BAUER AG Group Presentation 6M/Q2 2020

Investor Relations

August 13, 2020 Highlights 6M 2020

Total Group revenues Sales revenues EBITDA EBIT Earnings after tax

EUR 725 million EUR 649 million EUR 58.0 million EUR 6.5 million EUR -16.0 million (-12.8%) (-13.0%) (-29.7%) (-81.5%) (6M 20: EUR -0.4 million)

Order intake Order backlog Total assets Net debt Equity ratio

EUR 973 million EUR 1,276 million EUR 1,656 million EUR 613 million 22.2% (+16.2%) (+25.1%) (-4.5%) (-5.3%) (6M 20: 24.3%)

. Total Group revenues decreased significantly by 12.8%, from EUR 831.6 million to EUR 725.0 million. EBIT fell significantly from EUR 35.3 million in the previous year to EUR 6.5 million. Earnings after tax amounted to EUR -16.0 million (previous year: EUR -0.4 million). In addition to the losses in the Construction and Equipment segments, interest rate hedging transactions had a significant negative impact.

. The Construction segment and, in particular, the Equipment segment fell significantly short of the original expectations, which can primarily be attributed to the effects of the coronavirus pandemic. The Resources segment remained nearly unaffected and demonstrates a better development than the previous year in operational terms.

. The order backlog increased very significantly by 25.1% to EUR 1,275.7. This was primarily attributable to Construction, where very large order volumes were commissioned, including in Europe.

. The impact of the pandemic on further construction activities around the world and on customer demand for equipment, and thus ultimately on the revenue and earnings development, still cannot be predicted reliably. Therefore, it is still not possible for the Management Board to provide a specific new forecast for the 2020 financial year.

2 Key Figures 6M 2020

in EUR million 6M 2019 6M 2020 ∆ 6M in % Total Group revenues 831.6 725.0 -12.8% Construction* 323.0 321.5 -0.5% Equipment 380.8 296.9 -22.0% Resources* 158.0 142.5 -9.8% Other/Consolidation -30.2 -35.9 n/a Sales revenues 745.4 648.5 -13.0% Order intake 837.6 973.1 +16.2% Order backlog 1,019.6 1,275.7 +25.1% EBITDA 82.5 58.0 -29.7% EBIT 35.3 6.5 -81.5% EBIT margin (in % of sales revenues) 4.7 1.0 n/a Earnings after tax -0.4 -16.0 n/a Earnings per share (in EUR) -0.12 -0.96 n/a Total assets 1,733.3 1,655.5 -4.5% Equity 420.8 366.8 -12.8% Equity ratio (in %) 24.3 22.2 n/a Employees (average over the year) 11,620 11,547 -0.6%

* Previous year adjusted; see p. 14 in the half-year interim report 2020 3 BAUER Group Mission & Strategy

Mission EUR 1.6 billion The BAUER Group is a leading provider of services, equipment & products dealing with total Group revenues ground and groundwater. EUR 22.5 million EBIT Strategy 11,684 employees 1.5% . The world is our market. EBIT margin . Global network organization with flexible, decentralized management. 23.8% . Three forward-looking segments providing high level of synergies: equity ratio Construction, Equipment, Resources FY 2019 . World market leadership for specialist foundation technology. . Powerful development of drilling applications and services for related markets. . Highly innovative products and services related to water, environment and natural resources. . Pioneer in digitization for specialist foundation engineering

Key targets . Revenue growth: 3 - 8% per year . EBIT margin 7 - 9% . Equity ratio: > 30%

4 BAUER Group Longstanding healthy business development

Total Group revenues Total 1,595 in EUR million (segment after deducting Other/Consolidation)

1,800

1,600 Resources 269 1,400

1,200 Equipment 1,000 673

800

600 Construction Overseas 433 400

200 Construction Domestic 220 0 1980 1984 1988 1992 1996 2000 2004 2008 2012 2016 2019

Note: from 2003 based on IFRS figures; segment figures after deducting Other/Consolidation 5 BAUER Group Longstanding healthy business development

Total Group revenues in EUR million

2,000 1,772 1,656 1,686 1,527 1,504 1,560 1,555 1,595 1,600 1,372 1,436 1,208 1,278 1,304 1,200 980 800 400 0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Sales revenues in EUR million 2,000 1,668 1,589 1,600 1,402 1,471 1,291 1,344 1,376 1,379 1,397 1,132 1,220 1,200 1,033 1,097 835 800 Sales

400 Endwert

0 Jahre 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 CAGR

6 Worldwide network More than 110 subsidiaries in about 70 countries

Permanent Offices: Construction Equipment sales Resources Equipment production

Conroe Schrobenhausen Tianjin Kuala Lumpur

7 BAUER Group Construction market environment vs. order backlog

Europe USA / Canada Germany o Market: Western European countries affected by Market: significantly affected Market: still a good market, o o coronavirus; slow development by the coronavirus; strong first signs of weakening; in Eastern Europe; Russia very demand for infrastructure in Bauer: reasonable order weak the USA o situation Bauer: Good order situation, Bauer: high order backlog with + + primarily due to major projects Far East public projects in the USA o Market: regional market Middle East & Central Asia environment strongly affected by coronavirus; strong demand for - Market: significant negative infrastructure in Philippines and influences due to ongoing conflicts, Thailand, good demand in China low oil price and coronavirus. (equipment) o Bauer: reasonable order backlog in o Bauer: Weak order situation in Latin America the UAE and Qatar; major project in Africa Malaysia and Vietnam; awaiting Jordan has been expanded, projects awards in Thailand and Market: isolated larger projects - ongoing large projects in o Market: few projects in some Philippines, equipment demand in - Bauer: low order backlog Bangladesh and Bhutan countries, Egypt still growing China is good o Bauer: focus only on single projects

-- weak - slightly weak o stable + growing ++ strong growth

8 Regional breakdown Total Group revenues 6M 2020 – Group

Total 725 in EUR million Germany 235 (32%) Africa 34 (5%)

Americas 111 (15%) Full year 2019

Total 1,595 Africa 80 (5%) in EUR million Americas 192 Germany (12%) 519 (33%)

Asia-Pacific, Far East & Australia 266 (17%) Middle East & Asia-Pacific, Central Asia EU excl. Germany Europe (other) 208 (13%) Far East & Australia 259 (16%) 71 (4%) 114 (16%)

Europe (other) EU excl. Germany 42 (6%) 81 (11%) Middle East & Central Asia 108 (15%)

9 Regional breakdown Total Group revenues 6M 2020 – Segments

Construction segment Equipment segment Resources segment

Total 323* Total 269 Total 133* in Mio. EUR Germany 85 (26%) Germany 51 (19%) Germany 97 (73%)

Africa 26 (8%) Africa 4 (2%) Africa 5 (4%) Americas 3 (2%) Americas 67 (25%) Asia-Pacific, Far East & Americas 41 (14%) Australia 1 (1%) Middle East & Central Asia 18 (13%)

Europe (other) 1 (1%)

Asia-Pacific, Far East & Australia Europe (other) EU excl. 49 (15%) 11 (3%) Europe Asia-Pacific, Germany EU excl. (other) Far East & Australia 8 (6%) Germany 30 (11%) 65 (24%) 32 (10%) EU excl. Middle East & Central Asia Middle East & Central Asia Germany 11 (4%) 79 (24%) 41 (15%) Figures after deducting Other/Consolidation * Previous year adjusted; see p. 14 in the half-year interim report 2020 10 Financials Revenues, earnings & order development – Group

Revenues Earnings in EUR million Total Group revenues Sales revenues in EUR million EBIT Earnings after tax 125 2,000 1,772 1,686 ∆ 6M ∆ 6M 1,668 1,589 1,595 89.6 100.1 1,600 1,471 -12.8% 100 -81.5% -13.0% 75 n/a 1,200 832 745 725 50 35.3 800 649 24.1 25 22.5 3.7 -0.4 6.5 400 0 -16.0 0 -25 2017 2018 2019 6M 2019 6M 2020 2017 2018 2019 6M 2019 6M 2020 -50 -36.6 Order backlog Order intake in EUR million in EUR million 1,741 1,722 1,500 +25.1% 1,276 1,609 411 394 1,200 978 1,014 1,028 1,020 321 396 900 422 450 +16.2% 600 455 518 454 386 300 379 429 420 455 0 2017 2018 2019 6M 2019 6M 2020 2017 2018 2019 2020

11 Financials Construction segment – 6M 2020

Highlights Mission . The earnings figures reflect the effects of the coronavirus pandemic as well as the . Global provider for specialist negative market valuation of interest rate hedging transactions. A positive earnings foundation engineering services contribution of around EUR 8 million from the deconsolidation of the subsidiary in Hong . Focus on complex, international projects Kong is also included. Order backlog saw a significant increase. The primary reason for this was mainly a very large order in Europe. The order book lasts for 14.7 months. . ~ 50/50 infrastructure / industrial . The segment was significantly affected by the consequences of the coronavirus pandemic. In many countries, temporary curfews and travel restrictions complicated logistics and supply at construction sites in terms of equipment, materials and personnel. Financial targets The required equipment or expert teams were only able to access the relevant Full year 2019: construction sites with delays or sometimes they were unable to access them at all. . 41% of total Group revenues . Whilst most countries demonstrated improvements towards the end of the second . EBIT margin: -3.2% quarter, we will have to deal with these issues throughout the whole year. Key targets: Key Figures . ~ 40% of total Group revenues (TGR) . EBIT margin: 4 - 6% in EUR million 6M 2019* 6M 2020 ∆ 6M in % Total Group revenues 323.0 321.5 -0.5% Key figures to be considered: . TGR, order backlog, EBIT EBIT 4.5 -1.7 n/a Earnings after tax -10.0 -11.2 n/a Order backlog 509.0 822.0 +61.5%

* Previous year adjusted; see p. 14 in the half-year interim report 2020 12 Financials Construction segment – Revenue and order development

Total Group revenues in EUR million

250 221 227 231 201 211 210 187 193 195 185 192 200 178 177 183 176 178 171 177 176 170 177 156 151 153 154 144 150 100 50 0 Q1/14 Q3/14 Q1/15 Q3/15 Q1/16 Q3/16 Q1/17 Q3/17 Q1/18 Q3/18 Q1/19 Q3/19 Q1/20 Order backlog in EUR million 1,000 822 800 631 639 649 551 584 591 585 575 578 585 578 547 600 513 526 516 493 511 507 503 546 509 436 477 472 455 400 200 0 Q1/14 Q3/14 Q1/15 Q3/15 Q1/16 Q3/16 Q1/17 Q3/17 Q1/18 Q3/18 Q1/19 Q3/19 Q1/20

13 Financials Equipment segment – 6M 2020

Highlights Mission . The segment is currently most significantly affected by the customers’ reluctance to . Market leader in specialist foundation invest, resulting from the uncertainty caused by the coronavirus pandemic. While the equipment impact was still small in the first quarter, sales and incoming orders decreased . New products for mining, deep drilling and significantly in the second quarter. At the main site in Schrobenhausen, Germany, offshore drilling production was reduced and a short-time working arrangement was introduced in response. However, the business is showing positive development in China, where there . About 80% of sales abroad has been a good order situation again since April. . Order intake dropped significantly. In most regions in the world, we expect a certain Financial targets level of continued cautiousness with regard to equipment purchases. Full year 2019: . After the balance sheet date, BAUER Maschinen GmbH ended the joint venture, which . 42% of total Group revenues it started with Schlumberger in 2015 to develop and build large-scale land-based deep . EBIT margin: 10.0% drilling rigs for the oil and gas industry, due to significant overcapacities in this sector. Key targets: Key Figures . ~ 40% of total Group revenues . EBIT margin: 10 - 12% in EUR million 6M 2019 6M 2020 ∆ 6M in % Key figures to be considered: Sales revenues 305.0 223.1 -26.9% . Sales revenues, order intake, EBIT EBIT 31.2 6.1 -80.5% Earnings after tax 14.3 -3.8 n/a Order intake 377.7 314.8 -16.7%

14 Financials Equipment segment – Revenue and order development

Sales revenues in EUR million 250 197 194 181 186 180 180 200 171 169 174 164 143 144 137 129 129 142 150 115 115 123 127 125 103 100 108 110 113 100 50 0 Q1/14 Q3/14 Q1/15 Q3/15 Q1/16 Q3/16 Q1/17 Q3/17 Q1/18 Q3/18 Q1/19 Q3/19 Q1/20 Order intake in EUR million 250 212 218 227 192 200 187 177 182 186 186 165 163 162 166 171 170 167 168 155 152 161 159 160 148 160 150 127 129 100 50 0 Q1/14 Q3/14 Q1/15 Q3/15 Q1/16 Q3/16 Q1/17 Q3/17 Q1/18 Q3/18 Q1/19 Q3/19 Q1/20

15 Financials Resources segment – 6M 2020

Highlights Mission . In the first half of the year, the segment only experienced minimal effects of the . Products & services related to water, coronavirus pandemic. However, for the second half of the year, the impact of the on environment and natural resources. the markets is becoming apparent here as well. The environmental business achieved . Competence areas: water treatment, good results, as did the business with well materials. Order backlog decreased, environmental remediation, waste however the order book lasts for 14.3 months. management, drilling technologies and . In the second quarter, a letter of intent was signed, confirming that ESAU & HUEBER constructed wetlands GmbH, which specializes in brewery and beverage technology, will be sold. The company recorded losses in both of the past two years and has now found a suitable Financial targets strategic partner from the brewery industry. Full year 2019: . In July, BAUER Resources GmbH and Roche Pharma AG agreed that the completion of . 17% of total Group revenues the remediation project “Kesslergrube” will be handed over to Roche Pharma AG. . EBIT margin: n/a The company wishes to carry out the further work independently. Key targets: Key. . Figures . ~ 20% of total Group revenues (TGR) . EBIT margin: 6 - 8% in EUR million 6M 2019* 6M 2020 ∆ 6M in % Key figures to be considered: Total Group revenues 158.0 142.5 -9.8% . TGR, order backlog, EBIT EBIT 0.1 -0.5 n/a Earnings after tax 0.6 0.7 n/a Order backlog 363.8 327.5 -10.0%

* Previous year adjusted; see p. 14 in the half-year interim report 2020 16 Financials Resources segment – Revenue and order development

Total Group revenues in EUR million

100 92 89 75 80 71 70 72 69 70 71 72 67 66 63 65 65 68 60 57 60 53 54 55 52 48 48 44 47 40 20 0 Q1/14 Q3/14 Q1/15 Q3/15 Q1/16 Q3/16 Q1/17 Q3/17 Q1/18 Q3/18 Q1/19 Q3/19 Q1/20 Order backlog in EUR million 500 364 400 336 317 308 330 321 324 316 327 313 328 287 294 290 297 295 281 300 274 276 279 200 173 169 172 153 173 174 100 0 Q1/14 Q3/14 Q1/15 Q3/15 Q1/16 Q3/16 Q1/17 Q3/17 Q1/18 Q3/18 Q1/19 Q3/19 Q1/20

17 Financials Working capital & net debt – Financing of future revenues

Key facts . Bauer’s business model requires considerably more working capital than building construction companies . Net debt is needed to pre-finance the operating business (working capital)

. Working capital mainly consists of Inventory 15-20% 75-80% ~5% Receivables 55-60% 20-25% 15-20% Construction Equipment Resources Why does the business model needs so much working capital? . Construction segment . Construction contracts with short duration need approx. 2 - 3 months of pre-financing (no advance payments, no front-loading of prices possible, comparably long time needed for final account settlement). . Receivables also includes litigations. On some jobs collection of money need a long time due to disputes with the customer. However, valuation adjustments on receivables were only about 4% in average over the last years . Payment terms in some regions are 6 to 9 months

. Equipment segment . Machinery parts need to be pre-ordered well in advance, because of delivery times of up to 12 months. Customer often need their equipment in a few weeks. Therefore, approx. 3 months of the equipment during production is pre-financed. . Worldwide spare parts stores are needed for large customer base and a 24/7 after-sales service. A relatively large rental fleet is needed for different contract types (e.g. rental purchase).

. Resources segment is a mixture of outstanding customer payments (water business) and receivables on projects (environmental & drilling business)

18 Financials Working capital & net debt – Current development

Working capital vs. net debt Current development in EUR million Working capital Net debt . Net debt decreased by EUR 9.1 million to EUR 638.4 million and 750 665 677 receivables and other assets by 22.1% to EUR 437.0 million 629 608 594 compared 6M 2019. 600 549 552 562 564 467 . At the end of 2019, covenants which had been defined were 450 exceeded for significant loans. 300 . In the first half of the year, an amicable solution was found with all 150 the affected financing partners. 0 2015 2016 2017 2018 2019 Total Group revenues vs. net debt Net debt / EBITDA ratio in EUR million Total Group revenues Net debt in EUR million Net debt EBITDA – Net debt/EBITDA 1,772 1,800 1,656 1,555 1,686 1,595 800 4.6 5.0 ∆ 2015/ 646 665 677 4.3 594 1,440 2019 640 562 564 4.0 -3.7% 3.3 480 3.8 3.6 3.0 1,080 -15.2% 2.8 665 677 720 594 562 564 320 2.0 171 185 158 183 199 360 160 123 1.0 0 0 0.0 2015 2016 2017 2018 2019 2014 2015 2016 2017 2018 2019

19 Financials Working capital & net debt are lower year-end than during the year

Working capital in EUR million 800 711 720 736 726 701 700 672 709 684 674 629 646 628 624 629 604 608 576 584 609 591 640 549 552 537 533 467 480 320 160 0 Q1/14 Q3/14 Q1/15 Q3/15 Q1/16 Q3/16 Q1/17 Q3/17 Q1/18 Q3/18 Q1/19 Q3/19 Q1/20 Net debt (excl. pensions) in EUR million

800 773 776 778 779 752 749 743 762 736 740 712 665 677 686 678 679 646 639 620 648 637 644 638 640 594 562 564 480 320 160 0 Q1/14 Q3/14 Q1/15 Q3/15 Q1/16 Q3/16 Q1/17 Q3/17 Q1/18 Q3/18 Q1/19 Q3/19 Q1/20

20 Financials Income statement 6M 2020 in EUR '000 6M 2019 6M 2020 ∆ in % Sales revenues (P&L) 745,442 648,527 -13.0% Consolidated revenues (P&L) 800,213 705,575 -11.8% Cost of materials -416,975 -350,291 -16.0% Personel expenses -204,674 -197,175 -3.7% Other operation expenses -96,080 -100,133 4.2% EBITDA 82,484 57,976 -29.7% Depreciation of fixed assets -40,538 -45,107 11.3% Write-downs of inventories due to use -6,686 -6,331 -5.3% EBIT 35,260 6,538 -81.5% Financial income 19,880 14,630 -26.4% Financial expenses -44,609 -34,538 -22.6% Share of profit/loss of associated companies (equity method) 4,275 4,462 4.4% Earnings before tax (EBT) 14,806 -8,908 n/a Income tax expense -15,184 -7,082 n/a Earnings after tax -378 -15,990 n/a of which attributable to shareholders of BAUER AG -2,114 -16,478 n/a of which attributable to non-controlling interests 1,736 488 n/a

21 Financials Balance sheet as of June 30, 2020

in EUR '000 June 30, 2019 June 30, 2020 ∆ in % Assets 1,733,273 1,655,545 -4.5% Non-current assets 659,044 679,228 3.1% Intangible assets 16,988 15,106 -11.1% Property, plant and equipment and investment property 439,609 453,091 3.1% Investments accounted for using the equity method 112,946 115,643 2.4% Participations 8,350 8,806 5.5% Other non-current assets & deferred tax assets 81,151 86,582 6.7% Current assets 1,074,229 976,317 -9.1% Inventories 478,114 500,037 4.6% Less advances received on inventories -12,729 -11,978 -5.9% 465,385 488,059 4.9% Receivables and other assets 560,743 437,016 -22.1% Effective income tax refund claims 4,067 3,904 -4.0% Cash and cash equivalents 44,034 47,338 7.5% Equity and liabilities 1,733,273 1,655,545 -4.5% Equity 420,786 366,801 -12.8% Non-current debt 583,884 584,613 0.1% Provisions for pensions 155,939 151,812 -2.6% Non-current liabilities & deferred tax liabilities 427,945 432,801 1.1% Current debt 728,603 704,131 -3.4% Financial liabilities 298,640 286,345 -4.1% Other current liabilities 388,741 376,388 -3.2% Effective income tax obligations 19,695 11,276 -42.7% Provisions 21,527 30,122 39.9%

22 Financials Cash flow statement 6M 2020

in EUR '000 6M 2019 6M 2020 ∆ in % Cash flow from operational activity 14,094 -24,383 n/a

Cash flow from investment activity -32,845 -30,969 -5.7%

Cash flow from financing activity -678 65,541 n/a

Free Cash Flow -18,751 -55,352 n/a

Changes in liquid funds affecting payments -19,429 10,189 n/a

Influence of exchange rate movements on cash 876 -426 n/a

Total change in liquid funds -18,553 9,763 n/a

Cash and cash equivalents at beginning of reporting period 62,587 37,575 -40.0%

Cash and cash equivalents at end of reporting period 44,034 47,338 7.5%

23 Financials Forecast 2020 – Withdrawn due to the effects of the corona pandemic

in EUR million 2019 final 2020 forecast Long-term goal

Total Group revenues 1,595 n/a

Revenue growth 3 - 8%

EBIT 22.5 n/a

EBIT margin 7 - 9%

Earnings after tax -36.6 n/a

Equity ratio > 30%

Slope stabilization with BG 15 – Germany Compact cutter system for Grand Paris Largest water treatment plant – Nimr, Oman

24 Investor Relations Financial calendar & contact

Financial Calendar 2020 IR contact

April 9, 2020 Annual Report 2019 Christopher Wolf Analyst & Press Conference Head of Investor Relations May 13, 2020 Quarterly Statement Q1 2020 BAUER Aktiengesellschaft June 25, 2020 Annual General Meeting BAUER-Straße 1 86529 Schrobenhausen Germany August 13, 2020 Half-Year Interim Report to June 30, 2020 Tel.: +49 8252 97-1218 [email protected] November 13, 2020 Quarterly Statement 9M/Q3 2020 www.bauer.de

25 Appendix

26 BAUER Group The history – Over two centuries of experience

Dipl.-Ing. Dr.-Ing. Prof. Dr. Dipl.-Kfm. Karl Bauer Karlheinz Bauer Thomas Bauer

1790 - 1956 1958 - 1990 1992 - 2008 2009 - 2019

. 1790 Sebastian Bauer acquires a . 1958 Invention of the injection anchor on the . 1992 Takeover of SCHACHTBAU . 2009 Largest investment program in the coppersmith's shop in Schrobenhausen construction site of the Bayrischer Rundfunk NORDHAUSEN GmbH company's history completed: administration building in Munich building in Schrobenhausen, Edelshausen . 1900 Start of well drilling by . 1994 Founding of BAUER Aktiengesellschaft plant, machinery manufacturing plant in Andreas Bauer . 1969 First anchor drilling rig UBW 01 Conroe, Texas, USA . 2001 BAUER Maschinen GmbH becomes . 1928 Dipl.-Ing. Karl Bauer constructs the . 1975 First contracts in Libya, Saudi Arabia independent company . 2012 The Group's global workforce topped Schrobenhausen water supply system; and the United Arab Emirates the 10,000 mark for the first time construction of wells and water pipes . 2006 BAUER AG is listed on the stock market throughout Bavaria . 1976 First heavy-duty rotary drilling rig BG 7 . 2013 Bauma Innovation Prize for an . 2007 Founding of BAUER Resources GmbH; underwater drilling technique . 1956 Dr.-Ing. Karlheinz Bauer becomes . 1986 Prof. Thomas Bauer becomes sole market launch of the three new segments: sole managing director; construction of a managing director of BAUER Spezialtiefbau Construction, Equipment and Resources . 2018 Michael Stomberg succeeds first office building in GmbH and drives forward the international Prof. Thomas Bauer as Chairman Wittelsbacherstrasse growth of the Group . 2008 Expansion of machinery manufacturing of the Management Board capacities in Aresing and Nordhausen as well as in Tianjin and Shanghai, China . 2019 Bauer cutter technology reaches record depth of 251.4 m at project in Canada

27 BAUER AG Management Board

Michael Stomberg (CEO) Florian Bauer Hartmut Beutler (CFO) Peter Hingott

. Process Management . Digitalization . Financing & Treasury . Group Controlling & Accounting . Quality Management . Development Coordination . Legal Affairs & Insurance . Human Resources . HSE . Training . IR & Corporate Communications . Group Purchasing . IT . Corporate Culture . Facility Management . Media Design

28 BAUER Group The three segments

. Target: ~ 40 % of . Target: ~ 20 % of total Group revenues total Group revenues . Market leader in specialist . Activities in environmental foundation equipment technology, deep drilling, well construction, materials . New products for mining, deep drilling and offshore drilling . 80 % of revenues from sales abroad . Multi-branding strategy

. Target: ~ 40 % of total Group revenues . Global provider for specialist foundation engineering services . Specialist construction services . Focus on complex, international projects

29 BAUER Group Challenges of the world provide chances for the company

Infrastructure Urbanization Water The increasing mobility in society demands new and The megatrend of urbanization requires construction To deal with the scarcity of drinking water, purification renewed transport routes solutions for the city of the future and supply technologies are needed

Culture Environment Energy transition Changing social values are fundamentally The remediation of contaminated soil A change in energy supply can only be realized revolutionizing the business world is the key to sustainable utilization of resources through comprehensive construction works

30 Construction segment Overview

Key facts . About 50 small-/mid-size local companies around the world . Central support for project management services . About 400 to 500 projects per year with a 50/50 infrastructure/industrial split . Figures are somewhat cyclical between the quarters – focus on the entire year

Market environment . Growing construction markets worldwide Mission . Special foundation engineering is growing stronger than construction markets Leading global provider for . Huge pent-up demand in developed countries and in emerging markets specialist foundation engineering services Competition Key figures and targets . Keller, Trevi, Soletanche Bachy (worldwide) . Total Group revenues (incl. JV) . Local competitors in each country . EBIT Current focus topics . Order backlog . ~ 40% of BAUER Group's total revenues . Improving project and risk management, especially for major projects . EBIT margin: 4 - 6% . Leading in digitalization solutions for our market (2018: 5.4%, 2019: n/a)

31 What is specialist foundation? Building an excavation pit

Mixed-In-Place Method Diaphragm and Cut-off Wall

Piling Retaining Ground Anchor Wall

Permeation Grouting Pile Foundation

32 What is specialist foundation used for? Applications

Excavation Pits Cut-off-Walls Foundations Soil Improvement ... for every problem and requirement … as solution for dams and dikes …for the highest buildings in the world … allows projects on weak ground

33 Construction segment Arab Potash, Dead Sea, Jordan

34 Construction segment QH Track, Berlin, Germany

35 Equipment segment Overview

Key facts . Provider for the full range of equipment for specialist foundation engineering as well as for the exploration, mining and extraction of natural resources . Multi-branding strategy . About 80% of sales abroad

Market environment . Growing construction markets worldwide lead to positive equipment demand Mission . Strong position due to efforts regarding quality, efficiency and noise reduction Market leader in specialist . Growth potential with specialized machines for mining, water and offshore drilling foundation equipment Competition Key figures and targets . Trevi, Liebherr, Chinese manufactures (e.g. Sany, XCMG) . Sales revenues (excl. JV) . Further competition regarding special product types . EBIT Current focus topics . Order intake . ~ 40% of BAUER Group's total revenues . Focus on value analysis methods and purchase organization . EBIT margin: 10 - 12% . Optimizing and increasing after-sales services (2018: 11.7%, 2019: 10.0%)

36 Equipment segment Whole range of products for special foundation engineering

37 Resources segment Overview

Key facts . Three focus topics: water, environment, natural resources . Competence areas: water treatment, environmental remediation, waste management, drilling technologies and constructed wetlands . Focus on key markets: Germany, Europe & Middle East

Market environment

. Huge demand for environmental and water solutions Mission . Outstanding market position with ground-breaking projects in the field of cleaning Products & services for environmental drinking and process water, e.g. the biological water treatment plant in Oman technology, mining, well construction and water cleaning Competition Key figures and targets . Fragmented competition for each single product and service area . Total Group revenues (incl. JV) Current focus topics . EBIT . Improvement of loss-making Jordan subsidiary, which is caused by overcapacities . Order backlog . ~ 20% of BAUER Group's total revenues . Consistent proceeding of reorganization in the water related companies . EBIT margin: 6 - 8% . Focus on new projects for the profitable environment business (2018: n/a, 2019: n/a)

38 Resources segment The three business fields

Drilling Services & Water Wells Environmental Services Constructed Wetlands . Drilling Services . Remediation . Produced Water . Exploration Drilling . Brownfield Remediation . Industrial Waste Water . Water Well Drilling . Groundwater Treatment . Sewage and Sewage Sludge . Service Drill Holes . Excavation Pits . Demolition . Water Well Construction . Landfill Remediation . Design . Well Construction Materials . Treatment & Disposal . Borehole Pumps . Soil & Sludge . Construction Debris . Mineral Industrial Waste . Landfill Disposal

39 Resources segment Brownfield remediation and replacement bores, Stuttgart, Germany

40 Resources segment World's largest reed bed treatment plant, Nimr, Oman

41 Market environment German construction market

in EUR billion in % Germany 2019/ Jan-May May 2020 2019 2018 2020 Employees (in 1,000) 486.7 4.9 4.1

Revenues 92.2 8.2 7.1 Building construction 50.8 7.7 5.3 Foundation engineering 41.4 8.8 9.5

Orders received * in EUR billion 86.1 8.2 -2.1 Housebuilding 19.6 9.7 2.8 Industrial building 36.3 8.9 -3.6 Public sector 6.5 -3.4 30.2 of which public buildings 5.5 10.9 -0.7 road building 14.2 3.9 -8.3 underground structures 10.5 8.0 2.5

*) only companies > 20 employees

Source: Federal Statistical Office, Statistical Office Bavaria 42 Financials Working capital needs – Comparison with building construction

Specialist foundation engineering Building construction . Pre-financing need . Positive cash contribution . Construction contracts with short duration need . Construction contracts with long durations . No advance payments, no front-loading of prices possible . Advance payments, front-loading of prices  approx. 2 - 3 months of pre-financing . Positive cash contribution during construction phase . Negative cash contribution during construction phase

EUR EUR

Negative cash contribution Negative cash contribution

Positive cash contribution

Contract value Contract Contract value Contract

12 24 months 12 24 months

43 BAUER share Facts & Figures

Shareholder structure Share performance since IPO (in EUR)

Bauer family 48.19 % 51.81 % Free float

. Listed on Frankfurt stock exchange (Prime Standard), since July 4, 2006 . Share capital EUR 73,001,420.45 in EUR 2016 2017 2018 2019 2020 . Shares issued 17,131,000 . Issue price EUR 16.75 Earnings per share 0.66 0.16 1.32 -2.17 Share price year end 11.40 30.00 12.16 15.10 ISIN DE0005168108 CDAX Share price highest 17.16 30.96 31.25 24.30 9.21 Reuters B5AG.DE Classic All Share Bloomberg B5A GR Prime All Share Share price lowest 9.45 11.72 12.08 12.62 16.30 Market Cap (in EUR million) 195.3 513.9 208.3 258.7 159.3

44 BAUER share Dividend policy

Dividend policy Dividend payment . The dividend policy founded on a reasonable balance between in EUR shareholders and company 1.20 . fair participation of shareholders 1.00 1.00 . maintaining continuity 0.90 . safeguarding of the equity ratio 0.60 0.60 . All shareholders shall participate in the success of the business. 0.60 0.50 0.50 . After some difficult years, we must continue to strike a careful 0.30 0.30 balance between continuity and shareholder participation on the one 0.15 0.15 0.10 0.10 0.10 hand, and safeguarding our equity ratio on the other. 0.000.01 0.000.01 0.00 . To secure an adequate equity ratio is an important aim of the 2006 2008 2010 2012 2014 2016 2018 company’s management. With this we intend to safeguard the long- term success of the Group. Our mid-term target is an equity ratio of more than 30%. . In the medium term, the payout ratio should be about 25 to 30% of the reported earnings after tax.

45 Key Figures Time Line FY 2018 – Q2 2020

Total Group revenues in EUR million 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019 Q1 20 Q2 20 BAUER Group 1,527.2 1,275.8 1,304.0 1,371.8 1,435.8 1,504.2 1,560.2 1,656.4 1,554.7 448.2 454.1 476.6 393.1 1,772.0 370.8 421.5 443.5 450.3 1,686.1 410.9 420.7 407.8 355.3 1,594.7 390.2 334.8 Construction 700.9 570.0 615.4 606.6 655.2 741.7 725.6 742.9 713.1 211.0 220.5 226.9 176.6 835.0 150.8 176.2 210.0 230.6 767.6 170.2 152.9 192.0 153.8 668.8 177.1 144.4 Equipment 780.1 608.5 581.7 636.5 589.1 628.6 639.2 753.1 634.4 186.7 185.3 196.6 185.9 754.5 180.8 193.6 180.2 168.5 723.1 185.9 195.0 178.1 154.7 713.7 163.8 133.2 Resources 135.1 174.3 177.7 211.5 262.8 188.9 252.8 221.6 262.4 63.0 64.7 65.1 55.4 248.2 51.7 67.6 69.9 72.3 261.5 69.2 88.9 46.9 70.0 274.9 70.7 71.8 Sales revenues in EUR million 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019 Q1 20 Q2 20 BAUER Group 1,290.8 1,096.5 1,131.7 1,219.6 1,344.4 1,402.2 1,375.7 1,379.0 1,396.9 378.9 451.2 435.4 402.2 1,667.9 318.4 398.7 405.1 466.9 1,589.1 341.9 403.5 362.2 363.3 1,470.9 334.0 314.5

Construction 584.3 487.9 505.8 506.2 579.1 657.5 646.6 650.8 614.5 196.6 206.4 214.5 166.3 783.8 143.2 164.2 202.1 216.8 726.3 161.6 146.4 177.0 140.8 625.7 161.8 136.9 Equipment 601.2 456.5 469.3 511.4 520.6 561.6 532.7 548.0 542.7 126.6 185.7 168.5 180.1 660.9 128.7 173.6 144.0 193.8 640.1 125.3 179.7 141.7 163.5 610.2 110.0 113.1 Resources 105.1 152.0 156.4 201.5 244.3 182.6 195.9 179.3 238.2 55.3 57.7 53.2 55.3 221.5 46.2 60.5 58.7 55.9 221.3 54.8 77.1 43.3 58.3 233.5 61.7 64.1 EBIT in EUR million 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019 Q1 20 Q2 20 BAUER Group 167.5 84.4 88.4 82.3 72.0 30.1 76.4 90.7 70.3 8.5 30.2 27.7 23.2 89.6 11.0 23.1 22.7 43.3 100.1 10.4 24.8 13.3 -26.0 22.5 6.3 0.3

Construction 46.3 25.7 28.8 17.9 22.0 21.2 26.0 13.9 29.7 0.9 12.4 8.1 -1.8 19.6 2.7 2.1 8.0 26.3 39.1 0.0 4.5 -3.7 -20.7 -19.9 -0.5 -1.2 Equipment 118.3 51.3 48.3 53.0 34.0 32.2 36.0 99.4 38.4 8.0 16.0 24.9 31.7 80.6 14.2 22.2 15.8 22.7 74.9 8.3 23.0 20.2 9.7 61.2 4.8 1.4 Resources 4.0 6.0 8.1 10.9 15.2 -24.0 15.9 -19.8 -3.7 -0.1 0.9 -5.3 -5.5 -10.0 -5.7 -1.0 -1.2 -3.2 -11.0 2.7 -2.6 -2.6 -13.7 -16.2 1.5 -2.0 EBIT margin in % 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019 Q1 20 Q2 20 BAUER Group 13.0% 7.7% 7.8% 6.7% 5.4% 2.1% 5.6% 6.6% 5.0% 2.2% 6.7% 6.4% 5.8% 5.4% 3.5% 5.8% 5.6% 9.3% 6.3% 3.0% 6.1% 3.7% -7.2% 1.5% 1.9% 0.1%

Construction 7.9% 5.3% 5.7% 3.5% 3.8% 3.2% 4.0% 2.1% 4.8% 0.5% 6.0% 3.8% -1.1% 2.5% 1.9% 1.3% 3.9% 12.1% 5.4% 0.0% 3.1% -2.1% -14.7% -3.2% -0.3% -0.9% Equipment 19.7% 11.2% 10.3% 10.4% 6.5% 5.7% 6.8% 18.1% 7.1% 6.4% 8.6% 14.8% 17.6% 12.2% 11.0% 12.8% 11.0% 11.7% 11.7% 6.6% 12.8% 14.3% 6.0% 10.0% 4.3% 1.2% Resources 3.8% 3.9% 5.2% 5.4% 6.2% -13.1% 8.1% -11.0% -1.6% -0.2% 1.5% -10.0% -9.9% -4.5% -12.3% -1.6% -2.0% -5.7% -5.0% 4.9% -3.3% -6.0% -23.5% -6.9% 2.5% -3.2%

46 Disclaimer

This presentation contains forward-looking statements. Forward-looking statements are statements that are not historical facts, including statements about our beliefs, intentions, expectations, predictions and the assumptions underlying them.

These statements are based on factors as they are currently available to the management of BAUER AG and therefore speak only as of the date they are made. We assume no liability to update publicly or conform any of them to future events or future developments.

Forward-looking information is subject to various known and unknown risks and un-certainties, which could lead to material differences between the actual future results, financial situation, development or performance of the BAUER Group and those factors contained in any forward-looking statement. In view of these uncertainties, no assurance can be given that these forward-looking statements will prove accurate and correct, or that anticipated and projected future results will be achieved and we caution you not to place undue reliance on these forward-looking statements.

47 © 2020 BAUER AG. All rights reserved.