27/03/2025 - Jungheinrich AG: Annual Report 2024

Annual Report

2024

Contents

• 2 About Jungheinrich

• 2 Company profile

• 3 Key figures at a glance

• 4 Quarterly overview 2024

• 5 To our shareholders

• 6 Board of Management

• 7 Foreword from the Chairman

• 8 Report of the Supervisory Board

• 13 Members of the Supervisory Board

• 14 Members of the Board of Management

• 15 Jungheinrich share

• 19 Combined management report

• 20 Group principles

• 26 Economic report

• 35 Sustainability statement

• 110 Legal disclosure

• 110 Internal control and risk management system

• 124 Forecast report

• 126 Jungheinrich AG (HGB)

• 129 Consolidated financial statements

• 130 Consolidated statement of profit or loss

• 131 Consolidated statement of comprehensive income

• 132 Consolidated statement of financial position

• 133 Consolidated statement of cash flows

• 134 Consolidated statement of changes in equity

• 135 Notes to the consolidated financial statements

• 207 Additional information

• 208 Responsibility statement

• 209 Independent Auditor's Report

• 217 Assurance Report of the Independent German Public Auditor

• 220 Jungheinrich worldwide

• 221 Five-year overview

• 222 Financial calendar, Legal notice, Contact

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About this report

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Company profile

Company profile

As a globally leading provider in material handling, Jungheinrich has been advancing the development of innovative and sustainable products and solutions for material flows for more than 70 years. As a pioneer in the sector, the family-owned listed business is committed to creating the warehouse of the future.

With its portfolio of material handling equipment, automation and matching services, Jungheinrich offers its customers tailor-made solutions from a single source to support them in mastering the growing challenges in material handling and achieving their sustainability goals. The company creates automated material handling workflows with a comprehensive range of automated ware- house systems, mobile robots and software. Jungheinrich has energy expertise that is unique in the industry with over one million electric trucks in use and especially energy-efficient lithium-ion technology solutions. Uniting economic, environmental and social responsibility is the focus of all its business activities, as well as creating sustainable value for all stakeholders.

In 2024, Jungheinrich and its workforce of around 21,000 employees generated revenue of €5.4 billion. The global network covers twelve production plants and 42 service and sales companies. The share is listed on the MDAX.

• 1 EBIT of the "Intralogistics" segment as a percentage of average capital employed of the "Intralogistics" segment.

• 2 Property, plant and equipment and intangible assets without capitalised development expenditure and right-of-use assets.

• 3 FTE = full-time equivalents.

• 4 Based on share of earnings attributable to the shareholders of Jungheinrich AG.

• 5 Proposal.

Quarterly overview 2024

Quarterly overview 2024

Incoming orders

2nd quarter1,302

1st quarter

1,363

2nd quarter1,348

1st quarter

1,274

Earnings before interest and income taxes (EBIT)

in € million

Profit or loss

in € million

4th quarter	114	4th quarter	75
3rd quarter	106	3rd quarter	71

2nd quarter113

1st quarter

101

2nd quarter75

1st quarter

68

To our shareholders

6 Board of Management

7 Foreword from the Chairman

8 Report of the Supervisory Board

13 Members of the Supervisory Board

14 Members of the Board of Management

15 Jungheinrich share

Board of Management

Board of Management

From left to right:

Heike Wulff

Member of the Board

of Management

Accounting, Controlling, Tax

Dr Volker Hues

Member of the Board

of Management

Finance

Dr Lars Brzoska

Chairman of the Board

of Management

Nadine Despineux

Member of the Board

of Management

Sales

Maik Manthey

Member of the Board

of Management

Technics

For further information on the mandates of the Board of Management members, see [ page 14 ]

Foreword from the Chairman

Foreword from the Chairman

Dear shareholders,

For Jungheinrich, 2024 was characterised by far-reaching changes, but also by lasting success in a challenging global environment. Geopolitical tensions, economic uncertainties and structural changes in the industry have placed great demands on our company. Nevertheless, Jungheinrich once again proved to be extremely resilient, innovative and forward-looking over the past financial year.

Against the backdrop of a difficult market environment, we are satisfied with the robust development of our business in 2024. Incoming orders amounted to €5,311 million, exceed-ing the previous year's figure, while Group revenue reached €5,392 million. Although this value was slightly below the previous year's figure, we were able to achieve an EBIT of €434 million and increase the EBIT return on sales to 8.1 per cent. The Board of Management and Supervisory Board of Jungheinrich AG will therefore propose a dividend payout of €0.78 per ordinary share and €0.80 per preferred share to the Annual General Meeting on 20 May 2025.

The reorganisation of our Board of Management was an important step. With the establishment of the new Automation division, we have laid an important foundation for the next phase of our company's development. With the establishment of the Board of Management division Accounting, Controlling, Tax, we have set the course to accelerate our transformation in the financial sector. Changes have also been made to the Board of Management in the Sales and Technics divisions, which provide critical impetus in terms of the strategic and operational development of our Group.

As we close the books on the past financial year, we can also report positive results for our Strategy 2025+. Thanks to the strategy, we have managed to drive significant developments for our company in a highly dynamic environment. The main goals of Strategy 2025+ have been achieved, and many of its initiatives are now an integral part of our operating business.

The automation strategic field of action remains a key growth driver for Jungheinrich. The expansion of the portfolio to include new mobile robots and warehouse solutions will strengthen our market position over the long term. Digitali- sation has been further advanced with the introduction of new data-based services. Our digital fleet management is now available in 26 countries, and almost all of our vehicles are now equipped with a telematics box as standard. We have successfully expanded our global presence in the course of implementing our strategy. In North America, we have pushed ahead with the integration of Storage Solutions. We have consolidated our presence in the Asia-Pacific region while expanding and modernising the Group's production capacities through our plant in Chomutov. Regarding energy systems, the POWERLiNE vehicle series has been expanded to include new lithium-ion models. Since March 2023, Jungheinrich has been manufacturing exclusively electric trucks. We are there- fore living up to our claim to create sustainable value in a special way. Our fourth consecutive Platinum certification from EcoVadis underlines this commitment in impressive style.

In May this year, we will be unveiling our new corporate Strategy 2030+. This will define the guidelines for the years ahead and focus on expanding our global footprint, developing our automation business, broadening our portfolio as well as transforming our core business.

One key element in the successful implementation of Strategy 2030+ will be the strengthening and development of our corporate culture. With the Jellow Way, we have developed a uniform mission statement for cooperation and leadership in 2024 that will be enshrined at Jungheinrich sites around the world. Openness to new ideas, personal responsibility, efficient processes and mutual trust are the core principles that guide our daily interactions. The Jellow Way aims to support our employees by actively addressing challenges and promoting innovations.

On behalf of the Board of Management, I would like to thank our 21,000 employees around the world for their tireless dedication and innovative spirit, which are reflected in these figures. I also thank you, our shareholders, for your trust in Jungheinrich. In addition, I would like to thank the Supervisory Board, chaired by Ralf Najork, for its close and constructive partnership. Once again, my special thanks go to our share- holder families Lange and Wolf for their enduring trust. Together with all of you, we will continue on our company's successful path.

Sincerely yours,

Chairman of the Board of Management

Report of the Supervisory Board

Chairman of the Supervisory Board

Under ongoing difficult circumstances, Jungheinrich again performed well in the year under review. Macroeconomic and geopolitical uncertainties posed great challenges once more in 2024. As in the previous year, Jungheinrich was able to face these challenges with targeted action while pressing ahead with the company's strategic development.

FOCAL POINTS OF SUPERVISORY BOARD ACTIVITY

The 2024 financial year was again dominated by great economic and geopolitical challenges. The ongoing reticence in demand continued to make itself felt at Jungheinrich. As in the previous year, the company responded to these challenges with suitable measures and finished 2024 with pleasing results despite the difficult circumstances on the market.

At the same time, the company's strategic development was a consistent focus in the reporting year. Succession planning for the Board of Management and the corporate strategy were focal points of the Supervisory Board's work in 2024. Important areas of the Board of Management have been restructured with the establishment of the new Automation division, Mr Maik Manthey assuming responsibility for the Technics division, and the appointments of Ms Heike Wulff and Ms Nadine Despineux to the Board of Management. The Super- visory Board was also closely involved in the development of the new corporate strategy, which has set an important course; it will be pre-sented to the public in May 2025. In addition, the Supervisory Board dealt with projects that are important for the company's future, including a development programme for automated vehicles and the establishment of a corporate venture unit (Uplift Ventures). By conducting a self-assessment and adopting a skills profile, the Super- visory Board took a close look at its own work and its composition, and made key decisions for its future activities.

In addition to the economic challenges and the strategic direction of Jungheinrich, there was a focus on the implementation of regulatory requirements, the further development of corporate governance, and sustainability. Key topics in 2024 included non-financial reporting - in particular initial implementation of the European Corporate Sustainability Reporting Directive (CSRD) - and the development of the compliance management system. The Supervisory Board also dealt with theremuneration report, the latest version of the German Corporate Governance Code (GCGC), and the overarching issue of cyber security.

The majority of Supervisory Board meetings were held as in-person meetings in the 2024 financial year, with some hybrid meetings. The technical possibilities and the positive experiences of recent years with this format guarantee the greatest possible flexibility in this respect. The Annual General Meeting in May 2024 was held in person.

COOPERATION BETWEEN THE SUPERVISORY BOARD AND THE BOARD OF MANAGEMENT

The Supervisory Board and the Board of Management worked together very closely and in a spirit of trust during the year under review. As in the past, the Supervisory Board accom- panied and supported the Board of Management in all material projects in an advisory capacity, and exchanged information closely with the Board of Management. The Board of Management involved the Supervisory Board early on and extensively in all relevant aspects of its work, as well as in the business activities of the company and the Group companies.

This enabled the Supervisory Board to discuss the relevant aspects in good time and to satisfy itself at all times of the legality, appropriateness and correctness of the company's management. The Supervisory Board was also kept informed in a timely manner by means of detailed written and oral reports, in particular on the following topics: the market situation and demand, the current and expected economic development in the individual regions of the world, the business development and financial situation in the Group and in the individual Group companies (in particular through analysis of key indicators such as incoming orders, revenue, EBIT, margin, free cash flow and ROCE), capacity utilisation, Group financing, employee numbers, current and planned projects and capital expenditure, current challenges relating to supply chains and material procurement and responses to them, and the effects of the war in Ukraine on the company, its employees, cus- tomers and suppliers. Furthermore, after careful review and deliberation, the Supervisory Board approved numerous transactions requiring its approval and presented by the Board of Management, the most important of which are listed in this report.

The Supervisory Board and the Finance and Audit Committee also examined the risk management system, the effectiveness of the internal control system, the monitoring of accounting and accounting procedures, the internal audit system, compliance within the company, and sustainability and non-financial reporting. The Supervisory Board identified no irregularities or objections in any of these areas in the 2024 financial year. The Board of Management fully complied with its reporting obligations; consequently, the Supervisory Board did not have to make use of its statutory inspection rights. The Finance and Audit Committee recommended that the Supervisory Board again propose that Pricewaterhouse- Coopers GmbH, Wirtschaftsprüfungsgesellschaft, Hamburg, (PwC) be selected as the auditor for the 2024 financial year at the Annual General Meeting on 15 May 2024. The Super- visory Board and Annual General Meeting agreed with this proposal.

The Chairman of the Supervisory Board (acting simultane- ously in his role as Chairman of the Personnel Committee) and the Chairwoman of the Finance and Audit Committee also reviewed important topics outside the meetings in regular discussion with the Board of Management. Discussions took place in particular with the Chairman of the Board of Management and Members of the Board of Management for Finance and Accounting, Controlling, Tax, with whom decisions for the plenary meeting were prepared.

MAIN ISSUES ADDRESSED IN SUPERVISORY BOARD MEETINGS

The Supervisory Board convened on five occasions in the 2024 financial year and two resolutions were passed by written procedure. Three meetings were held in person and two meetings were hybrid events, where the majority of Supervisory Board members were physically present and individual Supervisory Board members were connected via video link. In every meeting, the Supervisory Board discussed individual agenda items alone, i.e. without the presence of the members of the Board of Management. The Board of Management reported on the Group's current state of business in detail in the meetings. The Supervisory Board's Personnel Committee and the Finance and Audit Committee also reported regularly and on an ad hoc basis on current topics regarding the committee's work. Resolutions were passed in numerous meetings on proposals of the Board of Management, of which only the most important are mentioned below. In addition to the Supervisory Board meetings, a number of workshops and informational events were held, which are also referred to below. Subjects included corporate strategy, the DEEP programme (digital end-to-end processes), and non-financial reporting.

In mid-February 2024, the Supervisory Board resolved by written procedure to apply a discretionary factor (LTI tranche 2021-2023) and to subsequently adjust targets (LTI tranches 2022-2024 and 2023-2025) as part of the variable remuner- ation for the Board of Management and the remuneration report for the 2023 financial year pursuant to Section 162 of the German Stock Corporation Act (AktG).

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Jungheinrich AG published this content on March 27, 2025, and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on March 27, 2025 at 06:32:23.260.