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Enabling Green Mobility Key Group Figures 2020 2019 915.5 938.2 Orders Received € Mill

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Enabling Green Mobility Key Group Figures 2020 2019 915.5 938.2 Orders Received € Mill ANNUAL REPORT 2020 Enabling green mobility Key Group figures 2020 2019 915.5 938.2 Orders received € mill. 594.5 549.2 Order backlog € mill. Income statement data 869.7 916.4 Sales revenues € mill. 375.3 351.7 Core Components € mill. 401.8 473.2 Customized Modules € mill. 103.8 106.0 Lifecycle Solutions € mill. 123.1 105.5 EBITDA (2019 adjusted) € mill. 14.2 11.5 EBITDA margin (2019 adjusted) % 73.1 55.7 EBIT (2019 adjusted) € mill. 8.4 6.1 EBIT margin (2019 adjusted) % (14.4) (18.5) Net interest result € mill. 58.7 (56.1) EBT € mill. 20.8 (136.8) Net income € mill. 0.98 (8.32) Earnings per share € 1 8.4 (4.2) Return on capital employed % 1 12.4 (105.4) Value added € mill. Balance sheet data 2 696.2 659.2 Fixed assets € mill. 68.7 59.8 Capital expenditure € mill. 50.0 86.4 Depreciation/amortization € mill. 155.3 180.3 Closing working capital € mill. 851.5 839.5 Closing capital employed € mill. 414.5 403.6 Equity € mill. 15.9 9.4 Noncontrolling interests € mill. 307.4 321.3 Net financial debt € mill. 351.3 370.4 Net financial debt (including lease liabilities) € mill. 1,216.5 1,331.4 Total assets € mill. 34.1 30.3 Equity ratio % Cash flow statement data 112.9 39.3 Gross cash flow € mill. 56.1 12.3 Cash flow from operating activities € mill. (3.0) (15.5) Cash flow from investing activities € mill. (67.4) 28.1 Cash flow from financing activities € mill. 58.1 2.4 Free cash flow from continuing operations € mill. 4.0 (42.4) Free cash flow (including discontinued operations) € mill. Workforce data 3,774 Annual average headcount No. 3,482 879 Core Components No. 938 2,286 Customized Modules No. 1,987 546 Lifecycle Solutions No. 498 63 Vossloh AG No. 59 205.1 260.1 Personnel expenses € mill. Share data 41.35 37.00 Year-end closing price € 726.3 649.9 Closing market capitalization € mill. 1 Based on average capital employed 2 Fixed assets = intangible assets plus property, plant and equipment plus investment properties plus investments in companies accounted for using the equity method plus other noncurrent financial instruments 2 2 Letter from the CEO 4 Consolidated financial statements of Vossloh AG 102 Overview of the year 2020 8 Income statement 104 Vossloh stock 10 Statement of comprehensive income 104 Enabling green mobility 12 Cash flow statement 105 Report of the Supervisory Board 20 Balance sheet 106 Declaration on Corporate Governance/ Corporate Governance Report 25 Statement of changes in equity 107 Notes to the consolidated Combined management report 32 financial statements 108 Segment information by division Business and market environment 34 and business unit 108 Economic report 37 Macroeconomic and Responsibility statement 163 industry-specific conditions 37 Independent auditor’s report 164 Results of operations 38 Service Financial position and investing activities 41 Financial calendar 2021/2022 172 Asset and capital structure 44 Glossary 173 General statement on the economic situation 45 Addresses 174 Business performance of Core Components 46 Ten-year overview 175 Business performance of Customized Modules 48 Business performance of Lifecycle Solutions 50 Vossloh AG – Analysis of the separate financial statements 51 Remuneration report 53 Statuary takeover-related disclosures pursuant to Section 289a (1) and Section 315a (1) HGB 59 Workforce 62 Research and development 63 Risk and opportunity management 67 Reference to the Declaration on Corporate Governance pursuant to Section 289f HGB and Section 315d HGB 76 Outlook 77 Nonfinancial Group statement 80 3 Letter from the CEO Dear Readers, Before talking about Vossloh’s performance in the past fiscal year and looking ahead to the future, I want to take this opportunity to commemorate a truly remarkable person. On February 23, we received the shocking news that our majority shareholder Heinz Hermann Thiele had passed away. Mr. Thiele provided Vossloh with enormous support in a financial and mainly personal capacity for the better part of a decade. He was our supporter and our critic. He had a significant influence on our Company during his years of service as Chair- man of the Supervisory Board, and his incomparable wealth of experience enriched us in countless ways. His strength, discipline and courage spurred us on, and his unwavering commitment gave us stability during Vossloh’s realignment. We are mourning the loss of a truly unique individual. Our deepest sympathies are with his bereaved family. The header for my letter in the 2019 annual report stated “In 2019 we built the foundation for the future of Vossloh.” Looking back, we could not have implemented our extensive performance program at a better time – particularly in light of the impact of the COVID-19 pandemic. Halfway through 2019, nobody could have imagined the acid test that we would all be facing just a few months later. The pandemic fundamentally changed every part of our lives in 2020, and continues to do so today. COVID-19 has affected us all individually and as a society. And of course also economically. The pandemic has, without a doubt, caused more economic damage across the world than anyone thought possible. Many sectors are acutely threatened in their diversity or even in their continued existence. The coronavirus outbreak has also shown that certain areas of the economy are more robust in a crisis than others. The rail infrastructure market is undoubtedly among them. Passenger and freight rail transport are a critical part of our system. Making sure that they are reliable is particularly important in times of crisis. 2020 definitely left a mark on Vossloh. The year’s events demanded a lot from our employees, both personally and professionally. But the results of our work in the last fiscal year are clear to see. Orders received increased by 5.6 percent year on year on a comparable basis, while the order backlog at the end of 2020 was up 8.2 percent on the previous year. Our customers did not cancel any significant orders. Sales went up slightly when adjusted for portfolio effects despite our customers delaying around €90 million in orders for Vossloh services and products due to the pandemic. The EBIT margin came to 8.4 percent and exceeded our originally communicated forecast. This figure includes pandemic-related burdens of approximately 25 million, which were partly offset by a positive book effect of almost €16 million in connec- tion with the transitional consolidation of a Chinese joint venture. This past fiscal year was a thoroughly successful one in other areas as well. After years of realignment and restructuring, 2020 marks a major turning point in the history of the Vossloh Group. Vossloh completed the transformation into a company focused exclusively on rail infrastructure when it finalised the sale of Vossloh Locomotives at the end of May 2020. The Transportation division had been a significant financial burden for the Group for a number of years. Vossloh can now move on and look to the future with confidence. It is time for us to focus on our strengths and expand our strong position in the rail infrastructure market. 4 “ With our products and services, we are making a significant contribution to the future of sustainable mobility.” Oliver Schuster CEO We used 2020 for the last fine-tuning of our corporate strategy and to chart our path precisely into the future. In summary, Vossloh’s strategic approach is to expand its existing business of products and services while increasing profitability. This strong foundation will be used to develop digital business models and scale them up. In addition, our strategic initiatives focus on accelerating the development of digital expertise, increasing process efficiency in every area of the company, and placing greater emphasis on sustainable business practices. Placing a €150 million hybrid note in February 2021 significantly improved the structure of our balance sheet. It will also help us to implement our strategy from a financial perspective. The importance of rail systems is growing quickly around the world. Many countries are now far more willing to invest in their rail networks than they have been in the past, with generous subsidy schemes becoming increasingly commonplace. The EU Commission has designated 2021 as the “European Year of Rail“. Megatrends like population growth, urbanisation, globalisation, digitisation and the increasing importance of sutaina- bility are guaranteed to shift traffic to rail as the most environmentally friendly mode of transport. There are a number of factors which make it impossible to expand rail networks in proportion with the increasing amount of traffic. As a result, increasing the availability of these networks will be extremely important. Modern management and safety systems and digital interlockings will make it possible for network operators to significantly increase traffic density on rail lines without compromising on safety. More traffic means more wear on track components, which will drive up demand for Vossloh’s products and services. As the level of route utilization goes up, the amount of time available for track maintenance will go down. At the same time a higher density of traffic in the rail network will also exacerbate the economic impact of disruption. This will increase demand for effective, efficient and predictive maintenance. This is an area with a great deal of additional potential for Vossloh. Our unique selling point is that we know more about the physics of all of the main track components than anyone else and, crucially, their systemic interaction. By assessing current track conditions and forecasting changes, Vossloh can not only provide customers with recommendations about how to optimize their maintenance practices, but also offer to carry out this work itself.
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