PRESS RELEASE : Schaeffler AG: Schaeffler raises -2-

The group employed a workforce of 83,945 as at June 30, 2021 (December 31, 2020: 83,297). Guidance for 2021 - full-year outlook raised again The Board of Managing Directors of Schaeffler AG decided on July 26, 2021, to again raise the full-year outlook for 2021 and now expects revenue growth of more than 11 percent at constant currency (previously more than 10 percent). Following a strong first six months, the company is taking this step despite persistent uncertainties regarding the second half of the year that are currently difficult to estimate.

Additionally, the company now expects to generate an EBIT margin before special items of 8 to 9.5 percent (previously 7 to 9 percent) in 2021. The guidance for free cash flow before cash in- and outflows for M&A activities has been raised as well; more than 400 million euros (previously more than 300 million euros) are expected. The company now expects the following for its three divisions: Division (guidance) Autom. Technologies Autom. Aftermarket Industrial Revenue growth^1) positive growth; > 10% 9 to 11%

2 to 5%-age points above LVP growth (previously 6 to 8%) (previously 7 to 9%) EBIT margin^2) > 6% > 12.5% > 10.5%

(previously > 11.5%) (previously > 9.5%) New market assumptions for 2021 Automotive Technologies: For global automobile production (LVP), measured as the number of vehicles up to six tons in weight produced, the current base scenario by IHS Markit (July 2021) implies full-year growth of 10.0% in 2021 Automotive Aftermarket: For global gross domestic product, the current base scenario by Oxford Economics (July 2021) implies full-year growth of 6.2% in 2021 Industrial: For the sectors particularly relevant to the Schaeffler Group - mechanical engineering, transport equipment, and electrical equipment - the current base scenario by Oxford Economics (June 2021) implies full-year growth of 11.9% in 2021

"Having also closed the second quarter better than expected, we have adjusted our guidance upward again. We are confident of being able to achieve our targets for 2021, but continue to remain cautious. The execution program for our Strategy 2025 is making good progress. Implementation of the structural measures initiated is proceeding as planned. Given the uncertainties regarding the second half of the year, our focus for the rest of the year remains on discipline with respect to capital and costs," stated Klaus Rosenfeld, CEO of Schaeffler AG. ^1) at constant currency; ^2) before special items

Forward-looking statements and projections Certain statements in this press release are forward-looking statements. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties and assumptions could adversely affect the outcome and financial consequences of the plans and events described herein. No one undertakes any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. You should not place any undue reliance on forward-looking statements which speak only as of the date of this press release. Statements contained in this press release regarding past trends or events should not be taken as representation that such trends or events will continue in the future. The cautionary statements set out above should be considered in connection with any subsequent written or oral forward-looking statements that Schaeffler, or persons acting on its behalf, may issue. Schaeffler Group - We pioneer motion As a leading global supplier to the automotive and industrial sectors, the Schaeffler Group has been driving forward groundbreaking inventions and developments in the fields of motion and mobility for over 70 years. With innovative technologies, products, and services for CO?-efficient drives, electric mobility, Industry 4.0, digitalization, and renewable energies, the company is a reliable partner for making motion and mobility more efficient, intelligent, and sustainable. The technology company manufactures high-precision components and systems for powertrain and chassis applications as well as rolling and plain bearing solutions for a large number of industrial applications. The Schaeffler Group generated sales of approximately 12.6 billion euros in 2020. With around 83,900 employees, Schaeffler is one of the world's largest family companies. With over 1,900 patent applications in 2020, Schaeffler is Germany's second most innovative company according to the DPMA (German Patent and Trademark Office). Contacts Dr. Axel Lüdeke Renata Casaro Head of Group Communications & Public Affairs Head of Investor Relations Schaeffler AG, Schaeffler AG, Herzogenaurach, Germany Herzogenaurach, Germany phone: [phone] phone: [phone] email: [e-mail] email: [e-mail] Matthias Herms Johann Eisenmann Head of Financial Communications Investor Relations Schaeffler AG, Schaeffler AG, Herzogenaurach, Germany Herzogenaurach, Germany phone: [phone] phone: [phone] email: [e-mail] email: [e-mail] -----------------------------------------------------------------------------------------------------------------------

2021-08-04 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de ----------------------------------------------------------------------------------------------------------------------- Language: English Company: Schaeffler AG

Industriestr. 1-3

91074 Herzogenaurach

Germany Phone: 09132 - 82 0 E-mail: [e-mail] Internet: www.schaeffler.com ISIN: DE000SHA0159 WKN: SHA015 Indices: SDAX Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf,

Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange EQS News ID: 1223870 End of News DGAP News Service -------------

1223870 2021-08-04

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August 04, 2021 02:00 ET (06:00 GMT)