BayWa : Presentation Conference Call Q3 2023

Quarterly Financial Statements

as per 30 September 2023 Conference Call

Munich, 9 November 2023

Marcus Pöllinger, CEO

Andreas Helber, CFO

Agenda

01 Highlights 1-9/2023

02 Business Development of the Segments in

1-9/2023 and Operational Outlook 2023

03

04

Group Financials 1-9/2023

Appendix

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01

Highlights 1-9/2023

Marcus Pöllinger, CEO

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01 | Highlights 1-9/2023

Highlights

▪ Strong operating performance; below record year of 2022 in line with

expectations

▪ Broad-based portfolio compensates for strong decline in the

Building Materials and Global Produce segments

▪ Revenue and earnings trend determined by strong decline in commodity

prices compared with the previous year

▪ Reporting period includes special effect of around minus EUR 27 million

(anniversary bonus)

Revenues		-9%
in EUR m
	20,073.0	18,191.8
14,124.8
1-9 2021	1-9 2022	1-9 2023

▪	Catch-upeffects in Q4, above all by BayWa r.e.; sale of project facilities
	and project rights of up to 800 MW
▪	High cost efficiency; reduction in costs associated with Other Activities

• Management confirms 2023 EBIT target of EUR 320 to 370 million

EBIT

in EUR m

		-53%
	459.8
191.7		214.6
1-9 2021	1-9 2022	1-9 2023

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01 | Highlights 1-9/2023

Development of the Group in the third quarter of 2023

Multi-year comparison of EBIT

In EUR m

131.3

	48.9	Ø 56
	47.1
25.1		27.7

Q3 2019	Q3 2020	Q3 2021	Q3 2022	Q3 2023

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01 | Highlights 1-9/2023

Development of the Group 1-9/2023

Multi-year comparison of EBIT

In EUR m

459.8

214.6

191.7 Ø 209

102.7

77.3

1-9 2019	1-9 2020	1-9 2021	1-9 2022	1-9 2023

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02

Business Development

of the Segments in

1-9/2023 and Operational

Outlook 2023

Marcus Pöllinger, CEO

09/11/2023 | 7

02 | Energy Business Unit - Development in 1-9/2023
Business Unit	Segment	Segment
Energy	Renewable	Energy
	Energies

Key Figures 1-9/2023

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02 | Energy Business Unit - Development in 1-9/2023

Energy - Market Developments

Price development of PV modules1

Development of electricity price in Germany2

	0.35
peak	0.30
euros per watt
0.35
Price in
	0.20
					October 2023: 0.19 €/ Wp
	0.15
	Jan.-22	Apr.-22	Juli-22	Okt.-22	Jan.-23	Apr.-23	Juli-23	Okt.-23

in euro per megawatt hour
550
	+177%	465			-78%
450
		315	346
350
252
250	168		177	174
150				118	103	82	78	101

50

Jan-22Mar-22May-22Jul-22Sep-22Nov-22Jan-23Mar-23May-23Jul-23Sep-23

Energy costs in Germany3

ct/kWhin

Heating oil 11.56 ct/kWh

Price

Gas 10.16 ct/kWh

Pellets 7.39 ct/kWh

September 2022

January 2023

October 2023

Sources: 1 solarserver.de; 2 Spot electricity market on EPEX spot market; 3 DEPV

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02 | Energy Business Unit - Development in 1-9/2023

Renewable Energies Segment Revenues and EBIT vs previous year

Revenues		in EUR m
		-5%
	4,518.4	4,274.8
2,219.6
1-9 2021	1-9 2022	1-9 2023

EBIT		in EUR m
		-35%
	161.7
		105.8
69.0
1-9 2021	1-9 2022	1-9 2023

• Revenues: ∆ 22/23 EUR -243.6 million
• EBIT: ∆ 22/23 EUR -55.9 million

_________________________________________________________________________________

• Revenue decline in the IPP business (declining energy prices) and less sales in the solar project business
• Earnings shortfall in the project business (1-9/2022 approx. 423 MW vs 140 MW in 1-9/2023)
• Strong demand for PV components, but nevertheless burdened by weaker margins and inventory valuations: PV modules +7% y/y; inverters +55% y/y
• Power purchase agreements concluded at favourable conditions in the previous year increase earnings in energy trading

OUTLOOK 2023

_________________________________________________________________________________

• Leap in earnings from sales planned in Q4 2023:
  175 MW projects and 790 MW project rights
• High level of sales ongoing in PV components trading

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