world?
Impact assessment based on Add Better portfolio and Scope 4 products1

In 2023, GEA sold Add Better and Scope 4
products1 that will save over their life
cycle2
5 million tons of CO2 emissions
Annual emissions of> 600,000 people3,
population size of Düsseldorf

And 16.4 million m3 of water
Annual water
consumption of
360,000 people4

1 Scope 4 products are disruptive solutions as they avoid CO2 emissions or water usage by substituting another technology with the same function, but with lower carbon or water intensity.
2 To measure the contribution of GHG reduction, GEA relies on the concept of avoided emissions.
4 Water consumption per capita per day in Germany in 2022 was 125 liters (Statista.com)

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I 3 Annual per capita emissions of 8t in 2022 for people living in Germany (Ourworldindata.org)

20

How do our products contribute to a better world?

Scope 4 products: disruptive solutions helping customers to reach their climate goals
From waste water
to district heating:Ammonia heat pumps turning
waste heat from wastewater ofa sewage treatment plant into
heating for residential buildings
Project with E.ON in Malmö, Sweden

These four ammonia heatpumps save ~50,000 tonsof CO2 p.a.
Annual emissionsof ~6,250 people1

1 Annual per capita emissions of 8t in 2022 for people living in Germany (Ourworldindata.org)

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How do our products contribute to a better world?

Add Better: GEA OptiPartner offering fully automated process control through AI

Optimum performance forspray drying:
Process control solution
improving productivity andreducing energy consumption
by up to 14%

Saves up to1,600 tons CO2 p.a.
Annual emissionsof ~200 people1
1 Annual per capita emissions of 8t in 2022 for people living in Germany (Ourworldindata.org)

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How do our products contribute to a better world?
Add Better: GEA ECOSpin2 Zero reducing water consumption by 91%

Sterilization when filling PET
bottles:
ECOSpin technology reduces
water consumption by
up to 91%1 and enables shorter
rinsing times

Saves up to 97,500 m3
of water p.a.
Annual water
consumption of
2,100 people2

1 When retrofitting the installed base, water saving of up to 83% can be achieved.

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I 2 Water consumption per capita per day in Germany in 2022 was 125 liters (Statista.com)
23

GEA Add Better portfolio steadily growing1

Solutions that are significantly more resource-efficient than their predecessors

1 As of 31 Dec 2023, the Add Better portfolio already comprised 20 products.

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24

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 2024,
GEA’s ‘AAA’ ratingin the MSCI ESG
Ratings
Assessment has
been confirmed.

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 three
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 2024, GEA’s "AAA" rating has been confirmed (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 are provided 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 is subject to conditions available at https://www.sustainalytics.com/legal-disclaimers.
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Q1 2024 results andguidance 2024

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26

Profitable organic sales and EBITDA1 growth continued
Q1 2024

Q1 2023∆ YoY

Order Intake€1,365m€1,581m-13.6%

Sales€1,241m€1,271m

EBITDA1

€181m

+5.1%

ROCE1,2

32.3%-0.8%p

EBITDA1 margin

14.5%-9.7% organic-2.3%+2.7% organic+1.0%p1 Before restructuring expenses I 2 Average of L4Q

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27

Executive Summary Q1 2024

Strong margin expansion & solid organic sales growth
€m

Q1 24

Q1 23

Δ
reported

Δ
organic

Order intake

1,365

1,581

-13.6%-9.7%

Two large orders (>€15m) totaling €51m vs. five large orders in
Q1 23 of €126m

Sales

1,241

1,271

-2.3%

2.7%

Strong growth in organic service sales, slight decline in organic
new machine sales

EBITDA1
EBITDA1 margin

180.5
14.5%

171.8
13.5%

5.1%
1.0%p

EBIT1

132.9

127.7

4.0%

ROCE1,3

32.3%

33.1%

-0.8%pIncrease in capital employed3 overcompensated EBIT1
improvement (L4Q)

Net liquidity4

218

274

-20.5%

Investment of €111m in share buyback program, whereby net
liquidity was intentionally reduced YoY

1 Before restructuring expenses I 2 Operating costs defined as difference between gross profit1 and EBITDA1

liabilities of €167m (Q1 2023: €160m)
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EBITDA1 expansion driven by higher gross profit1 & lower
operating costs2

I 3 Capital employed average of the last 4 quarters I 4 Net liquidity at the end of Q1 2024 including lease28

Strong EBITDA1 performance
Q1 24 EBITDA1 growth contribution by divisions in €m

172

EBITDA
Q1 23

1

2

-4

Sales -3

4

3

Sales Sales Sales ●

Sales 

GP 

GP 

GP 

GP 

GP 

Op. Cost 

Op. Cost 

Op. Cost 

Op. Cost 

Op. Cost 

SFT

LPT

FHT

FT

HRT

8

Other / Cons.

181

6

1

EBITDA
Q1 24

FX translation

186

1

EBITDAQ1 24 atconstant FX

1 Before restructuring expenses
GP1 = Gross Profit1; Operating Cost defined as difference between GP1 and EBITDA1

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29

NWC/Sales ratio within the guided corridor
 Significant reduction in inventories YoY
 Tougher economic environment for receivables management
due to higher interest rates
20%

800 €m Reduction in trade payables on the back of lower inventories YoY

700 €m15%
 NWC ratio at 8.6% within the guided corridor of 8.0 – 10.0%

600 €m
500 €mGuided corridor
6.1%

8.5%

6.9%

457

449

(in €m)

5%

86

369
-64

369
300 €m

10%

6.4%
458

400 €m

8.6%

8.3%

346

314

-25

45

-1

457

47

0%

200 €m-5%

100 €m
0 €m

Q4 22

Q1 23

Q2 23

Q3 23

Q4 23

NWC as of end of quarter (in €m)

Q1 24

-10%

NWC
Q1 23

Inventories

Trade
Trade
receivables payables

Contract
assetsContract Anticipatedliabilities
contract
losses

NWC
Q1 24

NWC as of end of quarter in percentage of sales (L4Q)
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30

Solid net cash position considering on-going share buyback
FCF

Free Cash Flow Q1 24, €m

 NWC -€115m: outflow driven by
reduction in trade payables coupled withhigher inventories

-115
181
-20

 Others -€82m: mainly variable
compensation-related outflows in March2024
 FCF of -€57m slightly less than Q1 23 of-€52m
 48% of EBITDA1 converted into FCF1 in
L4Q, up from 41% in Q1 23-82

EBITDA Delta NWC
beforeRestructuring

Taxes

-42

Cash-out
OthersRestructuring

OperatingCash flow

-57
-27

12

Capex

Others-78-17Free Cash
Lease
Flow
payments-3
Interests
paid

Net Cash
Flow

Net Cash at the end of Q1 24 vs. at the end of Q4 23, €m-78

Net Cash Seasonal QoQ reduction more
pronounced as cash-out for the SBB
comes on top of the typical seasonal FCF
in Q1

-5

-62
371

-13

218

Net Cash at the2
end of Q4 23

Net Cash Flow

Cash-outshare buyback

OthersNet Cash at the2
end of Q1 24

1 Before restructuring expenses I 2 Including lease liabilities of €167m at the end of Q1 2024 and €155m at the end of Q4 2023

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Guidance FY 2024 confirmed

Organic sales growth

EBITDA margin

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

2.0-4.0

14.5-14.8

29.0-34.0(FY 2023: 8.4%)(FY 2023: 14.4%)(FY 2023: 32.7%)% YoY

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%

%

32

Divisional guidance FY 2024
Forecast for 2024

2023

EBITDA margin before restructuring

Forecast for 2024

2023

Separation & Flow Technologies+1.0% to +4.0%€1,511m

Separation & Flow Technologies

25.5% to 27.5%

26.2%

Liquid & Powder Technologies+2.0% to +8.0%€1,724m

Liquid & Powder Technologies

9.5% to 11.5%

10.3%

Food & Healthcare Technologies-2.0% to +2.0%€1,029m

Food & Healthcare Technologies

9.5% to 11.5%

7.6%

Farm Technologies+2.0% to +6.0%€784m

Farm Technologies

13.5% to 15.5%

14.0%

Heating & Refrigeration Technologies+3.0% to +7.0%€556m

Heating & Refrigeration Technologies

11.5% to 13.5%

11.9%

-

-€232mOthers / Consolidation4-1.0% to -1.5%-1.0%

Forecast for 2024

2023

Separation & Flow Technologies

34.0% to 40.0%

37.8%

Liquid & Powder Technologies3--

Food & Healthcare Technologies

8.0% to 14.0%

6.7%

Farm Technologies

24.0% to 30.0%

28.8%

Heating & Refrigeration Technologies

34.0% to 40.0%

39.2%

Revenue development (organic1)

Consolidation

ROCE2 (3rd Party)

1 Adjusted for portfolio and currency translation effects I 2 Capital Employed as average of the last 4 quarters I 3 Due to negative capital employed ROCE in 2023 and 2024 is not meaningful I 4 In percentage of total
revenue

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Additional financial information for FY 2024

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

Financial result

Tax rateCapexaroundaroundaroundaround

€200m

-€30m

24%2

€260m

thereof impact from
PPA
around€12m

1 Before restructuring expenses I 2 Expected tax rate without possible effect of dissolution of valuation allowance on deferred tax assets on tax loss carryforwards (e.g. FY2023: expected tax rate of 23% versus

effective tax rate of 19%)

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GEA.com