Roadshow Zürich

1. Juli 2019

TAKKT AG

Agenda

1. Business model

2. Strategy

3. Key performance figures and indicators

4. Financials Q1/2019

5. Impact IFRS 16

6. Outlook 2019

7. TAKKT share, dividend policy and equity story

July 2019 2

TAKKT AG

Business model

July 2019 3

TAKKT AG

TAKKT is a portfolio of B2B direct marketing specialists

July 2019 4

TAKKT AG

TAKKT is organized into two segments and seven divisions

July 2019 5

TAKKT AMERICATAKKT EUROPE

Kaiser+Kraftgroup

Ratioformgroup

newportgroup

Hubert group

Central group

D2Ggroup

NBF group

TAKKT AG

restaurant equipment

Our divisions are product specialists and sell equipment and specialties with an overall average order value of 450 EUR

Kaiser+Kraftgroup

plant, warehouse and office equipment

ratioformgroup

packaging solutions

Newport group

new business models and

start-ups

D2Ggroup

displayproducts

Hubert group

merchandising and food

equipment

NBFgroup

office equipment

Central group

TAKKT EUROPE TAKKT AMERICA

July 2019 6

TAKKT AG

Fragmented market environment offers good growth potential

July 2019 7

TAKKT companies either run a multi-channel or a web-focusedmodel

TAKKT companies partially use marketplaces as an additional sales channel

platform models (marketplaces)

multi-channel models

web-focused models70-90% 10-30%

Store-based businesses Direct-marketing

TAKKT AG

Our market position – value-add services for customers beyond pure distribution

Digital solutions

• Customers are offered tailored web shops and access to e-procurement solutions

• New solutions are developed based on new technologies and in collaboration with the customers

• More portals with self-service features being built

• Innovative solutions can be tested through investments in start-ups

Personal advice

• Experts help customers select the relevant product

• Sales representatives prepare personalized offers

• Product managers provide customized solutions and products on request

Easy procurement process

• Customers choose from preselected products

• Customers place the order using their preferred sales channel (online, print, tele and field activities)

• Own warehouses ensure fast deliveries

Full service

• Services range from personal advice, needs analysis, planning and offers through to delivery and assemblyof the products

• Long warranty periods

• Availability guarantee and ordering of spare parts over several years

Added valuesfor our

customers

July 2019 8

TAKKT AG

Our multi-channel strategy offers multiple touch points for our customers according to individual preferences

Small businesses

Mid-sized corporates

Largecorporates

Customer Characteristics Channels

• Frequent and regular demand

• Focus on efficiency of procurement process and services

• Customer lifetime value (loyal)

• Less frequent, irregular demand

• Focus on price

• Transaction-oriented and less loyal

July 2019 9

TAKKT AG

B2B direct marketing at a glance

July 2019 10

• Most efficient way to market and distribute in the B2B market

• Constant gain of market share versus local, store-based retail network

• Clear business model which will benefit from the trends towards e-commerce and digitalization

• High profitability (EBITDA margin 12-16%) with a comparably low capital need (capex 1-2% of sales)

TAKKT AG

Strategy

July 2019 11

TAKKT AG

Four strategic goals

July 2019 12

Grow profitably

Organic growth(3-5% p.a. on average)

• Attractive market environment• Digitalize the core business• Develop new business models• Reshape the role of TAKKT AG

Growth through acquisitions(around 5% p.a. on average)

• Expansion of the customer valueproposition

• Strengthening existing businesses• Tapping into new target markets

Profitability(EBITDA margin between 12 and 16%)

• Best balance to develop a sustainable and profitable portfolio

• Significantly increase e-commerce business until 2020

• Sustainable organizational transformation

• Investments of EUR 50 million

Digitalize the core business

• Regional diversification• Diversified share of sales with

various customer groups• Balanced product range

Diversify risk

• Industry role model for sustainability

• Sustainability as “built-in” rather than an “add-on” in the day-to-day corporate management

Act sustainably

1

2 3 4

TAKKT AG

Environment for younger, fast-growing business models

Allow a more independent positioning and enable a better focus on the requirements of smaller business customers

Investments in innovative start-upsand implementation of digital solutions and technologies

Grow profitably: Three strategic initiatives to drive organic growth

July 2019 13

More than 100 measures in 6 areas

Digitalize the core business Develop new business models Reshape the role of TAKKT AG

Expand activities to increase thevalue of individual companies

Among others, this includes drivingstrategic intitatives, selection oftarget markets, portfoliomanagement and strategic personnelmanagement

Increased focus on operational excellence as well as data & analyticswith an expert team for each thesetopics in both Europe and the US

TAKKT AG

Grow profitably:E-Commerce competency secures growth

July 2019 14

10.6%

7.9%

11.6%

2016 2017 2018

Organic e-commerce growth (in percent)

52.1%

30.1%36.5%

43.9% 46.8%

2014 2015 2016 2017 2018

Share of e-commerce in order intake (in percent)

TAKKT AG

• Suitable additions to existingactivities

• Focus on unlocking synergiesand improving the marketposition

Grow profitably: Revised M&A strategy with broader profile

July 2019 15

• Increase customer valueproposition by acquiring(smaller) pre- and post-salesactivities

• Expand existing range ofservices with solutions formanufacturing or refiningproducts

Enriching thecustomer value proposition

Expanding existing businesses

• Establish an additional divisionin the TAKKT portfolio

• Targets should have a sufficientsize (over EUR 50m) and operate in attractive marketenvironment

Tapping into new target markets

TAKKT AG July 2019 16

Grow profitably: Strengthening market intelligence and refining criteria to reflect broader profile

• Profitability requirementrelevant for ‚new targetmarkets‘ and ‚expanding ofexisting activities‘

• Advanced digital maturitylevel and e-commerceexpertise

• Gaining expertise and talent

Acquisition criteria

• Broaden the Group‘s profileand customer valueproposition

• Stronger focus on addedvalue through additional service offerings

• Additional growth and diversification of theportfolio

Acquisition goals

• Strengthen marketintelligence capabilities

• Implementation of a processto identify relevant trendsand attractive target markets

• Shift away from a moreopportunistic M&A approach

Market intelligence

TAKKT AG

Diversify risks:Diversification on regions, customers and product ranges

July 2019 17

44%

23%

33%

Regions

North America

Germany

Europe without Germany

2018

Balanced contribution to sales from two continents

28%

16%23%

13%

20%

Costumer groups

ManufacturingTradeServicesNon-profit and public organizationsOthers

2018

Low dependency from single customer groups

17%

17%

25%

14%

9%

13%5%

Product ranges

Storage and TransportPlant and EnvironmentOfficeFood and DiningPackaging and ShippingSales Promotion

2018

Broad product portfolio –multi-purpose use

TAKKT AG

Act sustainably:Role model for sustainability in our industry

July 2019 18

Direct marketing is more carbon-efficient than local stores

Lower carbon footprint by increased efforts to furtherreduce or compensate for emissions(e.g. carbon-neutral shipping)

Efficiency of the direct marketing model

Compliance with UN Global Compact since 2012

Reporting according to most recent GRI standards at “comprehensive” application level

German CSR Award 2018 in the „Ecological Commitment“ category

Compliance and reporting

Expansion of the supplier evaluation program

Carbon-neutral print advertising

Emissions from parcel and cargo shipmentsto be offset to a large degree

Activities along the value chain

TAKKT has defined non-financial performance indicators and determined goals and

measures to be achieved by 2020

Focus areas entail sourcing, marketing, logistics, resources & climate, employees and society

Ambitious targets for 2020

TAKKT AG

Key performance figures andindicators

July 2019 19

TAKKT AG

Overview of key performance figures and indicators

July 2019 20

• Organic sales development• Number of orders and average order

value• Gross profit margin• EBITDA margin• TAKKT cash flow margin• Capital expenditure ratio

Financial key figures

• TAKKT value added• Return on Capital Employed (ROCE)

Value-based figures

• Share of private labels in order intake• Share of direct imports in purchase

volume

Product range figures

• Equity ratio• Debt repayment period• Interest cover• Gearing (debt-equity ratio)

Internal covenants

• Launched and completed measures• Newly created positions• Additional personnel expenses• Other expenses• Capital expenditure and start-up

investments• Organic e-commerce growth• Share of e-commerce in order intake

Digital agenda indicators

• A total of 16 indicators across the six focus areas sourcing, marketing, logistics, resources & climate, employees and society

Sustainability indicators

TAKKT AG

Financial key figures

July 2019 21

in EUR million 2014 2015 2016 2017 2018

Organic sales development in percent 5.5 4.7 5.2 0.4 3.4

Number of orders in thousand 2,182 2,225 2,409 2,465 2,676

Average order value in EUR 450 482 469 458 449

Gross profit margin in percent 42.6 42.6 42.6 42.5 41.5

EBITDA margin in percent 14.0 14.8 15.2 13.5 12.7

TAKKT cash flow margin in percent 10.1 10.7 11.2 9.8 10.2

Capital expenditure ratio in percent 1.4 1.3 1.5 2.1 1.8

TAKKT AG

10.0%12.1%

13.7%15.5%

17.9%

2014 2015 2016 2017 2018

Product range figures

July 2019 22

14.7%15.9%

18.3%20.7% 21.7%

2014 2015 2016 2017 2018

Share of private labels in order intake (in %) Share of direct imports in purchase volume (in %)

TAKKT AG

Digital agenda indicators

July 2019 23

30.1%36.5%

43.9%46.8%

52.1%

2014 2015 2016 2017 2018

26

78

98

130

2016 2017 2018 2019e

Number of digital talents

100114

27

44

2017 2018

Launched and completed measures Share of e-commerce in order intake (in percent)

7.9%

11.6%

2017 2018

Organic e-commerce growth (in percent)

Launched

Completed

TAKKT AG

Our plan is to invest around € 50 million until 2020 for the implementation of our digital agenda and up to € 20 million for start-up investments

July 2019 24

In EUR million 2016 2017 2018 2019 BUD 2020e

Additional personnel expenses (year-on-year) 0.6 3.9 2.9 2 2

Other expenses 1.9 3.8 4.0 4 4

Capital expenditure 1.4 8.7 8.4 6 6

Digital agenda cost (investment view) 3.9 16.5 15.3 12 12

Personnel expenses (cumulative) 0.6 4.4 7.3 9 11

Other expenses 1.9 3.8 4.0 4 4

Digital agenda cost (EBITDA impact) 2.5 8.3 11.3 13 15

TAKKT Start-up investments 1.0 4.5 2.3 4 4

TAKKT AG

18.928.5

38.3 43.130.4

7.6

8.4

8.57.3

7.226.5

36.9

46.850.4

37.6

2014 2015 2016 2017 2018

14.4%

15.7%16.5%

14.6%14.0%

2014 2015 2016 2017 2018

Value-based figures

July 2019 25

Return on Capital Employed (in %)TAKKT value added (in EUR million)

* Adjusted for amortization of intangible assets resulting from acquisitions and the related tax impact.

*

*

**

*

TAKKT AG

Internal covenants

July 2019 26

2.52.2

1.61.4 1.4

2014 2015 2016 2017 2018

9.8

14.4

18.316.3

23.8

2014 2015 2016 2017 2018

0.6

0.5

0.3

0.2 0.2

2014 2015 2016 2017 2018

43.8%49.1%

55.2%61.2% 60.8%

2014 2015 2016 2017 2018

Equity ratio (in %) Debt repayment period (in years)

Interest cover Gearing

TAKKT AG

Sustainability indicators

July 2019 27

Focus area Key figure 2014 2015 2016 2017 2018

Sourcing

Share of sourcing volume from certified suppliers 23.7% 36.3% 40.5% 46.8% 44.2%

Share of direct imports sourcing volume from certified suppliers 39.8% 39.3%

Share of sales from sustainable product ranges 6.6% 9.6% 9.8% 9.3% 9.5%

Marketing

Carbon-neutral web shops for major companies 7 12

Paper consumption print advertising materials per order 5.4kg 4.2kg

Share of carbon-neutral advertising materials 12.1% 19.9%

LogisticsShare of carbon-neutral parcel delivery 91.4% 93.5%

Share of carbon-neutral general cargo delivery 44.7% 48.9%

Resources and Climate

Major companies with carbon footprint 7 10 10 13 13

Major companies with a certified environmental mgmt. system 1 3 3 6 6

Major companies with a certified energy management system 4 4

Energy consumption at GER / US locations per order in megajoule 70.6 66.7

EmployeesShare of retained „digital talents“ 90.9% 89.9%

Share of women in top executive positions 10.5% 12.3%

Society

Percentage of employees who have the opportunity to take a paid leave for local volunteer involvement

18.4% 37.9% 41.2% 65.7% 70.2%

Percentage of employees who took part in local volunteer projects 15.1% 18.0%

TAKKT AG

Financials Q1/19

July 2019 28

TAKKT AG

Good organic sales growth in the first quarter

July 2019 29

276.1306.9

Q1/18 Q1/19

33.439.1

12.1% 12.7%

Q1/18 Q1/19

Sales (in EUR million) EBITDA (in EUR million) and margin (in %)

• Sales increase by 11.2% • Organic sales growth of 5.0%• Positive effects from portfolio changes (+2.6%) and from

currency fluctuations (+3.6%)

• EBITDA margin at 12.7% (12.1%)• First-time application of IFRS 16 has a positive effect of

around one percentage point on the EBITDA margin• Adjusted for this effect, profitability is slightly below the

previous year due to the lower gross profit margin and structural adjustments at Hubert and ratioform

TAKKT AG

Solid performance in Europe despite a slow-down of economic indicators

July 2019 30

160.0176.0

Q1/18 Q1/19

27.230.0

17.0% 17.0%

Q1/18 Q1/19

Sales (in EUR million) EBITDA (in EUR million) and margin (in %)

• Sales increase of 10.1%• Organic sales growth of 4.5%• Significant additional contributions from acquisitions of

OfficeFurnitureOnline and Runelandhs (+5.5%) while currency effects are marginal (+0.1%)

• KAISER+KRAFT with a slight single-digit and ratioform with high single-digit organic growth; Newport clearly in the double-digits

• EBITDA margin at 17.0% (17.0%)• First-time application of IFRS 16 has a positive effect of

around one percentage point on the EBITDA margin• Structural effect from last year’s acquisitions and structural

adjustments at ratioform have a negative impact on profitability

TAKKT AG

Strong sales increase in the US due to organic growth at all divisions and stronger USD

July 2019 31

116.2130.9

Q1/18 Q1/19

10.5

12.9

9.1% 9.9%

Q1/18 Q1/19

Sales (in EUR million) EBITDA (in EUR million) and margin (in %)

• Sales increase by 12.7%• Organic sales growth of 5.8%• Discontinuation of Hubert’s European business with a

negative portfolio effect of -1.6%• Currency effects at +8.5% due to a stronger USD• Hubert, Central and D2G with slight organic growth, NBF

with double-digit growth

• EBITDA margin at 9.9% (9.1%)• First-time application of IFRS 16 has a positive effect of

around one percentage point on the EBITDA margin• Repositioning of Hubert with a negative effect on earnings

TAKKT AG

Increase in TAKKT cash flow also due to IFRS 16

July 2019 32

in EUR million Q1/18 Q1/19

profit 18.3 19.5

+ depreciation +6.7 +9.7

+/- deferred taxes expense/income +0.5 +0.6

+/- other non-cash expenses/income +1.1 +1.1

TAKKT cash flow 26.6 30.9

26.6

30.9

9.6% 10.1%

Q1/18 Q1/19

TAKKT cash flow (in EUR million) and margin (in %)

in EUR million Q1/18 Q1/19

EBITDA 33.4 39.1

- financial result -1.6 -2.7

- current taxes -6.3 -6.6

+/- other non-cash expenses/income +1.1 +1.1

TAKKT cash flow 26.6 30.9

• Definition of TAKKT cash flow was adjusted at the beginning of 2019. Adjusted TAKKT cash flow shown for Q1/18 is EUR 1.1 million higher compared to the figure published last year

• Positive impact on TAKKT cash flow margin from new lease accounting (IFRS 16) of around one percentage point

TAKKT AG

Strong cash flow generation

July 2019 33

in EUR million Q1/18 Q1/19

TAKKT cash flow 26.6 30.9

Change in net working capital as well as other adjustments

+2.0 -3.3

Cash flow from operating activities 28.6 27.6

Capital expenditure in non-current assets -6.5 -4.3

Proceeds from disposal of non-current assets +0.1 +0.4

Free TAKKT cash flow(for acquisitions, payout to shareholders and loan repayments)

22.2 23.7

• IFRS 16 with the same positive impact on TAKKT cash flow as on EBITDA

• Net working capital: Higher increase in trade receivables, mainly due to higher organic growth compared to Q1/18

• Capital expenditure: Lower than prior year also due to less investments into start-ups; continued investments into digital agenda

TAKKT AG

Very solid balance sheet

July 2019 34

150.8

189.6

12/31/2018 03/31/2019

60.8% 59.1%

12/31/2018 03/31/2019

• First-time application of IFRS 16 resulted in an increase of around EUR 56 million in net financial liabilities

• Slight decrease in equity ratio

TAKKT AG

Impact IFRS 16

July 2019 35

TAKKT AG

Application of IFRS 16 will impact balance sheet and earnings figures

July 2019 36

Expected impact on profit and loss in 2019(in EUR million)

∆

Other operating expenses(Operating leasing and rents)

-12

EBITDA +12

Depreciation -11

Finance expenses -2

Profit -1

Expected impact on balance sheet in 2019(in EUR million)

∆

Property, plant and equipment +55

Liabilities +55

• Positive effect of around one percentage pointon EBITDA margin from 2019 onward

• Negative effect of around 3 percentage pointson equity ratio

→ As a result, TAKKT has widened its EBITDA margin targetcorridor to 12 – 16 percent

TAKKT AG

Outlook 2019

July 2019 37

TAKKT AG

Organic sales growth

38July 2019

Organic growth 2017 Q1/18 Q2/18 Q3/18 Q4/18 2018 Q1/19

TAKKT Group +0.4% -1.0% +4.7% +5.0% +5.0% +3.4% +5.0%

TAKKT Europe +2.6% +0.6% +5.9% +6.1% +4.1% +4.1% +4.5%

TAKKT America -1.9% -2.8% +3.5% +4.0% +6.1% +2.7% +5.8%

TAKKT AG

Outlook: Expectations of slightly positive organic growth and an EBITDA margin in thetarget corridor

July 2019 39

Expectations TAKKT AMERICAExpectations TAKKT EUROPE Forecast TAKKT Group

• Lower GDP growth than in 2018• Industry indicators, especially PMI,

point to a slowdown in the first half of the year in Europe

• Overall less favourable market environment than in the previous year

• GDP growth below 2018 but significantly stronger than in Europe

• Industry indicators currently imply similar economic environment as in previous year

• Repositioning of Hubert’s US business will have a negative impact of up to two percentage points on TAKKT’s organic growth rate

• In the scenario above, TAKKT expects that the negative impact from economic risks such as Brexit and trade conflicts will remain limited. If the business environment is worse than expected, TAKKT will only be able to achieve a stable or even slightly negative organic sales development. In the event of very positive economic data, TAKKT should be able to increase organic sales more significantly.

• Gross profit margin is expected to be similar to prior year in the US while structural impact from acquisitions should be slightly negative in Europe. Application of IFRS 16 will have a positive impact of around one percentage points on EBITDA and TAKKT cash flow margins.

• Even in the event of a significant slowdown in business, the Group attaches great importance to achieving the profitability targets and has prepared measures for flexible cost adjustments. If the persistently weak economic indicators become noticeable in the order intake, TAKKT will implement these measures promptly.

Slightly positiveorganic sales growth

EBITDA marginof 12 - 16%

TAKKT AG

TAKKT share, dividend policy and equity story

July 2019 40

TAKKT AG

TAKKT share performance, shareholder structure and analyst recommendations

July 2019 41

50

100

150

200

TAKKT DAX MDax SDAX

50.2%49.8%Franz Haniel &Cie.Free float

Shareholder structure

53

1

Buy

Hold

Sell

Analyst recommendations

Total Shareholder Return: TAKKT and indices

Average price target of EUR 17.3

TAKKT AG

TAKKT dividend policy

July 2019 42

Annual payment of base dividendincreased or stable since IPO in 1999

Payout for 2018

EUR 0.85 per share(EUR 0.55 base dividend plus

EUR 0.30 special dividend)

Reliable dividend policy

• Payout ratio within a corridor of 35 to 45 percent of the profit

• TAKKT aims for a consistent and reliable dividend stream

• Willingness to return funds to shareholders via a special dividend when equity ratio is high and funds cannot be reinvested. Payment of special dividend for fiscal years 2008, 2011 and for 2018.

Attractive dividend

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Dividend per share in Euro

0.85

0.32

0.80

0.32 0.32 0.32 0.32

0.50 0.55 0.55

0.85

0.32 0.32

0.55

TAKKT AG

TAKKT equity story at a glance

July 2019 43

38.5% 40.5% 41.4% 43.6% 41.5%

1999 2003 2008 2013 2018

Gross profit margin > 40% (target)

Reliable dividend payouts (in EUR)

11.2% 11.2%14.3% 12.9% 12.7%

1999 2003 2008 2013 2018

EBITDA margin 12-15% (target)

7.4% 7.3%10.4% 8.8% 10.2%

1999 2003 2008 2013 2018

TAKKT cash flow margin > 8% (target)

0.32 0.32 0.50 0.55 0.55 0.85

2013 2014 2015 2016 2017 2018

Dividend EPS

1.34

0.801.00

1.24 1.39 1.47

Group companies are market-leaders in attractive market niches with high operational margins

TAKKT is a worldwide, diversified portfolio of B2B direct-marketing specialists for business equipment

Growth opportunities through organic initiatives (digital agenda)as well as upside from opportunistic acquisitions

Business model generates high free cash flows and allows stable dividend payouts

EBITDA margin corridor between 12 and 16%

Stable, long-term oriented shareholder structure with Franz Haniel & Cie. GmbHas majority shareholder

TAKKT AG

TAKKT investor relations

July 2019 44

IR Contact

Christian Warns / Benjamin BühlerPhone: +49 711 3465-8222 / -8223Fax: +49 711 3465-8100e-mail: investor@takkt.de

www.takkt.comTAKKT AG is headquartered in Stuttgart, Germany.

Upcoming Events

Basic data TAKKT share Historic share price development (Xetra)

ISIN / WKN / Ticker DE0007446007 / 744600 / TTK

No. shares 65,610,331

Type No-par-value bearer shares

Share capital EUR 65,610,331

Listing September 15, 1999

Index SDAX, prime standard

Designated sponsors Pareto Securities, Oddo Seydler, Hauck & Aufhäuser

TAKKT AG

July1. Roadshow Zurich25. Earnings Call Q2

August29. Commerzbank Sector Conference, Frankfurt

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