S&T AG Company Presentation

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1 S&T AG Company Presentation Hannes Niederhauser, CEO Richard Neuwirth, CFO August 2017

2 About S&T 1 S&T provides proprietary IoT 4.0 technology S&T offers vertical IoT solutions and security appliances for Industrial/Infotainment/Smart Energy/Medical IoT grows fast: 2020 will be 25 Bn. devices connected to the internet 2 S&T offers embedded Computers via its subsidiary Kontron IoT ready upgradeable to appliances Market: Europe, USA, China PL RU 3 S&T is an IT service provider with regional focus Germany, Austria, Switzerland (DACH) East Europe DE FR CZ SK MD 4 S&T in figures 2017p: > EUR 860 Mio. Revenues and > EUR 50 Mio. EBITDA 3700 employees in more than 25 countries CH AT SI HR HU ME RS RO BG 5 Listed at Frankfurt stock exchange Member of the TecDAX Over EUR 800 Mio. market cap Headquarter in Linz, Austria MK AL 2

3 Highlights 2017 Profit Focus Revenue H1/2017 (H1/2016): +94% EBITDA H1/2017 (H1/2016): +108% EUR 381,4 Mio. (EUR 196,4 Mio.) EUR 27,2 Mio. (EUR 13,1 Mio.) Leading IoTalliance with Ennoconn and Kontron S&T acquired control in Kontron AG and holds 49,95 % in Kontron ASM approved merger S&T and Kontron Shareholder Focus Sept 2016: S&T AG entered TecDAX 4 years growth path of share price: 32 % CAGR per year Continuous increase of dividend: 2013: 6ct; 2014: 7ct; 2015: 8ct; 2016: 10ct 3

4 S&T Business Model IT Services IoT / Industry 4.0 Products Embedded Systems Services Eastern Europe EE Services DACH Region DACH Industrial Infotainment Medical Smart Medical Energy Smart Energy Communications Avionics 2017: ~EUR 340 Mio.* (ex S&T) DACH/E. Europe 2017: ~EUR 395 Mio.* (ex S&T/Kontron) Mainly Europe 2017: ~EUR 175 Mio.* (ex Kontron) America * incl. I/C revenues 4

5 Internet of Things market What is Internet of Things IoT? Embedded market: Starting around year 2000: machines had been equipped with computers to become intelligent IoT market: Starting with year 2010: intelligent machines had been connected to the Internet to communicate to each other = 4 th Industrial Revolution ( Industry 4.0 ) By year 2020 there will be expected 12 Bn. machines in the Internet vs. 4 Bn. humans using PCs Product in 2016 Market size CAGR Bn. connected devices Embedded Boards 3,2 Bn. 7,5 % Embedded System 3,5 Bn. 9,7 % Connectivity 16 Bn. 16,7 % Services 58 Bn. 15,7 % Total IoTin Bn. 18 % 2016: average value of embedded systems is EUR 948 > connected to IoT it is EUR Source: IMS Report, ABI Research, Oracle 5

6 Industry 4.0 value Chain Embedded Cloud (recurring revenues) 80% S&T Application Software (1800 Engineers) IoT Head End System Embedded Cloud Embedded Hardware Systems Embedded Software Appliances IT integration 60% 40% Kontron Installed base > 4 Mio. Embedded Computers (up and running) Strong customer base for cross selling Manufacturing Boards 20% 0% Ennoconn Hardware Engineering (>1000 designs pa) #1 electronic assembly Leader in Server farms (embedded Cloud) The old embedded hardware market will suffer (like the PC market). Industry 4.0 requires integration of machines into IT infrastructure. We will release new product category for Industry 4.0 6

7 The Kontron turnaround is on track Merger approved Dec S&T acquired 29,9 % old shares and control in Kontron No tender offer planned Dec Clean up completed in 2016 restructuring cost accrued, write offs completed, financing secured Feb S&T Germany and Kontron started merger process Kontron share valuation: EUR 3,11 or (S&T share + 15ct) / 3,9 Op. loss 2016 Merger synergies Profit 2017 Q1 Cost restructuring implemented Target: 18 Mio reductions p.a., Q1: 3,5 Mio. implemented, Q2: 4,5 Mio. June 19 th ASM Kontron vote on merger 86% approved Triggers another EUR 8 Mio. cost reductions & margin improvements Consultant reduction Q1 Technology synergies after merger Q3/17 Acquisition and merger completed -> new biz model Kontron delisted, shares exchanged, Kontron fully integrated Head cost reduction Q Focus on improvement of Gross Margin no fast revenue growth 2016: 23% GM; 2017: 29% GM; 2018: 32% GM -add S&T Software (in Mio. EUR) Clean up in 2016 completed -Cost reductions in Q1/17 completed First Profit in 2017 achieved Merger approved Restructuring costs Non cash write offs

8 Future synergies Foxconn & S&T Program Description Start Completed Effect Dragon 2 Dragon 4 Dragon 5 Manufacture EUR 200 Mio. S&T Hardware at Foxconn/Ennoconn save 3 % GM in manufacturing cost Start embedded server product division in Kontron (FOG) Foxconn delivers Hardware technology; S&T Software ReuseFoxconn engineering platforms, double R&D output in emb. Modules and MBs, better time to market 12/ /2018 EUR 6 Mio. 3/ Add new EUR 400Mio. rev 4/ /2017 EUR 4 Mio. Rising Sun Cooperationin China, sell Ennoconn snon volume products via Kontron China, sell volume IoT products via Ennoconn 7/ Add new EUR 30Mio.rev Dragon 6 Jointventure to serve big customers, sell volume IoTproducts via Foxconn, Service and Sales via S&T (embedded ODM) 7/ EUR 4 Mio. Ennoconn/Foxconn is a strategic investor and holds 27,4 % in S&T. After Kontron merger Ennoconn will hold ~23 % in S&T. 8

9 S&T s IoT & Gross Margin Improvement Strategy Revenue 2016 Add more technology revenue to product mix Focus on hype areas IoT, Industry 4.0, Smart Energy Specialized IoT systems for vertical markets Latest security and communication technology Big data handling in embedded clouds Services IoT Embedded Add IoT Software & Services to embedded market Offer head end Software in IoT grids (emb. SW) Enjoy recurring revenues over IoT machine lifetime (emb.cloud) Focus on : low volume, high price, customization Revenue 2018p Services IoT Improve Services/Product mix Increase Services GM: 27,8% (2015) to 30% (2018) Focus Services to implementation of IoT grids S&T Qualification Embedded Industry 4.0 Solutions will boost Gross Margins of S&T mid term target 40% GM Cost efficient East European SW engineering resources 1000 others field engineers 1300 R&D engineers 9

10 IoT solutions & security Appliances: driving profit Third party hardware S&T offers appliances dedicated to special vertical markets Appliance = black box (HW+SW) offering Security for machines (IoT) Appliances require long term maintenance contracts Customized black box solution Third party software 45% recurring / 3-year contracts Microsoft Gold Partner Since 2010; channel partner Niche IoT applications 2016 Security Appliances S&T Group Gross Margin 48,3 % 33,5 % EBITDA Margin 14,7 % 6,8 % Target is to expand this model to Kontron's embedded biz converting embedded to IoT 10

11 Embedded CLOUD Edge device Gateway / PLC FOG Cloud Intelligent machines are connected via Gateways to FOG (local embedded servers) or embedded cloud Software driven innovation (IoT, Artificial Intelligence, Autonomous Systems, FOG) End to End solution delivery : IT/OT integration, Customization needs Our Offer Business Model EaaS: Embedded as a Service Integration of IOT/IT end-to-end (IoT 4.0) Operation of IoT service (Cloud, on-premise) Installation and customization R&D fee Operation and maintenance fee Recurring revenues no product sales

12 Services: Covering DACH + Eastern Europe Service USPs S&T covers 19 countries with > 20 years of market presence Single point of contact for international customers Technology + Cloud focus Focus on security applications, Steel Cloud ISO Cross-selling of Appliance/Smart Grid Technology Services Eastern Europe back to growth Cost efficiency program installed to increase EBITDA Market leader with > 3 % share, 50% recurring revenues (contracts 2-4 years) Services DACH Leverage Eastern Europe costs to win in DACH Gross Margin improvement program to 27% (2016: 23,1 %) Service Revenue Split 2017 DACH 29 % Eastern Europe 71 % Market leading IT services business with technology niches and unique geographic coverage 12

13 Split by Segments Q2/2017 (in EUR Mio.) Revenue Q2/2016 versus Q2/2017 EBITDA Q2/2016 versus Q2/ ,3 83,4 75,0 3,7 6,6 5,6 40,3 2,7 3,1 29,7 IT Services IoT Solutions Embedded Systems Q2/16 Q2/17 0 IT Services IoT Solutions Embedded Systems Q2/2016 Q2/ Based on the acquisition of Kontron, all segments have been adjusted in

14 S&T Group Balance Sheet (in EUR Mio.) EQUITY 239,7 241,1 NON-CURRENT ASSETS 252,8 248,2 NON-CURRENT LIABILITIES 112,1 132,5 Fixed assets 216,9 210,7 Long-term loans and borrowings 56,1 74,2 Other assets 35,9 37,5 Other non-current liabilities 56,0 58,3 CURRENT ASSETS 387,7 420,5 CURRENT LIABILITIES 288,7 295,2 Inventories 92,7 84,9 Trade accounts payable 111,3 134,3 Trade accounts receivable 137,9 168,6 Short-term borrowings 41,8 19,5 Cash and cash equivalents 101,2 125,4 Other current liabilities 135,6 141,4 Other assets 55,9 41,6 Assets 640,5 668,7 Liabilities & Equity 640,5 668,7 Equity Ratio 37% 36% Net Cash 3,2 32,0 Working Capital 119,4 119,2 14

15 S&T Key Figures In Mio. EUR H H Revenues 468,2 503,7 196,4 381,4 Gross Profit (Margin) 158,8 (33,9%) 168,9 (33,5%) 68,4 (34,8%) 146,0 (38,3%) EBITDA (Margin) 28,4 (6,1%) 34,4 (6,8%) 13,1 (6,7%) 27,2 (7,1%) EBIT before PPA amortization 24,1 28,2 10,7 17,3 Consolidated Income 17,6 20,4 6,6 9,2 EBITDA Interest Coverage Ratio 9,5 8,6 6,6 7,9 Net Cash 9,4 32,0-23,1 3,2 Working Capital 45,1 119,2 60,1 119,4 Equity Ratio 32% 36% 35% 37% Operating Cashflow 26,7 61,4* -6,0-4,6 Employees * Includes EUR 26 Mio. one time effect in Kontron 15

16 The S&T Share a TecDAX member Shareholder Structure Ennoconn Corporation -27% grosso holding Gesellschaft mbh - 4% Hannes Niederhauser - 3% S&T outperforms TecDAX since 2016 Allianz Global Investors GmbH - 4% Dorval Asset Management - 4% Freefloat - 73% *Accounted to Free Float Shares: 50,9 Mio. Shares Price (August 14th, 2017): EUR 17,00 EPS (2016): 33 Cent EPS w/o PPA amortization (2016): 40 Cent TecDax S&T AG Dividend (2016): 10 Cent (2015: 8 Cent) Market Cap (August 4th, 2017): ~ EUR 800 Mio. Liquidity 2017: ~ EUR 500 Mio. p.a. 16

17 S&T s growth path continues Consolidated Income /EBITDA (in EUR Mio.) Revenue (in EUR Mio.) >50* Embedded IoT Appliances > ,5 21,1 22,9 14,0 17,6 28,4 20,4 34,4 Services p fc *Slower Q1: Kontron turnaround not yet fully implemented Gross Margin 32,9 % 33,0 % 33,9 % 33,5% % 2018 we will pass EUR 1 Bn. of revenues Backlog EUR Mio. (wo Kontron) 12/13 12/14 12/15 12/16 03/17 06/17 Project Pipeline Scheduled Orders

18 Summary Achievements Grow EBITDA by 108% (Y1/17) Entering TecDax in Sept 2016 Kontron merger approved Next Targets Proceed GM Improvement (mid term: 40 %) Complete Kontron merger Leadership in IoT/Industry 4.0 Risks Kontron turnaround delayed Big players enter our niches in Industry 4.0 Foxconn cooperation delayed Opportunities Benefit from Foxconn strengths Cost efficient engineering Hype in Industry

19 Disclaimer This document includes 'forward-looking statements'. Forward-looking statements are all statements, which do not describe facts of the past, but containing the words "believe", "estimate", "expect", "anticipate", "assume", "plan", "intend", "could", and words of similar meaning. These forward-looking statements are subject to inherent risks and uncertainties since they relate to future events and are based on current assumptions and estimates of S&T AG, which might not occur at all or occur not as assumed. They therefore do not constitute a guarantee for the occurrence of future results or performances of S&T AG. The actual financial position and the actual results of S&T AG, as well as the overall economic development and the regulatory environment may differ materially from the expectations, which are assumed explicitly or implicitly in the forward-looking statements and do not comply to them. Analysts and investors, and any other person or entity that may need to take decisions, or prepare or release opinions about the shares / securities issued by S&T AG are cautioned not to place undue reliance on those forward-looking statements, which speak only as of the date of this document. Past performance cannot be relied upon as a guide to future performance. Except as required by applicable law, S&T AG undertakes no obligation to revise these forward-looking statements to reflect events and circumstances after the date of this presentation, including, without limitation, changes in S&T s business or strategy or to reflect the occurrence of unanticipated events. The financial information and opinions contained in this document are unaudited and are subject to change without notice. This document contains summarized information or information that has notbeen audited. In this sense, this information is subject to, and must be read in conjunction with, all other publicly available information, including if it is necessary, any fuller disclosure document published by S&T AG. None of the Company, its subsidiaries or affiliates or by any of its officers, directors, employees, advisors, representatives or agents shall be liable whatsoever for any loss however arising, directly or indirectly, from any use of this document its content or otherwise arising in connection with this document. This document or any of the information contained herein do not constitute, form part of or shall be construed as an offer orinvitation to purchase, subscribe, sale or exchange, nor a request for an offer of purchase, subscription, sale or exchange of shares / securities of S&T AG, or any advice or recommendation with respect to such shares / securities. This document or a part of it shall not form the basis of or relied upon in connection with any contract or commitment whatsoever. This document does not constitute an offer to purchase securities in the United States, Canada, Australia, South Africa and Japan. Securities, including the bond of S&T AG may not be sold or offered for sale within the United States or to or for the account of / in favor of US citizens (as defined in Regulation S under the U.S. Securities Act of 1933 in the current version (the "Securities Act") unless they are registered under the regulations of the Securities Act or unless they are subject to an exemption from registration. Neither S&T AG nor any other person intend to register the offer or a part thereof in the United States or to make a public offer of the securities in the UnitedStates. 19

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