Group Presentation FY/Q4 2019...2009/04/20  · Total Group revenues decreased by 5.4%, from EUR 1,686.1 million to EUR 1,594.7 million . EBIT fell very sharply from EUR 100.1 million

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Group Presentation FYQ4 2019April 9 2020

Foundation works for ldquoQH Trackrdquo project ndash Berlin Germany

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 2

Total Group revenues decreased by 54 from EUR 16861 million to EUR 15947 million EBIT fell very sharply from EUR 1001 million to EUR 225 million At EUR -366 million earnings after taxes were significantly in the negative range (previous year EUR 241 million)

The appeal against an arbitration court verdict led to a significant valuation allowance of about EUR 40 million in the balance sheet which consequently impacted revenues and earnings figures to a significant extent For this reason it was also not possible to keep to the covenants agreed with the banks The decline is also attributable to the markets of the Far East which were affected by a lack of orders and project postponements

The order backlog increased significantly by 14 from EUR 10136 million to EUR 10276 million

Net debt was EUR 5637 million remaining approximately at the 2018 level of EUR 5619 million This was essentially due to IFRS 16 and market valuation of financial liabilities Pure bank debt has seen further reductions

Due to coronavirus pandemic forecast 2020 is much more cautious a slight increase in total Group revenues a significant increase in EBIT as well as a significant increase in earnings after taxes in the positive area

HighlightsFY 2019 ndash BAUER GroupTotal Group revenues

EUR 1595 million(-54)

Sales revenues

EUR 1471 million(-74)

EBIT

EUR 225 million(-775)

Earnings after tax

EUR -366 million(FY 18 EUR 241 million)

Total assets

EUR 1629 million(-02)

Order backlog

EUR 1028 million(+14)

Net debt

EUR 564 million(+03)

Equity ratio

238(FY 18 265)

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 3

Key FiguresFY 2019

FY 2018in EUR million

FY 2019in EUR million

∆ FY in

Total Group revenues of which- Germany- International- Construction- Equipment- Resources

- OtherConsolidation

168614671

12190767672312615

-661

159475187

10760668871362749

-626

-54+111-117-129

-13+51

na

Sales revenues 15891 14709 -74Order intake 17219 16087 -66Order backlog 10136 10276 +14EBITDA 1986 1230 -380EBIT 1001 225 -775EBIT margin in (of sales revenues) 63 15 naEarnings after tax 241 -366 naEarnings per share (in EUR) 132 -217 naTotal assets 16323 16285 -02Equity 4318 3869 -104Equity ratio in 265 238 naEmployees (average over the year) 11643 11684 +04

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 4

Table of Content

BAUER Group ndash Strategy Chances amp Markets

Appendix

Financials FYQ4 2019 amp Guidance

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 5

The BAUER Group is a leading provider of services equipment amp products dealing with ground and groundwater

Mission

Strategy

The world is our market

Global network organization with flexible decentralized management

Three forward-looking segments providing high level of synergies Construction Equipment Resources

World market leadership for foundation technology

Powerful development of drilling applications and servicesfor related markets

Highly innovative products and services related to water environmentand natural resources

BAUER GroupMission amp Strategy

EUR 16 billiontotal Group revenues

EUR 225 millionEBIT

15EBIT margin

238equity ratio

11684employees FY 2019

Key targets Revenue growth 3 - 8 per year

EBIT margin 7 - 9

Equity ratio gt 30

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 6

Equipment673

ConstructionOverseas433

ConstructionDomestic220

Resources269

BAUER GroupLongstanding healthy business development

1600

1000

1400

800

600

200

1200

400

1800

Note from 2003 based on IFRS figures

0

Total 1595Total Group revenuesin EUR million (segment after deducting OtherConsolidation)

1980 1984 2000 2004 200819921988 1996 2012 2016 2019

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

9801208

15271278 1304 1372 1436 1504 1560 1656 1555

1772 1686 1595

0

400

800

1200

1600

2000

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

8351033

12911097 1132 1220

1344 1402 1376 1379 13971668 1589

1471

0

400

800

1200

1600

2000

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

Sales revenuesin EUR million

Total Group revenuesin EUR million

7

CAGR38

BAUER GroupLongstanding healthy business development

CAGR45

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 8

Schrobenhausen

Kuala LumpurTianjinConroe

Worldwide networkMore than 110 subsidiaries in about 70 countries

Permanent OfficesConstructionEquipment salesResourcesEquipment production

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

Market few large projects in some countries

Bauer low order backlog

Latin America

Market stable markets in most Western European countries slow development in Eastern Europe Russia remains weak

Bauer good backlog in UK Netherlands and Hungary Russia weak

Europe

Market positive development inThailand Indonesia Philippines Australia Malaysia Vietnam weak stable demand in China (equipment)

Bauer major projects especially in Thailand and Philippines

Far East

Market few projects in some countries Egypt with slow growth

Bauer focus only on single projects reasonable backlog in Egypt

Africa

Market ongoing uncertainty as a result of oil price and political crisis

Bauer reasonable order backlog in UAE and Qatar major project in Jordan slight recovery in Saudi Arabia Lebanon very weak bigger projects in Bangladesh and Bhutan

Middle East amp Central Asia

Market the infrastructure market in the USA is still strong

Bauer good backlog with mainly federal projects in the USA reasonable workload in Canada

USA Canada Market good first signs of weakening growth in infrastructure expected

Bauer solid order backlog

Germany

9

BAUER GroupConstruction market environment vs order backlog

+

+

oo

+

+

+

+

-o

+

+

o+

-- weak - slightly weak o stable + growing ++ strong growthThe corona pandemic can have a significant impact on this basic market assessment Last update April 2020

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 10

Regional breakdownTotal Group revenues FY 2019 ndash Group

Africa 80 (5)

Americas 192 (12)

Asia-PacificFar East amp Australia266 (17)

Middle East amp Central Asia208 (13)

Germany 519 (33)

EU excl Germany 259 (16)

Europe (other)71 (4)

Africa 73 (4)

Americas 171 (10)

Asia-PacificFar East amp Australia428 (25)

Middle East amp Central Asia212 (13)

Germany 467 (28)

EU excl Germany 276 (16)

Europe (other)59 (4)

Full year 2018Total 1686in EUR million

Total 1595 in EUR million

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 11

Regional breakdownTotal Group revenues FY 2019 ndash Segments

Construction segment Equipment segment Resources segment

Figures after deducting OtherConsolidation

Africa 50 (8)

Americas 47 (7)

Asia-Pacific Far East amp Australia85 (13)

Middle East amp Central Asia136 (21)

Germany 220 (34)

EU excl Germany 89 (13)

Europe (other)26 (4)

Africa 18 (3)

Americas 138 (20)

Asia-PacificFar East amp Australia180 (27)

Middle East amp Central Asia34 (5)

Germany 111 (16)

EU excl Germany 147 (22)

Europe (other)45 (7)

Africa 12 (4)

Americas 7 (3)

Asia-Pacific Far East amp Australia 1 (0)

Middle East amp Central Asia 38 (14)

Germany 188 (70)

EU excl Germany 23 (9)

Europe (other)0 (0)

Total 653in EUR million

Total 673 Total 269

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 12

Table of Content

BAUER Group ndash Strategy Chances amp Markets

Appendix

Financials FYQ4 2019 amp Guidance

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

379 484 429 420

381454 386 418

396409

422 450

411394 485 321

2016 2017 2018 2019

15551772 1686 1595

13971668 1589

1471

0

400

800

1200

1600

2000

2016 2017 2018 2019

1008 978 1014 1028

0

250

500

750

1000

1250

2016 2017 2018 2019

703896

1001

22514437

241

-366-50

-25

0

25

50

75

100

125

2016 2017 2018 2019

13

Q1

Q2

Q3

Q4

FinancialsRevenues earnings amp orders ndash Group

Revenues

Earnings

Order backlog

Order intake

in EUR million

in EUR million in EUR million

in EUR millionTotal Group revenues Sales revenues

EBIT Earnings after tax

1567

+14

-661741

-54-74

∆ FY

-775na

∆ FY 1722 1609

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

231154

768669

2018 2019

547639

2018 2019

263

-207

391

-199

2018 2019

FinancialsConstruction segment ndash Highlights FY 2019

Construction

Global provider for specialist foundation engineering services

Focus on complex international projects

~ 5050 infrastructure industrialTotal Group revenuesin EUR million

Order backlogin EUR million

EBITin EUR million

Total Group revenues fell by 129 to EUR 6688 million compared to EUR 7676 million At EUR -199 million EBIT was markedly negative (2018 EUR 391 million) At EUR -527 million earnings after taxes were negative In 2018 positive earnings of EUR 96 million were reported

The verdict on appeal against an arbitration court verdict from 2018 resulted in a considerable valuation allowance of about EUR 40 million This had an impact of corresponding magnitude on revenues and earnings figures for the segment The decline is also attributable to the markets of the Far East and Australia which were affected by a lack of orders and project postponements

At EUR 6386 million order backlog which was 167 well above the previous years figure of EUR 5473 million is at a record level At EUR 7601 million order intake fell back by 76 from EUR 8222 million The order book lasts for 115 months

14

-129+167Full year 2019

41 of total Group revenues EBIT margin -32Key targets ~ 40 of total Group revenues (TGR) EBIT margin 4 - 6

Key figures to be considered TGR order backlog EBIT

FYQ4

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178 177 187 183 193176

195178

156171 185

201 211 221 227

177151

176210 231

170 172 173154

0

50

100

150

200

250

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

436 477 472 455513 551 584 591 585 575 578 585 578

526 516 493 511 507 503 547 546 551631 639

0

150

300

450

600

750

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

FinancialsConstruction segment ndash Revenues and order development

Order backlogin EUR million

Total Group revenuesin EUR million

Construction

15

-333

+167

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

194 164

640 610

2018 2019

724 672

2018 2019

227

97

749

612

2018 2019

FinancialsEquipment segment ndash Highlights FY 2019

Market leader in specialist foundation equipment

New products for mining deep drilling and offshore drilling

About 80 of sales abroad Sales revenuesin EUR million

Order intakein EUR million

EBITin EUR million

Equipment Total Group revenues fell slightly by 13 from EUR 7231 million to EUR 7136

million Sales revenues also dropped by 47 from EUR 6401 million to EUR 6102 million Accordingly EBIT decreased from EUR 749 million to EUR 612 million Earnings after taxes rose slightly from EUR 340 million to EUR 395 million in particular because of a lower tax burden and lower at-equity loss compared with the previous year

In the overall very favorable market environment we succeeded in keeping revenue sales and earnings at very good levels The main drivers were once again the sales markets in Europe and China

Order intake performed less well in the second half of 2019 Overall it fell by 71 from EUR 7237 million to EUR 6721 million Order backlog was EUR 1083 million remaining significantly below the previous years level of EUR 1500 million

16

-47 -76Full year 2019 42 of total Group revenues EBIT margin 100Key targets ~ 40 of total Group revenues EBIT margin 10 - 12Key figures to be considered Sales revenues order intake EBIT

-183FYQ4

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

103 115143

171

100137 129

181

108 115 123

197

127

186169 180

129

174144

194

125

180

142164

0

50

100

150

200

250

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

165 163187

162 177155 166 152 161 159 160 171

212 218

148182

227

170 160 167186 192

168

127

0

50

100

150

200

250

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

FinancialsEquipment segment ndash Revenues and order development

Order intakein EUR million

Sales revenuesin EUR million

Equipment

17

-156

-239

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

72 70

261 275

2018 2019

316281

2018 2019

-32

-137-110

-1622018 2019

FinancialsResources segment ndash Highlights FY 2019

Products amp services related to water environment and natural resources

Competence areas water treatment environmental remediation waste management drilling technologies and constructed wetlands

Total Group revenuesin EUR million

Order backlogin EUR million

EBITin EUR million

Resources Total Group revenues increased by 51 from EUR 2615 million in the previous

year to EUR 2749 million EBIT decreased from EUR -110 million to EUR -162 million and earnings after taxes were up from EUR -160 million in the previous year to EUR -137 million primarily due to higher at-equity earnings

The segment fell short of expectations once again in 2019 While earnings from the operating business improved significantly underutilization in Jordan a weak order situation in the business with brewery and beverage technology further restructuring expenditure and adjustments for receivables from old projects primarily proved to be a burden

At the order backlog was down 113 from EUR 3165 million to EUR 2807 million The decline is essentially due to progress on the large Kesslergrube project The order intake was EUR 2391 million in 2019 and thus 13 slightly below the 2018 value of EUR 2422 million The order book lasts for 123 months

18

+51-113Full year 2019

17 of total Group revenues EBIT margin naKey targets ~ 20 of total Group revenues (TGR) EBIT margin 6 - 8Key figures to be considered TGR order backlog EBIT

FYQ4

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

48 5360

92

5448

75

44

71 67 6657 63 65 65

55 52

68 70 72 69 70 66 70

0

20

40

60

80

100

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

173 169 172 153 173 174

274 276 287 294 290 279 297 317 308336 330 321 324 316 327 322

295 281

0

75

150

225

300

375

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

FinancialsResources segment ndash Revenues and order development

Order backlogin EUR million

Total Group revenuesin EUR million

Resources

19

-32

-113

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

FinancialsWorking capital amp net debt ndash Financing of future revenues

Bauerrsquos 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 Receivables

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 247 after-sales service A relatively large rental fleet is needed for different contract types (eg rental purchase)

Resources segment Outstanding customer payments (water business) and receivables on projects (environmental amp drilling business)

75-8015-20 ~5

Construction Equipment Resources20-2555-60 15-20

20

Key facts

Why does the business model needs so much working capital

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

629 608549 552

467

665 677594 562 564

0

150

300

450

600

750

2015 2016 2017 2018 2019

646 665 677594 562 564

171 185 158 183 199123

38 36

43

33

28

46

00

10

20

30

40

50

0

160

320

480

640

800

2014 2015 2016 2017 2018 2019

1656 15551772 1686 1595

665 677 594 562 564

0

360

720

1080

1440

1800

2015 2016 2017 2018 201921

FinancialsWorking capital amp net debt ndash Current development

Total Group revenues net debtin EUR million

Net debtWorking capital

EBITDANet debt

Current development At EUR 5637 million net debt was at the same level

as 2018 This was essentially due to the new IFRS 16 standard and the market valuation of financial liabilities Pure bank debt has seen further reductions which demonstrates that our numerous measures are making progress

Net debt to EBITDA ratio has worsened substantially as a consequence of significantly lower earnings than originally expected Our target range is a ratio of below 30 yearend

-37-152

∆ 20152019

Working capital net debtin EUR million

Net debt EBITDA ratioin EUR million

Net debtTotal Group revenues ndash Net debtEBITDA

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

711 720 736

604

726 701 700629 672 709 684

608674 646 628

549 576624 629

552 584 609 591

467

0

160

320

480

640

800

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

773 776 778

646

779 752 749665

743 762 736677

740 712 686594 639 678 679

562620 648 637

564

0

160

320

480

640

800

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

22

FinancialsWorking capital amp net debt are lower year-end than during the year

Net debt (excl pensions)in EUR million

Working capitalin EUR million -154

+03

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 23

FinancialsIncome statement 12M 2019in EUR 000 12M 2018 12M 2019 ∆ in

Sales revenues (PampL) 1589091 1470922 -74

Consolidated revenues (PampL) 1616936 1537691 -49

Cost of materials -821496 -783126 -47

Personel expenses -392384 -418805 67

Other operation expenses -204440 -212713 40

EBITDA 198616 123047 -380

Depreciation of fixed assets -80967 -84760 47

Write-downs of inventories due to use -17590 -15806 -101

EBIT 100059 22481 -775

Financial income 38204 33742 -117

Financial expenses -76992 -78766 23

Share of profitloss of associated companies (equity method) 4594 11225 na

Earnings before tax (EBT) 65865 -11318 na

Income tax expense -41778 -25232 -396

Earnings after tax 24087 -36550 na

of which attributable to shareholders of BAUER AG 22577 -37146 na

of which attributable to non-controlling interests 1510 596 -605

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 24

Financials Balance sheet December 31 2019in EUR 000 Dec 31 2018 Dec 31 2019 ∆ in Assets 1632284 1628549 -02

Non-current assets 621041 692778 116Intangible assets 18077 16946 -63Property plant and equipment and investment property 411571 460470 119Investments accounted for using the equity method 113019 118185 46Participations 8350 8806 55Other non-current assets amp deferred tax assets 70024 88371 262Current assets 1011243 935771 -75Inventories 365865 405401 108Rental equipment 60488 61838 22Less advances received on inventories -16098 -8921 -446

410255 458318 117Receivables and other assets 535111 434608 -188Effective income tax refund claims 3290 5270 602Cash and cash equivalents 62587 37575 -400

Equity and liabilities 1632284 1628549 -02

Equity 431816 386916 -104Non-current debt 501424 327118 -348Provisions for pensions 134389 158641 180Non-current liabilities amp deferred tax liabilities 367035 257977 -297Current debt 699044 914515 308Financial liabilities 286104 376453 316Other current liabilities 357851 402318 124Effective income tax obligations 31687 19566 -383Provisions 23402 26678 140

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 25

FinancialsCash flow statement 12M 2019in EUR 000 12M 2018 12M 2019 ∆ in

Cash flow from operational activity 147444 168882 145

Cash flow from investment activity -57600 -75213 306

Cash flow from financing activity -75088 -120339 603

Free Cash Flow 89844 93669 43

Changes in liquid funds affecting payments 14756 -26670 na

Influence of exchange rate movements on cash 565 1658 na

Total change in liquid funds 15321 -25012 na

Cash and cash equivalents at beginning of reporting period 47266 62587 324

Cash and cash equivalents at end of reporting period 62587 37575 -400

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 26

FinancialsForecast 2020 ndash More cautious view due to coronavirus pandemic

2019 final

Total Group Revenues 1594 EUR million slight increase

Revenue growth -54 3 - 8

EBIT 225 EUR million significant increase

EBIT margin 15 7 - 9

Earnings after tax -366 EUR million significant increase in the positive area

Equity ratio 238 gt 30

2020 forecast Long-term goal

Slope stabilisation with BG 15 ndash Germany Largest water treatment plant ndash Nimr OmanCompact cutter system for Grand Paris

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 27

BAUER AktiengesellschaftBAUER-Straszlige 186529 SchrobenhausenGermany

Tel +49 8252 97-1218investorrelationsbauerdewwwbauerde

April 9 2020 Annual Report 2019Analyst amp Press Conference

May 13 2020 Quarterly Statement Q1 2020

June 25 2020 Annual General Meeting

August 13 2020 Half-Year Interim Report toJune 30 2020

November 13 2020 Quarterly Statement 9MQ3 2020

wwwyoutubecomBauergruppe

wwwfacebookcomBauerAGgroup

Investor RelationsFinancial calendar amp contact

Christopher WolfHead of Investor Relations

2020

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 28

Table of Content

BAUER Group ndash Strategy Chances amp Markets

Appendix

Financials FYQ4 2019 amp Guidance

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 29

1790 middot 1900 middot 1902 middot 1928 middot 1948 middot 1956 middot 1958 middot 1967 middot 1969 middot 1972 middot 1975 middot 1976 middot 1984 middot 1990 middot 1992 middot 1994 middot 1998 middot 2001 middot 2019

BAUER GroupThe history ndash Two centuries of experience

End of 1970rsquosStart of

internationalisation

Early 1990rsquosBuild up of

specialist construction environmental business

FY 2019Total Group

revenues EUR 16 billion 11684

employees

4 Jul 2006IPO

Early 1970rsquosStart of equipment

manufacturing

Company founded as copper forge

After WW II (1950s)Start of construction

business

Early 1980rsquosSelling of equipment to

third parties

1790 1900-1970 1980-1990 2000-2019

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 30

Michael Stomberg (CEO) HSE IT Process Management Quality Management

Florian Bauer Digitalization Development

Coordination Training Company Culture

Hartmut Beutler (CFO) Financing amp Treasury Legal Affairs amp Insurance IR amp Corporate

Communications Facility Management Media Design

Peter Hingott Group Controlling amp

Accounting Human Resources Group Purchasing

Management BoardBAUER AG

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 31

BAUER GroupThe three segments

31copy BAUER AG D-86529 Schrobenhausen

Target ~ 40 of total Group revenues

Market leader in specialist foundation equipment

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

Target ~ 20 of total Group revenues Activities in

environmental technology deep drilling well construction materials

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 32

BAUER GroupChallenges of the world provide chances for the company

The megatrend of urbanization requires construction solutions for the city of the future

To deal with the scarcity of drinking water purification and supply technologies are needed

The increasing mobility in society demands new and renewed transport routes

Changing social values are fundamentally revolutionizing the business world

UrbanizationInfrastructure Water

CultureA change in energy supply can only be realized through comprehensive construction works

The remediation of contaminated soil is the key to sustainable utilization of resources

Energy transitionEnvironment

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

ConstructionKey factsConstruction

Leading global provider for specialist foundation engineering

services

33

Total Group revenues (incl JV) Order backlog EBIT

~ 40 of total Group revenues EBIT margin 4 - 6

(2018 54 2019 na)

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 5050 infrastructureindustrial split

Figures are somewhat cyclical between the quarters ndash focus on the entire year

Market environment Growing construction markets worldwide

Special foundation engineering is growing stronger than construction markets

Huge pent-up demand in developed countries and in emerging markets

Competition Keller Trevi Soletanche Bachy

(worldwide)

Local competitors in each country

Current focus topics Improving project and risk management especially for major projects

Leading in digitalization solutions for our market

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 34

What is specialist foundationBuilding an excavation pit

Permeation Grouting

Mixed-In-Place Method

Injection Anchor

Diaphragm andCut-off Wall

Pile Foundation

Piling Retaining Wall

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 35

What is specialist foundation used forApplications

Foundationsfor the highest buildings in the world

Excavation Pits for every problem and requirement

Ground Improvementallows projects on weak ground

Cut-off Walls as solution for dams and dikes

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 36

ConstructionMunich Germany ndash Foundation works for a boarding house

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

EquipmentKey facts

Market leader in specialistfoundation equipment

Equipment

37

Sales revenues (excl JV) Order intake EBIT

~ 40 of total Group revenues EBIT margin 10 - 12

(2018 117 2019 100)

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 JV with Schlumberger for the production of deep drilling rigs (oil amp gas)

Market environment Growing construction markets worldwide lead to positive equipment demand

Strong position due to efforts regarding quality efficiency and noise reduction

Growth potential with specialized machines for mining water and offshore drilling

Competition Trevi Liebherr Chinese manufactures

(eg Sany XCMG)

Further competition regarding special product types

Current focus topics Focus on value analysis methods and purchase organization

Optimizing and increasing after-sales services

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 38

EquipmentWhole range of products for special foundation engineering

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 39

EquipmentProduct range Deep Drilling

Joint Ventureof Bauer amp Schlumberger

In order to meet the upcoming market challenges out-of-the-box thinking

is necessary and therefore integrated drilling and rig solutions are of

growing importance

Based on more than 40 years of experience in engineering and

manufacturing of drilling rigs NeoRig develops and manufactures

modern drilling solutions which set new standards of safety efficiency

productivity and ease of service in the deep drilling business

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

ResourcesKey factsResources

40

Products amp services for environmental technology mining well construction

and water cleaning

Total Group revenues (incl JV) Order backlog EBIT

~ 20 of total Group revenues EBIT margin 6 - 8

(2018 na 2019 na)

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 amp Middle East

Market environment Huge demand for environmental and water solutions

Outstanding market position with ground-breaking projects in the field of cleaning drinking and process water eg the biological water treatment plant in Oman

Competition Fragmented competition for each single product and service area

Current focus topics Improvement of loss-making Jordan subsidiary which is caused by overcapacities

Consistent proceeding of reorganization in the water related companies

Focus on new projects for the profitable environment business

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 41

ResourcesPool of competences from a single hand

Industrial Waste Water Process amp Produced Water NORM Constructed Wetlands Modelling amp Well Design Construction Material for Wells

and Geothermal Water Distribution Management Irrigation Systems

Remediation Landfill Restoration Decommissioning Demolition Hazardous Waste Management Soil Treatment and Waste

Management

Exploration Drilling Deep Geothermal Drilling Well Drilling Blast Hole Drilling

EnvironmentWater Natural Resources

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 42

ResourcesWater ndash Process Water amp Water Distribution Management

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 43

ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 44

Market environment ndash GermanyGerman construction market

Source Federal Statistical Office Statistical Office Bavaria

in EUR billion

Germany2019

Employees (in 1000)

Revenues 922Building construction 508Foundation engineering 414

Orders received in EUR billion

Housebuilding 196Industrial building 363Public sectorof which

public buildings 55road building 142underground structures 105

) only companies gt 20 employees

49

108

95

39

109

65

80

88

38

49

82

77

112

132

25

Dezember 2019 2018 20192017 2018

in

89

97

302

861

4867

88

100 82

59

125

Weiszlig

Bunt

Kunterbunt

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 45

Building constructionpositive cash contribution

Specialist foundation engineeringpre-financing need

Financials Working capital needs ndash Comparison with building construction

EUR

12 24 months

Positive cash contribution

Negative cash contribution

Con

trac

t val

ue

EUR

Negative cash contribution

12 24 months

Con

trac

t val

ue

Construction contracts with short duration need

No advance payments no front-loading of prices possible approx 2 - 3 months of pre-financing

Negative cash contribution during construction phase

Construction contracts with long durations

Advance payments front-loading of prices

Positive cash contribution during construction phase

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 46

BAUER shareFacts amp Figures

Listed on Frankfurt stock exchange (Prime Standard) since July 4 2006

Share capital EUR 7300142045

Shares issued 17131000

Issue price EUR 1675

Share performance (012019 ndash 032020)

Bauer familyFree float

5181

Shareholder structure

4819

in EUR 2015 2016 2017 2018 2019

Earnings per share 173 066 016 132 -217

Share price year end 1740 1140 3000 1216 1510

Share price highest 1920 1716 3096 3125 2430

Share price lowest 1385 945 1172 1208 1262

Market Cap(in EUR million) 2981 1953 5139 2083 2587

CDAXClassic All SharePrime All Share

ISIN DE0005168108Reuters B5AGDEBloomberg B5A GR

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

050

100 100

060 060050

030

001

015 015010 010 010

001000

030

060

090

120

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

47

BAUER shareDividend policy

Dividend payment Dividend policy founded on a reasonable balance between shareholders and company

fair participation of shareholders maintaining continuity safeguarding of the equity ratio

All shareholders shall participate in the success of the business

After some difficult years we must continue to strike a careful balance between continuity and shareholder participation on the one hand and safeguarding our equity ratio on the other

To secure an adequate equity ratio is an important aim of the companyrsquos 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

in EUR per share

000

Proposed subject to the consent of the Annual General Meeting to be held on June 25 2020

000

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 48

Key Figures Time LineFY 2008 ndash FY 2019

In all three segments total Group revenues and EBIT figures of FY 2015 were influenced by exceptional earnings

Total Group revenues 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(in EUR million)BAUER Group 15272 12758 13040 13718 14358 15042 15602 16564 15547 4482 4541 4766 3931 17720 3708 4215 4435 4503 16861 4109 4207 4078 3553 15947

Construction 7009 5700 6154 6066 6552 7417 7256 7429 7131 2110 2205 2269 1766 8350 1508 1762 2100 2306 7676 1702 1722 1726 1538 6688Equipment 7801 6085 5817 6365 5891 6286 6392 7531 6344 1867 1853 1966 1859 7545 1808 1936 1802 1685 7231 1859 1950 1781 1547 7137Resources 1351 1743 1777 2115 2628 1889 2528 2216 2624 630 647 651 554 2482 517 676 699 723 2615 692 695 662 700 2749

Sales revenues 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(in EUR million)BAUER Group 12908 10965 11317 12196 13444 14022 13757 13790 13969 3789 4512 4354 4022 16679 3184 3987 4051 4669 15891 3419 4035 3622 3633 14709

Construction 5843 4879 5058 5062 5791 6575 6466 6508 6145 1966 2064 2145 1663 7838 1432 1642 2021 2168 7263 1616 1628 1605 1408 6257Equipment 6012 4565 4693 5114 5206 5616 5327 5480 5427 1266 1857 1685 1801 6609 1287 1736 1440 1938 6401 1253 1797 1417 1635 6102Resources 1051 1520 1564 2015 2443 1826 1959 1793 2382 553 577 532 553 2215 462 605 587 559 2213 548 607 597 583 2335

EBIT 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(in EUR million)BAUER Group 1675 844 884 823 720 301 764 907 703 85 302 277 232 896 110 231 227 433 1001 104 248 133 -260 225

Construction 463 257 288 179 220 212 260 139 297 09 124 81 -18 196 27 21 80 263 391 00 42 -34 -207 -199Equipment 1183 513 483 530 340 322 360 994 384 80 160 249 317 806 142 222 158 227 749 83 230 202 97 612Resources 40 60 81 109 152 -240 159 -198 -37 -01 09 -53 -55 -100 -57 -10 -12 -32 -110 27 -22 -30 -137 -162

EBIT margin 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(in )BAUER Group 130 77 78 67 54 21 56 66 50 22 67 64 58 54 35 58 56 93 63 30 61 37 -72 15

Construction 79 53 57 35 38 32 40 21 48 05 60 38 -11 25 19 13 39 121 54 00 26 -21 -147 -32Equipment 197 112 103 104 65 57 68 181 71 64 86 148 176 122 110 128 110 117 117 66 128 143 60 100Resources 38 39 52 54 62 -131 81 -110 -16 -02 15 -100 -99 -45 -123 -16 -20 -57 -50 49 -37 -49 -235 -69

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

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

  • Foliennummer 1
  • Foliennummer 2
  • Key FiguresFY 2019
  • Table of Content
  • Foliennummer 5
  • Foliennummer 6
  • Foliennummer 7
  • Foliennummer 8
  • BAUER Group Construction market environment vs order backlog
  • Foliennummer 10
  • Foliennummer 11
  • Table of Content
  • Foliennummer 13
  • Foliennummer 14
  • Foliennummer 15
  • Foliennummer 16
  • Foliennummer 17
  • Foliennummer 18
  • Foliennummer 19
  • Foliennummer 20
  • Foliennummer 21
  • Foliennummer 22
  • FinancialsIncome statement 12M 2019
  • Financials Balance sheet December 31 2019
  • FinancialsCash flow statement 12M 2019
  • Foliennummer 26
  • Foliennummer 27
  • Table of Content
  • BAUER GroupThe history ndash Two centuries of experience
  • Foliennummer 30
  • BAUER GroupThe three segments
  • Foliennummer 32
  • Foliennummer 33
  • What is specialist foundationBuilding an excavation pit
  • What is specialist foundation used forApplications
  • ConstructionMunich Germany ndash Foundation works for a boarding house
  • Foliennummer 37
  • EquipmentWhole range of products for special foundation engineering
  • EquipmentProduct range Deep Drilling
  • Foliennummer 40
  • ResourcesPool of competences from a single hand
  • ResourcesWater ndash Process Water amp Water Distribution Management
  • ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
  • Market environment ndash Germany German construction market
  • Financials Working capital needs ndash Comparison with building construction
  • BAUER shareFacts amp Figures
  • BAUER shareDividend policy
  • Foliennummer 48
  • Disclaimer
    Zweistelliges Auftragsplus am Bau in Bayern
    Absolute WerteVeraumlnderungen in
    August 20062004BayernWestdeutschlandOstdeutschland
    BayernWest-Ost-200420040200420040200420040
    LaumlnderLaumlnder199420030199420030199420030
    Beschaumlftigte in 1000126152831887-52-5200-432-60-5200-539-7200
    Baugenehmigungen Mio msup3 umb Raum6532572423-108-10800-252-8400-68-10300
    Umsatz in Mrd EUR139570173-249-5800-277-4500-399-7600
    Hochbau9637192-265-5600-301-4400-507-7400
    Tiefbau4319981-217-6200-222-4500-207-7900
    09033799-393-10000-452-5600-580-6000
    in Mrd EUR
    Wohnungsbau236511-480-7100-561-6400-771-20700
    Wirtschaftsbau3314040-347-10500-457-5900-603-9400
    Oumlffentlicher Bau3313148-352-11500-346-4900-3821800
    darunter
    Oumlffentl Hochbau092509-324-8500-480-0100-5616900
    Straszligenbau125821-128-11200-146-5100-1604200
    Sonstiger Tiefbau124818-502-13700-425-7100-467-3400
    19712561362168-243-95248-173-23210-21146
    1) Bei Baugenehmigungen liegen erst die Oktoberwerte vor
    1) Bei Baugenehmigungen liegen erst die Februarwerte vor
    2) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten
    in EUR billionin
    Dezember 2019Germany20052005Jan - Aug20182019
    201919942004060520172018
    Employees (in 1000)4867-47-60-104949
    Revenues922-305-647310882
    Building construction508-318-611009577
    Foundation engineering414-280-711212588
    Orders received861-3743110610082
    in EUR billion
    Housebuilding196-489-181211297
    Industrial building363-3036818113289
    Public sector302-33132995965
    of which
    public buildings55-23812729025109
    road building142-138-12478839
    underground structures105-49515223880
    1256168-243-95-173-23
    1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
    ) only companies gt 20 employees
    Zweistelliges Auftragsplus am Bau in Bayern
    Absolute WerteVeraumlnderungen in
    August 20062005BayernWestdeutschlandOstdeutschland
    BayernWest-Ost-20052005Jan - Aug20052005Jan - Aug20052005Jan - Aug
    LaumlnderLaumlnder199420040605199420040605199420040605
    Beschaumlftigte in 1000126152831887-470-60-10-465-60-58-38-578-85-51
    Baugenehmigungen Mio msup3 umb Raum6532572423-395-101249-417-41171-680-157259
    Umsatz in Mrd EUR139570173-305-6473-312-4835-452-8813
    Hochbau9637192-318-61100-336-5048-565-11835
    Tiefbau4319981-280-7112-255-4311-247-51-14
    Auftragseingang9033799-37431106-4470984-609-7043
    in Mrd EUR
    Wohnungsbau236511-489-1812-586-5888-805-14841
    Wirtschaftsbau3314040-30368181-43345104-625-56121
    Oumlffentlicher Bau3313148-3313299-3400972-420-62-18
    darunter
    Oumlffentl Hochbau092509-238127290-500-38142-602-93-51
    Straszligenbau125821-138-1247-965978-211-8582
    Sonstiger Tiefbau124818-4951522-439-2430-477-18-124
    19712561362168-243-95248-173-23210-21146
    1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
    ) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 2

    Total Group revenues decreased by 54 from EUR 16861 million to EUR 15947 million EBIT fell very sharply from EUR 1001 million to EUR 225 million At EUR -366 million earnings after taxes were significantly in the negative range (previous year EUR 241 million)

    The appeal against an arbitration court verdict led to a significant valuation allowance of about EUR 40 million in the balance sheet which consequently impacted revenues and earnings figures to a significant extent For this reason it was also not possible to keep to the covenants agreed with the banks The decline is also attributable to the markets of the Far East which were affected by a lack of orders and project postponements

    The order backlog increased significantly by 14 from EUR 10136 million to EUR 10276 million

    Net debt was EUR 5637 million remaining approximately at the 2018 level of EUR 5619 million This was essentially due to IFRS 16 and market valuation of financial liabilities Pure bank debt has seen further reductions

    Due to coronavirus pandemic forecast 2020 is much more cautious a slight increase in total Group revenues a significant increase in EBIT as well as a significant increase in earnings after taxes in the positive area

    HighlightsFY 2019 ndash BAUER GroupTotal Group revenues

    EUR 1595 million(-54)

    Sales revenues

    EUR 1471 million(-74)

    EBIT

    EUR 225 million(-775)

    Earnings after tax

    EUR -366 million(FY 18 EUR 241 million)

    Total assets

    EUR 1629 million(-02)

    Order backlog

    EUR 1028 million(+14)

    Net debt

    EUR 564 million(+03)

    Equity ratio

    238(FY 18 265)

    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 3

    Key FiguresFY 2019

    FY 2018in EUR million

    FY 2019in EUR million

    ∆ FY in

    Total Group revenues of which- Germany- International- Construction- Equipment- Resources

    - OtherConsolidation

    168614671

    12190767672312615

    -661

    159475187

    10760668871362749

    -626

    -54+111-117-129

    -13+51

    na

    Sales revenues 15891 14709 -74Order intake 17219 16087 -66Order backlog 10136 10276 +14EBITDA 1986 1230 -380EBIT 1001 225 -775EBIT margin in (of sales revenues) 63 15 naEarnings after tax 241 -366 naEarnings per share (in EUR) 132 -217 naTotal assets 16323 16285 -02Equity 4318 3869 -104Equity ratio in 265 238 naEmployees (average over the year) 11643 11684 +04

    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 4

    Table of Content

    BAUER Group ndash Strategy Chances amp Markets

    Appendix

    Financials FYQ4 2019 amp Guidance

    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 5

    The BAUER Group is a leading provider of services equipment amp products dealing with ground and groundwater

    Mission

    Strategy

    The world is our market

    Global network organization with flexible decentralized management

    Three forward-looking segments providing high level of synergies Construction Equipment Resources

    World market leadership for foundation technology

    Powerful development of drilling applications and servicesfor related markets

    Highly innovative products and services related to water environmentand natural resources

    BAUER GroupMission amp Strategy

    EUR 16 billiontotal Group revenues

    EUR 225 millionEBIT

    15EBIT margin

    238equity ratio

    11684employees FY 2019

    Key targets Revenue growth 3 - 8 per year

    EBIT margin 7 - 9

    Equity ratio gt 30

    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 6

    Equipment673

    ConstructionOverseas433

    ConstructionDomestic220

    Resources269

    BAUER GroupLongstanding healthy business development

    1600

    1000

    1400

    800

    600

    200

    1200

    400

    1800

    Note from 2003 based on IFRS figures

    0

    Total 1595Total Group revenuesin EUR million (segment after deducting OtherConsolidation)

    1980 1984 2000 2004 200819921988 1996 2012 2016 2019

    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

    9801208

    15271278 1304 1372 1436 1504 1560 1656 1555

    1772 1686 1595

    0

    400

    800

    1200

    1600

    2000

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

    8351033

    12911097 1132 1220

    1344 1402 1376 1379 13971668 1589

    1471

    0

    400

    800

    1200

    1600

    2000

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

    Sales revenuesin EUR million

    Total Group revenuesin EUR million

    7

    CAGR38

    BAUER GroupLongstanding healthy business development

    CAGR45

    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 8

    Schrobenhausen

    Kuala LumpurTianjinConroe

    Worldwide networkMore than 110 subsidiaries in about 70 countries

    Permanent OfficesConstructionEquipment salesResourcesEquipment production

    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

    Market few large projects in some countries

    Bauer low order backlog

    Latin America

    Market stable markets in most Western European countries slow development in Eastern Europe Russia remains weak

    Bauer good backlog in UK Netherlands and Hungary Russia weak

    Europe

    Market positive development inThailand Indonesia Philippines Australia Malaysia Vietnam weak stable demand in China (equipment)

    Bauer major projects especially in Thailand and Philippines

    Far East

    Market few projects in some countries Egypt with slow growth

    Bauer focus only on single projects reasonable backlog in Egypt

    Africa

    Market ongoing uncertainty as a result of oil price and political crisis

    Bauer reasonable order backlog in UAE and Qatar major project in Jordan slight recovery in Saudi Arabia Lebanon very weak bigger projects in Bangladesh and Bhutan

    Middle East amp Central Asia

    Market the infrastructure market in the USA is still strong

    Bauer good backlog with mainly federal projects in the USA reasonable workload in Canada

    USA Canada Market good first signs of weakening growth in infrastructure expected

    Bauer solid order backlog

    Germany

    9

    BAUER GroupConstruction market environment vs order backlog

    +

    +

    oo

    +

    +

    +

    +

    -o

    +

    +

    o+

    -- weak - slightly weak o stable + growing ++ strong growthThe corona pandemic can have a significant impact on this basic market assessment Last update April 2020

    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 10

    Regional breakdownTotal Group revenues FY 2019 ndash Group

    Africa 80 (5)

    Americas 192 (12)

    Asia-PacificFar East amp Australia266 (17)

    Middle East amp Central Asia208 (13)

    Germany 519 (33)

    EU excl Germany 259 (16)

    Europe (other)71 (4)

    Africa 73 (4)

    Americas 171 (10)

    Asia-PacificFar East amp Australia428 (25)

    Middle East amp Central Asia212 (13)

    Germany 467 (28)

    EU excl Germany 276 (16)

    Europe (other)59 (4)

    Full year 2018Total 1686in EUR million

    Total 1595 in EUR million

    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 11

    Regional breakdownTotal Group revenues FY 2019 ndash Segments

    Construction segment Equipment segment Resources segment

    Figures after deducting OtherConsolidation

    Africa 50 (8)

    Americas 47 (7)

    Asia-Pacific Far East amp Australia85 (13)

    Middle East amp Central Asia136 (21)

    Germany 220 (34)

    EU excl Germany 89 (13)

    Europe (other)26 (4)

    Africa 18 (3)

    Americas 138 (20)

    Asia-PacificFar East amp Australia180 (27)

    Middle East amp Central Asia34 (5)

    Germany 111 (16)

    EU excl Germany 147 (22)

    Europe (other)45 (7)

    Africa 12 (4)

    Americas 7 (3)

    Asia-Pacific Far East amp Australia 1 (0)

    Middle East amp Central Asia 38 (14)

    Germany 188 (70)

    EU excl Germany 23 (9)

    Europe (other)0 (0)

    Total 653in EUR million

    Total 673 Total 269

    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 12

    Table of Content

    BAUER Group ndash Strategy Chances amp Markets

    Appendix

    Financials FYQ4 2019 amp Guidance

    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

    379 484 429 420

    381454 386 418

    396409

    422 450

    411394 485 321

    2016 2017 2018 2019

    15551772 1686 1595

    13971668 1589

    1471

    0

    400

    800

    1200

    1600

    2000

    2016 2017 2018 2019

    1008 978 1014 1028

    0

    250

    500

    750

    1000

    1250

    2016 2017 2018 2019

    703896

    1001

    22514437

    241

    -366-50

    -25

    0

    25

    50

    75

    100

    125

    2016 2017 2018 2019

    13

    Q1

    Q2

    Q3

    Q4

    FinancialsRevenues earnings amp orders ndash Group

    Revenues

    Earnings

    Order backlog

    Order intake

    in EUR million

    in EUR million in EUR million

    in EUR millionTotal Group revenues Sales revenues

    EBIT Earnings after tax

    1567

    +14

    -661741

    -54-74

    ∆ FY

    -775na

    ∆ FY 1722 1609

    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

    231154

    768669

    2018 2019

    547639

    2018 2019

    263

    -207

    391

    -199

    2018 2019

    FinancialsConstruction segment ndash Highlights FY 2019

    Construction

    Global provider for specialist foundation engineering services

    Focus on complex international projects

    ~ 5050 infrastructure industrialTotal Group revenuesin EUR million

    Order backlogin EUR million

    EBITin EUR million

    Total Group revenues fell by 129 to EUR 6688 million compared to EUR 7676 million At EUR -199 million EBIT was markedly negative (2018 EUR 391 million) At EUR -527 million earnings after taxes were negative In 2018 positive earnings of EUR 96 million were reported

    The verdict on appeal against an arbitration court verdict from 2018 resulted in a considerable valuation allowance of about EUR 40 million This had an impact of corresponding magnitude on revenues and earnings figures for the segment The decline is also attributable to the markets of the Far East and Australia which were affected by a lack of orders and project postponements

    At EUR 6386 million order backlog which was 167 well above the previous years figure of EUR 5473 million is at a record level At EUR 7601 million order intake fell back by 76 from EUR 8222 million The order book lasts for 115 months

    14

    -129+167Full year 2019

    41 of total Group revenues EBIT margin -32Key targets ~ 40 of total Group revenues (TGR) EBIT margin 4 - 6

    Key figures to be considered TGR order backlog EBIT

    FYQ4

    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

    178 177 187 183 193176

    195178

    156171 185

    201 211 221 227

    177151

    176210 231

    170 172 173154

    0

    50

    100

    150

    200

    250

    Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

    436 477 472 455513 551 584 591 585 575 578 585 578

    526 516 493 511 507 503 547 546 551631 639

    0

    150

    300

    450

    600

    750

    Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

    FinancialsConstruction segment ndash Revenues and order development

    Order backlogin EUR million

    Total Group revenuesin EUR million

    Construction

    15

    -333

    +167

    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

    194 164

    640 610

    2018 2019

    724 672

    2018 2019

    227

    97

    749

    612

    2018 2019

    FinancialsEquipment segment ndash Highlights FY 2019

    Market leader in specialist foundation equipment

    New products for mining deep drilling and offshore drilling

    About 80 of sales abroad Sales revenuesin EUR million

    Order intakein EUR million

    EBITin EUR million

    Equipment Total Group revenues fell slightly by 13 from EUR 7231 million to EUR 7136

    million Sales revenues also dropped by 47 from EUR 6401 million to EUR 6102 million Accordingly EBIT decreased from EUR 749 million to EUR 612 million Earnings after taxes rose slightly from EUR 340 million to EUR 395 million in particular because of a lower tax burden and lower at-equity loss compared with the previous year

    In the overall very favorable market environment we succeeded in keeping revenue sales and earnings at very good levels The main drivers were once again the sales markets in Europe and China

    Order intake performed less well in the second half of 2019 Overall it fell by 71 from EUR 7237 million to EUR 6721 million Order backlog was EUR 1083 million remaining significantly below the previous years level of EUR 1500 million

    16

    -47 -76Full year 2019 42 of total Group revenues EBIT margin 100Key targets ~ 40 of total Group revenues EBIT margin 10 - 12Key figures to be considered Sales revenues order intake EBIT

    -183FYQ4

    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

    103 115143

    171

    100137 129

    181

    108 115 123

    197

    127

    186169 180

    129

    174144

    194

    125

    180

    142164

    0

    50

    100

    150

    200

    250

    Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

    165 163187

    162 177155 166 152 161 159 160 171

    212 218

    148182

    227

    170 160 167186 192

    168

    127

    0

    50

    100

    150

    200

    250

    Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

    FinancialsEquipment segment ndash Revenues and order development

    Order intakein EUR million

    Sales revenuesin EUR million

    Equipment

    17

    -156

    -239

    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

    72 70

    261 275

    2018 2019

    316281

    2018 2019

    -32

    -137-110

    -1622018 2019

    FinancialsResources segment ndash Highlights FY 2019

    Products amp services related to water environment and natural resources

    Competence areas water treatment environmental remediation waste management drilling technologies and constructed wetlands

    Total Group revenuesin EUR million

    Order backlogin EUR million

    EBITin EUR million

    Resources Total Group revenues increased by 51 from EUR 2615 million in the previous

    year to EUR 2749 million EBIT decreased from EUR -110 million to EUR -162 million and earnings after taxes were up from EUR -160 million in the previous year to EUR -137 million primarily due to higher at-equity earnings

    The segment fell short of expectations once again in 2019 While earnings from the operating business improved significantly underutilization in Jordan a weak order situation in the business with brewery and beverage technology further restructuring expenditure and adjustments for receivables from old projects primarily proved to be a burden

    At the order backlog was down 113 from EUR 3165 million to EUR 2807 million The decline is essentially due to progress on the large Kesslergrube project The order intake was EUR 2391 million in 2019 and thus 13 slightly below the 2018 value of EUR 2422 million The order book lasts for 123 months

    18

    +51-113Full year 2019

    17 of total Group revenues EBIT margin naKey targets ~ 20 of total Group revenues (TGR) EBIT margin 6 - 8Key figures to be considered TGR order backlog EBIT

    FYQ4

    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

    48 5360

    92

    5448

    75

    44

    71 67 6657 63 65 65

    55 52

    68 70 72 69 70 66 70

    0

    20

    40

    60

    80

    100

    Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

    173 169 172 153 173 174

    274 276 287 294 290 279 297 317 308336 330 321 324 316 327 322

    295 281

    0

    75

    150

    225

    300

    375

    Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

    FinancialsResources segment ndash Revenues and order development

    Order backlogin EUR million

    Total Group revenuesin EUR million

    Resources

    19

    -32

    -113

    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

    FinancialsWorking capital amp net debt ndash Financing of future revenues

    Bauerrsquos 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 Receivables

    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 247 after-sales service A relatively large rental fleet is needed for different contract types (eg rental purchase)

    Resources segment Outstanding customer payments (water business) and receivables on projects (environmental amp drilling business)

    75-8015-20 ~5

    Construction Equipment Resources20-2555-60 15-20

    20

    Key facts

    Why does the business model needs so much working capital

    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

    629 608549 552

    467

    665 677594 562 564

    0

    150

    300

    450

    600

    750

    2015 2016 2017 2018 2019

    646 665 677594 562 564

    171 185 158 183 199123

    38 36

    43

    33

    28

    46

    00

    10

    20

    30

    40

    50

    0

    160

    320

    480

    640

    800

    2014 2015 2016 2017 2018 2019

    1656 15551772 1686 1595

    665 677 594 562 564

    0

    360

    720

    1080

    1440

    1800

    2015 2016 2017 2018 201921

    FinancialsWorking capital amp net debt ndash Current development

    Total Group revenues net debtin EUR million

    Net debtWorking capital

    EBITDANet debt

    Current development At EUR 5637 million net debt was at the same level

    as 2018 This was essentially due to the new IFRS 16 standard and the market valuation of financial liabilities Pure bank debt has seen further reductions which demonstrates that our numerous measures are making progress

    Net debt to EBITDA ratio has worsened substantially as a consequence of significantly lower earnings than originally expected Our target range is a ratio of below 30 yearend

    -37-152

    ∆ 20152019

    Working capital net debtin EUR million

    Net debt EBITDA ratioin EUR million

    Net debtTotal Group revenues ndash Net debtEBITDA

    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

    711 720 736

    604

    726 701 700629 672 709 684

    608674 646 628

    549 576624 629

    552 584 609 591

    467

    0

    160

    320

    480

    640

    800

    Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

    773 776 778

    646

    779 752 749665

    743 762 736677

    740 712 686594 639 678 679

    562620 648 637

    564

    0

    160

    320

    480

    640

    800

    Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

    22

    FinancialsWorking capital amp net debt are lower year-end than during the year

    Net debt (excl pensions)in EUR million

    Working capitalin EUR million -154

    +03

    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 23

    FinancialsIncome statement 12M 2019in EUR 000 12M 2018 12M 2019 ∆ in

    Sales revenues (PampL) 1589091 1470922 -74

    Consolidated revenues (PampL) 1616936 1537691 -49

    Cost of materials -821496 -783126 -47

    Personel expenses -392384 -418805 67

    Other operation expenses -204440 -212713 40

    EBITDA 198616 123047 -380

    Depreciation of fixed assets -80967 -84760 47

    Write-downs of inventories due to use -17590 -15806 -101

    EBIT 100059 22481 -775

    Financial income 38204 33742 -117

    Financial expenses -76992 -78766 23

    Share of profitloss of associated companies (equity method) 4594 11225 na

    Earnings before tax (EBT) 65865 -11318 na

    Income tax expense -41778 -25232 -396

    Earnings after tax 24087 -36550 na

    of which attributable to shareholders of BAUER AG 22577 -37146 na

    of which attributable to non-controlling interests 1510 596 -605

    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 24

    Financials Balance sheet December 31 2019in EUR 000 Dec 31 2018 Dec 31 2019 ∆ in Assets 1632284 1628549 -02

    Non-current assets 621041 692778 116Intangible assets 18077 16946 -63Property plant and equipment and investment property 411571 460470 119Investments accounted for using the equity method 113019 118185 46Participations 8350 8806 55Other non-current assets amp deferred tax assets 70024 88371 262Current assets 1011243 935771 -75Inventories 365865 405401 108Rental equipment 60488 61838 22Less advances received on inventories -16098 -8921 -446

    410255 458318 117Receivables and other assets 535111 434608 -188Effective income tax refund claims 3290 5270 602Cash and cash equivalents 62587 37575 -400

    Equity and liabilities 1632284 1628549 -02

    Equity 431816 386916 -104Non-current debt 501424 327118 -348Provisions for pensions 134389 158641 180Non-current liabilities amp deferred tax liabilities 367035 257977 -297Current debt 699044 914515 308Financial liabilities 286104 376453 316Other current liabilities 357851 402318 124Effective income tax obligations 31687 19566 -383Provisions 23402 26678 140

    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 25

    FinancialsCash flow statement 12M 2019in EUR 000 12M 2018 12M 2019 ∆ in

    Cash flow from operational activity 147444 168882 145

    Cash flow from investment activity -57600 -75213 306

    Cash flow from financing activity -75088 -120339 603

    Free Cash Flow 89844 93669 43

    Changes in liquid funds affecting payments 14756 -26670 na

    Influence of exchange rate movements on cash 565 1658 na

    Total change in liquid funds 15321 -25012 na

    Cash and cash equivalents at beginning of reporting period 47266 62587 324

    Cash and cash equivalents at end of reporting period 62587 37575 -400

    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 26

    FinancialsForecast 2020 ndash More cautious view due to coronavirus pandemic

    2019 final

    Total Group Revenues 1594 EUR million slight increase

    Revenue growth -54 3 - 8

    EBIT 225 EUR million significant increase

    EBIT margin 15 7 - 9

    Earnings after tax -366 EUR million significant increase in the positive area

    Equity ratio 238 gt 30

    2020 forecast Long-term goal

    Slope stabilisation with BG 15 ndash Germany Largest water treatment plant ndash Nimr OmanCompact cutter system for Grand Paris

    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 27

    BAUER AktiengesellschaftBAUER-Straszlige 186529 SchrobenhausenGermany

    Tel +49 8252 97-1218investorrelationsbauerdewwwbauerde

    April 9 2020 Annual Report 2019Analyst amp Press Conference

    May 13 2020 Quarterly Statement Q1 2020

    June 25 2020 Annual General Meeting

    August 13 2020 Half-Year Interim Report toJune 30 2020

    November 13 2020 Quarterly Statement 9MQ3 2020

    wwwyoutubecomBauergruppe

    wwwfacebookcomBauerAGgroup

    Investor RelationsFinancial calendar amp contact

    Christopher WolfHead of Investor Relations

    2020

    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 28

    Table of Content

    BAUER Group ndash Strategy Chances amp Markets

    Appendix

    Financials FYQ4 2019 amp Guidance

    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 29

    1790 middot 1900 middot 1902 middot 1928 middot 1948 middot 1956 middot 1958 middot 1967 middot 1969 middot 1972 middot 1975 middot 1976 middot 1984 middot 1990 middot 1992 middot 1994 middot 1998 middot 2001 middot 2019

    BAUER GroupThe history ndash Two centuries of experience

    End of 1970rsquosStart of

    internationalisation

    Early 1990rsquosBuild up of

    specialist construction environmental business

    FY 2019Total Group

    revenues EUR 16 billion 11684

    employees

    4 Jul 2006IPO

    Early 1970rsquosStart of equipment

    manufacturing

    Company founded as copper forge

    After WW II (1950s)Start of construction

    business

    Early 1980rsquosSelling of equipment to

    third parties

    1790 1900-1970 1980-1990 2000-2019

    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 30

    Michael Stomberg (CEO) HSE IT Process Management Quality Management

    Florian Bauer Digitalization Development

    Coordination Training Company Culture

    Hartmut Beutler (CFO) Financing amp Treasury Legal Affairs amp Insurance IR amp Corporate

    Communications Facility Management Media Design

    Peter Hingott Group Controlling amp

    Accounting Human Resources Group Purchasing

    Management BoardBAUER AG

    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 31

    BAUER GroupThe three segments

    31copy BAUER AG D-86529 Schrobenhausen

    Target ~ 40 of total Group revenues

    Market leader in specialist foundation equipment

    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

    Target ~ 20 of total Group revenues Activities in

    environmental technology deep drilling well construction materials

    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 32

    BAUER GroupChallenges of the world provide chances for the company

    The megatrend of urbanization requires construction solutions for the city of the future

    To deal with the scarcity of drinking water purification and supply technologies are needed

    The increasing mobility in society demands new and renewed transport routes

    Changing social values are fundamentally revolutionizing the business world

    UrbanizationInfrastructure Water

    CultureA change in energy supply can only be realized through comprehensive construction works

    The remediation of contaminated soil is the key to sustainable utilization of resources

    Energy transitionEnvironment

    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

    ConstructionKey factsConstruction

    Leading global provider for specialist foundation engineering

    services

    33

    Total Group revenues (incl JV) Order backlog EBIT

    ~ 40 of total Group revenues EBIT margin 4 - 6

    (2018 54 2019 na)

    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 5050 infrastructureindustrial split

    Figures are somewhat cyclical between the quarters ndash focus on the entire year

    Market environment Growing construction markets worldwide

    Special foundation engineering is growing stronger than construction markets

    Huge pent-up demand in developed countries and in emerging markets

    Competition Keller Trevi Soletanche Bachy

    (worldwide)

    Local competitors in each country

    Current focus topics Improving project and risk management especially for major projects

    Leading in digitalization solutions for our market

    Key figures

    Key targets

    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 34

    What is specialist foundationBuilding an excavation pit

    Permeation Grouting

    Mixed-In-Place Method

    Injection Anchor

    Diaphragm andCut-off Wall

    Pile Foundation

    Piling Retaining Wall

    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 35

    What is specialist foundation used forApplications

    Foundationsfor the highest buildings in the world

    Excavation Pits for every problem and requirement

    Ground Improvementallows projects on weak ground

    Cut-off Walls as solution for dams and dikes

    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 36

    ConstructionMunich Germany ndash Foundation works for a boarding house

    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

    EquipmentKey facts

    Market leader in specialistfoundation equipment

    Equipment

    37

    Sales revenues (excl JV) Order intake EBIT

    ~ 40 of total Group revenues EBIT margin 10 - 12

    (2018 117 2019 100)

    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 JV with Schlumberger for the production of deep drilling rigs (oil amp gas)

    Market environment Growing construction markets worldwide lead to positive equipment demand

    Strong position due to efforts regarding quality efficiency and noise reduction

    Growth potential with specialized machines for mining water and offshore drilling

    Competition Trevi Liebherr Chinese manufactures

    (eg Sany XCMG)

    Further competition regarding special product types

    Current focus topics Focus on value analysis methods and purchase organization

    Optimizing and increasing after-sales services

    Key figures

    Key targets

    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 38

    EquipmentWhole range of products for special foundation engineering

    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 39

    EquipmentProduct range Deep Drilling

    Joint Ventureof Bauer amp Schlumberger

    In order to meet the upcoming market challenges out-of-the-box thinking

    is necessary and therefore integrated drilling and rig solutions are of

    growing importance

    Based on more than 40 years of experience in engineering and

    manufacturing of drilling rigs NeoRig develops and manufactures

    modern drilling solutions which set new standards of safety efficiency

    productivity and ease of service in the deep drilling business

    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

    ResourcesKey factsResources

    40

    Products amp services for environmental technology mining well construction

    and water cleaning

    Total Group revenues (incl JV) Order backlog EBIT

    ~ 20 of total Group revenues EBIT margin 6 - 8

    (2018 na 2019 na)

    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 amp Middle East

    Market environment Huge demand for environmental and water solutions

    Outstanding market position with ground-breaking projects in the field of cleaning drinking and process water eg the biological water treatment plant in Oman

    Competition Fragmented competition for each single product and service area

    Current focus topics Improvement of loss-making Jordan subsidiary which is caused by overcapacities

    Consistent proceeding of reorganization in the water related companies

    Focus on new projects for the profitable environment business

    Key figures

    Key targets

    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 41

    ResourcesPool of competences from a single hand

    Industrial Waste Water Process amp Produced Water NORM Constructed Wetlands Modelling amp Well Design Construction Material for Wells

    and Geothermal Water Distribution Management Irrigation Systems

    Remediation Landfill Restoration Decommissioning Demolition Hazardous Waste Management Soil Treatment and Waste

    Management

    Exploration Drilling Deep Geothermal Drilling Well Drilling Blast Hole Drilling

    EnvironmentWater Natural Resources

    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 42

    ResourcesWater ndash Process Water amp Water Distribution Management

    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 43

    ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman

    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 44

    Market environment ndash GermanyGerman construction market

    Source Federal Statistical Office Statistical Office Bavaria

    in EUR billion

    Germany2019

    Employees (in 1000)

    Revenues 922Building construction 508Foundation engineering 414

    Orders received in EUR billion

    Housebuilding 196Industrial building 363Public sectorof which

    public buildings 55road building 142underground structures 105

    ) only companies gt 20 employees

    49

    108

    95

    39

    109

    65

    80

    88

    38

    49

    82

    77

    112

    132

    25

    Dezember 2019 2018 20192017 2018

    in

    89

    97

    302

    861

    4867

    88

    100 82

    59

    125

    Weiszlig

    Bunt

    Kunterbunt

    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 45

    Building constructionpositive cash contribution

    Specialist foundation engineeringpre-financing need

    Financials Working capital needs ndash Comparison with building construction

    EUR

    12 24 months

    Positive cash contribution

    Negative cash contribution

    Con

    trac

    t val

    ue

    EUR

    Negative cash contribution

    12 24 months

    Con

    trac

    t val

    ue

    Construction contracts with short duration need

    No advance payments no front-loading of prices possible approx 2 - 3 months of pre-financing

    Negative cash contribution during construction phase

    Construction contracts with long durations

    Advance payments front-loading of prices

    Positive cash contribution during construction phase

    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 46

    BAUER shareFacts amp Figures

    Listed on Frankfurt stock exchange (Prime Standard) since July 4 2006

    Share capital EUR 7300142045

    Shares issued 17131000

    Issue price EUR 1675

    Share performance (012019 ndash 032020)

    Bauer familyFree float

    5181

    Shareholder structure

    4819

    in EUR 2015 2016 2017 2018 2019

    Earnings per share 173 066 016 132 -217

    Share price year end 1740 1140 3000 1216 1510

    Share price highest 1920 1716 3096 3125 2430

    Share price lowest 1385 945 1172 1208 1262

    Market Cap(in EUR million) 2981 1953 5139 2083 2587

    CDAXClassic All SharePrime All Share

    ISIN DE0005168108Reuters B5AGDEBloomberg B5A GR

    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

    050

    100 100

    060 060050

    030

    001

    015 015010 010 010

    001000

    030

    060

    090

    120

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

    47

    BAUER shareDividend policy

    Dividend payment Dividend policy founded on a reasonable balance between shareholders and company

    fair participation of shareholders maintaining continuity safeguarding of the equity ratio

    All shareholders shall participate in the success of the business

    After some difficult years we must continue to strike a careful balance between continuity and shareholder participation on the one hand and safeguarding our equity ratio on the other

    To secure an adequate equity ratio is an important aim of the companyrsquos 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

    in EUR per share

    000

    Proposed subject to the consent of the Annual General Meeting to be held on June 25 2020

    000

    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 48

    Key Figures Time LineFY 2008 ndash FY 2019

    In all three segments total Group revenues and EBIT figures of FY 2015 were influenced by exceptional earnings

    Total Group revenues 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(in EUR million)BAUER Group 15272 12758 13040 13718 14358 15042 15602 16564 15547 4482 4541 4766 3931 17720 3708 4215 4435 4503 16861 4109 4207 4078 3553 15947

    Construction 7009 5700 6154 6066 6552 7417 7256 7429 7131 2110 2205 2269 1766 8350 1508 1762 2100 2306 7676 1702 1722 1726 1538 6688Equipment 7801 6085 5817 6365 5891 6286 6392 7531 6344 1867 1853 1966 1859 7545 1808 1936 1802 1685 7231 1859 1950 1781 1547 7137Resources 1351 1743 1777 2115 2628 1889 2528 2216 2624 630 647 651 554 2482 517 676 699 723 2615 692 695 662 700 2749

    Sales revenues 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(in EUR million)BAUER Group 12908 10965 11317 12196 13444 14022 13757 13790 13969 3789 4512 4354 4022 16679 3184 3987 4051 4669 15891 3419 4035 3622 3633 14709

    Construction 5843 4879 5058 5062 5791 6575 6466 6508 6145 1966 2064 2145 1663 7838 1432 1642 2021 2168 7263 1616 1628 1605 1408 6257Equipment 6012 4565 4693 5114 5206 5616 5327 5480 5427 1266 1857 1685 1801 6609 1287 1736 1440 1938 6401 1253 1797 1417 1635 6102Resources 1051 1520 1564 2015 2443 1826 1959 1793 2382 553 577 532 553 2215 462 605 587 559 2213 548 607 597 583 2335

    EBIT 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(in EUR million)BAUER Group 1675 844 884 823 720 301 764 907 703 85 302 277 232 896 110 231 227 433 1001 104 248 133 -260 225

    Construction 463 257 288 179 220 212 260 139 297 09 124 81 -18 196 27 21 80 263 391 00 42 -34 -207 -199Equipment 1183 513 483 530 340 322 360 994 384 80 160 249 317 806 142 222 158 227 749 83 230 202 97 612Resources 40 60 81 109 152 -240 159 -198 -37 -01 09 -53 -55 -100 -57 -10 -12 -32 -110 27 -22 -30 -137 -162

    EBIT margin 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(in )BAUER Group 130 77 78 67 54 21 56 66 50 22 67 64 58 54 35 58 56 93 63 30 61 37 -72 15

    Construction 79 53 57 35 38 32 40 21 48 05 60 38 -11 25 19 13 39 121 54 00 26 -21 -147 -32Equipment 197 112 103 104 65 57 68 181 71 64 86 148 176 122 110 128 110 117 117 66 128 143 60 100Resources 38 39 52 54 62 -131 81 -110 -16 -02 15 -100 -99 -45 -123 -16 -20 -57 -50 49 -37 -49 -235 -69

    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

    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

    • Foliennummer 1
    • Foliennummer 2
    • Key FiguresFY 2019
    • Table of Content
    • Foliennummer 5
    • Foliennummer 6
    • Foliennummer 7
    • Foliennummer 8
    • BAUER Group Construction market environment vs order backlog
    • Foliennummer 10
    • Foliennummer 11
    • Table of Content
    • Foliennummer 13
    • Foliennummer 14
    • Foliennummer 15
    • Foliennummer 16
    • Foliennummer 17
    • Foliennummer 18
    • Foliennummer 19
    • Foliennummer 20
    • Foliennummer 21
    • Foliennummer 22
    • FinancialsIncome statement 12M 2019
    • Financials Balance sheet December 31 2019
    • FinancialsCash flow statement 12M 2019
    • Foliennummer 26
    • Foliennummer 27
    • Table of Content
    • BAUER GroupThe history ndash Two centuries of experience
    • Foliennummer 30
    • BAUER GroupThe three segments
    • Foliennummer 32
    • Foliennummer 33
    • What is specialist foundationBuilding an excavation pit
    • What is specialist foundation used forApplications
    • ConstructionMunich Germany ndash Foundation works for a boarding house
    • Foliennummer 37
    • EquipmentWhole range of products for special foundation engineering
    • EquipmentProduct range Deep Drilling
    • Foliennummer 40
    • ResourcesPool of competences from a single hand
    • ResourcesWater ndash Process Water amp Water Distribution Management
    • ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
    • Market environment ndash Germany German construction market
    • Financials Working capital needs ndash Comparison with building construction
    • BAUER shareFacts amp Figures
    • BAUER shareDividend policy
    • Foliennummer 48
    • Disclaimer
      Zweistelliges Auftragsplus am Bau in Bayern
      Absolute WerteVeraumlnderungen in
      August 20062004BayernWestdeutschlandOstdeutschland
      BayernWest-Ost-200420040200420040200420040
      LaumlnderLaumlnder199420030199420030199420030
      Beschaumlftigte in 1000126152831887-52-5200-432-60-5200-539-7200
      Baugenehmigungen Mio msup3 umb Raum6532572423-108-10800-252-8400-68-10300
      Umsatz in Mrd EUR139570173-249-5800-277-4500-399-7600
      Hochbau9637192-265-5600-301-4400-507-7400
      Tiefbau4319981-217-6200-222-4500-207-7900
      09033799-393-10000-452-5600-580-6000
      in Mrd EUR
      Wohnungsbau236511-480-7100-561-6400-771-20700
      Wirtschaftsbau3314040-347-10500-457-5900-603-9400
      Oumlffentlicher Bau3313148-352-11500-346-4900-3821800
      darunter
      Oumlffentl Hochbau092509-324-8500-480-0100-5616900
      Straszligenbau125821-128-11200-146-5100-1604200
      Sonstiger Tiefbau124818-502-13700-425-7100-467-3400
      19712561362168-243-95248-173-23210-21146
      1) Bei Baugenehmigungen liegen erst die Oktoberwerte vor
      1) Bei Baugenehmigungen liegen erst die Februarwerte vor
      2) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten
      in EUR billionin
      Dezember 2019Germany20052005Jan - Aug20182019
      201919942004060520172018
      Employees (in 1000)4867-47-60-104949
      Revenues922-305-647310882
      Building construction508-318-611009577
      Foundation engineering414-280-711212588
      Orders received861-3743110610082
      in EUR billion
      Housebuilding196-489-181211297
      Industrial building363-3036818113289
      Public sector302-33132995965
      of which
      public buildings55-23812729025109
      road building142-138-12478839
      underground structures105-49515223880
      1256168-243-95-173-23
      1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
      ) only companies gt 20 employees
      Zweistelliges Auftragsplus am Bau in Bayern
      Absolute WerteVeraumlnderungen in
      August 20062005BayernWestdeutschlandOstdeutschland
      BayernWest-Ost-20052005Jan - Aug20052005Jan - Aug20052005Jan - Aug
      LaumlnderLaumlnder199420040605199420040605199420040605
      Beschaumlftigte in 1000126152831887-470-60-10-465-60-58-38-578-85-51
      Baugenehmigungen Mio msup3 umb Raum6532572423-395-101249-417-41171-680-157259
      Umsatz in Mrd EUR139570173-305-6473-312-4835-452-8813
      Hochbau9637192-318-61100-336-5048-565-11835
      Tiefbau4319981-280-7112-255-4311-247-51-14
      Auftragseingang9033799-37431106-4470984-609-7043
      in Mrd EUR
      Wohnungsbau236511-489-1812-586-5888-805-14841
      Wirtschaftsbau3314040-30368181-43345104-625-56121
      Oumlffentlicher Bau3313148-3313299-3400972-420-62-18
      darunter
      Oumlffentl Hochbau092509-238127290-500-38142-602-93-51
      Straszligenbau125821-138-1247-965978-211-8582
      Sonstiger Tiefbau124818-4951522-439-2430-477-18-124
      19712561362168-243-95248-173-23210-21146
      1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
      ) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 3

      Key FiguresFY 2019

      FY 2018in EUR million

      FY 2019in EUR million

      ∆ FY in

      Total Group revenues of which- Germany- International- Construction- Equipment- Resources

      - OtherConsolidation

      168614671

      12190767672312615

      -661

      159475187

      10760668871362749

      -626

      -54+111-117-129

      -13+51

      na

      Sales revenues 15891 14709 -74Order intake 17219 16087 -66Order backlog 10136 10276 +14EBITDA 1986 1230 -380EBIT 1001 225 -775EBIT margin in (of sales revenues) 63 15 naEarnings after tax 241 -366 naEarnings per share (in EUR) 132 -217 naTotal assets 16323 16285 -02Equity 4318 3869 -104Equity ratio in 265 238 naEmployees (average over the year) 11643 11684 +04

      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 4

      Table of Content

      BAUER Group ndash Strategy Chances amp Markets

      Appendix

      Financials FYQ4 2019 amp Guidance

      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 5

      The BAUER Group is a leading provider of services equipment amp products dealing with ground and groundwater

      Mission

      Strategy

      The world is our market

      Global network organization with flexible decentralized management

      Three forward-looking segments providing high level of synergies Construction Equipment Resources

      World market leadership for foundation technology

      Powerful development of drilling applications and servicesfor related markets

      Highly innovative products and services related to water environmentand natural resources

      BAUER GroupMission amp Strategy

      EUR 16 billiontotal Group revenues

      EUR 225 millionEBIT

      15EBIT margin

      238equity ratio

      11684employees FY 2019

      Key targets Revenue growth 3 - 8 per year

      EBIT margin 7 - 9

      Equity ratio gt 30

      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 6

      Equipment673

      ConstructionOverseas433

      ConstructionDomestic220

      Resources269

      BAUER GroupLongstanding healthy business development

      1600

      1000

      1400

      800

      600

      200

      1200

      400

      1800

      Note from 2003 based on IFRS figures

      0

      Total 1595Total Group revenuesin EUR million (segment after deducting OtherConsolidation)

      1980 1984 2000 2004 200819921988 1996 2012 2016 2019

      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

      9801208

      15271278 1304 1372 1436 1504 1560 1656 1555

      1772 1686 1595

      0

      400

      800

      1200

      1600

      2000

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

      8351033

      12911097 1132 1220

      1344 1402 1376 1379 13971668 1589

      1471

      0

      400

      800

      1200

      1600

      2000

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

      Sales revenuesin EUR million

      Total Group revenuesin EUR million

      7

      CAGR38

      BAUER GroupLongstanding healthy business development

      CAGR45

      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 8

      Schrobenhausen

      Kuala LumpurTianjinConroe

      Worldwide networkMore than 110 subsidiaries in about 70 countries

      Permanent OfficesConstructionEquipment salesResourcesEquipment production

      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

      Market few large projects in some countries

      Bauer low order backlog

      Latin America

      Market stable markets in most Western European countries slow development in Eastern Europe Russia remains weak

      Bauer good backlog in UK Netherlands and Hungary Russia weak

      Europe

      Market positive development inThailand Indonesia Philippines Australia Malaysia Vietnam weak stable demand in China (equipment)

      Bauer major projects especially in Thailand and Philippines

      Far East

      Market few projects in some countries Egypt with slow growth

      Bauer focus only on single projects reasonable backlog in Egypt

      Africa

      Market ongoing uncertainty as a result of oil price and political crisis

      Bauer reasonable order backlog in UAE and Qatar major project in Jordan slight recovery in Saudi Arabia Lebanon very weak bigger projects in Bangladesh and Bhutan

      Middle East amp Central Asia

      Market the infrastructure market in the USA is still strong

      Bauer good backlog with mainly federal projects in the USA reasonable workload in Canada

      USA Canada Market good first signs of weakening growth in infrastructure expected

      Bauer solid order backlog

      Germany

      9

      BAUER GroupConstruction market environment vs order backlog

      +

      +

      oo

      +

      +

      +

      +

      -o

      +

      +

      o+

      -- weak - slightly weak o stable + growing ++ strong growthThe corona pandemic can have a significant impact on this basic market assessment Last update April 2020

      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 10

      Regional breakdownTotal Group revenues FY 2019 ndash Group

      Africa 80 (5)

      Americas 192 (12)

      Asia-PacificFar East amp Australia266 (17)

      Middle East amp Central Asia208 (13)

      Germany 519 (33)

      EU excl Germany 259 (16)

      Europe (other)71 (4)

      Africa 73 (4)

      Americas 171 (10)

      Asia-PacificFar East amp Australia428 (25)

      Middle East amp Central Asia212 (13)

      Germany 467 (28)

      EU excl Germany 276 (16)

      Europe (other)59 (4)

      Full year 2018Total 1686in EUR million

      Total 1595 in EUR million

      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 11

      Regional breakdownTotal Group revenues FY 2019 ndash Segments

      Construction segment Equipment segment Resources segment

      Figures after deducting OtherConsolidation

      Africa 50 (8)

      Americas 47 (7)

      Asia-Pacific Far East amp Australia85 (13)

      Middle East amp Central Asia136 (21)

      Germany 220 (34)

      EU excl Germany 89 (13)

      Europe (other)26 (4)

      Africa 18 (3)

      Americas 138 (20)

      Asia-PacificFar East amp Australia180 (27)

      Middle East amp Central Asia34 (5)

      Germany 111 (16)

      EU excl Germany 147 (22)

      Europe (other)45 (7)

      Africa 12 (4)

      Americas 7 (3)

      Asia-Pacific Far East amp Australia 1 (0)

      Middle East amp Central Asia 38 (14)

      Germany 188 (70)

      EU excl Germany 23 (9)

      Europe (other)0 (0)

      Total 653in EUR million

      Total 673 Total 269

      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 12

      Table of Content

      BAUER Group ndash Strategy Chances amp Markets

      Appendix

      Financials FYQ4 2019 amp Guidance

      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

      379 484 429 420

      381454 386 418

      396409

      422 450

      411394 485 321

      2016 2017 2018 2019

      15551772 1686 1595

      13971668 1589

      1471

      0

      400

      800

      1200

      1600

      2000

      2016 2017 2018 2019

      1008 978 1014 1028

      0

      250

      500

      750

      1000

      1250

      2016 2017 2018 2019

      703896

      1001

      22514437

      241

      -366-50

      -25

      0

      25

      50

      75

      100

      125

      2016 2017 2018 2019

      13

      Q1

      Q2

      Q3

      Q4

      FinancialsRevenues earnings amp orders ndash Group

      Revenues

      Earnings

      Order backlog

      Order intake

      in EUR million

      in EUR million in EUR million

      in EUR millionTotal Group revenues Sales revenues

      EBIT Earnings after tax

      1567

      +14

      -661741

      -54-74

      ∆ FY

      -775na

      ∆ FY 1722 1609

      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

      231154

      768669

      2018 2019

      547639

      2018 2019

      263

      -207

      391

      -199

      2018 2019

      FinancialsConstruction segment ndash Highlights FY 2019

      Construction

      Global provider for specialist foundation engineering services

      Focus on complex international projects

      ~ 5050 infrastructure industrialTotal Group revenuesin EUR million

      Order backlogin EUR million

      EBITin EUR million

      Total Group revenues fell by 129 to EUR 6688 million compared to EUR 7676 million At EUR -199 million EBIT was markedly negative (2018 EUR 391 million) At EUR -527 million earnings after taxes were negative In 2018 positive earnings of EUR 96 million were reported

      The verdict on appeal against an arbitration court verdict from 2018 resulted in a considerable valuation allowance of about EUR 40 million This had an impact of corresponding magnitude on revenues and earnings figures for the segment The decline is also attributable to the markets of the Far East and Australia which were affected by a lack of orders and project postponements

      At EUR 6386 million order backlog which was 167 well above the previous years figure of EUR 5473 million is at a record level At EUR 7601 million order intake fell back by 76 from EUR 8222 million The order book lasts for 115 months

      14

      -129+167Full year 2019

      41 of total Group revenues EBIT margin -32Key targets ~ 40 of total Group revenues (TGR) EBIT margin 4 - 6

      Key figures to be considered TGR order backlog EBIT

      FYQ4

      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

      178 177 187 183 193176

      195178

      156171 185

      201 211 221 227

      177151

      176210 231

      170 172 173154

      0

      50

      100

      150

      200

      250

      Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

      436 477 472 455513 551 584 591 585 575 578 585 578

      526 516 493 511 507 503 547 546 551631 639

      0

      150

      300

      450

      600

      750

      Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

      FinancialsConstruction segment ndash Revenues and order development

      Order backlogin EUR million

      Total Group revenuesin EUR million

      Construction

      15

      -333

      +167

      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

      194 164

      640 610

      2018 2019

      724 672

      2018 2019

      227

      97

      749

      612

      2018 2019

      FinancialsEquipment segment ndash Highlights FY 2019

      Market leader in specialist foundation equipment

      New products for mining deep drilling and offshore drilling

      About 80 of sales abroad Sales revenuesin EUR million

      Order intakein EUR million

      EBITin EUR million

      Equipment Total Group revenues fell slightly by 13 from EUR 7231 million to EUR 7136

      million Sales revenues also dropped by 47 from EUR 6401 million to EUR 6102 million Accordingly EBIT decreased from EUR 749 million to EUR 612 million Earnings after taxes rose slightly from EUR 340 million to EUR 395 million in particular because of a lower tax burden and lower at-equity loss compared with the previous year

      In the overall very favorable market environment we succeeded in keeping revenue sales and earnings at very good levels The main drivers were once again the sales markets in Europe and China

      Order intake performed less well in the second half of 2019 Overall it fell by 71 from EUR 7237 million to EUR 6721 million Order backlog was EUR 1083 million remaining significantly below the previous years level of EUR 1500 million

      16

      -47 -76Full year 2019 42 of total Group revenues EBIT margin 100Key targets ~ 40 of total Group revenues EBIT margin 10 - 12Key figures to be considered Sales revenues order intake EBIT

      -183FYQ4

      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

      103 115143

      171

      100137 129

      181

      108 115 123

      197

      127

      186169 180

      129

      174144

      194

      125

      180

      142164

      0

      50

      100

      150

      200

      250

      Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

      165 163187

      162 177155 166 152 161 159 160 171

      212 218

      148182

      227

      170 160 167186 192

      168

      127

      0

      50

      100

      150

      200

      250

      Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

      FinancialsEquipment segment ndash Revenues and order development

      Order intakein EUR million

      Sales revenuesin EUR million

      Equipment

      17

      -156

      -239

      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

      72 70

      261 275

      2018 2019

      316281

      2018 2019

      -32

      -137-110

      -1622018 2019

      FinancialsResources segment ndash Highlights FY 2019

      Products amp services related to water environment and natural resources

      Competence areas water treatment environmental remediation waste management drilling technologies and constructed wetlands

      Total Group revenuesin EUR million

      Order backlogin EUR million

      EBITin EUR million

      Resources Total Group revenues increased by 51 from EUR 2615 million in the previous

      year to EUR 2749 million EBIT decreased from EUR -110 million to EUR -162 million and earnings after taxes were up from EUR -160 million in the previous year to EUR -137 million primarily due to higher at-equity earnings

      The segment fell short of expectations once again in 2019 While earnings from the operating business improved significantly underutilization in Jordan a weak order situation in the business with brewery and beverage technology further restructuring expenditure and adjustments for receivables from old projects primarily proved to be a burden

      At the order backlog was down 113 from EUR 3165 million to EUR 2807 million The decline is essentially due to progress on the large Kesslergrube project The order intake was EUR 2391 million in 2019 and thus 13 slightly below the 2018 value of EUR 2422 million The order book lasts for 123 months

      18

      +51-113Full year 2019

      17 of total Group revenues EBIT margin naKey targets ~ 20 of total Group revenues (TGR) EBIT margin 6 - 8Key figures to be considered TGR order backlog EBIT

      FYQ4

      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

      48 5360

      92

      5448

      75

      44

      71 67 6657 63 65 65

      55 52

      68 70 72 69 70 66 70

      0

      20

      40

      60

      80

      100

      Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

      173 169 172 153 173 174

      274 276 287 294 290 279 297 317 308336 330 321 324 316 327 322

      295 281

      0

      75

      150

      225

      300

      375

      Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

      FinancialsResources segment ndash Revenues and order development

      Order backlogin EUR million

      Total Group revenuesin EUR million

      Resources

      19

      -32

      -113

      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

      FinancialsWorking capital amp net debt ndash Financing of future revenues

      Bauerrsquos 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 Receivables

      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 247 after-sales service A relatively large rental fleet is needed for different contract types (eg rental purchase)

      Resources segment Outstanding customer payments (water business) and receivables on projects (environmental amp drilling business)

      75-8015-20 ~5

      Construction Equipment Resources20-2555-60 15-20

      20

      Key facts

      Why does the business model needs so much working capital

      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

      629 608549 552

      467

      665 677594 562 564

      0

      150

      300

      450

      600

      750

      2015 2016 2017 2018 2019

      646 665 677594 562 564

      171 185 158 183 199123

      38 36

      43

      33

      28

      46

      00

      10

      20

      30

      40

      50

      0

      160

      320

      480

      640

      800

      2014 2015 2016 2017 2018 2019

      1656 15551772 1686 1595

      665 677 594 562 564

      0

      360

      720

      1080

      1440

      1800

      2015 2016 2017 2018 201921

      FinancialsWorking capital amp net debt ndash Current development

      Total Group revenues net debtin EUR million

      Net debtWorking capital

      EBITDANet debt

      Current development At EUR 5637 million net debt was at the same level

      as 2018 This was essentially due to the new IFRS 16 standard and the market valuation of financial liabilities Pure bank debt has seen further reductions which demonstrates that our numerous measures are making progress

      Net debt to EBITDA ratio has worsened substantially as a consequence of significantly lower earnings than originally expected Our target range is a ratio of below 30 yearend

      -37-152

      ∆ 20152019

      Working capital net debtin EUR million

      Net debt EBITDA ratioin EUR million

      Net debtTotal Group revenues ndash Net debtEBITDA

      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

      711 720 736

      604

      726 701 700629 672 709 684

      608674 646 628

      549 576624 629

      552 584 609 591

      467

      0

      160

      320

      480

      640

      800

      Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

      773 776 778

      646

      779 752 749665

      743 762 736677

      740 712 686594 639 678 679

      562620 648 637

      564

      0

      160

      320

      480

      640

      800

      Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

      22

      FinancialsWorking capital amp net debt are lower year-end than during the year

      Net debt (excl pensions)in EUR million

      Working capitalin EUR million -154

      +03

      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 23

      FinancialsIncome statement 12M 2019in EUR 000 12M 2018 12M 2019 ∆ in

      Sales revenues (PampL) 1589091 1470922 -74

      Consolidated revenues (PampL) 1616936 1537691 -49

      Cost of materials -821496 -783126 -47

      Personel expenses -392384 -418805 67

      Other operation expenses -204440 -212713 40

      EBITDA 198616 123047 -380

      Depreciation of fixed assets -80967 -84760 47

      Write-downs of inventories due to use -17590 -15806 -101

      EBIT 100059 22481 -775

      Financial income 38204 33742 -117

      Financial expenses -76992 -78766 23

      Share of profitloss of associated companies (equity method) 4594 11225 na

      Earnings before tax (EBT) 65865 -11318 na

      Income tax expense -41778 -25232 -396

      Earnings after tax 24087 -36550 na

      of which attributable to shareholders of BAUER AG 22577 -37146 na

      of which attributable to non-controlling interests 1510 596 -605

      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 24

      Financials Balance sheet December 31 2019in EUR 000 Dec 31 2018 Dec 31 2019 ∆ in Assets 1632284 1628549 -02

      Non-current assets 621041 692778 116Intangible assets 18077 16946 -63Property plant and equipment and investment property 411571 460470 119Investments accounted for using the equity method 113019 118185 46Participations 8350 8806 55Other non-current assets amp deferred tax assets 70024 88371 262Current assets 1011243 935771 -75Inventories 365865 405401 108Rental equipment 60488 61838 22Less advances received on inventories -16098 -8921 -446

      410255 458318 117Receivables and other assets 535111 434608 -188Effective income tax refund claims 3290 5270 602Cash and cash equivalents 62587 37575 -400

      Equity and liabilities 1632284 1628549 -02

      Equity 431816 386916 -104Non-current debt 501424 327118 -348Provisions for pensions 134389 158641 180Non-current liabilities amp deferred tax liabilities 367035 257977 -297Current debt 699044 914515 308Financial liabilities 286104 376453 316Other current liabilities 357851 402318 124Effective income tax obligations 31687 19566 -383Provisions 23402 26678 140

      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 25

      FinancialsCash flow statement 12M 2019in EUR 000 12M 2018 12M 2019 ∆ in

      Cash flow from operational activity 147444 168882 145

      Cash flow from investment activity -57600 -75213 306

      Cash flow from financing activity -75088 -120339 603

      Free Cash Flow 89844 93669 43

      Changes in liquid funds affecting payments 14756 -26670 na

      Influence of exchange rate movements on cash 565 1658 na

      Total change in liquid funds 15321 -25012 na

      Cash and cash equivalents at beginning of reporting period 47266 62587 324

      Cash and cash equivalents at end of reporting period 62587 37575 -400

      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 26

      FinancialsForecast 2020 ndash More cautious view due to coronavirus pandemic

      2019 final

      Total Group Revenues 1594 EUR million slight increase

      Revenue growth -54 3 - 8

      EBIT 225 EUR million significant increase

      EBIT margin 15 7 - 9

      Earnings after tax -366 EUR million significant increase in the positive area

      Equity ratio 238 gt 30

      2020 forecast Long-term goal

      Slope stabilisation with BG 15 ndash Germany Largest water treatment plant ndash Nimr OmanCompact cutter system for Grand Paris

      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 27

      BAUER AktiengesellschaftBAUER-Straszlige 186529 SchrobenhausenGermany

      Tel +49 8252 97-1218investorrelationsbauerdewwwbauerde

      April 9 2020 Annual Report 2019Analyst amp Press Conference

      May 13 2020 Quarterly Statement Q1 2020

      June 25 2020 Annual General Meeting

      August 13 2020 Half-Year Interim Report toJune 30 2020

      November 13 2020 Quarterly Statement 9MQ3 2020

      wwwyoutubecomBauergruppe

      wwwfacebookcomBauerAGgroup

      Investor RelationsFinancial calendar amp contact

      Christopher WolfHead of Investor Relations

      2020

      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 28

      Table of Content

      BAUER Group ndash Strategy Chances amp Markets

      Appendix

      Financials FYQ4 2019 amp Guidance

      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 29

      1790 middot 1900 middot 1902 middot 1928 middot 1948 middot 1956 middot 1958 middot 1967 middot 1969 middot 1972 middot 1975 middot 1976 middot 1984 middot 1990 middot 1992 middot 1994 middot 1998 middot 2001 middot 2019

      BAUER GroupThe history ndash Two centuries of experience

      End of 1970rsquosStart of

      internationalisation

      Early 1990rsquosBuild up of

      specialist construction environmental business

      FY 2019Total Group

      revenues EUR 16 billion 11684

      employees

      4 Jul 2006IPO

      Early 1970rsquosStart of equipment

      manufacturing

      Company founded as copper forge

      After WW II (1950s)Start of construction

      business

      Early 1980rsquosSelling of equipment to

      third parties

      1790 1900-1970 1980-1990 2000-2019

      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 30

      Michael Stomberg (CEO) HSE IT Process Management Quality Management

      Florian Bauer Digitalization Development

      Coordination Training Company Culture

      Hartmut Beutler (CFO) Financing amp Treasury Legal Affairs amp Insurance IR amp Corporate

      Communications Facility Management Media Design

      Peter Hingott Group Controlling amp

      Accounting Human Resources Group Purchasing

      Management BoardBAUER AG

      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 31

      BAUER GroupThe three segments

      31copy BAUER AG D-86529 Schrobenhausen

      Target ~ 40 of total Group revenues

      Market leader in specialist foundation equipment

      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

      Target ~ 20 of total Group revenues Activities in

      environmental technology deep drilling well construction materials

      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 32

      BAUER GroupChallenges of the world provide chances for the company

      The megatrend of urbanization requires construction solutions for the city of the future

      To deal with the scarcity of drinking water purification and supply technologies are needed

      The increasing mobility in society demands new and renewed transport routes

      Changing social values are fundamentally revolutionizing the business world

      UrbanizationInfrastructure Water

      CultureA change in energy supply can only be realized through comprehensive construction works

      The remediation of contaminated soil is the key to sustainable utilization of resources

      Energy transitionEnvironment

      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

      ConstructionKey factsConstruction

      Leading global provider for specialist foundation engineering

      services

      33

      Total Group revenues (incl JV) Order backlog EBIT

      ~ 40 of total Group revenues EBIT margin 4 - 6

      (2018 54 2019 na)

      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 5050 infrastructureindustrial split

      Figures are somewhat cyclical between the quarters ndash focus on the entire year

      Market environment Growing construction markets worldwide

      Special foundation engineering is growing stronger than construction markets

      Huge pent-up demand in developed countries and in emerging markets

      Competition Keller Trevi Soletanche Bachy

      (worldwide)

      Local competitors in each country

      Current focus topics Improving project and risk management especially for major projects

      Leading in digitalization solutions for our market

      Key figures

      Key targets

      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 34

      What is specialist foundationBuilding an excavation pit

      Permeation Grouting

      Mixed-In-Place Method

      Injection Anchor

      Diaphragm andCut-off Wall

      Pile Foundation

      Piling Retaining Wall

      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 35

      What is specialist foundation used forApplications

      Foundationsfor the highest buildings in the world

      Excavation Pits for every problem and requirement

      Ground Improvementallows projects on weak ground

      Cut-off Walls as solution for dams and dikes

      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 36

      ConstructionMunich Germany ndash Foundation works for a boarding house

      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

      EquipmentKey facts

      Market leader in specialistfoundation equipment

      Equipment

      37

      Sales revenues (excl JV) Order intake EBIT

      ~ 40 of total Group revenues EBIT margin 10 - 12

      (2018 117 2019 100)

      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 JV with Schlumberger for the production of deep drilling rigs (oil amp gas)

      Market environment Growing construction markets worldwide lead to positive equipment demand

      Strong position due to efforts regarding quality efficiency and noise reduction

      Growth potential with specialized machines for mining water and offshore drilling

      Competition Trevi Liebherr Chinese manufactures

      (eg Sany XCMG)

      Further competition regarding special product types

      Current focus topics Focus on value analysis methods and purchase organization

      Optimizing and increasing after-sales services

      Key figures

      Key targets

      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 38

      EquipmentWhole range of products for special foundation engineering

      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 39

      EquipmentProduct range Deep Drilling

      Joint Ventureof Bauer amp Schlumberger

      In order to meet the upcoming market challenges out-of-the-box thinking

      is necessary and therefore integrated drilling and rig solutions are of

      growing importance

      Based on more than 40 years of experience in engineering and

      manufacturing of drilling rigs NeoRig develops and manufactures

      modern drilling solutions which set new standards of safety efficiency

      productivity and ease of service in the deep drilling business

      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

      ResourcesKey factsResources

      40

      Products amp services for environmental technology mining well construction

      and water cleaning

      Total Group revenues (incl JV) Order backlog EBIT

      ~ 20 of total Group revenues EBIT margin 6 - 8

      (2018 na 2019 na)

      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 amp Middle East

      Market environment Huge demand for environmental and water solutions

      Outstanding market position with ground-breaking projects in the field of cleaning drinking and process water eg the biological water treatment plant in Oman

      Competition Fragmented competition for each single product and service area

      Current focus topics Improvement of loss-making Jordan subsidiary which is caused by overcapacities

      Consistent proceeding of reorganization in the water related companies

      Focus on new projects for the profitable environment business

      Key figures

      Key targets

      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 41

      ResourcesPool of competences from a single hand

      Industrial Waste Water Process amp Produced Water NORM Constructed Wetlands Modelling amp Well Design Construction Material for Wells

      and Geothermal Water Distribution Management Irrigation Systems

      Remediation Landfill Restoration Decommissioning Demolition Hazardous Waste Management Soil Treatment and Waste

      Management

      Exploration Drilling Deep Geothermal Drilling Well Drilling Blast Hole Drilling

      EnvironmentWater Natural Resources

      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 42

      ResourcesWater ndash Process Water amp Water Distribution Management

      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 43

      ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman

      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 44

      Market environment ndash GermanyGerman construction market

      Source Federal Statistical Office Statistical Office Bavaria

      in EUR billion

      Germany2019

      Employees (in 1000)

      Revenues 922Building construction 508Foundation engineering 414

      Orders received in EUR billion

      Housebuilding 196Industrial building 363Public sectorof which

      public buildings 55road building 142underground structures 105

      ) only companies gt 20 employees

      49

      108

      95

      39

      109

      65

      80

      88

      38

      49

      82

      77

      112

      132

      25

      Dezember 2019 2018 20192017 2018

      in

      89

      97

      302

      861

      4867

      88

      100 82

      59

      125

      Weiszlig

      Bunt

      Kunterbunt

      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 45

      Building constructionpositive cash contribution

      Specialist foundation engineeringpre-financing need

      Financials Working capital needs ndash Comparison with building construction

      EUR

      12 24 months

      Positive cash contribution

      Negative cash contribution

      Con

      trac

      t val

      ue

      EUR

      Negative cash contribution

      12 24 months

      Con

      trac

      t val

      ue

      Construction contracts with short duration need

      No advance payments no front-loading of prices possible approx 2 - 3 months of pre-financing

      Negative cash contribution during construction phase

      Construction contracts with long durations

      Advance payments front-loading of prices

      Positive cash contribution during construction phase

      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 46

      BAUER shareFacts amp Figures

      Listed on Frankfurt stock exchange (Prime Standard) since July 4 2006

      Share capital EUR 7300142045

      Shares issued 17131000

      Issue price EUR 1675

      Share performance (012019 ndash 032020)

      Bauer familyFree float

      5181

      Shareholder structure

      4819

      in EUR 2015 2016 2017 2018 2019

      Earnings per share 173 066 016 132 -217

      Share price year end 1740 1140 3000 1216 1510

      Share price highest 1920 1716 3096 3125 2430

      Share price lowest 1385 945 1172 1208 1262

      Market Cap(in EUR million) 2981 1953 5139 2083 2587

      CDAXClassic All SharePrime All Share

      ISIN DE0005168108Reuters B5AGDEBloomberg B5A GR

      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

      050

      100 100

      060 060050

      030

      001

      015 015010 010 010

      001000

      030

      060

      090

      120

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

      47

      BAUER shareDividend policy

      Dividend payment Dividend policy founded on a reasonable balance between shareholders and company

      fair participation of shareholders maintaining continuity safeguarding of the equity ratio

      All shareholders shall participate in the success of the business

      After some difficult years we must continue to strike a careful balance between continuity and shareholder participation on the one hand and safeguarding our equity ratio on the other

      To secure an adequate equity ratio is an important aim of the companyrsquos 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

      in EUR per share

      000

      Proposed subject to the consent of the Annual General Meeting to be held on June 25 2020

      000

      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 48

      Key Figures Time LineFY 2008 ndash FY 2019

      In all three segments total Group revenues and EBIT figures of FY 2015 were influenced by exceptional earnings

      Total Group revenues 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(in EUR million)BAUER Group 15272 12758 13040 13718 14358 15042 15602 16564 15547 4482 4541 4766 3931 17720 3708 4215 4435 4503 16861 4109 4207 4078 3553 15947

      Construction 7009 5700 6154 6066 6552 7417 7256 7429 7131 2110 2205 2269 1766 8350 1508 1762 2100 2306 7676 1702 1722 1726 1538 6688Equipment 7801 6085 5817 6365 5891 6286 6392 7531 6344 1867 1853 1966 1859 7545 1808 1936 1802 1685 7231 1859 1950 1781 1547 7137Resources 1351 1743 1777 2115 2628 1889 2528 2216 2624 630 647 651 554 2482 517 676 699 723 2615 692 695 662 700 2749

      Sales revenues 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(in EUR million)BAUER Group 12908 10965 11317 12196 13444 14022 13757 13790 13969 3789 4512 4354 4022 16679 3184 3987 4051 4669 15891 3419 4035 3622 3633 14709

      Construction 5843 4879 5058 5062 5791 6575 6466 6508 6145 1966 2064 2145 1663 7838 1432 1642 2021 2168 7263 1616 1628 1605 1408 6257Equipment 6012 4565 4693 5114 5206 5616 5327 5480 5427 1266 1857 1685 1801 6609 1287 1736 1440 1938 6401 1253 1797 1417 1635 6102Resources 1051 1520 1564 2015 2443 1826 1959 1793 2382 553 577 532 553 2215 462 605 587 559 2213 548 607 597 583 2335

      EBIT 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(in EUR million)BAUER Group 1675 844 884 823 720 301 764 907 703 85 302 277 232 896 110 231 227 433 1001 104 248 133 -260 225

      Construction 463 257 288 179 220 212 260 139 297 09 124 81 -18 196 27 21 80 263 391 00 42 -34 -207 -199Equipment 1183 513 483 530 340 322 360 994 384 80 160 249 317 806 142 222 158 227 749 83 230 202 97 612Resources 40 60 81 109 152 -240 159 -198 -37 -01 09 -53 -55 -100 -57 -10 -12 -32 -110 27 -22 -30 -137 -162

      EBIT margin 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(in )BAUER Group 130 77 78 67 54 21 56 66 50 22 67 64 58 54 35 58 56 93 63 30 61 37 -72 15

      Construction 79 53 57 35 38 32 40 21 48 05 60 38 -11 25 19 13 39 121 54 00 26 -21 -147 -32Equipment 197 112 103 104 65 57 68 181 71 64 86 148 176 122 110 128 110 117 117 66 128 143 60 100Resources 38 39 52 54 62 -131 81 -110 -16 -02 15 -100 -99 -45 -123 -16 -20 -57 -50 49 -37 -49 -235 -69

      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

      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

      • Foliennummer 1
      • Foliennummer 2
      • Key FiguresFY 2019
      • Table of Content
      • Foliennummer 5
      • Foliennummer 6
      • Foliennummer 7
      • Foliennummer 8
      • BAUER Group Construction market environment vs order backlog
      • Foliennummer 10
      • Foliennummer 11
      • Table of Content
      • Foliennummer 13
      • Foliennummer 14
      • Foliennummer 15
      • Foliennummer 16
      • Foliennummer 17
      • Foliennummer 18
      • Foliennummer 19
      • Foliennummer 20
      • Foliennummer 21
      • Foliennummer 22
      • FinancialsIncome statement 12M 2019
      • Financials Balance sheet December 31 2019
      • FinancialsCash flow statement 12M 2019
      • Foliennummer 26
      • Foliennummer 27
      • Table of Content
      • BAUER GroupThe history ndash Two centuries of experience
      • Foliennummer 30
      • BAUER GroupThe three segments
      • Foliennummer 32
      • Foliennummer 33
      • What is specialist foundationBuilding an excavation pit
      • What is specialist foundation used forApplications
      • ConstructionMunich Germany ndash Foundation works for a boarding house
      • Foliennummer 37
      • EquipmentWhole range of products for special foundation engineering
      • EquipmentProduct range Deep Drilling
      • Foliennummer 40
      • ResourcesPool of competences from a single hand
      • ResourcesWater ndash Process Water amp Water Distribution Management
      • ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
      • Market environment ndash Germany German construction market
      • Financials Working capital needs ndash Comparison with building construction
      • BAUER shareFacts amp Figures
      • BAUER shareDividend policy
      • Foliennummer 48
      • Disclaimer
        Zweistelliges Auftragsplus am Bau in Bayern
        Absolute WerteVeraumlnderungen in
        August 20062004BayernWestdeutschlandOstdeutschland
        BayernWest-Ost-200420040200420040200420040
        LaumlnderLaumlnder199420030199420030199420030
        Beschaumlftigte in 1000126152831887-52-5200-432-60-5200-539-7200
        Baugenehmigungen Mio msup3 umb Raum6532572423-108-10800-252-8400-68-10300
        Umsatz in Mrd EUR139570173-249-5800-277-4500-399-7600
        Hochbau9637192-265-5600-301-4400-507-7400
        Tiefbau4319981-217-6200-222-4500-207-7900
        09033799-393-10000-452-5600-580-6000
        in Mrd EUR
        Wohnungsbau236511-480-7100-561-6400-771-20700
        Wirtschaftsbau3314040-347-10500-457-5900-603-9400
        Oumlffentlicher Bau3313148-352-11500-346-4900-3821800
        darunter
        Oumlffentl Hochbau092509-324-8500-480-0100-5616900
        Straszligenbau125821-128-11200-146-5100-1604200
        Sonstiger Tiefbau124818-502-13700-425-7100-467-3400
        19712561362168-243-95248-173-23210-21146
        1) Bei Baugenehmigungen liegen erst die Oktoberwerte vor
        1) Bei Baugenehmigungen liegen erst die Februarwerte vor
        2) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten
        in EUR billionin
        Dezember 2019Germany20052005Jan - Aug20182019
        201919942004060520172018
        Employees (in 1000)4867-47-60-104949
        Revenues922-305-647310882
        Building construction508-318-611009577
        Foundation engineering414-280-711212588
        Orders received861-3743110610082
        in EUR billion
        Housebuilding196-489-181211297
        Industrial building363-3036818113289
        Public sector302-33132995965
        of which
        public buildings55-23812729025109
        road building142-138-12478839
        underground structures105-49515223880
        1256168-243-95-173-23
        1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
        ) only companies gt 20 employees
        Zweistelliges Auftragsplus am Bau in Bayern
        Absolute WerteVeraumlnderungen in
        August 20062005BayernWestdeutschlandOstdeutschland
        BayernWest-Ost-20052005Jan - Aug20052005Jan - Aug20052005Jan - Aug
        LaumlnderLaumlnder199420040605199420040605199420040605
        Beschaumlftigte in 1000126152831887-470-60-10-465-60-58-38-578-85-51
        Baugenehmigungen Mio msup3 umb Raum6532572423-395-101249-417-41171-680-157259
        Umsatz in Mrd EUR139570173-305-6473-312-4835-452-8813
        Hochbau9637192-318-61100-336-5048-565-11835
        Tiefbau4319981-280-7112-255-4311-247-51-14
        Auftragseingang9033799-37431106-4470984-609-7043
        in Mrd EUR
        Wohnungsbau236511-489-1812-586-5888-805-14841
        Wirtschaftsbau3314040-30368181-43345104-625-56121
        Oumlffentlicher Bau3313148-3313299-3400972-420-62-18
        darunter
        Oumlffentl Hochbau092509-238127290-500-38142-602-93-51
        Straszligenbau125821-138-1247-965978-211-8582
        Sonstiger Tiefbau124818-4951522-439-2430-477-18-124
        19712561362168-243-95248-173-23210-21146
        1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
        ) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 4

        Table of Content

        BAUER Group ndash Strategy Chances amp Markets

        Appendix

        Financials FYQ4 2019 amp Guidance

        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 5

        The BAUER Group is a leading provider of services equipment amp products dealing with ground and groundwater

        Mission

        Strategy

        The world is our market

        Global network organization with flexible decentralized management

        Three forward-looking segments providing high level of synergies Construction Equipment Resources

        World market leadership for foundation technology

        Powerful development of drilling applications and servicesfor related markets

        Highly innovative products and services related to water environmentand natural resources

        BAUER GroupMission amp Strategy

        EUR 16 billiontotal Group revenues

        EUR 225 millionEBIT

        15EBIT margin

        238equity ratio

        11684employees FY 2019

        Key targets Revenue growth 3 - 8 per year

        EBIT margin 7 - 9

        Equity ratio gt 30

        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 6

        Equipment673

        ConstructionOverseas433

        ConstructionDomestic220

        Resources269

        BAUER GroupLongstanding healthy business development

        1600

        1000

        1400

        800

        600

        200

        1200

        400

        1800

        Note from 2003 based on IFRS figures

        0

        Total 1595Total Group revenuesin EUR million (segment after deducting OtherConsolidation)

        1980 1984 2000 2004 200819921988 1996 2012 2016 2019

        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

        9801208

        15271278 1304 1372 1436 1504 1560 1656 1555

        1772 1686 1595

        0

        400

        800

        1200

        1600

        2000

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

        8351033

        12911097 1132 1220

        1344 1402 1376 1379 13971668 1589

        1471

        0

        400

        800

        1200

        1600

        2000

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

        Sales revenuesin EUR million

        Total Group revenuesin EUR million

        7

        CAGR38

        BAUER GroupLongstanding healthy business development

        CAGR45

        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 8

        Schrobenhausen

        Kuala LumpurTianjinConroe

        Worldwide networkMore than 110 subsidiaries in about 70 countries

        Permanent OfficesConstructionEquipment salesResourcesEquipment production

        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

        Market few large projects in some countries

        Bauer low order backlog

        Latin America

        Market stable markets in most Western European countries slow development in Eastern Europe Russia remains weak

        Bauer good backlog in UK Netherlands and Hungary Russia weak

        Europe

        Market positive development inThailand Indonesia Philippines Australia Malaysia Vietnam weak stable demand in China (equipment)

        Bauer major projects especially in Thailand and Philippines

        Far East

        Market few projects in some countries Egypt with slow growth

        Bauer focus only on single projects reasonable backlog in Egypt

        Africa

        Market ongoing uncertainty as a result of oil price and political crisis

        Bauer reasonable order backlog in UAE and Qatar major project in Jordan slight recovery in Saudi Arabia Lebanon very weak bigger projects in Bangladesh and Bhutan

        Middle East amp Central Asia

        Market the infrastructure market in the USA is still strong

        Bauer good backlog with mainly federal projects in the USA reasonable workload in Canada

        USA Canada Market good first signs of weakening growth in infrastructure expected

        Bauer solid order backlog

        Germany

        9

        BAUER GroupConstruction market environment vs order backlog

        +

        +

        oo

        +

        +

        +

        +

        -o

        +

        +

        o+

        -- weak - slightly weak o stable + growing ++ strong growthThe corona pandemic can have a significant impact on this basic market assessment Last update April 2020

        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 10

        Regional breakdownTotal Group revenues FY 2019 ndash Group

        Africa 80 (5)

        Americas 192 (12)

        Asia-PacificFar East amp Australia266 (17)

        Middle East amp Central Asia208 (13)

        Germany 519 (33)

        EU excl Germany 259 (16)

        Europe (other)71 (4)

        Africa 73 (4)

        Americas 171 (10)

        Asia-PacificFar East amp Australia428 (25)

        Middle East amp Central Asia212 (13)

        Germany 467 (28)

        EU excl Germany 276 (16)

        Europe (other)59 (4)

        Full year 2018Total 1686in EUR million

        Total 1595 in EUR million

        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 11

        Regional breakdownTotal Group revenues FY 2019 ndash Segments

        Construction segment Equipment segment Resources segment

        Figures after deducting OtherConsolidation

        Africa 50 (8)

        Americas 47 (7)

        Asia-Pacific Far East amp Australia85 (13)

        Middle East amp Central Asia136 (21)

        Germany 220 (34)

        EU excl Germany 89 (13)

        Europe (other)26 (4)

        Africa 18 (3)

        Americas 138 (20)

        Asia-PacificFar East amp Australia180 (27)

        Middle East amp Central Asia34 (5)

        Germany 111 (16)

        EU excl Germany 147 (22)

        Europe (other)45 (7)

        Africa 12 (4)

        Americas 7 (3)

        Asia-Pacific Far East amp Australia 1 (0)

        Middle East amp Central Asia 38 (14)

        Germany 188 (70)

        EU excl Germany 23 (9)

        Europe (other)0 (0)

        Total 653in EUR million

        Total 673 Total 269

        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 12

        Table of Content

        BAUER Group ndash Strategy Chances amp Markets

        Appendix

        Financials FYQ4 2019 amp Guidance

        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

        379 484 429 420

        381454 386 418

        396409

        422 450

        411394 485 321

        2016 2017 2018 2019

        15551772 1686 1595

        13971668 1589

        1471

        0

        400

        800

        1200

        1600

        2000

        2016 2017 2018 2019

        1008 978 1014 1028

        0

        250

        500

        750

        1000

        1250

        2016 2017 2018 2019

        703896

        1001

        22514437

        241

        -366-50

        -25

        0

        25

        50

        75

        100

        125

        2016 2017 2018 2019

        13

        Q1

        Q2

        Q3

        Q4

        FinancialsRevenues earnings amp orders ndash Group

        Revenues

        Earnings

        Order backlog

        Order intake

        in EUR million

        in EUR million in EUR million

        in EUR millionTotal Group revenues Sales revenues

        EBIT Earnings after tax

        1567

        +14

        -661741

        -54-74

        ∆ FY

        -775na

        ∆ FY 1722 1609

        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

        231154

        768669

        2018 2019

        547639

        2018 2019

        263

        -207

        391

        -199

        2018 2019

        FinancialsConstruction segment ndash Highlights FY 2019

        Construction

        Global provider for specialist foundation engineering services

        Focus on complex international projects

        ~ 5050 infrastructure industrialTotal Group revenuesin EUR million

        Order backlogin EUR million

        EBITin EUR million

        Total Group revenues fell by 129 to EUR 6688 million compared to EUR 7676 million At EUR -199 million EBIT was markedly negative (2018 EUR 391 million) At EUR -527 million earnings after taxes were negative In 2018 positive earnings of EUR 96 million were reported

        The verdict on appeal against an arbitration court verdict from 2018 resulted in a considerable valuation allowance of about EUR 40 million This had an impact of corresponding magnitude on revenues and earnings figures for the segment The decline is also attributable to the markets of the Far East and Australia which were affected by a lack of orders and project postponements

        At EUR 6386 million order backlog which was 167 well above the previous years figure of EUR 5473 million is at a record level At EUR 7601 million order intake fell back by 76 from EUR 8222 million The order book lasts for 115 months

        14

        -129+167Full year 2019

        41 of total Group revenues EBIT margin -32Key targets ~ 40 of total Group revenues (TGR) EBIT margin 4 - 6

        Key figures to be considered TGR order backlog EBIT

        FYQ4

        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

        178 177 187 183 193176

        195178

        156171 185

        201 211 221 227

        177151

        176210 231

        170 172 173154

        0

        50

        100

        150

        200

        250

        Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

        436 477 472 455513 551 584 591 585 575 578 585 578

        526 516 493 511 507 503 547 546 551631 639

        0

        150

        300

        450

        600

        750

        Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

        FinancialsConstruction segment ndash Revenues and order development

        Order backlogin EUR million

        Total Group revenuesin EUR million

        Construction

        15

        -333

        +167

        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

        194 164

        640 610

        2018 2019

        724 672

        2018 2019

        227

        97

        749

        612

        2018 2019

        FinancialsEquipment segment ndash Highlights FY 2019

        Market leader in specialist foundation equipment

        New products for mining deep drilling and offshore drilling

        About 80 of sales abroad Sales revenuesin EUR million

        Order intakein EUR million

        EBITin EUR million

        Equipment Total Group revenues fell slightly by 13 from EUR 7231 million to EUR 7136

        million Sales revenues also dropped by 47 from EUR 6401 million to EUR 6102 million Accordingly EBIT decreased from EUR 749 million to EUR 612 million Earnings after taxes rose slightly from EUR 340 million to EUR 395 million in particular because of a lower tax burden and lower at-equity loss compared with the previous year

        In the overall very favorable market environment we succeeded in keeping revenue sales and earnings at very good levels The main drivers were once again the sales markets in Europe and China

        Order intake performed less well in the second half of 2019 Overall it fell by 71 from EUR 7237 million to EUR 6721 million Order backlog was EUR 1083 million remaining significantly below the previous years level of EUR 1500 million

        16

        -47 -76Full year 2019 42 of total Group revenues EBIT margin 100Key targets ~ 40 of total Group revenues EBIT margin 10 - 12Key figures to be considered Sales revenues order intake EBIT

        -183FYQ4

        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

        103 115143

        171

        100137 129

        181

        108 115 123

        197

        127

        186169 180

        129

        174144

        194

        125

        180

        142164

        0

        50

        100

        150

        200

        250

        Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

        165 163187

        162 177155 166 152 161 159 160 171

        212 218

        148182

        227

        170 160 167186 192

        168

        127

        0

        50

        100

        150

        200

        250

        Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

        FinancialsEquipment segment ndash Revenues and order development

        Order intakein EUR million

        Sales revenuesin EUR million

        Equipment

        17

        -156

        -239

        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

        72 70

        261 275

        2018 2019

        316281

        2018 2019

        -32

        -137-110

        -1622018 2019

        FinancialsResources segment ndash Highlights FY 2019

        Products amp services related to water environment and natural resources

        Competence areas water treatment environmental remediation waste management drilling technologies and constructed wetlands

        Total Group revenuesin EUR million

        Order backlogin EUR million

        EBITin EUR million

        Resources Total Group revenues increased by 51 from EUR 2615 million in the previous

        year to EUR 2749 million EBIT decreased from EUR -110 million to EUR -162 million and earnings after taxes were up from EUR -160 million in the previous year to EUR -137 million primarily due to higher at-equity earnings

        The segment fell short of expectations once again in 2019 While earnings from the operating business improved significantly underutilization in Jordan a weak order situation in the business with brewery and beverage technology further restructuring expenditure and adjustments for receivables from old projects primarily proved to be a burden

        At the order backlog was down 113 from EUR 3165 million to EUR 2807 million The decline is essentially due to progress on the large Kesslergrube project The order intake was EUR 2391 million in 2019 and thus 13 slightly below the 2018 value of EUR 2422 million The order book lasts for 123 months

        18

        +51-113Full year 2019

        17 of total Group revenues EBIT margin naKey targets ~ 20 of total Group revenues (TGR) EBIT margin 6 - 8Key figures to be considered TGR order backlog EBIT

        FYQ4

        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

        48 5360

        92

        5448

        75

        44

        71 67 6657 63 65 65

        55 52

        68 70 72 69 70 66 70

        0

        20

        40

        60

        80

        100

        Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

        173 169 172 153 173 174

        274 276 287 294 290 279 297 317 308336 330 321 324 316 327 322

        295 281

        0

        75

        150

        225

        300

        375

        Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

        FinancialsResources segment ndash Revenues and order development

        Order backlogin EUR million

        Total Group revenuesin EUR million

        Resources

        19

        -32

        -113

        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

        FinancialsWorking capital amp net debt ndash Financing of future revenues

        Bauerrsquos 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 Receivables

        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 247 after-sales service A relatively large rental fleet is needed for different contract types (eg rental purchase)

        Resources segment Outstanding customer payments (water business) and receivables on projects (environmental amp drilling business)

        75-8015-20 ~5

        Construction Equipment Resources20-2555-60 15-20

        20

        Key facts

        Why does the business model needs so much working capital

        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

        629 608549 552

        467

        665 677594 562 564

        0

        150

        300

        450

        600

        750

        2015 2016 2017 2018 2019

        646 665 677594 562 564

        171 185 158 183 199123

        38 36

        43

        33

        28

        46

        00

        10

        20

        30

        40

        50

        0

        160

        320

        480

        640

        800

        2014 2015 2016 2017 2018 2019

        1656 15551772 1686 1595

        665 677 594 562 564

        0

        360

        720

        1080

        1440

        1800

        2015 2016 2017 2018 201921

        FinancialsWorking capital amp net debt ndash Current development

        Total Group revenues net debtin EUR million

        Net debtWorking capital

        EBITDANet debt

        Current development At EUR 5637 million net debt was at the same level

        as 2018 This was essentially due to the new IFRS 16 standard and the market valuation of financial liabilities Pure bank debt has seen further reductions which demonstrates that our numerous measures are making progress

        Net debt to EBITDA ratio has worsened substantially as a consequence of significantly lower earnings than originally expected Our target range is a ratio of below 30 yearend

        -37-152

        ∆ 20152019

        Working capital net debtin EUR million

        Net debt EBITDA ratioin EUR million

        Net debtTotal Group revenues ndash Net debtEBITDA

        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

        711 720 736

        604

        726 701 700629 672 709 684

        608674 646 628

        549 576624 629

        552 584 609 591

        467

        0

        160

        320

        480

        640

        800

        Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

        773 776 778

        646

        779 752 749665

        743 762 736677

        740 712 686594 639 678 679

        562620 648 637

        564

        0

        160

        320

        480

        640

        800

        Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

        22

        FinancialsWorking capital amp net debt are lower year-end than during the year

        Net debt (excl pensions)in EUR million

        Working capitalin EUR million -154

        +03

        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 23

        FinancialsIncome statement 12M 2019in EUR 000 12M 2018 12M 2019 ∆ in

        Sales revenues (PampL) 1589091 1470922 -74

        Consolidated revenues (PampL) 1616936 1537691 -49

        Cost of materials -821496 -783126 -47

        Personel expenses -392384 -418805 67

        Other operation expenses -204440 -212713 40

        EBITDA 198616 123047 -380

        Depreciation of fixed assets -80967 -84760 47

        Write-downs of inventories due to use -17590 -15806 -101

        EBIT 100059 22481 -775

        Financial income 38204 33742 -117

        Financial expenses -76992 -78766 23

        Share of profitloss of associated companies (equity method) 4594 11225 na

        Earnings before tax (EBT) 65865 -11318 na

        Income tax expense -41778 -25232 -396

        Earnings after tax 24087 -36550 na

        of which attributable to shareholders of BAUER AG 22577 -37146 na

        of which attributable to non-controlling interests 1510 596 -605

        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 24

        Financials Balance sheet December 31 2019in EUR 000 Dec 31 2018 Dec 31 2019 ∆ in Assets 1632284 1628549 -02

        Non-current assets 621041 692778 116Intangible assets 18077 16946 -63Property plant and equipment and investment property 411571 460470 119Investments accounted for using the equity method 113019 118185 46Participations 8350 8806 55Other non-current assets amp deferred tax assets 70024 88371 262Current assets 1011243 935771 -75Inventories 365865 405401 108Rental equipment 60488 61838 22Less advances received on inventories -16098 -8921 -446

        410255 458318 117Receivables and other assets 535111 434608 -188Effective income tax refund claims 3290 5270 602Cash and cash equivalents 62587 37575 -400

        Equity and liabilities 1632284 1628549 -02

        Equity 431816 386916 -104Non-current debt 501424 327118 -348Provisions for pensions 134389 158641 180Non-current liabilities amp deferred tax liabilities 367035 257977 -297Current debt 699044 914515 308Financial liabilities 286104 376453 316Other current liabilities 357851 402318 124Effective income tax obligations 31687 19566 -383Provisions 23402 26678 140

        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 25

        FinancialsCash flow statement 12M 2019in EUR 000 12M 2018 12M 2019 ∆ in

        Cash flow from operational activity 147444 168882 145

        Cash flow from investment activity -57600 -75213 306

        Cash flow from financing activity -75088 -120339 603

        Free Cash Flow 89844 93669 43

        Changes in liquid funds affecting payments 14756 -26670 na

        Influence of exchange rate movements on cash 565 1658 na

        Total change in liquid funds 15321 -25012 na

        Cash and cash equivalents at beginning of reporting period 47266 62587 324

        Cash and cash equivalents at end of reporting period 62587 37575 -400

        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 26

        FinancialsForecast 2020 ndash More cautious view due to coronavirus pandemic

        2019 final

        Total Group Revenues 1594 EUR million slight increase

        Revenue growth -54 3 - 8

        EBIT 225 EUR million significant increase

        EBIT margin 15 7 - 9

        Earnings after tax -366 EUR million significant increase in the positive area

        Equity ratio 238 gt 30

        2020 forecast Long-term goal

        Slope stabilisation with BG 15 ndash Germany Largest water treatment plant ndash Nimr OmanCompact cutter system for Grand Paris

        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 27

        BAUER AktiengesellschaftBAUER-Straszlige 186529 SchrobenhausenGermany

        Tel +49 8252 97-1218investorrelationsbauerdewwwbauerde

        April 9 2020 Annual Report 2019Analyst amp Press Conference

        May 13 2020 Quarterly Statement Q1 2020

        June 25 2020 Annual General Meeting

        August 13 2020 Half-Year Interim Report toJune 30 2020

        November 13 2020 Quarterly Statement 9MQ3 2020

        wwwyoutubecomBauergruppe

        wwwfacebookcomBauerAGgroup

        Investor RelationsFinancial calendar amp contact

        Christopher WolfHead of Investor Relations

        2020

        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 28

        Table of Content

        BAUER Group ndash Strategy Chances amp Markets

        Appendix

        Financials FYQ4 2019 amp Guidance

        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 29

        1790 middot 1900 middot 1902 middot 1928 middot 1948 middot 1956 middot 1958 middot 1967 middot 1969 middot 1972 middot 1975 middot 1976 middot 1984 middot 1990 middot 1992 middot 1994 middot 1998 middot 2001 middot 2019

        BAUER GroupThe history ndash Two centuries of experience

        End of 1970rsquosStart of

        internationalisation

        Early 1990rsquosBuild up of

        specialist construction environmental business

        FY 2019Total Group

        revenues EUR 16 billion 11684

        employees

        4 Jul 2006IPO

        Early 1970rsquosStart of equipment

        manufacturing

        Company founded as copper forge

        After WW II (1950s)Start of construction

        business

        Early 1980rsquosSelling of equipment to

        third parties

        1790 1900-1970 1980-1990 2000-2019

        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 30

        Michael Stomberg (CEO) HSE IT Process Management Quality Management

        Florian Bauer Digitalization Development

        Coordination Training Company Culture

        Hartmut Beutler (CFO) Financing amp Treasury Legal Affairs amp Insurance IR amp Corporate

        Communications Facility Management Media Design

        Peter Hingott Group Controlling amp

        Accounting Human Resources Group Purchasing

        Management BoardBAUER AG

        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 31

        BAUER GroupThe three segments

        31copy BAUER AG D-86529 Schrobenhausen

        Target ~ 40 of total Group revenues

        Market leader in specialist foundation equipment

        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

        Target ~ 20 of total Group revenues Activities in

        environmental technology deep drilling well construction materials

        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 32

        BAUER GroupChallenges of the world provide chances for the company

        The megatrend of urbanization requires construction solutions for the city of the future

        To deal with the scarcity of drinking water purification and supply technologies are needed

        The increasing mobility in society demands new and renewed transport routes

        Changing social values are fundamentally revolutionizing the business world

        UrbanizationInfrastructure Water

        CultureA change in energy supply can only be realized through comprehensive construction works

        The remediation of contaminated soil is the key to sustainable utilization of resources

        Energy transitionEnvironment

        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

        ConstructionKey factsConstruction

        Leading global provider for specialist foundation engineering

        services

        33

        Total Group revenues (incl JV) Order backlog EBIT

        ~ 40 of total Group revenues EBIT margin 4 - 6

        (2018 54 2019 na)

        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 5050 infrastructureindustrial split

        Figures are somewhat cyclical between the quarters ndash focus on the entire year

        Market environment Growing construction markets worldwide

        Special foundation engineering is growing stronger than construction markets

        Huge pent-up demand in developed countries and in emerging markets

        Competition Keller Trevi Soletanche Bachy

        (worldwide)

        Local competitors in each country

        Current focus topics Improving project and risk management especially for major projects

        Leading in digitalization solutions for our market

        Key figures

        Key targets

        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 34

        What is specialist foundationBuilding an excavation pit

        Permeation Grouting

        Mixed-In-Place Method

        Injection Anchor

        Diaphragm andCut-off Wall

        Pile Foundation

        Piling Retaining Wall

        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 35

        What is specialist foundation used forApplications

        Foundationsfor the highest buildings in the world

        Excavation Pits for every problem and requirement

        Ground Improvementallows projects on weak ground

        Cut-off Walls as solution for dams and dikes

        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 36

        ConstructionMunich Germany ndash Foundation works for a boarding house

        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

        EquipmentKey facts

        Market leader in specialistfoundation equipment

        Equipment

        37

        Sales revenues (excl JV) Order intake EBIT

        ~ 40 of total Group revenues EBIT margin 10 - 12

        (2018 117 2019 100)

        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 JV with Schlumberger for the production of deep drilling rigs (oil amp gas)

        Market environment Growing construction markets worldwide lead to positive equipment demand

        Strong position due to efforts regarding quality efficiency and noise reduction

        Growth potential with specialized machines for mining water and offshore drilling

        Competition Trevi Liebherr Chinese manufactures

        (eg Sany XCMG)

        Further competition regarding special product types

        Current focus topics Focus on value analysis methods and purchase organization

        Optimizing and increasing after-sales services

        Key figures

        Key targets

        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 38

        EquipmentWhole range of products for special foundation engineering

        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 39

        EquipmentProduct range Deep Drilling

        Joint Ventureof Bauer amp Schlumberger

        In order to meet the upcoming market challenges out-of-the-box thinking

        is necessary and therefore integrated drilling and rig solutions are of

        growing importance

        Based on more than 40 years of experience in engineering and

        manufacturing of drilling rigs NeoRig develops and manufactures

        modern drilling solutions which set new standards of safety efficiency

        productivity and ease of service in the deep drilling business

        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

        ResourcesKey factsResources

        40

        Products amp services for environmental technology mining well construction

        and water cleaning

        Total Group revenues (incl JV) Order backlog EBIT

        ~ 20 of total Group revenues EBIT margin 6 - 8

        (2018 na 2019 na)

        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 amp Middle East

        Market environment Huge demand for environmental and water solutions

        Outstanding market position with ground-breaking projects in the field of cleaning drinking and process water eg the biological water treatment plant in Oman

        Competition Fragmented competition for each single product and service area

        Current focus topics Improvement of loss-making Jordan subsidiary which is caused by overcapacities

        Consistent proceeding of reorganization in the water related companies

        Focus on new projects for the profitable environment business

        Key figures

        Key targets

        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 41

        ResourcesPool of competences from a single hand

        Industrial Waste Water Process amp Produced Water NORM Constructed Wetlands Modelling amp Well Design Construction Material for Wells

        and Geothermal Water Distribution Management Irrigation Systems

        Remediation Landfill Restoration Decommissioning Demolition Hazardous Waste Management Soil Treatment and Waste

        Management

        Exploration Drilling Deep Geothermal Drilling Well Drilling Blast Hole Drilling

        EnvironmentWater Natural Resources

        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 42

        ResourcesWater ndash Process Water amp Water Distribution Management

        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 43

        ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman

        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 44

        Market environment ndash GermanyGerman construction market

        Source Federal Statistical Office Statistical Office Bavaria

        in EUR billion

        Germany2019

        Employees (in 1000)

        Revenues 922Building construction 508Foundation engineering 414

        Orders received in EUR billion

        Housebuilding 196Industrial building 363Public sectorof which

        public buildings 55road building 142underground structures 105

        ) only companies gt 20 employees

        49

        108

        95

        39

        109

        65

        80

        88

        38

        49

        82

        77

        112

        132

        25

        Dezember 2019 2018 20192017 2018

        in

        89

        97

        302

        861

        4867

        88

        100 82

        59

        125

        Weiszlig

        Bunt

        Kunterbunt

        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 45

        Building constructionpositive cash contribution

        Specialist foundation engineeringpre-financing need

        Financials Working capital needs ndash Comparison with building construction

        EUR

        12 24 months

        Positive cash contribution

        Negative cash contribution

        Con

        trac

        t val

        ue

        EUR

        Negative cash contribution

        12 24 months

        Con

        trac

        t val

        ue

        Construction contracts with short duration need

        No advance payments no front-loading of prices possible approx 2 - 3 months of pre-financing

        Negative cash contribution during construction phase

        Construction contracts with long durations

        Advance payments front-loading of prices

        Positive cash contribution during construction phase

        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 46

        BAUER shareFacts amp Figures

        Listed on Frankfurt stock exchange (Prime Standard) since July 4 2006

        Share capital EUR 7300142045

        Shares issued 17131000

        Issue price EUR 1675

        Share performance (012019 ndash 032020)

        Bauer familyFree float

        5181

        Shareholder structure

        4819

        in EUR 2015 2016 2017 2018 2019

        Earnings per share 173 066 016 132 -217

        Share price year end 1740 1140 3000 1216 1510

        Share price highest 1920 1716 3096 3125 2430

        Share price lowest 1385 945 1172 1208 1262

        Market Cap(in EUR million) 2981 1953 5139 2083 2587

        CDAXClassic All SharePrime All Share

        ISIN DE0005168108Reuters B5AGDEBloomberg B5A GR

        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

        050

        100 100

        060 060050

        030

        001

        015 015010 010 010

        001000

        030

        060

        090

        120

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

        47

        BAUER shareDividend policy

        Dividend payment Dividend policy founded on a reasonable balance between shareholders and company

        fair participation of shareholders maintaining continuity safeguarding of the equity ratio

        All shareholders shall participate in the success of the business

        After some difficult years we must continue to strike a careful balance between continuity and shareholder participation on the one hand and safeguarding our equity ratio on the other

        To secure an adequate equity ratio is an important aim of the companyrsquos 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

        in EUR per share

        000

        Proposed subject to the consent of the Annual General Meeting to be held on June 25 2020

        000

        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 48

        Key Figures Time LineFY 2008 ndash FY 2019

        In all three segments total Group revenues and EBIT figures of FY 2015 were influenced by exceptional earnings

        Total Group revenues 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(in EUR million)BAUER Group 15272 12758 13040 13718 14358 15042 15602 16564 15547 4482 4541 4766 3931 17720 3708 4215 4435 4503 16861 4109 4207 4078 3553 15947

        Construction 7009 5700 6154 6066 6552 7417 7256 7429 7131 2110 2205 2269 1766 8350 1508 1762 2100 2306 7676 1702 1722 1726 1538 6688Equipment 7801 6085 5817 6365 5891 6286 6392 7531 6344 1867 1853 1966 1859 7545 1808 1936 1802 1685 7231 1859 1950 1781 1547 7137Resources 1351 1743 1777 2115 2628 1889 2528 2216 2624 630 647 651 554 2482 517 676 699 723 2615 692 695 662 700 2749

        Sales revenues 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(in EUR million)BAUER Group 12908 10965 11317 12196 13444 14022 13757 13790 13969 3789 4512 4354 4022 16679 3184 3987 4051 4669 15891 3419 4035 3622 3633 14709

        Construction 5843 4879 5058 5062 5791 6575 6466 6508 6145 1966 2064 2145 1663 7838 1432 1642 2021 2168 7263 1616 1628 1605 1408 6257Equipment 6012 4565 4693 5114 5206 5616 5327 5480 5427 1266 1857 1685 1801 6609 1287 1736 1440 1938 6401 1253 1797 1417 1635 6102Resources 1051 1520 1564 2015 2443 1826 1959 1793 2382 553 577 532 553 2215 462 605 587 559 2213 548 607 597 583 2335

        EBIT 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(in EUR million)BAUER Group 1675 844 884 823 720 301 764 907 703 85 302 277 232 896 110 231 227 433 1001 104 248 133 -260 225

        Construction 463 257 288 179 220 212 260 139 297 09 124 81 -18 196 27 21 80 263 391 00 42 -34 -207 -199Equipment 1183 513 483 530 340 322 360 994 384 80 160 249 317 806 142 222 158 227 749 83 230 202 97 612Resources 40 60 81 109 152 -240 159 -198 -37 -01 09 -53 -55 -100 -57 -10 -12 -32 -110 27 -22 -30 -137 -162

        EBIT margin 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(in )BAUER Group 130 77 78 67 54 21 56 66 50 22 67 64 58 54 35 58 56 93 63 30 61 37 -72 15

        Construction 79 53 57 35 38 32 40 21 48 05 60 38 -11 25 19 13 39 121 54 00 26 -21 -147 -32Equipment 197 112 103 104 65 57 68 181 71 64 86 148 176 122 110 128 110 117 117 66 128 143 60 100Resources 38 39 52 54 62 -131 81 -110 -16 -02 15 -100 -99 -45 -123 -16 -20 -57 -50 49 -37 -49 -235 -69

        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

        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

        • Foliennummer 1
        • Foliennummer 2
        • Key FiguresFY 2019
        • Table of Content
        • Foliennummer 5
        • Foliennummer 6
        • Foliennummer 7
        • Foliennummer 8
        • BAUER Group Construction market environment vs order backlog
        • Foliennummer 10
        • Foliennummer 11
        • Table of Content
        • Foliennummer 13
        • Foliennummer 14
        • Foliennummer 15
        • Foliennummer 16
        • Foliennummer 17
        • Foliennummer 18
        • Foliennummer 19
        • Foliennummer 20
        • Foliennummer 21
        • Foliennummer 22
        • FinancialsIncome statement 12M 2019
        • Financials Balance sheet December 31 2019
        • FinancialsCash flow statement 12M 2019
        • Foliennummer 26
        • Foliennummer 27
        • Table of Content
        • BAUER GroupThe history ndash Two centuries of experience
        • Foliennummer 30
        • BAUER GroupThe three segments
        • Foliennummer 32
        • Foliennummer 33
        • What is specialist foundationBuilding an excavation pit
        • What is specialist foundation used forApplications
        • ConstructionMunich Germany ndash Foundation works for a boarding house
        • Foliennummer 37
        • EquipmentWhole range of products for special foundation engineering
        • EquipmentProduct range Deep Drilling
        • Foliennummer 40
        • ResourcesPool of competences from a single hand
        • ResourcesWater ndash Process Water amp Water Distribution Management
        • ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
        • Market environment ndash Germany German construction market
        • Financials Working capital needs ndash Comparison with building construction
        • BAUER shareFacts amp Figures
        • BAUER shareDividend policy
        • Foliennummer 48
        • Disclaimer
          Zweistelliges Auftragsplus am Bau in Bayern
          Absolute WerteVeraumlnderungen in
          August 20062004BayernWestdeutschlandOstdeutschland
          BayernWest-Ost-200420040200420040200420040
          LaumlnderLaumlnder199420030199420030199420030
          Beschaumlftigte in 1000126152831887-52-5200-432-60-5200-539-7200
          Baugenehmigungen Mio msup3 umb Raum6532572423-108-10800-252-8400-68-10300
          Umsatz in Mrd EUR139570173-249-5800-277-4500-399-7600
          Hochbau9637192-265-5600-301-4400-507-7400
          Tiefbau4319981-217-6200-222-4500-207-7900
          09033799-393-10000-452-5600-580-6000
          in Mrd EUR
          Wohnungsbau236511-480-7100-561-6400-771-20700
          Wirtschaftsbau3314040-347-10500-457-5900-603-9400
          Oumlffentlicher Bau3313148-352-11500-346-4900-3821800
          darunter
          Oumlffentl Hochbau092509-324-8500-480-0100-5616900
          Straszligenbau125821-128-11200-146-5100-1604200
          Sonstiger Tiefbau124818-502-13700-425-7100-467-3400
          19712561362168-243-95248-173-23210-21146
          1) Bei Baugenehmigungen liegen erst die Oktoberwerte vor
          1) Bei Baugenehmigungen liegen erst die Februarwerte vor
          2) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten
          in EUR billionin
          Dezember 2019Germany20052005Jan - Aug20182019
          201919942004060520172018
          Employees (in 1000)4867-47-60-104949
          Revenues922-305-647310882
          Building construction508-318-611009577
          Foundation engineering414-280-711212588
          Orders received861-3743110610082
          in EUR billion
          Housebuilding196-489-181211297
          Industrial building363-3036818113289
          Public sector302-33132995965
          of which
          public buildings55-23812729025109
          road building142-138-12478839
          underground structures105-49515223880
          1256168-243-95-173-23
          1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
          ) only companies gt 20 employees
          Zweistelliges Auftragsplus am Bau in Bayern
          Absolute WerteVeraumlnderungen in
          August 20062005BayernWestdeutschlandOstdeutschland
          BayernWest-Ost-20052005Jan - Aug20052005Jan - Aug20052005Jan - Aug
          LaumlnderLaumlnder199420040605199420040605199420040605
          Beschaumlftigte in 1000126152831887-470-60-10-465-60-58-38-578-85-51
          Baugenehmigungen Mio msup3 umb Raum6532572423-395-101249-417-41171-680-157259
          Umsatz in Mrd EUR139570173-305-6473-312-4835-452-8813
          Hochbau9637192-318-61100-336-5048-565-11835
          Tiefbau4319981-280-7112-255-4311-247-51-14
          Auftragseingang9033799-37431106-4470984-609-7043
          in Mrd EUR
          Wohnungsbau236511-489-1812-586-5888-805-14841
          Wirtschaftsbau3314040-30368181-43345104-625-56121
          Oumlffentlicher Bau3313148-3313299-3400972-420-62-18
          darunter
          Oumlffentl Hochbau092509-238127290-500-38142-602-93-51
          Straszligenbau125821-138-1247-965978-211-8582
          Sonstiger Tiefbau124818-4951522-439-2430-477-18-124
          19712561362168-243-95248-173-23210-21146
          1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
          ) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 5

          The BAUER Group is a leading provider of services equipment amp products dealing with ground and groundwater

          Mission

          Strategy

          The world is our market

          Global network organization with flexible decentralized management

          Three forward-looking segments providing high level of synergies Construction Equipment Resources

          World market leadership for foundation technology

          Powerful development of drilling applications and servicesfor related markets

          Highly innovative products and services related to water environmentand natural resources

          BAUER GroupMission amp Strategy

          EUR 16 billiontotal Group revenues

          EUR 225 millionEBIT

          15EBIT margin

          238equity ratio

          11684employees FY 2019

          Key targets Revenue growth 3 - 8 per year

          EBIT margin 7 - 9

          Equity ratio gt 30

          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 6

          Equipment673

          ConstructionOverseas433

          ConstructionDomestic220

          Resources269

          BAUER GroupLongstanding healthy business development

          1600

          1000

          1400

          800

          600

          200

          1200

          400

          1800

          Note from 2003 based on IFRS figures

          0

          Total 1595Total Group revenuesin EUR million (segment after deducting OtherConsolidation)

          1980 1984 2000 2004 200819921988 1996 2012 2016 2019

          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

          9801208

          15271278 1304 1372 1436 1504 1560 1656 1555

          1772 1686 1595

          0

          400

          800

          1200

          1600

          2000

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

          8351033

          12911097 1132 1220

          1344 1402 1376 1379 13971668 1589

          1471

          0

          400

          800

          1200

          1600

          2000

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

          Sales revenuesin EUR million

          Total Group revenuesin EUR million

          7

          CAGR38

          BAUER GroupLongstanding healthy business development

          CAGR45

          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 8

          Schrobenhausen

          Kuala LumpurTianjinConroe

          Worldwide networkMore than 110 subsidiaries in about 70 countries

          Permanent OfficesConstructionEquipment salesResourcesEquipment production

          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

          Market few large projects in some countries

          Bauer low order backlog

          Latin America

          Market stable markets in most Western European countries slow development in Eastern Europe Russia remains weak

          Bauer good backlog in UK Netherlands and Hungary Russia weak

          Europe

          Market positive development inThailand Indonesia Philippines Australia Malaysia Vietnam weak stable demand in China (equipment)

          Bauer major projects especially in Thailand and Philippines

          Far East

          Market few projects in some countries Egypt with slow growth

          Bauer focus only on single projects reasonable backlog in Egypt

          Africa

          Market ongoing uncertainty as a result of oil price and political crisis

          Bauer reasonable order backlog in UAE and Qatar major project in Jordan slight recovery in Saudi Arabia Lebanon very weak bigger projects in Bangladesh and Bhutan

          Middle East amp Central Asia

          Market the infrastructure market in the USA is still strong

          Bauer good backlog with mainly federal projects in the USA reasonable workload in Canada

          USA Canada Market good first signs of weakening growth in infrastructure expected

          Bauer solid order backlog

          Germany

          9

          BAUER GroupConstruction market environment vs order backlog

          +

          +

          oo

          +

          +

          +

          +

          -o

          +

          +

          o+

          -- weak - slightly weak o stable + growing ++ strong growthThe corona pandemic can have a significant impact on this basic market assessment Last update April 2020

          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 10

          Regional breakdownTotal Group revenues FY 2019 ndash Group

          Africa 80 (5)

          Americas 192 (12)

          Asia-PacificFar East amp Australia266 (17)

          Middle East amp Central Asia208 (13)

          Germany 519 (33)

          EU excl Germany 259 (16)

          Europe (other)71 (4)

          Africa 73 (4)

          Americas 171 (10)

          Asia-PacificFar East amp Australia428 (25)

          Middle East amp Central Asia212 (13)

          Germany 467 (28)

          EU excl Germany 276 (16)

          Europe (other)59 (4)

          Full year 2018Total 1686in EUR million

          Total 1595 in EUR million

          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 11

          Regional breakdownTotal Group revenues FY 2019 ndash Segments

          Construction segment Equipment segment Resources segment

          Figures after deducting OtherConsolidation

          Africa 50 (8)

          Americas 47 (7)

          Asia-Pacific Far East amp Australia85 (13)

          Middle East amp Central Asia136 (21)

          Germany 220 (34)

          EU excl Germany 89 (13)

          Europe (other)26 (4)

          Africa 18 (3)

          Americas 138 (20)

          Asia-PacificFar East amp Australia180 (27)

          Middle East amp Central Asia34 (5)

          Germany 111 (16)

          EU excl Germany 147 (22)

          Europe (other)45 (7)

          Africa 12 (4)

          Americas 7 (3)

          Asia-Pacific Far East amp Australia 1 (0)

          Middle East amp Central Asia 38 (14)

          Germany 188 (70)

          EU excl Germany 23 (9)

          Europe (other)0 (0)

          Total 653in EUR million

          Total 673 Total 269

          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 12

          Table of Content

          BAUER Group ndash Strategy Chances amp Markets

          Appendix

          Financials FYQ4 2019 amp Guidance

          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

          379 484 429 420

          381454 386 418

          396409

          422 450

          411394 485 321

          2016 2017 2018 2019

          15551772 1686 1595

          13971668 1589

          1471

          0

          400

          800

          1200

          1600

          2000

          2016 2017 2018 2019

          1008 978 1014 1028

          0

          250

          500

          750

          1000

          1250

          2016 2017 2018 2019

          703896

          1001

          22514437

          241

          -366-50

          -25

          0

          25

          50

          75

          100

          125

          2016 2017 2018 2019

          13

          Q1

          Q2

          Q3

          Q4

          FinancialsRevenues earnings amp orders ndash Group

          Revenues

          Earnings

          Order backlog

          Order intake

          in EUR million

          in EUR million in EUR million

          in EUR millionTotal Group revenues Sales revenues

          EBIT Earnings after tax

          1567

          +14

          -661741

          -54-74

          ∆ FY

          -775na

          ∆ FY 1722 1609

          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

          231154

          768669

          2018 2019

          547639

          2018 2019

          263

          -207

          391

          -199

          2018 2019

          FinancialsConstruction segment ndash Highlights FY 2019

          Construction

          Global provider for specialist foundation engineering services

          Focus on complex international projects

          ~ 5050 infrastructure industrialTotal Group revenuesin EUR million

          Order backlogin EUR million

          EBITin EUR million

          Total Group revenues fell by 129 to EUR 6688 million compared to EUR 7676 million At EUR -199 million EBIT was markedly negative (2018 EUR 391 million) At EUR -527 million earnings after taxes were negative In 2018 positive earnings of EUR 96 million were reported

          The verdict on appeal against an arbitration court verdict from 2018 resulted in a considerable valuation allowance of about EUR 40 million This had an impact of corresponding magnitude on revenues and earnings figures for the segment The decline is also attributable to the markets of the Far East and Australia which were affected by a lack of orders and project postponements

          At EUR 6386 million order backlog which was 167 well above the previous years figure of EUR 5473 million is at a record level At EUR 7601 million order intake fell back by 76 from EUR 8222 million The order book lasts for 115 months

          14

          -129+167Full year 2019

          41 of total Group revenues EBIT margin -32Key targets ~ 40 of total Group revenues (TGR) EBIT margin 4 - 6

          Key figures to be considered TGR order backlog EBIT

          FYQ4

          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

          178 177 187 183 193176

          195178

          156171 185

          201 211 221 227

          177151

          176210 231

          170 172 173154

          0

          50

          100

          150

          200

          250

          Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

          436 477 472 455513 551 584 591 585 575 578 585 578

          526 516 493 511 507 503 547 546 551631 639

          0

          150

          300

          450

          600

          750

          Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

          FinancialsConstruction segment ndash Revenues and order development

          Order backlogin EUR million

          Total Group revenuesin EUR million

          Construction

          15

          -333

          +167

          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

          194 164

          640 610

          2018 2019

          724 672

          2018 2019

          227

          97

          749

          612

          2018 2019

          FinancialsEquipment segment ndash Highlights FY 2019

          Market leader in specialist foundation equipment

          New products for mining deep drilling and offshore drilling

          About 80 of sales abroad Sales revenuesin EUR million

          Order intakein EUR million

          EBITin EUR million

          Equipment Total Group revenues fell slightly by 13 from EUR 7231 million to EUR 7136

          million Sales revenues also dropped by 47 from EUR 6401 million to EUR 6102 million Accordingly EBIT decreased from EUR 749 million to EUR 612 million Earnings after taxes rose slightly from EUR 340 million to EUR 395 million in particular because of a lower tax burden and lower at-equity loss compared with the previous year

          In the overall very favorable market environment we succeeded in keeping revenue sales and earnings at very good levels The main drivers were once again the sales markets in Europe and China

          Order intake performed less well in the second half of 2019 Overall it fell by 71 from EUR 7237 million to EUR 6721 million Order backlog was EUR 1083 million remaining significantly below the previous years level of EUR 1500 million

          16

          -47 -76Full year 2019 42 of total Group revenues EBIT margin 100Key targets ~ 40 of total Group revenues EBIT margin 10 - 12Key figures to be considered Sales revenues order intake EBIT

          -183FYQ4

          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

          103 115143

          171

          100137 129

          181

          108 115 123

          197

          127

          186169 180

          129

          174144

          194

          125

          180

          142164

          0

          50

          100

          150

          200

          250

          Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

          165 163187

          162 177155 166 152 161 159 160 171

          212 218

          148182

          227

          170 160 167186 192

          168

          127

          0

          50

          100

          150

          200

          250

          Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

          FinancialsEquipment segment ndash Revenues and order development

          Order intakein EUR million

          Sales revenuesin EUR million

          Equipment

          17

          -156

          -239

          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

          72 70

          261 275

          2018 2019

          316281

          2018 2019

          -32

          -137-110

          -1622018 2019

          FinancialsResources segment ndash Highlights FY 2019

          Products amp services related to water environment and natural resources

          Competence areas water treatment environmental remediation waste management drilling technologies and constructed wetlands

          Total Group revenuesin EUR million

          Order backlogin EUR million

          EBITin EUR million

          Resources Total Group revenues increased by 51 from EUR 2615 million in the previous

          year to EUR 2749 million EBIT decreased from EUR -110 million to EUR -162 million and earnings after taxes were up from EUR -160 million in the previous year to EUR -137 million primarily due to higher at-equity earnings

          The segment fell short of expectations once again in 2019 While earnings from the operating business improved significantly underutilization in Jordan a weak order situation in the business with brewery and beverage technology further restructuring expenditure and adjustments for receivables from old projects primarily proved to be a burden

          At the order backlog was down 113 from EUR 3165 million to EUR 2807 million The decline is essentially due to progress on the large Kesslergrube project The order intake was EUR 2391 million in 2019 and thus 13 slightly below the 2018 value of EUR 2422 million The order book lasts for 123 months

          18

          +51-113Full year 2019

          17 of total Group revenues EBIT margin naKey targets ~ 20 of total Group revenues (TGR) EBIT margin 6 - 8Key figures to be considered TGR order backlog EBIT

          FYQ4

          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

          48 5360

          92

          5448

          75

          44

          71 67 6657 63 65 65

          55 52

          68 70 72 69 70 66 70

          0

          20

          40

          60

          80

          100

          Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

          173 169 172 153 173 174

          274 276 287 294 290 279 297 317 308336 330 321 324 316 327 322

          295 281

          0

          75

          150

          225

          300

          375

          Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

          FinancialsResources segment ndash Revenues and order development

          Order backlogin EUR million

          Total Group revenuesin EUR million

          Resources

          19

          -32

          -113

          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

          FinancialsWorking capital amp net debt ndash Financing of future revenues

          Bauerrsquos 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 Receivables

          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 247 after-sales service A relatively large rental fleet is needed for different contract types (eg rental purchase)

          Resources segment Outstanding customer payments (water business) and receivables on projects (environmental amp drilling business)

          75-8015-20 ~5

          Construction Equipment Resources20-2555-60 15-20

          20

          Key facts

          Why does the business model needs so much working capital

          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

          629 608549 552

          467

          665 677594 562 564

          0

          150

          300

          450

          600

          750

          2015 2016 2017 2018 2019

          646 665 677594 562 564

          171 185 158 183 199123

          38 36

          43

          33

          28

          46

          00

          10

          20

          30

          40

          50

          0

          160

          320

          480

          640

          800

          2014 2015 2016 2017 2018 2019

          1656 15551772 1686 1595

          665 677 594 562 564

          0

          360

          720

          1080

          1440

          1800

          2015 2016 2017 2018 201921

          FinancialsWorking capital amp net debt ndash Current development

          Total Group revenues net debtin EUR million

          Net debtWorking capital

          EBITDANet debt

          Current development At EUR 5637 million net debt was at the same level

          as 2018 This was essentially due to the new IFRS 16 standard and the market valuation of financial liabilities Pure bank debt has seen further reductions which demonstrates that our numerous measures are making progress

          Net debt to EBITDA ratio has worsened substantially as a consequence of significantly lower earnings than originally expected Our target range is a ratio of below 30 yearend

          -37-152

          ∆ 20152019

          Working capital net debtin EUR million

          Net debt EBITDA ratioin EUR million

          Net debtTotal Group revenues ndash Net debtEBITDA

          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

          711 720 736

          604

          726 701 700629 672 709 684

          608674 646 628

          549 576624 629

          552 584 609 591

          467

          0

          160

          320

          480

          640

          800

          Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

          773 776 778

          646

          779 752 749665

          743 762 736677

          740 712 686594 639 678 679

          562620 648 637

          564

          0

          160

          320

          480

          640

          800

          Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

          22

          FinancialsWorking capital amp net debt are lower year-end than during the year

          Net debt (excl pensions)in EUR million

          Working capitalin EUR million -154

          +03

          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 23

          FinancialsIncome statement 12M 2019in EUR 000 12M 2018 12M 2019 ∆ in

          Sales revenues (PampL) 1589091 1470922 -74

          Consolidated revenues (PampL) 1616936 1537691 -49

          Cost of materials -821496 -783126 -47

          Personel expenses -392384 -418805 67

          Other operation expenses -204440 -212713 40

          EBITDA 198616 123047 -380

          Depreciation of fixed assets -80967 -84760 47

          Write-downs of inventories due to use -17590 -15806 -101

          EBIT 100059 22481 -775

          Financial income 38204 33742 -117

          Financial expenses -76992 -78766 23

          Share of profitloss of associated companies (equity method) 4594 11225 na

          Earnings before tax (EBT) 65865 -11318 na

          Income tax expense -41778 -25232 -396

          Earnings after tax 24087 -36550 na

          of which attributable to shareholders of BAUER AG 22577 -37146 na

          of which attributable to non-controlling interests 1510 596 -605

          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 24

          Financials Balance sheet December 31 2019in EUR 000 Dec 31 2018 Dec 31 2019 ∆ in Assets 1632284 1628549 -02

          Non-current assets 621041 692778 116Intangible assets 18077 16946 -63Property plant and equipment and investment property 411571 460470 119Investments accounted for using the equity method 113019 118185 46Participations 8350 8806 55Other non-current assets amp deferred tax assets 70024 88371 262Current assets 1011243 935771 -75Inventories 365865 405401 108Rental equipment 60488 61838 22Less advances received on inventories -16098 -8921 -446

          410255 458318 117Receivables and other assets 535111 434608 -188Effective income tax refund claims 3290 5270 602Cash and cash equivalents 62587 37575 -400

          Equity and liabilities 1632284 1628549 -02

          Equity 431816 386916 -104Non-current debt 501424 327118 -348Provisions for pensions 134389 158641 180Non-current liabilities amp deferred tax liabilities 367035 257977 -297Current debt 699044 914515 308Financial liabilities 286104 376453 316Other current liabilities 357851 402318 124Effective income tax obligations 31687 19566 -383Provisions 23402 26678 140

          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 25

          FinancialsCash flow statement 12M 2019in EUR 000 12M 2018 12M 2019 ∆ in

          Cash flow from operational activity 147444 168882 145

          Cash flow from investment activity -57600 -75213 306

          Cash flow from financing activity -75088 -120339 603

          Free Cash Flow 89844 93669 43

          Changes in liquid funds affecting payments 14756 -26670 na

          Influence of exchange rate movements on cash 565 1658 na

          Total change in liquid funds 15321 -25012 na

          Cash and cash equivalents at beginning of reporting period 47266 62587 324

          Cash and cash equivalents at end of reporting period 62587 37575 -400

          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 26

          FinancialsForecast 2020 ndash More cautious view due to coronavirus pandemic

          2019 final

          Total Group Revenues 1594 EUR million slight increase

          Revenue growth -54 3 - 8

          EBIT 225 EUR million significant increase

          EBIT margin 15 7 - 9

          Earnings after tax -366 EUR million significant increase in the positive area

          Equity ratio 238 gt 30

          2020 forecast Long-term goal

          Slope stabilisation with BG 15 ndash Germany Largest water treatment plant ndash Nimr OmanCompact cutter system for Grand Paris

          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 27

          BAUER AktiengesellschaftBAUER-Straszlige 186529 SchrobenhausenGermany

          Tel +49 8252 97-1218investorrelationsbauerdewwwbauerde

          April 9 2020 Annual Report 2019Analyst amp Press Conference

          May 13 2020 Quarterly Statement Q1 2020

          June 25 2020 Annual General Meeting

          August 13 2020 Half-Year Interim Report toJune 30 2020

          November 13 2020 Quarterly Statement 9MQ3 2020

          wwwyoutubecomBauergruppe

          wwwfacebookcomBauerAGgroup

          Investor RelationsFinancial calendar amp contact

          Christopher WolfHead of Investor Relations

          2020

          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 28

          Table of Content

          BAUER Group ndash Strategy Chances amp Markets

          Appendix

          Financials FYQ4 2019 amp Guidance

          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 29

          1790 middot 1900 middot 1902 middot 1928 middot 1948 middot 1956 middot 1958 middot 1967 middot 1969 middot 1972 middot 1975 middot 1976 middot 1984 middot 1990 middot 1992 middot 1994 middot 1998 middot 2001 middot 2019

          BAUER GroupThe history ndash Two centuries of experience

          End of 1970rsquosStart of

          internationalisation

          Early 1990rsquosBuild up of

          specialist construction environmental business

          FY 2019Total Group

          revenues EUR 16 billion 11684

          employees

          4 Jul 2006IPO

          Early 1970rsquosStart of equipment

          manufacturing

          Company founded as copper forge

          After WW II (1950s)Start of construction

          business

          Early 1980rsquosSelling of equipment to

          third parties

          1790 1900-1970 1980-1990 2000-2019

          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 30

          Michael Stomberg (CEO) HSE IT Process Management Quality Management

          Florian Bauer Digitalization Development

          Coordination Training Company Culture

          Hartmut Beutler (CFO) Financing amp Treasury Legal Affairs amp Insurance IR amp Corporate

          Communications Facility Management Media Design

          Peter Hingott Group Controlling amp

          Accounting Human Resources Group Purchasing

          Management BoardBAUER AG

          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 31

          BAUER GroupThe three segments

          31copy BAUER AG D-86529 Schrobenhausen

          Target ~ 40 of total Group revenues

          Market leader in specialist foundation equipment

          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

          Target ~ 20 of total Group revenues Activities in

          environmental technology deep drilling well construction materials

          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 32

          BAUER GroupChallenges of the world provide chances for the company

          The megatrend of urbanization requires construction solutions for the city of the future

          To deal with the scarcity of drinking water purification and supply technologies are needed

          The increasing mobility in society demands new and renewed transport routes

          Changing social values are fundamentally revolutionizing the business world

          UrbanizationInfrastructure Water

          CultureA change in energy supply can only be realized through comprehensive construction works

          The remediation of contaminated soil is the key to sustainable utilization of resources

          Energy transitionEnvironment

          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

          ConstructionKey factsConstruction

          Leading global provider for specialist foundation engineering

          services

          33

          Total Group revenues (incl JV) Order backlog EBIT

          ~ 40 of total Group revenues EBIT margin 4 - 6

          (2018 54 2019 na)

          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 5050 infrastructureindustrial split

          Figures are somewhat cyclical between the quarters ndash focus on the entire year

          Market environment Growing construction markets worldwide

          Special foundation engineering is growing stronger than construction markets

          Huge pent-up demand in developed countries and in emerging markets

          Competition Keller Trevi Soletanche Bachy

          (worldwide)

          Local competitors in each country

          Current focus topics Improving project and risk management especially for major projects

          Leading in digitalization solutions for our market

          Key figures

          Key targets

          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 34

          What is specialist foundationBuilding an excavation pit

          Permeation Grouting

          Mixed-In-Place Method

          Injection Anchor

          Diaphragm andCut-off Wall

          Pile Foundation

          Piling Retaining Wall

          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 35

          What is specialist foundation used forApplications

          Foundationsfor the highest buildings in the world

          Excavation Pits for every problem and requirement

          Ground Improvementallows projects on weak ground

          Cut-off Walls as solution for dams and dikes

          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 36

          ConstructionMunich Germany ndash Foundation works for a boarding house

          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

          EquipmentKey facts

          Market leader in specialistfoundation equipment

          Equipment

          37

          Sales revenues (excl JV) Order intake EBIT

          ~ 40 of total Group revenues EBIT margin 10 - 12

          (2018 117 2019 100)

          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 JV with Schlumberger for the production of deep drilling rigs (oil amp gas)

          Market environment Growing construction markets worldwide lead to positive equipment demand

          Strong position due to efforts regarding quality efficiency and noise reduction

          Growth potential with specialized machines for mining water and offshore drilling

          Competition Trevi Liebherr Chinese manufactures

          (eg Sany XCMG)

          Further competition regarding special product types

          Current focus topics Focus on value analysis methods and purchase organization

          Optimizing and increasing after-sales services

          Key figures

          Key targets

          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 38

          EquipmentWhole range of products for special foundation engineering

          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 39

          EquipmentProduct range Deep Drilling

          Joint Ventureof Bauer amp Schlumberger

          In order to meet the upcoming market challenges out-of-the-box thinking

          is necessary and therefore integrated drilling and rig solutions are of

          growing importance

          Based on more than 40 years of experience in engineering and

          manufacturing of drilling rigs NeoRig develops and manufactures

          modern drilling solutions which set new standards of safety efficiency

          productivity and ease of service in the deep drilling business

          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

          ResourcesKey factsResources

          40

          Products amp services for environmental technology mining well construction

          and water cleaning

          Total Group revenues (incl JV) Order backlog EBIT

          ~ 20 of total Group revenues EBIT margin 6 - 8

          (2018 na 2019 na)

          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 amp Middle East

          Market environment Huge demand for environmental and water solutions

          Outstanding market position with ground-breaking projects in the field of cleaning drinking and process water eg the biological water treatment plant in Oman

          Competition Fragmented competition for each single product and service area

          Current focus topics Improvement of loss-making Jordan subsidiary which is caused by overcapacities

          Consistent proceeding of reorganization in the water related companies

          Focus on new projects for the profitable environment business

          Key figures

          Key targets

          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 41

          ResourcesPool of competences from a single hand

          Industrial Waste Water Process amp Produced Water NORM Constructed Wetlands Modelling amp Well Design Construction Material for Wells

          and Geothermal Water Distribution Management Irrigation Systems

          Remediation Landfill Restoration Decommissioning Demolition Hazardous Waste Management Soil Treatment and Waste

          Management

          Exploration Drilling Deep Geothermal Drilling Well Drilling Blast Hole Drilling

          EnvironmentWater Natural Resources

          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 42

          ResourcesWater ndash Process Water amp Water Distribution Management

          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 43

          ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman

          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 44

          Market environment ndash GermanyGerman construction market

          Source Federal Statistical Office Statistical Office Bavaria

          in EUR billion

          Germany2019

          Employees (in 1000)

          Revenues 922Building construction 508Foundation engineering 414

          Orders received in EUR billion

          Housebuilding 196Industrial building 363Public sectorof which

          public buildings 55road building 142underground structures 105

          ) only companies gt 20 employees

          49

          108

          95

          39

          109

          65

          80

          88

          38

          49

          82

          77

          112

          132

          25

          Dezember 2019 2018 20192017 2018

          in

          89

          97

          302

          861

          4867

          88

          100 82

          59

          125

          Weiszlig

          Bunt

          Kunterbunt

          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 45

          Building constructionpositive cash contribution

          Specialist foundation engineeringpre-financing need

          Financials Working capital needs ndash Comparison with building construction

          EUR

          12 24 months

          Positive cash contribution

          Negative cash contribution

          Con

          trac

          t val

          ue

          EUR

          Negative cash contribution

          12 24 months

          Con

          trac

          t val

          ue

          Construction contracts with short duration need

          No advance payments no front-loading of prices possible approx 2 - 3 months of pre-financing

          Negative cash contribution during construction phase

          Construction contracts with long durations

          Advance payments front-loading of prices

          Positive cash contribution during construction phase

          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 46

          BAUER shareFacts amp Figures

          Listed on Frankfurt stock exchange (Prime Standard) since July 4 2006

          Share capital EUR 7300142045

          Shares issued 17131000

          Issue price EUR 1675

          Share performance (012019 ndash 032020)

          Bauer familyFree float

          5181

          Shareholder structure

          4819

          in EUR 2015 2016 2017 2018 2019

          Earnings per share 173 066 016 132 -217

          Share price year end 1740 1140 3000 1216 1510

          Share price highest 1920 1716 3096 3125 2430

          Share price lowest 1385 945 1172 1208 1262

          Market Cap(in EUR million) 2981 1953 5139 2083 2587

          CDAXClassic All SharePrime All Share

          ISIN DE0005168108Reuters B5AGDEBloomberg B5A GR

          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

          050

          100 100

          060 060050

          030

          001

          015 015010 010 010

          001000

          030

          060

          090

          120

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

          47

          BAUER shareDividend policy

          Dividend payment Dividend policy founded on a reasonable balance between shareholders and company

          fair participation of shareholders maintaining continuity safeguarding of the equity ratio

          All shareholders shall participate in the success of the business

          After some difficult years we must continue to strike a careful balance between continuity and shareholder participation on the one hand and safeguarding our equity ratio on the other

          To secure an adequate equity ratio is an important aim of the companyrsquos 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

          in EUR per share

          000

          Proposed subject to the consent of the Annual General Meeting to be held on June 25 2020

          000

          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 48

          Key Figures Time LineFY 2008 ndash FY 2019

          In all three segments total Group revenues and EBIT figures of FY 2015 were influenced by exceptional earnings

          Total Group revenues 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(in EUR million)BAUER Group 15272 12758 13040 13718 14358 15042 15602 16564 15547 4482 4541 4766 3931 17720 3708 4215 4435 4503 16861 4109 4207 4078 3553 15947

          Construction 7009 5700 6154 6066 6552 7417 7256 7429 7131 2110 2205 2269 1766 8350 1508 1762 2100 2306 7676 1702 1722 1726 1538 6688Equipment 7801 6085 5817 6365 5891 6286 6392 7531 6344 1867 1853 1966 1859 7545 1808 1936 1802 1685 7231 1859 1950 1781 1547 7137Resources 1351 1743 1777 2115 2628 1889 2528 2216 2624 630 647 651 554 2482 517 676 699 723 2615 692 695 662 700 2749

          Sales revenues 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(in EUR million)BAUER Group 12908 10965 11317 12196 13444 14022 13757 13790 13969 3789 4512 4354 4022 16679 3184 3987 4051 4669 15891 3419 4035 3622 3633 14709

          Construction 5843 4879 5058 5062 5791 6575 6466 6508 6145 1966 2064 2145 1663 7838 1432 1642 2021 2168 7263 1616 1628 1605 1408 6257Equipment 6012 4565 4693 5114 5206 5616 5327 5480 5427 1266 1857 1685 1801 6609 1287 1736 1440 1938 6401 1253 1797 1417 1635 6102Resources 1051 1520 1564 2015 2443 1826 1959 1793 2382 553 577 532 553 2215 462 605 587 559 2213 548 607 597 583 2335

          EBIT 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(in EUR million)BAUER Group 1675 844 884 823 720 301 764 907 703 85 302 277 232 896 110 231 227 433 1001 104 248 133 -260 225

          Construction 463 257 288 179 220 212 260 139 297 09 124 81 -18 196 27 21 80 263 391 00 42 -34 -207 -199Equipment 1183 513 483 530 340 322 360 994 384 80 160 249 317 806 142 222 158 227 749 83 230 202 97 612Resources 40 60 81 109 152 -240 159 -198 -37 -01 09 -53 -55 -100 -57 -10 -12 -32 -110 27 -22 -30 -137 -162

          EBIT margin 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(in )BAUER Group 130 77 78 67 54 21 56 66 50 22 67 64 58 54 35 58 56 93 63 30 61 37 -72 15

          Construction 79 53 57 35 38 32 40 21 48 05 60 38 -11 25 19 13 39 121 54 00 26 -21 -147 -32Equipment 197 112 103 104 65 57 68 181 71 64 86 148 176 122 110 128 110 117 117 66 128 143 60 100Resources 38 39 52 54 62 -131 81 -110 -16 -02 15 -100 -99 -45 -123 -16 -20 -57 -50 49 -37 -49 -235 -69

          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

          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

          • Foliennummer 1
          • Foliennummer 2
          • Key FiguresFY 2019
          • Table of Content
          • Foliennummer 5
          • Foliennummer 6
          • Foliennummer 7
          • Foliennummer 8
          • BAUER Group Construction market environment vs order backlog
          • Foliennummer 10
          • Foliennummer 11
          • Table of Content
          • Foliennummer 13
          • Foliennummer 14
          • Foliennummer 15
          • Foliennummer 16
          • Foliennummer 17
          • Foliennummer 18
          • Foliennummer 19
          • Foliennummer 20
          • Foliennummer 21
          • Foliennummer 22
          • FinancialsIncome statement 12M 2019
          • Financials Balance sheet December 31 2019
          • FinancialsCash flow statement 12M 2019
          • Foliennummer 26
          • Foliennummer 27
          • Table of Content
          • BAUER GroupThe history ndash Two centuries of experience
          • Foliennummer 30
          • BAUER GroupThe three segments
          • Foliennummer 32
          • Foliennummer 33
          • What is specialist foundationBuilding an excavation pit
          • What is specialist foundation used forApplications
          • ConstructionMunich Germany ndash Foundation works for a boarding house
          • Foliennummer 37
          • EquipmentWhole range of products for special foundation engineering
          • EquipmentProduct range Deep Drilling
          • Foliennummer 40
          • ResourcesPool of competences from a single hand
          • ResourcesWater ndash Process Water amp Water Distribution Management
          • ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
          • Market environment ndash Germany German construction market
          • Financials Working capital needs ndash Comparison with building construction
          • BAUER shareFacts amp Figures
          • BAUER shareDividend policy
          • Foliennummer 48
          • Disclaimer
            Zweistelliges Auftragsplus am Bau in Bayern
            Absolute WerteVeraumlnderungen in
            August 20062004BayernWestdeutschlandOstdeutschland
            BayernWest-Ost-200420040200420040200420040
            LaumlnderLaumlnder199420030199420030199420030
            Beschaumlftigte in 1000126152831887-52-5200-432-60-5200-539-7200
            Baugenehmigungen Mio msup3 umb Raum6532572423-108-10800-252-8400-68-10300
            Umsatz in Mrd EUR139570173-249-5800-277-4500-399-7600
            Hochbau9637192-265-5600-301-4400-507-7400
            Tiefbau4319981-217-6200-222-4500-207-7900
            09033799-393-10000-452-5600-580-6000
            in Mrd EUR
            Wohnungsbau236511-480-7100-561-6400-771-20700
            Wirtschaftsbau3314040-347-10500-457-5900-603-9400
            Oumlffentlicher Bau3313148-352-11500-346-4900-3821800
            darunter
            Oumlffentl Hochbau092509-324-8500-480-0100-5616900
            Straszligenbau125821-128-11200-146-5100-1604200
            Sonstiger Tiefbau124818-502-13700-425-7100-467-3400
            19712561362168-243-95248-173-23210-21146
            1) Bei Baugenehmigungen liegen erst die Oktoberwerte vor
            1) Bei Baugenehmigungen liegen erst die Februarwerte vor
            2) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten
            in EUR billionin
            Dezember 2019Germany20052005Jan - Aug20182019
            201919942004060520172018
            Employees (in 1000)4867-47-60-104949
            Revenues922-305-647310882
            Building construction508-318-611009577
            Foundation engineering414-280-711212588
            Orders received861-3743110610082
            in EUR billion
            Housebuilding196-489-181211297
            Industrial building363-3036818113289
            Public sector302-33132995965
            of which
            public buildings55-23812729025109
            road building142-138-12478839
            underground structures105-49515223880
            1256168-243-95-173-23
            1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
            ) only companies gt 20 employees
            Zweistelliges Auftragsplus am Bau in Bayern
            Absolute WerteVeraumlnderungen in
            August 20062005BayernWestdeutschlandOstdeutschland
            BayernWest-Ost-20052005Jan - Aug20052005Jan - Aug20052005Jan - Aug
            LaumlnderLaumlnder199420040605199420040605199420040605
            Beschaumlftigte in 1000126152831887-470-60-10-465-60-58-38-578-85-51
            Baugenehmigungen Mio msup3 umb Raum6532572423-395-101249-417-41171-680-157259
            Umsatz in Mrd EUR139570173-305-6473-312-4835-452-8813
            Hochbau9637192-318-61100-336-5048-565-11835
            Tiefbau4319981-280-7112-255-4311-247-51-14
            Auftragseingang9033799-37431106-4470984-609-7043
            in Mrd EUR
            Wohnungsbau236511-489-1812-586-5888-805-14841
            Wirtschaftsbau3314040-30368181-43345104-625-56121
            Oumlffentlicher Bau3313148-3313299-3400972-420-62-18
            darunter
            Oumlffentl Hochbau092509-238127290-500-38142-602-93-51
            Straszligenbau125821-138-1247-965978-211-8582
            Sonstiger Tiefbau124818-4951522-439-2430-477-18-124
            19712561362168-243-95248-173-23210-21146
            1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
            ) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 6

            Equipment673

            ConstructionOverseas433

            ConstructionDomestic220

            Resources269

            BAUER GroupLongstanding healthy business development

            1600

            1000

            1400

            800

            600

            200

            1200

            400

            1800

            Note from 2003 based on IFRS figures

            0

            Total 1595Total Group revenuesin EUR million (segment after deducting OtherConsolidation)

            1980 1984 2000 2004 200819921988 1996 2012 2016 2019

            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

            9801208

            15271278 1304 1372 1436 1504 1560 1656 1555

            1772 1686 1595

            0

            400

            800

            1200

            1600

            2000

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

            8351033

            12911097 1132 1220

            1344 1402 1376 1379 13971668 1589

            1471

            0

            400

            800

            1200

            1600

            2000

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

            Sales revenuesin EUR million

            Total Group revenuesin EUR million

            7

            CAGR38

            BAUER GroupLongstanding healthy business development

            CAGR45

            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 8

            Schrobenhausen

            Kuala LumpurTianjinConroe

            Worldwide networkMore than 110 subsidiaries in about 70 countries

            Permanent OfficesConstructionEquipment salesResourcesEquipment production

            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

            Market few large projects in some countries

            Bauer low order backlog

            Latin America

            Market stable markets in most Western European countries slow development in Eastern Europe Russia remains weak

            Bauer good backlog in UK Netherlands and Hungary Russia weak

            Europe

            Market positive development inThailand Indonesia Philippines Australia Malaysia Vietnam weak stable demand in China (equipment)

            Bauer major projects especially in Thailand and Philippines

            Far East

            Market few projects in some countries Egypt with slow growth

            Bauer focus only on single projects reasonable backlog in Egypt

            Africa

            Market ongoing uncertainty as a result of oil price and political crisis

            Bauer reasonable order backlog in UAE and Qatar major project in Jordan slight recovery in Saudi Arabia Lebanon very weak bigger projects in Bangladesh and Bhutan

            Middle East amp Central Asia

            Market the infrastructure market in the USA is still strong

            Bauer good backlog with mainly federal projects in the USA reasonable workload in Canada

            USA Canada Market good first signs of weakening growth in infrastructure expected

            Bauer solid order backlog

            Germany

            9

            BAUER GroupConstruction market environment vs order backlog

            +

            +

            oo

            +

            +

            +

            +

            -o

            +

            +

            o+

            -- weak - slightly weak o stable + growing ++ strong growthThe corona pandemic can have a significant impact on this basic market assessment Last update April 2020

            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 10

            Regional breakdownTotal Group revenues FY 2019 ndash Group

            Africa 80 (5)

            Americas 192 (12)

            Asia-PacificFar East amp Australia266 (17)

            Middle East amp Central Asia208 (13)

            Germany 519 (33)

            EU excl Germany 259 (16)

            Europe (other)71 (4)

            Africa 73 (4)

            Americas 171 (10)

            Asia-PacificFar East amp Australia428 (25)

            Middle East amp Central Asia212 (13)

            Germany 467 (28)

            EU excl Germany 276 (16)

            Europe (other)59 (4)

            Full year 2018Total 1686in EUR million

            Total 1595 in EUR million

            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 11

            Regional breakdownTotal Group revenues FY 2019 ndash Segments

            Construction segment Equipment segment Resources segment

            Figures after deducting OtherConsolidation

            Africa 50 (8)

            Americas 47 (7)

            Asia-Pacific Far East amp Australia85 (13)

            Middle East amp Central Asia136 (21)

            Germany 220 (34)

            EU excl Germany 89 (13)

            Europe (other)26 (4)

            Africa 18 (3)

            Americas 138 (20)

            Asia-PacificFar East amp Australia180 (27)

            Middle East amp Central Asia34 (5)

            Germany 111 (16)

            EU excl Germany 147 (22)

            Europe (other)45 (7)

            Africa 12 (4)

            Americas 7 (3)

            Asia-Pacific Far East amp Australia 1 (0)

            Middle East amp Central Asia 38 (14)

            Germany 188 (70)

            EU excl Germany 23 (9)

            Europe (other)0 (0)

            Total 653in EUR million

            Total 673 Total 269

            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 12

            Table of Content

            BAUER Group ndash Strategy Chances amp Markets

            Appendix

            Financials FYQ4 2019 amp Guidance

            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

            379 484 429 420

            381454 386 418

            396409

            422 450

            411394 485 321

            2016 2017 2018 2019

            15551772 1686 1595

            13971668 1589

            1471

            0

            400

            800

            1200

            1600

            2000

            2016 2017 2018 2019

            1008 978 1014 1028

            0

            250

            500

            750

            1000

            1250

            2016 2017 2018 2019

            703896

            1001

            22514437

            241

            -366-50

            -25

            0

            25

            50

            75

            100

            125

            2016 2017 2018 2019

            13

            Q1

            Q2

            Q3

            Q4

            FinancialsRevenues earnings amp orders ndash Group

            Revenues

            Earnings

            Order backlog

            Order intake

            in EUR million

            in EUR million in EUR million

            in EUR millionTotal Group revenues Sales revenues

            EBIT Earnings after tax

            1567

            +14

            -661741

            -54-74

            ∆ FY

            -775na

            ∆ FY 1722 1609

            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

            231154

            768669

            2018 2019

            547639

            2018 2019

            263

            -207

            391

            -199

            2018 2019

            FinancialsConstruction segment ndash Highlights FY 2019

            Construction

            Global provider for specialist foundation engineering services

            Focus on complex international projects

            ~ 5050 infrastructure industrialTotal Group revenuesin EUR million

            Order backlogin EUR million

            EBITin EUR million

            Total Group revenues fell by 129 to EUR 6688 million compared to EUR 7676 million At EUR -199 million EBIT was markedly negative (2018 EUR 391 million) At EUR -527 million earnings after taxes were negative In 2018 positive earnings of EUR 96 million were reported

            The verdict on appeal against an arbitration court verdict from 2018 resulted in a considerable valuation allowance of about EUR 40 million This had an impact of corresponding magnitude on revenues and earnings figures for the segment The decline is also attributable to the markets of the Far East and Australia which were affected by a lack of orders and project postponements

            At EUR 6386 million order backlog which was 167 well above the previous years figure of EUR 5473 million is at a record level At EUR 7601 million order intake fell back by 76 from EUR 8222 million The order book lasts for 115 months

            14

            -129+167Full year 2019

            41 of total Group revenues EBIT margin -32Key targets ~ 40 of total Group revenues (TGR) EBIT margin 4 - 6

            Key figures to be considered TGR order backlog EBIT

            FYQ4

            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

            178 177 187 183 193176

            195178

            156171 185

            201 211 221 227

            177151

            176210 231

            170 172 173154

            0

            50

            100

            150

            200

            250

            Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

            436 477 472 455513 551 584 591 585 575 578 585 578

            526 516 493 511 507 503 547 546 551631 639

            0

            150

            300

            450

            600

            750

            Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

            FinancialsConstruction segment ndash Revenues and order development

            Order backlogin EUR million

            Total Group revenuesin EUR million

            Construction

            15

            -333

            +167

            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

            194 164

            640 610

            2018 2019

            724 672

            2018 2019

            227

            97

            749

            612

            2018 2019

            FinancialsEquipment segment ndash Highlights FY 2019

            Market leader in specialist foundation equipment

            New products for mining deep drilling and offshore drilling

            About 80 of sales abroad Sales revenuesin EUR million

            Order intakein EUR million

            EBITin EUR million

            Equipment Total Group revenues fell slightly by 13 from EUR 7231 million to EUR 7136

            million Sales revenues also dropped by 47 from EUR 6401 million to EUR 6102 million Accordingly EBIT decreased from EUR 749 million to EUR 612 million Earnings after taxes rose slightly from EUR 340 million to EUR 395 million in particular because of a lower tax burden and lower at-equity loss compared with the previous year

            In the overall very favorable market environment we succeeded in keeping revenue sales and earnings at very good levels The main drivers were once again the sales markets in Europe and China

            Order intake performed less well in the second half of 2019 Overall it fell by 71 from EUR 7237 million to EUR 6721 million Order backlog was EUR 1083 million remaining significantly below the previous years level of EUR 1500 million

            16

            -47 -76Full year 2019 42 of total Group revenues EBIT margin 100Key targets ~ 40 of total Group revenues EBIT margin 10 - 12Key figures to be considered Sales revenues order intake EBIT

            -183FYQ4

            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

            103 115143

            171

            100137 129

            181

            108 115 123

            197

            127

            186169 180

            129

            174144

            194

            125

            180

            142164

            0

            50

            100

            150

            200

            250

            Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

            165 163187

            162 177155 166 152 161 159 160 171

            212 218

            148182

            227

            170 160 167186 192

            168

            127

            0

            50

            100

            150

            200

            250

            Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

            FinancialsEquipment segment ndash Revenues and order development

            Order intakein EUR million

            Sales revenuesin EUR million

            Equipment

            17

            -156

            -239

            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

            72 70

            261 275

            2018 2019

            316281

            2018 2019

            -32

            -137-110

            -1622018 2019

            FinancialsResources segment ndash Highlights FY 2019

            Products amp services related to water environment and natural resources

            Competence areas water treatment environmental remediation waste management drilling technologies and constructed wetlands

            Total Group revenuesin EUR million

            Order backlogin EUR million

            EBITin EUR million

            Resources Total Group revenues increased by 51 from EUR 2615 million in the previous

            year to EUR 2749 million EBIT decreased from EUR -110 million to EUR -162 million and earnings after taxes were up from EUR -160 million in the previous year to EUR -137 million primarily due to higher at-equity earnings

            The segment fell short of expectations once again in 2019 While earnings from the operating business improved significantly underutilization in Jordan a weak order situation in the business with brewery and beverage technology further restructuring expenditure and adjustments for receivables from old projects primarily proved to be a burden

            At the order backlog was down 113 from EUR 3165 million to EUR 2807 million The decline is essentially due to progress on the large Kesslergrube project The order intake was EUR 2391 million in 2019 and thus 13 slightly below the 2018 value of EUR 2422 million The order book lasts for 123 months

            18

            +51-113Full year 2019

            17 of total Group revenues EBIT margin naKey targets ~ 20 of total Group revenues (TGR) EBIT margin 6 - 8Key figures to be considered TGR order backlog EBIT

            FYQ4

            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

            48 5360

            92

            5448

            75

            44

            71 67 6657 63 65 65

            55 52

            68 70 72 69 70 66 70

            0

            20

            40

            60

            80

            100

            Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

            173 169 172 153 173 174

            274 276 287 294 290 279 297 317 308336 330 321 324 316 327 322

            295 281

            0

            75

            150

            225

            300

            375

            Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

            FinancialsResources segment ndash Revenues and order development

            Order backlogin EUR million

            Total Group revenuesin EUR million

            Resources

            19

            -32

            -113

            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

            FinancialsWorking capital amp net debt ndash Financing of future revenues

            Bauerrsquos 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 Receivables

            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 247 after-sales service A relatively large rental fleet is needed for different contract types (eg rental purchase)

            Resources segment Outstanding customer payments (water business) and receivables on projects (environmental amp drilling business)

            75-8015-20 ~5

            Construction Equipment Resources20-2555-60 15-20

            20

            Key facts

            Why does the business model needs so much working capital

            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

            629 608549 552

            467

            665 677594 562 564

            0

            150

            300

            450

            600

            750

            2015 2016 2017 2018 2019

            646 665 677594 562 564

            171 185 158 183 199123

            38 36

            43

            33

            28

            46

            00

            10

            20

            30

            40

            50

            0

            160

            320

            480

            640

            800

            2014 2015 2016 2017 2018 2019

            1656 15551772 1686 1595

            665 677 594 562 564

            0

            360

            720

            1080

            1440

            1800

            2015 2016 2017 2018 201921

            FinancialsWorking capital amp net debt ndash Current development

            Total Group revenues net debtin EUR million

            Net debtWorking capital

            EBITDANet debt

            Current development At EUR 5637 million net debt was at the same level

            as 2018 This was essentially due to the new IFRS 16 standard and the market valuation of financial liabilities Pure bank debt has seen further reductions which demonstrates that our numerous measures are making progress

            Net debt to EBITDA ratio has worsened substantially as a consequence of significantly lower earnings than originally expected Our target range is a ratio of below 30 yearend

            -37-152

            ∆ 20152019

            Working capital net debtin EUR million

            Net debt EBITDA ratioin EUR million

            Net debtTotal Group revenues ndash Net debtEBITDA

            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

            711 720 736

            604

            726 701 700629 672 709 684

            608674 646 628

            549 576624 629

            552 584 609 591

            467

            0

            160

            320

            480

            640

            800

            Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

            773 776 778

            646

            779 752 749665

            743 762 736677

            740 712 686594 639 678 679

            562620 648 637

            564

            0

            160

            320

            480

            640

            800

            Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

            22

            FinancialsWorking capital amp net debt are lower year-end than during the year

            Net debt (excl pensions)in EUR million

            Working capitalin EUR million -154

            +03

            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 23

            FinancialsIncome statement 12M 2019in EUR 000 12M 2018 12M 2019 ∆ in

            Sales revenues (PampL) 1589091 1470922 -74

            Consolidated revenues (PampL) 1616936 1537691 -49

            Cost of materials -821496 -783126 -47

            Personel expenses -392384 -418805 67

            Other operation expenses -204440 -212713 40

            EBITDA 198616 123047 -380

            Depreciation of fixed assets -80967 -84760 47

            Write-downs of inventories due to use -17590 -15806 -101

            EBIT 100059 22481 -775

            Financial income 38204 33742 -117

            Financial expenses -76992 -78766 23

            Share of profitloss of associated companies (equity method) 4594 11225 na

            Earnings before tax (EBT) 65865 -11318 na

            Income tax expense -41778 -25232 -396

            Earnings after tax 24087 -36550 na

            of which attributable to shareholders of BAUER AG 22577 -37146 na

            of which attributable to non-controlling interests 1510 596 -605

            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 24

            Financials Balance sheet December 31 2019in EUR 000 Dec 31 2018 Dec 31 2019 ∆ in Assets 1632284 1628549 -02

            Non-current assets 621041 692778 116Intangible assets 18077 16946 -63Property plant and equipment and investment property 411571 460470 119Investments accounted for using the equity method 113019 118185 46Participations 8350 8806 55Other non-current assets amp deferred tax assets 70024 88371 262Current assets 1011243 935771 -75Inventories 365865 405401 108Rental equipment 60488 61838 22Less advances received on inventories -16098 -8921 -446

            410255 458318 117Receivables and other assets 535111 434608 -188Effective income tax refund claims 3290 5270 602Cash and cash equivalents 62587 37575 -400

            Equity and liabilities 1632284 1628549 -02

            Equity 431816 386916 -104Non-current debt 501424 327118 -348Provisions for pensions 134389 158641 180Non-current liabilities amp deferred tax liabilities 367035 257977 -297Current debt 699044 914515 308Financial liabilities 286104 376453 316Other current liabilities 357851 402318 124Effective income tax obligations 31687 19566 -383Provisions 23402 26678 140

            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 25

            FinancialsCash flow statement 12M 2019in EUR 000 12M 2018 12M 2019 ∆ in

            Cash flow from operational activity 147444 168882 145

            Cash flow from investment activity -57600 -75213 306

            Cash flow from financing activity -75088 -120339 603

            Free Cash Flow 89844 93669 43

            Changes in liquid funds affecting payments 14756 -26670 na

            Influence of exchange rate movements on cash 565 1658 na

            Total change in liquid funds 15321 -25012 na

            Cash and cash equivalents at beginning of reporting period 47266 62587 324

            Cash and cash equivalents at end of reporting period 62587 37575 -400

            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 26

            FinancialsForecast 2020 ndash More cautious view due to coronavirus pandemic

            2019 final

            Total Group Revenues 1594 EUR million slight increase

            Revenue growth -54 3 - 8

            EBIT 225 EUR million significant increase

            EBIT margin 15 7 - 9

            Earnings after tax -366 EUR million significant increase in the positive area

            Equity ratio 238 gt 30

            2020 forecast Long-term goal

            Slope stabilisation with BG 15 ndash Germany Largest water treatment plant ndash Nimr OmanCompact cutter system for Grand Paris

            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 27

            BAUER AktiengesellschaftBAUER-Straszlige 186529 SchrobenhausenGermany

            Tel +49 8252 97-1218investorrelationsbauerdewwwbauerde

            April 9 2020 Annual Report 2019Analyst amp Press Conference

            May 13 2020 Quarterly Statement Q1 2020

            June 25 2020 Annual General Meeting

            August 13 2020 Half-Year Interim Report toJune 30 2020

            November 13 2020 Quarterly Statement 9MQ3 2020

            wwwyoutubecomBauergruppe

            wwwfacebookcomBauerAGgroup

            Investor RelationsFinancial calendar amp contact

            Christopher WolfHead of Investor Relations

            2020

            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 28

            Table of Content

            BAUER Group ndash Strategy Chances amp Markets

            Appendix

            Financials FYQ4 2019 amp Guidance

            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 29

            1790 middot 1900 middot 1902 middot 1928 middot 1948 middot 1956 middot 1958 middot 1967 middot 1969 middot 1972 middot 1975 middot 1976 middot 1984 middot 1990 middot 1992 middot 1994 middot 1998 middot 2001 middot 2019

            BAUER GroupThe history ndash Two centuries of experience

            End of 1970rsquosStart of

            internationalisation

            Early 1990rsquosBuild up of

            specialist construction environmental business

            FY 2019Total Group

            revenues EUR 16 billion 11684

            employees

            4 Jul 2006IPO

            Early 1970rsquosStart of equipment

            manufacturing

            Company founded as copper forge

            After WW II (1950s)Start of construction

            business

            Early 1980rsquosSelling of equipment to

            third parties

            1790 1900-1970 1980-1990 2000-2019

            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 30

            Michael Stomberg (CEO) HSE IT Process Management Quality Management

            Florian Bauer Digitalization Development

            Coordination Training Company Culture

            Hartmut Beutler (CFO) Financing amp Treasury Legal Affairs amp Insurance IR amp Corporate

            Communications Facility Management Media Design

            Peter Hingott Group Controlling amp

            Accounting Human Resources Group Purchasing

            Management BoardBAUER AG

            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 31

            BAUER GroupThe three segments

            31copy BAUER AG D-86529 Schrobenhausen

            Target ~ 40 of total Group revenues

            Market leader in specialist foundation equipment

            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

            Target ~ 20 of total Group revenues Activities in

            environmental technology deep drilling well construction materials

            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 32

            BAUER GroupChallenges of the world provide chances for the company

            The megatrend of urbanization requires construction solutions for the city of the future

            To deal with the scarcity of drinking water purification and supply technologies are needed

            The increasing mobility in society demands new and renewed transport routes

            Changing social values are fundamentally revolutionizing the business world

            UrbanizationInfrastructure Water

            CultureA change in energy supply can only be realized through comprehensive construction works

            The remediation of contaminated soil is the key to sustainable utilization of resources

            Energy transitionEnvironment

            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

            ConstructionKey factsConstruction

            Leading global provider for specialist foundation engineering

            services

            33

            Total Group revenues (incl JV) Order backlog EBIT

            ~ 40 of total Group revenues EBIT margin 4 - 6

            (2018 54 2019 na)

            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 5050 infrastructureindustrial split

            Figures are somewhat cyclical between the quarters ndash focus on the entire year

            Market environment Growing construction markets worldwide

            Special foundation engineering is growing stronger than construction markets

            Huge pent-up demand in developed countries and in emerging markets

            Competition Keller Trevi Soletanche Bachy

            (worldwide)

            Local competitors in each country

            Current focus topics Improving project and risk management especially for major projects

            Leading in digitalization solutions for our market

            Key figures

            Key targets

            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 34

            What is specialist foundationBuilding an excavation pit

            Permeation Grouting

            Mixed-In-Place Method

            Injection Anchor

            Diaphragm andCut-off Wall

            Pile Foundation

            Piling Retaining Wall

            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 35

            What is specialist foundation used forApplications

            Foundationsfor the highest buildings in the world

            Excavation Pits for every problem and requirement

            Ground Improvementallows projects on weak ground

            Cut-off Walls as solution for dams and dikes

            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 36

            ConstructionMunich Germany ndash Foundation works for a boarding house

            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

            EquipmentKey facts

            Market leader in specialistfoundation equipment

            Equipment

            37

            Sales revenues (excl JV) Order intake EBIT

            ~ 40 of total Group revenues EBIT margin 10 - 12

            (2018 117 2019 100)

            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 JV with Schlumberger for the production of deep drilling rigs (oil amp gas)

            Market environment Growing construction markets worldwide lead to positive equipment demand

            Strong position due to efforts regarding quality efficiency and noise reduction

            Growth potential with specialized machines for mining water and offshore drilling

            Competition Trevi Liebherr Chinese manufactures

            (eg Sany XCMG)

            Further competition regarding special product types

            Current focus topics Focus on value analysis methods and purchase organization

            Optimizing and increasing after-sales services

            Key figures

            Key targets

            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 38

            EquipmentWhole range of products for special foundation engineering

            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 39

            EquipmentProduct range Deep Drilling

            Joint Ventureof Bauer amp Schlumberger

            In order to meet the upcoming market challenges out-of-the-box thinking

            is necessary and therefore integrated drilling and rig solutions are of

            growing importance

            Based on more than 40 years of experience in engineering and

            manufacturing of drilling rigs NeoRig develops and manufactures

            modern drilling solutions which set new standards of safety efficiency

            productivity and ease of service in the deep drilling business

            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

            ResourcesKey factsResources

            40

            Products amp services for environmental technology mining well construction

            and water cleaning

            Total Group revenues (incl JV) Order backlog EBIT

            ~ 20 of total Group revenues EBIT margin 6 - 8

            (2018 na 2019 na)

            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 amp Middle East

            Market environment Huge demand for environmental and water solutions

            Outstanding market position with ground-breaking projects in the field of cleaning drinking and process water eg the biological water treatment plant in Oman

            Competition Fragmented competition for each single product and service area

            Current focus topics Improvement of loss-making Jordan subsidiary which is caused by overcapacities

            Consistent proceeding of reorganization in the water related companies

            Focus on new projects for the profitable environment business

            Key figures

            Key targets

            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 41

            ResourcesPool of competences from a single hand

            Industrial Waste Water Process amp Produced Water NORM Constructed Wetlands Modelling amp Well Design Construction Material for Wells

            and Geothermal Water Distribution Management Irrigation Systems

            Remediation Landfill Restoration Decommissioning Demolition Hazardous Waste Management Soil Treatment and Waste

            Management

            Exploration Drilling Deep Geothermal Drilling Well Drilling Blast Hole Drilling

            EnvironmentWater Natural Resources

            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 42

            ResourcesWater ndash Process Water amp Water Distribution Management

            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 43

            ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman

            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 44

            Market environment ndash GermanyGerman construction market

            Source Federal Statistical Office Statistical Office Bavaria

            in EUR billion

            Germany2019

            Employees (in 1000)

            Revenues 922Building construction 508Foundation engineering 414

            Orders received in EUR billion

            Housebuilding 196Industrial building 363Public sectorof which

            public buildings 55road building 142underground structures 105

            ) only companies gt 20 employees

            49

            108

            95

            39

            109

            65

            80

            88

            38

            49

            82

            77

            112

            132

            25

            Dezember 2019 2018 20192017 2018

            in

            89

            97

            302

            861

            4867

            88

            100 82

            59

            125

            Weiszlig

            Bunt

            Kunterbunt

            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 45

            Building constructionpositive cash contribution

            Specialist foundation engineeringpre-financing need

            Financials Working capital needs ndash Comparison with building construction

            EUR

            12 24 months

            Positive cash contribution

            Negative cash contribution

            Con

            trac

            t val

            ue

            EUR

            Negative cash contribution

            12 24 months

            Con

            trac

            t val

            ue

            Construction contracts with short duration need

            No advance payments no front-loading of prices possible approx 2 - 3 months of pre-financing

            Negative cash contribution during construction phase

            Construction contracts with long durations

            Advance payments front-loading of prices

            Positive cash contribution during construction phase

            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 46

            BAUER shareFacts amp Figures

            Listed on Frankfurt stock exchange (Prime Standard) since July 4 2006

            Share capital EUR 7300142045

            Shares issued 17131000

            Issue price EUR 1675

            Share performance (012019 ndash 032020)

            Bauer familyFree float

            5181

            Shareholder structure

            4819

            in EUR 2015 2016 2017 2018 2019

            Earnings per share 173 066 016 132 -217

            Share price year end 1740 1140 3000 1216 1510

            Share price highest 1920 1716 3096 3125 2430

            Share price lowest 1385 945 1172 1208 1262

            Market Cap(in EUR million) 2981 1953 5139 2083 2587

            CDAXClassic All SharePrime All Share

            ISIN DE0005168108Reuters B5AGDEBloomberg B5A GR

            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

            050

            100 100

            060 060050

            030

            001

            015 015010 010 010

            001000

            030

            060

            090

            120

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

            47

            BAUER shareDividend policy

            Dividend payment Dividend policy founded on a reasonable balance between shareholders and company

            fair participation of shareholders maintaining continuity safeguarding of the equity ratio

            All shareholders shall participate in the success of the business

            After some difficult years we must continue to strike a careful balance between continuity and shareholder participation on the one hand and safeguarding our equity ratio on the other

            To secure an adequate equity ratio is an important aim of the companyrsquos 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

            in EUR per share

            000

            Proposed subject to the consent of the Annual General Meeting to be held on June 25 2020

            000

            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 48

            Key Figures Time LineFY 2008 ndash FY 2019

            In all three segments total Group revenues and EBIT figures of FY 2015 were influenced by exceptional earnings

            Total Group revenues 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(in EUR million)BAUER Group 15272 12758 13040 13718 14358 15042 15602 16564 15547 4482 4541 4766 3931 17720 3708 4215 4435 4503 16861 4109 4207 4078 3553 15947

            Construction 7009 5700 6154 6066 6552 7417 7256 7429 7131 2110 2205 2269 1766 8350 1508 1762 2100 2306 7676 1702 1722 1726 1538 6688Equipment 7801 6085 5817 6365 5891 6286 6392 7531 6344 1867 1853 1966 1859 7545 1808 1936 1802 1685 7231 1859 1950 1781 1547 7137Resources 1351 1743 1777 2115 2628 1889 2528 2216 2624 630 647 651 554 2482 517 676 699 723 2615 692 695 662 700 2749

            Sales revenues 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(in EUR million)BAUER Group 12908 10965 11317 12196 13444 14022 13757 13790 13969 3789 4512 4354 4022 16679 3184 3987 4051 4669 15891 3419 4035 3622 3633 14709

            Construction 5843 4879 5058 5062 5791 6575 6466 6508 6145 1966 2064 2145 1663 7838 1432 1642 2021 2168 7263 1616 1628 1605 1408 6257Equipment 6012 4565 4693 5114 5206 5616 5327 5480 5427 1266 1857 1685 1801 6609 1287 1736 1440 1938 6401 1253 1797 1417 1635 6102Resources 1051 1520 1564 2015 2443 1826 1959 1793 2382 553 577 532 553 2215 462 605 587 559 2213 548 607 597 583 2335

            EBIT 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(in EUR million)BAUER Group 1675 844 884 823 720 301 764 907 703 85 302 277 232 896 110 231 227 433 1001 104 248 133 -260 225

            Construction 463 257 288 179 220 212 260 139 297 09 124 81 -18 196 27 21 80 263 391 00 42 -34 -207 -199Equipment 1183 513 483 530 340 322 360 994 384 80 160 249 317 806 142 222 158 227 749 83 230 202 97 612Resources 40 60 81 109 152 -240 159 -198 -37 -01 09 -53 -55 -100 -57 -10 -12 -32 -110 27 -22 -30 -137 -162

            EBIT margin 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(in )BAUER Group 130 77 78 67 54 21 56 66 50 22 67 64 58 54 35 58 56 93 63 30 61 37 -72 15

            Construction 79 53 57 35 38 32 40 21 48 05 60 38 -11 25 19 13 39 121 54 00 26 -21 -147 -32Equipment 197 112 103 104 65 57 68 181 71 64 86 148 176 122 110 128 110 117 117 66 128 143 60 100Resources 38 39 52 54 62 -131 81 -110 -16 -02 15 -100 -99 -45 -123 -16 -20 -57 -50 49 -37 -49 -235 -69

            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

            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

            • Foliennummer 1
            • Foliennummer 2
            • Key FiguresFY 2019
            • Table of Content
            • Foliennummer 5
            • Foliennummer 6
            • Foliennummer 7
            • Foliennummer 8
            • BAUER Group Construction market environment vs order backlog
            • Foliennummer 10
            • Foliennummer 11
            • Table of Content
            • Foliennummer 13
            • Foliennummer 14
            • Foliennummer 15
            • Foliennummer 16
            • Foliennummer 17
            • Foliennummer 18
            • Foliennummer 19
            • Foliennummer 20
            • Foliennummer 21
            • Foliennummer 22
            • FinancialsIncome statement 12M 2019
            • Financials Balance sheet December 31 2019
            • FinancialsCash flow statement 12M 2019
            • Foliennummer 26
            • Foliennummer 27
            • Table of Content
            • BAUER GroupThe history ndash Two centuries of experience
            • Foliennummer 30
            • BAUER GroupThe three segments
            • Foliennummer 32
            • Foliennummer 33
            • What is specialist foundationBuilding an excavation pit
            • What is specialist foundation used forApplications
            • ConstructionMunich Germany ndash Foundation works for a boarding house
            • Foliennummer 37
            • EquipmentWhole range of products for special foundation engineering
            • EquipmentProduct range Deep Drilling
            • Foliennummer 40
            • ResourcesPool of competences from a single hand
            • ResourcesWater ndash Process Water amp Water Distribution Management
            • ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
            • Market environment ndash Germany German construction market
            • Financials Working capital needs ndash Comparison with building construction
            • BAUER shareFacts amp Figures
            • BAUER shareDividend policy
            • Foliennummer 48
            • Disclaimer
              Zweistelliges Auftragsplus am Bau in Bayern
              Absolute WerteVeraumlnderungen in
              August 20062004BayernWestdeutschlandOstdeutschland
              BayernWest-Ost-200420040200420040200420040
              LaumlnderLaumlnder199420030199420030199420030
              Beschaumlftigte in 1000126152831887-52-5200-432-60-5200-539-7200
              Baugenehmigungen Mio msup3 umb Raum6532572423-108-10800-252-8400-68-10300
              Umsatz in Mrd EUR139570173-249-5800-277-4500-399-7600
              Hochbau9637192-265-5600-301-4400-507-7400
              Tiefbau4319981-217-6200-222-4500-207-7900
              09033799-393-10000-452-5600-580-6000
              in Mrd EUR
              Wohnungsbau236511-480-7100-561-6400-771-20700
              Wirtschaftsbau3314040-347-10500-457-5900-603-9400
              Oumlffentlicher Bau3313148-352-11500-346-4900-3821800
              darunter
              Oumlffentl Hochbau092509-324-8500-480-0100-5616900
              Straszligenbau125821-128-11200-146-5100-1604200
              Sonstiger Tiefbau124818-502-13700-425-7100-467-3400
              19712561362168-243-95248-173-23210-21146
              1) Bei Baugenehmigungen liegen erst die Oktoberwerte vor
              1) Bei Baugenehmigungen liegen erst die Februarwerte vor
              2) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten
              in EUR billionin
              Dezember 2019Germany20052005Jan - Aug20182019
              201919942004060520172018
              Employees (in 1000)4867-47-60-104949
              Revenues922-305-647310882
              Building construction508-318-611009577
              Foundation engineering414-280-711212588
              Orders received861-3743110610082
              in EUR billion
              Housebuilding196-489-181211297
              Industrial building363-3036818113289
              Public sector302-33132995965
              of which
              public buildings55-23812729025109
              road building142-138-12478839
              underground structures105-49515223880
              1256168-243-95-173-23
              1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
              ) only companies gt 20 employees
              Zweistelliges Auftragsplus am Bau in Bayern
              Absolute WerteVeraumlnderungen in
              August 20062005BayernWestdeutschlandOstdeutschland
              BayernWest-Ost-20052005Jan - Aug20052005Jan - Aug20052005Jan - Aug
              LaumlnderLaumlnder199420040605199420040605199420040605
              Beschaumlftigte in 1000126152831887-470-60-10-465-60-58-38-578-85-51
              Baugenehmigungen Mio msup3 umb Raum6532572423-395-101249-417-41171-680-157259
              Umsatz in Mrd EUR139570173-305-6473-312-4835-452-8813
              Hochbau9637192-318-61100-336-5048-565-11835
              Tiefbau4319981-280-7112-255-4311-247-51-14
              Auftragseingang9033799-37431106-4470984-609-7043
              in Mrd EUR
              Wohnungsbau236511-489-1812-586-5888-805-14841
              Wirtschaftsbau3314040-30368181-43345104-625-56121
              Oumlffentlicher Bau3313148-3313299-3400972-420-62-18
              darunter
              Oumlffentl Hochbau092509-238127290-500-38142-602-93-51
              Straszligenbau125821-138-1247-965978-211-8582
              Sonstiger Tiefbau124818-4951522-439-2430-477-18-124
              19712561362168-243-95248-173-23210-21146
              1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
              ) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

              9801208

              15271278 1304 1372 1436 1504 1560 1656 1555

              1772 1686 1595

              0

              400

              800

              1200

              1600

              2000

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

              8351033

              12911097 1132 1220

              1344 1402 1376 1379 13971668 1589

              1471

              0

              400

              800

              1200

              1600

              2000

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

              Sales revenuesin EUR million

              Total Group revenuesin EUR million

              7

              CAGR38

              BAUER GroupLongstanding healthy business development

              CAGR45

              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 8

              Schrobenhausen

              Kuala LumpurTianjinConroe

              Worldwide networkMore than 110 subsidiaries in about 70 countries

              Permanent OfficesConstructionEquipment salesResourcesEquipment production

              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

              Market few large projects in some countries

              Bauer low order backlog

              Latin America

              Market stable markets in most Western European countries slow development in Eastern Europe Russia remains weak

              Bauer good backlog in UK Netherlands and Hungary Russia weak

              Europe

              Market positive development inThailand Indonesia Philippines Australia Malaysia Vietnam weak stable demand in China (equipment)

              Bauer major projects especially in Thailand and Philippines

              Far East

              Market few projects in some countries Egypt with slow growth

              Bauer focus only on single projects reasonable backlog in Egypt

              Africa

              Market ongoing uncertainty as a result of oil price and political crisis

              Bauer reasonable order backlog in UAE and Qatar major project in Jordan slight recovery in Saudi Arabia Lebanon very weak bigger projects in Bangladesh and Bhutan

              Middle East amp Central Asia

              Market the infrastructure market in the USA is still strong

              Bauer good backlog with mainly federal projects in the USA reasonable workload in Canada

              USA Canada Market good first signs of weakening growth in infrastructure expected

              Bauer solid order backlog

              Germany

              9

              BAUER GroupConstruction market environment vs order backlog

              +

              +

              oo

              +

              +

              +

              +

              -o

              +

              +

              o+

              -- weak - slightly weak o stable + growing ++ strong growthThe corona pandemic can have a significant impact on this basic market assessment Last update April 2020

              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 10

              Regional breakdownTotal Group revenues FY 2019 ndash Group

              Africa 80 (5)

              Americas 192 (12)

              Asia-PacificFar East amp Australia266 (17)

              Middle East amp Central Asia208 (13)

              Germany 519 (33)

              EU excl Germany 259 (16)

              Europe (other)71 (4)

              Africa 73 (4)

              Americas 171 (10)

              Asia-PacificFar East amp Australia428 (25)

              Middle East amp Central Asia212 (13)

              Germany 467 (28)

              EU excl Germany 276 (16)

              Europe (other)59 (4)

              Full year 2018Total 1686in EUR million

              Total 1595 in EUR million

              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 11

              Regional breakdownTotal Group revenues FY 2019 ndash Segments

              Construction segment Equipment segment Resources segment

              Figures after deducting OtherConsolidation

              Africa 50 (8)

              Americas 47 (7)

              Asia-Pacific Far East amp Australia85 (13)

              Middle East amp Central Asia136 (21)

              Germany 220 (34)

              EU excl Germany 89 (13)

              Europe (other)26 (4)

              Africa 18 (3)

              Americas 138 (20)

              Asia-PacificFar East amp Australia180 (27)

              Middle East amp Central Asia34 (5)

              Germany 111 (16)

              EU excl Germany 147 (22)

              Europe (other)45 (7)

              Africa 12 (4)

              Americas 7 (3)

              Asia-Pacific Far East amp Australia 1 (0)

              Middle East amp Central Asia 38 (14)

              Germany 188 (70)

              EU excl Germany 23 (9)

              Europe (other)0 (0)

              Total 653in EUR million

              Total 673 Total 269

              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 12

              Table of Content

              BAUER Group ndash Strategy Chances amp Markets

              Appendix

              Financials FYQ4 2019 amp Guidance

              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

              379 484 429 420

              381454 386 418

              396409

              422 450

              411394 485 321

              2016 2017 2018 2019

              15551772 1686 1595

              13971668 1589

              1471

              0

              400

              800

              1200

              1600

              2000

              2016 2017 2018 2019

              1008 978 1014 1028

              0

              250

              500

              750

              1000

              1250

              2016 2017 2018 2019

              703896

              1001

              22514437

              241

              -366-50

              -25

              0

              25

              50

              75

              100

              125

              2016 2017 2018 2019

              13

              Q1

              Q2

              Q3

              Q4

              FinancialsRevenues earnings amp orders ndash Group

              Revenues

              Earnings

              Order backlog

              Order intake

              in EUR million

              in EUR million in EUR million

              in EUR millionTotal Group revenues Sales revenues

              EBIT Earnings after tax

              1567

              +14

              -661741

              -54-74

              ∆ FY

              -775na

              ∆ FY 1722 1609

              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

              231154

              768669

              2018 2019

              547639

              2018 2019

              263

              -207

              391

              -199

              2018 2019

              FinancialsConstruction segment ndash Highlights FY 2019

              Construction

              Global provider for specialist foundation engineering services

              Focus on complex international projects

              ~ 5050 infrastructure industrialTotal Group revenuesin EUR million

              Order backlogin EUR million

              EBITin EUR million

              Total Group revenues fell by 129 to EUR 6688 million compared to EUR 7676 million At EUR -199 million EBIT was markedly negative (2018 EUR 391 million) At EUR -527 million earnings after taxes were negative In 2018 positive earnings of EUR 96 million were reported

              The verdict on appeal against an arbitration court verdict from 2018 resulted in a considerable valuation allowance of about EUR 40 million This had an impact of corresponding magnitude on revenues and earnings figures for the segment The decline is also attributable to the markets of the Far East and Australia which were affected by a lack of orders and project postponements

              At EUR 6386 million order backlog which was 167 well above the previous years figure of EUR 5473 million is at a record level At EUR 7601 million order intake fell back by 76 from EUR 8222 million The order book lasts for 115 months

              14

              -129+167Full year 2019

              41 of total Group revenues EBIT margin -32Key targets ~ 40 of total Group revenues (TGR) EBIT margin 4 - 6

              Key figures to be considered TGR order backlog EBIT

              FYQ4

              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

              178 177 187 183 193176

              195178

              156171 185

              201 211 221 227

              177151

              176210 231

              170 172 173154

              0

              50

              100

              150

              200

              250

              Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

              436 477 472 455513 551 584 591 585 575 578 585 578

              526 516 493 511 507 503 547 546 551631 639

              0

              150

              300

              450

              600

              750

              Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

              FinancialsConstruction segment ndash Revenues and order development

              Order backlogin EUR million

              Total Group revenuesin EUR million

              Construction

              15

              -333

              +167

              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

              194 164

              640 610

              2018 2019

              724 672

              2018 2019

              227

              97

              749

              612

              2018 2019

              FinancialsEquipment segment ndash Highlights FY 2019

              Market leader in specialist foundation equipment

              New products for mining deep drilling and offshore drilling

              About 80 of sales abroad Sales revenuesin EUR million

              Order intakein EUR million

              EBITin EUR million

              Equipment Total Group revenues fell slightly by 13 from EUR 7231 million to EUR 7136

              million Sales revenues also dropped by 47 from EUR 6401 million to EUR 6102 million Accordingly EBIT decreased from EUR 749 million to EUR 612 million Earnings after taxes rose slightly from EUR 340 million to EUR 395 million in particular because of a lower tax burden and lower at-equity loss compared with the previous year

              In the overall very favorable market environment we succeeded in keeping revenue sales and earnings at very good levels The main drivers were once again the sales markets in Europe and China

              Order intake performed less well in the second half of 2019 Overall it fell by 71 from EUR 7237 million to EUR 6721 million Order backlog was EUR 1083 million remaining significantly below the previous years level of EUR 1500 million

              16

              -47 -76Full year 2019 42 of total Group revenues EBIT margin 100Key targets ~ 40 of total Group revenues EBIT margin 10 - 12Key figures to be considered Sales revenues order intake EBIT

              -183FYQ4

              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

              103 115143

              171

              100137 129

              181

              108 115 123

              197

              127

              186169 180

              129

              174144

              194

              125

              180

              142164

              0

              50

              100

              150

              200

              250

              Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

              165 163187

              162 177155 166 152 161 159 160 171

              212 218

              148182

              227

              170 160 167186 192

              168

              127

              0

              50

              100

              150

              200

              250

              Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

              FinancialsEquipment segment ndash Revenues and order development

              Order intakein EUR million

              Sales revenuesin EUR million

              Equipment

              17

              -156

              -239

              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

              72 70

              261 275

              2018 2019

              316281

              2018 2019

              -32

              -137-110

              -1622018 2019

              FinancialsResources segment ndash Highlights FY 2019

              Products amp services related to water environment and natural resources

              Competence areas water treatment environmental remediation waste management drilling technologies and constructed wetlands

              Total Group revenuesin EUR million

              Order backlogin EUR million

              EBITin EUR million

              Resources Total Group revenues increased by 51 from EUR 2615 million in the previous

              year to EUR 2749 million EBIT decreased from EUR -110 million to EUR -162 million and earnings after taxes were up from EUR -160 million in the previous year to EUR -137 million primarily due to higher at-equity earnings

              The segment fell short of expectations once again in 2019 While earnings from the operating business improved significantly underutilization in Jordan a weak order situation in the business with brewery and beverage technology further restructuring expenditure and adjustments for receivables from old projects primarily proved to be a burden

              At the order backlog was down 113 from EUR 3165 million to EUR 2807 million The decline is essentially due to progress on the large Kesslergrube project The order intake was EUR 2391 million in 2019 and thus 13 slightly below the 2018 value of EUR 2422 million The order book lasts for 123 months

              18

              +51-113Full year 2019

              17 of total Group revenues EBIT margin naKey targets ~ 20 of total Group revenues (TGR) EBIT margin 6 - 8Key figures to be considered TGR order backlog EBIT

              FYQ4

              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

              48 5360

              92

              5448

              75

              44

              71 67 6657 63 65 65

              55 52

              68 70 72 69 70 66 70

              0

              20

              40

              60

              80

              100

              Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

              173 169 172 153 173 174

              274 276 287 294 290 279 297 317 308336 330 321 324 316 327 322

              295 281

              0

              75

              150

              225

              300

              375

              Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

              FinancialsResources segment ndash Revenues and order development

              Order backlogin EUR million

              Total Group revenuesin EUR million

              Resources

              19

              -32

              -113

              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

              FinancialsWorking capital amp net debt ndash Financing of future revenues

              Bauerrsquos 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 Receivables

              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 247 after-sales service A relatively large rental fleet is needed for different contract types (eg rental purchase)

              Resources segment Outstanding customer payments (water business) and receivables on projects (environmental amp drilling business)

              75-8015-20 ~5

              Construction Equipment Resources20-2555-60 15-20

              20

              Key facts

              Why does the business model needs so much working capital

              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

              629 608549 552

              467

              665 677594 562 564

              0

              150

              300

              450

              600

              750

              2015 2016 2017 2018 2019

              646 665 677594 562 564

              171 185 158 183 199123

              38 36

              43

              33

              28

              46

              00

              10

              20

              30

              40

              50

              0

              160

              320

              480

              640

              800

              2014 2015 2016 2017 2018 2019

              1656 15551772 1686 1595

              665 677 594 562 564

              0

              360

              720

              1080

              1440

              1800

              2015 2016 2017 2018 201921

              FinancialsWorking capital amp net debt ndash Current development

              Total Group revenues net debtin EUR million

              Net debtWorking capital

              EBITDANet debt

              Current development At EUR 5637 million net debt was at the same level

              as 2018 This was essentially due to the new IFRS 16 standard and the market valuation of financial liabilities Pure bank debt has seen further reductions which demonstrates that our numerous measures are making progress

              Net debt to EBITDA ratio has worsened substantially as a consequence of significantly lower earnings than originally expected Our target range is a ratio of below 30 yearend

              -37-152

              ∆ 20152019

              Working capital net debtin EUR million

              Net debt EBITDA ratioin EUR million

              Net debtTotal Group revenues ndash Net debtEBITDA

              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

              711 720 736

              604

              726 701 700629 672 709 684

              608674 646 628

              549 576624 629

              552 584 609 591

              467

              0

              160

              320

              480

              640

              800

              Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

              773 776 778

              646

              779 752 749665

              743 762 736677

              740 712 686594 639 678 679

              562620 648 637

              564

              0

              160

              320

              480

              640

              800

              Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

              22

              FinancialsWorking capital amp net debt are lower year-end than during the year

              Net debt (excl pensions)in EUR million

              Working capitalin EUR million -154

              +03

              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 23

              FinancialsIncome statement 12M 2019in EUR 000 12M 2018 12M 2019 ∆ in

              Sales revenues (PampL) 1589091 1470922 -74

              Consolidated revenues (PampL) 1616936 1537691 -49

              Cost of materials -821496 -783126 -47

              Personel expenses -392384 -418805 67

              Other operation expenses -204440 -212713 40

              EBITDA 198616 123047 -380

              Depreciation of fixed assets -80967 -84760 47

              Write-downs of inventories due to use -17590 -15806 -101

              EBIT 100059 22481 -775

              Financial income 38204 33742 -117

              Financial expenses -76992 -78766 23

              Share of profitloss of associated companies (equity method) 4594 11225 na

              Earnings before tax (EBT) 65865 -11318 na

              Income tax expense -41778 -25232 -396

              Earnings after tax 24087 -36550 na

              of which attributable to shareholders of BAUER AG 22577 -37146 na

              of which attributable to non-controlling interests 1510 596 -605

              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 24

              Financials Balance sheet December 31 2019in EUR 000 Dec 31 2018 Dec 31 2019 ∆ in Assets 1632284 1628549 -02

              Non-current assets 621041 692778 116Intangible assets 18077 16946 -63Property plant and equipment and investment property 411571 460470 119Investments accounted for using the equity method 113019 118185 46Participations 8350 8806 55Other non-current assets amp deferred tax assets 70024 88371 262Current assets 1011243 935771 -75Inventories 365865 405401 108Rental equipment 60488 61838 22Less advances received on inventories -16098 -8921 -446

              410255 458318 117Receivables and other assets 535111 434608 -188Effective income tax refund claims 3290 5270 602Cash and cash equivalents 62587 37575 -400

              Equity and liabilities 1632284 1628549 -02

              Equity 431816 386916 -104Non-current debt 501424 327118 -348Provisions for pensions 134389 158641 180Non-current liabilities amp deferred tax liabilities 367035 257977 -297Current debt 699044 914515 308Financial liabilities 286104 376453 316Other current liabilities 357851 402318 124Effective income tax obligations 31687 19566 -383Provisions 23402 26678 140

              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 25

              FinancialsCash flow statement 12M 2019in EUR 000 12M 2018 12M 2019 ∆ in

              Cash flow from operational activity 147444 168882 145

              Cash flow from investment activity -57600 -75213 306

              Cash flow from financing activity -75088 -120339 603

              Free Cash Flow 89844 93669 43

              Changes in liquid funds affecting payments 14756 -26670 na

              Influence of exchange rate movements on cash 565 1658 na

              Total change in liquid funds 15321 -25012 na

              Cash and cash equivalents at beginning of reporting period 47266 62587 324

              Cash and cash equivalents at end of reporting period 62587 37575 -400

              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 26

              FinancialsForecast 2020 ndash More cautious view due to coronavirus pandemic

              2019 final

              Total Group Revenues 1594 EUR million slight increase

              Revenue growth -54 3 - 8

              EBIT 225 EUR million significant increase

              EBIT margin 15 7 - 9

              Earnings after tax -366 EUR million significant increase in the positive area

              Equity ratio 238 gt 30

              2020 forecast Long-term goal

              Slope stabilisation with BG 15 ndash Germany Largest water treatment plant ndash Nimr OmanCompact cutter system for Grand Paris

              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 27

              BAUER AktiengesellschaftBAUER-Straszlige 186529 SchrobenhausenGermany

              Tel +49 8252 97-1218investorrelationsbauerdewwwbauerde

              April 9 2020 Annual Report 2019Analyst amp Press Conference

              May 13 2020 Quarterly Statement Q1 2020

              June 25 2020 Annual General Meeting

              August 13 2020 Half-Year Interim Report toJune 30 2020

              November 13 2020 Quarterly Statement 9MQ3 2020

              wwwyoutubecomBauergruppe

              wwwfacebookcomBauerAGgroup

              Investor RelationsFinancial calendar amp contact

              Christopher WolfHead of Investor Relations

              2020

              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 28

              Table of Content

              BAUER Group ndash Strategy Chances amp Markets

              Appendix

              Financials FYQ4 2019 amp Guidance

              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 29

              1790 middot 1900 middot 1902 middot 1928 middot 1948 middot 1956 middot 1958 middot 1967 middot 1969 middot 1972 middot 1975 middot 1976 middot 1984 middot 1990 middot 1992 middot 1994 middot 1998 middot 2001 middot 2019

              BAUER GroupThe history ndash Two centuries of experience

              End of 1970rsquosStart of

              internationalisation

              Early 1990rsquosBuild up of

              specialist construction environmental business

              FY 2019Total Group

              revenues EUR 16 billion 11684

              employees

              4 Jul 2006IPO

              Early 1970rsquosStart of equipment

              manufacturing

              Company founded as copper forge

              After WW II (1950s)Start of construction

              business

              Early 1980rsquosSelling of equipment to

              third parties

              1790 1900-1970 1980-1990 2000-2019

              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 30

              Michael Stomberg (CEO) HSE IT Process Management Quality Management

              Florian Bauer Digitalization Development

              Coordination Training Company Culture

              Hartmut Beutler (CFO) Financing amp Treasury Legal Affairs amp Insurance IR amp Corporate

              Communications Facility Management Media Design

              Peter Hingott Group Controlling amp

              Accounting Human Resources Group Purchasing

              Management BoardBAUER AG

              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 31

              BAUER GroupThe three segments

              31copy BAUER AG D-86529 Schrobenhausen

              Target ~ 40 of total Group revenues

              Market leader in specialist foundation equipment

              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

              Target ~ 20 of total Group revenues Activities in

              environmental technology deep drilling well construction materials

              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 32

              BAUER GroupChallenges of the world provide chances for the company

              The megatrend of urbanization requires construction solutions for the city of the future

              To deal with the scarcity of drinking water purification and supply technologies are needed

              The increasing mobility in society demands new and renewed transport routes

              Changing social values are fundamentally revolutionizing the business world

              UrbanizationInfrastructure Water

              CultureA change in energy supply can only be realized through comprehensive construction works

              The remediation of contaminated soil is the key to sustainable utilization of resources

              Energy transitionEnvironment

              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

              ConstructionKey factsConstruction

              Leading global provider for specialist foundation engineering

              services

              33

              Total Group revenues (incl JV) Order backlog EBIT

              ~ 40 of total Group revenues EBIT margin 4 - 6

              (2018 54 2019 na)

              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 5050 infrastructureindustrial split

              Figures are somewhat cyclical between the quarters ndash focus on the entire year

              Market environment Growing construction markets worldwide

              Special foundation engineering is growing stronger than construction markets

              Huge pent-up demand in developed countries and in emerging markets

              Competition Keller Trevi Soletanche Bachy

              (worldwide)

              Local competitors in each country

              Current focus topics Improving project and risk management especially for major projects

              Leading in digitalization solutions for our market

              Key figures

              Key targets

              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 34

              What is specialist foundationBuilding an excavation pit

              Permeation Grouting

              Mixed-In-Place Method

              Injection Anchor

              Diaphragm andCut-off Wall

              Pile Foundation

              Piling Retaining Wall

              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 35

              What is specialist foundation used forApplications

              Foundationsfor the highest buildings in the world

              Excavation Pits for every problem and requirement

              Ground Improvementallows projects on weak ground

              Cut-off Walls as solution for dams and dikes

              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 36

              ConstructionMunich Germany ndash Foundation works for a boarding house

              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

              EquipmentKey facts

              Market leader in specialistfoundation equipment

              Equipment

              37

              Sales revenues (excl JV) Order intake EBIT

              ~ 40 of total Group revenues EBIT margin 10 - 12

              (2018 117 2019 100)

              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 JV with Schlumberger for the production of deep drilling rigs (oil amp gas)

              Market environment Growing construction markets worldwide lead to positive equipment demand

              Strong position due to efforts regarding quality efficiency and noise reduction

              Growth potential with specialized machines for mining water and offshore drilling

              Competition Trevi Liebherr Chinese manufactures

              (eg Sany XCMG)

              Further competition regarding special product types

              Current focus topics Focus on value analysis methods and purchase organization

              Optimizing and increasing after-sales services

              Key figures

              Key targets

              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 38

              EquipmentWhole range of products for special foundation engineering

              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 39

              EquipmentProduct range Deep Drilling

              Joint Ventureof Bauer amp Schlumberger

              In order to meet the upcoming market challenges out-of-the-box thinking

              is necessary and therefore integrated drilling and rig solutions are of

              growing importance

              Based on more than 40 years of experience in engineering and

              manufacturing of drilling rigs NeoRig develops and manufactures

              modern drilling solutions which set new standards of safety efficiency

              productivity and ease of service in the deep drilling business

              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

              ResourcesKey factsResources

              40

              Products amp services for environmental technology mining well construction

              and water cleaning

              Total Group revenues (incl JV) Order backlog EBIT

              ~ 20 of total Group revenues EBIT margin 6 - 8

              (2018 na 2019 na)

              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 amp Middle East

              Market environment Huge demand for environmental and water solutions

              Outstanding market position with ground-breaking projects in the field of cleaning drinking and process water eg the biological water treatment plant in Oman

              Competition Fragmented competition for each single product and service area

              Current focus topics Improvement of loss-making Jordan subsidiary which is caused by overcapacities

              Consistent proceeding of reorganization in the water related companies

              Focus on new projects for the profitable environment business

              Key figures

              Key targets

              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 41

              ResourcesPool of competences from a single hand

              Industrial Waste Water Process amp Produced Water NORM Constructed Wetlands Modelling amp Well Design Construction Material for Wells

              and Geothermal Water Distribution Management Irrigation Systems

              Remediation Landfill Restoration Decommissioning Demolition Hazardous Waste Management Soil Treatment and Waste

              Management

              Exploration Drilling Deep Geothermal Drilling Well Drilling Blast Hole Drilling

              EnvironmentWater Natural Resources

              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 42

              ResourcesWater ndash Process Water amp Water Distribution Management

              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 43

              ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman

              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 44

              Market environment ndash GermanyGerman construction market

              Source Federal Statistical Office Statistical Office Bavaria

              in EUR billion

              Germany2019

              Employees (in 1000)

              Revenues 922Building construction 508Foundation engineering 414

              Orders received in EUR billion

              Housebuilding 196Industrial building 363Public sectorof which

              public buildings 55road building 142underground structures 105

              ) only companies gt 20 employees

              49

              108

              95

              39

              109

              65

              80

              88

              38

              49

              82

              77

              112

              132

              25

              Dezember 2019 2018 20192017 2018

              in

              89

              97

              302

              861

              4867

              88

              100 82

              59

              125

              Weiszlig

              Bunt

              Kunterbunt

              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 45

              Building constructionpositive cash contribution

              Specialist foundation engineeringpre-financing need

              Financials Working capital needs ndash Comparison with building construction

              EUR

              12 24 months

              Positive cash contribution

              Negative cash contribution

              Con

              trac

              t val

              ue

              EUR

              Negative cash contribution

              12 24 months

              Con

              trac

              t val

              ue

              Construction contracts with short duration need

              No advance payments no front-loading of prices possible approx 2 - 3 months of pre-financing

              Negative cash contribution during construction phase

              Construction contracts with long durations

              Advance payments front-loading of prices

              Positive cash contribution during construction phase

              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 46

              BAUER shareFacts amp Figures

              Listed on Frankfurt stock exchange (Prime Standard) since July 4 2006

              Share capital EUR 7300142045

              Shares issued 17131000

              Issue price EUR 1675

              Share performance (012019 ndash 032020)

              Bauer familyFree float

              5181

              Shareholder structure

              4819

              in EUR 2015 2016 2017 2018 2019

              Earnings per share 173 066 016 132 -217

              Share price year end 1740 1140 3000 1216 1510

              Share price highest 1920 1716 3096 3125 2430

              Share price lowest 1385 945 1172 1208 1262

              Market Cap(in EUR million) 2981 1953 5139 2083 2587

              CDAXClassic All SharePrime All Share

              ISIN DE0005168108Reuters B5AGDEBloomberg B5A GR

              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

              050

              100 100

              060 060050

              030

              001

              015 015010 010 010

              001000

              030

              060

              090

              120

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

              47

              BAUER shareDividend policy

              Dividend payment Dividend policy founded on a reasonable balance between shareholders and company

              fair participation of shareholders maintaining continuity safeguarding of the equity ratio

              All shareholders shall participate in the success of the business

              After some difficult years we must continue to strike a careful balance between continuity and shareholder participation on the one hand and safeguarding our equity ratio on the other

              To secure an adequate equity ratio is an important aim of the companyrsquos 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

              in EUR per share

              000

              Proposed subject to the consent of the Annual General Meeting to be held on June 25 2020

              000

              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 48

              Key Figures Time LineFY 2008 ndash FY 2019

              In all three segments total Group revenues and EBIT figures of FY 2015 were influenced by exceptional earnings

              Total Group revenues 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(in EUR million)BAUER Group 15272 12758 13040 13718 14358 15042 15602 16564 15547 4482 4541 4766 3931 17720 3708 4215 4435 4503 16861 4109 4207 4078 3553 15947

              Construction 7009 5700 6154 6066 6552 7417 7256 7429 7131 2110 2205 2269 1766 8350 1508 1762 2100 2306 7676 1702 1722 1726 1538 6688Equipment 7801 6085 5817 6365 5891 6286 6392 7531 6344 1867 1853 1966 1859 7545 1808 1936 1802 1685 7231 1859 1950 1781 1547 7137Resources 1351 1743 1777 2115 2628 1889 2528 2216 2624 630 647 651 554 2482 517 676 699 723 2615 692 695 662 700 2749

              Sales revenues 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(in EUR million)BAUER Group 12908 10965 11317 12196 13444 14022 13757 13790 13969 3789 4512 4354 4022 16679 3184 3987 4051 4669 15891 3419 4035 3622 3633 14709

              Construction 5843 4879 5058 5062 5791 6575 6466 6508 6145 1966 2064 2145 1663 7838 1432 1642 2021 2168 7263 1616 1628 1605 1408 6257Equipment 6012 4565 4693 5114 5206 5616 5327 5480 5427 1266 1857 1685 1801 6609 1287 1736 1440 1938 6401 1253 1797 1417 1635 6102Resources 1051 1520 1564 2015 2443 1826 1959 1793 2382 553 577 532 553 2215 462 605 587 559 2213 548 607 597 583 2335

              EBIT 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(in EUR million)BAUER Group 1675 844 884 823 720 301 764 907 703 85 302 277 232 896 110 231 227 433 1001 104 248 133 -260 225

              Construction 463 257 288 179 220 212 260 139 297 09 124 81 -18 196 27 21 80 263 391 00 42 -34 -207 -199Equipment 1183 513 483 530 340 322 360 994 384 80 160 249 317 806 142 222 158 227 749 83 230 202 97 612Resources 40 60 81 109 152 -240 159 -198 -37 -01 09 -53 -55 -100 -57 -10 -12 -32 -110 27 -22 -30 -137 -162

              EBIT margin 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(in )BAUER Group 130 77 78 67 54 21 56 66 50 22 67 64 58 54 35 58 56 93 63 30 61 37 -72 15

              Construction 79 53 57 35 38 32 40 21 48 05 60 38 -11 25 19 13 39 121 54 00 26 -21 -147 -32Equipment 197 112 103 104 65 57 68 181 71 64 86 148 176 122 110 128 110 117 117 66 128 143 60 100Resources 38 39 52 54 62 -131 81 -110 -16 -02 15 -100 -99 -45 -123 -16 -20 -57 -50 49 -37 -49 -235 -69

              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

              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

              • Foliennummer 1
              • Foliennummer 2
              • Key FiguresFY 2019
              • Table of Content
              • Foliennummer 5
              • Foliennummer 6
              • Foliennummer 7
              • Foliennummer 8
              • BAUER Group Construction market environment vs order backlog
              • Foliennummer 10
              • Foliennummer 11
              • Table of Content
              • Foliennummer 13
              • Foliennummer 14
              • Foliennummer 15
              • Foliennummer 16
              • Foliennummer 17
              • Foliennummer 18
              • Foliennummer 19
              • Foliennummer 20
              • Foliennummer 21
              • Foliennummer 22
              • FinancialsIncome statement 12M 2019
              • Financials Balance sheet December 31 2019
              • FinancialsCash flow statement 12M 2019
              • Foliennummer 26
              • Foliennummer 27
              • Table of Content
              • BAUER GroupThe history ndash Two centuries of experience
              • Foliennummer 30
              • BAUER GroupThe three segments
              • Foliennummer 32
              • Foliennummer 33
              • What is specialist foundationBuilding an excavation pit
              • What is specialist foundation used forApplications
              • ConstructionMunich Germany ndash Foundation works for a boarding house
              • Foliennummer 37
              • EquipmentWhole range of products for special foundation engineering
              • EquipmentProduct range Deep Drilling
              • Foliennummer 40
              • ResourcesPool of competences from a single hand
              • ResourcesWater ndash Process Water amp Water Distribution Management
              • ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
              • Market environment ndash Germany German construction market
              • Financials Working capital needs ndash Comparison with building construction
              • BAUER shareFacts amp Figures
              • BAUER shareDividend policy
              • Foliennummer 48
              • Disclaimer
                Zweistelliges Auftragsplus am Bau in Bayern
                Absolute WerteVeraumlnderungen in
                August 20062004BayernWestdeutschlandOstdeutschland
                BayernWest-Ost-200420040200420040200420040
                LaumlnderLaumlnder199420030199420030199420030
                Beschaumlftigte in 1000126152831887-52-5200-432-60-5200-539-7200
                Baugenehmigungen Mio msup3 umb Raum6532572423-108-10800-252-8400-68-10300
                Umsatz in Mrd EUR139570173-249-5800-277-4500-399-7600
                Hochbau9637192-265-5600-301-4400-507-7400
                Tiefbau4319981-217-6200-222-4500-207-7900
                09033799-393-10000-452-5600-580-6000
                in Mrd EUR
                Wohnungsbau236511-480-7100-561-6400-771-20700
                Wirtschaftsbau3314040-347-10500-457-5900-603-9400
                Oumlffentlicher Bau3313148-352-11500-346-4900-3821800
                darunter
                Oumlffentl Hochbau092509-324-8500-480-0100-5616900
                Straszligenbau125821-128-11200-146-5100-1604200
                Sonstiger Tiefbau124818-502-13700-425-7100-467-3400
                19712561362168-243-95248-173-23210-21146
                1) Bei Baugenehmigungen liegen erst die Oktoberwerte vor
                1) Bei Baugenehmigungen liegen erst die Februarwerte vor
                2) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten
                in EUR billionin
                Dezember 2019Germany20052005Jan - Aug20182019
                201919942004060520172018
                Employees (in 1000)4867-47-60-104949
                Revenues922-305-647310882
                Building construction508-318-611009577
                Foundation engineering414-280-711212588
                Orders received861-3743110610082
                in EUR billion
                Housebuilding196-489-181211297
                Industrial building363-3036818113289
                Public sector302-33132995965
                of which
                public buildings55-23812729025109
                road building142-138-12478839
                underground structures105-49515223880
                1256168-243-95-173-23
                1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
                ) only companies gt 20 employees
                Zweistelliges Auftragsplus am Bau in Bayern
                Absolute WerteVeraumlnderungen in
                August 20062005BayernWestdeutschlandOstdeutschland
                BayernWest-Ost-20052005Jan - Aug20052005Jan - Aug20052005Jan - Aug
                LaumlnderLaumlnder199420040605199420040605199420040605
                Beschaumlftigte in 1000126152831887-470-60-10-465-60-58-38-578-85-51
                Baugenehmigungen Mio msup3 umb Raum6532572423-395-101249-417-41171-680-157259
                Umsatz in Mrd EUR139570173-305-6473-312-4835-452-8813
                Hochbau9637192-318-61100-336-5048-565-11835
                Tiefbau4319981-280-7112-255-4311-247-51-14
                Auftragseingang9033799-37431106-4470984-609-7043
                in Mrd EUR
                Wohnungsbau236511-489-1812-586-5888-805-14841
                Wirtschaftsbau3314040-30368181-43345104-625-56121
                Oumlffentlicher Bau3313148-3313299-3400972-420-62-18
                darunter
                Oumlffentl Hochbau092509-238127290-500-38142-602-93-51
                Straszligenbau125821-138-1247-965978-211-8582
                Sonstiger Tiefbau124818-4951522-439-2430-477-18-124
                19712561362168-243-95248-173-23210-21146
                1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
                ) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 8

                Schrobenhausen

                Kuala LumpurTianjinConroe

                Worldwide networkMore than 110 subsidiaries in about 70 countries

                Permanent OfficesConstructionEquipment salesResourcesEquipment production

                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                Market few large projects in some countries

                Bauer low order backlog

                Latin America

                Market stable markets in most Western European countries slow development in Eastern Europe Russia remains weak

                Bauer good backlog in UK Netherlands and Hungary Russia weak

                Europe

                Market positive development inThailand Indonesia Philippines Australia Malaysia Vietnam weak stable demand in China (equipment)

                Bauer major projects especially in Thailand and Philippines

                Far East

                Market few projects in some countries Egypt with slow growth

                Bauer focus only on single projects reasonable backlog in Egypt

                Africa

                Market ongoing uncertainty as a result of oil price and political crisis

                Bauer reasonable order backlog in UAE and Qatar major project in Jordan slight recovery in Saudi Arabia Lebanon very weak bigger projects in Bangladesh and Bhutan

                Middle East amp Central Asia

                Market the infrastructure market in the USA is still strong

                Bauer good backlog with mainly federal projects in the USA reasonable workload in Canada

                USA Canada Market good first signs of weakening growth in infrastructure expected

                Bauer solid order backlog

                Germany

                9

                BAUER GroupConstruction market environment vs order backlog

                +

                +

                oo

                +

                +

                +

                +

                -o

                +

                +

                o+

                -- weak - slightly weak o stable + growing ++ strong growthThe corona pandemic can have a significant impact on this basic market assessment Last update April 2020

                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 10

                Regional breakdownTotal Group revenues FY 2019 ndash Group

                Africa 80 (5)

                Americas 192 (12)

                Asia-PacificFar East amp Australia266 (17)

                Middle East amp Central Asia208 (13)

                Germany 519 (33)

                EU excl Germany 259 (16)

                Europe (other)71 (4)

                Africa 73 (4)

                Americas 171 (10)

                Asia-PacificFar East amp Australia428 (25)

                Middle East amp Central Asia212 (13)

                Germany 467 (28)

                EU excl Germany 276 (16)

                Europe (other)59 (4)

                Full year 2018Total 1686in EUR million

                Total 1595 in EUR million

                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 11

                Regional breakdownTotal Group revenues FY 2019 ndash Segments

                Construction segment Equipment segment Resources segment

                Figures after deducting OtherConsolidation

                Africa 50 (8)

                Americas 47 (7)

                Asia-Pacific Far East amp Australia85 (13)

                Middle East amp Central Asia136 (21)

                Germany 220 (34)

                EU excl Germany 89 (13)

                Europe (other)26 (4)

                Africa 18 (3)

                Americas 138 (20)

                Asia-PacificFar East amp Australia180 (27)

                Middle East amp Central Asia34 (5)

                Germany 111 (16)

                EU excl Germany 147 (22)

                Europe (other)45 (7)

                Africa 12 (4)

                Americas 7 (3)

                Asia-Pacific Far East amp Australia 1 (0)

                Middle East amp Central Asia 38 (14)

                Germany 188 (70)

                EU excl Germany 23 (9)

                Europe (other)0 (0)

                Total 653in EUR million

                Total 673 Total 269

                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 12

                Table of Content

                BAUER Group ndash Strategy Chances amp Markets

                Appendix

                Financials FYQ4 2019 amp Guidance

                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                379 484 429 420

                381454 386 418

                396409

                422 450

                411394 485 321

                2016 2017 2018 2019

                15551772 1686 1595

                13971668 1589

                1471

                0

                400

                800

                1200

                1600

                2000

                2016 2017 2018 2019

                1008 978 1014 1028

                0

                250

                500

                750

                1000

                1250

                2016 2017 2018 2019

                703896

                1001

                22514437

                241

                -366-50

                -25

                0

                25

                50

                75

                100

                125

                2016 2017 2018 2019

                13

                Q1

                Q2

                Q3

                Q4

                FinancialsRevenues earnings amp orders ndash Group

                Revenues

                Earnings

                Order backlog

                Order intake

                in EUR million

                in EUR million in EUR million

                in EUR millionTotal Group revenues Sales revenues

                EBIT Earnings after tax

                1567

                +14

                -661741

                -54-74

                ∆ FY

                -775na

                ∆ FY 1722 1609

                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                231154

                768669

                2018 2019

                547639

                2018 2019

                263

                -207

                391

                -199

                2018 2019

                FinancialsConstruction segment ndash Highlights FY 2019

                Construction

                Global provider for specialist foundation engineering services

                Focus on complex international projects

                ~ 5050 infrastructure industrialTotal Group revenuesin EUR million

                Order backlogin EUR million

                EBITin EUR million

                Total Group revenues fell by 129 to EUR 6688 million compared to EUR 7676 million At EUR -199 million EBIT was markedly negative (2018 EUR 391 million) At EUR -527 million earnings after taxes were negative In 2018 positive earnings of EUR 96 million were reported

                The verdict on appeal against an arbitration court verdict from 2018 resulted in a considerable valuation allowance of about EUR 40 million This had an impact of corresponding magnitude on revenues and earnings figures for the segment The decline is also attributable to the markets of the Far East and Australia which were affected by a lack of orders and project postponements

                At EUR 6386 million order backlog which was 167 well above the previous years figure of EUR 5473 million is at a record level At EUR 7601 million order intake fell back by 76 from EUR 8222 million The order book lasts for 115 months

                14

                -129+167Full year 2019

                41 of total Group revenues EBIT margin -32Key targets ~ 40 of total Group revenues (TGR) EBIT margin 4 - 6

                Key figures to be considered TGR order backlog EBIT

                FYQ4

                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                178 177 187 183 193176

                195178

                156171 185

                201 211 221 227

                177151

                176210 231

                170 172 173154

                0

                50

                100

                150

                200

                250

                Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

                436 477 472 455513 551 584 591 585 575 578 585 578

                526 516 493 511 507 503 547 546 551631 639

                0

                150

                300

                450

                600

                750

                Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

                FinancialsConstruction segment ndash Revenues and order development

                Order backlogin EUR million

                Total Group revenuesin EUR million

                Construction

                15

                -333

                +167

                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                194 164

                640 610

                2018 2019

                724 672

                2018 2019

                227

                97

                749

                612

                2018 2019

                FinancialsEquipment segment ndash Highlights FY 2019

                Market leader in specialist foundation equipment

                New products for mining deep drilling and offshore drilling

                About 80 of sales abroad Sales revenuesin EUR million

                Order intakein EUR million

                EBITin EUR million

                Equipment Total Group revenues fell slightly by 13 from EUR 7231 million to EUR 7136

                million Sales revenues also dropped by 47 from EUR 6401 million to EUR 6102 million Accordingly EBIT decreased from EUR 749 million to EUR 612 million Earnings after taxes rose slightly from EUR 340 million to EUR 395 million in particular because of a lower tax burden and lower at-equity loss compared with the previous year

                In the overall very favorable market environment we succeeded in keeping revenue sales and earnings at very good levels The main drivers were once again the sales markets in Europe and China

                Order intake performed less well in the second half of 2019 Overall it fell by 71 from EUR 7237 million to EUR 6721 million Order backlog was EUR 1083 million remaining significantly below the previous years level of EUR 1500 million

                16

                -47 -76Full year 2019 42 of total Group revenues EBIT margin 100Key targets ~ 40 of total Group revenues EBIT margin 10 - 12Key figures to be considered Sales revenues order intake EBIT

                -183FYQ4

                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                103 115143

                171

                100137 129

                181

                108 115 123

                197

                127

                186169 180

                129

                174144

                194

                125

                180

                142164

                0

                50

                100

                150

                200

                250

                Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

                165 163187

                162 177155 166 152 161 159 160 171

                212 218

                148182

                227

                170 160 167186 192

                168

                127

                0

                50

                100

                150

                200

                250

                Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

                FinancialsEquipment segment ndash Revenues and order development

                Order intakein EUR million

                Sales revenuesin EUR million

                Equipment

                17

                -156

                -239

                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                72 70

                261 275

                2018 2019

                316281

                2018 2019

                -32

                -137-110

                -1622018 2019

                FinancialsResources segment ndash Highlights FY 2019

                Products amp services related to water environment and natural resources

                Competence areas water treatment environmental remediation waste management drilling technologies and constructed wetlands

                Total Group revenuesin EUR million

                Order backlogin EUR million

                EBITin EUR million

                Resources Total Group revenues increased by 51 from EUR 2615 million in the previous

                year to EUR 2749 million EBIT decreased from EUR -110 million to EUR -162 million and earnings after taxes were up from EUR -160 million in the previous year to EUR -137 million primarily due to higher at-equity earnings

                The segment fell short of expectations once again in 2019 While earnings from the operating business improved significantly underutilization in Jordan a weak order situation in the business with brewery and beverage technology further restructuring expenditure and adjustments for receivables from old projects primarily proved to be a burden

                At the order backlog was down 113 from EUR 3165 million to EUR 2807 million The decline is essentially due to progress on the large Kesslergrube project The order intake was EUR 2391 million in 2019 and thus 13 slightly below the 2018 value of EUR 2422 million The order book lasts for 123 months

                18

                +51-113Full year 2019

                17 of total Group revenues EBIT margin naKey targets ~ 20 of total Group revenues (TGR) EBIT margin 6 - 8Key figures to be considered TGR order backlog EBIT

                FYQ4

                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                48 5360

                92

                5448

                75

                44

                71 67 6657 63 65 65

                55 52

                68 70 72 69 70 66 70

                0

                20

                40

                60

                80

                100

                Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

                173 169 172 153 173 174

                274 276 287 294 290 279 297 317 308336 330 321 324 316 327 322

                295 281

                0

                75

                150

                225

                300

                375

                Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

                FinancialsResources segment ndash Revenues and order development

                Order backlogin EUR million

                Total Group revenuesin EUR million

                Resources

                19

                -32

                -113

                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                FinancialsWorking capital amp net debt ndash Financing of future revenues

                Bauerrsquos 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 Receivables

                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 247 after-sales service A relatively large rental fleet is needed for different contract types (eg rental purchase)

                Resources segment Outstanding customer payments (water business) and receivables on projects (environmental amp drilling business)

                75-8015-20 ~5

                Construction Equipment Resources20-2555-60 15-20

                20

                Key facts

                Why does the business model needs so much working capital

                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                629 608549 552

                467

                665 677594 562 564

                0

                150

                300

                450

                600

                750

                2015 2016 2017 2018 2019

                646 665 677594 562 564

                171 185 158 183 199123

                38 36

                43

                33

                28

                46

                00

                10

                20

                30

                40

                50

                0

                160

                320

                480

                640

                800

                2014 2015 2016 2017 2018 2019

                1656 15551772 1686 1595

                665 677 594 562 564

                0

                360

                720

                1080

                1440

                1800

                2015 2016 2017 2018 201921

                FinancialsWorking capital amp net debt ndash Current development

                Total Group revenues net debtin EUR million

                Net debtWorking capital

                EBITDANet debt

                Current development At EUR 5637 million net debt was at the same level

                as 2018 This was essentially due to the new IFRS 16 standard and the market valuation of financial liabilities Pure bank debt has seen further reductions which demonstrates that our numerous measures are making progress

                Net debt to EBITDA ratio has worsened substantially as a consequence of significantly lower earnings than originally expected Our target range is a ratio of below 30 yearend

                -37-152

                ∆ 20152019

                Working capital net debtin EUR million

                Net debt EBITDA ratioin EUR million

                Net debtTotal Group revenues ndash Net debtEBITDA

                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                711 720 736

                604

                726 701 700629 672 709 684

                608674 646 628

                549 576624 629

                552 584 609 591

                467

                0

                160

                320

                480

                640

                800

                Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

                773 776 778

                646

                779 752 749665

                743 762 736677

                740 712 686594 639 678 679

                562620 648 637

                564

                0

                160

                320

                480

                640

                800

                Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

                22

                FinancialsWorking capital amp net debt are lower year-end than during the year

                Net debt (excl pensions)in EUR million

                Working capitalin EUR million -154

                +03

                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 23

                FinancialsIncome statement 12M 2019in EUR 000 12M 2018 12M 2019 ∆ in

                Sales revenues (PampL) 1589091 1470922 -74

                Consolidated revenues (PampL) 1616936 1537691 -49

                Cost of materials -821496 -783126 -47

                Personel expenses -392384 -418805 67

                Other operation expenses -204440 -212713 40

                EBITDA 198616 123047 -380

                Depreciation of fixed assets -80967 -84760 47

                Write-downs of inventories due to use -17590 -15806 -101

                EBIT 100059 22481 -775

                Financial income 38204 33742 -117

                Financial expenses -76992 -78766 23

                Share of profitloss of associated companies (equity method) 4594 11225 na

                Earnings before tax (EBT) 65865 -11318 na

                Income tax expense -41778 -25232 -396

                Earnings after tax 24087 -36550 na

                of which attributable to shareholders of BAUER AG 22577 -37146 na

                of which attributable to non-controlling interests 1510 596 -605

                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 24

                Financials Balance sheet December 31 2019in EUR 000 Dec 31 2018 Dec 31 2019 ∆ in Assets 1632284 1628549 -02

                Non-current assets 621041 692778 116Intangible assets 18077 16946 -63Property plant and equipment and investment property 411571 460470 119Investments accounted for using the equity method 113019 118185 46Participations 8350 8806 55Other non-current assets amp deferred tax assets 70024 88371 262Current assets 1011243 935771 -75Inventories 365865 405401 108Rental equipment 60488 61838 22Less advances received on inventories -16098 -8921 -446

                410255 458318 117Receivables and other assets 535111 434608 -188Effective income tax refund claims 3290 5270 602Cash and cash equivalents 62587 37575 -400

                Equity and liabilities 1632284 1628549 -02

                Equity 431816 386916 -104Non-current debt 501424 327118 -348Provisions for pensions 134389 158641 180Non-current liabilities amp deferred tax liabilities 367035 257977 -297Current debt 699044 914515 308Financial liabilities 286104 376453 316Other current liabilities 357851 402318 124Effective income tax obligations 31687 19566 -383Provisions 23402 26678 140

                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 25

                FinancialsCash flow statement 12M 2019in EUR 000 12M 2018 12M 2019 ∆ in

                Cash flow from operational activity 147444 168882 145

                Cash flow from investment activity -57600 -75213 306

                Cash flow from financing activity -75088 -120339 603

                Free Cash Flow 89844 93669 43

                Changes in liquid funds affecting payments 14756 -26670 na

                Influence of exchange rate movements on cash 565 1658 na

                Total change in liquid funds 15321 -25012 na

                Cash and cash equivalents at beginning of reporting period 47266 62587 324

                Cash and cash equivalents at end of reporting period 62587 37575 -400

                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 26

                FinancialsForecast 2020 ndash More cautious view due to coronavirus pandemic

                2019 final

                Total Group Revenues 1594 EUR million slight increase

                Revenue growth -54 3 - 8

                EBIT 225 EUR million significant increase

                EBIT margin 15 7 - 9

                Earnings after tax -366 EUR million significant increase in the positive area

                Equity ratio 238 gt 30

                2020 forecast Long-term goal

                Slope stabilisation with BG 15 ndash Germany Largest water treatment plant ndash Nimr OmanCompact cutter system for Grand Paris

                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 27

                BAUER AktiengesellschaftBAUER-Straszlige 186529 SchrobenhausenGermany

                Tel +49 8252 97-1218investorrelationsbauerdewwwbauerde

                April 9 2020 Annual Report 2019Analyst amp Press Conference

                May 13 2020 Quarterly Statement Q1 2020

                June 25 2020 Annual General Meeting

                August 13 2020 Half-Year Interim Report toJune 30 2020

                November 13 2020 Quarterly Statement 9MQ3 2020

                wwwyoutubecomBauergruppe

                wwwfacebookcomBauerAGgroup

                Investor RelationsFinancial calendar amp contact

                Christopher WolfHead of Investor Relations

                2020

                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 28

                Table of Content

                BAUER Group ndash Strategy Chances amp Markets

                Appendix

                Financials FYQ4 2019 amp Guidance

                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 29

                1790 middot 1900 middot 1902 middot 1928 middot 1948 middot 1956 middot 1958 middot 1967 middot 1969 middot 1972 middot 1975 middot 1976 middot 1984 middot 1990 middot 1992 middot 1994 middot 1998 middot 2001 middot 2019

                BAUER GroupThe history ndash Two centuries of experience

                End of 1970rsquosStart of

                internationalisation

                Early 1990rsquosBuild up of

                specialist construction environmental business

                FY 2019Total Group

                revenues EUR 16 billion 11684

                employees

                4 Jul 2006IPO

                Early 1970rsquosStart of equipment

                manufacturing

                Company founded as copper forge

                After WW II (1950s)Start of construction

                business

                Early 1980rsquosSelling of equipment to

                third parties

                1790 1900-1970 1980-1990 2000-2019

                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 30

                Michael Stomberg (CEO) HSE IT Process Management Quality Management

                Florian Bauer Digitalization Development

                Coordination Training Company Culture

                Hartmut Beutler (CFO) Financing amp Treasury Legal Affairs amp Insurance IR amp Corporate

                Communications Facility Management Media Design

                Peter Hingott Group Controlling amp

                Accounting Human Resources Group Purchasing

                Management BoardBAUER AG

                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 31

                BAUER GroupThe three segments

                31copy BAUER AG D-86529 Schrobenhausen

                Target ~ 40 of total Group revenues

                Market leader in specialist foundation equipment

                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

                Target ~ 20 of total Group revenues Activities in

                environmental technology deep drilling well construction materials

                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 32

                BAUER GroupChallenges of the world provide chances for the company

                The megatrend of urbanization requires construction solutions for the city of the future

                To deal with the scarcity of drinking water purification and supply technologies are needed

                The increasing mobility in society demands new and renewed transport routes

                Changing social values are fundamentally revolutionizing the business world

                UrbanizationInfrastructure Water

                CultureA change in energy supply can only be realized through comprehensive construction works

                The remediation of contaminated soil is the key to sustainable utilization of resources

                Energy transitionEnvironment

                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                ConstructionKey factsConstruction

                Leading global provider for specialist foundation engineering

                services

                33

                Total Group revenues (incl JV) Order backlog EBIT

                ~ 40 of total Group revenues EBIT margin 4 - 6

                (2018 54 2019 na)

                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 5050 infrastructureindustrial split

                Figures are somewhat cyclical between the quarters ndash focus on the entire year

                Market environment Growing construction markets worldwide

                Special foundation engineering is growing stronger than construction markets

                Huge pent-up demand in developed countries and in emerging markets

                Competition Keller Trevi Soletanche Bachy

                (worldwide)

                Local competitors in each country

                Current focus topics Improving project and risk management especially for major projects

                Leading in digitalization solutions for our market

                Key figures

                Key targets

                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 34

                What is specialist foundationBuilding an excavation pit

                Permeation Grouting

                Mixed-In-Place Method

                Injection Anchor

                Diaphragm andCut-off Wall

                Pile Foundation

                Piling Retaining Wall

                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 35

                What is specialist foundation used forApplications

                Foundationsfor the highest buildings in the world

                Excavation Pits for every problem and requirement

                Ground Improvementallows projects on weak ground

                Cut-off Walls as solution for dams and dikes

                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 36

                ConstructionMunich Germany ndash Foundation works for a boarding house

                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                EquipmentKey facts

                Market leader in specialistfoundation equipment

                Equipment

                37

                Sales revenues (excl JV) Order intake EBIT

                ~ 40 of total Group revenues EBIT margin 10 - 12

                (2018 117 2019 100)

                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 JV with Schlumberger for the production of deep drilling rigs (oil amp gas)

                Market environment Growing construction markets worldwide lead to positive equipment demand

                Strong position due to efforts regarding quality efficiency and noise reduction

                Growth potential with specialized machines for mining water and offshore drilling

                Competition Trevi Liebherr Chinese manufactures

                (eg Sany XCMG)

                Further competition regarding special product types

                Current focus topics Focus on value analysis methods and purchase organization

                Optimizing and increasing after-sales services

                Key figures

                Key targets

                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 38

                EquipmentWhole range of products for special foundation engineering

                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 39

                EquipmentProduct range Deep Drilling

                Joint Ventureof Bauer amp Schlumberger

                In order to meet the upcoming market challenges out-of-the-box thinking

                is necessary and therefore integrated drilling and rig solutions are of

                growing importance

                Based on more than 40 years of experience in engineering and

                manufacturing of drilling rigs NeoRig develops and manufactures

                modern drilling solutions which set new standards of safety efficiency

                productivity and ease of service in the deep drilling business

                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                ResourcesKey factsResources

                40

                Products amp services for environmental technology mining well construction

                and water cleaning

                Total Group revenues (incl JV) Order backlog EBIT

                ~ 20 of total Group revenues EBIT margin 6 - 8

                (2018 na 2019 na)

                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 amp Middle East

                Market environment Huge demand for environmental and water solutions

                Outstanding market position with ground-breaking projects in the field of cleaning drinking and process water eg the biological water treatment plant in Oman

                Competition Fragmented competition for each single product and service area

                Current focus topics Improvement of loss-making Jordan subsidiary which is caused by overcapacities

                Consistent proceeding of reorganization in the water related companies

                Focus on new projects for the profitable environment business

                Key figures

                Key targets

                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 41

                ResourcesPool of competences from a single hand

                Industrial Waste Water Process amp Produced Water NORM Constructed Wetlands Modelling amp Well Design Construction Material for Wells

                and Geothermal Water Distribution Management Irrigation Systems

                Remediation Landfill Restoration Decommissioning Demolition Hazardous Waste Management Soil Treatment and Waste

                Management

                Exploration Drilling Deep Geothermal Drilling Well Drilling Blast Hole Drilling

                EnvironmentWater Natural Resources

                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 42

                ResourcesWater ndash Process Water amp Water Distribution Management

                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 43

                ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman

                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 44

                Market environment ndash GermanyGerman construction market

                Source Federal Statistical Office Statistical Office Bavaria

                in EUR billion

                Germany2019

                Employees (in 1000)

                Revenues 922Building construction 508Foundation engineering 414

                Orders received in EUR billion

                Housebuilding 196Industrial building 363Public sectorof which

                public buildings 55road building 142underground structures 105

                ) only companies gt 20 employees

                49

                108

                95

                39

                109

                65

                80

                88

                38

                49

                82

                77

                112

                132

                25

                Dezember 2019 2018 20192017 2018

                in

                89

                97

                302

                861

                4867

                88

                100 82

                59

                125

                Weiszlig

                Bunt

                Kunterbunt

                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 45

                Building constructionpositive cash contribution

                Specialist foundation engineeringpre-financing need

                Financials Working capital needs ndash Comparison with building construction

                EUR

                12 24 months

                Positive cash contribution

                Negative cash contribution

                Con

                trac

                t val

                ue

                EUR

                Negative cash contribution

                12 24 months

                Con

                trac

                t val

                ue

                Construction contracts with short duration need

                No advance payments no front-loading of prices possible approx 2 - 3 months of pre-financing

                Negative cash contribution during construction phase

                Construction contracts with long durations

                Advance payments front-loading of prices

                Positive cash contribution during construction phase

                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 46

                BAUER shareFacts amp Figures

                Listed on Frankfurt stock exchange (Prime Standard) since July 4 2006

                Share capital EUR 7300142045

                Shares issued 17131000

                Issue price EUR 1675

                Share performance (012019 ndash 032020)

                Bauer familyFree float

                5181

                Shareholder structure

                4819

                in EUR 2015 2016 2017 2018 2019

                Earnings per share 173 066 016 132 -217

                Share price year end 1740 1140 3000 1216 1510

                Share price highest 1920 1716 3096 3125 2430

                Share price lowest 1385 945 1172 1208 1262

                Market Cap(in EUR million) 2981 1953 5139 2083 2587

                CDAXClassic All SharePrime All Share

                ISIN DE0005168108Reuters B5AGDEBloomberg B5A GR

                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                050

                100 100

                060 060050

                030

                001

                015 015010 010 010

                001000

                030

                060

                090

                120

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

                47

                BAUER shareDividend policy

                Dividend payment Dividend policy founded on a reasonable balance between shareholders and company

                fair participation of shareholders maintaining continuity safeguarding of the equity ratio

                All shareholders shall participate in the success of the business

                After some difficult years we must continue to strike a careful balance between continuity and shareholder participation on the one hand and safeguarding our equity ratio on the other

                To secure an adequate equity ratio is an important aim of the companyrsquos 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

                in EUR per share

                000

                Proposed subject to the consent of the Annual General Meeting to be held on June 25 2020

                000

                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 48

                Key Figures Time LineFY 2008 ndash FY 2019

                In all three segments total Group revenues and EBIT figures of FY 2015 were influenced by exceptional earnings

                Total Group revenues 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(in EUR million)BAUER Group 15272 12758 13040 13718 14358 15042 15602 16564 15547 4482 4541 4766 3931 17720 3708 4215 4435 4503 16861 4109 4207 4078 3553 15947

                Construction 7009 5700 6154 6066 6552 7417 7256 7429 7131 2110 2205 2269 1766 8350 1508 1762 2100 2306 7676 1702 1722 1726 1538 6688Equipment 7801 6085 5817 6365 5891 6286 6392 7531 6344 1867 1853 1966 1859 7545 1808 1936 1802 1685 7231 1859 1950 1781 1547 7137Resources 1351 1743 1777 2115 2628 1889 2528 2216 2624 630 647 651 554 2482 517 676 699 723 2615 692 695 662 700 2749

                Sales revenues 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(in EUR million)BAUER Group 12908 10965 11317 12196 13444 14022 13757 13790 13969 3789 4512 4354 4022 16679 3184 3987 4051 4669 15891 3419 4035 3622 3633 14709

                Construction 5843 4879 5058 5062 5791 6575 6466 6508 6145 1966 2064 2145 1663 7838 1432 1642 2021 2168 7263 1616 1628 1605 1408 6257Equipment 6012 4565 4693 5114 5206 5616 5327 5480 5427 1266 1857 1685 1801 6609 1287 1736 1440 1938 6401 1253 1797 1417 1635 6102Resources 1051 1520 1564 2015 2443 1826 1959 1793 2382 553 577 532 553 2215 462 605 587 559 2213 548 607 597 583 2335

                EBIT 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(in EUR million)BAUER Group 1675 844 884 823 720 301 764 907 703 85 302 277 232 896 110 231 227 433 1001 104 248 133 -260 225

                Construction 463 257 288 179 220 212 260 139 297 09 124 81 -18 196 27 21 80 263 391 00 42 -34 -207 -199Equipment 1183 513 483 530 340 322 360 994 384 80 160 249 317 806 142 222 158 227 749 83 230 202 97 612Resources 40 60 81 109 152 -240 159 -198 -37 -01 09 -53 -55 -100 -57 -10 -12 -32 -110 27 -22 -30 -137 -162

                EBIT margin 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(in )BAUER Group 130 77 78 67 54 21 56 66 50 22 67 64 58 54 35 58 56 93 63 30 61 37 -72 15

                Construction 79 53 57 35 38 32 40 21 48 05 60 38 -11 25 19 13 39 121 54 00 26 -21 -147 -32Equipment 197 112 103 104 65 57 68 181 71 64 86 148 176 122 110 128 110 117 117 66 128 143 60 100Resources 38 39 52 54 62 -131 81 -110 -16 -02 15 -100 -99 -45 -123 -16 -20 -57 -50 49 -37 -49 -235 -69

                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

                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

                • Foliennummer 1
                • Foliennummer 2
                • Key FiguresFY 2019
                • Table of Content
                • Foliennummer 5
                • Foliennummer 6
                • Foliennummer 7
                • Foliennummer 8
                • BAUER Group Construction market environment vs order backlog
                • Foliennummer 10
                • Foliennummer 11
                • Table of Content
                • Foliennummer 13
                • Foliennummer 14
                • Foliennummer 15
                • Foliennummer 16
                • Foliennummer 17
                • Foliennummer 18
                • Foliennummer 19
                • Foliennummer 20
                • Foliennummer 21
                • Foliennummer 22
                • FinancialsIncome statement 12M 2019
                • Financials Balance sheet December 31 2019
                • FinancialsCash flow statement 12M 2019
                • Foliennummer 26
                • Foliennummer 27
                • Table of Content
                • BAUER GroupThe history ndash Two centuries of experience
                • Foliennummer 30
                • BAUER GroupThe three segments
                • Foliennummer 32
                • Foliennummer 33
                • What is specialist foundationBuilding an excavation pit
                • What is specialist foundation used forApplications
                • ConstructionMunich Germany ndash Foundation works for a boarding house
                • Foliennummer 37
                • EquipmentWhole range of products for special foundation engineering
                • EquipmentProduct range Deep Drilling
                • Foliennummer 40
                • ResourcesPool of competences from a single hand
                • ResourcesWater ndash Process Water amp Water Distribution Management
                • ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
                • Market environment ndash Germany German construction market
                • Financials Working capital needs ndash Comparison with building construction
                • BAUER shareFacts amp Figures
                • BAUER shareDividend policy
                • Foliennummer 48
                • Disclaimer
                  Zweistelliges Auftragsplus am Bau in Bayern
                  Absolute WerteVeraumlnderungen in
                  August 20062004BayernWestdeutschlandOstdeutschland
                  BayernWest-Ost-200420040200420040200420040
                  LaumlnderLaumlnder199420030199420030199420030
                  Beschaumlftigte in 1000126152831887-52-5200-432-60-5200-539-7200
                  Baugenehmigungen Mio msup3 umb Raum6532572423-108-10800-252-8400-68-10300
                  Umsatz in Mrd EUR139570173-249-5800-277-4500-399-7600
                  Hochbau9637192-265-5600-301-4400-507-7400
                  Tiefbau4319981-217-6200-222-4500-207-7900
                  09033799-393-10000-452-5600-580-6000
                  in Mrd EUR
                  Wohnungsbau236511-480-7100-561-6400-771-20700
                  Wirtschaftsbau3314040-347-10500-457-5900-603-9400
                  Oumlffentlicher Bau3313148-352-11500-346-4900-3821800
                  darunter
                  Oumlffentl Hochbau092509-324-8500-480-0100-5616900
                  Straszligenbau125821-128-11200-146-5100-1604200
                  Sonstiger Tiefbau124818-502-13700-425-7100-467-3400
                  19712561362168-243-95248-173-23210-21146
                  1) Bei Baugenehmigungen liegen erst die Oktoberwerte vor
                  1) Bei Baugenehmigungen liegen erst die Februarwerte vor
                  2) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten
                  in EUR billionin
                  Dezember 2019Germany20052005Jan - Aug20182019
                  201919942004060520172018
                  Employees (in 1000)4867-47-60-104949
                  Revenues922-305-647310882
                  Building construction508-318-611009577
                  Foundation engineering414-280-711212588
                  Orders received861-3743110610082
                  in EUR billion
                  Housebuilding196-489-181211297
                  Industrial building363-3036818113289
                  Public sector302-33132995965
                  of which
                  public buildings55-23812729025109
                  road building142-138-12478839
                  underground structures105-49515223880
                  1256168-243-95-173-23
                  1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
                  ) only companies gt 20 employees
                  Zweistelliges Auftragsplus am Bau in Bayern
                  Absolute WerteVeraumlnderungen in
                  August 20062005BayernWestdeutschlandOstdeutschland
                  BayernWest-Ost-20052005Jan - Aug20052005Jan - Aug20052005Jan - Aug
                  LaumlnderLaumlnder199420040605199420040605199420040605
                  Beschaumlftigte in 1000126152831887-470-60-10-465-60-58-38-578-85-51
                  Baugenehmigungen Mio msup3 umb Raum6532572423-395-101249-417-41171-680-157259
                  Umsatz in Mrd EUR139570173-305-6473-312-4835-452-8813
                  Hochbau9637192-318-61100-336-5048-565-11835
                  Tiefbau4319981-280-7112-255-4311-247-51-14
                  Auftragseingang9033799-37431106-4470984-609-7043
                  in Mrd EUR
                  Wohnungsbau236511-489-1812-586-5888-805-14841
                  Wirtschaftsbau3314040-30368181-43345104-625-56121
                  Oumlffentlicher Bau3313148-3313299-3400972-420-62-18
                  darunter
                  Oumlffentl Hochbau092509-238127290-500-38142-602-93-51
                  Straszligenbau125821-138-1247-965978-211-8582
                  Sonstiger Tiefbau124818-4951522-439-2430-477-18-124
                  19712561362168-243-95248-173-23210-21146
                  1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
                  ) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                  Market few large projects in some countries

                  Bauer low order backlog

                  Latin America

                  Market stable markets in most Western European countries slow development in Eastern Europe Russia remains weak

                  Bauer good backlog in UK Netherlands and Hungary Russia weak

                  Europe

                  Market positive development inThailand Indonesia Philippines Australia Malaysia Vietnam weak stable demand in China (equipment)

                  Bauer major projects especially in Thailand and Philippines

                  Far East

                  Market few projects in some countries Egypt with slow growth

                  Bauer focus only on single projects reasonable backlog in Egypt

                  Africa

                  Market ongoing uncertainty as a result of oil price and political crisis

                  Bauer reasonable order backlog in UAE and Qatar major project in Jordan slight recovery in Saudi Arabia Lebanon very weak bigger projects in Bangladesh and Bhutan

                  Middle East amp Central Asia

                  Market the infrastructure market in the USA is still strong

                  Bauer good backlog with mainly federal projects in the USA reasonable workload in Canada

                  USA Canada Market good first signs of weakening growth in infrastructure expected

                  Bauer solid order backlog

                  Germany

                  9

                  BAUER GroupConstruction market environment vs order backlog

                  +

                  +

                  oo

                  +

                  +

                  +

                  +

                  -o

                  +

                  +

                  o+

                  -- weak - slightly weak o stable + growing ++ strong growthThe corona pandemic can have a significant impact on this basic market assessment Last update April 2020

                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 10

                  Regional breakdownTotal Group revenues FY 2019 ndash Group

                  Africa 80 (5)

                  Americas 192 (12)

                  Asia-PacificFar East amp Australia266 (17)

                  Middle East amp Central Asia208 (13)

                  Germany 519 (33)

                  EU excl Germany 259 (16)

                  Europe (other)71 (4)

                  Africa 73 (4)

                  Americas 171 (10)

                  Asia-PacificFar East amp Australia428 (25)

                  Middle East amp Central Asia212 (13)

                  Germany 467 (28)

                  EU excl Germany 276 (16)

                  Europe (other)59 (4)

                  Full year 2018Total 1686in EUR million

                  Total 1595 in EUR million

                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 11

                  Regional breakdownTotal Group revenues FY 2019 ndash Segments

                  Construction segment Equipment segment Resources segment

                  Figures after deducting OtherConsolidation

                  Africa 50 (8)

                  Americas 47 (7)

                  Asia-Pacific Far East amp Australia85 (13)

                  Middle East amp Central Asia136 (21)

                  Germany 220 (34)

                  EU excl Germany 89 (13)

                  Europe (other)26 (4)

                  Africa 18 (3)

                  Americas 138 (20)

                  Asia-PacificFar East amp Australia180 (27)

                  Middle East amp Central Asia34 (5)

                  Germany 111 (16)

                  EU excl Germany 147 (22)

                  Europe (other)45 (7)

                  Africa 12 (4)

                  Americas 7 (3)

                  Asia-Pacific Far East amp Australia 1 (0)

                  Middle East amp Central Asia 38 (14)

                  Germany 188 (70)

                  EU excl Germany 23 (9)

                  Europe (other)0 (0)

                  Total 653in EUR million

                  Total 673 Total 269

                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 12

                  Table of Content

                  BAUER Group ndash Strategy Chances amp Markets

                  Appendix

                  Financials FYQ4 2019 amp Guidance

                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                  379 484 429 420

                  381454 386 418

                  396409

                  422 450

                  411394 485 321

                  2016 2017 2018 2019

                  15551772 1686 1595

                  13971668 1589

                  1471

                  0

                  400

                  800

                  1200

                  1600

                  2000

                  2016 2017 2018 2019

                  1008 978 1014 1028

                  0

                  250

                  500

                  750

                  1000

                  1250

                  2016 2017 2018 2019

                  703896

                  1001

                  22514437

                  241

                  -366-50

                  -25

                  0

                  25

                  50

                  75

                  100

                  125

                  2016 2017 2018 2019

                  13

                  Q1

                  Q2

                  Q3

                  Q4

                  FinancialsRevenues earnings amp orders ndash Group

                  Revenues

                  Earnings

                  Order backlog

                  Order intake

                  in EUR million

                  in EUR million in EUR million

                  in EUR millionTotal Group revenues Sales revenues

                  EBIT Earnings after tax

                  1567

                  +14

                  -661741

                  -54-74

                  ∆ FY

                  -775na

                  ∆ FY 1722 1609

                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                  231154

                  768669

                  2018 2019

                  547639

                  2018 2019

                  263

                  -207

                  391

                  -199

                  2018 2019

                  FinancialsConstruction segment ndash Highlights FY 2019

                  Construction

                  Global provider for specialist foundation engineering services

                  Focus on complex international projects

                  ~ 5050 infrastructure industrialTotal Group revenuesin EUR million

                  Order backlogin EUR million

                  EBITin EUR million

                  Total Group revenues fell by 129 to EUR 6688 million compared to EUR 7676 million At EUR -199 million EBIT was markedly negative (2018 EUR 391 million) At EUR -527 million earnings after taxes were negative In 2018 positive earnings of EUR 96 million were reported

                  The verdict on appeal against an arbitration court verdict from 2018 resulted in a considerable valuation allowance of about EUR 40 million This had an impact of corresponding magnitude on revenues and earnings figures for the segment The decline is also attributable to the markets of the Far East and Australia which were affected by a lack of orders and project postponements

                  At EUR 6386 million order backlog which was 167 well above the previous years figure of EUR 5473 million is at a record level At EUR 7601 million order intake fell back by 76 from EUR 8222 million The order book lasts for 115 months

                  14

                  -129+167Full year 2019

                  41 of total Group revenues EBIT margin -32Key targets ~ 40 of total Group revenues (TGR) EBIT margin 4 - 6

                  Key figures to be considered TGR order backlog EBIT

                  FYQ4

                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                  178 177 187 183 193176

                  195178

                  156171 185

                  201 211 221 227

                  177151

                  176210 231

                  170 172 173154

                  0

                  50

                  100

                  150

                  200

                  250

                  Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

                  436 477 472 455513 551 584 591 585 575 578 585 578

                  526 516 493 511 507 503 547 546 551631 639

                  0

                  150

                  300

                  450

                  600

                  750

                  Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

                  FinancialsConstruction segment ndash Revenues and order development

                  Order backlogin EUR million

                  Total Group revenuesin EUR million

                  Construction

                  15

                  -333

                  +167

                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                  194 164

                  640 610

                  2018 2019

                  724 672

                  2018 2019

                  227

                  97

                  749

                  612

                  2018 2019

                  FinancialsEquipment segment ndash Highlights FY 2019

                  Market leader in specialist foundation equipment

                  New products for mining deep drilling and offshore drilling

                  About 80 of sales abroad Sales revenuesin EUR million

                  Order intakein EUR million

                  EBITin EUR million

                  Equipment Total Group revenues fell slightly by 13 from EUR 7231 million to EUR 7136

                  million Sales revenues also dropped by 47 from EUR 6401 million to EUR 6102 million Accordingly EBIT decreased from EUR 749 million to EUR 612 million Earnings after taxes rose slightly from EUR 340 million to EUR 395 million in particular because of a lower tax burden and lower at-equity loss compared with the previous year

                  In the overall very favorable market environment we succeeded in keeping revenue sales and earnings at very good levels The main drivers were once again the sales markets in Europe and China

                  Order intake performed less well in the second half of 2019 Overall it fell by 71 from EUR 7237 million to EUR 6721 million Order backlog was EUR 1083 million remaining significantly below the previous years level of EUR 1500 million

                  16

                  -47 -76Full year 2019 42 of total Group revenues EBIT margin 100Key targets ~ 40 of total Group revenues EBIT margin 10 - 12Key figures to be considered Sales revenues order intake EBIT

                  -183FYQ4

                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                  103 115143

                  171

                  100137 129

                  181

                  108 115 123

                  197

                  127

                  186169 180

                  129

                  174144

                  194

                  125

                  180

                  142164

                  0

                  50

                  100

                  150

                  200

                  250

                  Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

                  165 163187

                  162 177155 166 152 161 159 160 171

                  212 218

                  148182

                  227

                  170 160 167186 192

                  168

                  127

                  0

                  50

                  100

                  150

                  200

                  250

                  Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

                  FinancialsEquipment segment ndash Revenues and order development

                  Order intakein EUR million

                  Sales revenuesin EUR million

                  Equipment

                  17

                  -156

                  -239

                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                  72 70

                  261 275

                  2018 2019

                  316281

                  2018 2019

                  -32

                  -137-110

                  -1622018 2019

                  FinancialsResources segment ndash Highlights FY 2019

                  Products amp services related to water environment and natural resources

                  Competence areas water treatment environmental remediation waste management drilling technologies and constructed wetlands

                  Total Group revenuesin EUR million

                  Order backlogin EUR million

                  EBITin EUR million

                  Resources Total Group revenues increased by 51 from EUR 2615 million in the previous

                  year to EUR 2749 million EBIT decreased from EUR -110 million to EUR -162 million and earnings after taxes were up from EUR -160 million in the previous year to EUR -137 million primarily due to higher at-equity earnings

                  The segment fell short of expectations once again in 2019 While earnings from the operating business improved significantly underutilization in Jordan a weak order situation in the business with brewery and beverage technology further restructuring expenditure and adjustments for receivables from old projects primarily proved to be a burden

                  At the order backlog was down 113 from EUR 3165 million to EUR 2807 million The decline is essentially due to progress on the large Kesslergrube project The order intake was EUR 2391 million in 2019 and thus 13 slightly below the 2018 value of EUR 2422 million The order book lasts for 123 months

                  18

                  +51-113Full year 2019

                  17 of total Group revenues EBIT margin naKey targets ~ 20 of total Group revenues (TGR) EBIT margin 6 - 8Key figures to be considered TGR order backlog EBIT

                  FYQ4

                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                  48 5360

                  92

                  5448

                  75

                  44

                  71 67 6657 63 65 65

                  55 52

                  68 70 72 69 70 66 70

                  0

                  20

                  40

                  60

                  80

                  100

                  Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

                  173 169 172 153 173 174

                  274 276 287 294 290 279 297 317 308336 330 321 324 316 327 322

                  295 281

                  0

                  75

                  150

                  225

                  300

                  375

                  Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

                  FinancialsResources segment ndash Revenues and order development

                  Order backlogin EUR million

                  Total Group revenuesin EUR million

                  Resources

                  19

                  -32

                  -113

                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                  FinancialsWorking capital amp net debt ndash Financing of future revenues

                  Bauerrsquos 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 Receivables

                  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 247 after-sales service A relatively large rental fleet is needed for different contract types (eg rental purchase)

                  Resources segment Outstanding customer payments (water business) and receivables on projects (environmental amp drilling business)

                  75-8015-20 ~5

                  Construction Equipment Resources20-2555-60 15-20

                  20

                  Key facts

                  Why does the business model needs so much working capital

                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                  629 608549 552

                  467

                  665 677594 562 564

                  0

                  150

                  300

                  450

                  600

                  750

                  2015 2016 2017 2018 2019

                  646 665 677594 562 564

                  171 185 158 183 199123

                  38 36

                  43

                  33

                  28

                  46

                  00

                  10

                  20

                  30

                  40

                  50

                  0

                  160

                  320

                  480

                  640

                  800

                  2014 2015 2016 2017 2018 2019

                  1656 15551772 1686 1595

                  665 677 594 562 564

                  0

                  360

                  720

                  1080

                  1440

                  1800

                  2015 2016 2017 2018 201921

                  FinancialsWorking capital amp net debt ndash Current development

                  Total Group revenues net debtin EUR million

                  Net debtWorking capital

                  EBITDANet debt

                  Current development At EUR 5637 million net debt was at the same level

                  as 2018 This was essentially due to the new IFRS 16 standard and the market valuation of financial liabilities Pure bank debt has seen further reductions which demonstrates that our numerous measures are making progress

                  Net debt to EBITDA ratio has worsened substantially as a consequence of significantly lower earnings than originally expected Our target range is a ratio of below 30 yearend

                  -37-152

                  ∆ 20152019

                  Working capital net debtin EUR million

                  Net debt EBITDA ratioin EUR million

                  Net debtTotal Group revenues ndash Net debtEBITDA

                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                  711 720 736

                  604

                  726 701 700629 672 709 684

                  608674 646 628

                  549 576624 629

                  552 584 609 591

                  467

                  0

                  160

                  320

                  480

                  640

                  800

                  Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

                  773 776 778

                  646

                  779 752 749665

                  743 762 736677

                  740 712 686594 639 678 679

                  562620 648 637

                  564

                  0

                  160

                  320

                  480

                  640

                  800

                  Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

                  22

                  FinancialsWorking capital amp net debt are lower year-end than during the year

                  Net debt (excl pensions)in EUR million

                  Working capitalin EUR million -154

                  +03

                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 23

                  FinancialsIncome statement 12M 2019in EUR 000 12M 2018 12M 2019 ∆ in

                  Sales revenues (PampL) 1589091 1470922 -74

                  Consolidated revenues (PampL) 1616936 1537691 -49

                  Cost of materials -821496 -783126 -47

                  Personel expenses -392384 -418805 67

                  Other operation expenses -204440 -212713 40

                  EBITDA 198616 123047 -380

                  Depreciation of fixed assets -80967 -84760 47

                  Write-downs of inventories due to use -17590 -15806 -101

                  EBIT 100059 22481 -775

                  Financial income 38204 33742 -117

                  Financial expenses -76992 -78766 23

                  Share of profitloss of associated companies (equity method) 4594 11225 na

                  Earnings before tax (EBT) 65865 -11318 na

                  Income tax expense -41778 -25232 -396

                  Earnings after tax 24087 -36550 na

                  of which attributable to shareholders of BAUER AG 22577 -37146 na

                  of which attributable to non-controlling interests 1510 596 -605

                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 24

                  Financials Balance sheet December 31 2019in EUR 000 Dec 31 2018 Dec 31 2019 ∆ in Assets 1632284 1628549 -02

                  Non-current assets 621041 692778 116Intangible assets 18077 16946 -63Property plant and equipment and investment property 411571 460470 119Investments accounted for using the equity method 113019 118185 46Participations 8350 8806 55Other non-current assets amp deferred tax assets 70024 88371 262Current assets 1011243 935771 -75Inventories 365865 405401 108Rental equipment 60488 61838 22Less advances received on inventories -16098 -8921 -446

                  410255 458318 117Receivables and other assets 535111 434608 -188Effective income tax refund claims 3290 5270 602Cash and cash equivalents 62587 37575 -400

                  Equity and liabilities 1632284 1628549 -02

                  Equity 431816 386916 -104Non-current debt 501424 327118 -348Provisions for pensions 134389 158641 180Non-current liabilities amp deferred tax liabilities 367035 257977 -297Current debt 699044 914515 308Financial liabilities 286104 376453 316Other current liabilities 357851 402318 124Effective income tax obligations 31687 19566 -383Provisions 23402 26678 140

                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 25

                  FinancialsCash flow statement 12M 2019in EUR 000 12M 2018 12M 2019 ∆ in

                  Cash flow from operational activity 147444 168882 145

                  Cash flow from investment activity -57600 -75213 306

                  Cash flow from financing activity -75088 -120339 603

                  Free Cash Flow 89844 93669 43

                  Changes in liquid funds affecting payments 14756 -26670 na

                  Influence of exchange rate movements on cash 565 1658 na

                  Total change in liquid funds 15321 -25012 na

                  Cash and cash equivalents at beginning of reporting period 47266 62587 324

                  Cash and cash equivalents at end of reporting period 62587 37575 -400

                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 26

                  FinancialsForecast 2020 ndash More cautious view due to coronavirus pandemic

                  2019 final

                  Total Group Revenues 1594 EUR million slight increase

                  Revenue growth -54 3 - 8

                  EBIT 225 EUR million significant increase

                  EBIT margin 15 7 - 9

                  Earnings after tax -366 EUR million significant increase in the positive area

                  Equity ratio 238 gt 30

                  2020 forecast Long-term goal

                  Slope stabilisation with BG 15 ndash Germany Largest water treatment plant ndash Nimr OmanCompact cutter system for Grand Paris

                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 27

                  BAUER AktiengesellschaftBAUER-Straszlige 186529 SchrobenhausenGermany

                  Tel +49 8252 97-1218investorrelationsbauerdewwwbauerde

                  April 9 2020 Annual Report 2019Analyst amp Press Conference

                  May 13 2020 Quarterly Statement Q1 2020

                  June 25 2020 Annual General Meeting

                  August 13 2020 Half-Year Interim Report toJune 30 2020

                  November 13 2020 Quarterly Statement 9MQ3 2020

                  wwwyoutubecomBauergruppe

                  wwwfacebookcomBauerAGgroup

                  Investor RelationsFinancial calendar amp contact

                  Christopher WolfHead of Investor Relations

                  2020

                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 28

                  Table of Content

                  BAUER Group ndash Strategy Chances amp Markets

                  Appendix

                  Financials FYQ4 2019 amp Guidance

                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 29

                  1790 middot 1900 middot 1902 middot 1928 middot 1948 middot 1956 middot 1958 middot 1967 middot 1969 middot 1972 middot 1975 middot 1976 middot 1984 middot 1990 middot 1992 middot 1994 middot 1998 middot 2001 middot 2019

                  BAUER GroupThe history ndash Two centuries of experience

                  End of 1970rsquosStart of

                  internationalisation

                  Early 1990rsquosBuild up of

                  specialist construction environmental business

                  FY 2019Total Group

                  revenues EUR 16 billion 11684

                  employees

                  4 Jul 2006IPO

                  Early 1970rsquosStart of equipment

                  manufacturing

                  Company founded as copper forge

                  After WW II (1950s)Start of construction

                  business

                  Early 1980rsquosSelling of equipment to

                  third parties

                  1790 1900-1970 1980-1990 2000-2019

                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 30

                  Michael Stomberg (CEO) HSE IT Process Management Quality Management

                  Florian Bauer Digitalization Development

                  Coordination Training Company Culture

                  Hartmut Beutler (CFO) Financing amp Treasury Legal Affairs amp Insurance IR amp Corporate

                  Communications Facility Management Media Design

                  Peter Hingott Group Controlling amp

                  Accounting Human Resources Group Purchasing

                  Management BoardBAUER AG

                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 31

                  BAUER GroupThe three segments

                  31copy BAUER AG D-86529 Schrobenhausen

                  Target ~ 40 of total Group revenues

                  Market leader in specialist foundation equipment

                  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

                  Target ~ 20 of total Group revenues Activities in

                  environmental technology deep drilling well construction materials

                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 32

                  BAUER GroupChallenges of the world provide chances for the company

                  The megatrend of urbanization requires construction solutions for the city of the future

                  To deal with the scarcity of drinking water purification and supply technologies are needed

                  The increasing mobility in society demands new and renewed transport routes

                  Changing social values are fundamentally revolutionizing the business world

                  UrbanizationInfrastructure Water

                  CultureA change in energy supply can only be realized through comprehensive construction works

                  The remediation of contaminated soil is the key to sustainable utilization of resources

                  Energy transitionEnvironment

                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                  ConstructionKey factsConstruction

                  Leading global provider for specialist foundation engineering

                  services

                  33

                  Total Group revenues (incl JV) Order backlog EBIT

                  ~ 40 of total Group revenues EBIT margin 4 - 6

                  (2018 54 2019 na)

                  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 5050 infrastructureindustrial split

                  Figures are somewhat cyclical between the quarters ndash focus on the entire year

                  Market environment Growing construction markets worldwide

                  Special foundation engineering is growing stronger than construction markets

                  Huge pent-up demand in developed countries and in emerging markets

                  Competition Keller Trevi Soletanche Bachy

                  (worldwide)

                  Local competitors in each country

                  Current focus topics Improving project and risk management especially for major projects

                  Leading in digitalization solutions for our market

                  Key figures

                  Key targets

                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 34

                  What is specialist foundationBuilding an excavation pit

                  Permeation Grouting

                  Mixed-In-Place Method

                  Injection Anchor

                  Diaphragm andCut-off Wall

                  Pile Foundation

                  Piling Retaining Wall

                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 35

                  What is specialist foundation used forApplications

                  Foundationsfor the highest buildings in the world

                  Excavation Pits for every problem and requirement

                  Ground Improvementallows projects on weak ground

                  Cut-off Walls as solution for dams and dikes

                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 36

                  ConstructionMunich Germany ndash Foundation works for a boarding house

                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                  EquipmentKey facts

                  Market leader in specialistfoundation equipment

                  Equipment

                  37

                  Sales revenues (excl JV) Order intake EBIT

                  ~ 40 of total Group revenues EBIT margin 10 - 12

                  (2018 117 2019 100)

                  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 JV with Schlumberger for the production of deep drilling rigs (oil amp gas)

                  Market environment Growing construction markets worldwide lead to positive equipment demand

                  Strong position due to efforts regarding quality efficiency and noise reduction

                  Growth potential with specialized machines for mining water and offshore drilling

                  Competition Trevi Liebherr Chinese manufactures

                  (eg Sany XCMG)

                  Further competition regarding special product types

                  Current focus topics Focus on value analysis methods and purchase organization

                  Optimizing and increasing after-sales services

                  Key figures

                  Key targets

                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 38

                  EquipmentWhole range of products for special foundation engineering

                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 39

                  EquipmentProduct range Deep Drilling

                  Joint Ventureof Bauer amp Schlumberger

                  In order to meet the upcoming market challenges out-of-the-box thinking

                  is necessary and therefore integrated drilling and rig solutions are of

                  growing importance

                  Based on more than 40 years of experience in engineering and

                  manufacturing of drilling rigs NeoRig develops and manufactures

                  modern drilling solutions which set new standards of safety efficiency

                  productivity and ease of service in the deep drilling business

                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                  ResourcesKey factsResources

                  40

                  Products amp services for environmental technology mining well construction

                  and water cleaning

                  Total Group revenues (incl JV) Order backlog EBIT

                  ~ 20 of total Group revenues EBIT margin 6 - 8

                  (2018 na 2019 na)

                  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 amp Middle East

                  Market environment Huge demand for environmental and water solutions

                  Outstanding market position with ground-breaking projects in the field of cleaning drinking and process water eg the biological water treatment plant in Oman

                  Competition Fragmented competition for each single product and service area

                  Current focus topics Improvement of loss-making Jordan subsidiary which is caused by overcapacities

                  Consistent proceeding of reorganization in the water related companies

                  Focus on new projects for the profitable environment business

                  Key figures

                  Key targets

                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 41

                  ResourcesPool of competences from a single hand

                  Industrial Waste Water Process amp Produced Water NORM Constructed Wetlands Modelling amp Well Design Construction Material for Wells

                  and Geothermal Water Distribution Management Irrigation Systems

                  Remediation Landfill Restoration Decommissioning Demolition Hazardous Waste Management Soil Treatment and Waste

                  Management

                  Exploration Drilling Deep Geothermal Drilling Well Drilling Blast Hole Drilling

                  EnvironmentWater Natural Resources

                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 42

                  ResourcesWater ndash Process Water amp Water Distribution Management

                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 43

                  ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman

                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 44

                  Market environment ndash GermanyGerman construction market

                  Source Federal Statistical Office Statistical Office Bavaria

                  in EUR billion

                  Germany2019

                  Employees (in 1000)

                  Revenues 922Building construction 508Foundation engineering 414

                  Orders received in EUR billion

                  Housebuilding 196Industrial building 363Public sectorof which

                  public buildings 55road building 142underground structures 105

                  ) only companies gt 20 employees

                  49

                  108

                  95

                  39

                  109

                  65

                  80

                  88

                  38

                  49

                  82

                  77

                  112

                  132

                  25

                  Dezember 2019 2018 20192017 2018

                  in

                  89

                  97

                  302

                  861

                  4867

                  88

                  100 82

                  59

                  125

                  Weiszlig

                  Bunt

                  Kunterbunt

                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 45

                  Building constructionpositive cash contribution

                  Specialist foundation engineeringpre-financing need

                  Financials Working capital needs ndash Comparison with building construction

                  EUR

                  12 24 months

                  Positive cash contribution

                  Negative cash contribution

                  Con

                  trac

                  t val

                  ue

                  EUR

                  Negative cash contribution

                  12 24 months

                  Con

                  trac

                  t val

                  ue

                  Construction contracts with short duration need

                  No advance payments no front-loading of prices possible approx 2 - 3 months of pre-financing

                  Negative cash contribution during construction phase

                  Construction contracts with long durations

                  Advance payments front-loading of prices

                  Positive cash contribution during construction phase

                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 46

                  BAUER shareFacts amp Figures

                  Listed on Frankfurt stock exchange (Prime Standard) since July 4 2006

                  Share capital EUR 7300142045

                  Shares issued 17131000

                  Issue price EUR 1675

                  Share performance (012019 ndash 032020)

                  Bauer familyFree float

                  5181

                  Shareholder structure

                  4819

                  in EUR 2015 2016 2017 2018 2019

                  Earnings per share 173 066 016 132 -217

                  Share price year end 1740 1140 3000 1216 1510

                  Share price highest 1920 1716 3096 3125 2430

                  Share price lowest 1385 945 1172 1208 1262

                  Market Cap(in EUR million) 2981 1953 5139 2083 2587

                  CDAXClassic All SharePrime All Share

                  ISIN DE0005168108Reuters B5AGDEBloomberg B5A GR

                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                  050

                  100 100

                  060 060050

                  030

                  001

                  015 015010 010 010

                  001000

                  030

                  060

                  090

                  120

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

                  47

                  BAUER shareDividend policy

                  Dividend payment Dividend policy founded on a reasonable balance between shareholders and company

                  fair participation of shareholders maintaining continuity safeguarding of the equity ratio

                  All shareholders shall participate in the success of the business

                  After some difficult years we must continue to strike a careful balance between continuity and shareholder participation on the one hand and safeguarding our equity ratio on the other

                  To secure an adequate equity ratio is an important aim of the companyrsquos 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

                  in EUR per share

                  000

                  Proposed subject to the consent of the Annual General Meeting to be held on June 25 2020

                  000

                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 48

                  Key Figures Time LineFY 2008 ndash FY 2019

                  In all three segments total Group revenues and EBIT figures of FY 2015 were influenced by exceptional earnings

                  Total Group revenues 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(in EUR million)BAUER Group 15272 12758 13040 13718 14358 15042 15602 16564 15547 4482 4541 4766 3931 17720 3708 4215 4435 4503 16861 4109 4207 4078 3553 15947

                  Construction 7009 5700 6154 6066 6552 7417 7256 7429 7131 2110 2205 2269 1766 8350 1508 1762 2100 2306 7676 1702 1722 1726 1538 6688Equipment 7801 6085 5817 6365 5891 6286 6392 7531 6344 1867 1853 1966 1859 7545 1808 1936 1802 1685 7231 1859 1950 1781 1547 7137Resources 1351 1743 1777 2115 2628 1889 2528 2216 2624 630 647 651 554 2482 517 676 699 723 2615 692 695 662 700 2749

                  Sales revenues 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(in EUR million)BAUER Group 12908 10965 11317 12196 13444 14022 13757 13790 13969 3789 4512 4354 4022 16679 3184 3987 4051 4669 15891 3419 4035 3622 3633 14709

                  Construction 5843 4879 5058 5062 5791 6575 6466 6508 6145 1966 2064 2145 1663 7838 1432 1642 2021 2168 7263 1616 1628 1605 1408 6257Equipment 6012 4565 4693 5114 5206 5616 5327 5480 5427 1266 1857 1685 1801 6609 1287 1736 1440 1938 6401 1253 1797 1417 1635 6102Resources 1051 1520 1564 2015 2443 1826 1959 1793 2382 553 577 532 553 2215 462 605 587 559 2213 548 607 597 583 2335

                  EBIT 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(in EUR million)BAUER Group 1675 844 884 823 720 301 764 907 703 85 302 277 232 896 110 231 227 433 1001 104 248 133 -260 225

                  Construction 463 257 288 179 220 212 260 139 297 09 124 81 -18 196 27 21 80 263 391 00 42 -34 -207 -199Equipment 1183 513 483 530 340 322 360 994 384 80 160 249 317 806 142 222 158 227 749 83 230 202 97 612Resources 40 60 81 109 152 -240 159 -198 -37 -01 09 -53 -55 -100 -57 -10 -12 -32 -110 27 -22 -30 -137 -162

                  EBIT margin 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(in )BAUER Group 130 77 78 67 54 21 56 66 50 22 67 64 58 54 35 58 56 93 63 30 61 37 -72 15

                  Construction 79 53 57 35 38 32 40 21 48 05 60 38 -11 25 19 13 39 121 54 00 26 -21 -147 -32Equipment 197 112 103 104 65 57 68 181 71 64 86 148 176 122 110 128 110 117 117 66 128 143 60 100Resources 38 39 52 54 62 -131 81 -110 -16 -02 15 -100 -99 -45 -123 -16 -20 -57 -50 49 -37 -49 -235 -69

                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

                  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

                  • Foliennummer 1
                  • Foliennummer 2
                  • Key FiguresFY 2019
                  • Table of Content
                  • Foliennummer 5
                  • Foliennummer 6
                  • Foliennummer 7
                  • Foliennummer 8
                  • BAUER Group Construction market environment vs order backlog
                  • Foliennummer 10
                  • Foliennummer 11
                  • Table of Content
                  • Foliennummer 13
                  • Foliennummer 14
                  • Foliennummer 15
                  • Foliennummer 16
                  • Foliennummer 17
                  • Foliennummer 18
                  • Foliennummer 19
                  • Foliennummer 20
                  • Foliennummer 21
                  • Foliennummer 22
                  • FinancialsIncome statement 12M 2019
                  • Financials Balance sheet December 31 2019
                  • FinancialsCash flow statement 12M 2019
                  • Foliennummer 26
                  • Foliennummer 27
                  • Table of Content
                  • BAUER GroupThe history ndash Two centuries of experience
                  • Foliennummer 30
                  • BAUER GroupThe three segments
                  • Foliennummer 32
                  • Foliennummer 33
                  • What is specialist foundationBuilding an excavation pit
                  • What is specialist foundation used forApplications
                  • ConstructionMunich Germany ndash Foundation works for a boarding house
                  • Foliennummer 37
                  • EquipmentWhole range of products for special foundation engineering
                  • EquipmentProduct range Deep Drilling
                  • Foliennummer 40
                  • ResourcesPool of competences from a single hand
                  • ResourcesWater ndash Process Water amp Water Distribution Management
                  • ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
                  • Market environment ndash Germany German construction market
                  • Financials Working capital needs ndash Comparison with building construction
                  • BAUER shareFacts amp Figures
                  • BAUER shareDividend policy
                  • Foliennummer 48
                  • Disclaimer
                    Zweistelliges Auftragsplus am Bau in Bayern
                    Absolute WerteVeraumlnderungen in
                    August 20062004BayernWestdeutschlandOstdeutschland
                    BayernWest-Ost-200420040200420040200420040
                    LaumlnderLaumlnder199420030199420030199420030
                    Beschaumlftigte in 1000126152831887-52-5200-432-60-5200-539-7200
                    Baugenehmigungen Mio msup3 umb Raum6532572423-108-10800-252-8400-68-10300
                    Umsatz in Mrd EUR139570173-249-5800-277-4500-399-7600
                    Hochbau9637192-265-5600-301-4400-507-7400
                    Tiefbau4319981-217-6200-222-4500-207-7900
                    09033799-393-10000-452-5600-580-6000
                    in Mrd EUR
                    Wohnungsbau236511-480-7100-561-6400-771-20700
                    Wirtschaftsbau3314040-347-10500-457-5900-603-9400
                    Oumlffentlicher Bau3313148-352-11500-346-4900-3821800
                    darunter
                    Oumlffentl Hochbau092509-324-8500-480-0100-5616900
                    Straszligenbau125821-128-11200-146-5100-1604200
                    Sonstiger Tiefbau124818-502-13700-425-7100-467-3400
                    19712561362168-243-95248-173-23210-21146
                    1) Bei Baugenehmigungen liegen erst die Oktoberwerte vor
                    1) Bei Baugenehmigungen liegen erst die Februarwerte vor
                    2) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten
                    in EUR billionin
                    Dezember 2019Germany20052005Jan - Aug20182019
                    201919942004060520172018
                    Employees (in 1000)4867-47-60-104949
                    Revenues922-305-647310882
                    Building construction508-318-611009577
                    Foundation engineering414-280-711212588
                    Orders received861-3743110610082
                    in EUR billion
                    Housebuilding196-489-181211297
                    Industrial building363-3036818113289
                    Public sector302-33132995965
                    of which
                    public buildings55-23812729025109
                    road building142-138-12478839
                    underground structures105-49515223880
                    1256168-243-95-173-23
                    1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
                    ) only companies gt 20 employees
                    Zweistelliges Auftragsplus am Bau in Bayern
                    Absolute WerteVeraumlnderungen in
                    August 20062005BayernWestdeutschlandOstdeutschland
                    BayernWest-Ost-20052005Jan - Aug20052005Jan - Aug20052005Jan - Aug
                    LaumlnderLaumlnder199420040605199420040605199420040605
                    Beschaumlftigte in 1000126152831887-470-60-10-465-60-58-38-578-85-51
                    Baugenehmigungen Mio msup3 umb Raum6532572423-395-101249-417-41171-680-157259
                    Umsatz in Mrd EUR139570173-305-6473-312-4835-452-8813
                    Hochbau9637192-318-61100-336-5048-565-11835
                    Tiefbau4319981-280-7112-255-4311-247-51-14
                    Auftragseingang9033799-37431106-4470984-609-7043
                    in Mrd EUR
                    Wohnungsbau236511-489-1812-586-5888-805-14841
                    Wirtschaftsbau3314040-30368181-43345104-625-56121
                    Oumlffentlicher Bau3313148-3313299-3400972-420-62-18
                    darunter
                    Oumlffentl Hochbau092509-238127290-500-38142-602-93-51
                    Straszligenbau125821-138-1247-965978-211-8582
                    Sonstiger Tiefbau124818-4951522-439-2430-477-18-124
                    19712561362168-243-95248-173-23210-21146
                    1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
                    ) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 10

                    Regional breakdownTotal Group revenues FY 2019 ndash Group

                    Africa 80 (5)

                    Americas 192 (12)

                    Asia-PacificFar East amp Australia266 (17)

                    Middle East amp Central Asia208 (13)

                    Germany 519 (33)

                    EU excl Germany 259 (16)

                    Europe (other)71 (4)

                    Africa 73 (4)

                    Americas 171 (10)

                    Asia-PacificFar East amp Australia428 (25)

                    Middle East amp Central Asia212 (13)

                    Germany 467 (28)

                    EU excl Germany 276 (16)

                    Europe (other)59 (4)

                    Full year 2018Total 1686in EUR million

                    Total 1595 in EUR million

                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 11

                    Regional breakdownTotal Group revenues FY 2019 ndash Segments

                    Construction segment Equipment segment Resources segment

                    Figures after deducting OtherConsolidation

                    Africa 50 (8)

                    Americas 47 (7)

                    Asia-Pacific Far East amp Australia85 (13)

                    Middle East amp Central Asia136 (21)

                    Germany 220 (34)

                    EU excl Germany 89 (13)

                    Europe (other)26 (4)

                    Africa 18 (3)

                    Americas 138 (20)

                    Asia-PacificFar East amp Australia180 (27)

                    Middle East amp Central Asia34 (5)

                    Germany 111 (16)

                    EU excl Germany 147 (22)

                    Europe (other)45 (7)

                    Africa 12 (4)

                    Americas 7 (3)

                    Asia-Pacific Far East amp Australia 1 (0)

                    Middle East amp Central Asia 38 (14)

                    Germany 188 (70)

                    EU excl Germany 23 (9)

                    Europe (other)0 (0)

                    Total 653in EUR million

                    Total 673 Total 269

                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 12

                    Table of Content

                    BAUER Group ndash Strategy Chances amp Markets

                    Appendix

                    Financials FYQ4 2019 amp Guidance

                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                    379 484 429 420

                    381454 386 418

                    396409

                    422 450

                    411394 485 321

                    2016 2017 2018 2019

                    15551772 1686 1595

                    13971668 1589

                    1471

                    0

                    400

                    800

                    1200

                    1600

                    2000

                    2016 2017 2018 2019

                    1008 978 1014 1028

                    0

                    250

                    500

                    750

                    1000

                    1250

                    2016 2017 2018 2019

                    703896

                    1001

                    22514437

                    241

                    -366-50

                    -25

                    0

                    25

                    50

                    75

                    100

                    125

                    2016 2017 2018 2019

                    13

                    Q1

                    Q2

                    Q3

                    Q4

                    FinancialsRevenues earnings amp orders ndash Group

                    Revenues

                    Earnings

                    Order backlog

                    Order intake

                    in EUR million

                    in EUR million in EUR million

                    in EUR millionTotal Group revenues Sales revenues

                    EBIT Earnings after tax

                    1567

                    +14

                    -661741

                    -54-74

                    ∆ FY

                    -775na

                    ∆ FY 1722 1609

                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                    231154

                    768669

                    2018 2019

                    547639

                    2018 2019

                    263

                    -207

                    391

                    -199

                    2018 2019

                    FinancialsConstruction segment ndash Highlights FY 2019

                    Construction

                    Global provider for specialist foundation engineering services

                    Focus on complex international projects

                    ~ 5050 infrastructure industrialTotal Group revenuesin EUR million

                    Order backlogin EUR million

                    EBITin EUR million

                    Total Group revenues fell by 129 to EUR 6688 million compared to EUR 7676 million At EUR -199 million EBIT was markedly negative (2018 EUR 391 million) At EUR -527 million earnings after taxes were negative In 2018 positive earnings of EUR 96 million were reported

                    The verdict on appeal against an arbitration court verdict from 2018 resulted in a considerable valuation allowance of about EUR 40 million This had an impact of corresponding magnitude on revenues and earnings figures for the segment The decline is also attributable to the markets of the Far East and Australia which were affected by a lack of orders and project postponements

                    At EUR 6386 million order backlog which was 167 well above the previous years figure of EUR 5473 million is at a record level At EUR 7601 million order intake fell back by 76 from EUR 8222 million The order book lasts for 115 months

                    14

                    -129+167Full year 2019

                    41 of total Group revenues EBIT margin -32Key targets ~ 40 of total Group revenues (TGR) EBIT margin 4 - 6

                    Key figures to be considered TGR order backlog EBIT

                    FYQ4

                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                    178 177 187 183 193176

                    195178

                    156171 185

                    201 211 221 227

                    177151

                    176210 231

                    170 172 173154

                    0

                    50

                    100

                    150

                    200

                    250

                    Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

                    436 477 472 455513 551 584 591 585 575 578 585 578

                    526 516 493 511 507 503 547 546 551631 639

                    0

                    150

                    300

                    450

                    600

                    750

                    Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

                    FinancialsConstruction segment ndash Revenues and order development

                    Order backlogin EUR million

                    Total Group revenuesin EUR million

                    Construction

                    15

                    -333

                    +167

                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                    194 164

                    640 610

                    2018 2019

                    724 672

                    2018 2019

                    227

                    97

                    749

                    612

                    2018 2019

                    FinancialsEquipment segment ndash Highlights FY 2019

                    Market leader in specialist foundation equipment

                    New products for mining deep drilling and offshore drilling

                    About 80 of sales abroad Sales revenuesin EUR million

                    Order intakein EUR million

                    EBITin EUR million

                    Equipment Total Group revenues fell slightly by 13 from EUR 7231 million to EUR 7136

                    million Sales revenues also dropped by 47 from EUR 6401 million to EUR 6102 million Accordingly EBIT decreased from EUR 749 million to EUR 612 million Earnings after taxes rose slightly from EUR 340 million to EUR 395 million in particular because of a lower tax burden and lower at-equity loss compared with the previous year

                    In the overall very favorable market environment we succeeded in keeping revenue sales and earnings at very good levels The main drivers were once again the sales markets in Europe and China

                    Order intake performed less well in the second half of 2019 Overall it fell by 71 from EUR 7237 million to EUR 6721 million Order backlog was EUR 1083 million remaining significantly below the previous years level of EUR 1500 million

                    16

                    -47 -76Full year 2019 42 of total Group revenues EBIT margin 100Key targets ~ 40 of total Group revenues EBIT margin 10 - 12Key figures to be considered Sales revenues order intake EBIT

                    -183FYQ4

                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                    103 115143

                    171

                    100137 129

                    181

                    108 115 123

                    197

                    127

                    186169 180

                    129

                    174144

                    194

                    125

                    180

                    142164

                    0

                    50

                    100

                    150

                    200

                    250

                    Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

                    165 163187

                    162 177155 166 152 161 159 160 171

                    212 218

                    148182

                    227

                    170 160 167186 192

                    168

                    127

                    0

                    50

                    100

                    150

                    200

                    250

                    Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

                    FinancialsEquipment segment ndash Revenues and order development

                    Order intakein EUR million

                    Sales revenuesin EUR million

                    Equipment

                    17

                    -156

                    -239

                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                    72 70

                    261 275

                    2018 2019

                    316281

                    2018 2019

                    -32

                    -137-110

                    -1622018 2019

                    FinancialsResources segment ndash Highlights FY 2019

                    Products amp services related to water environment and natural resources

                    Competence areas water treatment environmental remediation waste management drilling technologies and constructed wetlands

                    Total Group revenuesin EUR million

                    Order backlogin EUR million

                    EBITin EUR million

                    Resources Total Group revenues increased by 51 from EUR 2615 million in the previous

                    year to EUR 2749 million EBIT decreased from EUR -110 million to EUR -162 million and earnings after taxes were up from EUR -160 million in the previous year to EUR -137 million primarily due to higher at-equity earnings

                    The segment fell short of expectations once again in 2019 While earnings from the operating business improved significantly underutilization in Jordan a weak order situation in the business with brewery and beverage technology further restructuring expenditure and adjustments for receivables from old projects primarily proved to be a burden

                    At the order backlog was down 113 from EUR 3165 million to EUR 2807 million The decline is essentially due to progress on the large Kesslergrube project The order intake was EUR 2391 million in 2019 and thus 13 slightly below the 2018 value of EUR 2422 million The order book lasts for 123 months

                    18

                    +51-113Full year 2019

                    17 of total Group revenues EBIT margin naKey targets ~ 20 of total Group revenues (TGR) EBIT margin 6 - 8Key figures to be considered TGR order backlog EBIT

                    FYQ4

                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                    48 5360

                    92

                    5448

                    75

                    44

                    71 67 6657 63 65 65

                    55 52

                    68 70 72 69 70 66 70

                    0

                    20

                    40

                    60

                    80

                    100

                    Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

                    173 169 172 153 173 174

                    274 276 287 294 290 279 297 317 308336 330 321 324 316 327 322

                    295 281

                    0

                    75

                    150

                    225

                    300

                    375

                    Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

                    FinancialsResources segment ndash Revenues and order development

                    Order backlogin EUR million

                    Total Group revenuesin EUR million

                    Resources

                    19

                    -32

                    -113

                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                    FinancialsWorking capital amp net debt ndash Financing of future revenues

                    Bauerrsquos 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 Receivables

                    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 247 after-sales service A relatively large rental fleet is needed for different contract types (eg rental purchase)

                    Resources segment Outstanding customer payments (water business) and receivables on projects (environmental amp drilling business)

                    75-8015-20 ~5

                    Construction Equipment Resources20-2555-60 15-20

                    20

                    Key facts

                    Why does the business model needs so much working capital

                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                    629 608549 552

                    467

                    665 677594 562 564

                    0

                    150

                    300

                    450

                    600

                    750

                    2015 2016 2017 2018 2019

                    646 665 677594 562 564

                    171 185 158 183 199123

                    38 36

                    43

                    33

                    28

                    46

                    00

                    10

                    20

                    30

                    40

                    50

                    0

                    160

                    320

                    480

                    640

                    800

                    2014 2015 2016 2017 2018 2019

                    1656 15551772 1686 1595

                    665 677 594 562 564

                    0

                    360

                    720

                    1080

                    1440

                    1800

                    2015 2016 2017 2018 201921

                    FinancialsWorking capital amp net debt ndash Current development

                    Total Group revenues net debtin EUR million

                    Net debtWorking capital

                    EBITDANet debt

                    Current development At EUR 5637 million net debt was at the same level

                    as 2018 This was essentially due to the new IFRS 16 standard and the market valuation of financial liabilities Pure bank debt has seen further reductions which demonstrates that our numerous measures are making progress

                    Net debt to EBITDA ratio has worsened substantially as a consequence of significantly lower earnings than originally expected Our target range is a ratio of below 30 yearend

                    -37-152

                    ∆ 20152019

                    Working capital net debtin EUR million

                    Net debt EBITDA ratioin EUR million

                    Net debtTotal Group revenues ndash Net debtEBITDA

                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                    711 720 736

                    604

                    726 701 700629 672 709 684

                    608674 646 628

                    549 576624 629

                    552 584 609 591

                    467

                    0

                    160

                    320

                    480

                    640

                    800

                    Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

                    773 776 778

                    646

                    779 752 749665

                    743 762 736677

                    740 712 686594 639 678 679

                    562620 648 637

                    564

                    0

                    160

                    320

                    480

                    640

                    800

                    Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

                    22

                    FinancialsWorking capital amp net debt are lower year-end than during the year

                    Net debt (excl pensions)in EUR million

                    Working capitalin EUR million -154

                    +03

                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 23

                    FinancialsIncome statement 12M 2019in EUR 000 12M 2018 12M 2019 ∆ in

                    Sales revenues (PampL) 1589091 1470922 -74

                    Consolidated revenues (PampL) 1616936 1537691 -49

                    Cost of materials -821496 -783126 -47

                    Personel expenses -392384 -418805 67

                    Other operation expenses -204440 -212713 40

                    EBITDA 198616 123047 -380

                    Depreciation of fixed assets -80967 -84760 47

                    Write-downs of inventories due to use -17590 -15806 -101

                    EBIT 100059 22481 -775

                    Financial income 38204 33742 -117

                    Financial expenses -76992 -78766 23

                    Share of profitloss of associated companies (equity method) 4594 11225 na

                    Earnings before tax (EBT) 65865 -11318 na

                    Income tax expense -41778 -25232 -396

                    Earnings after tax 24087 -36550 na

                    of which attributable to shareholders of BAUER AG 22577 -37146 na

                    of which attributable to non-controlling interests 1510 596 -605

                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 24

                    Financials Balance sheet December 31 2019in EUR 000 Dec 31 2018 Dec 31 2019 ∆ in Assets 1632284 1628549 -02

                    Non-current assets 621041 692778 116Intangible assets 18077 16946 -63Property plant and equipment and investment property 411571 460470 119Investments accounted for using the equity method 113019 118185 46Participations 8350 8806 55Other non-current assets amp deferred tax assets 70024 88371 262Current assets 1011243 935771 -75Inventories 365865 405401 108Rental equipment 60488 61838 22Less advances received on inventories -16098 -8921 -446

                    410255 458318 117Receivables and other assets 535111 434608 -188Effective income tax refund claims 3290 5270 602Cash and cash equivalents 62587 37575 -400

                    Equity and liabilities 1632284 1628549 -02

                    Equity 431816 386916 -104Non-current debt 501424 327118 -348Provisions for pensions 134389 158641 180Non-current liabilities amp deferred tax liabilities 367035 257977 -297Current debt 699044 914515 308Financial liabilities 286104 376453 316Other current liabilities 357851 402318 124Effective income tax obligations 31687 19566 -383Provisions 23402 26678 140

                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 25

                    FinancialsCash flow statement 12M 2019in EUR 000 12M 2018 12M 2019 ∆ in

                    Cash flow from operational activity 147444 168882 145

                    Cash flow from investment activity -57600 -75213 306

                    Cash flow from financing activity -75088 -120339 603

                    Free Cash Flow 89844 93669 43

                    Changes in liquid funds affecting payments 14756 -26670 na

                    Influence of exchange rate movements on cash 565 1658 na

                    Total change in liquid funds 15321 -25012 na

                    Cash and cash equivalents at beginning of reporting period 47266 62587 324

                    Cash and cash equivalents at end of reporting period 62587 37575 -400

                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 26

                    FinancialsForecast 2020 ndash More cautious view due to coronavirus pandemic

                    2019 final

                    Total Group Revenues 1594 EUR million slight increase

                    Revenue growth -54 3 - 8

                    EBIT 225 EUR million significant increase

                    EBIT margin 15 7 - 9

                    Earnings after tax -366 EUR million significant increase in the positive area

                    Equity ratio 238 gt 30

                    2020 forecast Long-term goal

                    Slope stabilisation with BG 15 ndash Germany Largest water treatment plant ndash Nimr OmanCompact cutter system for Grand Paris

                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 27

                    BAUER AktiengesellschaftBAUER-Straszlige 186529 SchrobenhausenGermany

                    Tel +49 8252 97-1218investorrelationsbauerdewwwbauerde

                    April 9 2020 Annual Report 2019Analyst amp Press Conference

                    May 13 2020 Quarterly Statement Q1 2020

                    June 25 2020 Annual General Meeting

                    August 13 2020 Half-Year Interim Report toJune 30 2020

                    November 13 2020 Quarterly Statement 9MQ3 2020

                    wwwyoutubecomBauergruppe

                    wwwfacebookcomBauerAGgroup

                    Investor RelationsFinancial calendar amp contact

                    Christopher WolfHead of Investor Relations

                    2020

                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 28

                    Table of Content

                    BAUER Group ndash Strategy Chances amp Markets

                    Appendix

                    Financials FYQ4 2019 amp Guidance

                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 29

                    1790 middot 1900 middot 1902 middot 1928 middot 1948 middot 1956 middot 1958 middot 1967 middot 1969 middot 1972 middot 1975 middot 1976 middot 1984 middot 1990 middot 1992 middot 1994 middot 1998 middot 2001 middot 2019

                    BAUER GroupThe history ndash Two centuries of experience

                    End of 1970rsquosStart of

                    internationalisation

                    Early 1990rsquosBuild up of

                    specialist construction environmental business

                    FY 2019Total Group

                    revenues EUR 16 billion 11684

                    employees

                    4 Jul 2006IPO

                    Early 1970rsquosStart of equipment

                    manufacturing

                    Company founded as copper forge

                    After WW II (1950s)Start of construction

                    business

                    Early 1980rsquosSelling of equipment to

                    third parties

                    1790 1900-1970 1980-1990 2000-2019

                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 30

                    Michael Stomberg (CEO) HSE IT Process Management Quality Management

                    Florian Bauer Digitalization Development

                    Coordination Training Company Culture

                    Hartmut Beutler (CFO) Financing amp Treasury Legal Affairs amp Insurance IR amp Corporate

                    Communications Facility Management Media Design

                    Peter Hingott Group Controlling amp

                    Accounting Human Resources Group Purchasing

                    Management BoardBAUER AG

                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 31

                    BAUER GroupThe three segments

                    31copy BAUER AG D-86529 Schrobenhausen

                    Target ~ 40 of total Group revenues

                    Market leader in specialist foundation equipment

                    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

                    Target ~ 20 of total Group revenues Activities in

                    environmental technology deep drilling well construction materials

                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 32

                    BAUER GroupChallenges of the world provide chances for the company

                    The megatrend of urbanization requires construction solutions for the city of the future

                    To deal with the scarcity of drinking water purification and supply technologies are needed

                    The increasing mobility in society demands new and renewed transport routes

                    Changing social values are fundamentally revolutionizing the business world

                    UrbanizationInfrastructure Water

                    CultureA change in energy supply can only be realized through comprehensive construction works

                    The remediation of contaminated soil is the key to sustainable utilization of resources

                    Energy transitionEnvironment

                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                    ConstructionKey factsConstruction

                    Leading global provider for specialist foundation engineering

                    services

                    33

                    Total Group revenues (incl JV) Order backlog EBIT

                    ~ 40 of total Group revenues EBIT margin 4 - 6

                    (2018 54 2019 na)

                    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 5050 infrastructureindustrial split

                    Figures are somewhat cyclical between the quarters ndash focus on the entire year

                    Market environment Growing construction markets worldwide

                    Special foundation engineering is growing stronger than construction markets

                    Huge pent-up demand in developed countries and in emerging markets

                    Competition Keller Trevi Soletanche Bachy

                    (worldwide)

                    Local competitors in each country

                    Current focus topics Improving project and risk management especially for major projects

                    Leading in digitalization solutions for our market

                    Key figures

                    Key targets

                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 34

                    What is specialist foundationBuilding an excavation pit

                    Permeation Grouting

                    Mixed-In-Place Method

                    Injection Anchor

                    Diaphragm andCut-off Wall

                    Pile Foundation

                    Piling Retaining Wall

                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 35

                    What is specialist foundation used forApplications

                    Foundationsfor the highest buildings in the world

                    Excavation Pits for every problem and requirement

                    Ground Improvementallows projects on weak ground

                    Cut-off Walls as solution for dams and dikes

                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 36

                    ConstructionMunich Germany ndash Foundation works for a boarding house

                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                    EquipmentKey facts

                    Market leader in specialistfoundation equipment

                    Equipment

                    37

                    Sales revenues (excl JV) Order intake EBIT

                    ~ 40 of total Group revenues EBIT margin 10 - 12

                    (2018 117 2019 100)

                    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 JV with Schlumberger for the production of deep drilling rigs (oil amp gas)

                    Market environment Growing construction markets worldwide lead to positive equipment demand

                    Strong position due to efforts regarding quality efficiency and noise reduction

                    Growth potential with specialized machines for mining water and offshore drilling

                    Competition Trevi Liebherr Chinese manufactures

                    (eg Sany XCMG)

                    Further competition regarding special product types

                    Current focus topics Focus on value analysis methods and purchase organization

                    Optimizing and increasing after-sales services

                    Key figures

                    Key targets

                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 38

                    EquipmentWhole range of products for special foundation engineering

                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 39

                    EquipmentProduct range Deep Drilling

                    Joint Ventureof Bauer amp Schlumberger

                    In order to meet the upcoming market challenges out-of-the-box thinking

                    is necessary and therefore integrated drilling and rig solutions are of

                    growing importance

                    Based on more than 40 years of experience in engineering and

                    manufacturing of drilling rigs NeoRig develops and manufactures

                    modern drilling solutions which set new standards of safety efficiency

                    productivity and ease of service in the deep drilling business

                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                    ResourcesKey factsResources

                    40

                    Products amp services for environmental technology mining well construction

                    and water cleaning

                    Total Group revenues (incl JV) Order backlog EBIT

                    ~ 20 of total Group revenues EBIT margin 6 - 8

                    (2018 na 2019 na)

                    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 amp Middle East

                    Market environment Huge demand for environmental and water solutions

                    Outstanding market position with ground-breaking projects in the field of cleaning drinking and process water eg the biological water treatment plant in Oman

                    Competition Fragmented competition for each single product and service area

                    Current focus topics Improvement of loss-making Jordan subsidiary which is caused by overcapacities

                    Consistent proceeding of reorganization in the water related companies

                    Focus on new projects for the profitable environment business

                    Key figures

                    Key targets

                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 41

                    ResourcesPool of competences from a single hand

                    Industrial Waste Water Process amp Produced Water NORM Constructed Wetlands Modelling amp Well Design Construction Material for Wells

                    and Geothermal Water Distribution Management Irrigation Systems

                    Remediation Landfill Restoration Decommissioning Demolition Hazardous Waste Management Soil Treatment and Waste

                    Management

                    Exploration Drilling Deep Geothermal Drilling Well Drilling Blast Hole Drilling

                    EnvironmentWater Natural Resources

                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 42

                    ResourcesWater ndash Process Water amp Water Distribution Management

                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 43

                    ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman

                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 44

                    Market environment ndash GermanyGerman construction market

                    Source Federal Statistical Office Statistical Office Bavaria

                    in EUR billion

                    Germany2019

                    Employees (in 1000)

                    Revenues 922Building construction 508Foundation engineering 414

                    Orders received in EUR billion

                    Housebuilding 196Industrial building 363Public sectorof which

                    public buildings 55road building 142underground structures 105

                    ) only companies gt 20 employees

                    49

                    108

                    95

                    39

                    109

                    65

                    80

                    88

                    38

                    49

                    82

                    77

                    112

                    132

                    25

                    Dezember 2019 2018 20192017 2018

                    in

                    89

                    97

                    302

                    861

                    4867

                    88

                    100 82

                    59

                    125

                    Weiszlig

                    Bunt

                    Kunterbunt

                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 45

                    Building constructionpositive cash contribution

                    Specialist foundation engineeringpre-financing need

                    Financials Working capital needs ndash Comparison with building construction

                    EUR

                    12 24 months

                    Positive cash contribution

                    Negative cash contribution

                    Con

                    trac

                    t val

                    ue

                    EUR

                    Negative cash contribution

                    12 24 months

                    Con

                    trac

                    t val

                    ue

                    Construction contracts with short duration need

                    No advance payments no front-loading of prices possible approx 2 - 3 months of pre-financing

                    Negative cash contribution during construction phase

                    Construction contracts with long durations

                    Advance payments front-loading of prices

                    Positive cash contribution during construction phase

                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 46

                    BAUER shareFacts amp Figures

                    Listed on Frankfurt stock exchange (Prime Standard) since July 4 2006

                    Share capital EUR 7300142045

                    Shares issued 17131000

                    Issue price EUR 1675

                    Share performance (012019 ndash 032020)

                    Bauer familyFree float

                    5181

                    Shareholder structure

                    4819

                    in EUR 2015 2016 2017 2018 2019

                    Earnings per share 173 066 016 132 -217

                    Share price year end 1740 1140 3000 1216 1510

                    Share price highest 1920 1716 3096 3125 2430

                    Share price lowest 1385 945 1172 1208 1262

                    Market Cap(in EUR million) 2981 1953 5139 2083 2587

                    CDAXClassic All SharePrime All Share

                    ISIN DE0005168108Reuters B5AGDEBloomberg B5A GR

                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                    050

                    100 100

                    060 060050

                    030

                    001

                    015 015010 010 010

                    001000

                    030

                    060

                    090

                    120

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

                    47

                    BAUER shareDividend policy

                    Dividend payment Dividend policy founded on a reasonable balance between shareholders and company

                    fair participation of shareholders maintaining continuity safeguarding of the equity ratio

                    All shareholders shall participate in the success of the business

                    After some difficult years we must continue to strike a careful balance between continuity and shareholder participation on the one hand and safeguarding our equity ratio on the other

                    To secure an adequate equity ratio is an important aim of the companyrsquos 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

                    in EUR per share

                    000

                    Proposed subject to the consent of the Annual General Meeting to be held on June 25 2020

                    000

                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 48

                    Key Figures Time LineFY 2008 ndash FY 2019

                    In all three segments total Group revenues and EBIT figures of FY 2015 were influenced by exceptional earnings

                    Total Group revenues 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(in EUR million)BAUER Group 15272 12758 13040 13718 14358 15042 15602 16564 15547 4482 4541 4766 3931 17720 3708 4215 4435 4503 16861 4109 4207 4078 3553 15947

                    Construction 7009 5700 6154 6066 6552 7417 7256 7429 7131 2110 2205 2269 1766 8350 1508 1762 2100 2306 7676 1702 1722 1726 1538 6688Equipment 7801 6085 5817 6365 5891 6286 6392 7531 6344 1867 1853 1966 1859 7545 1808 1936 1802 1685 7231 1859 1950 1781 1547 7137Resources 1351 1743 1777 2115 2628 1889 2528 2216 2624 630 647 651 554 2482 517 676 699 723 2615 692 695 662 700 2749

                    Sales revenues 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(in EUR million)BAUER Group 12908 10965 11317 12196 13444 14022 13757 13790 13969 3789 4512 4354 4022 16679 3184 3987 4051 4669 15891 3419 4035 3622 3633 14709

                    Construction 5843 4879 5058 5062 5791 6575 6466 6508 6145 1966 2064 2145 1663 7838 1432 1642 2021 2168 7263 1616 1628 1605 1408 6257Equipment 6012 4565 4693 5114 5206 5616 5327 5480 5427 1266 1857 1685 1801 6609 1287 1736 1440 1938 6401 1253 1797 1417 1635 6102Resources 1051 1520 1564 2015 2443 1826 1959 1793 2382 553 577 532 553 2215 462 605 587 559 2213 548 607 597 583 2335

                    EBIT 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(in EUR million)BAUER Group 1675 844 884 823 720 301 764 907 703 85 302 277 232 896 110 231 227 433 1001 104 248 133 -260 225

                    Construction 463 257 288 179 220 212 260 139 297 09 124 81 -18 196 27 21 80 263 391 00 42 -34 -207 -199Equipment 1183 513 483 530 340 322 360 994 384 80 160 249 317 806 142 222 158 227 749 83 230 202 97 612Resources 40 60 81 109 152 -240 159 -198 -37 -01 09 -53 -55 -100 -57 -10 -12 -32 -110 27 -22 -30 -137 -162

                    EBIT margin 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(in )BAUER Group 130 77 78 67 54 21 56 66 50 22 67 64 58 54 35 58 56 93 63 30 61 37 -72 15

                    Construction 79 53 57 35 38 32 40 21 48 05 60 38 -11 25 19 13 39 121 54 00 26 -21 -147 -32Equipment 197 112 103 104 65 57 68 181 71 64 86 148 176 122 110 128 110 117 117 66 128 143 60 100Resources 38 39 52 54 62 -131 81 -110 -16 -02 15 -100 -99 -45 -123 -16 -20 -57 -50 49 -37 -49 -235 -69

                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

                    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

                    • Foliennummer 1
                    • Foliennummer 2
                    • Key FiguresFY 2019
                    • Table of Content
                    • Foliennummer 5
                    • Foliennummer 6
                    • Foliennummer 7
                    • Foliennummer 8
                    • BAUER Group Construction market environment vs order backlog
                    • Foliennummer 10
                    • Foliennummer 11
                    • Table of Content
                    • Foliennummer 13
                    • Foliennummer 14
                    • Foliennummer 15
                    • Foliennummer 16
                    • Foliennummer 17
                    • Foliennummer 18
                    • Foliennummer 19
                    • Foliennummer 20
                    • Foliennummer 21
                    • Foliennummer 22
                    • FinancialsIncome statement 12M 2019
                    • Financials Balance sheet December 31 2019
                    • FinancialsCash flow statement 12M 2019
                    • Foliennummer 26
                    • Foliennummer 27
                    • Table of Content
                    • BAUER GroupThe history ndash Two centuries of experience
                    • Foliennummer 30
                    • BAUER GroupThe three segments
                    • Foliennummer 32
                    • Foliennummer 33
                    • What is specialist foundationBuilding an excavation pit
                    • What is specialist foundation used forApplications
                    • ConstructionMunich Germany ndash Foundation works for a boarding house
                    • Foliennummer 37
                    • EquipmentWhole range of products for special foundation engineering
                    • EquipmentProduct range Deep Drilling
                    • Foliennummer 40
                    • ResourcesPool of competences from a single hand
                    • ResourcesWater ndash Process Water amp Water Distribution Management
                    • ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
                    • Market environment ndash Germany German construction market
                    • Financials Working capital needs ndash Comparison with building construction
                    • BAUER shareFacts amp Figures
                    • BAUER shareDividend policy
                    • Foliennummer 48
                    • Disclaimer
                      Zweistelliges Auftragsplus am Bau in Bayern
                      Absolute WerteVeraumlnderungen in
                      August 20062004BayernWestdeutschlandOstdeutschland
                      BayernWest-Ost-200420040200420040200420040
                      LaumlnderLaumlnder199420030199420030199420030
                      Beschaumlftigte in 1000126152831887-52-5200-432-60-5200-539-7200
                      Baugenehmigungen Mio msup3 umb Raum6532572423-108-10800-252-8400-68-10300
                      Umsatz in Mrd EUR139570173-249-5800-277-4500-399-7600
                      Hochbau9637192-265-5600-301-4400-507-7400
                      Tiefbau4319981-217-6200-222-4500-207-7900
                      09033799-393-10000-452-5600-580-6000
                      in Mrd EUR
                      Wohnungsbau236511-480-7100-561-6400-771-20700
                      Wirtschaftsbau3314040-347-10500-457-5900-603-9400
                      Oumlffentlicher Bau3313148-352-11500-346-4900-3821800
                      darunter
                      Oumlffentl Hochbau092509-324-8500-480-0100-5616900
                      Straszligenbau125821-128-11200-146-5100-1604200
                      Sonstiger Tiefbau124818-502-13700-425-7100-467-3400
                      19712561362168-243-95248-173-23210-21146
                      1) Bei Baugenehmigungen liegen erst die Oktoberwerte vor
                      1) Bei Baugenehmigungen liegen erst die Februarwerte vor
                      2) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten
                      in EUR billionin
                      Dezember 2019Germany20052005Jan - Aug20182019
                      201919942004060520172018
                      Employees (in 1000)4867-47-60-104949
                      Revenues922-305-647310882
                      Building construction508-318-611009577
                      Foundation engineering414-280-711212588
                      Orders received861-3743110610082
                      in EUR billion
                      Housebuilding196-489-181211297
                      Industrial building363-3036818113289
                      Public sector302-33132995965
                      of which
                      public buildings55-23812729025109
                      road building142-138-12478839
                      underground structures105-49515223880
                      1256168-243-95-173-23
                      1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
                      ) only companies gt 20 employees
                      Zweistelliges Auftragsplus am Bau in Bayern
                      Absolute WerteVeraumlnderungen in
                      August 20062005BayernWestdeutschlandOstdeutschland
                      BayernWest-Ost-20052005Jan - Aug20052005Jan - Aug20052005Jan - Aug
                      LaumlnderLaumlnder199420040605199420040605199420040605
                      Beschaumlftigte in 1000126152831887-470-60-10-465-60-58-38-578-85-51
                      Baugenehmigungen Mio msup3 umb Raum6532572423-395-101249-417-41171-680-157259
                      Umsatz in Mrd EUR139570173-305-6473-312-4835-452-8813
                      Hochbau9637192-318-61100-336-5048-565-11835
                      Tiefbau4319981-280-7112-255-4311-247-51-14
                      Auftragseingang9033799-37431106-4470984-609-7043
                      in Mrd EUR
                      Wohnungsbau236511-489-1812-586-5888-805-14841
                      Wirtschaftsbau3314040-30368181-43345104-625-56121
                      Oumlffentlicher Bau3313148-3313299-3400972-420-62-18
                      darunter
                      Oumlffentl Hochbau092509-238127290-500-38142-602-93-51
                      Straszligenbau125821-138-1247-965978-211-8582
                      Sonstiger Tiefbau124818-4951522-439-2430-477-18-124
                      19712561362168-243-95248-173-23210-21146
                      1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
                      ) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 11

                      Regional breakdownTotal Group revenues FY 2019 ndash Segments

                      Construction segment Equipment segment Resources segment

                      Figures after deducting OtherConsolidation

                      Africa 50 (8)

                      Americas 47 (7)

                      Asia-Pacific Far East amp Australia85 (13)

                      Middle East amp Central Asia136 (21)

                      Germany 220 (34)

                      EU excl Germany 89 (13)

                      Europe (other)26 (4)

                      Africa 18 (3)

                      Americas 138 (20)

                      Asia-PacificFar East amp Australia180 (27)

                      Middle East amp Central Asia34 (5)

                      Germany 111 (16)

                      EU excl Germany 147 (22)

                      Europe (other)45 (7)

                      Africa 12 (4)

                      Americas 7 (3)

                      Asia-Pacific Far East amp Australia 1 (0)

                      Middle East amp Central Asia 38 (14)

                      Germany 188 (70)

                      EU excl Germany 23 (9)

                      Europe (other)0 (0)

                      Total 653in EUR million

                      Total 673 Total 269

                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 12

                      Table of Content

                      BAUER Group ndash Strategy Chances amp Markets

                      Appendix

                      Financials FYQ4 2019 amp Guidance

                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                      379 484 429 420

                      381454 386 418

                      396409

                      422 450

                      411394 485 321

                      2016 2017 2018 2019

                      15551772 1686 1595

                      13971668 1589

                      1471

                      0

                      400

                      800

                      1200

                      1600

                      2000

                      2016 2017 2018 2019

                      1008 978 1014 1028

                      0

                      250

                      500

                      750

                      1000

                      1250

                      2016 2017 2018 2019

                      703896

                      1001

                      22514437

                      241

                      -366-50

                      -25

                      0

                      25

                      50

                      75

                      100

                      125

                      2016 2017 2018 2019

                      13

                      Q1

                      Q2

                      Q3

                      Q4

                      FinancialsRevenues earnings amp orders ndash Group

                      Revenues

                      Earnings

                      Order backlog

                      Order intake

                      in EUR million

                      in EUR million in EUR million

                      in EUR millionTotal Group revenues Sales revenues

                      EBIT Earnings after tax

                      1567

                      +14

                      -661741

                      -54-74

                      ∆ FY

                      -775na

                      ∆ FY 1722 1609

                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                      231154

                      768669

                      2018 2019

                      547639

                      2018 2019

                      263

                      -207

                      391

                      -199

                      2018 2019

                      FinancialsConstruction segment ndash Highlights FY 2019

                      Construction

                      Global provider for specialist foundation engineering services

                      Focus on complex international projects

                      ~ 5050 infrastructure industrialTotal Group revenuesin EUR million

                      Order backlogin EUR million

                      EBITin EUR million

                      Total Group revenues fell by 129 to EUR 6688 million compared to EUR 7676 million At EUR -199 million EBIT was markedly negative (2018 EUR 391 million) At EUR -527 million earnings after taxes were negative In 2018 positive earnings of EUR 96 million were reported

                      The verdict on appeal against an arbitration court verdict from 2018 resulted in a considerable valuation allowance of about EUR 40 million This had an impact of corresponding magnitude on revenues and earnings figures for the segment The decline is also attributable to the markets of the Far East and Australia which were affected by a lack of orders and project postponements

                      At EUR 6386 million order backlog which was 167 well above the previous years figure of EUR 5473 million is at a record level At EUR 7601 million order intake fell back by 76 from EUR 8222 million The order book lasts for 115 months

                      14

                      -129+167Full year 2019

                      41 of total Group revenues EBIT margin -32Key targets ~ 40 of total Group revenues (TGR) EBIT margin 4 - 6

                      Key figures to be considered TGR order backlog EBIT

                      FYQ4

                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                      178 177 187 183 193176

                      195178

                      156171 185

                      201 211 221 227

                      177151

                      176210 231

                      170 172 173154

                      0

                      50

                      100

                      150

                      200

                      250

                      Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

                      436 477 472 455513 551 584 591 585 575 578 585 578

                      526 516 493 511 507 503 547 546 551631 639

                      0

                      150

                      300

                      450

                      600

                      750

                      Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

                      FinancialsConstruction segment ndash Revenues and order development

                      Order backlogin EUR million

                      Total Group revenuesin EUR million

                      Construction

                      15

                      -333

                      +167

                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                      194 164

                      640 610

                      2018 2019

                      724 672

                      2018 2019

                      227

                      97

                      749

                      612

                      2018 2019

                      FinancialsEquipment segment ndash Highlights FY 2019

                      Market leader in specialist foundation equipment

                      New products for mining deep drilling and offshore drilling

                      About 80 of sales abroad Sales revenuesin EUR million

                      Order intakein EUR million

                      EBITin EUR million

                      Equipment Total Group revenues fell slightly by 13 from EUR 7231 million to EUR 7136

                      million Sales revenues also dropped by 47 from EUR 6401 million to EUR 6102 million Accordingly EBIT decreased from EUR 749 million to EUR 612 million Earnings after taxes rose slightly from EUR 340 million to EUR 395 million in particular because of a lower tax burden and lower at-equity loss compared with the previous year

                      In the overall very favorable market environment we succeeded in keeping revenue sales and earnings at very good levels The main drivers were once again the sales markets in Europe and China

                      Order intake performed less well in the second half of 2019 Overall it fell by 71 from EUR 7237 million to EUR 6721 million Order backlog was EUR 1083 million remaining significantly below the previous years level of EUR 1500 million

                      16

                      -47 -76Full year 2019 42 of total Group revenues EBIT margin 100Key targets ~ 40 of total Group revenues EBIT margin 10 - 12Key figures to be considered Sales revenues order intake EBIT

                      -183FYQ4

                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                      103 115143

                      171

                      100137 129

                      181

                      108 115 123

                      197

                      127

                      186169 180

                      129

                      174144

                      194

                      125

                      180

                      142164

                      0

                      50

                      100

                      150

                      200

                      250

                      Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

                      165 163187

                      162 177155 166 152 161 159 160 171

                      212 218

                      148182

                      227

                      170 160 167186 192

                      168

                      127

                      0

                      50

                      100

                      150

                      200

                      250

                      Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

                      FinancialsEquipment segment ndash Revenues and order development

                      Order intakein EUR million

                      Sales revenuesin EUR million

                      Equipment

                      17

                      -156

                      -239

                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                      72 70

                      261 275

                      2018 2019

                      316281

                      2018 2019

                      -32

                      -137-110

                      -1622018 2019

                      FinancialsResources segment ndash Highlights FY 2019

                      Products amp services related to water environment and natural resources

                      Competence areas water treatment environmental remediation waste management drilling technologies and constructed wetlands

                      Total Group revenuesin EUR million

                      Order backlogin EUR million

                      EBITin EUR million

                      Resources Total Group revenues increased by 51 from EUR 2615 million in the previous

                      year to EUR 2749 million EBIT decreased from EUR -110 million to EUR -162 million and earnings after taxes were up from EUR -160 million in the previous year to EUR -137 million primarily due to higher at-equity earnings

                      The segment fell short of expectations once again in 2019 While earnings from the operating business improved significantly underutilization in Jordan a weak order situation in the business with brewery and beverage technology further restructuring expenditure and adjustments for receivables from old projects primarily proved to be a burden

                      At the order backlog was down 113 from EUR 3165 million to EUR 2807 million The decline is essentially due to progress on the large Kesslergrube project The order intake was EUR 2391 million in 2019 and thus 13 slightly below the 2018 value of EUR 2422 million The order book lasts for 123 months

                      18

                      +51-113Full year 2019

                      17 of total Group revenues EBIT margin naKey targets ~ 20 of total Group revenues (TGR) EBIT margin 6 - 8Key figures to be considered TGR order backlog EBIT

                      FYQ4

                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                      48 5360

                      92

                      5448

                      75

                      44

                      71 67 6657 63 65 65

                      55 52

                      68 70 72 69 70 66 70

                      0

                      20

                      40

                      60

                      80

                      100

                      Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

                      173 169 172 153 173 174

                      274 276 287 294 290 279 297 317 308336 330 321 324 316 327 322

                      295 281

                      0

                      75

                      150

                      225

                      300

                      375

                      Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

                      FinancialsResources segment ndash Revenues and order development

                      Order backlogin EUR million

                      Total Group revenuesin EUR million

                      Resources

                      19

                      -32

                      -113

                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                      FinancialsWorking capital amp net debt ndash Financing of future revenues

                      Bauerrsquos 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 Receivables

                      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 247 after-sales service A relatively large rental fleet is needed for different contract types (eg rental purchase)

                      Resources segment Outstanding customer payments (water business) and receivables on projects (environmental amp drilling business)

                      75-8015-20 ~5

                      Construction Equipment Resources20-2555-60 15-20

                      20

                      Key facts

                      Why does the business model needs so much working capital

                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                      629 608549 552

                      467

                      665 677594 562 564

                      0

                      150

                      300

                      450

                      600

                      750

                      2015 2016 2017 2018 2019

                      646 665 677594 562 564

                      171 185 158 183 199123

                      38 36

                      43

                      33

                      28

                      46

                      00

                      10

                      20

                      30

                      40

                      50

                      0

                      160

                      320

                      480

                      640

                      800

                      2014 2015 2016 2017 2018 2019

                      1656 15551772 1686 1595

                      665 677 594 562 564

                      0

                      360

                      720

                      1080

                      1440

                      1800

                      2015 2016 2017 2018 201921

                      FinancialsWorking capital amp net debt ndash Current development

                      Total Group revenues net debtin EUR million

                      Net debtWorking capital

                      EBITDANet debt

                      Current development At EUR 5637 million net debt was at the same level

                      as 2018 This was essentially due to the new IFRS 16 standard and the market valuation of financial liabilities Pure bank debt has seen further reductions which demonstrates that our numerous measures are making progress

                      Net debt to EBITDA ratio has worsened substantially as a consequence of significantly lower earnings than originally expected Our target range is a ratio of below 30 yearend

                      -37-152

                      ∆ 20152019

                      Working capital net debtin EUR million

                      Net debt EBITDA ratioin EUR million

                      Net debtTotal Group revenues ndash Net debtEBITDA

                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                      711 720 736

                      604

                      726 701 700629 672 709 684

                      608674 646 628

                      549 576624 629

                      552 584 609 591

                      467

                      0

                      160

                      320

                      480

                      640

                      800

                      Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

                      773 776 778

                      646

                      779 752 749665

                      743 762 736677

                      740 712 686594 639 678 679

                      562620 648 637

                      564

                      0

                      160

                      320

                      480

                      640

                      800

                      Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

                      22

                      FinancialsWorking capital amp net debt are lower year-end than during the year

                      Net debt (excl pensions)in EUR million

                      Working capitalin EUR million -154

                      +03

                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 23

                      FinancialsIncome statement 12M 2019in EUR 000 12M 2018 12M 2019 ∆ in

                      Sales revenues (PampL) 1589091 1470922 -74

                      Consolidated revenues (PampL) 1616936 1537691 -49

                      Cost of materials -821496 -783126 -47

                      Personel expenses -392384 -418805 67

                      Other operation expenses -204440 -212713 40

                      EBITDA 198616 123047 -380

                      Depreciation of fixed assets -80967 -84760 47

                      Write-downs of inventories due to use -17590 -15806 -101

                      EBIT 100059 22481 -775

                      Financial income 38204 33742 -117

                      Financial expenses -76992 -78766 23

                      Share of profitloss of associated companies (equity method) 4594 11225 na

                      Earnings before tax (EBT) 65865 -11318 na

                      Income tax expense -41778 -25232 -396

                      Earnings after tax 24087 -36550 na

                      of which attributable to shareholders of BAUER AG 22577 -37146 na

                      of which attributable to non-controlling interests 1510 596 -605

                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 24

                      Financials Balance sheet December 31 2019in EUR 000 Dec 31 2018 Dec 31 2019 ∆ in Assets 1632284 1628549 -02

                      Non-current assets 621041 692778 116Intangible assets 18077 16946 -63Property plant and equipment and investment property 411571 460470 119Investments accounted for using the equity method 113019 118185 46Participations 8350 8806 55Other non-current assets amp deferred tax assets 70024 88371 262Current assets 1011243 935771 -75Inventories 365865 405401 108Rental equipment 60488 61838 22Less advances received on inventories -16098 -8921 -446

                      410255 458318 117Receivables and other assets 535111 434608 -188Effective income tax refund claims 3290 5270 602Cash and cash equivalents 62587 37575 -400

                      Equity and liabilities 1632284 1628549 -02

                      Equity 431816 386916 -104Non-current debt 501424 327118 -348Provisions for pensions 134389 158641 180Non-current liabilities amp deferred tax liabilities 367035 257977 -297Current debt 699044 914515 308Financial liabilities 286104 376453 316Other current liabilities 357851 402318 124Effective income tax obligations 31687 19566 -383Provisions 23402 26678 140

                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 25

                      FinancialsCash flow statement 12M 2019in EUR 000 12M 2018 12M 2019 ∆ in

                      Cash flow from operational activity 147444 168882 145

                      Cash flow from investment activity -57600 -75213 306

                      Cash flow from financing activity -75088 -120339 603

                      Free Cash Flow 89844 93669 43

                      Changes in liquid funds affecting payments 14756 -26670 na

                      Influence of exchange rate movements on cash 565 1658 na

                      Total change in liquid funds 15321 -25012 na

                      Cash and cash equivalents at beginning of reporting period 47266 62587 324

                      Cash and cash equivalents at end of reporting period 62587 37575 -400

                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 26

                      FinancialsForecast 2020 ndash More cautious view due to coronavirus pandemic

                      2019 final

                      Total Group Revenues 1594 EUR million slight increase

                      Revenue growth -54 3 - 8

                      EBIT 225 EUR million significant increase

                      EBIT margin 15 7 - 9

                      Earnings after tax -366 EUR million significant increase in the positive area

                      Equity ratio 238 gt 30

                      2020 forecast Long-term goal

                      Slope stabilisation with BG 15 ndash Germany Largest water treatment plant ndash Nimr OmanCompact cutter system for Grand Paris

                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 27

                      BAUER AktiengesellschaftBAUER-Straszlige 186529 SchrobenhausenGermany

                      Tel +49 8252 97-1218investorrelationsbauerdewwwbauerde

                      April 9 2020 Annual Report 2019Analyst amp Press Conference

                      May 13 2020 Quarterly Statement Q1 2020

                      June 25 2020 Annual General Meeting

                      August 13 2020 Half-Year Interim Report toJune 30 2020

                      November 13 2020 Quarterly Statement 9MQ3 2020

                      wwwyoutubecomBauergruppe

                      wwwfacebookcomBauerAGgroup

                      Investor RelationsFinancial calendar amp contact

                      Christopher WolfHead of Investor Relations

                      2020

                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 28

                      Table of Content

                      BAUER Group ndash Strategy Chances amp Markets

                      Appendix

                      Financials FYQ4 2019 amp Guidance

                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 29

                      1790 middot 1900 middot 1902 middot 1928 middot 1948 middot 1956 middot 1958 middot 1967 middot 1969 middot 1972 middot 1975 middot 1976 middot 1984 middot 1990 middot 1992 middot 1994 middot 1998 middot 2001 middot 2019

                      BAUER GroupThe history ndash Two centuries of experience

                      End of 1970rsquosStart of

                      internationalisation

                      Early 1990rsquosBuild up of

                      specialist construction environmental business

                      FY 2019Total Group

                      revenues EUR 16 billion 11684

                      employees

                      4 Jul 2006IPO

                      Early 1970rsquosStart of equipment

                      manufacturing

                      Company founded as copper forge

                      After WW II (1950s)Start of construction

                      business

                      Early 1980rsquosSelling of equipment to

                      third parties

                      1790 1900-1970 1980-1990 2000-2019

                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 30

                      Michael Stomberg (CEO) HSE IT Process Management Quality Management

                      Florian Bauer Digitalization Development

                      Coordination Training Company Culture

                      Hartmut Beutler (CFO) Financing amp Treasury Legal Affairs amp Insurance IR amp Corporate

                      Communications Facility Management Media Design

                      Peter Hingott Group Controlling amp

                      Accounting Human Resources Group Purchasing

                      Management BoardBAUER AG

                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 31

                      BAUER GroupThe three segments

                      31copy BAUER AG D-86529 Schrobenhausen

                      Target ~ 40 of total Group revenues

                      Market leader in specialist foundation equipment

                      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

                      Target ~ 20 of total Group revenues Activities in

                      environmental technology deep drilling well construction materials

                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 32

                      BAUER GroupChallenges of the world provide chances for the company

                      The megatrend of urbanization requires construction solutions for the city of the future

                      To deal with the scarcity of drinking water purification and supply technologies are needed

                      The increasing mobility in society demands new and renewed transport routes

                      Changing social values are fundamentally revolutionizing the business world

                      UrbanizationInfrastructure Water

                      CultureA change in energy supply can only be realized through comprehensive construction works

                      The remediation of contaminated soil is the key to sustainable utilization of resources

                      Energy transitionEnvironment

                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                      ConstructionKey factsConstruction

                      Leading global provider for specialist foundation engineering

                      services

                      33

                      Total Group revenues (incl JV) Order backlog EBIT

                      ~ 40 of total Group revenues EBIT margin 4 - 6

                      (2018 54 2019 na)

                      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 5050 infrastructureindustrial split

                      Figures are somewhat cyclical between the quarters ndash focus on the entire year

                      Market environment Growing construction markets worldwide

                      Special foundation engineering is growing stronger than construction markets

                      Huge pent-up demand in developed countries and in emerging markets

                      Competition Keller Trevi Soletanche Bachy

                      (worldwide)

                      Local competitors in each country

                      Current focus topics Improving project and risk management especially for major projects

                      Leading in digitalization solutions for our market

                      Key figures

                      Key targets

                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 34

                      What is specialist foundationBuilding an excavation pit

                      Permeation Grouting

                      Mixed-In-Place Method

                      Injection Anchor

                      Diaphragm andCut-off Wall

                      Pile Foundation

                      Piling Retaining Wall

                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 35

                      What is specialist foundation used forApplications

                      Foundationsfor the highest buildings in the world

                      Excavation Pits for every problem and requirement

                      Ground Improvementallows projects on weak ground

                      Cut-off Walls as solution for dams and dikes

                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 36

                      ConstructionMunich Germany ndash Foundation works for a boarding house

                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                      EquipmentKey facts

                      Market leader in specialistfoundation equipment

                      Equipment

                      37

                      Sales revenues (excl JV) Order intake EBIT

                      ~ 40 of total Group revenues EBIT margin 10 - 12

                      (2018 117 2019 100)

                      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 JV with Schlumberger for the production of deep drilling rigs (oil amp gas)

                      Market environment Growing construction markets worldwide lead to positive equipment demand

                      Strong position due to efforts regarding quality efficiency and noise reduction

                      Growth potential with specialized machines for mining water and offshore drilling

                      Competition Trevi Liebherr Chinese manufactures

                      (eg Sany XCMG)

                      Further competition regarding special product types

                      Current focus topics Focus on value analysis methods and purchase organization

                      Optimizing and increasing after-sales services

                      Key figures

                      Key targets

                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 38

                      EquipmentWhole range of products for special foundation engineering

                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 39

                      EquipmentProduct range Deep Drilling

                      Joint Ventureof Bauer amp Schlumberger

                      In order to meet the upcoming market challenges out-of-the-box thinking

                      is necessary and therefore integrated drilling and rig solutions are of

                      growing importance

                      Based on more than 40 years of experience in engineering and

                      manufacturing of drilling rigs NeoRig develops and manufactures

                      modern drilling solutions which set new standards of safety efficiency

                      productivity and ease of service in the deep drilling business

                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                      ResourcesKey factsResources

                      40

                      Products amp services for environmental technology mining well construction

                      and water cleaning

                      Total Group revenues (incl JV) Order backlog EBIT

                      ~ 20 of total Group revenues EBIT margin 6 - 8

                      (2018 na 2019 na)

                      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 amp Middle East

                      Market environment Huge demand for environmental and water solutions

                      Outstanding market position with ground-breaking projects in the field of cleaning drinking and process water eg the biological water treatment plant in Oman

                      Competition Fragmented competition for each single product and service area

                      Current focus topics Improvement of loss-making Jordan subsidiary which is caused by overcapacities

                      Consistent proceeding of reorganization in the water related companies

                      Focus on new projects for the profitable environment business

                      Key figures

                      Key targets

                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 41

                      ResourcesPool of competences from a single hand

                      Industrial Waste Water Process amp Produced Water NORM Constructed Wetlands Modelling amp Well Design Construction Material for Wells

                      and Geothermal Water Distribution Management Irrigation Systems

                      Remediation Landfill Restoration Decommissioning Demolition Hazardous Waste Management Soil Treatment and Waste

                      Management

                      Exploration Drilling Deep Geothermal Drilling Well Drilling Blast Hole Drilling

                      EnvironmentWater Natural Resources

                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 42

                      ResourcesWater ndash Process Water amp Water Distribution Management

                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 43

                      ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman

                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 44

                      Market environment ndash GermanyGerman construction market

                      Source Federal Statistical Office Statistical Office Bavaria

                      in EUR billion

                      Germany2019

                      Employees (in 1000)

                      Revenues 922Building construction 508Foundation engineering 414

                      Orders received in EUR billion

                      Housebuilding 196Industrial building 363Public sectorof which

                      public buildings 55road building 142underground structures 105

                      ) only companies gt 20 employees

                      49

                      108

                      95

                      39

                      109

                      65

                      80

                      88

                      38

                      49

                      82

                      77

                      112

                      132

                      25

                      Dezember 2019 2018 20192017 2018

                      in

                      89

                      97

                      302

                      861

                      4867

                      88

                      100 82

                      59

                      125

                      Weiszlig

                      Bunt

                      Kunterbunt

                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 45

                      Building constructionpositive cash contribution

                      Specialist foundation engineeringpre-financing need

                      Financials Working capital needs ndash Comparison with building construction

                      EUR

                      12 24 months

                      Positive cash contribution

                      Negative cash contribution

                      Con

                      trac

                      t val

                      ue

                      EUR

                      Negative cash contribution

                      12 24 months

                      Con

                      trac

                      t val

                      ue

                      Construction contracts with short duration need

                      No advance payments no front-loading of prices possible approx 2 - 3 months of pre-financing

                      Negative cash contribution during construction phase

                      Construction contracts with long durations

                      Advance payments front-loading of prices

                      Positive cash contribution during construction phase

                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 46

                      BAUER shareFacts amp Figures

                      Listed on Frankfurt stock exchange (Prime Standard) since July 4 2006

                      Share capital EUR 7300142045

                      Shares issued 17131000

                      Issue price EUR 1675

                      Share performance (012019 ndash 032020)

                      Bauer familyFree float

                      5181

                      Shareholder structure

                      4819

                      in EUR 2015 2016 2017 2018 2019

                      Earnings per share 173 066 016 132 -217

                      Share price year end 1740 1140 3000 1216 1510

                      Share price highest 1920 1716 3096 3125 2430

                      Share price lowest 1385 945 1172 1208 1262

                      Market Cap(in EUR million) 2981 1953 5139 2083 2587

                      CDAXClassic All SharePrime All Share

                      ISIN DE0005168108Reuters B5AGDEBloomberg B5A GR

                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                      050

                      100 100

                      060 060050

                      030

                      001

                      015 015010 010 010

                      001000

                      030

                      060

                      090

                      120

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

                      47

                      BAUER shareDividend policy

                      Dividend payment Dividend policy founded on a reasonable balance between shareholders and company

                      fair participation of shareholders maintaining continuity safeguarding of the equity ratio

                      All shareholders shall participate in the success of the business

                      After some difficult years we must continue to strike a careful balance between continuity and shareholder participation on the one hand and safeguarding our equity ratio on the other

                      To secure an adequate equity ratio is an important aim of the companyrsquos 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

                      in EUR per share

                      000

                      Proposed subject to the consent of the Annual General Meeting to be held on June 25 2020

                      000

                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 48

                      Key Figures Time LineFY 2008 ndash FY 2019

                      In all three segments total Group revenues and EBIT figures of FY 2015 were influenced by exceptional earnings

                      Total Group revenues 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(in EUR million)BAUER Group 15272 12758 13040 13718 14358 15042 15602 16564 15547 4482 4541 4766 3931 17720 3708 4215 4435 4503 16861 4109 4207 4078 3553 15947

                      Construction 7009 5700 6154 6066 6552 7417 7256 7429 7131 2110 2205 2269 1766 8350 1508 1762 2100 2306 7676 1702 1722 1726 1538 6688Equipment 7801 6085 5817 6365 5891 6286 6392 7531 6344 1867 1853 1966 1859 7545 1808 1936 1802 1685 7231 1859 1950 1781 1547 7137Resources 1351 1743 1777 2115 2628 1889 2528 2216 2624 630 647 651 554 2482 517 676 699 723 2615 692 695 662 700 2749

                      Sales revenues 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(in EUR million)BAUER Group 12908 10965 11317 12196 13444 14022 13757 13790 13969 3789 4512 4354 4022 16679 3184 3987 4051 4669 15891 3419 4035 3622 3633 14709

                      Construction 5843 4879 5058 5062 5791 6575 6466 6508 6145 1966 2064 2145 1663 7838 1432 1642 2021 2168 7263 1616 1628 1605 1408 6257Equipment 6012 4565 4693 5114 5206 5616 5327 5480 5427 1266 1857 1685 1801 6609 1287 1736 1440 1938 6401 1253 1797 1417 1635 6102Resources 1051 1520 1564 2015 2443 1826 1959 1793 2382 553 577 532 553 2215 462 605 587 559 2213 548 607 597 583 2335

                      EBIT 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(in EUR million)BAUER Group 1675 844 884 823 720 301 764 907 703 85 302 277 232 896 110 231 227 433 1001 104 248 133 -260 225

                      Construction 463 257 288 179 220 212 260 139 297 09 124 81 -18 196 27 21 80 263 391 00 42 -34 -207 -199Equipment 1183 513 483 530 340 322 360 994 384 80 160 249 317 806 142 222 158 227 749 83 230 202 97 612Resources 40 60 81 109 152 -240 159 -198 -37 -01 09 -53 -55 -100 -57 -10 -12 -32 -110 27 -22 -30 -137 -162

                      EBIT margin 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(in )BAUER Group 130 77 78 67 54 21 56 66 50 22 67 64 58 54 35 58 56 93 63 30 61 37 -72 15

                      Construction 79 53 57 35 38 32 40 21 48 05 60 38 -11 25 19 13 39 121 54 00 26 -21 -147 -32Equipment 197 112 103 104 65 57 68 181 71 64 86 148 176 122 110 128 110 117 117 66 128 143 60 100Resources 38 39 52 54 62 -131 81 -110 -16 -02 15 -100 -99 -45 -123 -16 -20 -57 -50 49 -37 -49 -235 -69

                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

                      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

                      • Foliennummer 1
                      • Foliennummer 2
                      • Key FiguresFY 2019
                      • Table of Content
                      • Foliennummer 5
                      • Foliennummer 6
                      • Foliennummer 7
                      • Foliennummer 8
                      • BAUER Group Construction market environment vs order backlog
                      • Foliennummer 10
                      • Foliennummer 11
                      • Table of Content
                      • Foliennummer 13
                      • Foliennummer 14
                      • Foliennummer 15
                      • Foliennummer 16
                      • Foliennummer 17
                      • Foliennummer 18
                      • Foliennummer 19
                      • Foliennummer 20
                      • Foliennummer 21
                      • Foliennummer 22
                      • FinancialsIncome statement 12M 2019
                      • Financials Balance sheet December 31 2019
                      • FinancialsCash flow statement 12M 2019
                      • Foliennummer 26
                      • Foliennummer 27
                      • Table of Content
                      • BAUER GroupThe history ndash Two centuries of experience
                      • Foliennummer 30
                      • BAUER GroupThe three segments
                      • Foliennummer 32
                      • Foliennummer 33
                      • What is specialist foundationBuilding an excavation pit
                      • What is specialist foundation used forApplications
                      • ConstructionMunich Germany ndash Foundation works for a boarding house
                      • Foliennummer 37
                      • EquipmentWhole range of products for special foundation engineering
                      • EquipmentProduct range Deep Drilling
                      • Foliennummer 40
                      • ResourcesPool of competences from a single hand
                      • ResourcesWater ndash Process Water amp Water Distribution Management
                      • ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
                      • Market environment ndash Germany German construction market
                      • Financials Working capital needs ndash Comparison with building construction
                      • BAUER shareFacts amp Figures
                      • BAUER shareDividend policy
                      • Foliennummer 48
                      • Disclaimer
                        Zweistelliges Auftragsplus am Bau in Bayern
                        Absolute WerteVeraumlnderungen in
                        August 20062004BayernWestdeutschlandOstdeutschland
                        BayernWest-Ost-200420040200420040200420040
                        LaumlnderLaumlnder199420030199420030199420030
                        Beschaumlftigte in 1000126152831887-52-5200-432-60-5200-539-7200
                        Baugenehmigungen Mio msup3 umb Raum6532572423-108-10800-252-8400-68-10300
                        Umsatz in Mrd EUR139570173-249-5800-277-4500-399-7600
                        Hochbau9637192-265-5600-301-4400-507-7400
                        Tiefbau4319981-217-6200-222-4500-207-7900
                        09033799-393-10000-452-5600-580-6000
                        in Mrd EUR
                        Wohnungsbau236511-480-7100-561-6400-771-20700
                        Wirtschaftsbau3314040-347-10500-457-5900-603-9400
                        Oumlffentlicher Bau3313148-352-11500-346-4900-3821800
                        darunter
                        Oumlffentl Hochbau092509-324-8500-480-0100-5616900
                        Straszligenbau125821-128-11200-146-5100-1604200
                        Sonstiger Tiefbau124818-502-13700-425-7100-467-3400
                        19712561362168-243-95248-173-23210-21146
                        1) Bei Baugenehmigungen liegen erst die Oktoberwerte vor
                        1) Bei Baugenehmigungen liegen erst die Februarwerte vor
                        2) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten
                        in EUR billionin
                        Dezember 2019Germany20052005Jan - Aug20182019
                        201919942004060520172018
                        Employees (in 1000)4867-47-60-104949
                        Revenues922-305-647310882
                        Building construction508-318-611009577
                        Foundation engineering414-280-711212588
                        Orders received861-3743110610082
                        in EUR billion
                        Housebuilding196-489-181211297
                        Industrial building363-3036818113289
                        Public sector302-33132995965
                        of which
                        public buildings55-23812729025109
                        road building142-138-12478839
                        underground structures105-49515223880
                        1256168-243-95-173-23
                        1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
                        ) only companies gt 20 employees
                        Zweistelliges Auftragsplus am Bau in Bayern
                        Absolute WerteVeraumlnderungen in
                        August 20062005BayernWestdeutschlandOstdeutschland
                        BayernWest-Ost-20052005Jan - Aug20052005Jan - Aug20052005Jan - Aug
                        LaumlnderLaumlnder199420040605199420040605199420040605
                        Beschaumlftigte in 1000126152831887-470-60-10-465-60-58-38-578-85-51
                        Baugenehmigungen Mio msup3 umb Raum6532572423-395-101249-417-41171-680-157259
                        Umsatz in Mrd EUR139570173-305-6473-312-4835-452-8813
                        Hochbau9637192-318-61100-336-5048-565-11835
                        Tiefbau4319981-280-7112-255-4311-247-51-14
                        Auftragseingang9033799-37431106-4470984-609-7043
                        in Mrd EUR
                        Wohnungsbau236511-489-1812-586-5888-805-14841
                        Wirtschaftsbau3314040-30368181-43345104-625-56121
                        Oumlffentlicher Bau3313148-3313299-3400972-420-62-18
                        darunter
                        Oumlffentl Hochbau092509-238127290-500-38142-602-93-51
                        Straszligenbau125821-138-1247-965978-211-8582
                        Sonstiger Tiefbau124818-4951522-439-2430-477-18-124
                        19712561362168-243-95248-173-23210-21146
                        1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
                        ) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 12

                        Table of Content

                        BAUER Group ndash Strategy Chances amp Markets

                        Appendix

                        Financials FYQ4 2019 amp Guidance

                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                        379 484 429 420

                        381454 386 418

                        396409

                        422 450

                        411394 485 321

                        2016 2017 2018 2019

                        15551772 1686 1595

                        13971668 1589

                        1471

                        0

                        400

                        800

                        1200

                        1600

                        2000

                        2016 2017 2018 2019

                        1008 978 1014 1028

                        0

                        250

                        500

                        750

                        1000

                        1250

                        2016 2017 2018 2019

                        703896

                        1001

                        22514437

                        241

                        -366-50

                        -25

                        0

                        25

                        50

                        75

                        100

                        125

                        2016 2017 2018 2019

                        13

                        Q1

                        Q2

                        Q3

                        Q4

                        FinancialsRevenues earnings amp orders ndash Group

                        Revenues

                        Earnings

                        Order backlog

                        Order intake

                        in EUR million

                        in EUR million in EUR million

                        in EUR millionTotal Group revenues Sales revenues

                        EBIT Earnings after tax

                        1567

                        +14

                        -661741

                        -54-74

                        ∆ FY

                        -775na

                        ∆ FY 1722 1609

                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                        231154

                        768669

                        2018 2019

                        547639

                        2018 2019

                        263

                        -207

                        391

                        -199

                        2018 2019

                        FinancialsConstruction segment ndash Highlights FY 2019

                        Construction

                        Global provider for specialist foundation engineering services

                        Focus on complex international projects

                        ~ 5050 infrastructure industrialTotal Group revenuesin EUR million

                        Order backlogin EUR million

                        EBITin EUR million

                        Total Group revenues fell by 129 to EUR 6688 million compared to EUR 7676 million At EUR -199 million EBIT was markedly negative (2018 EUR 391 million) At EUR -527 million earnings after taxes were negative In 2018 positive earnings of EUR 96 million were reported

                        The verdict on appeal against an arbitration court verdict from 2018 resulted in a considerable valuation allowance of about EUR 40 million This had an impact of corresponding magnitude on revenues and earnings figures for the segment The decline is also attributable to the markets of the Far East and Australia which were affected by a lack of orders and project postponements

                        At EUR 6386 million order backlog which was 167 well above the previous years figure of EUR 5473 million is at a record level At EUR 7601 million order intake fell back by 76 from EUR 8222 million The order book lasts for 115 months

                        14

                        -129+167Full year 2019

                        41 of total Group revenues EBIT margin -32Key targets ~ 40 of total Group revenues (TGR) EBIT margin 4 - 6

                        Key figures to be considered TGR order backlog EBIT

                        FYQ4

                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                        178 177 187 183 193176

                        195178

                        156171 185

                        201 211 221 227

                        177151

                        176210 231

                        170 172 173154

                        0

                        50

                        100

                        150

                        200

                        250

                        Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

                        436 477 472 455513 551 584 591 585 575 578 585 578

                        526 516 493 511 507 503 547 546 551631 639

                        0

                        150

                        300

                        450

                        600

                        750

                        Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

                        FinancialsConstruction segment ndash Revenues and order development

                        Order backlogin EUR million

                        Total Group revenuesin EUR million

                        Construction

                        15

                        -333

                        +167

                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                        194 164

                        640 610

                        2018 2019

                        724 672

                        2018 2019

                        227

                        97

                        749

                        612

                        2018 2019

                        FinancialsEquipment segment ndash Highlights FY 2019

                        Market leader in specialist foundation equipment

                        New products for mining deep drilling and offshore drilling

                        About 80 of sales abroad Sales revenuesin EUR million

                        Order intakein EUR million

                        EBITin EUR million

                        Equipment Total Group revenues fell slightly by 13 from EUR 7231 million to EUR 7136

                        million Sales revenues also dropped by 47 from EUR 6401 million to EUR 6102 million Accordingly EBIT decreased from EUR 749 million to EUR 612 million Earnings after taxes rose slightly from EUR 340 million to EUR 395 million in particular because of a lower tax burden and lower at-equity loss compared with the previous year

                        In the overall very favorable market environment we succeeded in keeping revenue sales and earnings at very good levels The main drivers were once again the sales markets in Europe and China

                        Order intake performed less well in the second half of 2019 Overall it fell by 71 from EUR 7237 million to EUR 6721 million Order backlog was EUR 1083 million remaining significantly below the previous years level of EUR 1500 million

                        16

                        -47 -76Full year 2019 42 of total Group revenues EBIT margin 100Key targets ~ 40 of total Group revenues EBIT margin 10 - 12Key figures to be considered Sales revenues order intake EBIT

                        -183FYQ4

                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                        103 115143

                        171

                        100137 129

                        181

                        108 115 123

                        197

                        127

                        186169 180

                        129

                        174144

                        194

                        125

                        180

                        142164

                        0

                        50

                        100

                        150

                        200

                        250

                        Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

                        165 163187

                        162 177155 166 152 161 159 160 171

                        212 218

                        148182

                        227

                        170 160 167186 192

                        168

                        127

                        0

                        50

                        100

                        150

                        200

                        250

                        Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

                        FinancialsEquipment segment ndash Revenues and order development

                        Order intakein EUR million

                        Sales revenuesin EUR million

                        Equipment

                        17

                        -156

                        -239

                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                        72 70

                        261 275

                        2018 2019

                        316281

                        2018 2019

                        -32

                        -137-110

                        -1622018 2019

                        FinancialsResources segment ndash Highlights FY 2019

                        Products amp services related to water environment and natural resources

                        Competence areas water treatment environmental remediation waste management drilling technologies and constructed wetlands

                        Total Group revenuesin EUR million

                        Order backlogin EUR million

                        EBITin EUR million

                        Resources Total Group revenues increased by 51 from EUR 2615 million in the previous

                        year to EUR 2749 million EBIT decreased from EUR -110 million to EUR -162 million and earnings after taxes were up from EUR -160 million in the previous year to EUR -137 million primarily due to higher at-equity earnings

                        The segment fell short of expectations once again in 2019 While earnings from the operating business improved significantly underutilization in Jordan a weak order situation in the business with brewery and beverage technology further restructuring expenditure and adjustments for receivables from old projects primarily proved to be a burden

                        At the order backlog was down 113 from EUR 3165 million to EUR 2807 million The decline is essentially due to progress on the large Kesslergrube project The order intake was EUR 2391 million in 2019 and thus 13 slightly below the 2018 value of EUR 2422 million The order book lasts for 123 months

                        18

                        +51-113Full year 2019

                        17 of total Group revenues EBIT margin naKey targets ~ 20 of total Group revenues (TGR) EBIT margin 6 - 8Key figures to be considered TGR order backlog EBIT

                        FYQ4

                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                        48 5360

                        92

                        5448

                        75

                        44

                        71 67 6657 63 65 65

                        55 52

                        68 70 72 69 70 66 70

                        0

                        20

                        40

                        60

                        80

                        100

                        Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

                        173 169 172 153 173 174

                        274 276 287 294 290 279 297 317 308336 330 321 324 316 327 322

                        295 281

                        0

                        75

                        150

                        225

                        300

                        375

                        Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

                        FinancialsResources segment ndash Revenues and order development

                        Order backlogin EUR million

                        Total Group revenuesin EUR million

                        Resources

                        19

                        -32

                        -113

                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                        FinancialsWorking capital amp net debt ndash Financing of future revenues

                        Bauerrsquos 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 Receivables

                        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 247 after-sales service A relatively large rental fleet is needed for different contract types (eg rental purchase)

                        Resources segment Outstanding customer payments (water business) and receivables on projects (environmental amp drilling business)

                        75-8015-20 ~5

                        Construction Equipment Resources20-2555-60 15-20

                        20

                        Key facts

                        Why does the business model needs so much working capital

                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                        629 608549 552

                        467

                        665 677594 562 564

                        0

                        150

                        300

                        450

                        600

                        750

                        2015 2016 2017 2018 2019

                        646 665 677594 562 564

                        171 185 158 183 199123

                        38 36

                        43

                        33

                        28

                        46

                        00

                        10

                        20

                        30

                        40

                        50

                        0

                        160

                        320

                        480

                        640

                        800

                        2014 2015 2016 2017 2018 2019

                        1656 15551772 1686 1595

                        665 677 594 562 564

                        0

                        360

                        720

                        1080

                        1440

                        1800

                        2015 2016 2017 2018 201921

                        FinancialsWorking capital amp net debt ndash Current development

                        Total Group revenues net debtin EUR million

                        Net debtWorking capital

                        EBITDANet debt

                        Current development At EUR 5637 million net debt was at the same level

                        as 2018 This was essentially due to the new IFRS 16 standard and the market valuation of financial liabilities Pure bank debt has seen further reductions which demonstrates that our numerous measures are making progress

                        Net debt to EBITDA ratio has worsened substantially as a consequence of significantly lower earnings than originally expected Our target range is a ratio of below 30 yearend

                        -37-152

                        ∆ 20152019

                        Working capital net debtin EUR million

                        Net debt EBITDA ratioin EUR million

                        Net debtTotal Group revenues ndash Net debtEBITDA

                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                        711 720 736

                        604

                        726 701 700629 672 709 684

                        608674 646 628

                        549 576624 629

                        552 584 609 591

                        467

                        0

                        160

                        320

                        480

                        640

                        800

                        Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

                        773 776 778

                        646

                        779 752 749665

                        743 762 736677

                        740 712 686594 639 678 679

                        562620 648 637

                        564

                        0

                        160

                        320

                        480

                        640

                        800

                        Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

                        22

                        FinancialsWorking capital amp net debt are lower year-end than during the year

                        Net debt (excl pensions)in EUR million

                        Working capitalin EUR million -154

                        +03

                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 23

                        FinancialsIncome statement 12M 2019in EUR 000 12M 2018 12M 2019 ∆ in

                        Sales revenues (PampL) 1589091 1470922 -74

                        Consolidated revenues (PampL) 1616936 1537691 -49

                        Cost of materials -821496 -783126 -47

                        Personel expenses -392384 -418805 67

                        Other operation expenses -204440 -212713 40

                        EBITDA 198616 123047 -380

                        Depreciation of fixed assets -80967 -84760 47

                        Write-downs of inventories due to use -17590 -15806 -101

                        EBIT 100059 22481 -775

                        Financial income 38204 33742 -117

                        Financial expenses -76992 -78766 23

                        Share of profitloss of associated companies (equity method) 4594 11225 na

                        Earnings before tax (EBT) 65865 -11318 na

                        Income tax expense -41778 -25232 -396

                        Earnings after tax 24087 -36550 na

                        of which attributable to shareholders of BAUER AG 22577 -37146 na

                        of which attributable to non-controlling interests 1510 596 -605

                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 24

                        Financials Balance sheet December 31 2019in EUR 000 Dec 31 2018 Dec 31 2019 ∆ in Assets 1632284 1628549 -02

                        Non-current assets 621041 692778 116Intangible assets 18077 16946 -63Property plant and equipment and investment property 411571 460470 119Investments accounted for using the equity method 113019 118185 46Participations 8350 8806 55Other non-current assets amp deferred tax assets 70024 88371 262Current assets 1011243 935771 -75Inventories 365865 405401 108Rental equipment 60488 61838 22Less advances received on inventories -16098 -8921 -446

                        410255 458318 117Receivables and other assets 535111 434608 -188Effective income tax refund claims 3290 5270 602Cash and cash equivalents 62587 37575 -400

                        Equity and liabilities 1632284 1628549 -02

                        Equity 431816 386916 -104Non-current debt 501424 327118 -348Provisions for pensions 134389 158641 180Non-current liabilities amp deferred tax liabilities 367035 257977 -297Current debt 699044 914515 308Financial liabilities 286104 376453 316Other current liabilities 357851 402318 124Effective income tax obligations 31687 19566 -383Provisions 23402 26678 140

                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 25

                        FinancialsCash flow statement 12M 2019in EUR 000 12M 2018 12M 2019 ∆ in

                        Cash flow from operational activity 147444 168882 145

                        Cash flow from investment activity -57600 -75213 306

                        Cash flow from financing activity -75088 -120339 603

                        Free Cash Flow 89844 93669 43

                        Changes in liquid funds affecting payments 14756 -26670 na

                        Influence of exchange rate movements on cash 565 1658 na

                        Total change in liquid funds 15321 -25012 na

                        Cash and cash equivalents at beginning of reporting period 47266 62587 324

                        Cash and cash equivalents at end of reporting period 62587 37575 -400

                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 26

                        FinancialsForecast 2020 ndash More cautious view due to coronavirus pandemic

                        2019 final

                        Total Group Revenues 1594 EUR million slight increase

                        Revenue growth -54 3 - 8

                        EBIT 225 EUR million significant increase

                        EBIT margin 15 7 - 9

                        Earnings after tax -366 EUR million significant increase in the positive area

                        Equity ratio 238 gt 30

                        2020 forecast Long-term goal

                        Slope stabilisation with BG 15 ndash Germany Largest water treatment plant ndash Nimr OmanCompact cutter system for Grand Paris

                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 27

                        BAUER AktiengesellschaftBAUER-Straszlige 186529 SchrobenhausenGermany

                        Tel +49 8252 97-1218investorrelationsbauerdewwwbauerde

                        April 9 2020 Annual Report 2019Analyst amp Press Conference

                        May 13 2020 Quarterly Statement Q1 2020

                        June 25 2020 Annual General Meeting

                        August 13 2020 Half-Year Interim Report toJune 30 2020

                        November 13 2020 Quarterly Statement 9MQ3 2020

                        wwwyoutubecomBauergruppe

                        wwwfacebookcomBauerAGgroup

                        Investor RelationsFinancial calendar amp contact

                        Christopher WolfHead of Investor Relations

                        2020

                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 28

                        Table of Content

                        BAUER Group ndash Strategy Chances amp Markets

                        Appendix

                        Financials FYQ4 2019 amp Guidance

                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 29

                        1790 middot 1900 middot 1902 middot 1928 middot 1948 middot 1956 middot 1958 middot 1967 middot 1969 middot 1972 middot 1975 middot 1976 middot 1984 middot 1990 middot 1992 middot 1994 middot 1998 middot 2001 middot 2019

                        BAUER GroupThe history ndash Two centuries of experience

                        End of 1970rsquosStart of

                        internationalisation

                        Early 1990rsquosBuild up of

                        specialist construction environmental business

                        FY 2019Total Group

                        revenues EUR 16 billion 11684

                        employees

                        4 Jul 2006IPO

                        Early 1970rsquosStart of equipment

                        manufacturing

                        Company founded as copper forge

                        After WW II (1950s)Start of construction

                        business

                        Early 1980rsquosSelling of equipment to

                        third parties

                        1790 1900-1970 1980-1990 2000-2019

                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 30

                        Michael Stomberg (CEO) HSE IT Process Management Quality Management

                        Florian Bauer Digitalization Development

                        Coordination Training Company Culture

                        Hartmut Beutler (CFO) Financing amp Treasury Legal Affairs amp Insurance IR amp Corporate

                        Communications Facility Management Media Design

                        Peter Hingott Group Controlling amp

                        Accounting Human Resources Group Purchasing

                        Management BoardBAUER AG

                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 31

                        BAUER GroupThe three segments

                        31copy BAUER AG D-86529 Schrobenhausen

                        Target ~ 40 of total Group revenues

                        Market leader in specialist foundation equipment

                        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

                        Target ~ 20 of total Group revenues Activities in

                        environmental technology deep drilling well construction materials

                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 32

                        BAUER GroupChallenges of the world provide chances for the company

                        The megatrend of urbanization requires construction solutions for the city of the future

                        To deal with the scarcity of drinking water purification and supply technologies are needed

                        The increasing mobility in society demands new and renewed transport routes

                        Changing social values are fundamentally revolutionizing the business world

                        UrbanizationInfrastructure Water

                        CultureA change in energy supply can only be realized through comprehensive construction works

                        The remediation of contaminated soil is the key to sustainable utilization of resources

                        Energy transitionEnvironment

                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                        ConstructionKey factsConstruction

                        Leading global provider for specialist foundation engineering

                        services

                        33

                        Total Group revenues (incl JV) Order backlog EBIT

                        ~ 40 of total Group revenues EBIT margin 4 - 6

                        (2018 54 2019 na)

                        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 5050 infrastructureindustrial split

                        Figures are somewhat cyclical between the quarters ndash focus on the entire year

                        Market environment Growing construction markets worldwide

                        Special foundation engineering is growing stronger than construction markets

                        Huge pent-up demand in developed countries and in emerging markets

                        Competition Keller Trevi Soletanche Bachy

                        (worldwide)

                        Local competitors in each country

                        Current focus topics Improving project and risk management especially for major projects

                        Leading in digitalization solutions for our market

                        Key figures

                        Key targets

                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 34

                        What is specialist foundationBuilding an excavation pit

                        Permeation Grouting

                        Mixed-In-Place Method

                        Injection Anchor

                        Diaphragm andCut-off Wall

                        Pile Foundation

                        Piling Retaining Wall

                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 35

                        What is specialist foundation used forApplications

                        Foundationsfor the highest buildings in the world

                        Excavation Pits for every problem and requirement

                        Ground Improvementallows projects on weak ground

                        Cut-off Walls as solution for dams and dikes

                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 36

                        ConstructionMunich Germany ndash Foundation works for a boarding house

                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                        EquipmentKey facts

                        Market leader in specialistfoundation equipment

                        Equipment

                        37

                        Sales revenues (excl JV) Order intake EBIT

                        ~ 40 of total Group revenues EBIT margin 10 - 12

                        (2018 117 2019 100)

                        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 JV with Schlumberger for the production of deep drilling rigs (oil amp gas)

                        Market environment Growing construction markets worldwide lead to positive equipment demand

                        Strong position due to efforts regarding quality efficiency and noise reduction

                        Growth potential with specialized machines for mining water and offshore drilling

                        Competition Trevi Liebherr Chinese manufactures

                        (eg Sany XCMG)

                        Further competition regarding special product types

                        Current focus topics Focus on value analysis methods and purchase organization

                        Optimizing and increasing after-sales services

                        Key figures

                        Key targets

                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 38

                        EquipmentWhole range of products for special foundation engineering

                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 39

                        EquipmentProduct range Deep Drilling

                        Joint Ventureof Bauer amp Schlumberger

                        In order to meet the upcoming market challenges out-of-the-box thinking

                        is necessary and therefore integrated drilling and rig solutions are of

                        growing importance

                        Based on more than 40 years of experience in engineering and

                        manufacturing of drilling rigs NeoRig develops and manufactures

                        modern drilling solutions which set new standards of safety efficiency

                        productivity and ease of service in the deep drilling business

                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                        ResourcesKey factsResources

                        40

                        Products amp services for environmental technology mining well construction

                        and water cleaning

                        Total Group revenues (incl JV) Order backlog EBIT

                        ~ 20 of total Group revenues EBIT margin 6 - 8

                        (2018 na 2019 na)

                        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 amp Middle East

                        Market environment Huge demand for environmental and water solutions

                        Outstanding market position with ground-breaking projects in the field of cleaning drinking and process water eg the biological water treatment plant in Oman

                        Competition Fragmented competition for each single product and service area

                        Current focus topics Improvement of loss-making Jordan subsidiary which is caused by overcapacities

                        Consistent proceeding of reorganization in the water related companies

                        Focus on new projects for the profitable environment business

                        Key figures

                        Key targets

                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 41

                        ResourcesPool of competences from a single hand

                        Industrial Waste Water Process amp Produced Water NORM Constructed Wetlands Modelling amp Well Design Construction Material for Wells

                        and Geothermal Water Distribution Management Irrigation Systems

                        Remediation Landfill Restoration Decommissioning Demolition Hazardous Waste Management Soil Treatment and Waste

                        Management

                        Exploration Drilling Deep Geothermal Drilling Well Drilling Blast Hole Drilling

                        EnvironmentWater Natural Resources

                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 42

                        ResourcesWater ndash Process Water amp Water Distribution Management

                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 43

                        ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman

                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 44

                        Market environment ndash GermanyGerman construction market

                        Source Federal Statistical Office Statistical Office Bavaria

                        in EUR billion

                        Germany2019

                        Employees (in 1000)

                        Revenues 922Building construction 508Foundation engineering 414

                        Orders received in EUR billion

                        Housebuilding 196Industrial building 363Public sectorof which

                        public buildings 55road building 142underground structures 105

                        ) only companies gt 20 employees

                        49

                        108

                        95

                        39

                        109

                        65

                        80

                        88

                        38

                        49

                        82

                        77

                        112

                        132

                        25

                        Dezember 2019 2018 20192017 2018

                        in

                        89

                        97

                        302

                        861

                        4867

                        88

                        100 82

                        59

                        125

                        Weiszlig

                        Bunt

                        Kunterbunt

                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 45

                        Building constructionpositive cash contribution

                        Specialist foundation engineeringpre-financing need

                        Financials Working capital needs ndash Comparison with building construction

                        EUR

                        12 24 months

                        Positive cash contribution

                        Negative cash contribution

                        Con

                        trac

                        t val

                        ue

                        EUR

                        Negative cash contribution

                        12 24 months

                        Con

                        trac

                        t val

                        ue

                        Construction contracts with short duration need

                        No advance payments no front-loading of prices possible approx 2 - 3 months of pre-financing

                        Negative cash contribution during construction phase

                        Construction contracts with long durations

                        Advance payments front-loading of prices

                        Positive cash contribution during construction phase

                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 46

                        BAUER shareFacts amp Figures

                        Listed on Frankfurt stock exchange (Prime Standard) since July 4 2006

                        Share capital EUR 7300142045

                        Shares issued 17131000

                        Issue price EUR 1675

                        Share performance (012019 ndash 032020)

                        Bauer familyFree float

                        5181

                        Shareholder structure

                        4819

                        in EUR 2015 2016 2017 2018 2019

                        Earnings per share 173 066 016 132 -217

                        Share price year end 1740 1140 3000 1216 1510

                        Share price highest 1920 1716 3096 3125 2430

                        Share price lowest 1385 945 1172 1208 1262

                        Market Cap(in EUR million) 2981 1953 5139 2083 2587

                        CDAXClassic All SharePrime All Share

                        ISIN DE0005168108Reuters B5AGDEBloomberg B5A GR

                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                        050

                        100 100

                        060 060050

                        030

                        001

                        015 015010 010 010

                        001000

                        030

                        060

                        090

                        120

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

                        47

                        BAUER shareDividend policy

                        Dividend payment Dividend policy founded on a reasonable balance between shareholders and company

                        fair participation of shareholders maintaining continuity safeguarding of the equity ratio

                        All shareholders shall participate in the success of the business

                        After some difficult years we must continue to strike a careful balance between continuity and shareholder participation on the one hand and safeguarding our equity ratio on the other

                        To secure an adequate equity ratio is an important aim of the companyrsquos 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

                        in EUR per share

                        000

                        Proposed subject to the consent of the Annual General Meeting to be held on June 25 2020

                        000

                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 48

                        Key Figures Time LineFY 2008 ndash FY 2019

                        In all three segments total Group revenues and EBIT figures of FY 2015 were influenced by exceptional earnings

                        Total Group revenues 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(in EUR million)BAUER Group 15272 12758 13040 13718 14358 15042 15602 16564 15547 4482 4541 4766 3931 17720 3708 4215 4435 4503 16861 4109 4207 4078 3553 15947

                        Construction 7009 5700 6154 6066 6552 7417 7256 7429 7131 2110 2205 2269 1766 8350 1508 1762 2100 2306 7676 1702 1722 1726 1538 6688Equipment 7801 6085 5817 6365 5891 6286 6392 7531 6344 1867 1853 1966 1859 7545 1808 1936 1802 1685 7231 1859 1950 1781 1547 7137Resources 1351 1743 1777 2115 2628 1889 2528 2216 2624 630 647 651 554 2482 517 676 699 723 2615 692 695 662 700 2749

                        Sales revenues 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(in EUR million)BAUER Group 12908 10965 11317 12196 13444 14022 13757 13790 13969 3789 4512 4354 4022 16679 3184 3987 4051 4669 15891 3419 4035 3622 3633 14709

                        Construction 5843 4879 5058 5062 5791 6575 6466 6508 6145 1966 2064 2145 1663 7838 1432 1642 2021 2168 7263 1616 1628 1605 1408 6257Equipment 6012 4565 4693 5114 5206 5616 5327 5480 5427 1266 1857 1685 1801 6609 1287 1736 1440 1938 6401 1253 1797 1417 1635 6102Resources 1051 1520 1564 2015 2443 1826 1959 1793 2382 553 577 532 553 2215 462 605 587 559 2213 548 607 597 583 2335

                        EBIT 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(in EUR million)BAUER Group 1675 844 884 823 720 301 764 907 703 85 302 277 232 896 110 231 227 433 1001 104 248 133 -260 225

                        Construction 463 257 288 179 220 212 260 139 297 09 124 81 -18 196 27 21 80 263 391 00 42 -34 -207 -199Equipment 1183 513 483 530 340 322 360 994 384 80 160 249 317 806 142 222 158 227 749 83 230 202 97 612Resources 40 60 81 109 152 -240 159 -198 -37 -01 09 -53 -55 -100 -57 -10 -12 -32 -110 27 -22 -30 -137 -162

                        EBIT margin 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(in )BAUER Group 130 77 78 67 54 21 56 66 50 22 67 64 58 54 35 58 56 93 63 30 61 37 -72 15

                        Construction 79 53 57 35 38 32 40 21 48 05 60 38 -11 25 19 13 39 121 54 00 26 -21 -147 -32Equipment 197 112 103 104 65 57 68 181 71 64 86 148 176 122 110 128 110 117 117 66 128 143 60 100Resources 38 39 52 54 62 -131 81 -110 -16 -02 15 -100 -99 -45 -123 -16 -20 -57 -50 49 -37 -49 -235 -69

                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

                        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

                        • Foliennummer 1
                        • Foliennummer 2
                        • Key FiguresFY 2019
                        • Table of Content
                        • Foliennummer 5
                        • Foliennummer 6
                        • Foliennummer 7
                        • Foliennummer 8
                        • BAUER Group Construction market environment vs order backlog
                        • Foliennummer 10
                        • Foliennummer 11
                        • Table of Content
                        • Foliennummer 13
                        • Foliennummer 14
                        • Foliennummer 15
                        • Foliennummer 16
                        • Foliennummer 17
                        • Foliennummer 18
                        • Foliennummer 19
                        • Foliennummer 20
                        • Foliennummer 21
                        • Foliennummer 22
                        • FinancialsIncome statement 12M 2019
                        • Financials Balance sheet December 31 2019
                        • FinancialsCash flow statement 12M 2019
                        • Foliennummer 26
                        • Foliennummer 27
                        • Table of Content
                        • BAUER GroupThe history ndash Two centuries of experience
                        • Foliennummer 30
                        • BAUER GroupThe three segments
                        • Foliennummer 32
                        • Foliennummer 33
                        • What is specialist foundationBuilding an excavation pit
                        • What is specialist foundation used forApplications
                        • ConstructionMunich Germany ndash Foundation works for a boarding house
                        • Foliennummer 37
                        • EquipmentWhole range of products for special foundation engineering
                        • EquipmentProduct range Deep Drilling
                        • Foliennummer 40
                        • ResourcesPool of competences from a single hand
                        • ResourcesWater ndash Process Water amp Water Distribution Management
                        • ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
                        • Market environment ndash Germany German construction market
                        • Financials Working capital needs ndash Comparison with building construction
                        • BAUER shareFacts amp Figures
                        • BAUER shareDividend policy
                        • Foliennummer 48
                        • Disclaimer
                          Zweistelliges Auftragsplus am Bau in Bayern
                          Absolute WerteVeraumlnderungen in
                          August 20062004BayernWestdeutschlandOstdeutschland
                          BayernWest-Ost-200420040200420040200420040
                          LaumlnderLaumlnder199420030199420030199420030
                          Beschaumlftigte in 1000126152831887-52-5200-432-60-5200-539-7200
                          Baugenehmigungen Mio msup3 umb Raum6532572423-108-10800-252-8400-68-10300
                          Umsatz in Mrd EUR139570173-249-5800-277-4500-399-7600
                          Hochbau9637192-265-5600-301-4400-507-7400
                          Tiefbau4319981-217-6200-222-4500-207-7900
                          09033799-393-10000-452-5600-580-6000
                          in Mrd EUR
                          Wohnungsbau236511-480-7100-561-6400-771-20700
                          Wirtschaftsbau3314040-347-10500-457-5900-603-9400
                          Oumlffentlicher Bau3313148-352-11500-346-4900-3821800
                          darunter
                          Oumlffentl Hochbau092509-324-8500-480-0100-5616900
                          Straszligenbau125821-128-11200-146-5100-1604200
                          Sonstiger Tiefbau124818-502-13700-425-7100-467-3400
                          19712561362168-243-95248-173-23210-21146
                          1) Bei Baugenehmigungen liegen erst die Oktoberwerte vor
                          1) Bei Baugenehmigungen liegen erst die Februarwerte vor
                          2) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten
                          in EUR billionin
                          Dezember 2019Germany20052005Jan - Aug20182019
                          201919942004060520172018
                          Employees (in 1000)4867-47-60-104949
                          Revenues922-305-647310882
                          Building construction508-318-611009577
                          Foundation engineering414-280-711212588
                          Orders received861-3743110610082
                          in EUR billion
                          Housebuilding196-489-181211297
                          Industrial building363-3036818113289
                          Public sector302-33132995965
                          of which
                          public buildings55-23812729025109
                          road building142-138-12478839
                          underground structures105-49515223880
                          1256168-243-95-173-23
                          1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
                          ) only companies gt 20 employees
                          Zweistelliges Auftragsplus am Bau in Bayern
                          Absolute WerteVeraumlnderungen in
                          August 20062005BayernWestdeutschlandOstdeutschland
                          BayernWest-Ost-20052005Jan - Aug20052005Jan - Aug20052005Jan - Aug
                          LaumlnderLaumlnder199420040605199420040605199420040605
                          Beschaumlftigte in 1000126152831887-470-60-10-465-60-58-38-578-85-51
                          Baugenehmigungen Mio msup3 umb Raum6532572423-395-101249-417-41171-680-157259
                          Umsatz in Mrd EUR139570173-305-6473-312-4835-452-8813
                          Hochbau9637192-318-61100-336-5048-565-11835
                          Tiefbau4319981-280-7112-255-4311-247-51-14
                          Auftragseingang9033799-37431106-4470984-609-7043
                          in Mrd EUR
                          Wohnungsbau236511-489-1812-586-5888-805-14841
                          Wirtschaftsbau3314040-30368181-43345104-625-56121
                          Oumlffentlicher Bau3313148-3313299-3400972-420-62-18
                          darunter
                          Oumlffentl Hochbau092509-238127290-500-38142-602-93-51
                          Straszligenbau125821-138-1247-965978-211-8582
                          Sonstiger Tiefbau124818-4951522-439-2430-477-18-124
                          19712561362168-243-95248-173-23210-21146
                          1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
                          ) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                          379 484 429 420

                          381454 386 418

                          396409

                          422 450

                          411394 485 321

                          2016 2017 2018 2019

                          15551772 1686 1595

                          13971668 1589

                          1471

                          0

                          400

                          800

                          1200

                          1600

                          2000

                          2016 2017 2018 2019

                          1008 978 1014 1028

                          0

                          250

                          500

                          750

                          1000

                          1250

                          2016 2017 2018 2019

                          703896

                          1001

                          22514437

                          241

                          -366-50

                          -25

                          0

                          25

                          50

                          75

                          100

                          125

                          2016 2017 2018 2019

                          13

                          Q1

                          Q2

                          Q3

                          Q4

                          FinancialsRevenues earnings amp orders ndash Group

                          Revenues

                          Earnings

                          Order backlog

                          Order intake

                          in EUR million

                          in EUR million in EUR million

                          in EUR millionTotal Group revenues Sales revenues

                          EBIT Earnings after tax

                          1567

                          +14

                          -661741

                          -54-74

                          ∆ FY

                          -775na

                          ∆ FY 1722 1609

                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                          231154

                          768669

                          2018 2019

                          547639

                          2018 2019

                          263

                          -207

                          391

                          -199

                          2018 2019

                          FinancialsConstruction segment ndash Highlights FY 2019

                          Construction

                          Global provider for specialist foundation engineering services

                          Focus on complex international projects

                          ~ 5050 infrastructure industrialTotal Group revenuesin EUR million

                          Order backlogin EUR million

                          EBITin EUR million

                          Total Group revenues fell by 129 to EUR 6688 million compared to EUR 7676 million At EUR -199 million EBIT was markedly negative (2018 EUR 391 million) At EUR -527 million earnings after taxes were negative In 2018 positive earnings of EUR 96 million were reported

                          The verdict on appeal against an arbitration court verdict from 2018 resulted in a considerable valuation allowance of about EUR 40 million This had an impact of corresponding magnitude on revenues and earnings figures for the segment The decline is also attributable to the markets of the Far East and Australia which were affected by a lack of orders and project postponements

                          At EUR 6386 million order backlog which was 167 well above the previous years figure of EUR 5473 million is at a record level At EUR 7601 million order intake fell back by 76 from EUR 8222 million The order book lasts for 115 months

                          14

                          -129+167Full year 2019

                          41 of total Group revenues EBIT margin -32Key targets ~ 40 of total Group revenues (TGR) EBIT margin 4 - 6

                          Key figures to be considered TGR order backlog EBIT

                          FYQ4

                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                          178 177 187 183 193176

                          195178

                          156171 185

                          201 211 221 227

                          177151

                          176210 231

                          170 172 173154

                          0

                          50

                          100

                          150

                          200

                          250

                          Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

                          436 477 472 455513 551 584 591 585 575 578 585 578

                          526 516 493 511 507 503 547 546 551631 639

                          0

                          150

                          300

                          450

                          600

                          750

                          Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

                          FinancialsConstruction segment ndash Revenues and order development

                          Order backlogin EUR million

                          Total Group revenuesin EUR million

                          Construction

                          15

                          -333

                          +167

                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                          194 164

                          640 610

                          2018 2019

                          724 672

                          2018 2019

                          227

                          97

                          749

                          612

                          2018 2019

                          FinancialsEquipment segment ndash Highlights FY 2019

                          Market leader in specialist foundation equipment

                          New products for mining deep drilling and offshore drilling

                          About 80 of sales abroad Sales revenuesin EUR million

                          Order intakein EUR million

                          EBITin EUR million

                          Equipment Total Group revenues fell slightly by 13 from EUR 7231 million to EUR 7136

                          million Sales revenues also dropped by 47 from EUR 6401 million to EUR 6102 million Accordingly EBIT decreased from EUR 749 million to EUR 612 million Earnings after taxes rose slightly from EUR 340 million to EUR 395 million in particular because of a lower tax burden and lower at-equity loss compared with the previous year

                          In the overall very favorable market environment we succeeded in keeping revenue sales and earnings at very good levels The main drivers were once again the sales markets in Europe and China

                          Order intake performed less well in the second half of 2019 Overall it fell by 71 from EUR 7237 million to EUR 6721 million Order backlog was EUR 1083 million remaining significantly below the previous years level of EUR 1500 million

                          16

                          -47 -76Full year 2019 42 of total Group revenues EBIT margin 100Key targets ~ 40 of total Group revenues EBIT margin 10 - 12Key figures to be considered Sales revenues order intake EBIT

                          -183FYQ4

                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                          103 115143

                          171

                          100137 129

                          181

                          108 115 123

                          197

                          127

                          186169 180

                          129

                          174144

                          194

                          125

                          180

                          142164

                          0

                          50

                          100

                          150

                          200

                          250

                          Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

                          165 163187

                          162 177155 166 152 161 159 160 171

                          212 218

                          148182

                          227

                          170 160 167186 192

                          168

                          127

                          0

                          50

                          100

                          150

                          200

                          250

                          Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

                          FinancialsEquipment segment ndash Revenues and order development

                          Order intakein EUR million

                          Sales revenuesin EUR million

                          Equipment

                          17

                          -156

                          -239

                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                          72 70

                          261 275

                          2018 2019

                          316281

                          2018 2019

                          -32

                          -137-110

                          -1622018 2019

                          FinancialsResources segment ndash Highlights FY 2019

                          Products amp services related to water environment and natural resources

                          Competence areas water treatment environmental remediation waste management drilling technologies and constructed wetlands

                          Total Group revenuesin EUR million

                          Order backlogin EUR million

                          EBITin EUR million

                          Resources Total Group revenues increased by 51 from EUR 2615 million in the previous

                          year to EUR 2749 million EBIT decreased from EUR -110 million to EUR -162 million and earnings after taxes were up from EUR -160 million in the previous year to EUR -137 million primarily due to higher at-equity earnings

                          The segment fell short of expectations once again in 2019 While earnings from the operating business improved significantly underutilization in Jordan a weak order situation in the business with brewery and beverage technology further restructuring expenditure and adjustments for receivables from old projects primarily proved to be a burden

                          At the order backlog was down 113 from EUR 3165 million to EUR 2807 million The decline is essentially due to progress on the large Kesslergrube project The order intake was EUR 2391 million in 2019 and thus 13 slightly below the 2018 value of EUR 2422 million The order book lasts for 123 months

                          18

                          +51-113Full year 2019

                          17 of total Group revenues EBIT margin naKey targets ~ 20 of total Group revenues (TGR) EBIT margin 6 - 8Key figures to be considered TGR order backlog EBIT

                          FYQ4

                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                          48 5360

                          92

                          5448

                          75

                          44

                          71 67 6657 63 65 65

                          55 52

                          68 70 72 69 70 66 70

                          0

                          20

                          40

                          60

                          80

                          100

                          Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

                          173 169 172 153 173 174

                          274 276 287 294 290 279 297 317 308336 330 321 324 316 327 322

                          295 281

                          0

                          75

                          150

                          225

                          300

                          375

                          Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

                          FinancialsResources segment ndash Revenues and order development

                          Order backlogin EUR million

                          Total Group revenuesin EUR million

                          Resources

                          19

                          -32

                          -113

                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                          FinancialsWorking capital amp net debt ndash Financing of future revenues

                          Bauerrsquos 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 Receivables

                          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 247 after-sales service A relatively large rental fleet is needed for different contract types (eg rental purchase)

                          Resources segment Outstanding customer payments (water business) and receivables on projects (environmental amp drilling business)

                          75-8015-20 ~5

                          Construction Equipment Resources20-2555-60 15-20

                          20

                          Key facts

                          Why does the business model needs so much working capital

                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                          629 608549 552

                          467

                          665 677594 562 564

                          0

                          150

                          300

                          450

                          600

                          750

                          2015 2016 2017 2018 2019

                          646 665 677594 562 564

                          171 185 158 183 199123

                          38 36

                          43

                          33

                          28

                          46

                          00

                          10

                          20

                          30

                          40

                          50

                          0

                          160

                          320

                          480

                          640

                          800

                          2014 2015 2016 2017 2018 2019

                          1656 15551772 1686 1595

                          665 677 594 562 564

                          0

                          360

                          720

                          1080

                          1440

                          1800

                          2015 2016 2017 2018 201921

                          FinancialsWorking capital amp net debt ndash Current development

                          Total Group revenues net debtin EUR million

                          Net debtWorking capital

                          EBITDANet debt

                          Current development At EUR 5637 million net debt was at the same level

                          as 2018 This was essentially due to the new IFRS 16 standard and the market valuation of financial liabilities Pure bank debt has seen further reductions which demonstrates that our numerous measures are making progress

                          Net debt to EBITDA ratio has worsened substantially as a consequence of significantly lower earnings than originally expected Our target range is a ratio of below 30 yearend

                          -37-152

                          ∆ 20152019

                          Working capital net debtin EUR million

                          Net debt EBITDA ratioin EUR million

                          Net debtTotal Group revenues ndash Net debtEBITDA

                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                          711 720 736

                          604

                          726 701 700629 672 709 684

                          608674 646 628

                          549 576624 629

                          552 584 609 591

                          467

                          0

                          160

                          320

                          480

                          640

                          800

                          Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

                          773 776 778

                          646

                          779 752 749665

                          743 762 736677

                          740 712 686594 639 678 679

                          562620 648 637

                          564

                          0

                          160

                          320

                          480

                          640

                          800

                          Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

                          22

                          FinancialsWorking capital amp net debt are lower year-end than during the year

                          Net debt (excl pensions)in EUR million

                          Working capitalin EUR million -154

                          +03

                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 23

                          FinancialsIncome statement 12M 2019in EUR 000 12M 2018 12M 2019 ∆ in

                          Sales revenues (PampL) 1589091 1470922 -74

                          Consolidated revenues (PampL) 1616936 1537691 -49

                          Cost of materials -821496 -783126 -47

                          Personel expenses -392384 -418805 67

                          Other operation expenses -204440 -212713 40

                          EBITDA 198616 123047 -380

                          Depreciation of fixed assets -80967 -84760 47

                          Write-downs of inventories due to use -17590 -15806 -101

                          EBIT 100059 22481 -775

                          Financial income 38204 33742 -117

                          Financial expenses -76992 -78766 23

                          Share of profitloss of associated companies (equity method) 4594 11225 na

                          Earnings before tax (EBT) 65865 -11318 na

                          Income tax expense -41778 -25232 -396

                          Earnings after tax 24087 -36550 na

                          of which attributable to shareholders of BAUER AG 22577 -37146 na

                          of which attributable to non-controlling interests 1510 596 -605

                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 24

                          Financials Balance sheet December 31 2019in EUR 000 Dec 31 2018 Dec 31 2019 ∆ in Assets 1632284 1628549 -02

                          Non-current assets 621041 692778 116Intangible assets 18077 16946 -63Property plant and equipment and investment property 411571 460470 119Investments accounted for using the equity method 113019 118185 46Participations 8350 8806 55Other non-current assets amp deferred tax assets 70024 88371 262Current assets 1011243 935771 -75Inventories 365865 405401 108Rental equipment 60488 61838 22Less advances received on inventories -16098 -8921 -446

                          410255 458318 117Receivables and other assets 535111 434608 -188Effective income tax refund claims 3290 5270 602Cash and cash equivalents 62587 37575 -400

                          Equity and liabilities 1632284 1628549 -02

                          Equity 431816 386916 -104Non-current debt 501424 327118 -348Provisions for pensions 134389 158641 180Non-current liabilities amp deferred tax liabilities 367035 257977 -297Current debt 699044 914515 308Financial liabilities 286104 376453 316Other current liabilities 357851 402318 124Effective income tax obligations 31687 19566 -383Provisions 23402 26678 140

                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 25

                          FinancialsCash flow statement 12M 2019in EUR 000 12M 2018 12M 2019 ∆ in

                          Cash flow from operational activity 147444 168882 145

                          Cash flow from investment activity -57600 -75213 306

                          Cash flow from financing activity -75088 -120339 603

                          Free Cash Flow 89844 93669 43

                          Changes in liquid funds affecting payments 14756 -26670 na

                          Influence of exchange rate movements on cash 565 1658 na

                          Total change in liquid funds 15321 -25012 na

                          Cash and cash equivalents at beginning of reporting period 47266 62587 324

                          Cash and cash equivalents at end of reporting period 62587 37575 -400

                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 26

                          FinancialsForecast 2020 ndash More cautious view due to coronavirus pandemic

                          2019 final

                          Total Group Revenues 1594 EUR million slight increase

                          Revenue growth -54 3 - 8

                          EBIT 225 EUR million significant increase

                          EBIT margin 15 7 - 9

                          Earnings after tax -366 EUR million significant increase in the positive area

                          Equity ratio 238 gt 30

                          2020 forecast Long-term goal

                          Slope stabilisation with BG 15 ndash Germany Largest water treatment plant ndash Nimr OmanCompact cutter system for Grand Paris

                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 27

                          BAUER AktiengesellschaftBAUER-Straszlige 186529 SchrobenhausenGermany

                          Tel +49 8252 97-1218investorrelationsbauerdewwwbauerde

                          April 9 2020 Annual Report 2019Analyst amp Press Conference

                          May 13 2020 Quarterly Statement Q1 2020

                          June 25 2020 Annual General Meeting

                          August 13 2020 Half-Year Interim Report toJune 30 2020

                          November 13 2020 Quarterly Statement 9MQ3 2020

                          wwwyoutubecomBauergruppe

                          wwwfacebookcomBauerAGgroup

                          Investor RelationsFinancial calendar amp contact

                          Christopher WolfHead of Investor Relations

                          2020

                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 28

                          Table of Content

                          BAUER Group ndash Strategy Chances amp Markets

                          Appendix

                          Financials FYQ4 2019 amp Guidance

                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 29

                          1790 middot 1900 middot 1902 middot 1928 middot 1948 middot 1956 middot 1958 middot 1967 middot 1969 middot 1972 middot 1975 middot 1976 middot 1984 middot 1990 middot 1992 middot 1994 middot 1998 middot 2001 middot 2019

                          BAUER GroupThe history ndash Two centuries of experience

                          End of 1970rsquosStart of

                          internationalisation

                          Early 1990rsquosBuild up of

                          specialist construction environmental business

                          FY 2019Total Group

                          revenues EUR 16 billion 11684

                          employees

                          4 Jul 2006IPO

                          Early 1970rsquosStart of equipment

                          manufacturing

                          Company founded as copper forge

                          After WW II (1950s)Start of construction

                          business

                          Early 1980rsquosSelling of equipment to

                          third parties

                          1790 1900-1970 1980-1990 2000-2019

                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 30

                          Michael Stomberg (CEO) HSE IT Process Management Quality Management

                          Florian Bauer Digitalization Development

                          Coordination Training Company Culture

                          Hartmut Beutler (CFO) Financing amp Treasury Legal Affairs amp Insurance IR amp Corporate

                          Communications Facility Management Media Design

                          Peter Hingott Group Controlling amp

                          Accounting Human Resources Group Purchasing

                          Management BoardBAUER AG

                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 31

                          BAUER GroupThe three segments

                          31copy BAUER AG D-86529 Schrobenhausen

                          Target ~ 40 of total Group revenues

                          Market leader in specialist foundation equipment

                          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

                          Target ~ 20 of total Group revenues Activities in

                          environmental technology deep drilling well construction materials

                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 32

                          BAUER GroupChallenges of the world provide chances for the company

                          The megatrend of urbanization requires construction solutions for the city of the future

                          To deal with the scarcity of drinking water purification and supply technologies are needed

                          The increasing mobility in society demands new and renewed transport routes

                          Changing social values are fundamentally revolutionizing the business world

                          UrbanizationInfrastructure Water

                          CultureA change in energy supply can only be realized through comprehensive construction works

                          The remediation of contaminated soil is the key to sustainable utilization of resources

                          Energy transitionEnvironment

                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                          ConstructionKey factsConstruction

                          Leading global provider for specialist foundation engineering

                          services

                          33

                          Total Group revenues (incl JV) Order backlog EBIT

                          ~ 40 of total Group revenues EBIT margin 4 - 6

                          (2018 54 2019 na)

                          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 5050 infrastructureindustrial split

                          Figures are somewhat cyclical between the quarters ndash focus on the entire year

                          Market environment Growing construction markets worldwide

                          Special foundation engineering is growing stronger than construction markets

                          Huge pent-up demand in developed countries and in emerging markets

                          Competition Keller Trevi Soletanche Bachy

                          (worldwide)

                          Local competitors in each country

                          Current focus topics Improving project and risk management especially for major projects

                          Leading in digitalization solutions for our market

                          Key figures

                          Key targets

                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 34

                          What is specialist foundationBuilding an excavation pit

                          Permeation Grouting

                          Mixed-In-Place Method

                          Injection Anchor

                          Diaphragm andCut-off Wall

                          Pile Foundation

                          Piling Retaining Wall

                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 35

                          What is specialist foundation used forApplications

                          Foundationsfor the highest buildings in the world

                          Excavation Pits for every problem and requirement

                          Ground Improvementallows projects on weak ground

                          Cut-off Walls as solution for dams and dikes

                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 36

                          ConstructionMunich Germany ndash Foundation works for a boarding house

                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                          EquipmentKey facts

                          Market leader in specialistfoundation equipment

                          Equipment

                          37

                          Sales revenues (excl JV) Order intake EBIT

                          ~ 40 of total Group revenues EBIT margin 10 - 12

                          (2018 117 2019 100)

                          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 JV with Schlumberger for the production of deep drilling rigs (oil amp gas)

                          Market environment Growing construction markets worldwide lead to positive equipment demand

                          Strong position due to efforts regarding quality efficiency and noise reduction

                          Growth potential with specialized machines for mining water and offshore drilling

                          Competition Trevi Liebherr Chinese manufactures

                          (eg Sany XCMG)

                          Further competition regarding special product types

                          Current focus topics Focus on value analysis methods and purchase organization

                          Optimizing and increasing after-sales services

                          Key figures

                          Key targets

                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 38

                          EquipmentWhole range of products for special foundation engineering

                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 39

                          EquipmentProduct range Deep Drilling

                          Joint Ventureof Bauer amp Schlumberger

                          In order to meet the upcoming market challenges out-of-the-box thinking

                          is necessary and therefore integrated drilling and rig solutions are of

                          growing importance

                          Based on more than 40 years of experience in engineering and

                          manufacturing of drilling rigs NeoRig develops and manufactures

                          modern drilling solutions which set new standards of safety efficiency

                          productivity and ease of service in the deep drilling business

                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                          ResourcesKey factsResources

                          40

                          Products amp services for environmental technology mining well construction

                          and water cleaning

                          Total Group revenues (incl JV) Order backlog EBIT

                          ~ 20 of total Group revenues EBIT margin 6 - 8

                          (2018 na 2019 na)

                          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 amp Middle East

                          Market environment Huge demand for environmental and water solutions

                          Outstanding market position with ground-breaking projects in the field of cleaning drinking and process water eg the biological water treatment plant in Oman

                          Competition Fragmented competition for each single product and service area

                          Current focus topics Improvement of loss-making Jordan subsidiary which is caused by overcapacities

                          Consistent proceeding of reorganization in the water related companies

                          Focus on new projects for the profitable environment business

                          Key figures

                          Key targets

                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 41

                          ResourcesPool of competences from a single hand

                          Industrial Waste Water Process amp Produced Water NORM Constructed Wetlands Modelling amp Well Design Construction Material for Wells

                          and Geothermal Water Distribution Management Irrigation Systems

                          Remediation Landfill Restoration Decommissioning Demolition Hazardous Waste Management Soil Treatment and Waste

                          Management

                          Exploration Drilling Deep Geothermal Drilling Well Drilling Blast Hole Drilling

                          EnvironmentWater Natural Resources

                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 42

                          ResourcesWater ndash Process Water amp Water Distribution Management

                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 43

                          ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman

                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 44

                          Market environment ndash GermanyGerman construction market

                          Source Federal Statistical Office Statistical Office Bavaria

                          in EUR billion

                          Germany2019

                          Employees (in 1000)

                          Revenues 922Building construction 508Foundation engineering 414

                          Orders received in EUR billion

                          Housebuilding 196Industrial building 363Public sectorof which

                          public buildings 55road building 142underground structures 105

                          ) only companies gt 20 employees

                          49

                          108

                          95

                          39

                          109

                          65

                          80

                          88

                          38

                          49

                          82

                          77

                          112

                          132

                          25

                          Dezember 2019 2018 20192017 2018

                          in

                          89

                          97

                          302

                          861

                          4867

                          88

                          100 82

                          59

                          125

                          Weiszlig

                          Bunt

                          Kunterbunt

                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 45

                          Building constructionpositive cash contribution

                          Specialist foundation engineeringpre-financing need

                          Financials Working capital needs ndash Comparison with building construction

                          EUR

                          12 24 months

                          Positive cash contribution

                          Negative cash contribution

                          Con

                          trac

                          t val

                          ue

                          EUR

                          Negative cash contribution

                          12 24 months

                          Con

                          trac

                          t val

                          ue

                          Construction contracts with short duration need

                          No advance payments no front-loading of prices possible approx 2 - 3 months of pre-financing

                          Negative cash contribution during construction phase

                          Construction contracts with long durations

                          Advance payments front-loading of prices

                          Positive cash contribution during construction phase

                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 46

                          BAUER shareFacts amp Figures

                          Listed on Frankfurt stock exchange (Prime Standard) since July 4 2006

                          Share capital EUR 7300142045

                          Shares issued 17131000

                          Issue price EUR 1675

                          Share performance (012019 ndash 032020)

                          Bauer familyFree float

                          5181

                          Shareholder structure

                          4819

                          in EUR 2015 2016 2017 2018 2019

                          Earnings per share 173 066 016 132 -217

                          Share price year end 1740 1140 3000 1216 1510

                          Share price highest 1920 1716 3096 3125 2430

                          Share price lowest 1385 945 1172 1208 1262

                          Market Cap(in EUR million) 2981 1953 5139 2083 2587

                          CDAXClassic All SharePrime All Share

                          ISIN DE0005168108Reuters B5AGDEBloomberg B5A GR

                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                          050

                          100 100

                          060 060050

                          030

                          001

                          015 015010 010 010

                          001000

                          030

                          060

                          090

                          120

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

                          47

                          BAUER shareDividend policy

                          Dividend payment Dividend policy founded on a reasonable balance between shareholders and company

                          fair participation of shareholders maintaining continuity safeguarding of the equity ratio

                          All shareholders shall participate in the success of the business

                          After some difficult years we must continue to strike a careful balance between continuity and shareholder participation on the one hand and safeguarding our equity ratio on the other

                          To secure an adequate equity ratio is an important aim of the companyrsquos 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

                          in EUR per share

                          000

                          Proposed subject to the consent of the Annual General Meeting to be held on June 25 2020

                          000

                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 48

                          Key Figures Time LineFY 2008 ndash FY 2019

                          In all three segments total Group revenues and EBIT figures of FY 2015 were influenced by exceptional earnings

                          Total Group revenues 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(in EUR million)BAUER Group 15272 12758 13040 13718 14358 15042 15602 16564 15547 4482 4541 4766 3931 17720 3708 4215 4435 4503 16861 4109 4207 4078 3553 15947

                          Construction 7009 5700 6154 6066 6552 7417 7256 7429 7131 2110 2205 2269 1766 8350 1508 1762 2100 2306 7676 1702 1722 1726 1538 6688Equipment 7801 6085 5817 6365 5891 6286 6392 7531 6344 1867 1853 1966 1859 7545 1808 1936 1802 1685 7231 1859 1950 1781 1547 7137Resources 1351 1743 1777 2115 2628 1889 2528 2216 2624 630 647 651 554 2482 517 676 699 723 2615 692 695 662 700 2749

                          Sales revenues 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(in EUR million)BAUER Group 12908 10965 11317 12196 13444 14022 13757 13790 13969 3789 4512 4354 4022 16679 3184 3987 4051 4669 15891 3419 4035 3622 3633 14709

                          Construction 5843 4879 5058 5062 5791 6575 6466 6508 6145 1966 2064 2145 1663 7838 1432 1642 2021 2168 7263 1616 1628 1605 1408 6257Equipment 6012 4565 4693 5114 5206 5616 5327 5480 5427 1266 1857 1685 1801 6609 1287 1736 1440 1938 6401 1253 1797 1417 1635 6102Resources 1051 1520 1564 2015 2443 1826 1959 1793 2382 553 577 532 553 2215 462 605 587 559 2213 548 607 597 583 2335

                          EBIT 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(in EUR million)BAUER Group 1675 844 884 823 720 301 764 907 703 85 302 277 232 896 110 231 227 433 1001 104 248 133 -260 225

                          Construction 463 257 288 179 220 212 260 139 297 09 124 81 -18 196 27 21 80 263 391 00 42 -34 -207 -199Equipment 1183 513 483 530 340 322 360 994 384 80 160 249 317 806 142 222 158 227 749 83 230 202 97 612Resources 40 60 81 109 152 -240 159 -198 -37 -01 09 -53 -55 -100 -57 -10 -12 -32 -110 27 -22 -30 -137 -162

                          EBIT margin 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(in )BAUER Group 130 77 78 67 54 21 56 66 50 22 67 64 58 54 35 58 56 93 63 30 61 37 -72 15

                          Construction 79 53 57 35 38 32 40 21 48 05 60 38 -11 25 19 13 39 121 54 00 26 -21 -147 -32Equipment 197 112 103 104 65 57 68 181 71 64 86 148 176 122 110 128 110 117 117 66 128 143 60 100Resources 38 39 52 54 62 -131 81 -110 -16 -02 15 -100 -99 -45 -123 -16 -20 -57 -50 49 -37 -49 -235 -69

                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

                          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

                          • Foliennummer 1
                          • Foliennummer 2
                          • Key FiguresFY 2019
                          • Table of Content
                          • Foliennummer 5
                          • Foliennummer 6
                          • Foliennummer 7
                          • Foliennummer 8
                          • BAUER Group Construction market environment vs order backlog
                          • Foliennummer 10
                          • Foliennummer 11
                          • Table of Content
                          • Foliennummer 13
                          • Foliennummer 14
                          • Foliennummer 15
                          • Foliennummer 16
                          • Foliennummer 17
                          • Foliennummer 18
                          • Foliennummer 19
                          • Foliennummer 20
                          • Foliennummer 21
                          • Foliennummer 22
                          • FinancialsIncome statement 12M 2019
                          • Financials Balance sheet December 31 2019
                          • FinancialsCash flow statement 12M 2019
                          • Foliennummer 26
                          • Foliennummer 27
                          • Table of Content
                          • BAUER GroupThe history ndash Two centuries of experience
                          • Foliennummer 30
                          • BAUER GroupThe three segments
                          • Foliennummer 32
                          • Foliennummer 33
                          • What is specialist foundationBuilding an excavation pit
                          • What is specialist foundation used forApplications
                          • ConstructionMunich Germany ndash Foundation works for a boarding house
                          • Foliennummer 37
                          • EquipmentWhole range of products for special foundation engineering
                          • EquipmentProduct range Deep Drilling
                          • Foliennummer 40
                          • ResourcesPool of competences from a single hand
                          • ResourcesWater ndash Process Water amp Water Distribution Management
                          • ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
                          • Market environment ndash Germany German construction market
                          • Financials Working capital needs ndash Comparison with building construction
                          • BAUER shareFacts amp Figures
                          • BAUER shareDividend policy
                          • Foliennummer 48
                          • Disclaimer
                            Zweistelliges Auftragsplus am Bau in Bayern
                            Absolute WerteVeraumlnderungen in
                            August 20062004BayernWestdeutschlandOstdeutschland
                            BayernWest-Ost-200420040200420040200420040
                            LaumlnderLaumlnder199420030199420030199420030
                            Beschaumlftigte in 1000126152831887-52-5200-432-60-5200-539-7200
                            Baugenehmigungen Mio msup3 umb Raum6532572423-108-10800-252-8400-68-10300
                            Umsatz in Mrd EUR139570173-249-5800-277-4500-399-7600
                            Hochbau9637192-265-5600-301-4400-507-7400
                            Tiefbau4319981-217-6200-222-4500-207-7900
                            09033799-393-10000-452-5600-580-6000
                            in Mrd EUR
                            Wohnungsbau236511-480-7100-561-6400-771-20700
                            Wirtschaftsbau3314040-347-10500-457-5900-603-9400
                            Oumlffentlicher Bau3313148-352-11500-346-4900-3821800
                            darunter
                            Oumlffentl Hochbau092509-324-8500-480-0100-5616900
                            Straszligenbau125821-128-11200-146-5100-1604200
                            Sonstiger Tiefbau124818-502-13700-425-7100-467-3400
                            19712561362168-243-95248-173-23210-21146
                            1) Bei Baugenehmigungen liegen erst die Oktoberwerte vor
                            1) Bei Baugenehmigungen liegen erst die Februarwerte vor
                            2) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten
                            in EUR billionin
                            Dezember 2019Germany20052005Jan - Aug20182019
                            201919942004060520172018
                            Employees (in 1000)4867-47-60-104949
                            Revenues922-305-647310882
                            Building construction508-318-611009577
                            Foundation engineering414-280-711212588
                            Orders received861-3743110610082
                            in EUR billion
                            Housebuilding196-489-181211297
                            Industrial building363-3036818113289
                            Public sector302-33132995965
                            of which
                            public buildings55-23812729025109
                            road building142-138-12478839
                            underground structures105-49515223880
                            1256168-243-95-173-23
                            1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
                            ) only companies gt 20 employees
                            Zweistelliges Auftragsplus am Bau in Bayern
                            Absolute WerteVeraumlnderungen in
                            August 20062005BayernWestdeutschlandOstdeutschland
                            BayernWest-Ost-20052005Jan - Aug20052005Jan - Aug20052005Jan - Aug
                            LaumlnderLaumlnder199420040605199420040605199420040605
                            Beschaumlftigte in 1000126152831887-470-60-10-465-60-58-38-578-85-51
                            Baugenehmigungen Mio msup3 umb Raum6532572423-395-101249-417-41171-680-157259
                            Umsatz in Mrd EUR139570173-305-6473-312-4835-452-8813
                            Hochbau9637192-318-61100-336-5048-565-11835
                            Tiefbau4319981-280-7112-255-4311-247-51-14
                            Auftragseingang9033799-37431106-4470984-609-7043
                            in Mrd EUR
                            Wohnungsbau236511-489-1812-586-5888-805-14841
                            Wirtschaftsbau3314040-30368181-43345104-625-56121
                            Oumlffentlicher Bau3313148-3313299-3400972-420-62-18
                            darunter
                            Oumlffentl Hochbau092509-238127290-500-38142-602-93-51
                            Straszligenbau125821-138-1247-965978-211-8582
                            Sonstiger Tiefbau124818-4951522-439-2430-477-18-124
                            19712561362168-243-95248-173-23210-21146
                            1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
                            ) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

                            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                            231154

                            768669

                            2018 2019

                            547639

                            2018 2019

                            263

                            -207

                            391

                            -199

                            2018 2019

                            FinancialsConstruction segment ndash Highlights FY 2019

                            Construction

                            Global provider for specialist foundation engineering services

                            Focus on complex international projects

                            ~ 5050 infrastructure industrialTotal Group revenuesin EUR million

                            Order backlogin EUR million

                            EBITin EUR million

                            Total Group revenues fell by 129 to EUR 6688 million compared to EUR 7676 million At EUR -199 million EBIT was markedly negative (2018 EUR 391 million) At EUR -527 million earnings after taxes were negative In 2018 positive earnings of EUR 96 million were reported

                            The verdict on appeal against an arbitration court verdict from 2018 resulted in a considerable valuation allowance of about EUR 40 million This had an impact of corresponding magnitude on revenues and earnings figures for the segment The decline is also attributable to the markets of the Far East and Australia which were affected by a lack of orders and project postponements

                            At EUR 6386 million order backlog which was 167 well above the previous years figure of EUR 5473 million is at a record level At EUR 7601 million order intake fell back by 76 from EUR 8222 million The order book lasts for 115 months

                            14

                            -129+167Full year 2019

                            41 of total Group revenues EBIT margin -32Key targets ~ 40 of total Group revenues (TGR) EBIT margin 4 - 6

                            Key figures to be considered TGR order backlog EBIT

                            FYQ4

                            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                            178 177 187 183 193176

                            195178

                            156171 185

                            201 211 221 227

                            177151

                            176210 231

                            170 172 173154

                            0

                            50

                            100

                            150

                            200

                            250

                            Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

                            436 477 472 455513 551 584 591 585 575 578 585 578

                            526 516 493 511 507 503 547 546 551631 639

                            0

                            150

                            300

                            450

                            600

                            750

                            Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

                            FinancialsConstruction segment ndash Revenues and order development

                            Order backlogin EUR million

                            Total Group revenuesin EUR million

                            Construction

                            15

                            -333

                            +167

                            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                            194 164

                            640 610

                            2018 2019

                            724 672

                            2018 2019

                            227

                            97

                            749

                            612

                            2018 2019

                            FinancialsEquipment segment ndash Highlights FY 2019

                            Market leader in specialist foundation equipment

                            New products for mining deep drilling and offshore drilling

                            About 80 of sales abroad Sales revenuesin EUR million

                            Order intakein EUR million

                            EBITin EUR million

                            Equipment Total Group revenues fell slightly by 13 from EUR 7231 million to EUR 7136

                            million Sales revenues also dropped by 47 from EUR 6401 million to EUR 6102 million Accordingly EBIT decreased from EUR 749 million to EUR 612 million Earnings after taxes rose slightly from EUR 340 million to EUR 395 million in particular because of a lower tax burden and lower at-equity loss compared with the previous year

                            In the overall very favorable market environment we succeeded in keeping revenue sales and earnings at very good levels The main drivers were once again the sales markets in Europe and China

                            Order intake performed less well in the second half of 2019 Overall it fell by 71 from EUR 7237 million to EUR 6721 million Order backlog was EUR 1083 million remaining significantly below the previous years level of EUR 1500 million

                            16

                            -47 -76Full year 2019 42 of total Group revenues EBIT margin 100Key targets ~ 40 of total Group revenues EBIT margin 10 - 12Key figures to be considered Sales revenues order intake EBIT

                            -183FYQ4

                            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                            103 115143

                            171

                            100137 129

                            181

                            108 115 123

                            197

                            127

                            186169 180

                            129

                            174144

                            194

                            125

                            180

                            142164

                            0

                            50

                            100

                            150

                            200

                            250

                            Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

                            165 163187

                            162 177155 166 152 161 159 160 171

                            212 218

                            148182

                            227

                            170 160 167186 192

                            168

                            127

                            0

                            50

                            100

                            150

                            200

                            250

                            Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

                            FinancialsEquipment segment ndash Revenues and order development

                            Order intakein EUR million

                            Sales revenuesin EUR million

                            Equipment

                            17

                            -156

                            -239

                            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                            72 70

                            261 275

                            2018 2019

                            316281

                            2018 2019

                            -32

                            -137-110

                            -1622018 2019

                            FinancialsResources segment ndash Highlights FY 2019

                            Products amp services related to water environment and natural resources

                            Competence areas water treatment environmental remediation waste management drilling technologies and constructed wetlands

                            Total Group revenuesin EUR million

                            Order backlogin EUR million

                            EBITin EUR million

                            Resources Total Group revenues increased by 51 from EUR 2615 million in the previous

                            year to EUR 2749 million EBIT decreased from EUR -110 million to EUR -162 million and earnings after taxes were up from EUR -160 million in the previous year to EUR -137 million primarily due to higher at-equity earnings

                            The segment fell short of expectations once again in 2019 While earnings from the operating business improved significantly underutilization in Jordan a weak order situation in the business with brewery and beverage technology further restructuring expenditure and adjustments for receivables from old projects primarily proved to be a burden

                            At the order backlog was down 113 from EUR 3165 million to EUR 2807 million The decline is essentially due to progress on the large Kesslergrube project The order intake was EUR 2391 million in 2019 and thus 13 slightly below the 2018 value of EUR 2422 million The order book lasts for 123 months

                            18

                            +51-113Full year 2019

                            17 of total Group revenues EBIT margin naKey targets ~ 20 of total Group revenues (TGR) EBIT margin 6 - 8Key figures to be considered TGR order backlog EBIT

                            FYQ4

                            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                            48 5360

                            92

                            5448

                            75

                            44

                            71 67 6657 63 65 65

                            55 52

                            68 70 72 69 70 66 70

                            0

                            20

                            40

                            60

                            80

                            100

                            Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

                            173 169 172 153 173 174

                            274 276 287 294 290 279 297 317 308336 330 321 324 316 327 322

                            295 281

                            0

                            75

                            150

                            225

                            300

                            375

                            Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

                            FinancialsResources segment ndash Revenues and order development

                            Order backlogin EUR million

                            Total Group revenuesin EUR million

                            Resources

                            19

                            -32

                            -113

                            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                            FinancialsWorking capital amp net debt ndash Financing of future revenues

                            Bauerrsquos 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 Receivables

                            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 247 after-sales service A relatively large rental fleet is needed for different contract types (eg rental purchase)

                            Resources segment Outstanding customer payments (water business) and receivables on projects (environmental amp drilling business)

                            75-8015-20 ~5

                            Construction Equipment Resources20-2555-60 15-20

                            20

                            Key facts

                            Why does the business model needs so much working capital

                            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                            629 608549 552

                            467

                            665 677594 562 564

                            0

                            150

                            300

                            450

                            600

                            750

                            2015 2016 2017 2018 2019

                            646 665 677594 562 564

                            171 185 158 183 199123

                            38 36

                            43

                            33

                            28

                            46

                            00

                            10

                            20

                            30

                            40

                            50

                            0

                            160

                            320

                            480

                            640

                            800

                            2014 2015 2016 2017 2018 2019

                            1656 15551772 1686 1595

                            665 677 594 562 564

                            0

                            360

                            720

                            1080

                            1440

                            1800

                            2015 2016 2017 2018 201921

                            FinancialsWorking capital amp net debt ndash Current development

                            Total Group revenues net debtin EUR million

                            Net debtWorking capital

                            EBITDANet debt

                            Current development At EUR 5637 million net debt was at the same level

                            as 2018 This was essentially due to the new IFRS 16 standard and the market valuation of financial liabilities Pure bank debt has seen further reductions which demonstrates that our numerous measures are making progress

                            Net debt to EBITDA ratio has worsened substantially as a consequence of significantly lower earnings than originally expected Our target range is a ratio of below 30 yearend

                            -37-152

                            ∆ 20152019

                            Working capital net debtin EUR million

                            Net debt EBITDA ratioin EUR million

                            Net debtTotal Group revenues ndash Net debtEBITDA

                            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                            711 720 736

                            604

                            726 701 700629 672 709 684

                            608674 646 628

                            549 576624 629

                            552 584 609 591

                            467

                            0

                            160

                            320

                            480

                            640

                            800

                            Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

                            773 776 778

                            646

                            779 752 749665

                            743 762 736677

                            740 712 686594 639 678 679

                            562620 648 637

                            564

                            0

                            160

                            320

                            480

                            640

                            800

                            Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

                            22

                            FinancialsWorking capital amp net debt are lower year-end than during the year

                            Net debt (excl pensions)in EUR million

                            Working capitalin EUR million -154

                            +03

                            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 23

                            FinancialsIncome statement 12M 2019in EUR 000 12M 2018 12M 2019 ∆ in

                            Sales revenues (PampL) 1589091 1470922 -74

                            Consolidated revenues (PampL) 1616936 1537691 -49

                            Cost of materials -821496 -783126 -47

                            Personel expenses -392384 -418805 67

                            Other operation expenses -204440 -212713 40

                            EBITDA 198616 123047 -380

                            Depreciation of fixed assets -80967 -84760 47

                            Write-downs of inventories due to use -17590 -15806 -101

                            EBIT 100059 22481 -775

                            Financial income 38204 33742 -117

                            Financial expenses -76992 -78766 23

                            Share of profitloss of associated companies (equity method) 4594 11225 na

                            Earnings before tax (EBT) 65865 -11318 na

                            Income tax expense -41778 -25232 -396

                            Earnings after tax 24087 -36550 na

                            of which attributable to shareholders of BAUER AG 22577 -37146 na

                            of which attributable to non-controlling interests 1510 596 -605

                            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 24

                            Financials Balance sheet December 31 2019in EUR 000 Dec 31 2018 Dec 31 2019 ∆ in Assets 1632284 1628549 -02

                            Non-current assets 621041 692778 116Intangible assets 18077 16946 -63Property plant and equipment and investment property 411571 460470 119Investments accounted for using the equity method 113019 118185 46Participations 8350 8806 55Other non-current assets amp deferred tax assets 70024 88371 262Current assets 1011243 935771 -75Inventories 365865 405401 108Rental equipment 60488 61838 22Less advances received on inventories -16098 -8921 -446

                            410255 458318 117Receivables and other assets 535111 434608 -188Effective income tax refund claims 3290 5270 602Cash and cash equivalents 62587 37575 -400

                            Equity and liabilities 1632284 1628549 -02

                            Equity 431816 386916 -104Non-current debt 501424 327118 -348Provisions for pensions 134389 158641 180Non-current liabilities amp deferred tax liabilities 367035 257977 -297Current debt 699044 914515 308Financial liabilities 286104 376453 316Other current liabilities 357851 402318 124Effective income tax obligations 31687 19566 -383Provisions 23402 26678 140

                            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 25

                            FinancialsCash flow statement 12M 2019in EUR 000 12M 2018 12M 2019 ∆ in

                            Cash flow from operational activity 147444 168882 145

                            Cash flow from investment activity -57600 -75213 306

                            Cash flow from financing activity -75088 -120339 603

                            Free Cash Flow 89844 93669 43

                            Changes in liquid funds affecting payments 14756 -26670 na

                            Influence of exchange rate movements on cash 565 1658 na

                            Total change in liquid funds 15321 -25012 na

                            Cash and cash equivalents at beginning of reporting period 47266 62587 324

                            Cash and cash equivalents at end of reporting period 62587 37575 -400

                            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 26

                            FinancialsForecast 2020 ndash More cautious view due to coronavirus pandemic

                            2019 final

                            Total Group Revenues 1594 EUR million slight increase

                            Revenue growth -54 3 - 8

                            EBIT 225 EUR million significant increase

                            EBIT margin 15 7 - 9

                            Earnings after tax -366 EUR million significant increase in the positive area

                            Equity ratio 238 gt 30

                            2020 forecast Long-term goal

                            Slope stabilisation with BG 15 ndash Germany Largest water treatment plant ndash Nimr OmanCompact cutter system for Grand Paris

                            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 27

                            BAUER AktiengesellschaftBAUER-Straszlige 186529 SchrobenhausenGermany

                            Tel +49 8252 97-1218investorrelationsbauerdewwwbauerde

                            April 9 2020 Annual Report 2019Analyst amp Press Conference

                            May 13 2020 Quarterly Statement Q1 2020

                            June 25 2020 Annual General Meeting

                            August 13 2020 Half-Year Interim Report toJune 30 2020

                            November 13 2020 Quarterly Statement 9MQ3 2020

                            wwwyoutubecomBauergruppe

                            wwwfacebookcomBauerAGgroup

                            Investor RelationsFinancial calendar amp contact

                            Christopher WolfHead of Investor Relations

                            2020

                            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 28

                            Table of Content

                            BAUER Group ndash Strategy Chances amp Markets

                            Appendix

                            Financials FYQ4 2019 amp Guidance

                            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 29

                            1790 middot 1900 middot 1902 middot 1928 middot 1948 middot 1956 middot 1958 middot 1967 middot 1969 middot 1972 middot 1975 middot 1976 middot 1984 middot 1990 middot 1992 middot 1994 middot 1998 middot 2001 middot 2019

                            BAUER GroupThe history ndash Two centuries of experience

                            End of 1970rsquosStart of

                            internationalisation

                            Early 1990rsquosBuild up of

                            specialist construction environmental business

                            FY 2019Total Group

                            revenues EUR 16 billion 11684

                            employees

                            4 Jul 2006IPO

                            Early 1970rsquosStart of equipment

                            manufacturing

                            Company founded as copper forge

                            After WW II (1950s)Start of construction

                            business

                            Early 1980rsquosSelling of equipment to

                            third parties

                            1790 1900-1970 1980-1990 2000-2019

                            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 30

                            Michael Stomberg (CEO) HSE IT Process Management Quality Management

                            Florian Bauer Digitalization Development

                            Coordination Training Company Culture

                            Hartmut Beutler (CFO) Financing amp Treasury Legal Affairs amp Insurance IR amp Corporate

                            Communications Facility Management Media Design

                            Peter Hingott Group Controlling amp

                            Accounting Human Resources Group Purchasing

                            Management BoardBAUER AG

                            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 31

                            BAUER GroupThe three segments

                            31copy BAUER AG D-86529 Schrobenhausen

                            Target ~ 40 of total Group revenues

                            Market leader in specialist foundation equipment

                            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

                            Target ~ 20 of total Group revenues Activities in

                            environmental technology deep drilling well construction materials

                            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 32

                            BAUER GroupChallenges of the world provide chances for the company

                            The megatrend of urbanization requires construction solutions for the city of the future

                            To deal with the scarcity of drinking water purification and supply technologies are needed

                            The increasing mobility in society demands new and renewed transport routes

                            Changing social values are fundamentally revolutionizing the business world

                            UrbanizationInfrastructure Water

                            CultureA change in energy supply can only be realized through comprehensive construction works

                            The remediation of contaminated soil is the key to sustainable utilization of resources

                            Energy transitionEnvironment

                            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                            ConstructionKey factsConstruction

                            Leading global provider for specialist foundation engineering

                            services

                            33

                            Total Group revenues (incl JV) Order backlog EBIT

                            ~ 40 of total Group revenues EBIT margin 4 - 6

                            (2018 54 2019 na)

                            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 5050 infrastructureindustrial split

                            Figures are somewhat cyclical between the quarters ndash focus on the entire year

                            Market environment Growing construction markets worldwide

                            Special foundation engineering is growing stronger than construction markets

                            Huge pent-up demand in developed countries and in emerging markets

                            Competition Keller Trevi Soletanche Bachy

                            (worldwide)

                            Local competitors in each country

                            Current focus topics Improving project and risk management especially for major projects

                            Leading in digitalization solutions for our market

                            Key figures

                            Key targets

                            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 34

                            What is specialist foundationBuilding an excavation pit

                            Permeation Grouting

                            Mixed-In-Place Method

                            Injection Anchor

                            Diaphragm andCut-off Wall

                            Pile Foundation

                            Piling Retaining Wall

                            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 35

                            What is specialist foundation used forApplications

                            Foundationsfor the highest buildings in the world

                            Excavation Pits for every problem and requirement

                            Ground Improvementallows projects on weak ground

                            Cut-off Walls as solution for dams and dikes

                            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 36

                            ConstructionMunich Germany ndash Foundation works for a boarding house

                            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                            EquipmentKey facts

                            Market leader in specialistfoundation equipment

                            Equipment

                            37

                            Sales revenues (excl JV) Order intake EBIT

                            ~ 40 of total Group revenues EBIT margin 10 - 12

                            (2018 117 2019 100)

                            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 JV with Schlumberger for the production of deep drilling rigs (oil amp gas)

                            Market environment Growing construction markets worldwide lead to positive equipment demand

                            Strong position due to efforts regarding quality efficiency and noise reduction

                            Growth potential with specialized machines for mining water and offshore drilling

                            Competition Trevi Liebherr Chinese manufactures

                            (eg Sany XCMG)

                            Further competition regarding special product types

                            Current focus topics Focus on value analysis methods and purchase organization

                            Optimizing and increasing after-sales services

                            Key figures

                            Key targets

                            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 38

                            EquipmentWhole range of products for special foundation engineering

                            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 39

                            EquipmentProduct range Deep Drilling

                            Joint Ventureof Bauer amp Schlumberger

                            In order to meet the upcoming market challenges out-of-the-box thinking

                            is necessary and therefore integrated drilling and rig solutions are of

                            growing importance

                            Based on more than 40 years of experience in engineering and

                            manufacturing of drilling rigs NeoRig develops and manufactures

                            modern drilling solutions which set new standards of safety efficiency

                            productivity and ease of service in the deep drilling business

                            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                            ResourcesKey factsResources

                            40

                            Products amp services for environmental technology mining well construction

                            and water cleaning

                            Total Group revenues (incl JV) Order backlog EBIT

                            ~ 20 of total Group revenues EBIT margin 6 - 8

                            (2018 na 2019 na)

                            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 amp Middle East

                            Market environment Huge demand for environmental and water solutions

                            Outstanding market position with ground-breaking projects in the field of cleaning drinking and process water eg the biological water treatment plant in Oman

                            Competition Fragmented competition for each single product and service area

                            Current focus topics Improvement of loss-making Jordan subsidiary which is caused by overcapacities

                            Consistent proceeding of reorganization in the water related companies

                            Focus on new projects for the profitable environment business

                            Key figures

                            Key targets

                            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 41

                            ResourcesPool of competences from a single hand

                            Industrial Waste Water Process amp Produced Water NORM Constructed Wetlands Modelling amp Well Design Construction Material for Wells

                            and Geothermal Water Distribution Management Irrigation Systems

                            Remediation Landfill Restoration Decommissioning Demolition Hazardous Waste Management Soil Treatment and Waste

                            Management

                            Exploration Drilling Deep Geothermal Drilling Well Drilling Blast Hole Drilling

                            EnvironmentWater Natural Resources

                            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 42

                            ResourcesWater ndash Process Water amp Water Distribution Management

                            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 43

                            ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman

                            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 44

                            Market environment ndash GermanyGerman construction market

                            Source Federal Statistical Office Statistical Office Bavaria

                            in EUR billion

                            Germany2019

                            Employees (in 1000)

                            Revenues 922Building construction 508Foundation engineering 414

                            Orders received in EUR billion

                            Housebuilding 196Industrial building 363Public sectorof which

                            public buildings 55road building 142underground structures 105

                            ) only companies gt 20 employees

                            49

                            108

                            95

                            39

                            109

                            65

                            80

                            88

                            38

                            49

                            82

                            77

                            112

                            132

                            25

                            Dezember 2019 2018 20192017 2018

                            in

                            89

                            97

                            302

                            861

                            4867

                            88

                            100 82

                            59

                            125

                            Weiszlig

                            Bunt

                            Kunterbunt

                            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 45

                            Building constructionpositive cash contribution

                            Specialist foundation engineeringpre-financing need

                            Financials Working capital needs ndash Comparison with building construction

                            EUR

                            12 24 months

                            Positive cash contribution

                            Negative cash contribution

                            Con

                            trac

                            t val

                            ue

                            EUR

                            Negative cash contribution

                            12 24 months

                            Con

                            trac

                            t val

                            ue

                            Construction contracts with short duration need

                            No advance payments no front-loading of prices possible approx 2 - 3 months of pre-financing

                            Negative cash contribution during construction phase

                            Construction contracts with long durations

                            Advance payments front-loading of prices

                            Positive cash contribution during construction phase

                            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 46

                            BAUER shareFacts amp Figures

                            Listed on Frankfurt stock exchange (Prime Standard) since July 4 2006

                            Share capital EUR 7300142045

                            Shares issued 17131000

                            Issue price EUR 1675

                            Share performance (012019 ndash 032020)

                            Bauer familyFree float

                            5181

                            Shareholder structure

                            4819

                            in EUR 2015 2016 2017 2018 2019

                            Earnings per share 173 066 016 132 -217

                            Share price year end 1740 1140 3000 1216 1510

                            Share price highest 1920 1716 3096 3125 2430

                            Share price lowest 1385 945 1172 1208 1262

                            Market Cap(in EUR million) 2981 1953 5139 2083 2587

                            CDAXClassic All SharePrime All Share

                            ISIN DE0005168108Reuters B5AGDEBloomberg B5A GR

                            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                            050

                            100 100

                            060 060050

                            030

                            001

                            015 015010 010 010

                            001000

                            030

                            060

                            090

                            120

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

                            47

                            BAUER shareDividend policy

                            Dividend payment Dividend policy founded on a reasonable balance between shareholders and company

                            fair participation of shareholders maintaining continuity safeguarding of the equity ratio

                            All shareholders shall participate in the success of the business

                            After some difficult years we must continue to strike a careful balance between continuity and shareholder participation on the one hand and safeguarding our equity ratio on the other

                            To secure an adequate equity ratio is an important aim of the companyrsquos 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

                            in EUR per share

                            000

                            Proposed subject to the consent of the Annual General Meeting to be held on June 25 2020

                            000

                            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 48

                            Key Figures Time LineFY 2008 ndash FY 2019

                            In all three segments total Group revenues and EBIT figures of FY 2015 were influenced by exceptional earnings

                            Total Group revenues 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(in EUR million)BAUER Group 15272 12758 13040 13718 14358 15042 15602 16564 15547 4482 4541 4766 3931 17720 3708 4215 4435 4503 16861 4109 4207 4078 3553 15947

                            Construction 7009 5700 6154 6066 6552 7417 7256 7429 7131 2110 2205 2269 1766 8350 1508 1762 2100 2306 7676 1702 1722 1726 1538 6688Equipment 7801 6085 5817 6365 5891 6286 6392 7531 6344 1867 1853 1966 1859 7545 1808 1936 1802 1685 7231 1859 1950 1781 1547 7137Resources 1351 1743 1777 2115 2628 1889 2528 2216 2624 630 647 651 554 2482 517 676 699 723 2615 692 695 662 700 2749

                            Sales revenues 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(in EUR million)BAUER Group 12908 10965 11317 12196 13444 14022 13757 13790 13969 3789 4512 4354 4022 16679 3184 3987 4051 4669 15891 3419 4035 3622 3633 14709

                            Construction 5843 4879 5058 5062 5791 6575 6466 6508 6145 1966 2064 2145 1663 7838 1432 1642 2021 2168 7263 1616 1628 1605 1408 6257Equipment 6012 4565 4693 5114 5206 5616 5327 5480 5427 1266 1857 1685 1801 6609 1287 1736 1440 1938 6401 1253 1797 1417 1635 6102Resources 1051 1520 1564 2015 2443 1826 1959 1793 2382 553 577 532 553 2215 462 605 587 559 2213 548 607 597 583 2335

                            EBIT 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(in EUR million)BAUER Group 1675 844 884 823 720 301 764 907 703 85 302 277 232 896 110 231 227 433 1001 104 248 133 -260 225

                            Construction 463 257 288 179 220 212 260 139 297 09 124 81 -18 196 27 21 80 263 391 00 42 -34 -207 -199Equipment 1183 513 483 530 340 322 360 994 384 80 160 249 317 806 142 222 158 227 749 83 230 202 97 612Resources 40 60 81 109 152 -240 159 -198 -37 -01 09 -53 -55 -100 -57 -10 -12 -32 -110 27 -22 -30 -137 -162

                            EBIT margin 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(in )BAUER Group 130 77 78 67 54 21 56 66 50 22 67 64 58 54 35 58 56 93 63 30 61 37 -72 15

                            Construction 79 53 57 35 38 32 40 21 48 05 60 38 -11 25 19 13 39 121 54 00 26 -21 -147 -32Equipment 197 112 103 104 65 57 68 181 71 64 86 148 176 122 110 128 110 117 117 66 128 143 60 100Resources 38 39 52 54 62 -131 81 -110 -16 -02 15 -100 -99 -45 -123 -16 -20 -57 -50 49 -37 -49 -235 -69

                            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

                            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

                            • Foliennummer 1
                            • Foliennummer 2
                            • Key FiguresFY 2019
                            • Table of Content
                            • Foliennummer 5
                            • Foliennummer 6
                            • Foliennummer 7
                            • Foliennummer 8
                            • BAUER Group Construction market environment vs order backlog
                            • Foliennummer 10
                            • Foliennummer 11
                            • Table of Content
                            • Foliennummer 13
                            • Foliennummer 14
                            • Foliennummer 15
                            • Foliennummer 16
                            • Foliennummer 17
                            • Foliennummer 18
                            • Foliennummer 19
                            • Foliennummer 20
                            • Foliennummer 21
                            • Foliennummer 22
                            • FinancialsIncome statement 12M 2019
                            • Financials Balance sheet December 31 2019
                            • FinancialsCash flow statement 12M 2019
                            • Foliennummer 26
                            • Foliennummer 27
                            • Table of Content
                            • BAUER GroupThe history ndash Two centuries of experience
                            • Foliennummer 30
                            • BAUER GroupThe three segments
                            • Foliennummer 32
                            • Foliennummer 33
                            • What is specialist foundationBuilding an excavation pit
                            • What is specialist foundation used forApplications
                            • ConstructionMunich Germany ndash Foundation works for a boarding house
                            • Foliennummer 37
                            • EquipmentWhole range of products for special foundation engineering
                            • EquipmentProduct range Deep Drilling
                            • Foliennummer 40
                            • ResourcesPool of competences from a single hand
                            • ResourcesWater ndash Process Water amp Water Distribution Management
                            • ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
                            • Market environment ndash Germany German construction market
                            • Financials Working capital needs ndash Comparison with building construction
                            • BAUER shareFacts amp Figures
                            • BAUER shareDividend policy
                            • Foliennummer 48
                            • Disclaimer
                              Zweistelliges Auftragsplus am Bau in Bayern
                              Absolute WerteVeraumlnderungen in
                              August 20062004BayernWestdeutschlandOstdeutschland
                              BayernWest-Ost-200420040200420040200420040
                              LaumlnderLaumlnder199420030199420030199420030
                              Beschaumlftigte in 1000126152831887-52-5200-432-60-5200-539-7200
                              Baugenehmigungen Mio msup3 umb Raum6532572423-108-10800-252-8400-68-10300
                              Umsatz in Mrd EUR139570173-249-5800-277-4500-399-7600
                              Hochbau9637192-265-5600-301-4400-507-7400
                              Tiefbau4319981-217-6200-222-4500-207-7900
                              09033799-393-10000-452-5600-580-6000
                              in Mrd EUR
                              Wohnungsbau236511-480-7100-561-6400-771-20700
                              Wirtschaftsbau3314040-347-10500-457-5900-603-9400
                              Oumlffentlicher Bau3313148-352-11500-346-4900-3821800
                              darunter
                              Oumlffentl Hochbau092509-324-8500-480-0100-5616900
                              Straszligenbau125821-128-11200-146-5100-1604200
                              Sonstiger Tiefbau124818-502-13700-425-7100-467-3400
                              19712561362168-243-95248-173-23210-21146
                              1) Bei Baugenehmigungen liegen erst die Oktoberwerte vor
                              1) Bei Baugenehmigungen liegen erst die Februarwerte vor
                              2) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten
                              in EUR billionin
                              Dezember 2019Germany20052005Jan - Aug20182019
                              201919942004060520172018
                              Employees (in 1000)4867-47-60-104949
                              Revenues922-305-647310882
                              Building construction508-318-611009577
                              Foundation engineering414-280-711212588
                              Orders received861-3743110610082
                              in EUR billion
                              Housebuilding196-489-181211297
                              Industrial building363-3036818113289
                              Public sector302-33132995965
                              of which
                              public buildings55-23812729025109
                              road building142-138-12478839
                              underground structures105-49515223880
                              1256168-243-95-173-23
                              1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
                              ) only companies gt 20 employees
                              Zweistelliges Auftragsplus am Bau in Bayern
                              Absolute WerteVeraumlnderungen in
                              August 20062005BayernWestdeutschlandOstdeutschland
                              BayernWest-Ost-20052005Jan - Aug20052005Jan - Aug20052005Jan - Aug
                              LaumlnderLaumlnder199420040605199420040605199420040605
                              Beschaumlftigte in 1000126152831887-470-60-10-465-60-58-38-578-85-51
                              Baugenehmigungen Mio msup3 umb Raum6532572423-395-101249-417-41171-680-157259
                              Umsatz in Mrd EUR139570173-305-6473-312-4835-452-8813
                              Hochbau9637192-318-61100-336-5048-565-11835
                              Tiefbau4319981-280-7112-255-4311-247-51-14
                              Auftragseingang9033799-37431106-4470984-609-7043
                              in Mrd EUR
                              Wohnungsbau236511-489-1812-586-5888-805-14841
                              Wirtschaftsbau3314040-30368181-43345104-625-56121
                              Oumlffentlicher Bau3313148-3313299-3400972-420-62-18
                              darunter
                              Oumlffentl Hochbau092509-238127290-500-38142-602-93-51
                              Straszligenbau125821-138-1247-965978-211-8582
                              Sonstiger Tiefbau124818-4951522-439-2430-477-18-124
                              19712561362168-243-95248-173-23210-21146
                              1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
                              ) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

                              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                              178 177 187 183 193176

                              195178

                              156171 185

                              201 211 221 227

                              177151

                              176210 231

                              170 172 173154

                              0

                              50

                              100

                              150

                              200

                              250

                              Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

                              436 477 472 455513 551 584 591 585 575 578 585 578

                              526 516 493 511 507 503 547 546 551631 639

                              0

                              150

                              300

                              450

                              600

                              750

                              Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

                              FinancialsConstruction segment ndash Revenues and order development

                              Order backlogin EUR million

                              Total Group revenuesin EUR million

                              Construction

                              15

                              -333

                              +167

                              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                              194 164

                              640 610

                              2018 2019

                              724 672

                              2018 2019

                              227

                              97

                              749

                              612

                              2018 2019

                              FinancialsEquipment segment ndash Highlights FY 2019

                              Market leader in specialist foundation equipment

                              New products for mining deep drilling and offshore drilling

                              About 80 of sales abroad Sales revenuesin EUR million

                              Order intakein EUR million

                              EBITin EUR million

                              Equipment Total Group revenues fell slightly by 13 from EUR 7231 million to EUR 7136

                              million Sales revenues also dropped by 47 from EUR 6401 million to EUR 6102 million Accordingly EBIT decreased from EUR 749 million to EUR 612 million Earnings after taxes rose slightly from EUR 340 million to EUR 395 million in particular because of a lower tax burden and lower at-equity loss compared with the previous year

                              In the overall very favorable market environment we succeeded in keeping revenue sales and earnings at very good levels The main drivers were once again the sales markets in Europe and China

                              Order intake performed less well in the second half of 2019 Overall it fell by 71 from EUR 7237 million to EUR 6721 million Order backlog was EUR 1083 million remaining significantly below the previous years level of EUR 1500 million

                              16

                              -47 -76Full year 2019 42 of total Group revenues EBIT margin 100Key targets ~ 40 of total Group revenues EBIT margin 10 - 12Key figures to be considered Sales revenues order intake EBIT

                              -183FYQ4

                              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                              103 115143

                              171

                              100137 129

                              181

                              108 115 123

                              197

                              127

                              186169 180

                              129

                              174144

                              194

                              125

                              180

                              142164

                              0

                              50

                              100

                              150

                              200

                              250

                              Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

                              165 163187

                              162 177155 166 152 161 159 160 171

                              212 218

                              148182

                              227

                              170 160 167186 192

                              168

                              127

                              0

                              50

                              100

                              150

                              200

                              250

                              Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

                              FinancialsEquipment segment ndash Revenues and order development

                              Order intakein EUR million

                              Sales revenuesin EUR million

                              Equipment

                              17

                              -156

                              -239

                              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                              72 70

                              261 275

                              2018 2019

                              316281

                              2018 2019

                              -32

                              -137-110

                              -1622018 2019

                              FinancialsResources segment ndash Highlights FY 2019

                              Products amp services related to water environment and natural resources

                              Competence areas water treatment environmental remediation waste management drilling technologies and constructed wetlands

                              Total Group revenuesin EUR million

                              Order backlogin EUR million

                              EBITin EUR million

                              Resources Total Group revenues increased by 51 from EUR 2615 million in the previous

                              year to EUR 2749 million EBIT decreased from EUR -110 million to EUR -162 million and earnings after taxes were up from EUR -160 million in the previous year to EUR -137 million primarily due to higher at-equity earnings

                              The segment fell short of expectations once again in 2019 While earnings from the operating business improved significantly underutilization in Jordan a weak order situation in the business with brewery and beverage technology further restructuring expenditure and adjustments for receivables from old projects primarily proved to be a burden

                              At the order backlog was down 113 from EUR 3165 million to EUR 2807 million The decline is essentially due to progress on the large Kesslergrube project The order intake was EUR 2391 million in 2019 and thus 13 slightly below the 2018 value of EUR 2422 million The order book lasts for 123 months

                              18

                              +51-113Full year 2019

                              17 of total Group revenues EBIT margin naKey targets ~ 20 of total Group revenues (TGR) EBIT margin 6 - 8Key figures to be considered TGR order backlog EBIT

                              FYQ4

                              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                              48 5360

                              92

                              5448

                              75

                              44

                              71 67 6657 63 65 65

                              55 52

                              68 70 72 69 70 66 70

                              0

                              20

                              40

                              60

                              80

                              100

                              Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

                              173 169 172 153 173 174

                              274 276 287 294 290 279 297 317 308336 330 321 324 316 327 322

                              295 281

                              0

                              75

                              150

                              225

                              300

                              375

                              Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

                              FinancialsResources segment ndash Revenues and order development

                              Order backlogin EUR million

                              Total Group revenuesin EUR million

                              Resources

                              19

                              -32

                              -113

                              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                              FinancialsWorking capital amp net debt ndash Financing of future revenues

                              Bauerrsquos 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 Receivables

                              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 247 after-sales service A relatively large rental fleet is needed for different contract types (eg rental purchase)

                              Resources segment Outstanding customer payments (water business) and receivables on projects (environmental amp drilling business)

                              75-8015-20 ~5

                              Construction Equipment Resources20-2555-60 15-20

                              20

                              Key facts

                              Why does the business model needs so much working capital

                              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                              629 608549 552

                              467

                              665 677594 562 564

                              0

                              150

                              300

                              450

                              600

                              750

                              2015 2016 2017 2018 2019

                              646 665 677594 562 564

                              171 185 158 183 199123

                              38 36

                              43

                              33

                              28

                              46

                              00

                              10

                              20

                              30

                              40

                              50

                              0

                              160

                              320

                              480

                              640

                              800

                              2014 2015 2016 2017 2018 2019

                              1656 15551772 1686 1595

                              665 677 594 562 564

                              0

                              360

                              720

                              1080

                              1440

                              1800

                              2015 2016 2017 2018 201921

                              FinancialsWorking capital amp net debt ndash Current development

                              Total Group revenues net debtin EUR million

                              Net debtWorking capital

                              EBITDANet debt

                              Current development At EUR 5637 million net debt was at the same level

                              as 2018 This was essentially due to the new IFRS 16 standard and the market valuation of financial liabilities Pure bank debt has seen further reductions which demonstrates that our numerous measures are making progress

                              Net debt to EBITDA ratio has worsened substantially as a consequence of significantly lower earnings than originally expected Our target range is a ratio of below 30 yearend

                              -37-152

                              ∆ 20152019

                              Working capital net debtin EUR million

                              Net debt EBITDA ratioin EUR million

                              Net debtTotal Group revenues ndash Net debtEBITDA

                              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                              711 720 736

                              604

                              726 701 700629 672 709 684

                              608674 646 628

                              549 576624 629

                              552 584 609 591

                              467

                              0

                              160

                              320

                              480

                              640

                              800

                              Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

                              773 776 778

                              646

                              779 752 749665

                              743 762 736677

                              740 712 686594 639 678 679

                              562620 648 637

                              564

                              0

                              160

                              320

                              480

                              640

                              800

                              Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

                              22

                              FinancialsWorking capital amp net debt are lower year-end than during the year

                              Net debt (excl pensions)in EUR million

                              Working capitalin EUR million -154

                              +03

                              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 23

                              FinancialsIncome statement 12M 2019in EUR 000 12M 2018 12M 2019 ∆ in

                              Sales revenues (PampL) 1589091 1470922 -74

                              Consolidated revenues (PampL) 1616936 1537691 -49

                              Cost of materials -821496 -783126 -47

                              Personel expenses -392384 -418805 67

                              Other operation expenses -204440 -212713 40

                              EBITDA 198616 123047 -380

                              Depreciation of fixed assets -80967 -84760 47

                              Write-downs of inventories due to use -17590 -15806 -101

                              EBIT 100059 22481 -775

                              Financial income 38204 33742 -117

                              Financial expenses -76992 -78766 23

                              Share of profitloss of associated companies (equity method) 4594 11225 na

                              Earnings before tax (EBT) 65865 -11318 na

                              Income tax expense -41778 -25232 -396

                              Earnings after tax 24087 -36550 na

                              of which attributable to shareholders of BAUER AG 22577 -37146 na

                              of which attributable to non-controlling interests 1510 596 -605

                              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 24

                              Financials Balance sheet December 31 2019in EUR 000 Dec 31 2018 Dec 31 2019 ∆ in Assets 1632284 1628549 -02

                              Non-current assets 621041 692778 116Intangible assets 18077 16946 -63Property plant and equipment and investment property 411571 460470 119Investments accounted for using the equity method 113019 118185 46Participations 8350 8806 55Other non-current assets amp deferred tax assets 70024 88371 262Current assets 1011243 935771 -75Inventories 365865 405401 108Rental equipment 60488 61838 22Less advances received on inventories -16098 -8921 -446

                              410255 458318 117Receivables and other assets 535111 434608 -188Effective income tax refund claims 3290 5270 602Cash and cash equivalents 62587 37575 -400

                              Equity and liabilities 1632284 1628549 -02

                              Equity 431816 386916 -104Non-current debt 501424 327118 -348Provisions for pensions 134389 158641 180Non-current liabilities amp deferred tax liabilities 367035 257977 -297Current debt 699044 914515 308Financial liabilities 286104 376453 316Other current liabilities 357851 402318 124Effective income tax obligations 31687 19566 -383Provisions 23402 26678 140

                              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 25

                              FinancialsCash flow statement 12M 2019in EUR 000 12M 2018 12M 2019 ∆ in

                              Cash flow from operational activity 147444 168882 145

                              Cash flow from investment activity -57600 -75213 306

                              Cash flow from financing activity -75088 -120339 603

                              Free Cash Flow 89844 93669 43

                              Changes in liquid funds affecting payments 14756 -26670 na

                              Influence of exchange rate movements on cash 565 1658 na

                              Total change in liquid funds 15321 -25012 na

                              Cash and cash equivalents at beginning of reporting period 47266 62587 324

                              Cash and cash equivalents at end of reporting period 62587 37575 -400

                              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 26

                              FinancialsForecast 2020 ndash More cautious view due to coronavirus pandemic

                              2019 final

                              Total Group Revenues 1594 EUR million slight increase

                              Revenue growth -54 3 - 8

                              EBIT 225 EUR million significant increase

                              EBIT margin 15 7 - 9

                              Earnings after tax -366 EUR million significant increase in the positive area

                              Equity ratio 238 gt 30

                              2020 forecast Long-term goal

                              Slope stabilisation with BG 15 ndash Germany Largest water treatment plant ndash Nimr OmanCompact cutter system for Grand Paris

                              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 27

                              BAUER AktiengesellschaftBAUER-Straszlige 186529 SchrobenhausenGermany

                              Tel +49 8252 97-1218investorrelationsbauerdewwwbauerde

                              April 9 2020 Annual Report 2019Analyst amp Press Conference

                              May 13 2020 Quarterly Statement Q1 2020

                              June 25 2020 Annual General Meeting

                              August 13 2020 Half-Year Interim Report toJune 30 2020

                              November 13 2020 Quarterly Statement 9MQ3 2020

                              wwwyoutubecomBauergruppe

                              wwwfacebookcomBauerAGgroup

                              Investor RelationsFinancial calendar amp contact

                              Christopher WolfHead of Investor Relations

                              2020

                              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 28

                              Table of Content

                              BAUER Group ndash Strategy Chances amp Markets

                              Appendix

                              Financials FYQ4 2019 amp Guidance

                              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 29

                              1790 middot 1900 middot 1902 middot 1928 middot 1948 middot 1956 middot 1958 middot 1967 middot 1969 middot 1972 middot 1975 middot 1976 middot 1984 middot 1990 middot 1992 middot 1994 middot 1998 middot 2001 middot 2019

                              BAUER GroupThe history ndash Two centuries of experience

                              End of 1970rsquosStart of

                              internationalisation

                              Early 1990rsquosBuild up of

                              specialist construction environmental business

                              FY 2019Total Group

                              revenues EUR 16 billion 11684

                              employees

                              4 Jul 2006IPO

                              Early 1970rsquosStart of equipment

                              manufacturing

                              Company founded as copper forge

                              After WW II (1950s)Start of construction

                              business

                              Early 1980rsquosSelling of equipment to

                              third parties

                              1790 1900-1970 1980-1990 2000-2019

                              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 30

                              Michael Stomberg (CEO) HSE IT Process Management Quality Management

                              Florian Bauer Digitalization Development

                              Coordination Training Company Culture

                              Hartmut Beutler (CFO) Financing amp Treasury Legal Affairs amp Insurance IR amp Corporate

                              Communications Facility Management Media Design

                              Peter Hingott Group Controlling amp

                              Accounting Human Resources Group Purchasing

                              Management BoardBAUER AG

                              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 31

                              BAUER GroupThe three segments

                              31copy BAUER AG D-86529 Schrobenhausen

                              Target ~ 40 of total Group revenues

                              Market leader in specialist foundation equipment

                              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

                              Target ~ 20 of total Group revenues Activities in

                              environmental technology deep drilling well construction materials

                              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 32

                              BAUER GroupChallenges of the world provide chances for the company

                              The megatrend of urbanization requires construction solutions for the city of the future

                              To deal with the scarcity of drinking water purification and supply technologies are needed

                              The increasing mobility in society demands new and renewed transport routes

                              Changing social values are fundamentally revolutionizing the business world

                              UrbanizationInfrastructure Water

                              CultureA change in energy supply can only be realized through comprehensive construction works

                              The remediation of contaminated soil is the key to sustainable utilization of resources

                              Energy transitionEnvironment

                              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                              ConstructionKey factsConstruction

                              Leading global provider for specialist foundation engineering

                              services

                              33

                              Total Group revenues (incl JV) Order backlog EBIT

                              ~ 40 of total Group revenues EBIT margin 4 - 6

                              (2018 54 2019 na)

                              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 5050 infrastructureindustrial split

                              Figures are somewhat cyclical between the quarters ndash focus on the entire year

                              Market environment Growing construction markets worldwide

                              Special foundation engineering is growing stronger than construction markets

                              Huge pent-up demand in developed countries and in emerging markets

                              Competition Keller Trevi Soletanche Bachy

                              (worldwide)

                              Local competitors in each country

                              Current focus topics Improving project and risk management especially for major projects

                              Leading in digitalization solutions for our market

                              Key figures

                              Key targets

                              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 34

                              What is specialist foundationBuilding an excavation pit

                              Permeation Grouting

                              Mixed-In-Place Method

                              Injection Anchor

                              Diaphragm andCut-off Wall

                              Pile Foundation

                              Piling Retaining Wall

                              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 35

                              What is specialist foundation used forApplications

                              Foundationsfor the highest buildings in the world

                              Excavation Pits for every problem and requirement

                              Ground Improvementallows projects on weak ground

                              Cut-off Walls as solution for dams and dikes

                              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 36

                              ConstructionMunich Germany ndash Foundation works for a boarding house

                              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                              EquipmentKey facts

                              Market leader in specialistfoundation equipment

                              Equipment

                              37

                              Sales revenues (excl JV) Order intake EBIT

                              ~ 40 of total Group revenues EBIT margin 10 - 12

                              (2018 117 2019 100)

                              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 JV with Schlumberger for the production of deep drilling rigs (oil amp gas)

                              Market environment Growing construction markets worldwide lead to positive equipment demand

                              Strong position due to efforts regarding quality efficiency and noise reduction

                              Growth potential with specialized machines for mining water and offshore drilling

                              Competition Trevi Liebherr Chinese manufactures

                              (eg Sany XCMG)

                              Further competition regarding special product types

                              Current focus topics Focus on value analysis methods and purchase organization

                              Optimizing and increasing after-sales services

                              Key figures

                              Key targets

                              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 38

                              EquipmentWhole range of products for special foundation engineering

                              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 39

                              EquipmentProduct range Deep Drilling

                              Joint Ventureof Bauer amp Schlumberger

                              In order to meet the upcoming market challenges out-of-the-box thinking

                              is necessary and therefore integrated drilling and rig solutions are of

                              growing importance

                              Based on more than 40 years of experience in engineering and

                              manufacturing of drilling rigs NeoRig develops and manufactures

                              modern drilling solutions which set new standards of safety efficiency

                              productivity and ease of service in the deep drilling business

                              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                              ResourcesKey factsResources

                              40

                              Products amp services for environmental technology mining well construction

                              and water cleaning

                              Total Group revenues (incl JV) Order backlog EBIT

                              ~ 20 of total Group revenues EBIT margin 6 - 8

                              (2018 na 2019 na)

                              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 amp Middle East

                              Market environment Huge demand for environmental and water solutions

                              Outstanding market position with ground-breaking projects in the field of cleaning drinking and process water eg the biological water treatment plant in Oman

                              Competition Fragmented competition for each single product and service area

                              Current focus topics Improvement of loss-making Jordan subsidiary which is caused by overcapacities

                              Consistent proceeding of reorganization in the water related companies

                              Focus on new projects for the profitable environment business

                              Key figures

                              Key targets

                              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 41

                              ResourcesPool of competences from a single hand

                              Industrial Waste Water Process amp Produced Water NORM Constructed Wetlands Modelling amp Well Design Construction Material for Wells

                              and Geothermal Water Distribution Management Irrigation Systems

                              Remediation Landfill Restoration Decommissioning Demolition Hazardous Waste Management Soil Treatment and Waste

                              Management

                              Exploration Drilling Deep Geothermal Drilling Well Drilling Blast Hole Drilling

                              EnvironmentWater Natural Resources

                              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 42

                              ResourcesWater ndash Process Water amp Water Distribution Management

                              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 43

                              ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman

                              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 44

                              Market environment ndash GermanyGerman construction market

                              Source Federal Statistical Office Statistical Office Bavaria

                              in EUR billion

                              Germany2019

                              Employees (in 1000)

                              Revenues 922Building construction 508Foundation engineering 414

                              Orders received in EUR billion

                              Housebuilding 196Industrial building 363Public sectorof which

                              public buildings 55road building 142underground structures 105

                              ) only companies gt 20 employees

                              49

                              108

                              95

                              39

                              109

                              65

                              80

                              88

                              38

                              49

                              82

                              77

                              112

                              132

                              25

                              Dezember 2019 2018 20192017 2018

                              in

                              89

                              97

                              302

                              861

                              4867

                              88

                              100 82

                              59

                              125

                              Weiszlig

                              Bunt

                              Kunterbunt

                              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 45

                              Building constructionpositive cash contribution

                              Specialist foundation engineeringpre-financing need

                              Financials Working capital needs ndash Comparison with building construction

                              EUR

                              12 24 months

                              Positive cash contribution

                              Negative cash contribution

                              Con

                              trac

                              t val

                              ue

                              EUR

                              Negative cash contribution

                              12 24 months

                              Con

                              trac

                              t val

                              ue

                              Construction contracts with short duration need

                              No advance payments no front-loading of prices possible approx 2 - 3 months of pre-financing

                              Negative cash contribution during construction phase

                              Construction contracts with long durations

                              Advance payments front-loading of prices

                              Positive cash contribution during construction phase

                              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 46

                              BAUER shareFacts amp Figures

                              Listed on Frankfurt stock exchange (Prime Standard) since July 4 2006

                              Share capital EUR 7300142045

                              Shares issued 17131000

                              Issue price EUR 1675

                              Share performance (012019 ndash 032020)

                              Bauer familyFree float

                              5181

                              Shareholder structure

                              4819

                              in EUR 2015 2016 2017 2018 2019

                              Earnings per share 173 066 016 132 -217

                              Share price year end 1740 1140 3000 1216 1510

                              Share price highest 1920 1716 3096 3125 2430

                              Share price lowest 1385 945 1172 1208 1262

                              Market Cap(in EUR million) 2981 1953 5139 2083 2587

                              CDAXClassic All SharePrime All Share

                              ISIN DE0005168108Reuters B5AGDEBloomberg B5A GR

                              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                              050

                              100 100

                              060 060050

                              030

                              001

                              015 015010 010 010

                              001000

                              030

                              060

                              090

                              120

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

                              47

                              BAUER shareDividend policy

                              Dividend payment Dividend policy founded on a reasonable balance between shareholders and company

                              fair participation of shareholders maintaining continuity safeguarding of the equity ratio

                              All shareholders shall participate in the success of the business

                              After some difficult years we must continue to strike a careful balance between continuity and shareholder participation on the one hand and safeguarding our equity ratio on the other

                              To secure an adequate equity ratio is an important aim of the companyrsquos 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

                              in EUR per share

                              000

                              Proposed subject to the consent of the Annual General Meeting to be held on June 25 2020

                              000

                              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 48

                              Key Figures Time LineFY 2008 ndash FY 2019

                              In all three segments total Group revenues and EBIT figures of FY 2015 were influenced by exceptional earnings

                              Total Group revenues 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(in EUR million)BAUER Group 15272 12758 13040 13718 14358 15042 15602 16564 15547 4482 4541 4766 3931 17720 3708 4215 4435 4503 16861 4109 4207 4078 3553 15947

                              Construction 7009 5700 6154 6066 6552 7417 7256 7429 7131 2110 2205 2269 1766 8350 1508 1762 2100 2306 7676 1702 1722 1726 1538 6688Equipment 7801 6085 5817 6365 5891 6286 6392 7531 6344 1867 1853 1966 1859 7545 1808 1936 1802 1685 7231 1859 1950 1781 1547 7137Resources 1351 1743 1777 2115 2628 1889 2528 2216 2624 630 647 651 554 2482 517 676 699 723 2615 692 695 662 700 2749

                              Sales revenues 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(in EUR million)BAUER Group 12908 10965 11317 12196 13444 14022 13757 13790 13969 3789 4512 4354 4022 16679 3184 3987 4051 4669 15891 3419 4035 3622 3633 14709

                              Construction 5843 4879 5058 5062 5791 6575 6466 6508 6145 1966 2064 2145 1663 7838 1432 1642 2021 2168 7263 1616 1628 1605 1408 6257Equipment 6012 4565 4693 5114 5206 5616 5327 5480 5427 1266 1857 1685 1801 6609 1287 1736 1440 1938 6401 1253 1797 1417 1635 6102Resources 1051 1520 1564 2015 2443 1826 1959 1793 2382 553 577 532 553 2215 462 605 587 559 2213 548 607 597 583 2335

                              EBIT 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(in EUR million)BAUER Group 1675 844 884 823 720 301 764 907 703 85 302 277 232 896 110 231 227 433 1001 104 248 133 -260 225

                              Construction 463 257 288 179 220 212 260 139 297 09 124 81 -18 196 27 21 80 263 391 00 42 -34 -207 -199Equipment 1183 513 483 530 340 322 360 994 384 80 160 249 317 806 142 222 158 227 749 83 230 202 97 612Resources 40 60 81 109 152 -240 159 -198 -37 -01 09 -53 -55 -100 -57 -10 -12 -32 -110 27 -22 -30 -137 -162

                              EBIT margin 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(in )BAUER Group 130 77 78 67 54 21 56 66 50 22 67 64 58 54 35 58 56 93 63 30 61 37 -72 15

                              Construction 79 53 57 35 38 32 40 21 48 05 60 38 -11 25 19 13 39 121 54 00 26 -21 -147 -32Equipment 197 112 103 104 65 57 68 181 71 64 86 148 176 122 110 128 110 117 117 66 128 143 60 100Resources 38 39 52 54 62 -131 81 -110 -16 -02 15 -100 -99 -45 -123 -16 -20 -57 -50 49 -37 -49 -235 -69

                              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

                              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

                              • Foliennummer 1
                              • Foliennummer 2
                              • Key FiguresFY 2019
                              • Table of Content
                              • Foliennummer 5
                              • Foliennummer 6
                              • Foliennummer 7
                              • Foliennummer 8
                              • BAUER Group Construction market environment vs order backlog
                              • Foliennummer 10
                              • Foliennummer 11
                              • Table of Content
                              • Foliennummer 13
                              • Foliennummer 14
                              • Foliennummer 15
                              • Foliennummer 16
                              • Foliennummer 17
                              • Foliennummer 18
                              • Foliennummer 19
                              • Foliennummer 20
                              • Foliennummer 21
                              • Foliennummer 22
                              • FinancialsIncome statement 12M 2019
                              • Financials Balance sheet December 31 2019
                              • FinancialsCash flow statement 12M 2019
                              • Foliennummer 26
                              • Foliennummer 27
                              • Table of Content
                              • BAUER GroupThe history ndash Two centuries of experience
                              • Foliennummer 30
                              • BAUER GroupThe three segments
                              • Foliennummer 32
                              • Foliennummer 33
                              • What is specialist foundationBuilding an excavation pit
                              • What is specialist foundation used forApplications
                              • ConstructionMunich Germany ndash Foundation works for a boarding house
                              • Foliennummer 37
                              • EquipmentWhole range of products for special foundation engineering
                              • EquipmentProduct range Deep Drilling
                              • Foliennummer 40
                              • ResourcesPool of competences from a single hand
                              • ResourcesWater ndash Process Water amp Water Distribution Management
                              • ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
                              • Market environment ndash Germany German construction market
                              • Financials Working capital needs ndash Comparison with building construction
                              • BAUER shareFacts amp Figures
                              • BAUER shareDividend policy
                              • Foliennummer 48
                              • Disclaimer
                                Zweistelliges Auftragsplus am Bau in Bayern
                                Absolute WerteVeraumlnderungen in
                                August 20062004BayernWestdeutschlandOstdeutschland
                                BayernWest-Ost-200420040200420040200420040
                                LaumlnderLaumlnder199420030199420030199420030
                                Beschaumlftigte in 1000126152831887-52-5200-432-60-5200-539-7200
                                Baugenehmigungen Mio msup3 umb Raum6532572423-108-10800-252-8400-68-10300
                                Umsatz in Mrd EUR139570173-249-5800-277-4500-399-7600
                                Hochbau9637192-265-5600-301-4400-507-7400
                                Tiefbau4319981-217-6200-222-4500-207-7900
                                09033799-393-10000-452-5600-580-6000
                                in Mrd EUR
                                Wohnungsbau236511-480-7100-561-6400-771-20700
                                Wirtschaftsbau3314040-347-10500-457-5900-603-9400
                                Oumlffentlicher Bau3313148-352-11500-346-4900-3821800
                                darunter
                                Oumlffentl Hochbau092509-324-8500-480-0100-5616900
                                Straszligenbau125821-128-11200-146-5100-1604200
                                Sonstiger Tiefbau124818-502-13700-425-7100-467-3400
                                19712561362168-243-95248-173-23210-21146
                                1) Bei Baugenehmigungen liegen erst die Oktoberwerte vor
                                1) Bei Baugenehmigungen liegen erst die Februarwerte vor
                                2) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten
                                in EUR billionin
                                Dezember 2019Germany20052005Jan - Aug20182019
                                201919942004060520172018
                                Employees (in 1000)4867-47-60-104949
                                Revenues922-305-647310882
                                Building construction508-318-611009577
                                Foundation engineering414-280-711212588
                                Orders received861-3743110610082
                                in EUR billion
                                Housebuilding196-489-181211297
                                Industrial building363-3036818113289
                                Public sector302-33132995965
                                of which
                                public buildings55-23812729025109
                                road building142-138-12478839
                                underground structures105-49515223880
                                1256168-243-95-173-23
                                1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
                                ) only companies gt 20 employees
                                Zweistelliges Auftragsplus am Bau in Bayern
                                Absolute WerteVeraumlnderungen in
                                August 20062005BayernWestdeutschlandOstdeutschland
                                BayernWest-Ost-20052005Jan - Aug20052005Jan - Aug20052005Jan - Aug
                                LaumlnderLaumlnder199420040605199420040605199420040605
                                Beschaumlftigte in 1000126152831887-470-60-10-465-60-58-38-578-85-51
                                Baugenehmigungen Mio msup3 umb Raum6532572423-395-101249-417-41171-680-157259
                                Umsatz in Mrd EUR139570173-305-6473-312-4835-452-8813
                                Hochbau9637192-318-61100-336-5048-565-11835
                                Tiefbau4319981-280-7112-255-4311-247-51-14
                                Auftragseingang9033799-37431106-4470984-609-7043
                                in Mrd EUR
                                Wohnungsbau236511-489-1812-586-5888-805-14841
                                Wirtschaftsbau3314040-30368181-43345104-625-56121
                                Oumlffentlicher Bau3313148-3313299-3400972-420-62-18
                                darunter
                                Oumlffentl Hochbau092509-238127290-500-38142-602-93-51
                                Straszligenbau125821-138-1247-965978-211-8582
                                Sonstiger Tiefbau124818-4951522-439-2430-477-18-124
                                19712561362168-243-95248-173-23210-21146
                                1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
                                ) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

                                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                194 164

                                640 610

                                2018 2019

                                724 672

                                2018 2019

                                227

                                97

                                749

                                612

                                2018 2019

                                FinancialsEquipment segment ndash Highlights FY 2019

                                Market leader in specialist foundation equipment

                                New products for mining deep drilling and offshore drilling

                                About 80 of sales abroad Sales revenuesin EUR million

                                Order intakein EUR million

                                EBITin EUR million

                                Equipment Total Group revenues fell slightly by 13 from EUR 7231 million to EUR 7136

                                million Sales revenues also dropped by 47 from EUR 6401 million to EUR 6102 million Accordingly EBIT decreased from EUR 749 million to EUR 612 million Earnings after taxes rose slightly from EUR 340 million to EUR 395 million in particular because of a lower tax burden and lower at-equity loss compared with the previous year

                                In the overall very favorable market environment we succeeded in keeping revenue sales and earnings at very good levels The main drivers were once again the sales markets in Europe and China

                                Order intake performed less well in the second half of 2019 Overall it fell by 71 from EUR 7237 million to EUR 6721 million Order backlog was EUR 1083 million remaining significantly below the previous years level of EUR 1500 million

                                16

                                -47 -76Full year 2019 42 of total Group revenues EBIT margin 100Key targets ~ 40 of total Group revenues EBIT margin 10 - 12Key figures to be considered Sales revenues order intake EBIT

                                -183FYQ4

                                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                103 115143

                                171

                                100137 129

                                181

                                108 115 123

                                197

                                127

                                186169 180

                                129

                                174144

                                194

                                125

                                180

                                142164

                                0

                                50

                                100

                                150

                                200

                                250

                                Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

                                165 163187

                                162 177155 166 152 161 159 160 171

                                212 218

                                148182

                                227

                                170 160 167186 192

                                168

                                127

                                0

                                50

                                100

                                150

                                200

                                250

                                Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

                                FinancialsEquipment segment ndash Revenues and order development

                                Order intakein EUR million

                                Sales revenuesin EUR million

                                Equipment

                                17

                                -156

                                -239

                                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                72 70

                                261 275

                                2018 2019

                                316281

                                2018 2019

                                -32

                                -137-110

                                -1622018 2019

                                FinancialsResources segment ndash Highlights FY 2019

                                Products amp services related to water environment and natural resources

                                Competence areas water treatment environmental remediation waste management drilling technologies and constructed wetlands

                                Total Group revenuesin EUR million

                                Order backlogin EUR million

                                EBITin EUR million

                                Resources Total Group revenues increased by 51 from EUR 2615 million in the previous

                                year to EUR 2749 million EBIT decreased from EUR -110 million to EUR -162 million and earnings after taxes were up from EUR -160 million in the previous year to EUR -137 million primarily due to higher at-equity earnings

                                The segment fell short of expectations once again in 2019 While earnings from the operating business improved significantly underutilization in Jordan a weak order situation in the business with brewery and beverage technology further restructuring expenditure and adjustments for receivables from old projects primarily proved to be a burden

                                At the order backlog was down 113 from EUR 3165 million to EUR 2807 million The decline is essentially due to progress on the large Kesslergrube project The order intake was EUR 2391 million in 2019 and thus 13 slightly below the 2018 value of EUR 2422 million The order book lasts for 123 months

                                18

                                +51-113Full year 2019

                                17 of total Group revenues EBIT margin naKey targets ~ 20 of total Group revenues (TGR) EBIT margin 6 - 8Key figures to be considered TGR order backlog EBIT

                                FYQ4

                                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                48 5360

                                92

                                5448

                                75

                                44

                                71 67 6657 63 65 65

                                55 52

                                68 70 72 69 70 66 70

                                0

                                20

                                40

                                60

                                80

                                100

                                Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

                                173 169 172 153 173 174

                                274 276 287 294 290 279 297 317 308336 330 321 324 316 327 322

                                295 281

                                0

                                75

                                150

                                225

                                300

                                375

                                Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

                                FinancialsResources segment ndash Revenues and order development

                                Order backlogin EUR million

                                Total Group revenuesin EUR million

                                Resources

                                19

                                -32

                                -113

                                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                FinancialsWorking capital amp net debt ndash Financing of future revenues

                                Bauerrsquos 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 Receivables

                                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 247 after-sales service A relatively large rental fleet is needed for different contract types (eg rental purchase)

                                Resources segment Outstanding customer payments (water business) and receivables on projects (environmental amp drilling business)

                                75-8015-20 ~5

                                Construction Equipment Resources20-2555-60 15-20

                                20

                                Key facts

                                Why does the business model needs so much working capital

                                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                629 608549 552

                                467

                                665 677594 562 564

                                0

                                150

                                300

                                450

                                600

                                750

                                2015 2016 2017 2018 2019

                                646 665 677594 562 564

                                171 185 158 183 199123

                                38 36

                                43

                                33

                                28

                                46

                                00

                                10

                                20

                                30

                                40

                                50

                                0

                                160

                                320

                                480

                                640

                                800

                                2014 2015 2016 2017 2018 2019

                                1656 15551772 1686 1595

                                665 677 594 562 564

                                0

                                360

                                720

                                1080

                                1440

                                1800

                                2015 2016 2017 2018 201921

                                FinancialsWorking capital amp net debt ndash Current development

                                Total Group revenues net debtin EUR million

                                Net debtWorking capital

                                EBITDANet debt

                                Current development At EUR 5637 million net debt was at the same level

                                as 2018 This was essentially due to the new IFRS 16 standard and the market valuation of financial liabilities Pure bank debt has seen further reductions which demonstrates that our numerous measures are making progress

                                Net debt to EBITDA ratio has worsened substantially as a consequence of significantly lower earnings than originally expected Our target range is a ratio of below 30 yearend

                                -37-152

                                ∆ 20152019

                                Working capital net debtin EUR million

                                Net debt EBITDA ratioin EUR million

                                Net debtTotal Group revenues ndash Net debtEBITDA

                                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                711 720 736

                                604

                                726 701 700629 672 709 684

                                608674 646 628

                                549 576624 629

                                552 584 609 591

                                467

                                0

                                160

                                320

                                480

                                640

                                800

                                Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

                                773 776 778

                                646

                                779 752 749665

                                743 762 736677

                                740 712 686594 639 678 679

                                562620 648 637

                                564

                                0

                                160

                                320

                                480

                                640

                                800

                                Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

                                22

                                FinancialsWorking capital amp net debt are lower year-end than during the year

                                Net debt (excl pensions)in EUR million

                                Working capitalin EUR million -154

                                +03

                                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 23

                                FinancialsIncome statement 12M 2019in EUR 000 12M 2018 12M 2019 ∆ in

                                Sales revenues (PampL) 1589091 1470922 -74

                                Consolidated revenues (PampL) 1616936 1537691 -49

                                Cost of materials -821496 -783126 -47

                                Personel expenses -392384 -418805 67

                                Other operation expenses -204440 -212713 40

                                EBITDA 198616 123047 -380

                                Depreciation of fixed assets -80967 -84760 47

                                Write-downs of inventories due to use -17590 -15806 -101

                                EBIT 100059 22481 -775

                                Financial income 38204 33742 -117

                                Financial expenses -76992 -78766 23

                                Share of profitloss of associated companies (equity method) 4594 11225 na

                                Earnings before tax (EBT) 65865 -11318 na

                                Income tax expense -41778 -25232 -396

                                Earnings after tax 24087 -36550 na

                                of which attributable to shareholders of BAUER AG 22577 -37146 na

                                of which attributable to non-controlling interests 1510 596 -605

                                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 24

                                Financials Balance sheet December 31 2019in EUR 000 Dec 31 2018 Dec 31 2019 ∆ in Assets 1632284 1628549 -02

                                Non-current assets 621041 692778 116Intangible assets 18077 16946 -63Property plant and equipment and investment property 411571 460470 119Investments accounted for using the equity method 113019 118185 46Participations 8350 8806 55Other non-current assets amp deferred tax assets 70024 88371 262Current assets 1011243 935771 -75Inventories 365865 405401 108Rental equipment 60488 61838 22Less advances received on inventories -16098 -8921 -446

                                410255 458318 117Receivables and other assets 535111 434608 -188Effective income tax refund claims 3290 5270 602Cash and cash equivalents 62587 37575 -400

                                Equity and liabilities 1632284 1628549 -02

                                Equity 431816 386916 -104Non-current debt 501424 327118 -348Provisions for pensions 134389 158641 180Non-current liabilities amp deferred tax liabilities 367035 257977 -297Current debt 699044 914515 308Financial liabilities 286104 376453 316Other current liabilities 357851 402318 124Effective income tax obligations 31687 19566 -383Provisions 23402 26678 140

                                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 25

                                FinancialsCash flow statement 12M 2019in EUR 000 12M 2018 12M 2019 ∆ in

                                Cash flow from operational activity 147444 168882 145

                                Cash flow from investment activity -57600 -75213 306

                                Cash flow from financing activity -75088 -120339 603

                                Free Cash Flow 89844 93669 43

                                Changes in liquid funds affecting payments 14756 -26670 na

                                Influence of exchange rate movements on cash 565 1658 na

                                Total change in liquid funds 15321 -25012 na

                                Cash and cash equivalents at beginning of reporting period 47266 62587 324

                                Cash and cash equivalents at end of reporting period 62587 37575 -400

                                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 26

                                FinancialsForecast 2020 ndash More cautious view due to coronavirus pandemic

                                2019 final

                                Total Group Revenues 1594 EUR million slight increase

                                Revenue growth -54 3 - 8

                                EBIT 225 EUR million significant increase

                                EBIT margin 15 7 - 9

                                Earnings after tax -366 EUR million significant increase in the positive area

                                Equity ratio 238 gt 30

                                2020 forecast Long-term goal

                                Slope stabilisation with BG 15 ndash Germany Largest water treatment plant ndash Nimr OmanCompact cutter system for Grand Paris

                                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 27

                                BAUER AktiengesellschaftBAUER-Straszlige 186529 SchrobenhausenGermany

                                Tel +49 8252 97-1218investorrelationsbauerdewwwbauerde

                                April 9 2020 Annual Report 2019Analyst amp Press Conference

                                May 13 2020 Quarterly Statement Q1 2020

                                June 25 2020 Annual General Meeting

                                August 13 2020 Half-Year Interim Report toJune 30 2020

                                November 13 2020 Quarterly Statement 9MQ3 2020

                                wwwyoutubecomBauergruppe

                                wwwfacebookcomBauerAGgroup

                                Investor RelationsFinancial calendar amp contact

                                Christopher WolfHead of Investor Relations

                                2020

                                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 28

                                Table of Content

                                BAUER Group ndash Strategy Chances amp Markets

                                Appendix

                                Financials FYQ4 2019 amp Guidance

                                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 29

                                1790 middot 1900 middot 1902 middot 1928 middot 1948 middot 1956 middot 1958 middot 1967 middot 1969 middot 1972 middot 1975 middot 1976 middot 1984 middot 1990 middot 1992 middot 1994 middot 1998 middot 2001 middot 2019

                                BAUER GroupThe history ndash Two centuries of experience

                                End of 1970rsquosStart of

                                internationalisation

                                Early 1990rsquosBuild up of

                                specialist construction environmental business

                                FY 2019Total Group

                                revenues EUR 16 billion 11684

                                employees

                                4 Jul 2006IPO

                                Early 1970rsquosStart of equipment

                                manufacturing

                                Company founded as copper forge

                                After WW II (1950s)Start of construction

                                business

                                Early 1980rsquosSelling of equipment to

                                third parties

                                1790 1900-1970 1980-1990 2000-2019

                                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 30

                                Michael Stomberg (CEO) HSE IT Process Management Quality Management

                                Florian Bauer Digitalization Development

                                Coordination Training Company Culture

                                Hartmut Beutler (CFO) Financing amp Treasury Legal Affairs amp Insurance IR amp Corporate

                                Communications Facility Management Media Design

                                Peter Hingott Group Controlling amp

                                Accounting Human Resources Group Purchasing

                                Management BoardBAUER AG

                                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 31

                                BAUER GroupThe three segments

                                31copy BAUER AG D-86529 Schrobenhausen

                                Target ~ 40 of total Group revenues

                                Market leader in specialist foundation equipment

                                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

                                Target ~ 20 of total Group revenues Activities in

                                environmental technology deep drilling well construction materials

                                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 32

                                BAUER GroupChallenges of the world provide chances for the company

                                The megatrend of urbanization requires construction solutions for the city of the future

                                To deal with the scarcity of drinking water purification and supply technologies are needed

                                The increasing mobility in society demands new and renewed transport routes

                                Changing social values are fundamentally revolutionizing the business world

                                UrbanizationInfrastructure Water

                                CultureA change in energy supply can only be realized through comprehensive construction works

                                The remediation of contaminated soil is the key to sustainable utilization of resources

                                Energy transitionEnvironment

                                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                ConstructionKey factsConstruction

                                Leading global provider for specialist foundation engineering

                                services

                                33

                                Total Group revenues (incl JV) Order backlog EBIT

                                ~ 40 of total Group revenues EBIT margin 4 - 6

                                (2018 54 2019 na)

                                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 5050 infrastructureindustrial split

                                Figures are somewhat cyclical between the quarters ndash focus on the entire year

                                Market environment Growing construction markets worldwide

                                Special foundation engineering is growing stronger than construction markets

                                Huge pent-up demand in developed countries and in emerging markets

                                Competition Keller Trevi Soletanche Bachy

                                (worldwide)

                                Local competitors in each country

                                Current focus topics Improving project and risk management especially for major projects

                                Leading in digitalization solutions for our market

                                Key figures

                                Key targets

                                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 34

                                What is specialist foundationBuilding an excavation pit

                                Permeation Grouting

                                Mixed-In-Place Method

                                Injection Anchor

                                Diaphragm andCut-off Wall

                                Pile Foundation

                                Piling Retaining Wall

                                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 35

                                What is specialist foundation used forApplications

                                Foundationsfor the highest buildings in the world

                                Excavation Pits for every problem and requirement

                                Ground Improvementallows projects on weak ground

                                Cut-off Walls as solution for dams and dikes

                                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 36

                                ConstructionMunich Germany ndash Foundation works for a boarding house

                                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                EquipmentKey facts

                                Market leader in specialistfoundation equipment

                                Equipment

                                37

                                Sales revenues (excl JV) Order intake EBIT

                                ~ 40 of total Group revenues EBIT margin 10 - 12

                                (2018 117 2019 100)

                                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 JV with Schlumberger for the production of deep drilling rigs (oil amp gas)

                                Market environment Growing construction markets worldwide lead to positive equipment demand

                                Strong position due to efforts regarding quality efficiency and noise reduction

                                Growth potential with specialized machines for mining water and offshore drilling

                                Competition Trevi Liebherr Chinese manufactures

                                (eg Sany XCMG)

                                Further competition regarding special product types

                                Current focus topics Focus on value analysis methods and purchase organization

                                Optimizing and increasing after-sales services

                                Key figures

                                Key targets

                                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 38

                                EquipmentWhole range of products for special foundation engineering

                                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 39

                                EquipmentProduct range Deep Drilling

                                Joint Ventureof Bauer amp Schlumberger

                                In order to meet the upcoming market challenges out-of-the-box thinking

                                is necessary and therefore integrated drilling and rig solutions are of

                                growing importance

                                Based on more than 40 years of experience in engineering and

                                manufacturing of drilling rigs NeoRig develops and manufactures

                                modern drilling solutions which set new standards of safety efficiency

                                productivity and ease of service in the deep drilling business

                                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                ResourcesKey factsResources

                                40

                                Products amp services for environmental technology mining well construction

                                and water cleaning

                                Total Group revenues (incl JV) Order backlog EBIT

                                ~ 20 of total Group revenues EBIT margin 6 - 8

                                (2018 na 2019 na)

                                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 amp Middle East

                                Market environment Huge demand for environmental and water solutions

                                Outstanding market position with ground-breaking projects in the field of cleaning drinking and process water eg the biological water treatment plant in Oman

                                Competition Fragmented competition for each single product and service area

                                Current focus topics Improvement of loss-making Jordan subsidiary which is caused by overcapacities

                                Consistent proceeding of reorganization in the water related companies

                                Focus on new projects for the profitable environment business

                                Key figures

                                Key targets

                                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 41

                                ResourcesPool of competences from a single hand

                                Industrial Waste Water Process amp Produced Water NORM Constructed Wetlands Modelling amp Well Design Construction Material for Wells

                                and Geothermal Water Distribution Management Irrigation Systems

                                Remediation Landfill Restoration Decommissioning Demolition Hazardous Waste Management Soil Treatment and Waste

                                Management

                                Exploration Drilling Deep Geothermal Drilling Well Drilling Blast Hole Drilling

                                EnvironmentWater Natural Resources

                                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 42

                                ResourcesWater ndash Process Water amp Water Distribution Management

                                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 43

                                ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman

                                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 44

                                Market environment ndash GermanyGerman construction market

                                Source Federal Statistical Office Statistical Office Bavaria

                                in EUR billion

                                Germany2019

                                Employees (in 1000)

                                Revenues 922Building construction 508Foundation engineering 414

                                Orders received in EUR billion

                                Housebuilding 196Industrial building 363Public sectorof which

                                public buildings 55road building 142underground structures 105

                                ) only companies gt 20 employees

                                49

                                108

                                95

                                39

                                109

                                65

                                80

                                88

                                38

                                49

                                82

                                77

                                112

                                132

                                25

                                Dezember 2019 2018 20192017 2018

                                in

                                89

                                97

                                302

                                861

                                4867

                                88

                                100 82

                                59

                                125

                                Weiszlig

                                Bunt

                                Kunterbunt

                                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 45

                                Building constructionpositive cash contribution

                                Specialist foundation engineeringpre-financing need

                                Financials Working capital needs ndash Comparison with building construction

                                EUR

                                12 24 months

                                Positive cash contribution

                                Negative cash contribution

                                Con

                                trac

                                t val

                                ue

                                EUR

                                Negative cash contribution

                                12 24 months

                                Con

                                trac

                                t val

                                ue

                                Construction contracts with short duration need

                                No advance payments no front-loading of prices possible approx 2 - 3 months of pre-financing

                                Negative cash contribution during construction phase

                                Construction contracts with long durations

                                Advance payments front-loading of prices

                                Positive cash contribution during construction phase

                                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 46

                                BAUER shareFacts amp Figures

                                Listed on Frankfurt stock exchange (Prime Standard) since July 4 2006

                                Share capital EUR 7300142045

                                Shares issued 17131000

                                Issue price EUR 1675

                                Share performance (012019 ndash 032020)

                                Bauer familyFree float

                                5181

                                Shareholder structure

                                4819

                                in EUR 2015 2016 2017 2018 2019

                                Earnings per share 173 066 016 132 -217

                                Share price year end 1740 1140 3000 1216 1510

                                Share price highest 1920 1716 3096 3125 2430

                                Share price lowest 1385 945 1172 1208 1262

                                Market Cap(in EUR million) 2981 1953 5139 2083 2587

                                CDAXClassic All SharePrime All Share

                                ISIN DE0005168108Reuters B5AGDEBloomberg B5A GR

                                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                050

                                100 100

                                060 060050

                                030

                                001

                                015 015010 010 010

                                001000

                                030

                                060

                                090

                                120

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

                                47

                                BAUER shareDividend policy

                                Dividend payment Dividend policy founded on a reasonable balance between shareholders and company

                                fair participation of shareholders maintaining continuity safeguarding of the equity ratio

                                All shareholders shall participate in the success of the business

                                After some difficult years we must continue to strike a careful balance between continuity and shareholder participation on the one hand and safeguarding our equity ratio on the other

                                To secure an adequate equity ratio is an important aim of the companyrsquos 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

                                in EUR per share

                                000

                                Proposed subject to the consent of the Annual General Meeting to be held on June 25 2020

                                000

                                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 48

                                Key Figures Time LineFY 2008 ndash FY 2019

                                In all three segments total Group revenues and EBIT figures of FY 2015 were influenced by exceptional earnings

                                Total Group revenues 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(in EUR million)BAUER Group 15272 12758 13040 13718 14358 15042 15602 16564 15547 4482 4541 4766 3931 17720 3708 4215 4435 4503 16861 4109 4207 4078 3553 15947

                                Construction 7009 5700 6154 6066 6552 7417 7256 7429 7131 2110 2205 2269 1766 8350 1508 1762 2100 2306 7676 1702 1722 1726 1538 6688Equipment 7801 6085 5817 6365 5891 6286 6392 7531 6344 1867 1853 1966 1859 7545 1808 1936 1802 1685 7231 1859 1950 1781 1547 7137Resources 1351 1743 1777 2115 2628 1889 2528 2216 2624 630 647 651 554 2482 517 676 699 723 2615 692 695 662 700 2749

                                Sales revenues 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(in EUR million)BAUER Group 12908 10965 11317 12196 13444 14022 13757 13790 13969 3789 4512 4354 4022 16679 3184 3987 4051 4669 15891 3419 4035 3622 3633 14709

                                Construction 5843 4879 5058 5062 5791 6575 6466 6508 6145 1966 2064 2145 1663 7838 1432 1642 2021 2168 7263 1616 1628 1605 1408 6257Equipment 6012 4565 4693 5114 5206 5616 5327 5480 5427 1266 1857 1685 1801 6609 1287 1736 1440 1938 6401 1253 1797 1417 1635 6102Resources 1051 1520 1564 2015 2443 1826 1959 1793 2382 553 577 532 553 2215 462 605 587 559 2213 548 607 597 583 2335

                                EBIT 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(in EUR million)BAUER Group 1675 844 884 823 720 301 764 907 703 85 302 277 232 896 110 231 227 433 1001 104 248 133 -260 225

                                Construction 463 257 288 179 220 212 260 139 297 09 124 81 -18 196 27 21 80 263 391 00 42 -34 -207 -199Equipment 1183 513 483 530 340 322 360 994 384 80 160 249 317 806 142 222 158 227 749 83 230 202 97 612Resources 40 60 81 109 152 -240 159 -198 -37 -01 09 -53 -55 -100 -57 -10 -12 -32 -110 27 -22 -30 -137 -162

                                EBIT margin 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(in )BAUER Group 130 77 78 67 54 21 56 66 50 22 67 64 58 54 35 58 56 93 63 30 61 37 -72 15

                                Construction 79 53 57 35 38 32 40 21 48 05 60 38 -11 25 19 13 39 121 54 00 26 -21 -147 -32Equipment 197 112 103 104 65 57 68 181 71 64 86 148 176 122 110 128 110 117 117 66 128 143 60 100Resources 38 39 52 54 62 -131 81 -110 -16 -02 15 -100 -99 -45 -123 -16 -20 -57 -50 49 -37 -49 -235 -69

                                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

                                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

                                • Foliennummer 1
                                • Foliennummer 2
                                • Key FiguresFY 2019
                                • Table of Content
                                • Foliennummer 5
                                • Foliennummer 6
                                • Foliennummer 7
                                • Foliennummer 8
                                • BAUER Group Construction market environment vs order backlog
                                • Foliennummer 10
                                • Foliennummer 11
                                • Table of Content
                                • Foliennummer 13
                                • Foliennummer 14
                                • Foliennummer 15
                                • Foliennummer 16
                                • Foliennummer 17
                                • Foliennummer 18
                                • Foliennummer 19
                                • Foliennummer 20
                                • Foliennummer 21
                                • Foliennummer 22
                                • FinancialsIncome statement 12M 2019
                                • Financials Balance sheet December 31 2019
                                • FinancialsCash flow statement 12M 2019
                                • Foliennummer 26
                                • Foliennummer 27
                                • Table of Content
                                • BAUER GroupThe history ndash Two centuries of experience
                                • Foliennummer 30
                                • BAUER GroupThe three segments
                                • Foliennummer 32
                                • Foliennummer 33
                                • What is specialist foundationBuilding an excavation pit
                                • What is specialist foundation used forApplications
                                • ConstructionMunich Germany ndash Foundation works for a boarding house
                                • Foliennummer 37
                                • EquipmentWhole range of products for special foundation engineering
                                • EquipmentProduct range Deep Drilling
                                • Foliennummer 40
                                • ResourcesPool of competences from a single hand
                                • ResourcesWater ndash Process Water amp Water Distribution Management
                                • ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
                                • Market environment ndash Germany German construction market
                                • Financials Working capital needs ndash Comparison with building construction
                                • BAUER shareFacts amp Figures
                                • BAUER shareDividend policy
                                • Foliennummer 48
                                • Disclaimer
                                  Zweistelliges Auftragsplus am Bau in Bayern
                                  Absolute WerteVeraumlnderungen in
                                  August 20062004BayernWestdeutschlandOstdeutschland
                                  BayernWest-Ost-200420040200420040200420040
                                  LaumlnderLaumlnder199420030199420030199420030
                                  Beschaumlftigte in 1000126152831887-52-5200-432-60-5200-539-7200
                                  Baugenehmigungen Mio msup3 umb Raum6532572423-108-10800-252-8400-68-10300
                                  Umsatz in Mrd EUR139570173-249-5800-277-4500-399-7600
                                  Hochbau9637192-265-5600-301-4400-507-7400
                                  Tiefbau4319981-217-6200-222-4500-207-7900
                                  09033799-393-10000-452-5600-580-6000
                                  in Mrd EUR
                                  Wohnungsbau236511-480-7100-561-6400-771-20700
                                  Wirtschaftsbau3314040-347-10500-457-5900-603-9400
                                  Oumlffentlicher Bau3313148-352-11500-346-4900-3821800
                                  darunter
                                  Oumlffentl Hochbau092509-324-8500-480-0100-5616900
                                  Straszligenbau125821-128-11200-146-5100-1604200
                                  Sonstiger Tiefbau124818-502-13700-425-7100-467-3400
                                  19712561362168-243-95248-173-23210-21146
                                  1) Bei Baugenehmigungen liegen erst die Oktoberwerte vor
                                  1) Bei Baugenehmigungen liegen erst die Februarwerte vor
                                  2) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten
                                  in EUR billionin
                                  Dezember 2019Germany20052005Jan - Aug20182019
                                  201919942004060520172018
                                  Employees (in 1000)4867-47-60-104949
                                  Revenues922-305-647310882
                                  Building construction508-318-611009577
                                  Foundation engineering414-280-711212588
                                  Orders received861-3743110610082
                                  in EUR billion
                                  Housebuilding196-489-181211297
                                  Industrial building363-3036818113289
                                  Public sector302-33132995965
                                  of which
                                  public buildings55-23812729025109
                                  road building142-138-12478839
                                  underground structures105-49515223880
                                  1256168-243-95-173-23
                                  1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
                                  ) only companies gt 20 employees
                                  Zweistelliges Auftragsplus am Bau in Bayern
                                  Absolute WerteVeraumlnderungen in
                                  August 20062005BayernWestdeutschlandOstdeutschland
                                  BayernWest-Ost-20052005Jan - Aug20052005Jan - Aug20052005Jan - Aug
                                  LaumlnderLaumlnder199420040605199420040605199420040605
                                  Beschaumlftigte in 1000126152831887-470-60-10-465-60-58-38-578-85-51
                                  Baugenehmigungen Mio msup3 umb Raum6532572423-395-101249-417-41171-680-157259
                                  Umsatz in Mrd EUR139570173-305-6473-312-4835-452-8813
                                  Hochbau9637192-318-61100-336-5048-565-11835
                                  Tiefbau4319981-280-7112-255-4311-247-51-14
                                  Auftragseingang9033799-37431106-4470984-609-7043
                                  in Mrd EUR
                                  Wohnungsbau236511-489-1812-586-5888-805-14841
                                  Wirtschaftsbau3314040-30368181-43345104-625-56121
                                  Oumlffentlicher Bau3313148-3313299-3400972-420-62-18
                                  darunter
                                  Oumlffentl Hochbau092509-238127290-500-38142-602-93-51
                                  Straszligenbau125821-138-1247-965978-211-8582
                                  Sonstiger Tiefbau124818-4951522-439-2430-477-18-124
                                  19712561362168-243-95248-173-23210-21146
                                  1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
                                  ) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

                                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                  103 115143

                                  171

                                  100137 129

                                  181

                                  108 115 123

                                  197

                                  127

                                  186169 180

                                  129

                                  174144

                                  194

                                  125

                                  180

                                  142164

                                  0

                                  50

                                  100

                                  150

                                  200

                                  250

                                  Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

                                  165 163187

                                  162 177155 166 152 161 159 160 171

                                  212 218

                                  148182

                                  227

                                  170 160 167186 192

                                  168

                                  127

                                  0

                                  50

                                  100

                                  150

                                  200

                                  250

                                  Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

                                  FinancialsEquipment segment ndash Revenues and order development

                                  Order intakein EUR million

                                  Sales revenuesin EUR million

                                  Equipment

                                  17

                                  -156

                                  -239

                                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                  72 70

                                  261 275

                                  2018 2019

                                  316281

                                  2018 2019

                                  -32

                                  -137-110

                                  -1622018 2019

                                  FinancialsResources segment ndash Highlights FY 2019

                                  Products amp services related to water environment and natural resources

                                  Competence areas water treatment environmental remediation waste management drilling technologies and constructed wetlands

                                  Total Group revenuesin EUR million

                                  Order backlogin EUR million

                                  EBITin EUR million

                                  Resources Total Group revenues increased by 51 from EUR 2615 million in the previous

                                  year to EUR 2749 million EBIT decreased from EUR -110 million to EUR -162 million and earnings after taxes were up from EUR -160 million in the previous year to EUR -137 million primarily due to higher at-equity earnings

                                  The segment fell short of expectations once again in 2019 While earnings from the operating business improved significantly underutilization in Jordan a weak order situation in the business with brewery and beverage technology further restructuring expenditure and adjustments for receivables from old projects primarily proved to be a burden

                                  At the order backlog was down 113 from EUR 3165 million to EUR 2807 million The decline is essentially due to progress on the large Kesslergrube project The order intake was EUR 2391 million in 2019 and thus 13 slightly below the 2018 value of EUR 2422 million The order book lasts for 123 months

                                  18

                                  +51-113Full year 2019

                                  17 of total Group revenues EBIT margin naKey targets ~ 20 of total Group revenues (TGR) EBIT margin 6 - 8Key figures to be considered TGR order backlog EBIT

                                  FYQ4

                                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                  48 5360

                                  92

                                  5448

                                  75

                                  44

                                  71 67 6657 63 65 65

                                  55 52

                                  68 70 72 69 70 66 70

                                  0

                                  20

                                  40

                                  60

                                  80

                                  100

                                  Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

                                  173 169 172 153 173 174

                                  274 276 287 294 290 279 297 317 308336 330 321 324 316 327 322

                                  295 281

                                  0

                                  75

                                  150

                                  225

                                  300

                                  375

                                  Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

                                  FinancialsResources segment ndash Revenues and order development

                                  Order backlogin EUR million

                                  Total Group revenuesin EUR million

                                  Resources

                                  19

                                  -32

                                  -113

                                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                  FinancialsWorking capital amp net debt ndash Financing of future revenues

                                  Bauerrsquos 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 Receivables

                                  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 247 after-sales service A relatively large rental fleet is needed for different contract types (eg rental purchase)

                                  Resources segment Outstanding customer payments (water business) and receivables on projects (environmental amp drilling business)

                                  75-8015-20 ~5

                                  Construction Equipment Resources20-2555-60 15-20

                                  20

                                  Key facts

                                  Why does the business model needs so much working capital

                                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                  629 608549 552

                                  467

                                  665 677594 562 564

                                  0

                                  150

                                  300

                                  450

                                  600

                                  750

                                  2015 2016 2017 2018 2019

                                  646 665 677594 562 564

                                  171 185 158 183 199123

                                  38 36

                                  43

                                  33

                                  28

                                  46

                                  00

                                  10

                                  20

                                  30

                                  40

                                  50

                                  0

                                  160

                                  320

                                  480

                                  640

                                  800

                                  2014 2015 2016 2017 2018 2019

                                  1656 15551772 1686 1595

                                  665 677 594 562 564

                                  0

                                  360

                                  720

                                  1080

                                  1440

                                  1800

                                  2015 2016 2017 2018 201921

                                  FinancialsWorking capital amp net debt ndash Current development

                                  Total Group revenues net debtin EUR million

                                  Net debtWorking capital

                                  EBITDANet debt

                                  Current development At EUR 5637 million net debt was at the same level

                                  as 2018 This was essentially due to the new IFRS 16 standard and the market valuation of financial liabilities Pure bank debt has seen further reductions which demonstrates that our numerous measures are making progress

                                  Net debt to EBITDA ratio has worsened substantially as a consequence of significantly lower earnings than originally expected Our target range is a ratio of below 30 yearend

                                  -37-152

                                  ∆ 20152019

                                  Working capital net debtin EUR million

                                  Net debt EBITDA ratioin EUR million

                                  Net debtTotal Group revenues ndash Net debtEBITDA

                                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                  711 720 736

                                  604

                                  726 701 700629 672 709 684

                                  608674 646 628

                                  549 576624 629

                                  552 584 609 591

                                  467

                                  0

                                  160

                                  320

                                  480

                                  640

                                  800

                                  Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

                                  773 776 778

                                  646

                                  779 752 749665

                                  743 762 736677

                                  740 712 686594 639 678 679

                                  562620 648 637

                                  564

                                  0

                                  160

                                  320

                                  480

                                  640

                                  800

                                  Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

                                  22

                                  FinancialsWorking capital amp net debt are lower year-end than during the year

                                  Net debt (excl pensions)in EUR million

                                  Working capitalin EUR million -154

                                  +03

                                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 23

                                  FinancialsIncome statement 12M 2019in EUR 000 12M 2018 12M 2019 ∆ in

                                  Sales revenues (PampL) 1589091 1470922 -74

                                  Consolidated revenues (PampL) 1616936 1537691 -49

                                  Cost of materials -821496 -783126 -47

                                  Personel expenses -392384 -418805 67

                                  Other operation expenses -204440 -212713 40

                                  EBITDA 198616 123047 -380

                                  Depreciation of fixed assets -80967 -84760 47

                                  Write-downs of inventories due to use -17590 -15806 -101

                                  EBIT 100059 22481 -775

                                  Financial income 38204 33742 -117

                                  Financial expenses -76992 -78766 23

                                  Share of profitloss of associated companies (equity method) 4594 11225 na

                                  Earnings before tax (EBT) 65865 -11318 na

                                  Income tax expense -41778 -25232 -396

                                  Earnings after tax 24087 -36550 na

                                  of which attributable to shareholders of BAUER AG 22577 -37146 na

                                  of which attributable to non-controlling interests 1510 596 -605

                                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 24

                                  Financials Balance sheet December 31 2019in EUR 000 Dec 31 2018 Dec 31 2019 ∆ in Assets 1632284 1628549 -02

                                  Non-current assets 621041 692778 116Intangible assets 18077 16946 -63Property plant and equipment and investment property 411571 460470 119Investments accounted for using the equity method 113019 118185 46Participations 8350 8806 55Other non-current assets amp deferred tax assets 70024 88371 262Current assets 1011243 935771 -75Inventories 365865 405401 108Rental equipment 60488 61838 22Less advances received on inventories -16098 -8921 -446

                                  410255 458318 117Receivables and other assets 535111 434608 -188Effective income tax refund claims 3290 5270 602Cash and cash equivalents 62587 37575 -400

                                  Equity and liabilities 1632284 1628549 -02

                                  Equity 431816 386916 -104Non-current debt 501424 327118 -348Provisions for pensions 134389 158641 180Non-current liabilities amp deferred tax liabilities 367035 257977 -297Current debt 699044 914515 308Financial liabilities 286104 376453 316Other current liabilities 357851 402318 124Effective income tax obligations 31687 19566 -383Provisions 23402 26678 140

                                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 25

                                  FinancialsCash flow statement 12M 2019in EUR 000 12M 2018 12M 2019 ∆ in

                                  Cash flow from operational activity 147444 168882 145

                                  Cash flow from investment activity -57600 -75213 306

                                  Cash flow from financing activity -75088 -120339 603

                                  Free Cash Flow 89844 93669 43

                                  Changes in liquid funds affecting payments 14756 -26670 na

                                  Influence of exchange rate movements on cash 565 1658 na

                                  Total change in liquid funds 15321 -25012 na

                                  Cash and cash equivalents at beginning of reporting period 47266 62587 324

                                  Cash and cash equivalents at end of reporting period 62587 37575 -400

                                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 26

                                  FinancialsForecast 2020 ndash More cautious view due to coronavirus pandemic

                                  2019 final

                                  Total Group Revenues 1594 EUR million slight increase

                                  Revenue growth -54 3 - 8

                                  EBIT 225 EUR million significant increase

                                  EBIT margin 15 7 - 9

                                  Earnings after tax -366 EUR million significant increase in the positive area

                                  Equity ratio 238 gt 30

                                  2020 forecast Long-term goal

                                  Slope stabilisation with BG 15 ndash Germany Largest water treatment plant ndash Nimr OmanCompact cutter system for Grand Paris

                                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 27

                                  BAUER AktiengesellschaftBAUER-Straszlige 186529 SchrobenhausenGermany

                                  Tel +49 8252 97-1218investorrelationsbauerdewwwbauerde

                                  April 9 2020 Annual Report 2019Analyst amp Press Conference

                                  May 13 2020 Quarterly Statement Q1 2020

                                  June 25 2020 Annual General Meeting

                                  August 13 2020 Half-Year Interim Report toJune 30 2020

                                  November 13 2020 Quarterly Statement 9MQ3 2020

                                  wwwyoutubecomBauergruppe

                                  wwwfacebookcomBauerAGgroup

                                  Investor RelationsFinancial calendar amp contact

                                  Christopher WolfHead of Investor Relations

                                  2020

                                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 28

                                  Table of Content

                                  BAUER Group ndash Strategy Chances amp Markets

                                  Appendix

                                  Financials FYQ4 2019 amp Guidance

                                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 29

                                  1790 middot 1900 middot 1902 middot 1928 middot 1948 middot 1956 middot 1958 middot 1967 middot 1969 middot 1972 middot 1975 middot 1976 middot 1984 middot 1990 middot 1992 middot 1994 middot 1998 middot 2001 middot 2019

                                  BAUER GroupThe history ndash Two centuries of experience

                                  End of 1970rsquosStart of

                                  internationalisation

                                  Early 1990rsquosBuild up of

                                  specialist construction environmental business

                                  FY 2019Total Group

                                  revenues EUR 16 billion 11684

                                  employees

                                  4 Jul 2006IPO

                                  Early 1970rsquosStart of equipment

                                  manufacturing

                                  Company founded as copper forge

                                  After WW II (1950s)Start of construction

                                  business

                                  Early 1980rsquosSelling of equipment to

                                  third parties

                                  1790 1900-1970 1980-1990 2000-2019

                                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 30

                                  Michael Stomberg (CEO) HSE IT Process Management Quality Management

                                  Florian Bauer Digitalization Development

                                  Coordination Training Company Culture

                                  Hartmut Beutler (CFO) Financing amp Treasury Legal Affairs amp Insurance IR amp Corporate

                                  Communications Facility Management Media Design

                                  Peter Hingott Group Controlling amp

                                  Accounting Human Resources Group Purchasing

                                  Management BoardBAUER AG

                                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 31

                                  BAUER GroupThe three segments

                                  31copy BAUER AG D-86529 Schrobenhausen

                                  Target ~ 40 of total Group revenues

                                  Market leader in specialist foundation equipment

                                  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

                                  Target ~ 20 of total Group revenues Activities in

                                  environmental technology deep drilling well construction materials

                                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 32

                                  BAUER GroupChallenges of the world provide chances for the company

                                  The megatrend of urbanization requires construction solutions for the city of the future

                                  To deal with the scarcity of drinking water purification and supply technologies are needed

                                  The increasing mobility in society demands new and renewed transport routes

                                  Changing social values are fundamentally revolutionizing the business world

                                  UrbanizationInfrastructure Water

                                  CultureA change in energy supply can only be realized through comprehensive construction works

                                  The remediation of contaminated soil is the key to sustainable utilization of resources

                                  Energy transitionEnvironment

                                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                  ConstructionKey factsConstruction

                                  Leading global provider for specialist foundation engineering

                                  services

                                  33

                                  Total Group revenues (incl JV) Order backlog EBIT

                                  ~ 40 of total Group revenues EBIT margin 4 - 6

                                  (2018 54 2019 na)

                                  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 5050 infrastructureindustrial split

                                  Figures are somewhat cyclical between the quarters ndash focus on the entire year

                                  Market environment Growing construction markets worldwide

                                  Special foundation engineering is growing stronger than construction markets

                                  Huge pent-up demand in developed countries and in emerging markets

                                  Competition Keller Trevi Soletanche Bachy

                                  (worldwide)

                                  Local competitors in each country

                                  Current focus topics Improving project and risk management especially for major projects

                                  Leading in digitalization solutions for our market

                                  Key figures

                                  Key targets

                                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 34

                                  What is specialist foundationBuilding an excavation pit

                                  Permeation Grouting

                                  Mixed-In-Place Method

                                  Injection Anchor

                                  Diaphragm andCut-off Wall

                                  Pile Foundation

                                  Piling Retaining Wall

                                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 35

                                  What is specialist foundation used forApplications

                                  Foundationsfor the highest buildings in the world

                                  Excavation Pits for every problem and requirement

                                  Ground Improvementallows projects on weak ground

                                  Cut-off Walls as solution for dams and dikes

                                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 36

                                  ConstructionMunich Germany ndash Foundation works for a boarding house

                                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                  EquipmentKey facts

                                  Market leader in specialistfoundation equipment

                                  Equipment

                                  37

                                  Sales revenues (excl JV) Order intake EBIT

                                  ~ 40 of total Group revenues EBIT margin 10 - 12

                                  (2018 117 2019 100)

                                  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 JV with Schlumberger for the production of deep drilling rigs (oil amp gas)

                                  Market environment Growing construction markets worldwide lead to positive equipment demand

                                  Strong position due to efforts regarding quality efficiency and noise reduction

                                  Growth potential with specialized machines for mining water and offshore drilling

                                  Competition Trevi Liebherr Chinese manufactures

                                  (eg Sany XCMG)

                                  Further competition regarding special product types

                                  Current focus topics Focus on value analysis methods and purchase organization

                                  Optimizing and increasing after-sales services

                                  Key figures

                                  Key targets

                                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 38

                                  EquipmentWhole range of products for special foundation engineering

                                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 39

                                  EquipmentProduct range Deep Drilling

                                  Joint Ventureof Bauer amp Schlumberger

                                  In order to meet the upcoming market challenges out-of-the-box thinking

                                  is necessary and therefore integrated drilling and rig solutions are of

                                  growing importance

                                  Based on more than 40 years of experience in engineering and

                                  manufacturing of drilling rigs NeoRig develops and manufactures

                                  modern drilling solutions which set new standards of safety efficiency

                                  productivity and ease of service in the deep drilling business

                                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                  ResourcesKey factsResources

                                  40

                                  Products amp services for environmental technology mining well construction

                                  and water cleaning

                                  Total Group revenues (incl JV) Order backlog EBIT

                                  ~ 20 of total Group revenues EBIT margin 6 - 8

                                  (2018 na 2019 na)

                                  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 amp Middle East

                                  Market environment Huge demand for environmental and water solutions

                                  Outstanding market position with ground-breaking projects in the field of cleaning drinking and process water eg the biological water treatment plant in Oman

                                  Competition Fragmented competition for each single product and service area

                                  Current focus topics Improvement of loss-making Jordan subsidiary which is caused by overcapacities

                                  Consistent proceeding of reorganization in the water related companies

                                  Focus on new projects for the profitable environment business

                                  Key figures

                                  Key targets

                                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 41

                                  ResourcesPool of competences from a single hand

                                  Industrial Waste Water Process amp Produced Water NORM Constructed Wetlands Modelling amp Well Design Construction Material for Wells

                                  and Geothermal Water Distribution Management Irrigation Systems

                                  Remediation Landfill Restoration Decommissioning Demolition Hazardous Waste Management Soil Treatment and Waste

                                  Management

                                  Exploration Drilling Deep Geothermal Drilling Well Drilling Blast Hole Drilling

                                  EnvironmentWater Natural Resources

                                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 42

                                  ResourcesWater ndash Process Water amp Water Distribution Management

                                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 43

                                  ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman

                                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 44

                                  Market environment ndash GermanyGerman construction market

                                  Source Federal Statistical Office Statistical Office Bavaria

                                  in EUR billion

                                  Germany2019

                                  Employees (in 1000)

                                  Revenues 922Building construction 508Foundation engineering 414

                                  Orders received in EUR billion

                                  Housebuilding 196Industrial building 363Public sectorof which

                                  public buildings 55road building 142underground structures 105

                                  ) only companies gt 20 employees

                                  49

                                  108

                                  95

                                  39

                                  109

                                  65

                                  80

                                  88

                                  38

                                  49

                                  82

                                  77

                                  112

                                  132

                                  25

                                  Dezember 2019 2018 20192017 2018

                                  in

                                  89

                                  97

                                  302

                                  861

                                  4867

                                  88

                                  100 82

                                  59

                                  125

                                  Weiszlig

                                  Bunt

                                  Kunterbunt

                                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 45

                                  Building constructionpositive cash contribution

                                  Specialist foundation engineeringpre-financing need

                                  Financials Working capital needs ndash Comparison with building construction

                                  EUR

                                  12 24 months

                                  Positive cash contribution

                                  Negative cash contribution

                                  Con

                                  trac

                                  t val

                                  ue

                                  EUR

                                  Negative cash contribution

                                  12 24 months

                                  Con

                                  trac

                                  t val

                                  ue

                                  Construction contracts with short duration need

                                  No advance payments no front-loading of prices possible approx 2 - 3 months of pre-financing

                                  Negative cash contribution during construction phase

                                  Construction contracts with long durations

                                  Advance payments front-loading of prices

                                  Positive cash contribution during construction phase

                                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 46

                                  BAUER shareFacts amp Figures

                                  Listed on Frankfurt stock exchange (Prime Standard) since July 4 2006

                                  Share capital EUR 7300142045

                                  Shares issued 17131000

                                  Issue price EUR 1675

                                  Share performance (012019 ndash 032020)

                                  Bauer familyFree float

                                  5181

                                  Shareholder structure

                                  4819

                                  in EUR 2015 2016 2017 2018 2019

                                  Earnings per share 173 066 016 132 -217

                                  Share price year end 1740 1140 3000 1216 1510

                                  Share price highest 1920 1716 3096 3125 2430

                                  Share price lowest 1385 945 1172 1208 1262

                                  Market Cap(in EUR million) 2981 1953 5139 2083 2587

                                  CDAXClassic All SharePrime All Share

                                  ISIN DE0005168108Reuters B5AGDEBloomberg B5A GR

                                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                  050

                                  100 100

                                  060 060050

                                  030

                                  001

                                  015 015010 010 010

                                  001000

                                  030

                                  060

                                  090

                                  120

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

                                  47

                                  BAUER shareDividend policy

                                  Dividend payment Dividend policy founded on a reasonable balance between shareholders and company

                                  fair participation of shareholders maintaining continuity safeguarding of the equity ratio

                                  All shareholders shall participate in the success of the business

                                  After some difficult years we must continue to strike a careful balance between continuity and shareholder participation on the one hand and safeguarding our equity ratio on the other

                                  To secure an adequate equity ratio is an important aim of the companyrsquos 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

                                  in EUR per share

                                  000

                                  Proposed subject to the consent of the Annual General Meeting to be held on June 25 2020

                                  000

                                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 48

                                  Key Figures Time LineFY 2008 ndash FY 2019

                                  In all three segments total Group revenues and EBIT figures of FY 2015 were influenced by exceptional earnings

                                  Total Group revenues 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(in EUR million)BAUER Group 15272 12758 13040 13718 14358 15042 15602 16564 15547 4482 4541 4766 3931 17720 3708 4215 4435 4503 16861 4109 4207 4078 3553 15947

                                  Construction 7009 5700 6154 6066 6552 7417 7256 7429 7131 2110 2205 2269 1766 8350 1508 1762 2100 2306 7676 1702 1722 1726 1538 6688Equipment 7801 6085 5817 6365 5891 6286 6392 7531 6344 1867 1853 1966 1859 7545 1808 1936 1802 1685 7231 1859 1950 1781 1547 7137Resources 1351 1743 1777 2115 2628 1889 2528 2216 2624 630 647 651 554 2482 517 676 699 723 2615 692 695 662 700 2749

                                  Sales revenues 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(in EUR million)BAUER Group 12908 10965 11317 12196 13444 14022 13757 13790 13969 3789 4512 4354 4022 16679 3184 3987 4051 4669 15891 3419 4035 3622 3633 14709

                                  Construction 5843 4879 5058 5062 5791 6575 6466 6508 6145 1966 2064 2145 1663 7838 1432 1642 2021 2168 7263 1616 1628 1605 1408 6257Equipment 6012 4565 4693 5114 5206 5616 5327 5480 5427 1266 1857 1685 1801 6609 1287 1736 1440 1938 6401 1253 1797 1417 1635 6102Resources 1051 1520 1564 2015 2443 1826 1959 1793 2382 553 577 532 553 2215 462 605 587 559 2213 548 607 597 583 2335

                                  EBIT 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(in EUR million)BAUER Group 1675 844 884 823 720 301 764 907 703 85 302 277 232 896 110 231 227 433 1001 104 248 133 -260 225

                                  Construction 463 257 288 179 220 212 260 139 297 09 124 81 -18 196 27 21 80 263 391 00 42 -34 -207 -199Equipment 1183 513 483 530 340 322 360 994 384 80 160 249 317 806 142 222 158 227 749 83 230 202 97 612Resources 40 60 81 109 152 -240 159 -198 -37 -01 09 -53 -55 -100 -57 -10 -12 -32 -110 27 -22 -30 -137 -162

                                  EBIT margin 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(in )BAUER Group 130 77 78 67 54 21 56 66 50 22 67 64 58 54 35 58 56 93 63 30 61 37 -72 15

                                  Construction 79 53 57 35 38 32 40 21 48 05 60 38 -11 25 19 13 39 121 54 00 26 -21 -147 -32Equipment 197 112 103 104 65 57 68 181 71 64 86 148 176 122 110 128 110 117 117 66 128 143 60 100Resources 38 39 52 54 62 -131 81 -110 -16 -02 15 -100 -99 -45 -123 -16 -20 -57 -50 49 -37 -49 -235 -69

                                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

                                  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

                                  • Foliennummer 1
                                  • Foliennummer 2
                                  • Key FiguresFY 2019
                                  • Table of Content
                                  • Foliennummer 5
                                  • Foliennummer 6
                                  • Foliennummer 7
                                  • Foliennummer 8
                                  • BAUER Group Construction market environment vs order backlog
                                  • Foliennummer 10
                                  • Foliennummer 11
                                  • Table of Content
                                  • Foliennummer 13
                                  • Foliennummer 14
                                  • Foliennummer 15
                                  • Foliennummer 16
                                  • Foliennummer 17
                                  • Foliennummer 18
                                  • Foliennummer 19
                                  • Foliennummer 20
                                  • Foliennummer 21
                                  • Foliennummer 22
                                  • FinancialsIncome statement 12M 2019
                                  • Financials Balance sheet December 31 2019
                                  • FinancialsCash flow statement 12M 2019
                                  • Foliennummer 26
                                  • Foliennummer 27
                                  • Table of Content
                                  • BAUER GroupThe history ndash Two centuries of experience
                                  • Foliennummer 30
                                  • BAUER GroupThe three segments
                                  • Foliennummer 32
                                  • Foliennummer 33
                                  • What is specialist foundationBuilding an excavation pit
                                  • What is specialist foundation used forApplications
                                  • ConstructionMunich Germany ndash Foundation works for a boarding house
                                  • Foliennummer 37
                                  • EquipmentWhole range of products for special foundation engineering
                                  • EquipmentProduct range Deep Drilling
                                  • Foliennummer 40
                                  • ResourcesPool of competences from a single hand
                                  • ResourcesWater ndash Process Water amp Water Distribution Management
                                  • ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
                                  • Market environment ndash Germany German construction market
                                  • Financials Working capital needs ndash Comparison with building construction
                                  • BAUER shareFacts amp Figures
                                  • BAUER shareDividend policy
                                  • Foliennummer 48
                                  • Disclaimer
                                    Zweistelliges Auftragsplus am Bau in Bayern
                                    Absolute WerteVeraumlnderungen in
                                    August 20062004BayernWestdeutschlandOstdeutschland
                                    BayernWest-Ost-200420040200420040200420040
                                    LaumlnderLaumlnder199420030199420030199420030
                                    Beschaumlftigte in 1000126152831887-52-5200-432-60-5200-539-7200
                                    Baugenehmigungen Mio msup3 umb Raum6532572423-108-10800-252-8400-68-10300
                                    Umsatz in Mrd EUR139570173-249-5800-277-4500-399-7600
                                    Hochbau9637192-265-5600-301-4400-507-7400
                                    Tiefbau4319981-217-6200-222-4500-207-7900
                                    09033799-393-10000-452-5600-580-6000
                                    in Mrd EUR
                                    Wohnungsbau236511-480-7100-561-6400-771-20700
                                    Wirtschaftsbau3314040-347-10500-457-5900-603-9400
                                    Oumlffentlicher Bau3313148-352-11500-346-4900-3821800
                                    darunter
                                    Oumlffentl Hochbau092509-324-8500-480-0100-5616900
                                    Straszligenbau125821-128-11200-146-5100-1604200
                                    Sonstiger Tiefbau124818-502-13700-425-7100-467-3400
                                    19712561362168-243-95248-173-23210-21146
                                    1) Bei Baugenehmigungen liegen erst die Oktoberwerte vor
                                    1) Bei Baugenehmigungen liegen erst die Februarwerte vor
                                    2) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten
                                    in EUR billionin
                                    Dezember 2019Germany20052005Jan - Aug20182019
                                    201919942004060520172018
                                    Employees (in 1000)4867-47-60-104949
                                    Revenues922-305-647310882
                                    Building construction508-318-611009577
                                    Foundation engineering414-280-711212588
                                    Orders received861-3743110610082
                                    in EUR billion
                                    Housebuilding196-489-181211297
                                    Industrial building363-3036818113289
                                    Public sector302-33132995965
                                    of which
                                    public buildings55-23812729025109
                                    road building142-138-12478839
                                    underground structures105-49515223880
                                    1256168-243-95-173-23
                                    1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
                                    ) only companies gt 20 employees
                                    Zweistelliges Auftragsplus am Bau in Bayern
                                    Absolute WerteVeraumlnderungen in
                                    August 20062005BayernWestdeutschlandOstdeutschland
                                    BayernWest-Ost-20052005Jan - Aug20052005Jan - Aug20052005Jan - Aug
                                    LaumlnderLaumlnder199420040605199420040605199420040605
                                    Beschaumlftigte in 1000126152831887-470-60-10-465-60-58-38-578-85-51
                                    Baugenehmigungen Mio msup3 umb Raum6532572423-395-101249-417-41171-680-157259
                                    Umsatz in Mrd EUR139570173-305-6473-312-4835-452-8813
                                    Hochbau9637192-318-61100-336-5048-565-11835
                                    Tiefbau4319981-280-7112-255-4311-247-51-14
                                    Auftragseingang9033799-37431106-4470984-609-7043
                                    in Mrd EUR
                                    Wohnungsbau236511-489-1812-586-5888-805-14841
                                    Wirtschaftsbau3314040-30368181-43345104-625-56121
                                    Oumlffentlicher Bau3313148-3313299-3400972-420-62-18
                                    darunter
                                    Oumlffentl Hochbau092509-238127290-500-38142-602-93-51
                                    Straszligenbau125821-138-1247-965978-211-8582
                                    Sonstiger Tiefbau124818-4951522-439-2430-477-18-124
                                    19712561362168-243-95248-173-23210-21146
                                    1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
                                    ) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

                                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                    72 70

                                    261 275

                                    2018 2019

                                    316281

                                    2018 2019

                                    -32

                                    -137-110

                                    -1622018 2019

                                    FinancialsResources segment ndash Highlights FY 2019

                                    Products amp services related to water environment and natural resources

                                    Competence areas water treatment environmental remediation waste management drilling technologies and constructed wetlands

                                    Total Group revenuesin EUR million

                                    Order backlogin EUR million

                                    EBITin EUR million

                                    Resources Total Group revenues increased by 51 from EUR 2615 million in the previous

                                    year to EUR 2749 million EBIT decreased from EUR -110 million to EUR -162 million and earnings after taxes were up from EUR -160 million in the previous year to EUR -137 million primarily due to higher at-equity earnings

                                    The segment fell short of expectations once again in 2019 While earnings from the operating business improved significantly underutilization in Jordan a weak order situation in the business with brewery and beverage technology further restructuring expenditure and adjustments for receivables from old projects primarily proved to be a burden

                                    At the order backlog was down 113 from EUR 3165 million to EUR 2807 million The decline is essentially due to progress on the large Kesslergrube project The order intake was EUR 2391 million in 2019 and thus 13 slightly below the 2018 value of EUR 2422 million The order book lasts for 123 months

                                    18

                                    +51-113Full year 2019

                                    17 of total Group revenues EBIT margin naKey targets ~ 20 of total Group revenues (TGR) EBIT margin 6 - 8Key figures to be considered TGR order backlog EBIT

                                    FYQ4

                                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                    48 5360

                                    92

                                    5448

                                    75

                                    44

                                    71 67 6657 63 65 65

                                    55 52

                                    68 70 72 69 70 66 70

                                    0

                                    20

                                    40

                                    60

                                    80

                                    100

                                    Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

                                    173 169 172 153 173 174

                                    274 276 287 294 290 279 297 317 308336 330 321 324 316 327 322

                                    295 281

                                    0

                                    75

                                    150

                                    225

                                    300

                                    375

                                    Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

                                    FinancialsResources segment ndash Revenues and order development

                                    Order backlogin EUR million

                                    Total Group revenuesin EUR million

                                    Resources

                                    19

                                    -32

                                    -113

                                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                    FinancialsWorking capital amp net debt ndash Financing of future revenues

                                    Bauerrsquos 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 Receivables

                                    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 247 after-sales service A relatively large rental fleet is needed for different contract types (eg rental purchase)

                                    Resources segment Outstanding customer payments (water business) and receivables on projects (environmental amp drilling business)

                                    75-8015-20 ~5

                                    Construction Equipment Resources20-2555-60 15-20

                                    20

                                    Key facts

                                    Why does the business model needs so much working capital

                                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                    629 608549 552

                                    467

                                    665 677594 562 564

                                    0

                                    150

                                    300

                                    450

                                    600

                                    750

                                    2015 2016 2017 2018 2019

                                    646 665 677594 562 564

                                    171 185 158 183 199123

                                    38 36

                                    43

                                    33

                                    28

                                    46

                                    00

                                    10

                                    20

                                    30

                                    40

                                    50

                                    0

                                    160

                                    320

                                    480

                                    640

                                    800

                                    2014 2015 2016 2017 2018 2019

                                    1656 15551772 1686 1595

                                    665 677 594 562 564

                                    0

                                    360

                                    720

                                    1080

                                    1440

                                    1800

                                    2015 2016 2017 2018 201921

                                    FinancialsWorking capital amp net debt ndash Current development

                                    Total Group revenues net debtin EUR million

                                    Net debtWorking capital

                                    EBITDANet debt

                                    Current development At EUR 5637 million net debt was at the same level

                                    as 2018 This was essentially due to the new IFRS 16 standard and the market valuation of financial liabilities Pure bank debt has seen further reductions which demonstrates that our numerous measures are making progress

                                    Net debt to EBITDA ratio has worsened substantially as a consequence of significantly lower earnings than originally expected Our target range is a ratio of below 30 yearend

                                    -37-152

                                    ∆ 20152019

                                    Working capital net debtin EUR million

                                    Net debt EBITDA ratioin EUR million

                                    Net debtTotal Group revenues ndash Net debtEBITDA

                                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                    711 720 736

                                    604

                                    726 701 700629 672 709 684

                                    608674 646 628

                                    549 576624 629

                                    552 584 609 591

                                    467

                                    0

                                    160

                                    320

                                    480

                                    640

                                    800

                                    Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

                                    773 776 778

                                    646

                                    779 752 749665

                                    743 762 736677

                                    740 712 686594 639 678 679

                                    562620 648 637

                                    564

                                    0

                                    160

                                    320

                                    480

                                    640

                                    800

                                    Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

                                    22

                                    FinancialsWorking capital amp net debt are lower year-end than during the year

                                    Net debt (excl pensions)in EUR million

                                    Working capitalin EUR million -154

                                    +03

                                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 23

                                    FinancialsIncome statement 12M 2019in EUR 000 12M 2018 12M 2019 ∆ in

                                    Sales revenues (PampL) 1589091 1470922 -74

                                    Consolidated revenues (PampL) 1616936 1537691 -49

                                    Cost of materials -821496 -783126 -47

                                    Personel expenses -392384 -418805 67

                                    Other operation expenses -204440 -212713 40

                                    EBITDA 198616 123047 -380

                                    Depreciation of fixed assets -80967 -84760 47

                                    Write-downs of inventories due to use -17590 -15806 -101

                                    EBIT 100059 22481 -775

                                    Financial income 38204 33742 -117

                                    Financial expenses -76992 -78766 23

                                    Share of profitloss of associated companies (equity method) 4594 11225 na

                                    Earnings before tax (EBT) 65865 -11318 na

                                    Income tax expense -41778 -25232 -396

                                    Earnings after tax 24087 -36550 na

                                    of which attributable to shareholders of BAUER AG 22577 -37146 na

                                    of which attributable to non-controlling interests 1510 596 -605

                                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 24

                                    Financials Balance sheet December 31 2019in EUR 000 Dec 31 2018 Dec 31 2019 ∆ in Assets 1632284 1628549 -02

                                    Non-current assets 621041 692778 116Intangible assets 18077 16946 -63Property plant and equipment and investment property 411571 460470 119Investments accounted for using the equity method 113019 118185 46Participations 8350 8806 55Other non-current assets amp deferred tax assets 70024 88371 262Current assets 1011243 935771 -75Inventories 365865 405401 108Rental equipment 60488 61838 22Less advances received on inventories -16098 -8921 -446

                                    410255 458318 117Receivables and other assets 535111 434608 -188Effective income tax refund claims 3290 5270 602Cash and cash equivalents 62587 37575 -400

                                    Equity and liabilities 1632284 1628549 -02

                                    Equity 431816 386916 -104Non-current debt 501424 327118 -348Provisions for pensions 134389 158641 180Non-current liabilities amp deferred tax liabilities 367035 257977 -297Current debt 699044 914515 308Financial liabilities 286104 376453 316Other current liabilities 357851 402318 124Effective income tax obligations 31687 19566 -383Provisions 23402 26678 140

                                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 25

                                    FinancialsCash flow statement 12M 2019in EUR 000 12M 2018 12M 2019 ∆ in

                                    Cash flow from operational activity 147444 168882 145

                                    Cash flow from investment activity -57600 -75213 306

                                    Cash flow from financing activity -75088 -120339 603

                                    Free Cash Flow 89844 93669 43

                                    Changes in liquid funds affecting payments 14756 -26670 na

                                    Influence of exchange rate movements on cash 565 1658 na

                                    Total change in liquid funds 15321 -25012 na

                                    Cash and cash equivalents at beginning of reporting period 47266 62587 324

                                    Cash and cash equivalents at end of reporting period 62587 37575 -400

                                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 26

                                    FinancialsForecast 2020 ndash More cautious view due to coronavirus pandemic

                                    2019 final

                                    Total Group Revenues 1594 EUR million slight increase

                                    Revenue growth -54 3 - 8

                                    EBIT 225 EUR million significant increase

                                    EBIT margin 15 7 - 9

                                    Earnings after tax -366 EUR million significant increase in the positive area

                                    Equity ratio 238 gt 30

                                    2020 forecast Long-term goal

                                    Slope stabilisation with BG 15 ndash Germany Largest water treatment plant ndash Nimr OmanCompact cutter system for Grand Paris

                                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 27

                                    BAUER AktiengesellschaftBAUER-Straszlige 186529 SchrobenhausenGermany

                                    Tel +49 8252 97-1218investorrelationsbauerdewwwbauerde

                                    April 9 2020 Annual Report 2019Analyst amp Press Conference

                                    May 13 2020 Quarterly Statement Q1 2020

                                    June 25 2020 Annual General Meeting

                                    August 13 2020 Half-Year Interim Report toJune 30 2020

                                    November 13 2020 Quarterly Statement 9MQ3 2020

                                    wwwyoutubecomBauergruppe

                                    wwwfacebookcomBauerAGgroup

                                    Investor RelationsFinancial calendar amp contact

                                    Christopher WolfHead of Investor Relations

                                    2020

                                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 28

                                    Table of Content

                                    BAUER Group ndash Strategy Chances amp Markets

                                    Appendix

                                    Financials FYQ4 2019 amp Guidance

                                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 29

                                    1790 middot 1900 middot 1902 middot 1928 middot 1948 middot 1956 middot 1958 middot 1967 middot 1969 middot 1972 middot 1975 middot 1976 middot 1984 middot 1990 middot 1992 middot 1994 middot 1998 middot 2001 middot 2019

                                    BAUER GroupThe history ndash Two centuries of experience

                                    End of 1970rsquosStart of

                                    internationalisation

                                    Early 1990rsquosBuild up of

                                    specialist construction environmental business

                                    FY 2019Total Group

                                    revenues EUR 16 billion 11684

                                    employees

                                    4 Jul 2006IPO

                                    Early 1970rsquosStart of equipment

                                    manufacturing

                                    Company founded as copper forge

                                    After WW II (1950s)Start of construction

                                    business

                                    Early 1980rsquosSelling of equipment to

                                    third parties

                                    1790 1900-1970 1980-1990 2000-2019

                                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 30

                                    Michael Stomberg (CEO) HSE IT Process Management Quality Management

                                    Florian Bauer Digitalization Development

                                    Coordination Training Company Culture

                                    Hartmut Beutler (CFO) Financing amp Treasury Legal Affairs amp Insurance IR amp Corporate

                                    Communications Facility Management Media Design

                                    Peter Hingott Group Controlling amp

                                    Accounting Human Resources Group Purchasing

                                    Management BoardBAUER AG

                                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 31

                                    BAUER GroupThe three segments

                                    31copy BAUER AG D-86529 Schrobenhausen

                                    Target ~ 40 of total Group revenues

                                    Market leader in specialist foundation equipment

                                    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

                                    Target ~ 20 of total Group revenues Activities in

                                    environmental technology deep drilling well construction materials

                                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 32

                                    BAUER GroupChallenges of the world provide chances for the company

                                    The megatrend of urbanization requires construction solutions for the city of the future

                                    To deal with the scarcity of drinking water purification and supply technologies are needed

                                    The increasing mobility in society demands new and renewed transport routes

                                    Changing social values are fundamentally revolutionizing the business world

                                    UrbanizationInfrastructure Water

                                    CultureA change in energy supply can only be realized through comprehensive construction works

                                    The remediation of contaminated soil is the key to sustainable utilization of resources

                                    Energy transitionEnvironment

                                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                    ConstructionKey factsConstruction

                                    Leading global provider for specialist foundation engineering

                                    services

                                    33

                                    Total Group revenues (incl JV) Order backlog EBIT

                                    ~ 40 of total Group revenues EBIT margin 4 - 6

                                    (2018 54 2019 na)

                                    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 5050 infrastructureindustrial split

                                    Figures are somewhat cyclical between the quarters ndash focus on the entire year

                                    Market environment Growing construction markets worldwide

                                    Special foundation engineering is growing stronger than construction markets

                                    Huge pent-up demand in developed countries and in emerging markets

                                    Competition Keller Trevi Soletanche Bachy

                                    (worldwide)

                                    Local competitors in each country

                                    Current focus topics Improving project and risk management especially for major projects

                                    Leading in digitalization solutions for our market

                                    Key figures

                                    Key targets

                                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 34

                                    What is specialist foundationBuilding an excavation pit

                                    Permeation Grouting

                                    Mixed-In-Place Method

                                    Injection Anchor

                                    Diaphragm andCut-off Wall

                                    Pile Foundation

                                    Piling Retaining Wall

                                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 35

                                    What is specialist foundation used forApplications

                                    Foundationsfor the highest buildings in the world

                                    Excavation Pits for every problem and requirement

                                    Ground Improvementallows projects on weak ground

                                    Cut-off Walls as solution for dams and dikes

                                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 36

                                    ConstructionMunich Germany ndash Foundation works for a boarding house

                                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                    EquipmentKey facts

                                    Market leader in specialistfoundation equipment

                                    Equipment

                                    37

                                    Sales revenues (excl JV) Order intake EBIT

                                    ~ 40 of total Group revenues EBIT margin 10 - 12

                                    (2018 117 2019 100)

                                    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 JV with Schlumberger for the production of deep drilling rigs (oil amp gas)

                                    Market environment Growing construction markets worldwide lead to positive equipment demand

                                    Strong position due to efforts regarding quality efficiency and noise reduction

                                    Growth potential with specialized machines for mining water and offshore drilling

                                    Competition Trevi Liebherr Chinese manufactures

                                    (eg Sany XCMG)

                                    Further competition regarding special product types

                                    Current focus topics Focus on value analysis methods and purchase organization

                                    Optimizing and increasing after-sales services

                                    Key figures

                                    Key targets

                                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 38

                                    EquipmentWhole range of products for special foundation engineering

                                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 39

                                    EquipmentProduct range Deep Drilling

                                    Joint Ventureof Bauer amp Schlumberger

                                    In order to meet the upcoming market challenges out-of-the-box thinking

                                    is necessary and therefore integrated drilling and rig solutions are of

                                    growing importance

                                    Based on more than 40 years of experience in engineering and

                                    manufacturing of drilling rigs NeoRig develops and manufactures

                                    modern drilling solutions which set new standards of safety efficiency

                                    productivity and ease of service in the deep drilling business

                                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                    ResourcesKey factsResources

                                    40

                                    Products amp services for environmental technology mining well construction

                                    and water cleaning

                                    Total Group revenues (incl JV) Order backlog EBIT

                                    ~ 20 of total Group revenues EBIT margin 6 - 8

                                    (2018 na 2019 na)

                                    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 amp Middle East

                                    Market environment Huge demand for environmental and water solutions

                                    Outstanding market position with ground-breaking projects in the field of cleaning drinking and process water eg the biological water treatment plant in Oman

                                    Competition Fragmented competition for each single product and service area

                                    Current focus topics Improvement of loss-making Jordan subsidiary which is caused by overcapacities

                                    Consistent proceeding of reorganization in the water related companies

                                    Focus on new projects for the profitable environment business

                                    Key figures

                                    Key targets

                                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 41

                                    ResourcesPool of competences from a single hand

                                    Industrial Waste Water Process amp Produced Water NORM Constructed Wetlands Modelling amp Well Design Construction Material for Wells

                                    and Geothermal Water Distribution Management Irrigation Systems

                                    Remediation Landfill Restoration Decommissioning Demolition Hazardous Waste Management Soil Treatment and Waste

                                    Management

                                    Exploration Drilling Deep Geothermal Drilling Well Drilling Blast Hole Drilling

                                    EnvironmentWater Natural Resources

                                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 42

                                    ResourcesWater ndash Process Water amp Water Distribution Management

                                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 43

                                    ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman

                                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 44

                                    Market environment ndash GermanyGerman construction market

                                    Source Federal Statistical Office Statistical Office Bavaria

                                    in EUR billion

                                    Germany2019

                                    Employees (in 1000)

                                    Revenues 922Building construction 508Foundation engineering 414

                                    Orders received in EUR billion

                                    Housebuilding 196Industrial building 363Public sectorof which

                                    public buildings 55road building 142underground structures 105

                                    ) only companies gt 20 employees

                                    49

                                    108

                                    95

                                    39

                                    109

                                    65

                                    80

                                    88

                                    38

                                    49

                                    82

                                    77

                                    112

                                    132

                                    25

                                    Dezember 2019 2018 20192017 2018

                                    in

                                    89

                                    97

                                    302

                                    861

                                    4867

                                    88

                                    100 82

                                    59

                                    125

                                    Weiszlig

                                    Bunt

                                    Kunterbunt

                                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 45

                                    Building constructionpositive cash contribution

                                    Specialist foundation engineeringpre-financing need

                                    Financials Working capital needs ndash Comparison with building construction

                                    EUR

                                    12 24 months

                                    Positive cash contribution

                                    Negative cash contribution

                                    Con

                                    trac

                                    t val

                                    ue

                                    EUR

                                    Negative cash contribution

                                    12 24 months

                                    Con

                                    trac

                                    t val

                                    ue

                                    Construction contracts with short duration need

                                    No advance payments no front-loading of prices possible approx 2 - 3 months of pre-financing

                                    Negative cash contribution during construction phase

                                    Construction contracts with long durations

                                    Advance payments front-loading of prices

                                    Positive cash contribution during construction phase

                                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 46

                                    BAUER shareFacts amp Figures

                                    Listed on Frankfurt stock exchange (Prime Standard) since July 4 2006

                                    Share capital EUR 7300142045

                                    Shares issued 17131000

                                    Issue price EUR 1675

                                    Share performance (012019 ndash 032020)

                                    Bauer familyFree float

                                    5181

                                    Shareholder structure

                                    4819

                                    in EUR 2015 2016 2017 2018 2019

                                    Earnings per share 173 066 016 132 -217

                                    Share price year end 1740 1140 3000 1216 1510

                                    Share price highest 1920 1716 3096 3125 2430

                                    Share price lowest 1385 945 1172 1208 1262

                                    Market Cap(in EUR million) 2981 1953 5139 2083 2587

                                    CDAXClassic All SharePrime All Share

                                    ISIN DE0005168108Reuters B5AGDEBloomberg B5A GR

                                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                    050

                                    100 100

                                    060 060050

                                    030

                                    001

                                    015 015010 010 010

                                    001000

                                    030

                                    060

                                    090

                                    120

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

                                    47

                                    BAUER shareDividend policy

                                    Dividend payment Dividend policy founded on a reasonable balance between shareholders and company

                                    fair participation of shareholders maintaining continuity safeguarding of the equity ratio

                                    All shareholders shall participate in the success of the business

                                    After some difficult years we must continue to strike a careful balance between continuity and shareholder participation on the one hand and safeguarding our equity ratio on the other

                                    To secure an adequate equity ratio is an important aim of the companyrsquos 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

                                    in EUR per share

                                    000

                                    Proposed subject to the consent of the Annual General Meeting to be held on June 25 2020

                                    000

                                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 48

                                    Key Figures Time LineFY 2008 ndash FY 2019

                                    In all three segments total Group revenues and EBIT figures of FY 2015 were influenced by exceptional earnings

                                    Total Group revenues 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(in EUR million)BAUER Group 15272 12758 13040 13718 14358 15042 15602 16564 15547 4482 4541 4766 3931 17720 3708 4215 4435 4503 16861 4109 4207 4078 3553 15947

                                    Construction 7009 5700 6154 6066 6552 7417 7256 7429 7131 2110 2205 2269 1766 8350 1508 1762 2100 2306 7676 1702 1722 1726 1538 6688Equipment 7801 6085 5817 6365 5891 6286 6392 7531 6344 1867 1853 1966 1859 7545 1808 1936 1802 1685 7231 1859 1950 1781 1547 7137Resources 1351 1743 1777 2115 2628 1889 2528 2216 2624 630 647 651 554 2482 517 676 699 723 2615 692 695 662 700 2749

                                    Sales revenues 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(in EUR million)BAUER Group 12908 10965 11317 12196 13444 14022 13757 13790 13969 3789 4512 4354 4022 16679 3184 3987 4051 4669 15891 3419 4035 3622 3633 14709

                                    Construction 5843 4879 5058 5062 5791 6575 6466 6508 6145 1966 2064 2145 1663 7838 1432 1642 2021 2168 7263 1616 1628 1605 1408 6257Equipment 6012 4565 4693 5114 5206 5616 5327 5480 5427 1266 1857 1685 1801 6609 1287 1736 1440 1938 6401 1253 1797 1417 1635 6102Resources 1051 1520 1564 2015 2443 1826 1959 1793 2382 553 577 532 553 2215 462 605 587 559 2213 548 607 597 583 2335

                                    EBIT 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(in EUR million)BAUER Group 1675 844 884 823 720 301 764 907 703 85 302 277 232 896 110 231 227 433 1001 104 248 133 -260 225

                                    Construction 463 257 288 179 220 212 260 139 297 09 124 81 -18 196 27 21 80 263 391 00 42 -34 -207 -199Equipment 1183 513 483 530 340 322 360 994 384 80 160 249 317 806 142 222 158 227 749 83 230 202 97 612Resources 40 60 81 109 152 -240 159 -198 -37 -01 09 -53 -55 -100 -57 -10 -12 -32 -110 27 -22 -30 -137 -162

                                    EBIT margin 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(in )BAUER Group 130 77 78 67 54 21 56 66 50 22 67 64 58 54 35 58 56 93 63 30 61 37 -72 15

                                    Construction 79 53 57 35 38 32 40 21 48 05 60 38 -11 25 19 13 39 121 54 00 26 -21 -147 -32Equipment 197 112 103 104 65 57 68 181 71 64 86 148 176 122 110 128 110 117 117 66 128 143 60 100Resources 38 39 52 54 62 -131 81 -110 -16 -02 15 -100 -99 -45 -123 -16 -20 -57 -50 49 -37 -49 -235 -69

                                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

                                    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

                                    • Foliennummer 1
                                    • Foliennummer 2
                                    • Key FiguresFY 2019
                                    • Table of Content
                                    • Foliennummer 5
                                    • Foliennummer 6
                                    • Foliennummer 7
                                    • Foliennummer 8
                                    • BAUER Group Construction market environment vs order backlog
                                    • Foliennummer 10
                                    • Foliennummer 11
                                    • Table of Content
                                    • Foliennummer 13
                                    • Foliennummer 14
                                    • Foliennummer 15
                                    • Foliennummer 16
                                    • Foliennummer 17
                                    • Foliennummer 18
                                    • Foliennummer 19
                                    • Foliennummer 20
                                    • Foliennummer 21
                                    • Foliennummer 22
                                    • FinancialsIncome statement 12M 2019
                                    • Financials Balance sheet December 31 2019
                                    • FinancialsCash flow statement 12M 2019
                                    • Foliennummer 26
                                    • Foliennummer 27
                                    • Table of Content
                                    • BAUER GroupThe history ndash Two centuries of experience
                                    • Foliennummer 30
                                    • BAUER GroupThe three segments
                                    • Foliennummer 32
                                    • Foliennummer 33
                                    • What is specialist foundationBuilding an excavation pit
                                    • What is specialist foundation used forApplications
                                    • ConstructionMunich Germany ndash Foundation works for a boarding house
                                    • Foliennummer 37
                                    • EquipmentWhole range of products for special foundation engineering
                                    • EquipmentProduct range Deep Drilling
                                    • Foliennummer 40
                                    • ResourcesPool of competences from a single hand
                                    • ResourcesWater ndash Process Water amp Water Distribution Management
                                    • ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
                                    • Market environment ndash Germany German construction market
                                    • Financials Working capital needs ndash Comparison with building construction
                                    • BAUER shareFacts amp Figures
                                    • BAUER shareDividend policy
                                    • Foliennummer 48
                                    • Disclaimer
                                      Zweistelliges Auftragsplus am Bau in Bayern
                                      Absolute WerteVeraumlnderungen in
                                      August 20062004BayernWestdeutschlandOstdeutschland
                                      BayernWest-Ost-200420040200420040200420040
                                      LaumlnderLaumlnder199420030199420030199420030
                                      Beschaumlftigte in 1000126152831887-52-5200-432-60-5200-539-7200
                                      Baugenehmigungen Mio msup3 umb Raum6532572423-108-10800-252-8400-68-10300
                                      Umsatz in Mrd EUR139570173-249-5800-277-4500-399-7600
                                      Hochbau9637192-265-5600-301-4400-507-7400
                                      Tiefbau4319981-217-6200-222-4500-207-7900
                                      09033799-393-10000-452-5600-580-6000
                                      in Mrd EUR
                                      Wohnungsbau236511-480-7100-561-6400-771-20700
                                      Wirtschaftsbau3314040-347-10500-457-5900-603-9400
                                      Oumlffentlicher Bau3313148-352-11500-346-4900-3821800
                                      darunter
                                      Oumlffentl Hochbau092509-324-8500-480-0100-5616900
                                      Straszligenbau125821-128-11200-146-5100-1604200
                                      Sonstiger Tiefbau124818-502-13700-425-7100-467-3400
                                      19712561362168-243-95248-173-23210-21146
                                      1) Bei Baugenehmigungen liegen erst die Oktoberwerte vor
                                      1) Bei Baugenehmigungen liegen erst die Februarwerte vor
                                      2) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten
                                      in EUR billionin
                                      Dezember 2019Germany20052005Jan - Aug20182019
                                      201919942004060520172018
                                      Employees (in 1000)4867-47-60-104949
                                      Revenues922-305-647310882
                                      Building construction508-318-611009577
                                      Foundation engineering414-280-711212588
                                      Orders received861-3743110610082
                                      in EUR billion
                                      Housebuilding196-489-181211297
                                      Industrial building363-3036818113289
                                      Public sector302-33132995965
                                      of which
                                      public buildings55-23812729025109
                                      road building142-138-12478839
                                      underground structures105-49515223880
                                      1256168-243-95-173-23
                                      1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
                                      ) only companies gt 20 employees
                                      Zweistelliges Auftragsplus am Bau in Bayern
                                      Absolute WerteVeraumlnderungen in
                                      August 20062005BayernWestdeutschlandOstdeutschland
                                      BayernWest-Ost-20052005Jan - Aug20052005Jan - Aug20052005Jan - Aug
                                      LaumlnderLaumlnder199420040605199420040605199420040605
                                      Beschaumlftigte in 1000126152831887-470-60-10-465-60-58-38-578-85-51
                                      Baugenehmigungen Mio msup3 umb Raum6532572423-395-101249-417-41171-680-157259
                                      Umsatz in Mrd EUR139570173-305-6473-312-4835-452-8813
                                      Hochbau9637192-318-61100-336-5048-565-11835
                                      Tiefbau4319981-280-7112-255-4311-247-51-14
                                      Auftragseingang9033799-37431106-4470984-609-7043
                                      in Mrd EUR
                                      Wohnungsbau236511-489-1812-586-5888-805-14841
                                      Wirtschaftsbau3314040-30368181-43345104-625-56121
                                      Oumlffentlicher Bau3313148-3313299-3400972-420-62-18
                                      darunter
                                      Oumlffentl Hochbau092509-238127290-500-38142-602-93-51
                                      Straszligenbau125821-138-1247-965978-211-8582
                                      Sonstiger Tiefbau124818-4951522-439-2430-477-18-124
                                      19712561362168-243-95248-173-23210-21146
                                      1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
                                      ) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

                                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                      48 5360

                                      92

                                      5448

                                      75

                                      44

                                      71 67 6657 63 65 65

                                      55 52

                                      68 70 72 69 70 66 70

                                      0

                                      20

                                      40

                                      60

                                      80

                                      100

                                      Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

                                      173 169 172 153 173 174

                                      274 276 287 294 290 279 297 317 308336 330 321 324 316 327 322

                                      295 281

                                      0

                                      75

                                      150

                                      225

                                      300

                                      375

                                      Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

                                      FinancialsResources segment ndash Revenues and order development

                                      Order backlogin EUR million

                                      Total Group revenuesin EUR million

                                      Resources

                                      19

                                      -32

                                      -113

                                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                      FinancialsWorking capital amp net debt ndash Financing of future revenues

                                      Bauerrsquos 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 Receivables

                                      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 247 after-sales service A relatively large rental fleet is needed for different contract types (eg rental purchase)

                                      Resources segment Outstanding customer payments (water business) and receivables on projects (environmental amp drilling business)

                                      75-8015-20 ~5

                                      Construction Equipment Resources20-2555-60 15-20

                                      20

                                      Key facts

                                      Why does the business model needs so much working capital

                                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                      629 608549 552

                                      467

                                      665 677594 562 564

                                      0

                                      150

                                      300

                                      450

                                      600

                                      750

                                      2015 2016 2017 2018 2019

                                      646 665 677594 562 564

                                      171 185 158 183 199123

                                      38 36

                                      43

                                      33

                                      28

                                      46

                                      00

                                      10

                                      20

                                      30

                                      40

                                      50

                                      0

                                      160

                                      320

                                      480

                                      640

                                      800

                                      2014 2015 2016 2017 2018 2019

                                      1656 15551772 1686 1595

                                      665 677 594 562 564

                                      0

                                      360

                                      720

                                      1080

                                      1440

                                      1800

                                      2015 2016 2017 2018 201921

                                      FinancialsWorking capital amp net debt ndash Current development

                                      Total Group revenues net debtin EUR million

                                      Net debtWorking capital

                                      EBITDANet debt

                                      Current development At EUR 5637 million net debt was at the same level

                                      as 2018 This was essentially due to the new IFRS 16 standard and the market valuation of financial liabilities Pure bank debt has seen further reductions which demonstrates that our numerous measures are making progress

                                      Net debt to EBITDA ratio has worsened substantially as a consequence of significantly lower earnings than originally expected Our target range is a ratio of below 30 yearend

                                      -37-152

                                      ∆ 20152019

                                      Working capital net debtin EUR million

                                      Net debt EBITDA ratioin EUR million

                                      Net debtTotal Group revenues ndash Net debtEBITDA

                                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                      711 720 736

                                      604

                                      726 701 700629 672 709 684

                                      608674 646 628

                                      549 576624 629

                                      552 584 609 591

                                      467

                                      0

                                      160

                                      320

                                      480

                                      640

                                      800

                                      Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

                                      773 776 778

                                      646

                                      779 752 749665

                                      743 762 736677

                                      740 712 686594 639 678 679

                                      562620 648 637

                                      564

                                      0

                                      160

                                      320

                                      480

                                      640

                                      800

                                      Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

                                      22

                                      FinancialsWorking capital amp net debt are lower year-end than during the year

                                      Net debt (excl pensions)in EUR million

                                      Working capitalin EUR million -154

                                      +03

                                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 23

                                      FinancialsIncome statement 12M 2019in EUR 000 12M 2018 12M 2019 ∆ in

                                      Sales revenues (PampL) 1589091 1470922 -74

                                      Consolidated revenues (PampL) 1616936 1537691 -49

                                      Cost of materials -821496 -783126 -47

                                      Personel expenses -392384 -418805 67

                                      Other operation expenses -204440 -212713 40

                                      EBITDA 198616 123047 -380

                                      Depreciation of fixed assets -80967 -84760 47

                                      Write-downs of inventories due to use -17590 -15806 -101

                                      EBIT 100059 22481 -775

                                      Financial income 38204 33742 -117

                                      Financial expenses -76992 -78766 23

                                      Share of profitloss of associated companies (equity method) 4594 11225 na

                                      Earnings before tax (EBT) 65865 -11318 na

                                      Income tax expense -41778 -25232 -396

                                      Earnings after tax 24087 -36550 na

                                      of which attributable to shareholders of BAUER AG 22577 -37146 na

                                      of which attributable to non-controlling interests 1510 596 -605

                                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 24

                                      Financials Balance sheet December 31 2019in EUR 000 Dec 31 2018 Dec 31 2019 ∆ in Assets 1632284 1628549 -02

                                      Non-current assets 621041 692778 116Intangible assets 18077 16946 -63Property plant and equipment and investment property 411571 460470 119Investments accounted for using the equity method 113019 118185 46Participations 8350 8806 55Other non-current assets amp deferred tax assets 70024 88371 262Current assets 1011243 935771 -75Inventories 365865 405401 108Rental equipment 60488 61838 22Less advances received on inventories -16098 -8921 -446

                                      410255 458318 117Receivables and other assets 535111 434608 -188Effective income tax refund claims 3290 5270 602Cash and cash equivalents 62587 37575 -400

                                      Equity and liabilities 1632284 1628549 -02

                                      Equity 431816 386916 -104Non-current debt 501424 327118 -348Provisions for pensions 134389 158641 180Non-current liabilities amp deferred tax liabilities 367035 257977 -297Current debt 699044 914515 308Financial liabilities 286104 376453 316Other current liabilities 357851 402318 124Effective income tax obligations 31687 19566 -383Provisions 23402 26678 140

                                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 25

                                      FinancialsCash flow statement 12M 2019in EUR 000 12M 2018 12M 2019 ∆ in

                                      Cash flow from operational activity 147444 168882 145

                                      Cash flow from investment activity -57600 -75213 306

                                      Cash flow from financing activity -75088 -120339 603

                                      Free Cash Flow 89844 93669 43

                                      Changes in liquid funds affecting payments 14756 -26670 na

                                      Influence of exchange rate movements on cash 565 1658 na

                                      Total change in liquid funds 15321 -25012 na

                                      Cash and cash equivalents at beginning of reporting period 47266 62587 324

                                      Cash and cash equivalents at end of reporting period 62587 37575 -400

                                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 26

                                      FinancialsForecast 2020 ndash More cautious view due to coronavirus pandemic

                                      2019 final

                                      Total Group Revenues 1594 EUR million slight increase

                                      Revenue growth -54 3 - 8

                                      EBIT 225 EUR million significant increase

                                      EBIT margin 15 7 - 9

                                      Earnings after tax -366 EUR million significant increase in the positive area

                                      Equity ratio 238 gt 30

                                      2020 forecast Long-term goal

                                      Slope stabilisation with BG 15 ndash Germany Largest water treatment plant ndash Nimr OmanCompact cutter system for Grand Paris

                                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 27

                                      BAUER AktiengesellschaftBAUER-Straszlige 186529 SchrobenhausenGermany

                                      Tel +49 8252 97-1218investorrelationsbauerdewwwbauerde

                                      April 9 2020 Annual Report 2019Analyst amp Press Conference

                                      May 13 2020 Quarterly Statement Q1 2020

                                      June 25 2020 Annual General Meeting

                                      August 13 2020 Half-Year Interim Report toJune 30 2020

                                      November 13 2020 Quarterly Statement 9MQ3 2020

                                      wwwyoutubecomBauergruppe

                                      wwwfacebookcomBauerAGgroup

                                      Investor RelationsFinancial calendar amp contact

                                      Christopher WolfHead of Investor Relations

                                      2020

                                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 28

                                      Table of Content

                                      BAUER Group ndash Strategy Chances amp Markets

                                      Appendix

                                      Financials FYQ4 2019 amp Guidance

                                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 29

                                      1790 middot 1900 middot 1902 middot 1928 middot 1948 middot 1956 middot 1958 middot 1967 middot 1969 middot 1972 middot 1975 middot 1976 middot 1984 middot 1990 middot 1992 middot 1994 middot 1998 middot 2001 middot 2019

                                      BAUER GroupThe history ndash Two centuries of experience

                                      End of 1970rsquosStart of

                                      internationalisation

                                      Early 1990rsquosBuild up of

                                      specialist construction environmental business

                                      FY 2019Total Group

                                      revenues EUR 16 billion 11684

                                      employees

                                      4 Jul 2006IPO

                                      Early 1970rsquosStart of equipment

                                      manufacturing

                                      Company founded as copper forge

                                      After WW II (1950s)Start of construction

                                      business

                                      Early 1980rsquosSelling of equipment to

                                      third parties

                                      1790 1900-1970 1980-1990 2000-2019

                                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 30

                                      Michael Stomberg (CEO) HSE IT Process Management Quality Management

                                      Florian Bauer Digitalization Development

                                      Coordination Training Company Culture

                                      Hartmut Beutler (CFO) Financing amp Treasury Legal Affairs amp Insurance IR amp Corporate

                                      Communications Facility Management Media Design

                                      Peter Hingott Group Controlling amp

                                      Accounting Human Resources Group Purchasing

                                      Management BoardBAUER AG

                                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 31

                                      BAUER GroupThe three segments

                                      31copy BAUER AG D-86529 Schrobenhausen

                                      Target ~ 40 of total Group revenues

                                      Market leader in specialist foundation equipment

                                      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

                                      Target ~ 20 of total Group revenues Activities in

                                      environmental technology deep drilling well construction materials

                                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 32

                                      BAUER GroupChallenges of the world provide chances for the company

                                      The megatrend of urbanization requires construction solutions for the city of the future

                                      To deal with the scarcity of drinking water purification and supply technologies are needed

                                      The increasing mobility in society demands new and renewed transport routes

                                      Changing social values are fundamentally revolutionizing the business world

                                      UrbanizationInfrastructure Water

                                      CultureA change in energy supply can only be realized through comprehensive construction works

                                      The remediation of contaminated soil is the key to sustainable utilization of resources

                                      Energy transitionEnvironment

                                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                      ConstructionKey factsConstruction

                                      Leading global provider for specialist foundation engineering

                                      services

                                      33

                                      Total Group revenues (incl JV) Order backlog EBIT

                                      ~ 40 of total Group revenues EBIT margin 4 - 6

                                      (2018 54 2019 na)

                                      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 5050 infrastructureindustrial split

                                      Figures are somewhat cyclical between the quarters ndash focus on the entire year

                                      Market environment Growing construction markets worldwide

                                      Special foundation engineering is growing stronger than construction markets

                                      Huge pent-up demand in developed countries and in emerging markets

                                      Competition Keller Trevi Soletanche Bachy

                                      (worldwide)

                                      Local competitors in each country

                                      Current focus topics Improving project and risk management especially for major projects

                                      Leading in digitalization solutions for our market

                                      Key figures

                                      Key targets

                                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 34

                                      What is specialist foundationBuilding an excavation pit

                                      Permeation Grouting

                                      Mixed-In-Place Method

                                      Injection Anchor

                                      Diaphragm andCut-off Wall

                                      Pile Foundation

                                      Piling Retaining Wall

                                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 35

                                      What is specialist foundation used forApplications

                                      Foundationsfor the highest buildings in the world

                                      Excavation Pits for every problem and requirement

                                      Ground Improvementallows projects on weak ground

                                      Cut-off Walls as solution for dams and dikes

                                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 36

                                      ConstructionMunich Germany ndash Foundation works for a boarding house

                                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                      EquipmentKey facts

                                      Market leader in specialistfoundation equipment

                                      Equipment

                                      37

                                      Sales revenues (excl JV) Order intake EBIT

                                      ~ 40 of total Group revenues EBIT margin 10 - 12

                                      (2018 117 2019 100)

                                      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 JV with Schlumberger for the production of deep drilling rigs (oil amp gas)

                                      Market environment Growing construction markets worldwide lead to positive equipment demand

                                      Strong position due to efforts regarding quality efficiency and noise reduction

                                      Growth potential with specialized machines for mining water and offshore drilling

                                      Competition Trevi Liebherr Chinese manufactures

                                      (eg Sany XCMG)

                                      Further competition regarding special product types

                                      Current focus topics Focus on value analysis methods and purchase organization

                                      Optimizing and increasing after-sales services

                                      Key figures

                                      Key targets

                                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 38

                                      EquipmentWhole range of products for special foundation engineering

                                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 39

                                      EquipmentProduct range Deep Drilling

                                      Joint Ventureof Bauer amp Schlumberger

                                      In order to meet the upcoming market challenges out-of-the-box thinking

                                      is necessary and therefore integrated drilling and rig solutions are of

                                      growing importance

                                      Based on more than 40 years of experience in engineering and

                                      manufacturing of drilling rigs NeoRig develops and manufactures

                                      modern drilling solutions which set new standards of safety efficiency

                                      productivity and ease of service in the deep drilling business

                                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                      ResourcesKey factsResources

                                      40

                                      Products amp services for environmental technology mining well construction

                                      and water cleaning

                                      Total Group revenues (incl JV) Order backlog EBIT

                                      ~ 20 of total Group revenues EBIT margin 6 - 8

                                      (2018 na 2019 na)

                                      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 amp Middle East

                                      Market environment Huge demand for environmental and water solutions

                                      Outstanding market position with ground-breaking projects in the field of cleaning drinking and process water eg the biological water treatment plant in Oman

                                      Competition Fragmented competition for each single product and service area

                                      Current focus topics Improvement of loss-making Jordan subsidiary which is caused by overcapacities

                                      Consistent proceeding of reorganization in the water related companies

                                      Focus on new projects for the profitable environment business

                                      Key figures

                                      Key targets

                                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 41

                                      ResourcesPool of competences from a single hand

                                      Industrial Waste Water Process amp Produced Water NORM Constructed Wetlands Modelling amp Well Design Construction Material for Wells

                                      and Geothermal Water Distribution Management Irrigation Systems

                                      Remediation Landfill Restoration Decommissioning Demolition Hazardous Waste Management Soil Treatment and Waste

                                      Management

                                      Exploration Drilling Deep Geothermal Drilling Well Drilling Blast Hole Drilling

                                      EnvironmentWater Natural Resources

                                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 42

                                      ResourcesWater ndash Process Water amp Water Distribution Management

                                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 43

                                      ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman

                                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 44

                                      Market environment ndash GermanyGerman construction market

                                      Source Federal Statistical Office Statistical Office Bavaria

                                      in EUR billion

                                      Germany2019

                                      Employees (in 1000)

                                      Revenues 922Building construction 508Foundation engineering 414

                                      Orders received in EUR billion

                                      Housebuilding 196Industrial building 363Public sectorof which

                                      public buildings 55road building 142underground structures 105

                                      ) only companies gt 20 employees

                                      49

                                      108

                                      95

                                      39

                                      109

                                      65

                                      80

                                      88

                                      38

                                      49

                                      82

                                      77

                                      112

                                      132

                                      25

                                      Dezember 2019 2018 20192017 2018

                                      in

                                      89

                                      97

                                      302

                                      861

                                      4867

                                      88

                                      100 82

                                      59

                                      125

                                      Weiszlig

                                      Bunt

                                      Kunterbunt

                                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 45

                                      Building constructionpositive cash contribution

                                      Specialist foundation engineeringpre-financing need

                                      Financials Working capital needs ndash Comparison with building construction

                                      EUR

                                      12 24 months

                                      Positive cash contribution

                                      Negative cash contribution

                                      Con

                                      trac

                                      t val

                                      ue

                                      EUR

                                      Negative cash contribution

                                      12 24 months

                                      Con

                                      trac

                                      t val

                                      ue

                                      Construction contracts with short duration need

                                      No advance payments no front-loading of prices possible approx 2 - 3 months of pre-financing

                                      Negative cash contribution during construction phase

                                      Construction contracts with long durations

                                      Advance payments front-loading of prices

                                      Positive cash contribution during construction phase

                                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 46

                                      BAUER shareFacts amp Figures

                                      Listed on Frankfurt stock exchange (Prime Standard) since July 4 2006

                                      Share capital EUR 7300142045

                                      Shares issued 17131000

                                      Issue price EUR 1675

                                      Share performance (012019 ndash 032020)

                                      Bauer familyFree float

                                      5181

                                      Shareholder structure

                                      4819

                                      in EUR 2015 2016 2017 2018 2019

                                      Earnings per share 173 066 016 132 -217

                                      Share price year end 1740 1140 3000 1216 1510

                                      Share price highest 1920 1716 3096 3125 2430

                                      Share price lowest 1385 945 1172 1208 1262

                                      Market Cap(in EUR million) 2981 1953 5139 2083 2587

                                      CDAXClassic All SharePrime All Share

                                      ISIN DE0005168108Reuters B5AGDEBloomberg B5A GR

                                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                      050

                                      100 100

                                      060 060050

                                      030

                                      001

                                      015 015010 010 010

                                      001000

                                      030

                                      060

                                      090

                                      120

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

                                      47

                                      BAUER shareDividend policy

                                      Dividend payment Dividend policy founded on a reasonable balance between shareholders and company

                                      fair participation of shareholders maintaining continuity safeguarding of the equity ratio

                                      All shareholders shall participate in the success of the business

                                      After some difficult years we must continue to strike a careful balance between continuity and shareholder participation on the one hand and safeguarding our equity ratio on the other

                                      To secure an adequate equity ratio is an important aim of the companyrsquos 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

                                      in EUR per share

                                      000

                                      Proposed subject to the consent of the Annual General Meeting to be held on June 25 2020

                                      000

                                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 48

                                      Key Figures Time LineFY 2008 ndash FY 2019

                                      In all three segments total Group revenues and EBIT figures of FY 2015 were influenced by exceptional earnings

                                      Total Group revenues 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(in EUR million)BAUER Group 15272 12758 13040 13718 14358 15042 15602 16564 15547 4482 4541 4766 3931 17720 3708 4215 4435 4503 16861 4109 4207 4078 3553 15947

                                      Construction 7009 5700 6154 6066 6552 7417 7256 7429 7131 2110 2205 2269 1766 8350 1508 1762 2100 2306 7676 1702 1722 1726 1538 6688Equipment 7801 6085 5817 6365 5891 6286 6392 7531 6344 1867 1853 1966 1859 7545 1808 1936 1802 1685 7231 1859 1950 1781 1547 7137Resources 1351 1743 1777 2115 2628 1889 2528 2216 2624 630 647 651 554 2482 517 676 699 723 2615 692 695 662 700 2749

                                      Sales revenues 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(in EUR million)BAUER Group 12908 10965 11317 12196 13444 14022 13757 13790 13969 3789 4512 4354 4022 16679 3184 3987 4051 4669 15891 3419 4035 3622 3633 14709

                                      Construction 5843 4879 5058 5062 5791 6575 6466 6508 6145 1966 2064 2145 1663 7838 1432 1642 2021 2168 7263 1616 1628 1605 1408 6257Equipment 6012 4565 4693 5114 5206 5616 5327 5480 5427 1266 1857 1685 1801 6609 1287 1736 1440 1938 6401 1253 1797 1417 1635 6102Resources 1051 1520 1564 2015 2443 1826 1959 1793 2382 553 577 532 553 2215 462 605 587 559 2213 548 607 597 583 2335

                                      EBIT 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(in EUR million)BAUER Group 1675 844 884 823 720 301 764 907 703 85 302 277 232 896 110 231 227 433 1001 104 248 133 -260 225

                                      Construction 463 257 288 179 220 212 260 139 297 09 124 81 -18 196 27 21 80 263 391 00 42 -34 -207 -199Equipment 1183 513 483 530 340 322 360 994 384 80 160 249 317 806 142 222 158 227 749 83 230 202 97 612Resources 40 60 81 109 152 -240 159 -198 -37 -01 09 -53 -55 -100 -57 -10 -12 -32 -110 27 -22 -30 -137 -162

                                      EBIT margin 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(in )BAUER Group 130 77 78 67 54 21 56 66 50 22 67 64 58 54 35 58 56 93 63 30 61 37 -72 15

                                      Construction 79 53 57 35 38 32 40 21 48 05 60 38 -11 25 19 13 39 121 54 00 26 -21 -147 -32Equipment 197 112 103 104 65 57 68 181 71 64 86 148 176 122 110 128 110 117 117 66 128 143 60 100Resources 38 39 52 54 62 -131 81 -110 -16 -02 15 -100 -99 -45 -123 -16 -20 -57 -50 49 -37 -49 -235 -69

                                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

                                      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

                                      • Foliennummer 1
                                      • Foliennummer 2
                                      • Key FiguresFY 2019
                                      • Table of Content
                                      • Foliennummer 5
                                      • Foliennummer 6
                                      • Foliennummer 7
                                      • Foliennummer 8
                                      • BAUER Group Construction market environment vs order backlog
                                      • Foliennummer 10
                                      • Foliennummer 11
                                      • Table of Content
                                      • Foliennummer 13
                                      • Foliennummer 14
                                      • Foliennummer 15
                                      • Foliennummer 16
                                      • Foliennummer 17
                                      • Foliennummer 18
                                      • Foliennummer 19
                                      • Foliennummer 20
                                      • Foliennummer 21
                                      • Foliennummer 22
                                      • FinancialsIncome statement 12M 2019
                                      • Financials Balance sheet December 31 2019
                                      • FinancialsCash flow statement 12M 2019
                                      • Foliennummer 26
                                      • Foliennummer 27
                                      • Table of Content
                                      • BAUER GroupThe history ndash Two centuries of experience
                                      • Foliennummer 30
                                      • BAUER GroupThe three segments
                                      • Foliennummer 32
                                      • Foliennummer 33
                                      • What is specialist foundationBuilding an excavation pit
                                      • What is specialist foundation used forApplications
                                      • ConstructionMunich Germany ndash Foundation works for a boarding house
                                      • Foliennummer 37
                                      • EquipmentWhole range of products for special foundation engineering
                                      • EquipmentProduct range Deep Drilling
                                      • Foliennummer 40
                                      • ResourcesPool of competences from a single hand
                                      • ResourcesWater ndash Process Water amp Water Distribution Management
                                      • ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
                                      • Market environment ndash Germany German construction market
                                      • Financials Working capital needs ndash Comparison with building construction
                                      • BAUER shareFacts amp Figures
                                      • BAUER shareDividend policy
                                      • Foliennummer 48
                                      • Disclaimer
                                        Zweistelliges Auftragsplus am Bau in Bayern
                                        Absolute WerteVeraumlnderungen in
                                        August 20062004BayernWestdeutschlandOstdeutschland
                                        BayernWest-Ost-200420040200420040200420040
                                        LaumlnderLaumlnder199420030199420030199420030
                                        Beschaumlftigte in 1000126152831887-52-5200-432-60-5200-539-7200
                                        Baugenehmigungen Mio msup3 umb Raum6532572423-108-10800-252-8400-68-10300
                                        Umsatz in Mrd EUR139570173-249-5800-277-4500-399-7600
                                        Hochbau9637192-265-5600-301-4400-507-7400
                                        Tiefbau4319981-217-6200-222-4500-207-7900
                                        09033799-393-10000-452-5600-580-6000
                                        in Mrd EUR
                                        Wohnungsbau236511-480-7100-561-6400-771-20700
                                        Wirtschaftsbau3314040-347-10500-457-5900-603-9400
                                        Oumlffentlicher Bau3313148-352-11500-346-4900-3821800
                                        darunter
                                        Oumlffentl Hochbau092509-324-8500-480-0100-5616900
                                        Straszligenbau125821-128-11200-146-5100-1604200
                                        Sonstiger Tiefbau124818-502-13700-425-7100-467-3400
                                        19712561362168-243-95248-173-23210-21146
                                        1) Bei Baugenehmigungen liegen erst die Oktoberwerte vor
                                        1) Bei Baugenehmigungen liegen erst die Februarwerte vor
                                        2) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten
                                        in EUR billionin
                                        Dezember 2019Germany20052005Jan - Aug20182019
                                        201919942004060520172018
                                        Employees (in 1000)4867-47-60-104949
                                        Revenues922-305-647310882
                                        Building construction508-318-611009577
                                        Foundation engineering414-280-711212588
                                        Orders received861-3743110610082
                                        in EUR billion
                                        Housebuilding196-489-181211297
                                        Industrial building363-3036818113289
                                        Public sector302-33132995965
                                        of which
                                        public buildings55-23812729025109
                                        road building142-138-12478839
                                        underground structures105-49515223880
                                        1256168-243-95-173-23
                                        1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
                                        ) only companies gt 20 employees
                                        Zweistelliges Auftragsplus am Bau in Bayern
                                        Absolute WerteVeraumlnderungen in
                                        August 20062005BayernWestdeutschlandOstdeutschland
                                        BayernWest-Ost-20052005Jan - Aug20052005Jan - Aug20052005Jan - Aug
                                        LaumlnderLaumlnder199420040605199420040605199420040605
                                        Beschaumlftigte in 1000126152831887-470-60-10-465-60-58-38-578-85-51
                                        Baugenehmigungen Mio msup3 umb Raum6532572423-395-101249-417-41171-680-157259
                                        Umsatz in Mrd EUR139570173-305-6473-312-4835-452-8813
                                        Hochbau9637192-318-61100-336-5048-565-11835
                                        Tiefbau4319981-280-7112-255-4311-247-51-14
                                        Auftragseingang9033799-37431106-4470984-609-7043
                                        in Mrd EUR
                                        Wohnungsbau236511-489-1812-586-5888-805-14841
                                        Wirtschaftsbau3314040-30368181-43345104-625-56121
                                        Oumlffentlicher Bau3313148-3313299-3400972-420-62-18
                                        darunter
                                        Oumlffentl Hochbau092509-238127290-500-38142-602-93-51
                                        Straszligenbau125821-138-1247-965978-211-8582
                                        Sonstiger Tiefbau124818-4951522-439-2430-477-18-124
                                        19712561362168-243-95248-173-23210-21146
                                        1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
                                        ) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

                                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                        FinancialsWorking capital amp net debt ndash Financing of future revenues

                                        Bauerrsquos 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 Receivables

                                        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 247 after-sales service A relatively large rental fleet is needed for different contract types (eg rental purchase)

                                        Resources segment Outstanding customer payments (water business) and receivables on projects (environmental amp drilling business)

                                        75-8015-20 ~5

                                        Construction Equipment Resources20-2555-60 15-20

                                        20

                                        Key facts

                                        Why does the business model needs so much working capital

                                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                        629 608549 552

                                        467

                                        665 677594 562 564

                                        0

                                        150

                                        300

                                        450

                                        600

                                        750

                                        2015 2016 2017 2018 2019

                                        646 665 677594 562 564

                                        171 185 158 183 199123

                                        38 36

                                        43

                                        33

                                        28

                                        46

                                        00

                                        10

                                        20

                                        30

                                        40

                                        50

                                        0

                                        160

                                        320

                                        480

                                        640

                                        800

                                        2014 2015 2016 2017 2018 2019

                                        1656 15551772 1686 1595

                                        665 677 594 562 564

                                        0

                                        360

                                        720

                                        1080

                                        1440

                                        1800

                                        2015 2016 2017 2018 201921

                                        FinancialsWorking capital amp net debt ndash Current development

                                        Total Group revenues net debtin EUR million

                                        Net debtWorking capital

                                        EBITDANet debt

                                        Current development At EUR 5637 million net debt was at the same level

                                        as 2018 This was essentially due to the new IFRS 16 standard and the market valuation of financial liabilities Pure bank debt has seen further reductions which demonstrates that our numerous measures are making progress

                                        Net debt to EBITDA ratio has worsened substantially as a consequence of significantly lower earnings than originally expected Our target range is a ratio of below 30 yearend

                                        -37-152

                                        ∆ 20152019

                                        Working capital net debtin EUR million

                                        Net debt EBITDA ratioin EUR million

                                        Net debtTotal Group revenues ndash Net debtEBITDA

                                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                        711 720 736

                                        604

                                        726 701 700629 672 709 684

                                        608674 646 628

                                        549 576624 629

                                        552 584 609 591

                                        467

                                        0

                                        160

                                        320

                                        480

                                        640

                                        800

                                        Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

                                        773 776 778

                                        646

                                        779 752 749665

                                        743 762 736677

                                        740 712 686594 639 678 679

                                        562620 648 637

                                        564

                                        0

                                        160

                                        320

                                        480

                                        640

                                        800

                                        Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

                                        22

                                        FinancialsWorking capital amp net debt are lower year-end than during the year

                                        Net debt (excl pensions)in EUR million

                                        Working capitalin EUR million -154

                                        +03

                                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 23

                                        FinancialsIncome statement 12M 2019in EUR 000 12M 2018 12M 2019 ∆ in

                                        Sales revenues (PampL) 1589091 1470922 -74

                                        Consolidated revenues (PampL) 1616936 1537691 -49

                                        Cost of materials -821496 -783126 -47

                                        Personel expenses -392384 -418805 67

                                        Other operation expenses -204440 -212713 40

                                        EBITDA 198616 123047 -380

                                        Depreciation of fixed assets -80967 -84760 47

                                        Write-downs of inventories due to use -17590 -15806 -101

                                        EBIT 100059 22481 -775

                                        Financial income 38204 33742 -117

                                        Financial expenses -76992 -78766 23

                                        Share of profitloss of associated companies (equity method) 4594 11225 na

                                        Earnings before tax (EBT) 65865 -11318 na

                                        Income tax expense -41778 -25232 -396

                                        Earnings after tax 24087 -36550 na

                                        of which attributable to shareholders of BAUER AG 22577 -37146 na

                                        of which attributable to non-controlling interests 1510 596 -605

                                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 24

                                        Financials Balance sheet December 31 2019in EUR 000 Dec 31 2018 Dec 31 2019 ∆ in Assets 1632284 1628549 -02

                                        Non-current assets 621041 692778 116Intangible assets 18077 16946 -63Property plant and equipment and investment property 411571 460470 119Investments accounted for using the equity method 113019 118185 46Participations 8350 8806 55Other non-current assets amp deferred tax assets 70024 88371 262Current assets 1011243 935771 -75Inventories 365865 405401 108Rental equipment 60488 61838 22Less advances received on inventories -16098 -8921 -446

                                        410255 458318 117Receivables and other assets 535111 434608 -188Effective income tax refund claims 3290 5270 602Cash and cash equivalents 62587 37575 -400

                                        Equity and liabilities 1632284 1628549 -02

                                        Equity 431816 386916 -104Non-current debt 501424 327118 -348Provisions for pensions 134389 158641 180Non-current liabilities amp deferred tax liabilities 367035 257977 -297Current debt 699044 914515 308Financial liabilities 286104 376453 316Other current liabilities 357851 402318 124Effective income tax obligations 31687 19566 -383Provisions 23402 26678 140

                                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 25

                                        FinancialsCash flow statement 12M 2019in EUR 000 12M 2018 12M 2019 ∆ in

                                        Cash flow from operational activity 147444 168882 145

                                        Cash flow from investment activity -57600 -75213 306

                                        Cash flow from financing activity -75088 -120339 603

                                        Free Cash Flow 89844 93669 43

                                        Changes in liquid funds affecting payments 14756 -26670 na

                                        Influence of exchange rate movements on cash 565 1658 na

                                        Total change in liquid funds 15321 -25012 na

                                        Cash and cash equivalents at beginning of reporting period 47266 62587 324

                                        Cash and cash equivalents at end of reporting period 62587 37575 -400

                                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 26

                                        FinancialsForecast 2020 ndash More cautious view due to coronavirus pandemic

                                        2019 final

                                        Total Group Revenues 1594 EUR million slight increase

                                        Revenue growth -54 3 - 8

                                        EBIT 225 EUR million significant increase

                                        EBIT margin 15 7 - 9

                                        Earnings after tax -366 EUR million significant increase in the positive area

                                        Equity ratio 238 gt 30

                                        2020 forecast Long-term goal

                                        Slope stabilisation with BG 15 ndash Germany Largest water treatment plant ndash Nimr OmanCompact cutter system for Grand Paris

                                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 27

                                        BAUER AktiengesellschaftBAUER-Straszlige 186529 SchrobenhausenGermany

                                        Tel +49 8252 97-1218investorrelationsbauerdewwwbauerde

                                        April 9 2020 Annual Report 2019Analyst amp Press Conference

                                        May 13 2020 Quarterly Statement Q1 2020

                                        June 25 2020 Annual General Meeting

                                        August 13 2020 Half-Year Interim Report toJune 30 2020

                                        November 13 2020 Quarterly Statement 9MQ3 2020

                                        wwwyoutubecomBauergruppe

                                        wwwfacebookcomBauerAGgroup

                                        Investor RelationsFinancial calendar amp contact

                                        Christopher WolfHead of Investor Relations

                                        2020

                                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 28

                                        Table of Content

                                        BAUER Group ndash Strategy Chances amp Markets

                                        Appendix

                                        Financials FYQ4 2019 amp Guidance

                                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 29

                                        1790 middot 1900 middot 1902 middot 1928 middot 1948 middot 1956 middot 1958 middot 1967 middot 1969 middot 1972 middot 1975 middot 1976 middot 1984 middot 1990 middot 1992 middot 1994 middot 1998 middot 2001 middot 2019

                                        BAUER GroupThe history ndash Two centuries of experience

                                        End of 1970rsquosStart of

                                        internationalisation

                                        Early 1990rsquosBuild up of

                                        specialist construction environmental business

                                        FY 2019Total Group

                                        revenues EUR 16 billion 11684

                                        employees

                                        4 Jul 2006IPO

                                        Early 1970rsquosStart of equipment

                                        manufacturing

                                        Company founded as copper forge

                                        After WW II (1950s)Start of construction

                                        business

                                        Early 1980rsquosSelling of equipment to

                                        third parties

                                        1790 1900-1970 1980-1990 2000-2019

                                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 30

                                        Michael Stomberg (CEO) HSE IT Process Management Quality Management

                                        Florian Bauer Digitalization Development

                                        Coordination Training Company Culture

                                        Hartmut Beutler (CFO) Financing amp Treasury Legal Affairs amp Insurance IR amp Corporate

                                        Communications Facility Management Media Design

                                        Peter Hingott Group Controlling amp

                                        Accounting Human Resources Group Purchasing

                                        Management BoardBAUER AG

                                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 31

                                        BAUER GroupThe three segments

                                        31copy BAUER AG D-86529 Schrobenhausen

                                        Target ~ 40 of total Group revenues

                                        Market leader in specialist foundation equipment

                                        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

                                        Target ~ 20 of total Group revenues Activities in

                                        environmental technology deep drilling well construction materials

                                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 32

                                        BAUER GroupChallenges of the world provide chances for the company

                                        The megatrend of urbanization requires construction solutions for the city of the future

                                        To deal with the scarcity of drinking water purification and supply technologies are needed

                                        The increasing mobility in society demands new and renewed transport routes

                                        Changing social values are fundamentally revolutionizing the business world

                                        UrbanizationInfrastructure Water

                                        CultureA change in energy supply can only be realized through comprehensive construction works

                                        The remediation of contaminated soil is the key to sustainable utilization of resources

                                        Energy transitionEnvironment

                                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                        ConstructionKey factsConstruction

                                        Leading global provider for specialist foundation engineering

                                        services

                                        33

                                        Total Group revenues (incl JV) Order backlog EBIT

                                        ~ 40 of total Group revenues EBIT margin 4 - 6

                                        (2018 54 2019 na)

                                        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 5050 infrastructureindustrial split

                                        Figures are somewhat cyclical between the quarters ndash focus on the entire year

                                        Market environment Growing construction markets worldwide

                                        Special foundation engineering is growing stronger than construction markets

                                        Huge pent-up demand in developed countries and in emerging markets

                                        Competition Keller Trevi Soletanche Bachy

                                        (worldwide)

                                        Local competitors in each country

                                        Current focus topics Improving project and risk management especially for major projects

                                        Leading in digitalization solutions for our market

                                        Key figures

                                        Key targets

                                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 34

                                        What is specialist foundationBuilding an excavation pit

                                        Permeation Grouting

                                        Mixed-In-Place Method

                                        Injection Anchor

                                        Diaphragm andCut-off Wall

                                        Pile Foundation

                                        Piling Retaining Wall

                                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 35

                                        What is specialist foundation used forApplications

                                        Foundationsfor the highest buildings in the world

                                        Excavation Pits for every problem and requirement

                                        Ground Improvementallows projects on weak ground

                                        Cut-off Walls as solution for dams and dikes

                                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 36

                                        ConstructionMunich Germany ndash Foundation works for a boarding house

                                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                        EquipmentKey facts

                                        Market leader in specialistfoundation equipment

                                        Equipment

                                        37

                                        Sales revenues (excl JV) Order intake EBIT

                                        ~ 40 of total Group revenues EBIT margin 10 - 12

                                        (2018 117 2019 100)

                                        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 JV with Schlumberger for the production of deep drilling rigs (oil amp gas)

                                        Market environment Growing construction markets worldwide lead to positive equipment demand

                                        Strong position due to efforts regarding quality efficiency and noise reduction

                                        Growth potential with specialized machines for mining water and offshore drilling

                                        Competition Trevi Liebherr Chinese manufactures

                                        (eg Sany XCMG)

                                        Further competition regarding special product types

                                        Current focus topics Focus on value analysis methods and purchase organization

                                        Optimizing and increasing after-sales services

                                        Key figures

                                        Key targets

                                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 38

                                        EquipmentWhole range of products for special foundation engineering

                                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 39

                                        EquipmentProduct range Deep Drilling

                                        Joint Ventureof Bauer amp Schlumberger

                                        In order to meet the upcoming market challenges out-of-the-box thinking

                                        is necessary and therefore integrated drilling and rig solutions are of

                                        growing importance

                                        Based on more than 40 years of experience in engineering and

                                        manufacturing of drilling rigs NeoRig develops and manufactures

                                        modern drilling solutions which set new standards of safety efficiency

                                        productivity and ease of service in the deep drilling business

                                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                        ResourcesKey factsResources

                                        40

                                        Products amp services for environmental technology mining well construction

                                        and water cleaning

                                        Total Group revenues (incl JV) Order backlog EBIT

                                        ~ 20 of total Group revenues EBIT margin 6 - 8

                                        (2018 na 2019 na)

                                        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 amp Middle East

                                        Market environment Huge demand for environmental and water solutions

                                        Outstanding market position with ground-breaking projects in the field of cleaning drinking and process water eg the biological water treatment plant in Oman

                                        Competition Fragmented competition for each single product and service area

                                        Current focus topics Improvement of loss-making Jordan subsidiary which is caused by overcapacities

                                        Consistent proceeding of reorganization in the water related companies

                                        Focus on new projects for the profitable environment business

                                        Key figures

                                        Key targets

                                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 41

                                        ResourcesPool of competences from a single hand

                                        Industrial Waste Water Process amp Produced Water NORM Constructed Wetlands Modelling amp Well Design Construction Material for Wells

                                        and Geothermal Water Distribution Management Irrigation Systems

                                        Remediation Landfill Restoration Decommissioning Demolition Hazardous Waste Management Soil Treatment and Waste

                                        Management

                                        Exploration Drilling Deep Geothermal Drilling Well Drilling Blast Hole Drilling

                                        EnvironmentWater Natural Resources

                                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 42

                                        ResourcesWater ndash Process Water amp Water Distribution Management

                                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 43

                                        ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman

                                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 44

                                        Market environment ndash GermanyGerman construction market

                                        Source Federal Statistical Office Statistical Office Bavaria

                                        in EUR billion

                                        Germany2019

                                        Employees (in 1000)

                                        Revenues 922Building construction 508Foundation engineering 414

                                        Orders received in EUR billion

                                        Housebuilding 196Industrial building 363Public sectorof which

                                        public buildings 55road building 142underground structures 105

                                        ) only companies gt 20 employees

                                        49

                                        108

                                        95

                                        39

                                        109

                                        65

                                        80

                                        88

                                        38

                                        49

                                        82

                                        77

                                        112

                                        132

                                        25

                                        Dezember 2019 2018 20192017 2018

                                        in

                                        89

                                        97

                                        302

                                        861

                                        4867

                                        88

                                        100 82

                                        59

                                        125

                                        Weiszlig

                                        Bunt

                                        Kunterbunt

                                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 45

                                        Building constructionpositive cash contribution

                                        Specialist foundation engineeringpre-financing need

                                        Financials Working capital needs ndash Comparison with building construction

                                        EUR

                                        12 24 months

                                        Positive cash contribution

                                        Negative cash contribution

                                        Con

                                        trac

                                        t val

                                        ue

                                        EUR

                                        Negative cash contribution

                                        12 24 months

                                        Con

                                        trac

                                        t val

                                        ue

                                        Construction contracts with short duration need

                                        No advance payments no front-loading of prices possible approx 2 - 3 months of pre-financing

                                        Negative cash contribution during construction phase

                                        Construction contracts with long durations

                                        Advance payments front-loading of prices

                                        Positive cash contribution during construction phase

                                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 46

                                        BAUER shareFacts amp Figures

                                        Listed on Frankfurt stock exchange (Prime Standard) since July 4 2006

                                        Share capital EUR 7300142045

                                        Shares issued 17131000

                                        Issue price EUR 1675

                                        Share performance (012019 ndash 032020)

                                        Bauer familyFree float

                                        5181

                                        Shareholder structure

                                        4819

                                        in EUR 2015 2016 2017 2018 2019

                                        Earnings per share 173 066 016 132 -217

                                        Share price year end 1740 1140 3000 1216 1510

                                        Share price highest 1920 1716 3096 3125 2430

                                        Share price lowest 1385 945 1172 1208 1262

                                        Market Cap(in EUR million) 2981 1953 5139 2083 2587

                                        CDAXClassic All SharePrime All Share

                                        ISIN DE0005168108Reuters B5AGDEBloomberg B5A GR

                                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                        050

                                        100 100

                                        060 060050

                                        030

                                        001

                                        015 015010 010 010

                                        001000

                                        030

                                        060

                                        090

                                        120

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

                                        47

                                        BAUER shareDividend policy

                                        Dividend payment Dividend policy founded on a reasonable balance between shareholders and company

                                        fair participation of shareholders maintaining continuity safeguarding of the equity ratio

                                        All shareholders shall participate in the success of the business

                                        After some difficult years we must continue to strike a careful balance between continuity and shareholder participation on the one hand and safeguarding our equity ratio on the other

                                        To secure an adequate equity ratio is an important aim of the companyrsquos 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

                                        in EUR per share

                                        000

                                        Proposed subject to the consent of the Annual General Meeting to be held on June 25 2020

                                        000

                                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 48

                                        Key Figures Time LineFY 2008 ndash FY 2019

                                        In all three segments total Group revenues and EBIT figures of FY 2015 were influenced by exceptional earnings

                                        Total Group revenues 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(in EUR million)BAUER Group 15272 12758 13040 13718 14358 15042 15602 16564 15547 4482 4541 4766 3931 17720 3708 4215 4435 4503 16861 4109 4207 4078 3553 15947

                                        Construction 7009 5700 6154 6066 6552 7417 7256 7429 7131 2110 2205 2269 1766 8350 1508 1762 2100 2306 7676 1702 1722 1726 1538 6688Equipment 7801 6085 5817 6365 5891 6286 6392 7531 6344 1867 1853 1966 1859 7545 1808 1936 1802 1685 7231 1859 1950 1781 1547 7137Resources 1351 1743 1777 2115 2628 1889 2528 2216 2624 630 647 651 554 2482 517 676 699 723 2615 692 695 662 700 2749

                                        Sales revenues 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(in EUR million)BAUER Group 12908 10965 11317 12196 13444 14022 13757 13790 13969 3789 4512 4354 4022 16679 3184 3987 4051 4669 15891 3419 4035 3622 3633 14709

                                        Construction 5843 4879 5058 5062 5791 6575 6466 6508 6145 1966 2064 2145 1663 7838 1432 1642 2021 2168 7263 1616 1628 1605 1408 6257Equipment 6012 4565 4693 5114 5206 5616 5327 5480 5427 1266 1857 1685 1801 6609 1287 1736 1440 1938 6401 1253 1797 1417 1635 6102Resources 1051 1520 1564 2015 2443 1826 1959 1793 2382 553 577 532 553 2215 462 605 587 559 2213 548 607 597 583 2335

                                        EBIT 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(in EUR million)BAUER Group 1675 844 884 823 720 301 764 907 703 85 302 277 232 896 110 231 227 433 1001 104 248 133 -260 225

                                        Construction 463 257 288 179 220 212 260 139 297 09 124 81 -18 196 27 21 80 263 391 00 42 -34 -207 -199Equipment 1183 513 483 530 340 322 360 994 384 80 160 249 317 806 142 222 158 227 749 83 230 202 97 612Resources 40 60 81 109 152 -240 159 -198 -37 -01 09 -53 -55 -100 -57 -10 -12 -32 -110 27 -22 -30 -137 -162

                                        EBIT margin 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(in )BAUER Group 130 77 78 67 54 21 56 66 50 22 67 64 58 54 35 58 56 93 63 30 61 37 -72 15

                                        Construction 79 53 57 35 38 32 40 21 48 05 60 38 -11 25 19 13 39 121 54 00 26 -21 -147 -32Equipment 197 112 103 104 65 57 68 181 71 64 86 148 176 122 110 128 110 117 117 66 128 143 60 100Resources 38 39 52 54 62 -131 81 -110 -16 -02 15 -100 -99 -45 -123 -16 -20 -57 -50 49 -37 -49 -235 -69

                                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

                                        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

                                        • Foliennummer 1
                                        • Foliennummer 2
                                        • Key FiguresFY 2019
                                        • Table of Content
                                        • Foliennummer 5
                                        • Foliennummer 6
                                        • Foliennummer 7
                                        • Foliennummer 8
                                        • BAUER Group Construction market environment vs order backlog
                                        • Foliennummer 10
                                        • Foliennummer 11
                                        • Table of Content
                                        • Foliennummer 13
                                        • Foliennummer 14
                                        • Foliennummer 15
                                        • Foliennummer 16
                                        • Foliennummer 17
                                        • Foliennummer 18
                                        • Foliennummer 19
                                        • Foliennummer 20
                                        • Foliennummer 21
                                        • Foliennummer 22
                                        • FinancialsIncome statement 12M 2019
                                        • Financials Balance sheet December 31 2019
                                        • FinancialsCash flow statement 12M 2019
                                        • Foliennummer 26
                                        • Foliennummer 27
                                        • Table of Content
                                        • BAUER GroupThe history ndash Two centuries of experience
                                        • Foliennummer 30
                                        • BAUER GroupThe three segments
                                        • Foliennummer 32
                                        • Foliennummer 33
                                        • What is specialist foundationBuilding an excavation pit
                                        • What is specialist foundation used forApplications
                                        • ConstructionMunich Germany ndash Foundation works for a boarding house
                                        • Foliennummer 37
                                        • EquipmentWhole range of products for special foundation engineering
                                        • EquipmentProduct range Deep Drilling
                                        • Foliennummer 40
                                        • ResourcesPool of competences from a single hand
                                        • ResourcesWater ndash Process Water amp Water Distribution Management
                                        • ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
                                        • Market environment ndash Germany German construction market
                                        • Financials Working capital needs ndash Comparison with building construction
                                        • BAUER shareFacts amp Figures
                                        • BAUER shareDividend policy
                                        • Foliennummer 48
                                        • Disclaimer
                                          Zweistelliges Auftragsplus am Bau in Bayern
                                          Absolute WerteVeraumlnderungen in
                                          August 20062004BayernWestdeutschlandOstdeutschland
                                          BayernWest-Ost-200420040200420040200420040
                                          LaumlnderLaumlnder199420030199420030199420030
                                          Beschaumlftigte in 1000126152831887-52-5200-432-60-5200-539-7200
                                          Baugenehmigungen Mio msup3 umb Raum6532572423-108-10800-252-8400-68-10300
                                          Umsatz in Mrd EUR139570173-249-5800-277-4500-399-7600
                                          Hochbau9637192-265-5600-301-4400-507-7400
                                          Tiefbau4319981-217-6200-222-4500-207-7900
                                          09033799-393-10000-452-5600-580-6000
                                          in Mrd EUR
                                          Wohnungsbau236511-480-7100-561-6400-771-20700
                                          Wirtschaftsbau3314040-347-10500-457-5900-603-9400
                                          Oumlffentlicher Bau3313148-352-11500-346-4900-3821800
                                          darunter
                                          Oumlffentl Hochbau092509-324-8500-480-0100-5616900
                                          Straszligenbau125821-128-11200-146-5100-1604200
                                          Sonstiger Tiefbau124818-502-13700-425-7100-467-3400
                                          19712561362168-243-95248-173-23210-21146
                                          1) Bei Baugenehmigungen liegen erst die Oktoberwerte vor
                                          1) Bei Baugenehmigungen liegen erst die Februarwerte vor
                                          2) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten
                                          in EUR billionin
                                          Dezember 2019Germany20052005Jan - Aug20182019
                                          201919942004060520172018
                                          Employees (in 1000)4867-47-60-104949
                                          Revenues922-305-647310882
                                          Building construction508-318-611009577
                                          Foundation engineering414-280-711212588
                                          Orders received861-3743110610082
                                          in EUR billion
                                          Housebuilding196-489-181211297
                                          Industrial building363-3036818113289
                                          Public sector302-33132995965
                                          of which
                                          public buildings55-23812729025109
                                          road building142-138-12478839
                                          underground structures105-49515223880
                                          1256168-243-95-173-23
                                          1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
                                          ) only companies gt 20 employees
                                          Zweistelliges Auftragsplus am Bau in Bayern
                                          Absolute WerteVeraumlnderungen in
                                          August 20062005BayernWestdeutschlandOstdeutschland
                                          BayernWest-Ost-20052005Jan - Aug20052005Jan - Aug20052005Jan - Aug
                                          LaumlnderLaumlnder199420040605199420040605199420040605
                                          Beschaumlftigte in 1000126152831887-470-60-10-465-60-58-38-578-85-51
                                          Baugenehmigungen Mio msup3 umb Raum6532572423-395-101249-417-41171-680-157259
                                          Umsatz in Mrd EUR139570173-305-6473-312-4835-452-8813
                                          Hochbau9637192-318-61100-336-5048-565-11835
                                          Tiefbau4319981-280-7112-255-4311-247-51-14
                                          Auftragseingang9033799-37431106-4470984-609-7043
                                          in Mrd EUR
                                          Wohnungsbau236511-489-1812-586-5888-805-14841
                                          Wirtschaftsbau3314040-30368181-43345104-625-56121
                                          Oumlffentlicher Bau3313148-3313299-3400972-420-62-18
                                          darunter
                                          Oumlffentl Hochbau092509-238127290-500-38142-602-93-51
                                          Straszligenbau125821-138-1247-965978-211-8582
                                          Sonstiger Tiefbau124818-4951522-439-2430-477-18-124
                                          19712561362168-243-95248-173-23210-21146
                                          1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
                                          ) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

                                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                          629 608549 552

                                          467

                                          665 677594 562 564

                                          0

                                          150

                                          300

                                          450

                                          600

                                          750

                                          2015 2016 2017 2018 2019

                                          646 665 677594 562 564

                                          171 185 158 183 199123

                                          38 36

                                          43

                                          33

                                          28

                                          46

                                          00

                                          10

                                          20

                                          30

                                          40

                                          50

                                          0

                                          160

                                          320

                                          480

                                          640

                                          800

                                          2014 2015 2016 2017 2018 2019

                                          1656 15551772 1686 1595

                                          665 677 594 562 564

                                          0

                                          360

                                          720

                                          1080

                                          1440

                                          1800

                                          2015 2016 2017 2018 201921

                                          FinancialsWorking capital amp net debt ndash Current development

                                          Total Group revenues net debtin EUR million

                                          Net debtWorking capital

                                          EBITDANet debt

                                          Current development At EUR 5637 million net debt was at the same level

                                          as 2018 This was essentially due to the new IFRS 16 standard and the market valuation of financial liabilities Pure bank debt has seen further reductions which demonstrates that our numerous measures are making progress

                                          Net debt to EBITDA ratio has worsened substantially as a consequence of significantly lower earnings than originally expected Our target range is a ratio of below 30 yearend

                                          -37-152

                                          ∆ 20152019

                                          Working capital net debtin EUR million

                                          Net debt EBITDA ratioin EUR million

                                          Net debtTotal Group revenues ndash Net debtEBITDA

                                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                          711 720 736

                                          604

                                          726 701 700629 672 709 684

                                          608674 646 628

                                          549 576624 629

                                          552 584 609 591

                                          467

                                          0

                                          160

                                          320

                                          480

                                          640

                                          800

                                          Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

                                          773 776 778

                                          646

                                          779 752 749665

                                          743 762 736677

                                          740 712 686594 639 678 679

                                          562620 648 637

                                          564

                                          0

                                          160

                                          320

                                          480

                                          640

                                          800

                                          Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

                                          22

                                          FinancialsWorking capital amp net debt are lower year-end than during the year

                                          Net debt (excl pensions)in EUR million

                                          Working capitalin EUR million -154

                                          +03

                                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 23

                                          FinancialsIncome statement 12M 2019in EUR 000 12M 2018 12M 2019 ∆ in

                                          Sales revenues (PampL) 1589091 1470922 -74

                                          Consolidated revenues (PampL) 1616936 1537691 -49

                                          Cost of materials -821496 -783126 -47

                                          Personel expenses -392384 -418805 67

                                          Other operation expenses -204440 -212713 40

                                          EBITDA 198616 123047 -380

                                          Depreciation of fixed assets -80967 -84760 47

                                          Write-downs of inventories due to use -17590 -15806 -101

                                          EBIT 100059 22481 -775

                                          Financial income 38204 33742 -117

                                          Financial expenses -76992 -78766 23

                                          Share of profitloss of associated companies (equity method) 4594 11225 na

                                          Earnings before tax (EBT) 65865 -11318 na

                                          Income tax expense -41778 -25232 -396

                                          Earnings after tax 24087 -36550 na

                                          of which attributable to shareholders of BAUER AG 22577 -37146 na

                                          of which attributable to non-controlling interests 1510 596 -605

                                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 24

                                          Financials Balance sheet December 31 2019in EUR 000 Dec 31 2018 Dec 31 2019 ∆ in Assets 1632284 1628549 -02

                                          Non-current assets 621041 692778 116Intangible assets 18077 16946 -63Property plant and equipment and investment property 411571 460470 119Investments accounted for using the equity method 113019 118185 46Participations 8350 8806 55Other non-current assets amp deferred tax assets 70024 88371 262Current assets 1011243 935771 -75Inventories 365865 405401 108Rental equipment 60488 61838 22Less advances received on inventories -16098 -8921 -446

                                          410255 458318 117Receivables and other assets 535111 434608 -188Effective income tax refund claims 3290 5270 602Cash and cash equivalents 62587 37575 -400

                                          Equity and liabilities 1632284 1628549 -02

                                          Equity 431816 386916 -104Non-current debt 501424 327118 -348Provisions for pensions 134389 158641 180Non-current liabilities amp deferred tax liabilities 367035 257977 -297Current debt 699044 914515 308Financial liabilities 286104 376453 316Other current liabilities 357851 402318 124Effective income tax obligations 31687 19566 -383Provisions 23402 26678 140

                                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 25

                                          FinancialsCash flow statement 12M 2019in EUR 000 12M 2018 12M 2019 ∆ in

                                          Cash flow from operational activity 147444 168882 145

                                          Cash flow from investment activity -57600 -75213 306

                                          Cash flow from financing activity -75088 -120339 603

                                          Free Cash Flow 89844 93669 43

                                          Changes in liquid funds affecting payments 14756 -26670 na

                                          Influence of exchange rate movements on cash 565 1658 na

                                          Total change in liquid funds 15321 -25012 na

                                          Cash and cash equivalents at beginning of reporting period 47266 62587 324

                                          Cash and cash equivalents at end of reporting period 62587 37575 -400

                                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 26

                                          FinancialsForecast 2020 ndash More cautious view due to coronavirus pandemic

                                          2019 final

                                          Total Group Revenues 1594 EUR million slight increase

                                          Revenue growth -54 3 - 8

                                          EBIT 225 EUR million significant increase

                                          EBIT margin 15 7 - 9

                                          Earnings after tax -366 EUR million significant increase in the positive area

                                          Equity ratio 238 gt 30

                                          2020 forecast Long-term goal

                                          Slope stabilisation with BG 15 ndash Germany Largest water treatment plant ndash Nimr OmanCompact cutter system for Grand Paris

                                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 27

                                          BAUER AktiengesellschaftBAUER-Straszlige 186529 SchrobenhausenGermany

                                          Tel +49 8252 97-1218investorrelationsbauerdewwwbauerde

                                          April 9 2020 Annual Report 2019Analyst amp Press Conference

                                          May 13 2020 Quarterly Statement Q1 2020

                                          June 25 2020 Annual General Meeting

                                          August 13 2020 Half-Year Interim Report toJune 30 2020

                                          November 13 2020 Quarterly Statement 9MQ3 2020

                                          wwwyoutubecomBauergruppe

                                          wwwfacebookcomBauerAGgroup

                                          Investor RelationsFinancial calendar amp contact

                                          Christopher WolfHead of Investor Relations

                                          2020

                                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 28

                                          Table of Content

                                          BAUER Group ndash Strategy Chances amp Markets

                                          Appendix

                                          Financials FYQ4 2019 amp Guidance

                                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 29

                                          1790 middot 1900 middot 1902 middot 1928 middot 1948 middot 1956 middot 1958 middot 1967 middot 1969 middot 1972 middot 1975 middot 1976 middot 1984 middot 1990 middot 1992 middot 1994 middot 1998 middot 2001 middot 2019

                                          BAUER GroupThe history ndash Two centuries of experience

                                          End of 1970rsquosStart of

                                          internationalisation

                                          Early 1990rsquosBuild up of

                                          specialist construction environmental business

                                          FY 2019Total Group

                                          revenues EUR 16 billion 11684

                                          employees

                                          4 Jul 2006IPO

                                          Early 1970rsquosStart of equipment

                                          manufacturing

                                          Company founded as copper forge

                                          After WW II (1950s)Start of construction

                                          business

                                          Early 1980rsquosSelling of equipment to

                                          third parties

                                          1790 1900-1970 1980-1990 2000-2019

                                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 30

                                          Michael Stomberg (CEO) HSE IT Process Management Quality Management

                                          Florian Bauer Digitalization Development

                                          Coordination Training Company Culture

                                          Hartmut Beutler (CFO) Financing amp Treasury Legal Affairs amp Insurance IR amp Corporate

                                          Communications Facility Management Media Design

                                          Peter Hingott Group Controlling amp

                                          Accounting Human Resources Group Purchasing

                                          Management BoardBAUER AG

                                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 31

                                          BAUER GroupThe three segments

                                          31copy BAUER AG D-86529 Schrobenhausen

                                          Target ~ 40 of total Group revenues

                                          Market leader in specialist foundation equipment

                                          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

                                          Target ~ 20 of total Group revenues Activities in

                                          environmental technology deep drilling well construction materials

                                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 32

                                          BAUER GroupChallenges of the world provide chances for the company

                                          The megatrend of urbanization requires construction solutions for the city of the future

                                          To deal with the scarcity of drinking water purification and supply technologies are needed

                                          The increasing mobility in society demands new and renewed transport routes

                                          Changing social values are fundamentally revolutionizing the business world

                                          UrbanizationInfrastructure Water

                                          CultureA change in energy supply can only be realized through comprehensive construction works

                                          The remediation of contaminated soil is the key to sustainable utilization of resources

                                          Energy transitionEnvironment

                                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                          ConstructionKey factsConstruction

                                          Leading global provider for specialist foundation engineering

                                          services

                                          33

                                          Total Group revenues (incl JV) Order backlog EBIT

                                          ~ 40 of total Group revenues EBIT margin 4 - 6

                                          (2018 54 2019 na)

                                          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 5050 infrastructureindustrial split

                                          Figures are somewhat cyclical between the quarters ndash focus on the entire year

                                          Market environment Growing construction markets worldwide

                                          Special foundation engineering is growing stronger than construction markets

                                          Huge pent-up demand in developed countries and in emerging markets

                                          Competition Keller Trevi Soletanche Bachy

                                          (worldwide)

                                          Local competitors in each country

                                          Current focus topics Improving project and risk management especially for major projects

                                          Leading in digitalization solutions for our market

                                          Key figures

                                          Key targets

                                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 34

                                          What is specialist foundationBuilding an excavation pit

                                          Permeation Grouting

                                          Mixed-In-Place Method

                                          Injection Anchor

                                          Diaphragm andCut-off Wall

                                          Pile Foundation

                                          Piling Retaining Wall

                                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 35

                                          What is specialist foundation used forApplications

                                          Foundationsfor the highest buildings in the world

                                          Excavation Pits for every problem and requirement

                                          Ground Improvementallows projects on weak ground

                                          Cut-off Walls as solution for dams and dikes

                                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 36

                                          ConstructionMunich Germany ndash Foundation works for a boarding house

                                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                          EquipmentKey facts

                                          Market leader in specialistfoundation equipment

                                          Equipment

                                          37

                                          Sales revenues (excl JV) Order intake EBIT

                                          ~ 40 of total Group revenues EBIT margin 10 - 12

                                          (2018 117 2019 100)

                                          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 JV with Schlumberger for the production of deep drilling rigs (oil amp gas)

                                          Market environment Growing construction markets worldwide lead to positive equipment demand

                                          Strong position due to efforts regarding quality efficiency and noise reduction

                                          Growth potential with specialized machines for mining water and offshore drilling

                                          Competition Trevi Liebherr Chinese manufactures

                                          (eg Sany XCMG)

                                          Further competition regarding special product types

                                          Current focus topics Focus on value analysis methods and purchase organization

                                          Optimizing and increasing after-sales services

                                          Key figures

                                          Key targets

                                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 38

                                          EquipmentWhole range of products for special foundation engineering

                                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 39

                                          EquipmentProduct range Deep Drilling

                                          Joint Ventureof Bauer amp Schlumberger

                                          In order to meet the upcoming market challenges out-of-the-box thinking

                                          is necessary and therefore integrated drilling and rig solutions are of

                                          growing importance

                                          Based on more than 40 years of experience in engineering and

                                          manufacturing of drilling rigs NeoRig develops and manufactures

                                          modern drilling solutions which set new standards of safety efficiency

                                          productivity and ease of service in the deep drilling business

                                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                          ResourcesKey factsResources

                                          40

                                          Products amp services for environmental technology mining well construction

                                          and water cleaning

                                          Total Group revenues (incl JV) Order backlog EBIT

                                          ~ 20 of total Group revenues EBIT margin 6 - 8

                                          (2018 na 2019 na)

                                          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 amp Middle East

                                          Market environment Huge demand for environmental and water solutions

                                          Outstanding market position with ground-breaking projects in the field of cleaning drinking and process water eg the biological water treatment plant in Oman

                                          Competition Fragmented competition for each single product and service area

                                          Current focus topics Improvement of loss-making Jordan subsidiary which is caused by overcapacities

                                          Consistent proceeding of reorganization in the water related companies

                                          Focus on new projects for the profitable environment business

                                          Key figures

                                          Key targets

                                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 41

                                          ResourcesPool of competences from a single hand

                                          Industrial Waste Water Process amp Produced Water NORM Constructed Wetlands Modelling amp Well Design Construction Material for Wells

                                          and Geothermal Water Distribution Management Irrigation Systems

                                          Remediation Landfill Restoration Decommissioning Demolition Hazardous Waste Management Soil Treatment and Waste

                                          Management

                                          Exploration Drilling Deep Geothermal Drilling Well Drilling Blast Hole Drilling

                                          EnvironmentWater Natural Resources

                                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 42

                                          ResourcesWater ndash Process Water amp Water Distribution Management

                                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 43

                                          ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman

                                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 44

                                          Market environment ndash GermanyGerman construction market

                                          Source Federal Statistical Office Statistical Office Bavaria

                                          in EUR billion

                                          Germany2019

                                          Employees (in 1000)

                                          Revenues 922Building construction 508Foundation engineering 414

                                          Orders received in EUR billion

                                          Housebuilding 196Industrial building 363Public sectorof which

                                          public buildings 55road building 142underground structures 105

                                          ) only companies gt 20 employees

                                          49

                                          108

                                          95

                                          39

                                          109

                                          65

                                          80

                                          88

                                          38

                                          49

                                          82

                                          77

                                          112

                                          132

                                          25

                                          Dezember 2019 2018 20192017 2018

                                          in

                                          89

                                          97

                                          302

                                          861

                                          4867

                                          88

                                          100 82

                                          59

                                          125

                                          Weiszlig

                                          Bunt

                                          Kunterbunt

                                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 45

                                          Building constructionpositive cash contribution

                                          Specialist foundation engineeringpre-financing need

                                          Financials Working capital needs ndash Comparison with building construction

                                          EUR

                                          12 24 months

                                          Positive cash contribution

                                          Negative cash contribution

                                          Con

                                          trac

                                          t val

                                          ue

                                          EUR

                                          Negative cash contribution

                                          12 24 months

                                          Con

                                          trac

                                          t val

                                          ue

                                          Construction contracts with short duration need

                                          No advance payments no front-loading of prices possible approx 2 - 3 months of pre-financing

                                          Negative cash contribution during construction phase

                                          Construction contracts with long durations

                                          Advance payments front-loading of prices

                                          Positive cash contribution during construction phase

                                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 46

                                          BAUER shareFacts amp Figures

                                          Listed on Frankfurt stock exchange (Prime Standard) since July 4 2006

                                          Share capital EUR 7300142045

                                          Shares issued 17131000

                                          Issue price EUR 1675

                                          Share performance (012019 ndash 032020)

                                          Bauer familyFree float

                                          5181

                                          Shareholder structure

                                          4819

                                          in EUR 2015 2016 2017 2018 2019

                                          Earnings per share 173 066 016 132 -217

                                          Share price year end 1740 1140 3000 1216 1510

                                          Share price highest 1920 1716 3096 3125 2430

                                          Share price lowest 1385 945 1172 1208 1262

                                          Market Cap(in EUR million) 2981 1953 5139 2083 2587

                                          CDAXClassic All SharePrime All Share

                                          ISIN DE0005168108Reuters B5AGDEBloomberg B5A GR

                                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                          050

                                          100 100

                                          060 060050

                                          030

                                          001

                                          015 015010 010 010

                                          001000

                                          030

                                          060

                                          090

                                          120

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

                                          47

                                          BAUER shareDividend policy

                                          Dividend payment Dividend policy founded on a reasonable balance between shareholders and company

                                          fair participation of shareholders maintaining continuity safeguarding of the equity ratio

                                          All shareholders shall participate in the success of the business

                                          After some difficult years we must continue to strike a careful balance between continuity and shareholder participation on the one hand and safeguarding our equity ratio on the other

                                          To secure an adequate equity ratio is an important aim of the companyrsquos 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

                                          in EUR per share

                                          000

                                          Proposed subject to the consent of the Annual General Meeting to be held on June 25 2020

                                          000

                                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 48

                                          Key Figures Time LineFY 2008 ndash FY 2019

                                          In all three segments total Group revenues and EBIT figures of FY 2015 were influenced by exceptional earnings

                                          Total Group revenues 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(in EUR million)BAUER Group 15272 12758 13040 13718 14358 15042 15602 16564 15547 4482 4541 4766 3931 17720 3708 4215 4435 4503 16861 4109 4207 4078 3553 15947

                                          Construction 7009 5700 6154 6066 6552 7417 7256 7429 7131 2110 2205 2269 1766 8350 1508 1762 2100 2306 7676 1702 1722 1726 1538 6688Equipment 7801 6085 5817 6365 5891 6286 6392 7531 6344 1867 1853 1966 1859 7545 1808 1936 1802 1685 7231 1859 1950 1781 1547 7137Resources 1351 1743 1777 2115 2628 1889 2528 2216 2624 630 647 651 554 2482 517 676 699 723 2615 692 695 662 700 2749

                                          Sales revenues 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(in EUR million)BAUER Group 12908 10965 11317 12196 13444 14022 13757 13790 13969 3789 4512 4354 4022 16679 3184 3987 4051 4669 15891 3419 4035 3622 3633 14709

                                          Construction 5843 4879 5058 5062 5791 6575 6466 6508 6145 1966 2064 2145 1663 7838 1432 1642 2021 2168 7263 1616 1628 1605 1408 6257Equipment 6012 4565 4693 5114 5206 5616 5327 5480 5427 1266 1857 1685 1801 6609 1287 1736 1440 1938 6401 1253 1797 1417 1635 6102Resources 1051 1520 1564 2015 2443 1826 1959 1793 2382 553 577 532 553 2215 462 605 587 559 2213 548 607 597 583 2335

                                          EBIT 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(in EUR million)BAUER Group 1675 844 884 823 720 301 764 907 703 85 302 277 232 896 110 231 227 433 1001 104 248 133 -260 225

                                          Construction 463 257 288 179 220 212 260 139 297 09 124 81 -18 196 27 21 80 263 391 00 42 -34 -207 -199Equipment 1183 513 483 530 340 322 360 994 384 80 160 249 317 806 142 222 158 227 749 83 230 202 97 612Resources 40 60 81 109 152 -240 159 -198 -37 -01 09 -53 -55 -100 -57 -10 -12 -32 -110 27 -22 -30 -137 -162

                                          EBIT margin 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(in )BAUER Group 130 77 78 67 54 21 56 66 50 22 67 64 58 54 35 58 56 93 63 30 61 37 -72 15

                                          Construction 79 53 57 35 38 32 40 21 48 05 60 38 -11 25 19 13 39 121 54 00 26 -21 -147 -32Equipment 197 112 103 104 65 57 68 181 71 64 86 148 176 122 110 128 110 117 117 66 128 143 60 100Resources 38 39 52 54 62 -131 81 -110 -16 -02 15 -100 -99 -45 -123 -16 -20 -57 -50 49 -37 -49 -235 -69

                                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

                                          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

                                          • Foliennummer 1
                                          • Foliennummer 2
                                          • Key FiguresFY 2019
                                          • Table of Content
                                          • Foliennummer 5
                                          • Foliennummer 6
                                          • Foliennummer 7
                                          • Foliennummer 8
                                          • BAUER Group Construction market environment vs order backlog
                                          • Foliennummer 10
                                          • Foliennummer 11
                                          • Table of Content
                                          • Foliennummer 13
                                          • Foliennummer 14
                                          • Foliennummer 15
                                          • Foliennummer 16
                                          • Foliennummer 17
                                          • Foliennummer 18
                                          • Foliennummer 19
                                          • Foliennummer 20
                                          • Foliennummer 21
                                          • Foliennummer 22
                                          • FinancialsIncome statement 12M 2019
                                          • Financials Balance sheet December 31 2019
                                          • FinancialsCash flow statement 12M 2019
                                          • Foliennummer 26
                                          • Foliennummer 27
                                          • Table of Content
                                          • BAUER GroupThe history ndash Two centuries of experience
                                          • Foliennummer 30
                                          • BAUER GroupThe three segments
                                          • Foliennummer 32
                                          • Foliennummer 33
                                          • What is specialist foundationBuilding an excavation pit
                                          • What is specialist foundation used forApplications
                                          • ConstructionMunich Germany ndash Foundation works for a boarding house
                                          • Foliennummer 37
                                          • EquipmentWhole range of products for special foundation engineering
                                          • EquipmentProduct range Deep Drilling
                                          • Foliennummer 40
                                          • ResourcesPool of competences from a single hand
                                          • ResourcesWater ndash Process Water amp Water Distribution Management
                                          • ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
                                          • Market environment ndash Germany German construction market
                                          • Financials Working capital needs ndash Comparison with building construction
                                          • BAUER shareFacts amp Figures
                                          • BAUER shareDividend policy
                                          • Foliennummer 48
                                          • Disclaimer
                                            Zweistelliges Auftragsplus am Bau in Bayern
                                            Absolute WerteVeraumlnderungen in
                                            August 20062004BayernWestdeutschlandOstdeutschland
                                            BayernWest-Ost-200420040200420040200420040
                                            LaumlnderLaumlnder199420030199420030199420030
                                            Beschaumlftigte in 1000126152831887-52-5200-432-60-5200-539-7200
                                            Baugenehmigungen Mio msup3 umb Raum6532572423-108-10800-252-8400-68-10300
                                            Umsatz in Mrd EUR139570173-249-5800-277-4500-399-7600
                                            Hochbau9637192-265-5600-301-4400-507-7400
                                            Tiefbau4319981-217-6200-222-4500-207-7900
                                            09033799-393-10000-452-5600-580-6000
                                            in Mrd EUR
                                            Wohnungsbau236511-480-7100-561-6400-771-20700
                                            Wirtschaftsbau3314040-347-10500-457-5900-603-9400
                                            Oumlffentlicher Bau3313148-352-11500-346-4900-3821800
                                            darunter
                                            Oumlffentl Hochbau092509-324-8500-480-0100-5616900
                                            Straszligenbau125821-128-11200-146-5100-1604200
                                            Sonstiger Tiefbau124818-502-13700-425-7100-467-3400
                                            19712561362168-243-95248-173-23210-21146
                                            1) Bei Baugenehmigungen liegen erst die Oktoberwerte vor
                                            1) Bei Baugenehmigungen liegen erst die Februarwerte vor
                                            2) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten
                                            in EUR billionin
                                            Dezember 2019Germany20052005Jan - Aug20182019
                                            201919942004060520172018
                                            Employees (in 1000)4867-47-60-104949
                                            Revenues922-305-647310882
                                            Building construction508-318-611009577
                                            Foundation engineering414-280-711212588
                                            Orders received861-3743110610082
                                            in EUR billion
                                            Housebuilding196-489-181211297
                                            Industrial building363-3036818113289
                                            Public sector302-33132995965
                                            of which
                                            public buildings55-23812729025109
                                            road building142-138-12478839
                                            underground structures105-49515223880
                                            1256168-243-95-173-23
                                            1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
                                            ) only companies gt 20 employees
                                            Zweistelliges Auftragsplus am Bau in Bayern
                                            Absolute WerteVeraumlnderungen in
                                            August 20062005BayernWestdeutschlandOstdeutschland
                                            BayernWest-Ost-20052005Jan - Aug20052005Jan - Aug20052005Jan - Aug
                                            LaumlnderLaumlnder199420040605199420040605199420040605
                                            Beschaumlftigte in 1000126152831887-470-60-10-465-60-58-38-578-85-51
                                            Baugenehmigungen Mio msup3 umb Raum6532572423-395-101249-417-41171-680-157259
                                            Umsatz in Mrd EUR139570173-305-6473-312-4835-452-8813
                                            Hochbau9637192-318-61100-336-5048-565-11835
                                            Tiefbau4319981-280-7112-255-4311-247-51-14
                                            Auftragseingang9033799-37431106-4470984-609-7043
                                            in Mrd EUR
                                            Wohnungsbau236511-489-1812-586-5888-805-14841
                                            Wirtschaftsbau3314040-30368181-43345104-625-56121
                                            Oumlffentlicher Bau3313148-3313299-3400972-420-62-18
                                            darunter
                                            Oumlffentl Hochbau092509-238127290-500-38142-602-93-51
                                            Straszligenbau125821-138-1247-965978-211-8582
                                            Sonstiger Tiefbau124818-4951522-439-2430-477-18-124
                                            19712561362168-243-95248-173-23210-21146
                                            1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
                                            ) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

                                            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                            711 720 736

                                            604

                                            726 701 700629 672 709 684

                                            608674 646 628

                                            549 576624 629

                                            552 584 609 591

                                            467

                                            0

                                            160

                                            320

                                            480

                                            640

                                            800

                                            Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

                                            773 776 778

                                            646

                                            779 752 749665

                                            743 762 736677

                                            740 712 686594 639 678 679

                                            562620 648 637

                                            564

                                            0

                                            160

                                            320

                                            480

                                            640

                                            800

                                            Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

                                            22

                                            FinancialsWorking capital amp net debt are lower year-end than during the year

                                            Net debt (excl pensions)in EUR million

                                            Working capitalin EUR million -154

                                            +03

                                            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 23

                                            FinancialsIncome statement 12M 2019in EUR 000 12M 2018 12M 2019 ∆ in

                                            Sales revenues (PampL) 1589091 1470922 -74

                                            Consolidated revenues (PampL) 1616936 1537691 -49

                                            Cost of materials -821496 -783126 -47

                                            Personel expenses -392384 -418805 67

                                            Other operation expenses -204440 -212713 40

                                            EBITDA 198616 123047 -380

                                            Depreciation of fixed assets -80967 -84760 47

                                            Write-downs of inventories due to use -17590 -15806 -101

                                            EBIT 100059 22481 -775

                                            Financial income 38204 33742 -117

                                            Financial expenses -76992 -78766 23

                                            Share of profitloss of associated companies (equity method) 4594 11225 na

                                            Earnings before tax (EBT) 65865 -11318 na

                                            Income tax expense -41778 -25232 -396

                                            Earnings after tax 24087 -36550 na

                                            of which attributable to shareholders of BAUER AG 22577 -37146 na

                                            of which attributable to non-controlling interests 1510 596 -605

                                            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 24

                                            Financials Balance sheet December 31 2019in EUR 000 Dec 31 2018 Dec 31 2019 ∆ in Assets 1632284 1628549 -02

                                            Non-current assets 621041 692778 116Intangible assets 18077 16946 -63Property plant and equipment and investment property 411571 460470 119Investments accounted for using the equity method 113019 118185 46Participations 8350 8806 55Other non-current assets amp deferred tax assets 70024 88371 262Current assets 1011243 935771 -75Inventories 365865 405401 108Rental equipment 60488 61838 22Less advances received on inventories -16098 -8921 -446

                                            410255 458318 117Receivables and other assets 535111 434608 -188Effective income tax refund claims 3290 5270 602Cash and cash equivalents 62587 37575 -400

                                            Equity and liabilities 1632284 1628549 -02

                                            Equity 431816 386916 -104Non-current debt 501424 327118 -348Provisions for pensions 134389 158641 180Non-current liabilities amp deferred tax liabilities 367035 257977 -297Current debt 699044 914515 308Financial liabilities 286104 376453 316Other current liabilities 357851 402318 124Effective income tax obligations 31687 19566 -383Provisions 23402 26678 140

                                            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 25

                                            FinancialsCash flow statement 12M 2019in EUR 000 12M 2018 12M 2019 ∆ in

                                            Cash flow from operational activity 147444 168882 145

                                            Cash flow from investment activity -57600 -75213 306

                                            Cash flow from financing activity -75088 -120339 603

                                            Free Cash Flow 89844 93669 43

                                            Changes in liquid funds affecting payments 14756 -26670 na

                                            Influence of exchange rate movements on cash 565 1658 na

                                            Total change in liquid funds 15321 -25012 na

                                            Cash and cash equivalents at beginning of reporting period 47266 62587 324

                                            Cash and cash equivalents at end of reporting period 62587 37575 -400

                                            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 26

                                            FinancialsForecast 2020 ndash More cautious view due to coronavirus pandemic

                                            2019 final

                                            Total Group Revenues 1594 EUR million slight increase

                                            Revenue growth -54 3 - 8

                                            EBIT 225 EUR million significant increase

                                            EBIT margin 15 7 - 9

                                            Earnings after tax -366 EUR million significant increase in the positive area

                                            Equity ratio 238 gt 30

                                            2020 forecast Long-term goal

                                            Slope stabilisation with BG 15 ndash Germany Largest water treatment plant ndash Nimr OmanCompact cutter system for Grand Paris

                                            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 27

                                            BAUER AktiengesellschaftBAUER-Straszlige 186529 SchrobenhausenGermany

                                            Tel +49 8252 97-1218investorrelationsbauerdewwwbauerde

                                            April 9 2020 Annual Report 2019Analyst amp Press Conference

                                            May 13 2020 Quarterly Statement Q1 2020

                                            June 25 2020 Annual General Meeting

                                            August 13 2020 Half-Year Interim Report toJune 30 2020

                                            November 13 2020 Quarterly Statement 9MQ3 2020

                                            wwwyoutubecomBauergruppe

                                            wwwfacebookcomBauerAGgroup

                                            Investor RelationsFinancial calendar amp contact

                                            Christopher WolfHead of Investor Relations

                                            2020

                                            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 28

                                            Table of Content

                                            BAUER Group ndash Strategy Chances amp Markets

                                            Appendix

                                            Financials FYQ4 2019 amp Guidance

                                            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 29

                                            1790 middot 1900 middot 1902 middot 1928 middot 1948 middot 1956 middot 1958 middot 1967 middot 1969 middot 1972 middot 1975 middot 1976 middot 1984 middot 1990 middot 1992 middot 1994 middot 1998 middot 2001 middot 2019

                                            BAUER GroupThe history ndash Two centuries of experience

                                            End of 1970rsquosStart of

                                            internationalisation

                                            Early 1990rsquosBuild up of

                                            specialist construction environmental business

                                            FY 2019Total Group

                                            revenues EUR 16 billion 11684

                                            employees

                                            4 Jul 2006IPO

                                            Early 1970rsquosStart of equipment

                                            manufacturing

                                            Company founded as copper forge

                                            After WW II (1950s)Start of construction

                                            business

                                            Early 1980rsquosSelling of equipment to

                                            third parties

                                            1790 1900-1970 1980-1990 2000-2019

                                            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 30

                                            Michael Stomberg (CEO) HSE IT Process Management Quality Management

                                            Florian Bauer Digitalization Development

                                            Coordination Training Company Culture

                                            Hartmut Beutler (CFO) Financing amp Treasury Legal Affairs amp Insurance IR amp Corporate

                                            Communications Facility Management Media Design

                                            Peter Hingott Group Controlling amp

                                            Accounting Human Resources Group Purchasing

                                            Management BoardBAUER AG

                                            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 31

                                            BAUER GroupThe three segments

                                            31copy BAUER AG D-86529 Schrobenhausen

                                            Target ~ 40 of total Group revenues

                                            Market leader in specialist foundation equipment

                                            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

                                            Target ~ 20 of total Group revenues Activities in

                                            environmental technology deep drilling well construction materials

                                            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 32

                                            BAUER GroupChallenges of the world provide chances for the company

                                            The megatrend of urbanization requires construction solutions for the city of the future

                                            To deal with the scarcity of drinking water purification and supply technologies are needed

                                            The increasing mobility in society demands new and renewed transport routes

                                            Changing social values are fundamentally revolutionizing the business world

                                            UrbanizationInfrastructure Water

                                            CultureA change in energy supply can only be realized through comprehensive construction works

                                            The remediation of contaminated soil is the key to sustainable utilization of resources

                                            Energy transitionEnvironment

                                            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                            ConstructionKey factsConstruction

                                            Leading global provider for specialist foundation engineering

                                            services

                                            33

                                            Total Group revenues (incl JV) Order backlog EBIT

                                            ~ 40 of total Group revenues EBIT margin 4 - 6

                                            (2018 54 2019 na)

                                            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 5050 infrastructureindustrial split

                                            Figures are somewhat cyclical between the quarters ndash focus on the entire year

                                            Market environment Growing construction markets worldwide

                                            Special foundation engineering is growing stronger than construction markets

                                            Huge pent-up demand in developed countries and in emerging markets

                                            Competition Keller Trevi Soletanche Bachy

                                            (worldwide)

                                            Local competitors in each country

                                            Current focus topics Improving project and risk management especially for major projects

                                            Leading in digitalization solutions for our market

                                            Key figures

                                            Key targets

                                            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 34

                                            What is specialist foundationBuilding an excavation pit

                                            Permeation Grouting

                                            Mixed-In-Place Method

                                            Injection Anchor

                                            Diaphragm andCut-off Wall

                                            Pile Foundation

                                            Piling Retaining Wall

                                            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 35

                                            What is specialist foundation used forApplications

                                            Foundationsfor the highest buildings in the world

                                            Excavation Pits for every problem and requirement

                                            Ground Improvementallows projects on weak ground

                                            Cut-off Walls as solution for dams and dikes

                                            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 36

                                            ConstructionMunich Germany ndash Foundation works for a boarding house

                                            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                            EquipmentKey facts

                                            Market leader in specialistfoundation equipment

                                            Equipment

                                            37

                                            Sales revenues (excl JV) Order intake EBIT

                                            ~ 40 of total Group revenues EBIT margin 10 - 12

                                            (2018 117 2019 100)

                                            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 JV with Schlumberger for the production of deep drilling rigs (oil amp gas)

                                            Market environment Growing construction markets worldwide lead to positive equipment demand

                                            Strong position due to efforts regarding quality efficiency and noise reduction

                                            Growth potential with specialized machines for mining water and offshore drilling

                                            Competition Trevi Liebherr Chinese manufactures

                                            (eg Sany XCMG)

                                            Further competition regarding special product types

                                            Current focus topics Focus on value analysis methods and purchase organization

                                            Optimizing and increasing after-sales services

                                            Key figures

                                            Key targets

                                            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 38

                                            EquipmentWhole range of products for special foundation engineering

                                            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 39

                                            EquipmentProduct range Deep Drilling

                                            Joint Ventureof Bauer amp Schlumberger

                                            In order to meet the upcoming market challenges out-of-the-box thinking

                                            is necessary and therefore integrated drilling and rig solutions are of

                                            growing importance

                                            Based on more than 40 years of experience in engineering and

                                            manufacturing of drilling rigs NeoRig develops and manufactures

                                            modern drilling solutions which set new standards of safety efficiency

                                            productivity and ease of service in the deep drilling business

                                            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                            ResourcesKey factsResources

                                            40

                                            Products amp services for environmental technology mining well construction

                                            and water cleaning

                                            Total Group revenues (incl JV) Order backlog EBIT

                                            ~ 20 of total Group revenues EBIT margin 6 - 8

                                            (2018 na 2019 na)

                                            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 amp Middle East

                                            Market environment Huge demand for environmental and water solutions

                                            Outstanding market position with ground-breaking projects in the field of cleaning drinking and process water eg the biological water treatment plant in Oman

                                            Competition Fragmented competition for each single product and service area

                                            Current focus topics Improvement of loss-making Jordan subsidiary which is caused by overcapacities

                                            Consistent proceeding of reorganization in the water related companies

                                            Focus on new projects for the profitable environment business

                                            Key figures

                                            Key targets

                                            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 41

                                            ResourcesPool of competences from a single hand

                                            Industrial Waste Water Process amp Produced Water NORM Constructed Wetlands Modelling amp Well Design Construction Material for Wells

                                            and Geothermal Water Distribution Management Irrigation Systems

                                            Remediation Landfill Restoration Decommissioning Demolition Hazardous Waste Management Soil Treatment and Waste

                                            Management

                                            Exploration Drilling Deep Geothermal Drilling Well Drilling Blast Hole Drilling

                                            EnvironmentWater Natural Resources

                                            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 42

                                            ResourcesWater ndash Process Water amp Water Distribution Management

                                            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 43

                                            ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman

                                            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 44

                                            Market environment ndash GermanyGerman construction market

                                            Source Federal Statistical Office Statistical Office Bavaria

                                            in EUR billion

                                            Germany2019

                                            Employees (in 1000)

                                            Revenues 922Building construction 508Foundation engineering 414

                                            Orders received in EUR billion

                                            Housebuilding 196Industrial building 363Public sectorof which

                                            public buildings 55road building 142underground structures 105

                                            ) only companies gt 20 employees

                                            49

                                            108

                                            95

                                            39

                                            109

                                            65

                                            80

                                            88

                                            38

                                            49

                                            82

                                            77

                                            112

                                            132

                                            25

                                            Dezember 2019 2018 20192017 2018

                                            in

                                            89

                                            97

                                            302

                                            861

                                            4867

                                            88

                                            100 82

                                            59

                                            125

                                            Weiszlig

                                            Bunt

                                            Kunterbunt

                                            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 45

                                            Building constructionpositive cash contribution

                                            Specialist foundation engineeringpre-financing need

                                            Financials Working capital needs ndash Comparison with building construction

                                            EUR

                                            12 24 months

                                            Positive cash contribution

                                            Negative cash contribution

                                            Con

                                            trac

                                            t val

                                            ue

                                            EUR

                                            Negative cash contribution

                                            12 24 months

                                            Con

                                            trac

                                            t val

                                            ue

                                            Construction contracts with short duration need

                                            No advance payments no front-loading of prices possible approx 2 - 3 months of pre-financing

                                            Negative cash contribution during construction phase

                                            Construction contracts with long durations

                                            Advance payments front-loading of prices

                                            Positive cash contribution during construction phase

                                            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 46

                                            BAUER shareFacts amp Figures

                                            Listed on Frankfurt stock exchange (Prime Standard) since July 4 2006

                                            Share capital EUR 7300142045

                                            Shares issued 17131000

                                            Issue price EUR 1675

                                            Share performance (012019 ndash 032020)

                                            Bauer familyFree float

                                            5181

                                            Shareholder structure

                                            4819

                                            in EUR 2015 2016 2017 2018 2019

                                            Earnings per share 173 066 016 132 -217

                                            Share price year end 1740 1140 3000 1216 1510

                                            Share price highest 1920 1716 3096 3125 2430

                                            Share price lowest 1385 945 1172 1208 1262

                                            Market Cap(in EUR million) 2981 1953 5139 2083 2587

                                            CDAXClassic All SharePrime All Share

                                            ISIN DE0005168108Reuters B5AGDEBloomberg B5A GR

                                            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                            050

                                            100 100

                                            060 060050

                                            030

                                            001

                                            015 015010 010 010

                                            001000

                                            030

                                            060

                                            090

                                            120

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

                                            47

                                            BAUER shareDividend policy

                                            Dividend payment Dividend policy founded on a reasonable balance between shareholders and company

                                            fair participation of shareholders maintaining continuity safeguarding of the equity ratio

                                            All shareholders shall participate in the success of the business

                                            After some difficult years we must continue to strike a careful balance between continuity and shareholder participation on the one hand and safeguarding our equity ratio on the other

                                            To secure an adequate equity ratio is an important aim of the companyrsquos 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

                                            in EUR per share

                                            000

                                            Proposed subject to the consent of the Annual General Meeting to be held on June 25 2020

                                            000

                                            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 48

                                            Key Figures Time LineFY 2008 ndash FY 2019

                                            In all three segments total Group revenues and EBIT figures of FY 2015 were influenced by exceptional earnings

                                            Total Group revenues 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(in EUR million)BAUER Group 15272 12758 13040 13718 14358 15042 15602 16564 15547 4482 4541 4766 3931 17720 3708 4215 4435 4503 16861 4109 4207 4078 3553 15947

                                            Construction 7009 5700 6154 6066 6552 7417 7256 7429 7131 2110 2205 2269 1766 8350 1508 1762 2100 2306 7676 1702 1722 1726 1538 6688Equipment 7801 6085 5817 6365 5891 6286 6392 7531 6344 1867 1853 1966 1859 7545 1808 1936 1802 1685 7231 1859 1950 1781 1547 7137Resources 1351 1743 1777 2115 2628 1889 2528 2216 2624 630 647 651 554 2482 517 676 699 723 2615 692 695 662 700 2749

                                            Sales revenues 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(in EUR million)BAUER Group 12908 10965 11317 12196 13444 14022 13757 13790 13969 3789 4512 4354 4022 16679 3184 3987 4051 4669 15891 3419 4035 3622 3633 14709

                                            Construction 5843 4879 5058 5062 5791 6575 6466 6508 6145 1966 2064 2145 1663 7838 1432 1642 2021 2168 7263 1616 1628 1605 1408 6257Equipment 6012 4565 4693 5114 5206 5616 5327 5480 5427 1266 1857 1685 1801 6609 1287 1736 1440 1938 6401 1253 1797 1417 1635 6102Resources 1051 1520 1564 2015 2443 1826 1959 1793 2382 553 577 532 553 2215 462 605 587 559 2213 548 607 597 583 2335

                                            EBIT 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(in EUR million)BAUER Group 1675 844 884 823 720 301 764 907 703 85 302 277 232 896 110 231 227 433 1001 104 248 133 -260 225

                                            Construction 463 257 288 179 220 212 260 139 297 09 124 81 -18 196 27 21 80 263 391 00 42 -34 -207 -199Equipment 1183 513 483 530 340 322 360 994 384 80 160 249 317 806 142 222 158 227 749 83 230 202 97 612Resources 40 60 81 109 152 -240 159 -198 -37 -01 09 -53 -55 -100 -57 -10 -12 -32 -110 27 -22 -30 -137 -162

                                            EBIT margin 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(in )BAUER Group 130 77 78 67 54 21 56 66 50 22 67 64 58 54 35 58 56 93 63 30 61 37 -72 15

                                            Construction 79 53 57 35 38 32 40 21 48 05 60 38 -11 25 19 13 39 121 54 00 26 -21 -147 -32Equipment 197 112 103 104 65 57 68 181 71 64 86 148 176 122 110 128 110 117 117 66 128 143 60 100Resources 38 39 52 54 62 -131 81 -110 -16 -02 15 -100 -99 -45 -123 -16 -20 -57 -50 49 -37 -49 -235 -69

                                            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

                                            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

                                            • Foliennummer 1
                                            • Foliennummer 2
                                            • Key FiguresFY 2019
                                            • Table of Content
                                            • Foliennummer 5
                                            • Foliennummer 6
                                            • Foliennummer 7
                                            • Foliennummer 8
                                            • BAUER Group Construction market environment vs order backlog
                                            • Foliennummer 10
                                            • Foliennummer 11
                                            • Table of Content
                                            • Foliennummer 13
                                            • Foliennummer 14
                                            • Foliennummer 15
                                            • Foliennummer 16
                                            • Foliennummer 17
                                            • Foliennummer 18
                                            • Foliennummer 19
                                            • Foliennummer 20
                                            • Foliennummer 21
                                            • Foliennummer 22
                                            • FinancialsIncome statement 12M 2019
                                            • Financials Balance sheet December 31 2019
                                            • FinancialsCash flow statement 12M 2019
                                            • Foliennummer 26
                                            • Foliennummer 27
                                            • Table of Content
                                            • BAUER GroupThe history ndash Two centuries of experience
                                            • Foliennummer 30
                                            • BAUER GroupThe three segments
                                            • Foliennummer 32
                                            • Foliennummer 33
                                            • What is specialist foundationBuilding an excavation pit
                                            • What is specialist foundation used forApplications
                                            • ConstructionMunich Germany ndash Foundation works for a boarding house
                                            • Foliennummer 37
                                            • EquipmentWhole range of products for special foundation engineering
                                            • EquipmentProduct range Deep Drilling
                                            • Foliennummer 40
                                            • ResourcesPool of competences from a single hand
                                            • ResourcesWater ndash Process Water amp Water Distribution Management
                                            • ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
                                            • Market environment ndash Germany German construction market
                                            • Financials Working capital needs ndash Comparison with building construction
                                            • BAUER shareFacts amp Figures
                                            • BAUER shareDividend policy
                                            • Foliennummer 48
                                            • Disclaimer
                                              Zweistelliges Auftragsplus am Bau in Bayern
                                              Absolute WerteVeraumlnderungen in
                                              August 20062004BayernWestdeutschlandOstdeutschland
                                              BayernWest-Ost-200420040200420040200420040
                                              LaumlnderLaumlnder199420030199420030199420030
                                              Beschaumlftigte in 1000126152831887-52-5200-432-60-5200-539-7200
                                              Baugenehmigungen Mio msup3 umb Raum6532572423-108-10800-252-8400-68-10300
                                              Umsatz in Mrd EUR139570173-249-5800-277-4500-399-7600
                                              Hochbau9637192-265-5600-301-4400-507-7400
                                              Tiefbau4319981-217-6200-222-4500-207-7900
                                              09033799-393-10000-452-5600-580-6000
                                              in Mrd EUR
                                              Wohnungsbau236511-480-7100-561-6400-771-20700
                                              Wirtschaftsbau3314040-347-10500-457-5900-603-9400
                                              Oumlffentlicher Bau3313148-352-11500-346-4900-3821800
                                              darunter
                                              Oumlffentl Hochbau092509-324-8500-480-0100-5616900
                                              Straszligenbau125821-128-11200-146-5100-1604200
                                              Sonstiger Tiefbau124818-502-13700-425-7100-467-3400
                                              19712561362168-243-95248-173-23210-21146
                                              1) Bei Baugenehmigungen liegen erst die Oktoberwerte vor
                                              1) Bei Baugenehmigungen liegen erst die Februarwerte vor
                                              2) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten
                                              in EUR billionin
                                              Dezember 2019Germany20052005Jan - Aug20182019
                                              201919942004060520172018
                                              Employees (in 1000)4867-47-60-104949
                                              Revenues922-305-647310882
                                              Building construction508-318-611009577
                                              Foundation engineering414-280-711212588
                                              Orders received861-3743110610082
                                              in EUR billion
                                              Housebuilding196-489-181211297
                                              Industrial building363-3036818113289
                                              Public sector302-33132995965
                                              of which
                                              public buildings55-23812729025109
                                              road building142-138-12478839
                                              underground structures105-49515223880
                                              1256168-243-95-173-23
                                              1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
                                              ) only companies gt 20 employees
                                              Zweistelliges Auftragsplus am Bau in Bayern
                                              Absolute WerteVeraumlnderungen in
                                              August 20062005BayernWestdeutschlandOstdeutschland
                                              BayernWest-Ost-20052005Jan - Aug20052005Jan - Aug20052005Jan - Aug
                                              LaumlnderLaumlnder199420040605199420040605199420040605
                                              Beschaumlftigte in 1000126152831887-470-60-10-465-60-58-38-578-85-51
                                              Baugenehmigungen Mio msup3 umb Raum6532572423-395-101249-417-41171-680-157259
                                              Umsatz in Mrd EUR139570173-305-6473-312-4835-452-8813
                                              Hochbau9637192-318-61100-336-5048-565-11835
                                              Tiefbau4319981-280-7112-255-4311-247-51-14
                                              Auftragseingang9033799-37431106-4470984-609-7043
                                              in Mrd EUR
                                              Wohnungsbau236511-489-1812-586-5888-805-14841
                                              Wirtschaftsbau3314040-30368181-43345104-625-56121
                                              Oumlffentlicher Bau3313148-3313299-3400972-420-62-18
                                              darunter
                                              Oumlffentl Hochbau092509-238127290-500-38142-602-93-51
                                              Straszligenbau125821-138-1247-965978-211-8582
                                              Sonstiger Tiefbau124818-4951522-439-2430-477-18-124
                                              19712561362168-243-95248-173-23210-21146
                                              1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
                                              ) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

                                              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 23

                                              FinancialsIncome statement 12M 2019in EUR 000 12M 2018 12M 2019 ∆ in

                                              Sales revenues (PampL) 1589091 1470922 -74

                                              Consolidated revenues (PampL) 1616936 1537691 -49

                                              Cost of materials -821496 -783126 -47

                                              Personel expenses -392384 -418805 67

                                              Other operation expenses -204440 -212713 40

                                              EBITDA 198616 123047 -380

                                              Depreciation of fixed assets -80967 -84760 47

                                              Write-downs of inventories due to use -17590 -15806 -101

                                              EBIT 100059 22481 -775

                                              Financial income 38204 33742 -117

                                              Financial expenses -76992 -78766 23

                                              Share of profitloss of associated companies (equity method) 4594 11225 na

                                              Earnings before tax (EBT) 65865 -11318 na

                                              Income tax expense -41778 -25232 -396

                                              Earnings after tax 24087 -36550 na

                                              of which attributable to shareholders of BAUER AG 22577 -37146 na

                                              of which attributable to non-controlling interests 1510 596 -605

                                              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 24

                                              Financials Balance sheet December 31 2019in EUR 000 Dec 31 2018 Dec 31 2019 ∆ in Assets 1632284 1628549 -02

                                              Non-current assets 621041 692778 116Intangible assets 18077 16946 -63Property plant and equipment and investment property 411571 460470 119Investments accounted for using the equity method 113019 118185 46Participations 8350 8806 55Other non-current assets amp deferred tax assets 70024 88371 262Current assets 1011243 935771 -75Inventories 365865 405401 108Rental equipment 60488 61838 22Less advances received on inventories -16098 -8921 -446

                                              410255 458318 117Receivables and other assets 535111 434608 -188Effective income tax refund claims 3290 5270 602Cash and cash equivalents 62587 37575 -400

                                              Equity and liabilities 1632284 1628549 -02

                                              Equity 431816 386916 -104Non-current debt 501424 327118 -348Provisions for pensions 134389 158641 180Non-current liabilities amp deferred tax liabilities 367035 257977 -297Current debt 699044 914515 308Financial liabilities 286104 376453 316Other current liabilities 357851 402318 124Effective income tax obligations 31687 19566 -383Provisions 23402 26678 140

                                              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 25

                                              FinancialsCash flow statement 12M 2019in EUR 000 12M 2018 12M 2019 ∆ in

                                              Cash flow from operational activity 147444 168882 145

                                              Cash flow from investment activity -57600 -75213 306

                                              Cash flow from financing activity -75088 -120339 603

                                              Free Cash Flow 89844 93669 43

                                              Changes in liquid funds affecting payments 14756 -26670 na

                                              Influence of exchange rate movements on cash 565 1658 na

                                              Total change in liquid funds 15321 -25012 na

                                              Cash and cash equivalents at beginning of reporting period 47266 62587 324

                                              Cash and cash equivalents at end of reporting period 62587 37575 -400

                                              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 26

                                              FinancialsForecast 2020 ndash More cautious view due to coronavirus pandemic

                                              2019 final

                                              Total Group Revenues 1594 EUR million slight increase

                                              Revenue growth -54 3 - 8

                                              EBIT 225 EUR million significant increase

                                              EBIT margin 15 7 - 9

                                              Earnings after tax -366 EUR million significant increase in the positive area

                                              Equity ratio 238 gt 30

                                              2020 forecast Long-term goal

                                              Slope stabilisation with BG 15 ndash Germany Largest water treatment plant ndash Nimr OmanCompact cutter system for Grand Paris

                                              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 27

                                              BAUER AktiengesellschaftBAUER-Straszlige 186529 SchrobenhausenGermany

                                              Tel +49 8252 97-1218investorrelationsbauerdewwwbauerde

                                              April 9 2020 Annual Report 2019Analyst amp Press Conference

                                              May 13 2020 Quarterly Statement Q1 2020

                                              June 25 2020 Annual General Meeting

                                              August 13 2020 Half-Year Interim Report toJune 30 2020

                                              November 13 2020 Quarterly Statement 9MQ3 2020

                                              wwwyoutubecomBauergruppe

                                              wwwfacebookcomBauerAGgroup

                                              Investor RelationsFinancial calendar amp contact

                                              Christopher WolfHead of Investor Relations

                                              2020

                                              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 28

                                              Table of Content

                                              BAUER Group ndash Strategy Chances amp Markets

                                              Appendix

                                              Financials FYQ4 2019 amp Guidance

                                              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 29

                                              1790 middot 1900 middot 1902 middot 1928 middot 1948 middot 1956 middot 1958 middot 1967 middot 1969 middot 1972 middot 1975 middot 1976 middot 1984 middot 1990 middot 1992 middot 1994 middot 1998 middot 2001 middot 2019

                                              BAUER GroupThe history ndash Two centuries of experience

                                              End of 1970rsquosStart of

                                              internationalisation

                                              Early 1990rsquosBuild up of

                                              specialist construction environmental business

                                              FY 2019Total Group

                                              revenues EUR 16 billion 11684

                                              employees

                                              4 Jul 2006IPO

                                              Early 1970rsquosStart of equipment

                                              manufacturing

                                              Company founded as copper forge

                                              After WW II (1950s)Start of construction

                                              business

                                              Early 1980rsquosSelling of equipment to

                                              third parties

                                              1790 1900-1970 1980-1990 2000-2019

                                              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 30

                                              Michael Stomberg (CEO) HSE IT Process Management Quality Management

                                              Florian Bauer Digitalization Development

                                              Coordination Training Company Culture

                                              Hartmut Beutler (CFO) Financing amp Treasury Legal Affairs amp Insurance IR amp Corporate

                                              Communications Facility Management Media Design

                                              Peter Hingott Group Controlling amp

                                              Accounting Human Resources Group Purchasing

                                              Management BoardBAUER AG

                                              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 31

                                              BAUER GroupThe three segments

                                              31copy BAUER AG D-86529 Schrobenhausen

                                              Target ~ 40 of total Group revenues

                                              Market leader in specialist foundation equipment

                                              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

                                              Target ~ 20 of total Group revenues Activities in

                                              environmental technology deep drilling well construction materials

                                              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 32

                                              BAUER GroupChallenges of the world provide chances for the company

                                              The megatrend of urbanization requires construction solutions for the city of the future

                                              To deal with the scarcity of drinking water purification and supply technologies are needed

                                              The increasing mobility in society demands new and renewed transport routes

                                              Changing social values are fundamentally revolutionizing the business world

                                              UrbanizationInfrastructure Water

                                              CultureA change in energy supply can only be realized through comprehensive construction works

                                              The remediation of contaminated soil is the key to sustainable utilization of resources

                                              Energy transitionEnvironment

                                              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                              ConstructionKey factsConstruction

                                              Leading global provider for specialist foundation engineering

                                              services

                                              33

                                              Total Group revenues (incl JV) Order backlog EBIT

                                              ~ 40 of total Group revenues EBIT margin 4 - 6

                                              (2018 54 2019 na)

                                              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 5050 infrastructureindustrial split

                                              Figures are somewhat cyclical between the quarters ndash focus on the entire year

                                              Market environment Growing construction markets worldwide

                                              Special foundation engineering is growing stronger than construction markets

                                              Huge pent-up demand in developed countries and in emerging markets

                                              Competition Keller Trevi Soletanche Bachy

                                              (worldwide)

                                              Local competitors in each country

                                              Current focus topics Improving project and risk management especially for major projects

                                              Leading in digitalization solutions for our market

                                              Key figures

                                              Key targets

                                              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 34

                                              What is specialist foundationBuilding an excavation pit

                                              Permeation Grouting

                                              Mixed-In-Place Method

                                              Injection Anchor

                                              Diaphragm andCut-off Wall

                                              Pile Foundation

                                              Piling Retaining Wall

                                              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 35

                                              What is specialist foundation used forApplications

                                              Foundationsfor the highest buildings in the world

                                              Excavation Pits for every problem and requirement

                                              Ground Improvementallows projects on weak ground

                                              Cut-off Walls as solution for dams and dikes

                                              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 36

                                              ConstructionMunich Germany ndash Foundation works for a boarding house

                                              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                              EquipmentKey facts

                                              Market leader in specialistfoundation equipment

                                              Equipment

                                              37

                                              Sales revenues (excl JV) Order intake EBIT

                                              ~ 40 of total Group revenues EBIT margin 10 - 12

                                              (2018 117 2019 100)

                                              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 JV with Schlumberger for the production of deep drilling rigs (oil amp gas)

                                              Market environment Growing construction markets worldwide lead to positive equipment demand

                                              Strong position due to efforts regarding quality efficiency and noise reduction

                                              Growth potential with specialized machines for mining water and offshore drilling

                                              Competition Trevi Liebherr Chinese manufactures

                                              (eg Sany XCMG)

                                              Further competition regarding special product types

                                              Current focus topics Focus on value analysis methods and purchase organization

                                              Optimizing and increasing after-sales services

                                              Key figures

                                              Key targets

                                              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 38

                                              EquipmentWhole range of products for special foundation engineering

                                              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 39

                                              EquipmentProduct range Deep Drilling

                                              Joint Ventureof Bauer amp Schlumberger

                                              In order to meet the upcoming market challenges out-of-the-box thinking

                                              is necessary and therefore integrated drilling and rig solutions are of

                                              growing importance

                                              Based on more than 40 years of experience in engineering and

                                              manufacturing of drilling rigs NeoRig develops and manufactures

                                              modern drilling solutions which set new standards of safety efficiency

                                              productivity and ease of service in the deep drilling business

                                              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                              ResourcesKey factsResources

                                              40

                                              Products amp services for environmental technology mining well construction

                                              and water cleaning

                                              Total Group revenues (incl JV) Order backlog EBIT

                                              ~ 20 of total Group revenues EBIT margin 6 - 8

                                              (2018 na 2019 na)

                                              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 amp Middle East

                                              Market environment Huge demand for environmental and water solutions

                                              Outstanding market position with ground-breaking projects in the field of cleaning drinking and process water eg the biological water treatment plant in Oman

                                              Competition Fragmented competition for each single product and service area

                                              Current focus topics Improvement of loss-making Jordan subsidiary which is caused by overcapacities

                                              Consistent proceeding of reorganization in the water related companies

                                              Focus on new projects for the profitable environment business

                                              Key figures

                                              Key targets

                                              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 41

                                              ResourcesPool of competences from a single hand

                                              Industrial Waste Water Process amp Produced Water NORM Constructed Wetlands Modelling amp Well Design Construction Material for Wells

                                              and Geothermal Water Distribution Management Irrigation Systems

                                              Remediation Landfill Restoration Decommissioning Demolition Hazardous Waste Management Soil Treatment and Waste

                                              Management

                                              Exploration Drilling Deep Geothermal Drilling Well Drilling Blast Hole Drilling

                                              EnvironmentWater Natural Resources

                                              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 42

                                              ResourcesWater ndash Process Water amp Water Distribution Management

                                              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 43

                                              ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman

                                              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 44

                                              Market environment ndash GermanyGerman construction market

                                              Source Federal Statistical Office Statistical Office Bavaria

                                              in EUR billion

                                              Germany2019

                                              Employees (in 1000)

                                              Revenues 922Building construction 508Foundation engineering 414

                                              Orders received in EUR billion

                                              Housebuilding 196Industrial building 363Public sectorof which

                                              public buildings 55road building 142underground structures 105

                                              ) only companies gt 20 employees

                                              49

                                              108

                                              95

                                              39

                                              109

                                              65

                                              80

                                              88

                                              38

                                              49

                                              82

                                              77

                                              112

                                              132

                                              25

                                              Dezember 2019 2018 20192017 2018

                                              in

                                              89

                                              97

                                              302

                                              861

                                              4867

                                              88

                                              100 82

                                              59

                                              125

                                              Weiszlig

                                              Bunt

                                              Kunterbunt

                                              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 45

                                              Building constructionpositive cash contribution

                                              Specialist foundation engineeringpre-financing need

                                              Financials Working capital needs ndash Comparison with building construction

                                              EUR

                                              12 24 months

                                              Positive cash contribution

                                              Negative cash contribution

                                              Con

                                              trac

                                              t val

                                              ue

                                              EUR

                                              Negative cash contribution

                                              12 24 months

                                              Con

                                              trac

                                              t val

                                              ue

                                              Construction contracts with short duration need

                                              No advance payments no front-loading of prices possible approx 2 - 3 months of pre-financing

                                              Negative cash contribution during construction phase

                                              Construction contracts with long durations

                                              Advance payments front-loading of prices

                                              Positive cash contribution during construction phase

                                              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 46

                                              BAUER shareFacts amp Figures

                                              Listed on Frankfurt stock exchange (Prime Standard) since July 4 2006

                                              Share capital EUR 7300142045

                                              Shares issued 17131000

                                              Issue price EUR 1675

                                              Share performance (012019 ndash 032020)

                                              Bauer familyFree float

                                              5181

                                              Shareholder structure

                                              4819

                                              in EUR 2015 2016 2017 2018 2019

                                              Earnings per share 173 066 016 132 -217

                                              Share price year end 1740 1140 3000 1216 1510

                                              Share price highest 1920 1716 3096 3125 2430

                                              Share price lowest 1385 945 1172 1208 1262

                                              Market Cap(in EUR million) 2981 1953 5139 2083 2587

                                              CDAXClassic All SharePrime All Share

                                              ISIN DE0005168108Reuters B5AGDEBloomberg B5A GR

                                              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                              050

                                              100 100

                                              060 060050

                                              030

                                              001

                                              015 015010 010 010

                                              001000

                                              030

                                              060

                                              090

                                              120

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

                                              47

                                              BAUER shareDividend policy

                                              Dividend payment Dividend policy founded on a reasonable balance between shareholders and company

                                              fair participation of shareholders maintaining continuity safeguarding of the equity ratio

                                              All shareholders shall participate in the success of the business

                                              After some difficult years we must continue to strike a careful balance between continuity and shareholder participation on the one hand and safeguarding our equity ratio on the other

                                              To secure an adequate equity ratio is an important aim of the companyrsquos 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

                                              in EUR per share

                                              000

                                              Proposed subject to the consent of the Annual General Meeting to be held on June 25 2020

                                              000

                                              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 48

                                              Key Figures Time LineFY 2008 ndash FY 2019

                                              In all three segments total Group revenues and EBIT figures of FY 2015 were influenced by exceptional earnings

                                              Total Group revenues 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(in EUR million)BAUER Group 15272 12758 13040 13718 14358 15042 15602 16564 15547 4482 4541 4766 3931 17720 3708 4215 4435 4503 16861 4109 4207 4078 3553 15947

                                              Construction 7009 5700 6154 6066 6552 7417 7256 7429 7131 2110 2205 2269 1766 8350 1508 1762 2100 2306 7676 1702 1722 1726 1538 6688Equipment 7801 6085 5817 6365 5891 6286 6392 7531 6344 1867 1853 1966 1859 7545 1808 1936 1802 1685 7231 1859 1950 1781 1547 7137Resources 1351 1743 1777 2115 2628 1889 2528 2216 2624 630 647 651 554 2482 517 676 699 723 2615 692 695 662 700 2749

                                              Sales revenues 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(in EUR million)BAUER Group 12908 10965 11317 12196 13444 14022 13757 13790 13969 3789 4512 4354 4022 16679 3184 3987 4051 4669 15891 3419 4035 3622 3633 14709

                                              Construction 5843 4879 5058 5062 5791 6575 6466 6508 6145 1966 2064 2145 1663 7838 1432 1642 2021 2168 7263 1616 1628 1605 1408 6257Equipment 6012 4565 4693 5114 5206 5616 5327 5480 5427 1266 1857 1685 1801 6609 1287 1736 1440 1938 6401 1253 1797 1417 1635 6102Resources 1051 1520 1564 2015 2443 1826 1959 1793 2382 553 577 532 553 2215 462 605 587 559 2213 548 607 597 583 2335

                                              EBIT 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(in EUR million)BAUER Group 1675 844 884 823 720 301 764 907 703 85 302 277 232 896 110 231 227 433 1001 104 248 133 -260 225

                                              Construction 463 257 288 179 220 212 260 139 297 09 124 81 -18 196 27 21 80 263 391 00 42 -34 -207 -199Equipment 1183 513 483 530 340 322 360 994 384 80 160 249 317 806 142 222 158 227 749 83 230 202 97 612Resources 40 60 81 109 152 -240 159 -198 -37 -01 09 -53 -55 -100 -57 -10 -12 -32 -110 27 -22 -30 -137 -162

                                              EBIT margin 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(in )BAUER Group 130 77 78 67 54 21 56 66 50 22 67 64 58 54 35 58 56 93 63 30 61 37 -72 15

                                              Construction 79 53 57 35 38 32 40 21 48 05 60 38 -11 25 19 13 39 121 54 00 26 -21 -147 -32Equipment 197 112 103 104 65 57 68 181 71 64 86 148 176 122 110 128 110 117 117 66 128 143 60 100Resources 38 39 52 54 62 -131 81 -110 -16 -02 15 -100 -99 -45 -123 -16 -20 -57 -50 49 -37 -49 -235 -69

                                              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

                                              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

                                              • Foliennummer 1
                                              • Foliennummer 2
                                              • Key FiguresFY 2019
                                              • Table of Content
                                              • Foliennummer 5
                                              • Foliennummer 6
                                              • Foliennummer 7
                                              • Foliennummer 8
                                              • BAUER Group Construction market environment vs order backlog
                                              • Foliennummer 10
                                              • Foliennummer 11
                                              • Table of Content
                                              • Foliennummer 13
                                              • Foliennummer 14
                                              • Foliennummer 15
                                              • Foliennummer 16
                                              • Foliennummer 17
                                              • Foliennummer 18
                                              • Foliennummer 19
                                              • Foliennummer 20
                                              • Foliennummer 21
                                              • Foliennummer 22
                                              • FinancialsIncome statement 12M 2019
                                              • Financials Balance sheet December 31 2019
                                              • FinancialsCash flow statement 12M 2019
                                              • Foliennummer 26
                                              • Foliennummer 27
                                              • Table of Content
                                              • BAUER GroupThe history ndash Two centuries of experience
                                              • Foliennummer 30
                                              • BAUER GroupThe three segments
                                              • Foliennummer 32
                                              • Foliennummer 33
                                              • What is specialist foundationBuilding an excavation pit
                                              • What is specialist foundation used forApplications
                                              • ConstructionMunich Germany ndash Foundation works for a boarding house
                                              • Foliennummer 37
                                              • EquipmentWhole range of products for special foundation engineering
                                              • EquipmentProduct range Deep Drilling
                                              • Foliennummer 40
                                              • ResourcesPool of competences from a single hand
                                              • ResourcesWater ndash Process Water amp Water Distribution Management
                                              • ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
                                              • Market environment ndash Germany German construction market
                                              • Financials Working capital needs ndash Comparison with building construction
                                              • BAUER shareFacts amp Figures
                                              • BAUER shareDividend policy
                                              • Foliennummer 48
                                              • Disclaimer
                                                Zweistelliges Auftragsplus am Bau in Bayern
                                                Absolute WerteVeraumlnderungen in
                                                August 20062004BayernWestdeutschlandOstdeutschland
                                                BayernWest-Ost-200420040200420040200420040
                                                LaumlnderLaumlnder199420030199420030199420030
                                                Beschaumlftigte in 1000126152831887-52-5200-432-60-5200-539-7200
                                                Baugenehmigungen Mio msup3 umb Raum6532572423-108-10800-252-8400-68-10300
                                                Umsatz in Mrd EUR139570173-249-5800-277-4500-399-7600
                                                Hochbau9637192-265-5600-301-4400-507-7400
                                                Tiefbau4319981-217-6200-222-4500-207-7900
                                                09033799-393-10000-452-5600-580-6000
                                                in Mrd EUR
                                                Wohnungsbau236511-480-7100-561-6400-771-20700
                                                Wirtschaftsbau3314040-347-10500-457-5900-603-9400
                                                Oumlffentlicher Bau3313148-352-11500-346-4900-3821800
                                                darunter
                                                Oumlffentl Hochbau092509-324-8500-480-0100-5616900
                                                Straszligenbau125821-128-11200-146-5100-1604200
                                                Sonstiger Tiefbau124818-502-13700-425-7100-467-3400
                                                19712561362168-243-95248-173-23210-21146
                                                1) Bei Baugenehmigungen liegen erst die Oktoberwerte vor
                                                1) Bei Baugenehmigungen liegen erst die Februarwerte vor
                                                2) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten
                                                in EUR billionin
                                                Dezember 2019Germany20052005Jan - Aug20182019
                                                201919942004060520172018
                                                Employees (in 1000)4867-47-60-104949
                                                Revenues922-305-647310882
                                                Building construction508-318-611009577
                                                Foundation engineering414-280-711212588
                                                Orders received861-3743110610082
                                                in EUR billion
                                                Housebuilding196-489-181211297
                                                Industrial building363-3036818113289
                                                Public sector302-33132995965
                                                of which
                                                public buildings55-23812729025109
                                                road building142-138-12478839
                                                underground structures105-49515223880
                                                1256168-243-95-173-23
                                                1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
                                                ) only companies gt 20 employees
                                                Zweistelliges Auftragsplus am Bau in Bayern
                                                Absolute WerteVeraumlnderungen in
                                                August 20062005BayernWestdeutschlandOstdeutschland
                                                BayernWest-Ost-20052005Jan - Aug20052005Jan - Aug20052005Jan - Aug
                                                LaumlnderLaumlnder199420040605199420040605199420040605
                                                Beschaumlftigte in 1000126152831887-470-60-10-465-60-58-38-578-85-51
                                                Baugenehmigungen Mio msup3 umb Raum6532572423-395-101249-417-41171-680-157259
                                                Umsatz in Mrd EUR139570173-305-6473-312-4835-452-8813
                                                Hochbau9637192-318-61100-336-5048-565-11835
                                                Tiefbau4319981-280-7112-255-4311-247-51-14
                                                Auftragseingang9033799-37431106-4470984-609-7043
                                                in Mrd EUR
                                                Wohnungsbau236511-489-1812-586-5888-805-14841
                                                Wirtschaftsbau3314040-30368181-43345104-625-56121
                                                Oumlffentlicher Bau3313148-3313299-3400972-420-62-18
                                                darunter
                                                Oumlffentl Hochbau092509-238127290-500-38142-602-93-51
                                                Straszligenbau125821-138-1247-965978-211-8582
                                                Sonstiger Tiefbau124818-4951522-439-2430-477-18-124
                                                19712561362168-243-95248-173-23210-21146
                                                1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
                                                ) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

                                                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 24

                                                Financials Balance sheet December 31 2019in EUR 000 Dec 31 2018 Dec 31 2019 ∆ in Assets 1632284 1628549 -02

                                                Non-current assets 621041 692778 116Intangible assets 18077 16946 -63Property plant and equipment and investment property 411571 460470 119Investments accounted for using the equity method 113019 118185 46Participations 8350 8806 55Other non-current assets amp deferred tax assets 70024 88371 262Current assets 1011243 935771 -75Inventories 365865 405401 108Rental equipment 60488 61838 22Less advances received on inventories -16098 -8921 -446

                                                410255 458318 117Receivables and other assets 535111 434608 -188Effective income tax refund claims 3290 5270 602Cash and cash equivalents 62587 37575 -400

                                                Equity and liabilities 1632284 1628549 -02

                                                Equity 431816 386916 -104Non-current debt 501424 327118 -348Provisions for pensions 134389 158641 180Non-current liabilities amp deferred tax liabilities 367035 257977 -297Current debt 699044 914515 308Financial liabilities 286104 376453 316Other current liabilities 357851 402318 124Effective income tax obligations 31687 19566 -383Provisions 23402 26678 140

                                                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 25

                                                FinancialsCash flow statement 12M 2019in EUR 000 12M 2018 12M 2019 ∆ in

                                                Cash flow from operational activity 147444 168882 145

                                                Cash flow from investment activity -57600 -75213 306

                                                Cash flow from financing activity -75088 -120339 603

                                                Free Cash Flow 89844 93669 43

                                                Changes in liquid funds affecting payments 14756 -26670 na

                                                Influence of exchange rate movements on cash 565 1658 na

                                                Total change in liquid funds 15321 -25012 na

                                                Cash and cash equivalents at beginning of reporting period 47266 62587 324

                                                Cash and cash equivalents at end of reporting period 62587 37575 -400

                                                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 26

                                                FinancialsForecast 2020 ndash More cautious view due to coronavirus pandemic

                                                2019 final

                                                Total Group Revenues 1594 EUR million slight increase

                                                Revenue growth -54 3 - 8

                                                EBIT 225 EUR million significant increase

                                                EBIT margin 15 7 - 9

                                                Earnings after tax -366 EUR million significant increase in the positive area

                                                Equity ratio 238 gt 30

                                                2020 forecast Long-term goal

                                                Slope stabilisation with BG 15 ndash Germany Largest water treatment plant ndash Nimr OmanCompact cutter system for Grand Paris

                                                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 27

                                                BAUER AktiengesellschaftBAUER-Straszlige 186529 SchrobenhausenGermany

                                                Tel +49 8252 97-1218investorrelationsbauerdewwwbauerde

                                                April 9 2020 Annual Report 2019Analyst amp Press Conference

                                                May 13 2020 Quarterly Statement Q1 2020

                                                June 25 2020 Annual General Meeting

                                                August 13 2020 Half-Year Interim Report toJune 30 2020

                                                November 13 2020 Quarterly Statement 9MQ3 2020

                                                wwwyoutubecomBauergruppe

                                                wwwfacebookcomBauerAGgroup

                                                Investor RelationsFinancial calendar amp contact

                                                Christopher WolfHead of Investor Relations

                                                2020

                                                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 28

                                                Table of Content

                                                BAUER Group ndash Strategy Chances amp Markets

                                                Appendix

                                                Financials FYQ4 2019 amp Guidance

                                                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 29

                                                1790 middot 1900 middot 1902 middot 1928 middot 1948 middot 1956 middot 1958 middot 1967 middot 1969 middot 1972 middot 1975 middot 1976 middot 1984 middot 1990 middot 1992 middot 1994 middot 1998 middot 2001 middot 2019

                                                BAUER GroupThe history ndash Two centuries of experience

                                                End of 1970rsquosStart of

                                                internationalisation

                                                Early 1990rsquosBuild up of

                                                specialist construction environmental business

                                                FY 2019Total Group

                                                revenues EUR 16 billion 11684

                                                employees

                                                4 Jul 2006IPO

                                                Early 1970rsquosStart of equipment

                                                manufacturing

                                                Company founded as copper forge

                                                After WW II (1950s)Start of construction

                                                business

                                                Early 1980rsquosSelling of equipment to

                                                third parties

                                                1790 1900-1970 1980-1990 2000-2019

                                                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 30

                                                Michael Stomberg (CEO) HSE IT Process Management Quality Management

                                                Florian Bauer Digitalization Development

                                                Coordination Training Company Culture

                                                Hartmut Beutler (CFO) Financing amp Treasury Legal Affairs amp Insurance IR amp Corporate

                                                Communications Facility Management Media Design

                                                Peter Hingott Group Controlling amp

                                                Accounting Human Resources Group Purchasing

                                                Management BoardBAUER AG

                                                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 31

                                                BAUER GroupThe three segments

                                                31copy BAUER AG D-86529 Schrobenhausen

                                                Target ~ 40 of total Group revenues

                                                Market leader in specialist foundation equipment

                                                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

                                                Target ~ 20 of total Group revenues Activities in

                                                environmental technology deep drilling well construction materials

                                                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 32

                                                BAUER GroupChallenges of the world provide chances for the company

                                                The megatrend of urbanization requires construction solutions for the city of the future

                                                To deal with the scarcity of drinking water purification and supply technologies are needed

                                                The increasing mobility in society demands new and renewed transport routes

                                                Changing social values are fundamentally revolutionizing the business world

                                                UrbanizationInfrastructure Water

                                                CultureA change in energy supply can only be realized through comprehensive construction works

                                                The remediation of contaminated soil is the key to sustainable utilization of resources

                                                Energy transitionEnvironment

                                                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                                ConstructionKey factsConstruction

                                                Leading global provider for specialist foundation engineering

                                                services

                                                33

                                                Total Group revenues (incl JV) Order backlog EBIT

                                                ~ 40 of total Group revenues EBIT margin 4 - 6

                                                (2018 54 2019 na)

                                                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 5050 infrastructureindustrial split

                                                Figures are somewhat cyclical between the quarters ndash focus on the entire year

                                                Market environment Growing construction markets worldwide

                                                Special foundation engineering is growing stronger than construction markets

                                                Huge pent-up demand in developed countries and in emerging markets

                                                Competition Keller Trevi Soletanche Bachy

                                                (worldwide)

                                                Local competitors in each country

                                                Current focus topics Improving project and risk management especially for major projects

                                                Leading in digitalization solutions for our market

                                                Key figures

                                                Key targets

                                                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 34

                                                What is specialist foundationBuilding an excavation pit

                                                Permeation Grouting

                                                Mixed-In-Place Method

                                                Injection Anchor

                                                Diaphragm andCut-off Wall

                                                Pile Foundation

                                                Piling Retaining Wall

                                                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 35

                                                What is specialist foundation used forApplications

                                                Foundationsfor the highest buildings in the world

                                                Excavation Pits for every problem and requirement

                                                Ground Improvementallows projects on weak ground

                                                Cut-off Walls as solution for dams and dikes

                                                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 36

                                                ConstructionMunich Germany ndash Foundation works for a boarding house

                                                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                                EquipmentKey facts

                                                Market leader in specialistfoundation equipment

                                                Equipment

                                                37

                                                Sales revenues (excl JV) Order intake EBIT

                                                ~ 40 of total Group revenues EBIT margin 10 - 12

                                                (2018 117 2019 100)

                                                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 JV with Schlumberger for the production of deep drilling rigs (oil amp gas)

                                                Market environment Growing construction markets worldwide lead to positive equipment demand

                                                Strong position due to efforts regarding quality efficiency and noise reduction

                                                Growth potential with specialized machines for mining water and offshore drilling

                                                Competition Trevi Liebherr Chinese manufactures

                                                (eg Sany XCMG)

                                                Further competition regarding special product types

                                                Current focus topics Focus on value analysis methods and purchase organization

                                                Optimizing and increasing after-sales services

                                                Key figures

                                                Key targets

                                                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 38

                                                EquipmentWhole range of products for special foundation engineering

                                                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 39

                                                EquipmentProduct range Deep Drilling

                                                Joint Ventureof Bauer amp Schlumberger

                                                In order to meet the upcoming market challenges out-of-the-box thinking

                                                is necessary and therefore integrated drilling and rig solutions are of

                                                growing importance

                                                Based on more than 40 years of experience in engineering and

                                                manufacturing of drilling rigs NeoRig develops and manufactures

                                                modern drilling solutions which set new standards of safety efficiency

                                                productivity and ease of service in the deep drilling business

                                                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                                ResourcesKey factsResources

                                                40

                                                Products amp services for environmental technology mining well construction

                                                and water cleaning

                                                Total Group revenues (incl JV) Order backlog EBIT

                                                ~ 20 of total Group revenues EBIT margin 6 - 8

                                                (2018 na 2019 na)

                                                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 amp Middle East

                                                Market environment Huge demand for environmental and water solutions

                                                Outstanding market position with ground-breaking projects in the field of cleaning drinking and process water eg the biological water treatment plant in Oman

                                                Competition Fragmented competition for each single product and service area

                                                Current focus topics Improvement of loss-making Jordan subsidiary which is caused by overcapacities

                                                Consistent proceeding of reorganization in the water related companies

                                                Focus on new projects for the profitable environment business

                                                Key figures

                                                Key targets

                                                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 41

                                                ResourcesPool of competences from a single hand

                                                Industrial Waste Water Process amp Produced Water NORM Constructed Wetlands Modelling amp Well Design Construction Material for Wells

                                                and Geothermal Water Distribution Management Irrigation Systems

                                                Remediation Landfill Restoration Decommissioning Demolition Hazardous Waste Management Soil Treatment and Waste

                                                Management

                                                Exploration Drilling Deep Geothermal Drilling Well Drilling Blast Hole Drilling

                                                EnvironmentWater Natural Resources

                                                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 42

                                                ResourcesWater ndash Process Water amp Water Distribution Management

                                                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 43

                                                ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman

                                                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 44

                                                Market environment ndash GermanyGerman construction market

                                                Source Federal Statistical Office Statistical Office Bavaria

                                                in EUR billion

                                                Germany2019

                                                Employees (in 1000)

                                                Revenues 922Building construction 508Foundation engineering 414

                                                Orders received in EUR billion

                                                Housebuilding 196Industrial building 363Public sectorof which

                                                public buildings 55road building 142underground structures 105

                                                ) only companies gt 20 employees

                                                49

                                                108

                                                95

                                                39

                                                109

                                                65

                                                80

                                                88

                                                38

                                                49

                                                82

                                                77

                                                112

                                                132

                                                25

                                                Dezember 2019 2018 20192017 2018

                                                in

                                                89

                                                97

                                                302

                                                861

                                                4867

                                                88

                                                100 82

                                                59

                                                125

                                                Weiszlig

                                                Bunt

                                                Kunterbunt

                                                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 45

                                                Building constructionpositive cash contribution

                                                Specialist foundation engineeringpre-financing need

                                                Financials Working capital needs ndash Comparison with building construction

                                                EUR

                                                12 24 months

                                                Positive cash contribution

                                                Negative cash contribution

                                                Con

                                                trac

                                                t val

                                                ue

                                                EUR

                                                Negative cash contribution

                                                12 24 months

                                                Con

                                                trac

                                                t val

                                                ue

                                                Construction contracts with short duration need

                                                No advance payments no front-loading of prices possible approx 2 - 3 months of pre-financing

                                                Negative cash contribution during construction phase

                                                Construction contracts with long durations

                                                Advance payments front-loading of prices

                                                Positive cash contribution during construction phase

                                                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 46

                                                BAUER shareFacts amp Figures

                                                Listed on Frankfurt stock exchange (Prime Standard) since July 4 2006

                                                Share capital EUR 7300142045

                                                Shares issued 17131000

                                                Issue price EUR 1675

                                                Share performance (012019 ndash 032020)

                                                Bauer familyFree float

                                                5181

                                                Shareholder structure

                                                4819

                                                in EUR 2015 2016 2017 2018 2019

                                                Earnings per share 173 066 016 132 -217

                                                Share price year end 1740 1140 3000 1216 1510

                                                Share price highest 1920 1716 3096 3125 2430

                                                Share price lowest 1385 945 1172 1208 1262

                                                Market Cap(in EUR million) 2981 1953 5139 2083 2587

                                                CDAXClassic All SharePrime All Share

                                                ISIN DE0005168108Reuters B5AGDEBloomberg B5A GR

                                                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                                050

                                                100 100

                                                060 060050

                                                030

                                                001

                                                015 015010 010 010

                                                001000

                                                030

                                                060

                                                090

                                                120

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

                                                47

                                                BAUER shareDividend policy

                                                Dividend payment Dividend policy founded on a reasonable balance between shareholders and company

                                                fair participation of shareholders maintaining continuity safeguarding of the equity ratio

                                                All shareholders shall participate in the success of the business

                                                After some difficult years we must continue to strike a careful balance between continuity and shareholder participation on the one hand and safeguarding our equity ratio on the other

                                                To secure an adequate equity ratio is an important aim of the companyrsquos 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

                                                in EUR per share

                                                000

                                                Proposed subject to the consent of the Annual General Meeting to be held on June 25 2020

                                                000

                                                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 48

                                                Key Figures Time LineFY 2008 ndash FY 2019

                                                In all three segments total Group revenues and EBIT figures of FY 2015 were influenced by exceptional earnings

                                                Total Group revenues 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(in EUR million)BAUER Group 15272 12758 13040 13718 14358 15042 15602 16564 15547 4482 4541 4766 3931 17720 3708 4215 4435 4503 16861 4109 4207 4078 3553 15947

                                                Construction 7009 5700 6154 6066 6552 7417 7256 7429 7131 2110 2205 2269 1766 8350 1508 1762 2100 2306 7676 1702 1722 1726 1538 6688Equipment 7801 6085 5817 6365 5891 6286 6392 7531 6344 1867 1853 1966 1859 7545 1808 1936 1802 1685 7231 1859 1950 1781 1547 7137Resources 1351 1743 1777 2115 2628 1889 2528 2216 2624 630 647 651 554 2482 517 676 699 723 2615 692 695 662 700 2749

                                                Sales revenues 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(in EUR million)BAUER Group 12908 10965 11317 12196 13444 14022 13757 13790 13969 3789 4512 4354 4022 16679 3184 3987 4051 4669 15891 3419 4035 3622 3633 14709

                                                Construction 5843 4879 5058 5062 5791 6575 6466 6508 6145 1966 2064 2145 1663 7838 1432 1642 2021 2168 7263 1616 1628 1605 1408 6257Equipment 6012 4565 4693 5114 5206 5616 5327 5480 5427 1266 1857 1685 1801 6609 1287 1736 1440 1938 6401 1253 1797 1417 1635 6102Resources 1051 1520 1564 2015 2443 1826 1959 1793 2382 553 577 532 553 2215 462 605 587 559 2213 548 607 597 583 2335

                                                EBIT 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(in EUR million)BAUER Group 1675 844 884 823 720 301 764 907 703 85 302 277 232 896 110 231 227 433 1001 104 248 133 -260 225

                                                Construction 463 257 288 179 220 212 260 139 297 09 124 81 -18 196 27 21 80 263 391 00 42 -34 -207 -199Equipment 1183 513 483 530 340 322 360 994 384 80 160 249 317 806 142 222 158 227 749 83 230 202 97 612Resources 40 60 81 109 152 -240 159 -198 -37 -01 09 -53 -55 -100 -57 -10 -12 -32 -110 27 -22 -30 -137 -162

                                                EBIT margin 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(in )BAUER Group 130 77 78 67 54 21 56 66 50 22 67 64 58 54 35 58 56 93 63 30 61 37 -72 15

                                                Construction 79 53 57 35 38 32 40 21 48 05 60 38 -11 25 19 13 39 121 54 00 26 -21 -147 -32Equipment 197 112 103 104 65 57 68 181 71 64 86 148 176 122 110 128 110 117 117 66 128 143 60 100Resources 38 39 52 54 62 -131 81 -110 -16 -02 15 -100 -99 -45 -123 -16 -20 -57 -50 49 -37 -49 -235 -69

                                                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

                                                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

                                                • Foliennummer 1
                                                • Foliennummer 2
                                                • Key FiguresFY 2019
                                                • Table of Content
                                                • Foliennummer 5
                                                • Foliennummer 6
                                                • Foliennummer 7
                                                • Foliennummer 8
                                                • BAUER Group Construction market environment vs order backlog
                                                • Foliennummer 10
                                                • Foliennummer 11
                                                • Table of Content
                                                • Foliennummer 13
                                                • Foliennummer 14
                                                • Foliennummer 15
                                                • Foliennummer 16
                                                • Foliennummer 17
                                                • Foliennummer 18
                                                • Foliennummer 19
                                                • Foliennummer 20
                                                • Foliennummer 21
                                                • Foliennummer 22
                                                • FinancialsIncome statement 12M 2019
                                                • Financials Balance sheet December 31 2019
                                                • FinancialsCash flow statement 12M 2019
                                                • Foliennummer 26
                                                • Foliennummer 27
                                                • Table of Content
                                                • BAUER GroupThe history ndash Two centuries of experience
                                                • Foliennummer 30
                                                • BAUER GroupThe three segments
                                                • Foliennummer 32
                                                • Foliennummer 33
                                                • What is specialist foundationBuilding an excavation pit
                                                • What is specialist foundation used forApplications
                                                • ConstructionMunich Germany ndash Foundation works for a boarding house
                                                • Foliennummer 37
                                                • EquipmentWhole range of products for special foundation engineering
                                                • EquipmentProduct range Deep Drilling
                                                • Foliennummer 40
                                                • ResourcesPool of competences from a single hand
                                                • ResourcesWater ndash Process Water amp Water Distribution Management
                                                • ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
                                                • Market environment ndash Germany German construction market
                                                • Financials Working capital needs ndash Comparison with building construction
                                                • BAUER shareFacts amp Figures
                                                • BAUER shareDividend policy
                                                • Foliennummer 48
                                                • Disclaimer
                                                  Zweistelliges Auftragsplus am Bau in Bayern
                                                  Absolute WerteVeraumlnderungen in
                                                  August 20062004BayernWestdeutschlandOstdeutschland
                                                  BayernWest-Ost-200420040200420040200420040
                                                  LaumlnderLaumlnder199420030199420030199420030
                                                  Beschaumlftigte in 1000126152831887-52-5200-432-60-5200-539-7200
                                                  Baugenehmigungen Mio msup3 umb Raum6532572423-108-10800-252-8400-68-10300
                                                  Umsatz in Mrd EUR139570173-249-5800-277-4500-399-7600
                                                  Hochbau9637192-265-5600-301-4400-507-7400
                                                  Tiefbau4319981-217-6200-222-4500-207-7900
                                                  09033799-393-10000-452-5600-580-6000
                                                  in Mrd EUR
                                                  Wohnungsbau236511-480-7100-561-6400-771-20700
                                                  Wirtschaftsbau3314040-347-10500-457-5900-603-9400
                                                  Oumlffentlicher Bau3313148-352-11500-346-4900-3821800
                                                  darunter
                                                  Oumlffentl Hochbau092509-324-8500-480-0100-5616900
                                                  Straszligenbau125821-128-11200-146-5100-1604200
                                                  Sonstiger Tiefbau124818-502-13700-425-7100-467-3400
                                                  19712561362168-243-95248-173-23210-21146
                                                  1) Bei Baugenehmigungen liegen erst die Oktoberwerte vor
                                                  1) Bei Baugenehmigungen liegen erst die Februarwerte vor
                                                  2) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten
                                                  in EUR billionin
                                                  Dezember 2019Germany20052005Jan - Aug20182019
                                                  201919942004060520172018
                                                  Employees (in 1000)4867-47-60-104949
                                                  Revenues922-305-647310882
                                                  Building construction508-318-611009577
                                                  Foundation engineering414-280-711212588
                                                  Orders received861-3743110610082
                                                  in EUR billion
                                                  Housebuilding196-489-181211297
                                                  Industrial building363-3036818113289
                                                  Public sector302-33132995965
                                                  of which
                                                  public buildings55-23812729025109
                                                  road building142-138-12478839
                                                  underground structures105-49515223880
                                                  1256168-243-95-173-23
                                                  1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
                                                  ) only companies gt 20 employees
                                                  Zweistelliges Auftragsplus am Bau in Bayern
                                                  Absolute WerteVeraumlnderungen in
                                                  August 20062005BayernWestdeutschlandOstdeutschland
                                                  BayernWest-Ost-20052005Jan - Aug20052005Jan - Aug20052005Jan - Aug
                                                  LaumlnderLaumlnder199420040605199420040605199420040605
                                                  Beschaumlftigte in 1000126152831887-470-60-10-465-60-58-38-578-85-51
                                                  Baugenehmigungen Mio msup3 umb Raum6532572423-395-101249-417-41171-680-157259
                                                  Umsatz in Mrd EUR139570173-305-6473-312-4835-452-8813
                                                  Hochbau9637192-318-61100-336-5048-565-11835
                                                  Tiefbau4319981-280-7112-255-4311-247-51-14
                                                  Auftragseingang9033799-37431106-4470984-609-7043
                                                  in Mrd EUR
                                                  Wohnungsbau236511-489-1812-586-5888-805-14841
                                                  Wirtschaftsbau3314040-30368181-43345104-625-56121
                                                  Oumlffentlicher Bau3313148-3313299-3400972-420-62-18
                                                  darunter
                                                  Oumlffentl Hochbau092509-238127290-500-38142-602-93-51
                                                  Straszligenbau125821-138-1247-965978-211-8582
                                                  Sonstiger Tiefbau124818-4951522-439-2430-477-18-124
                                                  19712561362168-243-95248-173-23210-21146
                                                  1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
                                                  ) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

                                                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 25

                                                  FinancialsCash flow statement 12M 2019in EUR 000 12M 2018 12M 2019 ∆ in

                                                  Cash flow from operational activity 147444 168882 145

                                                  Cash flow from investment activity -57600 -75213 306

                                                  Cash flow from financing activity -75088 -120339 603

                                                  Free Cash Flow 89844 93669 43

                                                  Changes in liquid funds affecting payments 14756 -26670 na

                                                  Influence of exchange rate movements on cash 565 1658 na

                                                  Total change in liquid funds 15321 -25012 na

                                                  Cash and cash equivalents at beginning of reporting period 47266 62587 324

                                                  Cash and cash equivalents at end of reporting period 62587 37575 -400

                                                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 26

                                                  FinancialsForecast 2020 ndash More cautious view due to coronavirus pandemic

                                                  2019 final

                                                  Total Group Revenues 1594 EUR million slight increase

                                                  Revenue growth -54 3 - 8

                                                  EBIT 225 EUR million significant increase

                                                  EBIT margin 15 7 - 9

                                                  Earnings after tax -366 EUR million significant increase in the positive area

                                                  Equity ratio 238 gt 30

                                                  2020 forecast Long-term goal

                                                  Slope stabilisation with BG 15 ndash Germany Largest water treatment plant ndash Nimr OmanCompact cutter system for Grand Paris

                                                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 27

                                                  BAUER AktiengesellschaftBAUER-Straszlige 186529 SchrobenhausenGermany

                                                  Tel +49 8252 97-1218investorrelationsbauerdewwwbauerde

                                                  April 9 2020 Annual Report 2019Analyst amp Press Conference

                                                  May 13 2020 Quarterly Statement Q1 2020

                                                  June 25 2020 Annual General Meeting

                                                  August 13 2020 Half-Year Interim Report toJune 30 2020

                                                  November 13 2020 Quarterly Statement 9MQ3 2020

                                                  wwwyoutubecomBauergruppe

                                                  wwwfacebookcomBauerAGgroup

                                                  Investor RelationsFinancial calendar amp contact

                                                  Christopher WolfHead of Investor Relations

                                                  2020

                                                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 28

                                                  Table of Content

                                                  BAUER Group ndash Strategy Chances amp Markets

                                                  Appendix

                                                  Financials FYQ4 2019 amp Guidance

                                                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 29

                                                  1790 middot 1900 middot 1902 middot 1928 middot 1948 middot 1956 middot 1958 middot 1967 middot 1969 middot 1972 middot 1975 middot 1976 middot 1984 middot 1990 middot 1992 middot 1994 middot 1998 middot 2001 middot 2019

                                                  BAUER GroupThe history ndash Two centuries of experience

                                                  End of 1970rsquosStart of

                                                  internationalisation

                                                  Early 1990rsquosBuild up of

                                                  specialist construction environmental business

                                                  FY 2019Total Group

                                                  revenues EUR 16 billion 11684

                                                  employees

                                                  4 Jul 2006IPO

                                                  Early 1970rsquosStart of equipment

                                                  manufacturing

                                                  Company founded as copper forge

                                                  After WW II (1950s)Start of construction

                                                  business

                                                  Early 1980rsquosSelling of equipment to

                                                  third parties

                                                  1790 1900-1970 1980-1990 2000-2019

                                                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 30

                                                  Michael Stomberg (CEO) HSE IT Process Management Quality Management

                                                  Florian Bauer Digitalization Development

                                                  Coordination Training Company Culture

                                                  Hartmut Beutler (CFO) Financing amp Treasury Legal Affairs amp Insurance IR amp Corporate

                                                  Communications Facility Management Media Design

                                                  Peter Hingott Group Controlling amp

                                                  Accounting Human Resources Group Purchasing

                                                  Management BoardBAUER AG

                                                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 31

                                                  BAUER GroupThe three segments

                                                  31copy BAUER AG D-86529 Schrobenhausen

                                                  Target ~ 40 of total Group revenues

                                                  Market leader in specialist foundation equipment

                                                  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

                                                  Target ~ 20 of total Group revenues Activities in

                                                  environmental technology deep drilling well construction materials

                                                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 32

                                                  BAUER GroupChallenges of the world provide chances for the company

                                                  The megatrend of urbanization requires construction solutions for the city of the future

                                                  To deal with the scarcity of drinking water purification and supply technologies are needed

                                                  The increasing mobility in society demands new and renewed transport routes

                                                  Changing social values are fundamentally revolutionizing the business world

                                                  UrbanizationInfrastructure Water

                                                  CultureA change in energy supply can only be realized through comprehensive construction works

                                                  The remediation of contaminated soil is the key to sustainable utilization of resources

                                                  Energy transitionEnvironment

                                                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                                  ConstructionKey factsConstruction

                                                  Leading global provider for specialist foundation engineering

                                                  services

                                                  33

                                                  Total Group revenues (incl JV) Order backlog EBIT

                                                  ~ 40 of total Group revenues EBIT margin 4 - 6

                                                  (2018 54 2019 na)

                                                  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 5050 infrastructureindustrial split

                                                  Figures are somewhat cyclical between the quarters ndash focus on the entire year

                                                  Market environment Growing construction markets worldwide

                                                  Special foundation engineering is growing stronger than construction markets

                                                  Huge pent-up demand in developed countries and in emerging markets

                                                  Competition Keller Trevi Soletanche Bachy

                                                  (worldwide)

                                                  Local competitors in each country

                                                  Current focus topics Improving project and risk management especially for major projects

                                                  Leading in digitalization solutions for our market

                                                  Key figures

                                                  Key targets

                                                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 34

                                                  What is specialist foundationBuilding an excavation pit

                                                  Permeation Grouting

                                                  Mixed-In-Place Method

                                                  Injection Anchor

                                                  Diaphragm andCut-off Wall

                                                  Pile Foundation

                                                  Piling Retaining Wall

                                                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 35

                                                  What is specialist foundation used forApplications

                                                  Foundationsfor the highest buildings in the world

                                                  Excavation Pits for every problem and requirement

                                                  Ground Improvementallows projects on weak ground

                                                  Cut-off Walls as solution for dams and dikes

                                                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 36

                                                  ConstructionMunich Germany ndash Foundation works for a boarding house

                                                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                                  EquipmentKey facts

                                                  Market leader in specialistfoundation equipment

                                                  Equipment

                                                  37

                                                  Sales revenues (excl JV) Order intake EBIT

                                                  ~ 40 of total Group revenues EBIT margin 10 - 12

                                                  (2018 117 2019 100)

                                                  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 JV with Schlumberger for the production of deep drilling rigs (oil amp gas)

                                                  Market environment Growing construction markets worldwide lead to positive equipment demand

                                                  Strong position due to efforts regarding quality efficiency and noise reduction

                                                  Growth potential with specialized machines for mining water and offshore drilling

                                                  Competition Trevi Liebherr Chinese manufactures

                                                  (eg Sany XCMG)

                                                  Further competition regarding special product types

                                                  Current focus topics Focus on value analysis methods and purchase organization

                                                  Optimizing and increasing after-sales services

                                                  Key figures

                                                  Key targets

                                                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 38

                                                  EquipmentWhole range of products for special foundation engineering

                                                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 39

                                                  EquipmentProduct range Deep Drilling

                                                  Joint Ventureof Bauer amp Schlumberger

                                                  In order to meet the upcoming market challenges out-of-the-box thinking

                                                  is necessary and therefore integrated drilling and rig solutions are of

                                                  growing importance

                                                  Based on more than 40 years of experience in engineering and

                                                  manufacturing of drilling rigs NeoRig develops and manufactures

                                                  modern drilling solutions which set new standards of safety efficiency

                                                  productivity and ease of service in the deep drilling business

                                                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                                  ResourcesKey factsResources

                                                  40

                                                  Products amp services for environmental technology mining well construction

                                                  and water cleaning

                                                  Total Group revenues (incl JV) Order backlog EBIT

                                                  ~ 20 of total Group revenues EBIT margin 6 - 8

                                                  (2018 na 2019 na)

                                                  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 amp Middle East

                                                  Market environment Huge demand for environmental and water solutions

                                                  Outstanding market position with ground-breaking projects in the field of cleaning drinking and process water eg the biological water treatment plant in Oman

                                                  Competition Fragmented competition for each single product and service area

                                                  Current focus topics Improvement of loss-making Jordan subsidiary which is caused by overcapacities

                                                  Consistent proceeding of reorganization in the water related companies

                                                  Focus on new projects for the profitable environment business

                                                  Key figures

                                                  Key targets

                                                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 41

                                                  ResourcesPool of competences from a single hand

                                                  Industrial Waste Water Process amp Produced Water NORM Constructed Wetlands Modelling amp Well Design Construction Material for Wells

                                                  and Geothermal Water Distribution Management Irrigation Systems

                                                  Remediation Landfill Restoration Decommissioning Demolition Hazardous Waste Management Soil Treatment and Waste

                                                  Management

                                                  Exploration Drilling Deep Geothermal Drilling Well Drilling Blast Hole Drilling

                                                  EnvironmentWater Natural Resources

                                                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 42

                                                  ResourcesWater ndash Process Water amp Water Distribution Management

                                                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 43

                                                  ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman

                                                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 44

                                                  Market environment ndash GermanyGerman construction market

                                                  Source Federal Statistical Office Statistical Office Bavaria

                                                  in EUR billion

                                                  Germany2019

                                                  Employees (in 1000)

                                                  Revenues 922Building construction 508Foundation engineering 414

                                                  Orders received in EUR billion

                                                  Housebuilding 196Industrial building 363Public sectorof which

                                                  public buildings 55road building 142underground structures 105

                                                  ) only companies gt 20 employees

                                                  49

                                                  108

                                                  95

                                                  39

                                                  109

                                                  65

                                                  80

                                                  88

                                                  38

                                                  49

                                                  82

                                                  77

                                                  112

                                                  132

                                                  25

                                                  Dezember 2019 2018 20192017 2018

                                                  in

                                                  89

                                                  97

                                                  302

                                                  861

                                                  4867

                                                  88

                                                  100 82

                                                  59

                                                  125

                                                  Weiszlig

                                                  Bunt

                                                  Kunterbunt

                                                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 45

                                                  Building constructionpositive cash contribution

                                                  Specialist foundation engineeringpre-financing need

                                                  Financials Working capital needs ndash Comparison with building construction

                                                  EUR

                                                  12 24 months

                                                  Positive cash contribution

                                                  Negative cash contribution

                                                  Con

                                                  trac

                                                  t val

                                                  ue

                                                  EUR

                                                  Negative cash contribution

                                                  12 24 months

                                                  Con

                                                  trac

                                                  t val

                                                  ue

                                                  Construction contracts with short duration need

                                                  No advance payments no front-loading of prices possible approx 2 - 3 months of pre-financing

                                                  Negative cash contribution during construction phase

                                                  Construction contracts with long durations

                                                  Advance payments front-loading of prices

                                                  Positive cash contribution during construction phase

                                                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 46

                                                  BAUER shareFacts amp Figures

                                                  Listed on Frankfurt stock exchange (Prime Standard) since July 4 2006

                                                  Share capital EUR 7300142045

                                                  Shares issued 17131000

                                                  Issue price EUR 1675

                                                  Share performance (012019 ndash 032020)

                                                  Bauer familyFree float

                                                  5181

                                                  Shareholder structure

                                                  4819

                                                  in EUR 2015 2016 2017 2018 2019

                                                  Earnings per share 173 066 016 132 -217

                                                  Share price year end 1740 1140 3000 1216 1510

                                                  Share price highest 1920 1716 3096 3125 2430

                                                  Share price lowest 1385 945 1172 1208 1262

                                                  Market Cap(in EUR million) 2981 1953 5139 2083 2587

                                                  CDAXClassic All SharePrime All Share

                                                  ISIN DE0005168108Reuters B5AGDEBloomberg B5A GR

                                                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                                  050

                                                  100 100

                                                  060 060050

                                                  030

                                                  001

                                                  015 015010 010 010

                                                  001000

                                                  030

                                                  060

                                                  090

                                                  120

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

                                                  47

                                                  BAUER shareDividend policy

                                                  Dividend payment Dividend policy founded on a reasonable balance between shareholders and company

                                                  fair participation of shareholders maintaining continuity safeguarding of the equity ratio

                                                  All shareholders shall participate in the success of the business

                                                  After some difficult years we must continue to strike a careful balance between continuity and shareholder participation on the one hand and safeguarding our equity ratio on the other

                                                  To secure an adequate equity ratio is an important aim of the companyrsquos 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

                                                  in EUR per share

                                                  000

                                                  Proposed subject to the consent of the Annual General Meeting to be held on June 25 2020

                                                  000

                                                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 48

                                                  Key Figures Time LineFY 2008 ndash FY 2019

                                                  In all three segments total Group revenues and EBIT figures of FY 2015 were influenced by exceptional earnings

                                                  Total Group revenues 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(in EUR million)BAUER Group 15272 12758 13040 13718 14358 15042 15602 16564 15547 4482 4541 4766 3931 17720 3708 4215 4435 4503 16861 4109 4207 4078 3553 15947

                                                  Construction 7009 5700 6154 6066 6552 7417 7256 7429 7131 2110 2205 2269 1766 8350 1508 1762 2100 2306 7676 1702 1722 1726 1538 6688Equipment 7801 6085 5817 6365 5891 6286 6392 7531 6344 1867 1853 1966 1859 7545 1808 1936 1802 1685 7231 1859 1950 1781 1547 7137Resources 1351 1743 1777 2115 2628 1889 2528 2216 2624 630 647 651 554 2482 517 676 699 723 2615 692 695 662 700 2749

                                                  Sales revenues 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(in EUR million)BAUER Group 12908 10965 11317 12196 13444 14022 13757 13790 13969 3789 4512 4354 4022 16679 3184 3987 4051 4669 15891 3419 4035 3622 3633 14709

                                                  Construction 5843 4879 5058 5062 5791 6575 6466 6508 6145 1966 2064 2145 1663 7838 1432 1642 2021 2168 7263 1616 1628 1605 1408 6257Equipment 6012 4565 4693 5114 5206 5616 5327 5480 5427 1266 1857 1685 1801 6609 1287 1736 1440 1938 6401 1253 1797 1417 1635 6102Resources 1051 1520 1564 2015 2443 1826 1959 1793 2382 553 577 532 553 2215 462 605 587 559 2213 548 607 597 583 2335

                                                  EBIT 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(in EUR million)BAUER Group 1675 844 884 823 720 301 764 907 703 85 302 277 232 896 110 231 227 433 1001 104 248 133 -260 225

                                                  Construction 463 257 288 179 220 212 260 139 297 09 124 81 -18 196 27 21 80 263 391 00 42 -34 -207 -199Equipment 1183 513 483 530 340 322 360 994 384 80 160 249 317 806 142 222 158 227 749 83 230 202 97 612Resources 40 60 81 109 152 -240 159 -198 -37 -01 09 -53 -55 -100 -57 -10 -12 -32 -110 27 -22 -30 -137 -162

                                                  EBIT margin 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(in )BAUER Group 130 77 78 67 54 21 56 66 50 22 67 64 58 54 35 58 56 93 63 30 61 37 -72 15

                                                  Construction 79 53 57 35 38 32 40 21 48 05 60 38 -11 25 19 13 39 121 54 00 26 -21 -147 -32Equipment 197 112 103 104 65 57 68 181 71 64 86 148 176 122 110 128 110 117 117 66 128 143 60 100Resources 38 39 52 54 62 -131 81 -110 -16 -02 15 -100 -99 -45 -123 -16 -20 -57 -50 49 -37 -49 -235 -69

                                                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

                                                  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

                                                  • Foliennummer 1
                                                  • Foliennummer 2
                                                  • Key FiguresFY 2019
                                                  • Table of Content
                                                  • Foliennummer 5
                                                  • Foliennummer 6
                                                  • Foliennummer 7
                                                  • Foliennummer 8
                                                  • BAUER Group Construction market environment vs order backlog
                                                  • Foliennummer 10
                                                  • Foliennummer 11
                                                  • Table of Content
                                                  • Foliennummer 13
                                                  • Foliennummer 14
                                                  • Foliennummer 15
                                                  • Foliennummer 16
                                                  • Foliennummer 17
                                                  • Foliennummer 18
                                                  • Foliennummer 19
                                                  • Foliennummer 20
                                                  • Foliennummer 21
                                                  • Foliennummer 22
                                                  • FinancialsIncome statement 12M 2019
                                                  • Financials Balance sheet December 31 2019
                                                  • FinancialsCash flow statement 12M 2019
                                                  • Foliennummer 26
                                                  • Foliennummer 27
                                                  • Table of Content
                                                  • BAUER GroupThe history ndash Two centuries of experience
                                                  • Foliennummer 30
                                                  • BAUER GroupThe three segments
                                                  • Foliennummer 32
                                                  • Foliennummer 33
                                                  • What is specialist foundationBuilding an excavation pit
                                                  • What is specialist foundation used forApplications
                                                  • ConstructionMunich Germany ndash Foundation works for a boarding house
                                                  • Foliennummer 37
                                                  • EquipmentWhole range of products for special foundation engineering
                                                  • EquipmentProduct range Deep Drilling
                                                  • Foliennummer 40
                                                  • ResourcesPool of competences from a single hand
                                                  • ResourcesWater ndash Process Water amp Water Distribution Management
                                                  • ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
                                                  • Market environment ndash Germany German construction market
                                                  • Financials Working capital needs ndash Comparison with building construction
                                                  • BAUER shareFacts amp Figures
                                                  • BAUER shareDividend policy
                                                  • Foliennummer 48
                                                  • Disclaimer
                                                    Zweistelliges Auftragsplus am Bau in Bayern
                                                    Absolute WerteVeraumlnderungen in
                                                    August 20062004BayernWestdeutschlandOstdeutschland
                                                    BayernWest-Ost-200420040200420040200420040
                                                    LaumlnderLaumlnder199420030199420030199420030
                                                    Beschaumlftigte in 1000126152831887-52-5200-432-60-5200-539-7200
                                                    Baugenehmigungen Mio msup3 umb Raum6532572423-108-10800-252-8400-68-10300
                                                    Umsatz in Mrd EUR139570173-249-5800-277-4500-399-7600
                                                    Hochbau9637192-265-5600-301-4400-507-7400
                                                    Tiefbau4319981-217-6200-222-4500-207-7900
                                                    09033799-393-10000-452-5600-580-6000
                                                    in Mrd EUR
                                                    Wohnungsbau236511-480-7100-561-6400-771-20700
                                                    Wirtschaftsbau3314040-347-10500-457-5900-603-9400
                                                    Oumlffentlicher Bau3313148-352-11500-346-4900-3821800
                                                    darunter
                                                    Oumlffentl Hochbau092509-324-8500-480-0100-5616900
                                                    Straszligenbau125821-128-11200-146-5100-1604200
                                                    Sonstiger Tiefbau124818-502-13700-425-7100-467-3400
                                                    19712561362168-243-95248-173-23210-21146
                                                    1) Bei Baugenehmigungen liegen erst die Oktoberwerte vor
                                                    1) Bei Baugenehmigungen liegen erst die Februarwerte vor
                                                    2) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten
                                                    in EUR billionin
                                                    Dezember 2019Germany20052005Jan - Aug20182019
                                                    201919942004060520172018
                                                    Employees (in 1000)4867-47-60-104949
                                                    Revenues922-305-647310882
                                                    Building construction508-318-611009577
                                                    Foundation engineering414-280-711212588
                                                    Orders received861-3743110610082
                                                    in EUR billion
                                                    Housebuilding196-489-181211297
                                                    Industrial building363-3036818113289
                                                    Public sector302-33132995965
                                                    of which
                                                    public buildings55-23812729025109
                                                    road building142-138-12478839
                                                    underground structures105-49515223880
                                                    1256168-243-95-173-23
                                                    1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
                                                    ) only companies gt 20 employees
                                                    Zweistelliges Auftragsplus am Bau in Bayern
                                                    Absolute WerteVeraumlnderungen in
                                                    August 20062005BayernWestdeutschlandOstdeutschland
                                                    BayernWest-Ost-20052005Jan - Aug20052005Jan - Aug20052005Jan - Aug
                                                    LaumlnderLaumlnder199420040605199420040605199420040605
                                                    Beschaumlftigte in 1000126152831887-470-60-10-465-60-58-38-578-85-51
                                                    Baugenehmigungen Mio msup3 umb Raum6532572423-395-101249-417-41171-680-157259
                                                    Umsatz in Mrd EUR139570173-305-6473-312-4835-452-8813
                                                    Hochbau9637192-318-61100-336-5048-565-11835
                                                    Tiefbau4319981-280-7112-255-4311-247-51-14
                                                    Auftragseingang9033799-37431106-4470984-609-7043
                                                    in Mrd EUR
                                                    Wohnungsbau236511-489-1812-586-5888-805-14841
                                                    Wirtschaftsbau3314040-30368181-43345104-625-56121
                                                    Oumlffentlicher Bau3313148-3313299-3400972-420-62-18
                                                    darunter
                                                    Oumlffentl Hochbau092509-238127290-500-38142-602-93-51
                                                    Straszligenbau125821-138-1247-965978-211-8582
                                                    Sonstiger Tiefbau124818-4951522-439-2430-477-18-124
                                                    19712561362168-243-95248-173-23210-21146
                                                    1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
                                                    ) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

                                                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 26

                                                    FinancialsForecast 2020 ndash More cautious view due to coronavirus pandemic

                                                    2019 final

                                                    Total Group Revenues 1594 EUR million slight increase

                                                    Revenue growth -54 3 - 8

                                                    EBIT 225 EUR million significant increase

                                                    EBIT margin 15 7 - 9

                                                    Earnings after tax -366 EUR million significant increase in the positive area

                                                    Equity ratio 238 gt 30

                                                    2020 forecast Long-term goal

                                                    Slope stabilisation with BG 15 ndash Germany Largest water treatment plant ndash Nimr OmanCompact cutter system for Grand Paris

                                                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 27

                                                    BAUER AktiengesellschaftBAUER-Straszlige 186529 SchrobenhausenGermany

                                                    Tel +49 8252 97-1218investorrelationsbauerdewwwbauerde

                                                    April 9 2020 Annual Report 2019Analyst amp Press Conference

                                                    May 13 2020 Quarterly Statement Q1 2020

                                                    June 25 2020 Annual General Meeting

                                                    August 13 2020 Half-Year Interim Report toJune 30 2020

                                                    November 13 2020 Quarterly Statement 9MQ3 2020

                                                    wwwyoutubecomBauergruppe

                                                    wwwfacebookcomBauerAGgroup

                                                    Investor RelationsFinancial calendar amp contact

                                                    Christopher WolfHead of Investor Relations

                                                    2020

                                                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 28

                                                    Table of Content

                                                    BAUER Group ndash Strategy Chances amp Markets

                                                    Appendix

                                                    Financials FYQ4 2019 amp Guidance

                                                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 29

                                                    1790 middot 1900 middot 1902 middot 1928 middot 1948 middot 1956 middot 1958 middot 1967 middot 1969 middot 1972 middot 1975 middot 1976 middot 1984 middot 1990 middot 1992 middot 1994 middot 1998 middot 2001 middot 2019

                                                    BAUER GroupThe history ndash Two centuries of experience

                                                    End of 1970rsquosStart of

                                                    internationalisation

                                                    Early 1990rsquosBuild up of

                                                    specialist construction environmental business

                                                    FY 2019Total Group

                                                    revenues EUR 16 billion 11684

                                                    employees

                                                    4 Jul 2006IPO

                                                    Early 1970rsquosStart of equipment

                                                    manufacturing

                                                    Company founded as copper forge

                                                    After WW II (1950s)Start of construction

                                                    business

                                                    Early 1980rsquosSelling of equipment to

                                                    third parties

                                                    1790 1900-1970 1980-1990 2000-2019

                                                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 30

                                                    Michael Stomberg (CEO) HSE IT Process Management Quality Management

                                                    Florian Bauer Digitalization Development

                                                    Coordination Training Company Culture

                                                    Hartmut Beutler (CFO) Financing amp Treasury Legal Affairs amp Insurance IR amp Corporate

                                                    Communications Facility Management Media Design

                                                    Peter Hingott Group Controlling amp

                                                    Accounting Human Resources Group Purchasing

                                                    Management BoardBAUER AG

                                                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 31

                                                    BAUER GroupThe three segments

                                                    31copy BAUER AG D-86529 Schrobenhausen

                                                    Target ~ 40 of total Group revenues

                                                    Market leader in specialist foundation equipment

                                                    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

                                                    Target ~ 20 of total Group revenues Activities in

                                                    environmental technology deep drilling well construction materials

                                                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 32

                                                    BAUER GroupChallenges of the world provide chances for the company

                                                    The megatrend of urbanization requires construction solutions for the city of the future

                                                    To deal with the scarcity of drinking water purification and supply technologies are needed

                                                    The increasing mobility in society demands new and renewed transport routes

                                                    Changing social values are fundamentally revolutionizing the business world

                                                    UrbanizationInfrastructure Water

                                                    CultureA change in energy supply can only be realized through comprehensive construction works

                                                    The remediation of contaminated soil is the key to sustainable utilization of resources

                                                    Energy transitionEnvironment

                                                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                                    ConstructionKey factsConstruction

                                                    Leading global provider for specialist foundation engineering

                                                    services

                                                    33

                                                    Total Group revenues (incl JV) Order backlog EBIT

                                                    ~ 40 of total Group revenues EBIT margin 4 - 6

                                                    (2018 54 2019 na)

                                                    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 5050 infrastructureindustrial split

                                                    Figures are somewhat cyclical between the quarters ndash focus on the entire year

                                                    Market environment Growing construction markets worldwide

                                                    Special foundation engineering is growing stronger than construction markets

                                                    Huge pent-up demand in developed countries and in emerging markets

                                                    Competition Keller Trevi Soletanche Bachy

                                                    (worldwide)

                                                    Local competitors in each country

                                                    Current focus topics Improving project and risk management especially for major projects

                                                    Leading in digitalization solutions for our market

                                                    Key figures

                                                    Key targets

                                                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 34

                                                    What is specialist foundationBuilding an excavation pit

                                                    Permeation Grouting

                                                    Mixed-In-Place Method

                                                    Injection Anchor

                                                    Diaphragm andCut-off Wall

                                                    Pile Foundation

                                                    Piling Retaining Wall

                                                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 35

                                                    What is specialist foundation used forApplications

                                                    Foundationsfor the highest buildings in the world

                                                    Excavation Pits for every problem and requirement

                                                    Ground Improvementallows projects on weak ground

                                                    Cut-off Walls as solution for dams and dikes

                                                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 36

                                                    ConstructionMunich Germany ndash Foundation works for a boarding house

                                                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                                    EquipmentKey facts

                                                    Market leader in specialistfoundation equipment

                                                    Equipment

                                                    37

                                                    Sales revenues (excl JV) Order intake EBIT

                                                    ~ 40 of total Group revenues EBIT margin 10 - 12

                                                    (2018 117 2019 100)

                                                    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 JV with Schlumberger for the production of deep drilling rigs (oil amp gas)

                                                    Market environment Growing construction markets worldwide lead to positive equipment demand

                                                    Strong position due to efforts regarding quality efficiency and noise reduction

                                                    Growth potential with specialized machines for mining water and offshore drilling

                                                    Competition Trevi Liebherr Chinese manufactures

                                                    (eg Sany XCMG)

                                                    Further competition regarding special product types

                                                    Current focus topics Focus on value analysis methods and purchase organization

                                                    Optimizing and increasing after-sales services

                                                    Key figures

                                                    Key targets

                                                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 38

                                                    EquipmentWhole range of products for special foundation engineering

                                                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 39

                                                    EquipmentProduct range Deep Drilling

                                                    Joint Ventureof Bauer amp Schlumberger

                                                    In order to meet the upcoming market challenges out-of-the-box thinking

                                                    is necessary and therefore integrated drilling and rig solutions are of

                                                    growing importance

                                                    Based on more than 40 years of experience in engineering and

                                                    manufacturing of drilling rigs NeoRig develops and manufactures

                                                    modern drilling solutions which set new standards of safety efficiency

                                                    productivity and ease of service in the deep drilling business

                                                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                                    ResourcesKey factsResources

                                                    40

                                                    Products amp services for environmental technology mining well construction

                                                    and water cleaning

                                                    Total Group revenues (incl JV) Order backlog EBIT

                                                    ~ 20 of total Group revenues EBIT margin 6 - 8

                                                    (2018 na 2019 na)

                                                    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 amp Middle East

                                                    Market environment Huge demand for environmental and water solutions

                                                    Outstanding market position with ground-breaking projects in the field of cleaning drinking and process water eg the biological water treatment plant in Oman

                                                    Competition Fragmented competition for each single product and service area

                                                    Current focus topics Improvement of loss-making Jordan subsidiary which is caused by overcapacities

                                                    Consistent proceeding of reorganization in the water related companies

                                                    Focus on new projects for the profitable environment business

                                                    Key figures

                                                    Key targets

                                                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 41

                                                    ResourcesPool of competences from a single hand

                                                    Industrial Waste Water Process amp Produced Water NORM Constructed Wetlands Modelling amp Well Design Construction Material for Wells

                                                    and Geothermal Water Distribution Management Irrigation Systems

                                                    Remediation Landfill Restoration Decommissioning Demolition Hazardous Waste Management Soil Treatment and Waste

                                                    Management

                                                    Exploration Drilling Deep Geothermal Drilling Well Drilling Blast Hole Drilling

                                                    EnvironmentWater Natural Resources

                                                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 42

                                                    ResourcesWater ndash Process Water amp Water Distribution Management

                                                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 43

                                                    ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman

                                                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 44

                                                    Market environment ndash GermanyGerman construction market

                                                    Source Federal Statistical Office Statistical Office Bavaria

                                                    in EUR billion

                                                    Germany2019

                                                    Employees (in 1000)

                                                    Revenues 922Building construction 508Foundation engineering 414

                                                    Orders received in EUR billion

                                                    Housebuilding 196Industrial building 363Public sectorof which

                                                    public buildings 55road building 142underground structures 105

                                                    ) only companies gt 20 employees

                                                    49

                                                    108

                                                    95

                                                    39

                                                    109

                                                    65

                                                    80

                                                    88

                                                    38

                                                    49

                                                    82

                                                    77

                                                    112

                                                    132

                                                    25

                                                    Dezember 2019 2018 20192017 2018

                                                    in

                                                    89

                                                    97

                                                    302

                                                    861

                                                    4867

                                                    88

                                                    100 82

                                                    59

                                                    125

                                                    Weiszlig

                                                    Bunt

                                                    Kunterbunt

                                                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 45

                                                    Building constructionpositive cash contribution

                                                    Specialist foundation engineeringpre-financing need

                                                    Financials Working capital needs ndash Comparison with building construction

                                                    EUR

                                                    12 24 months

                                                    Positive cash contribution

                                                    Negative cash contribution

                                                    Con

                                                    trac

                                                    t val

                                                    ue

                                                    EUR

                                                    Negative cash contribution

                                                    12 24 months

                                                    Con

                                                    trac

                                                    t val

                                                    ue

                                                    Construction contracts with short duration need

                                                    No advance payments no front-loading of prices possible approx 2 - 3 months of pre-financing

                                                    Negative cash contribution during construction phase

                                                    Construction contracts with long durations

                                                    Advance payments front-loading of prices

                                                    Positive cash contribution during construction phase

                                                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 46

                                                    BAUER shareFacts amp Figures

                                                    Listed on Frankfurt stock exchange (Prime Standard) since July 4 2006

                                                    Share capital EUR 7300142045

                                                    Shares issued 17131000

                                                    Issue price EUR 1675

                                                    Share performance (012019 ndash 032020)

                                                    Bauer familyFree float

                                                    5181

                                                    Shareholder structure

                                                    4819

                                                    in EUR 2015 2016 2017 2018 2019

                                                    Earnings per share 173 066 016 132 -217

                                                    Share price year end 1740 1140 3000 1216 1510

                                                    Share price highest 1920 1716 3096 3125 2430

                                                    Share price lowest 1385 945 1172 1208 1262

                                                    Market Cap(in EUR million) 2981 1953 5139 2083 2587

                                                    CDAXClassic All SharePrime All Share

                                                    ISIN DE0005168108Reuters B5AGDEBloomberg B5A GR

                                                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                                    050

                                                    100 100

                                                    060 060050

                                                    030

                                                    001

                                                    015 015010 010 010

                                                    001000

                                                    030

                                                    060

                                                    090

                                                    120

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

                                                    47

                                                    BAUER shareDividend policy

                                                    Dividend payment Dividend policy founded on a reasonable balance between shareholders and company

                                                    fair participation of shareholders maintaining continuity safeguarding of the equity ratio

                                                    All shareholders shall participate in the success of the business

                                                    After some difficult years we must continue to strike a careful balance between continuity and shareholder participation on the one hand and safeguarding our equity ratio on the other

                                                    To secure an adequate equity ratio is an important aim of the companyrsquos 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

                                                    in EUR per share

                                                    000

                                                    Proposed subject to the consent of the Annual General Meeting to be held on June 25 2020

                                                    000

                                                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 48

                                                    Key Figures Time LineFY 2008 ndash FY 2019

                                                    In all three segments total Group revenues and EBIT figures of FY 2015 were influenced by exceptional earnings

                                                    Total Group revenues 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(in EUR million)BAUER Group 15272 12758 13040 13718 14358 15042 15602 16564 15547 4482 4541 4766 3931 17720 3708 4215 4435 4503 16861 4109 4207 4078 3553 15947

                                                    Construction 7009 5700 6154 6066 6552 7417 7256 7429 7131 2110 2205 2269 1766 8350 1508 1762 2100 2306 7676 1702 1722 1726 1538 6688Equipment 7801 6085 5817 6365 5891 6286 6392 7531 6344 1867 1853 1966 1859 7545 1808 1936 1802 1685 7231 1859 1950 1781 1547 7137Resources 1351 1743 1777 2115 2628 1889 2528 2216 2624 630 647 651 554 2482 517 676 699 723 2615 692 695 662 700 2749

                                                    Sales revenues 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(in EUR million)BAUER Group 12908 10965 11317 12196 13444 14022 13757 13790 13969 3789 4512 4354 4022 16679 3184 3987 4051 4669 15891 3419 4035 3622 3633 14709

                                                    Construction 5843 4879 5058 5062 5791 6575 6466 6508 6145 1966 2064 2145 1663 7838 1432 1642 2021 2168 7263 1616 1628 1605 1408 6257Equipment 6012 4565 4693 5114 5206 5616 5327 5480 5427 1266 1857 1685 1801 6609 1287 1736 1440 1938 6401 1253 1797 1417 1635 6102Resources 1051 1520 1564 2015 2443 1826 1959 1793 2382 553 577 532 553 2215 462 605 587 559 2213 548 607 597 583 2335

                                                    EBIT 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(in EUR million)BAUER Group 1675 844 884 823 720 301 764 907 703 85 302 277 232 896 110 231 227 433 1001 104 248 133 -260 225

                                                    Construction 463 257 288 179 220 212 260 139 297 09 124 81 -18 196 27 21 80 263 391 00 42 -34 -207 -199Equipment 1183 513 483 530 340 322 360 994 384 80 160 249 317 806 142 222 158 227 749 83 230 202 97 612Resources 40 60 81 109 152 -240 159 -198 -37 -01 09 -53 -55 -100 -57 -10 -12 -32 -110 27 -22 -30 -137 -162

                                                    EBIT margin 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(in )BAUER Group 130 77 78 67 54 21 56 66 50 22 67 64 58 54 35 58 56 93 63 30 61 37 -72 15

                                                    Construction 79 53 57 35 38 32 40 21 48 05 60 38 -11 25 19 13 39 121 54 00 26 -21 -147 -32Equipment 197 112 103 104 65 57 68 181 71 64 86 148 176 122 110 128 110 117 117 66 128 143 60 100Resources 38 39 52 54 62 -131 81 -110 -16 -02 15 -100 -99 -45 -123 -16 -20 -57 -50 49 -37 -49 -235 -69

                                                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

                                                    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

                                                    • Foliennummer 1
                                                    • Foliennummer 2
                                                    • Key FiguresFY 2019
                                                    • Table of Content
                                                    • Foliennummer 5
                                                    • Foliennummer 6
                                                    • Foliennummer 7
                                                    • Foliennummer 8
                                                    • BAUER Group Construction market environment vs order backlog
                                                    • Foliennummer 10
                                                    • Foliennummer 11
                                                    • Table of Content
                                                    • Foliennummer 13
                                                    • Foliennummer 14
                                                    • Foliennummer 15
                                                    • Foliennummer 16
                                                    • Foliennummer 17
                                                    • Foliennummer 18
                                                    • Foliennummer 19
                                                    • Foliennummer 20
                                                    • Foliennummer 21
                                                    • Foliennummer 22
                                                    • FinancialsIncome statement 12M 2019
                                                    • Financials Balance sheet December 31 2019
                                                    • FinancialsCash flow statement 12M 2019
                                                    • Foliennummer 26
                                                    • Foliennummer 27
                                                    • Table of Content
                                                    • BAUER GroupThe history ndash Two centuries of experience
                                                    • Foliennummer 30
                                                    • BAUER GroupThe three segments
                                                    • Foliennummer 32
                                                    • Foliennummer 33
                                                    • What is specialist foundationBuilding an excavation pit
                                                    • What is specialist foundation used forApplications
                                                    • ConstructionMunich Germany ndash Foundation works for a boarding house
                                                    • Foliennummer 37
                                                    • EquipmentWhole range of products for special foundation engineering
                                                    • EquipmentProduct range Deep Drilling
                                                    • Foliennummer 40
                                                    • ResourcesPool of competences from a single hand
                                                    • ResourcesWater ndash Process Water amp Water Distribution Management
                                                    • ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
                                                    • Market environment ndash Germany German construction market
                                                    • Financials Working capital needs ndash Comparison with building construction
                                                    • BAUER shareFacts amp Figures
                                                    • BAUER shareDividend policy
                                                    • Foliennummer 48
                                                    • Disclaimer
                                                      Zweistelliges Auftragsplus am Bau in Bayern
                                                      Absolute WerteVeraumlnderungen in
                                                      August 20062004BayernWestdeutschlandOstdeutschland
                                                      BayernWest-Ost-200420040200420040200420040
                                                      LaumlnderLaumlnder199420030199420030199420030
                                                      Beschaumlftigte in 1000126152831887-52-5200-432-60-5200-539-7200
                                                      Baugenehmigungen Mio msup3 umb Raum6532572423-108-10800-252-8400-68-10300
                                                      Umsatz in Mrd EUR139570173-249-5800-277-4500-399-7600
                                                      Hochbau9637192-265-5600-301-4400-507-7400
                                                      Tiefbau4319981-217-6200-222-4500-207-7900
                                                      09033799-393-10000-452-5600-580-6000
                                                      in Mrd EUR
                                                      Wohnungsbau236511-480-7100-561-6400-771-20700
                                                      Wirtschaftsbau3314040-347-10500-457-5900-603-9400
                                                      Oumlffentlicher Bau3313148-352-11500-346-4900-3821800
                                                      darunter
                                                      Oumlffentl Hochbau092509-324-8500-480-0100-5616900
                                                      Straszligenbau125821-128-11200-146-5100-1604200
                                                      Sonstiger Tiefbau124818-502-13700-425-7100-467-3400
                                                      19712561362168-243-95248-173-23210-21146
                                                      1) Bei Baugenehmigungen liegen erst die Oktoberwerte vor
                                                      1) Bei Baugenehmigungen liegen erst die Februarwerte vor
                                                      2) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten
                                                      in EUR billionin
                                                      Dezember 2019Germany20052005Jan - Aug20182019
                                                      201919942004060520172018
                                                      Employees (in 1000)4867-47-60-104949
                                                      Revenues922-305-647310882
                                                      Building construction508-318-611009577
                                                      Foundation engineering414-280-711212588
                                                      Orders received861-3743110610082
                                                      in EUR billion
                                                      Housebuilding196-489-181211297
                                                      Industrial building363-3036818113289
                                                      Public sector302-33132995965
                                                      of which
                                                      public buildings55-23812729025109
                                                      road building142-138-12478839
                                                      underground structures105-49515223880
                                                      1256168-243-95-173-23
                                                      1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
                                                      ) only companies gt 20 employees
                                                      Zweistelliges Auftragsplus am Bau in Bayern
                                                      Absolute WerteVeraumlnderungen in
                                                      August 20062005BayernWestdeutschlandOstdeutschland
                                                      BayernWest-Ost-20052005Jan - Aug20052005Jan - Aug20052005Jan - Aug
                                                      LaumlnderLaumlnder199420040605199420040605199420040605
                                                      Beschaumlftigte in 1000126152831887-470-60-10-465-60-58-38-578-85-51
                                                      Baugenehmigungen Mio msup3 umb Raum6532572423-395-101249-417-41171-680-157259
                                                      Umsatz in Mrd EUR139570173-305-6473-312-4835-452-8813
                                                      Hochbau9637192-318-61100-336-5048-565-11835
                                                      Tiefbau4319981-280-7112-255-4311-247-51-14
                                                      Auftragseingang9033799-37431106-4470984-609-7043
                                                      in Mrd EUR
                                                      Wohnungsbau236511-489-1812-586-5888-805-14841
                                                      Wirtschaftsbau3314040-30368181-43345104-625-56121
                                                      Oumlffentlicher Bau3313148-3313299-3400972-420-62-18
                                                      darunter
                                                      Oumlffentl Hochbau092509-238127290-500-38142-602-93-51
                                                      Straszligenbau125821-138-1247-965978-211-8582
                                                      Sonstiger Tiefbau124818-4951522-439-2430-477-18-124
                                                      19712561362168-243-95248-173-23210-21146
                                                      1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
                                                      ) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

                                                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 27

                                                      BAUER AktiengesellschaftBAUER-Straszlige 186529 SchrobenhausenGermany

                                                      Tel +49 8252 97-1218investorrelationsbauerdewwwbauerde

                                                      April 9 2020 Annual Report 2019Analyst amp Press Conference

                                                      May 13 2020 Quarterly Statement Q1 2020

                                                      June 25 2020 Annual General Meeting

                                                      August 13 2020 Half-Year Interim Report toJune 30 2020

                                                      November 13 2020 Quarterly Statement 9MQ3 2020

                                                      wwwyoutubecomBauergruppe

                                                      wwwfacebookcomBauerAGgroup

                                                      Investor RelationsFinancial calendar amp contact

                                                      Christopher WolfHead of Investor Relations

                                                      2020

                                                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 28

                                                      Table of Content

                                                      BAUER Group ndash Strategy Chances amp Markets

                                                      Appendix

                                                      Financials FYQ4 2019 amp Guidance

                                                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 29

                                                      1790 middot 1900 middot 1902 middot 1928 middot 1948 middot 1956 middot 1958 middot 1967 middot 1969 middot 1972 middot 1975 middot 1976 middot 1984 middot 1990 middot 1992 middot 1994 middot 1998 middot 2001 middot 2019

                                                      BAUER GroupThe history ndash Two centuries of experience

                                                      End of 1970rsquosStart of

                                                      internationalisation

                                                      Early 1990rsquosBuild up of

                                                      specialist construction environmental business

                                                      FY 2019Total Group

                                                      revenues EUR 16 billion 11684

                                                      employees

                                                      4 Jul 2006IPO

                                                      Early 1970rsquosStart of equipment

                                                      manufacturing

                                                      Company founded as copper forge

                                                      After WW II (1950s)Start of construction

                                                      business

                                                      Early 1980rsquosSelling of equipment to

                                                      third parties

                                                      1790 1900-1970 1980-1990 2000-2019

                                                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 30

                                                      Michael Stomberg (CEO) HSE IT Process Management Quality Management

                                                      Florian Bauer Digitalization Development

                                                      Coordination Training Company Culture

                                                      Hartmut Beutler (CFO) Financing amp Treasury Legal Affairs amp Insurance IR amp Corporate

                                                      Communications Facility Management Media Design

                                                      Peter Hingott Group Controlling amp

                                                      Accounting Human Resources Group Purchasing

                                                      Management BoardBAUER AG

                                                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 31

                                                      BAUER GroupThe three segments

                                                      31copy BAUER AG D-86529 Schrobenhausen

                                                      Target ~ 40 of total Group revenues

                                                      Market leader in specialist foundation equipment

                                                      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

                                                      Target ~ 20 of total Group revenues Activities in

                                                      environmental technology deep drilling well construction materials

                                                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 32

                                                      BAUER GroupChallenges of the world provide chances for the company

                                                      The megatrend of urbanization requires construction solutions for the city of the future

                                                      To deal with the scarcity of drinking water purification and supply technologies are needed

                                                      The increasing mobility in society demands new and renewed transport routes

                                                      Changing social values are fundamentally revolutionizing the business world

                                                      UrbanizationInfrastructure Water

                                                      CultureA change in energy supply can only be realized through comprehensive construction works

                                                      The remediation of contaminated soil is the key to sustainable utilization of resources

                                                      Energy transitionEnvironment

                                                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                                      ConstructionKey factsConstruction

                                                      Leading global provider for specialist foundation engineering

                                                      services

                                                      33

                                                      Total Group revenues (incl JV) Order backlog EBIT

                                                      ~ 40 of total Group revenues EBIT margin 4 - 6

                                                      (2018 54 2019 na)

                                                      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 5050 infrastructureindustrial split

                                                      Figures are somewhat cyclical between the quarters ndash focus on the entire year

                                                      Market environment Growing construction markets worldwide

                                                      Special foundation engineering is growing stronger than construction markets

                                                      Huge pent-up demand in developed countries and in emerging markets

                                                      Competition Keller Trevi Soletanche Bachy

                                                      (worldwide)

                                                      Local competitors in each country

                                                      Current focus topics Improving project and risk management especially for major projects

                                                      Leading in digitalization solutions for our market

                                                      Key figures

                                                      Key targets

                                                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 34

                                                      What is specialist foundationBuilding an excavation pit

                                                      Permeation Grouting

                                                      Mixed-In-Place Method

                                                      Injection Anchor

                                                      Diaphragm andCut-off Wall

                                                      Pile Foundation

                                                      Piling Retaining Wall

                                                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 35

                                                      What is specialist foundation used forApplications

                                                      Foundationsfor the highest buildings in the world

                                                      Excavation Pits for every problem and requirement

                                                      Ground Improvementallows projects on weak ground

                                                      Cut-off Walls as solution for dams and dikes

                                                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 36

                                                      ConstructionMunich Germany ndash Foundation works for a boarding house

                                                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                                      EquipmentKey facts

                                                      Market leader in specialistfoundation equipment

                                                      Equipment

                                                      37

                                                      Sales revenues (excl JV) Order intake EBIT

                                                      ~ 40 of total Group revenues EBIT margin 10 - 12

                                                      (2018 117 2019 100)

                                                      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 JV with Schlumberger for the production of deep drilling rigs (oil amp gas)

                                                      Market environment Growing construction markets worldwide lead to positive equipment demand

                                                      Strong position due to efforts regarding quality efficiency and noise reduction

                                                      Growth potential with specialized machines for mining water and offshore drilling

                                                      Competition Trevi Liebherr Chinese manufactures

                                                      (eg Sany XCMG)

                                                      Further competition regarding special product types

                                                      Current focus topics Focus on value analysis methods and purchase organization

                                                      Optimizing and increasing after-sales services

                                                      Key figures

                                                      Key targets

                                                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 38

                                                      EquipmentWhole range of products for special foundation engineering

                                                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 39

                                                      EquipmentProduct range Deep Drilling

                                                      Joint Ventureof Bauer amp Schlumberger

                                                      In order to meet the upcoming market challenges out-of-the-box thinking

                                                      is necessary and therefore integrated drilling and rig solutions are of

                                                      growing importance

                                                      Based on more than 40 years of experience in engineering and

                                                      manufacturing of drilling rigs NeoRig develops and manufactures

                                                      modern drilling solutions which set new standards of safety efficiency

                                                      productivity and ease of service in the deep drilling business

                                                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                                      ResourcesKey factsResources

                                                      40

                                                      Products amp services for environmental technology mining well construction

                                                      and water cleaning

                                                      Total Group revenues (incl JV) Order backlog EBIT

                                                      ~ 20 of total Group revenues EBIT margin 6 - 8

                                                      (2018 na 2019 na)

                                                      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 amp Middle East

                                                      Market environment Huge demand for environmental and water solutions

                                                      Outstanding market position with ground-breaking projects in the field of cleaning drinking and process water eg the biological water treatment plant in Oman

                                                      Competition Fragmented competition for each single product and service area

                                                      Current focus topics Improvement of loss-making Jordan subsidiary which is caused by overcapacities

                                                      Consistent proceeding of reorganization in the water related companies

                                                      Focus on new projects for the profitable environment business

                                                      Key figures

                                                      Key targets

                                                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 41

                                                      ResourcesPool of competences from a single hand

                                                      Industrial Waste Water Process amp Produced Water NORM Constructed Wetlands Modelling amp Well Design Construction Material for Wells

                                                      and Geothermal Water Distribution Management Irrigation Systems

                                                      Remediation Landfill Restoration Decommissioning Demolition Hazardous Waste Management Soil Treatment and Waste

                                                      Management

                                                      Exploration Drilling Deep Geothermal Drilling Well Drilling Blast Hole Drilling

                                                      EnvironmentWater Natural Resources

                                                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 42

                                                      ResourcesWater ndash Process Water amp Water Distribution Management

                                                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 43

                                                      ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman

                                                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 44

                                                      Market environment ndash GermanyGerman construction market

                                                      Source Federal Statistical Office Statistical Office Bavaria

                                                      in EUR billion

                                                      Germany2019

                                                      Employees (in 1000)

                                                      Revenues 922Building construction 508Foundation engineering 414

                                                      Orders received in EUR billion

                                                      Housebuilding 196Industrial building 363Public sectorof which

                                                      public buildings 55road building 142underground structures 105

                                                      ) only companies gt 20 employees

                                                      49

                                                      108

                                                      95

                                                      39

                                                      109

                                                      65

                                                      80

                                                      88

                                                      38

                                                      49

                                                      82

                                                      77

                                                      112

                                                      132

                                                      25

                                                      Dezember 2019 2018 20192017 2018

                                                      in

                                                      89

                                                      97

                                                      302

                                                      861

                                                      4867

                                                      88

                                                      100 82

                                                      59

                                                      125

                                                      Weiszlig

                                                      Bunt

                                                      Kunterbunt

                                                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 45

                                                      Building constructionpositive cash contribution

                                                      Specialist foundation engineeringpre-financing need

                                                      Financials Working capital needs ndash Comparison with building construction

                                                      EUR

                                                      12 24 months

                                                      Positive cash contribution

                                                      Negative cash contribution

                                                      Con

                                                      trac

                                                      t val

                                                      ue

                                                      EUR

                                                      Negative cash contribution

                                                      12 24 months

                                                      Con

                                                      trac

                                                      t val

                                                      ue

                                                      Construction contracts with short duration need

                                                      No advance payments no front-loading of prices possible approx 2 - 3 months of pre-financing

                                                      Negative cash contribution during construction phase

                                                      Construction contracts with long durations

                                                      Advance payments front-loading of prices

                                                      Positive cash contribution during construction phase

                                                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 46

                                                      BAUER shareFacts amp Figures

                                                      Listed on Frankfurt stock exchange (Prime Standard) since July 4 2006

                                                      Share capital EUR 7300142045

                                                      Shares issued 17131000

                                                      Issue price EUR 1675

                                                      Share performance (012019 ndash 032020)

                                                      Bauer familyFree float

                                                      5181

                                                      Shareholder structure

                                                      4819

                                                      in EUR 2015 2016 2017 2018 2019

                                                      Earnings per share 173 066 016 132 -217

                                                      Share price year end 1740 1140 3000 1216 1510

                                                      Share price highest 1920 1716 3096 3125 2430

                                                      Share price lowest 1385 945 1172 1208 1262

                                                      Market Cap(in EUR million) 2981 1953 5139 2083 2587

                                                      CDAXClassic All SharePrime All Share

                                                      ISIN DE0005168108Reuters B5AGDEBloomberg B5A GR

                                                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                                      050

                                                      100 100

                                                      060 060050

                                                      030

                                                      001

                                                      015 015010 010 010

                                                      001000

                                                      030

                                                      060

                                                      090

                                                      120

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

                                                      47

                                                      BAUER shareDividend policy

                                                      Dividend payment Dividend policy founded on a reasonable balance between shareholders and company

                                                      fair participation of shareholders maintaining continuity safeguarding of the equity ratio

                                                      All shareholders shall participate in the success of the business

                                                      After some difficult years we must continue to strike a careful balance between continuity and shareholder participation on the one hand and safeguarding our equity ratio on the other

                                                      To secure an adequate equity ratio is an important aim of the companyrsquos 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

                                                      in EUR per share

                                                      000

                                                      Proposed subject to the consent of the Annual General Meeting to be held on June 25 2020

                                                      000

                                                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 48

                                                      Key Figures Time LineFY 2008 ndash FY 2019

                                                      In all three segments total Group revenues and EBIT figures of FY 2015 were influenced by exceptional earnings

                                                      Total Group revenues 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(in EUR million)BAUER Group 15272 12758 13040 13718 14358 15042 15602 16564 15547 4482 4541 4766 3931 17720 3708 4215 4435 4503 16861 4109 4207 4078 3553 15947

                                                      Construction 7009 5700 6154 6066 6552 7417 7256 7429 7131 2110 2205 2269 1766 8350 1508 1762 2100 2306 7676 1702 1722 1726 1538 6688Equipment 7801 6085 5817 6365 5891 6286 6392 7531 6344 1867 1853 1966 1859 7545 1808 1936 1802 1685 7231 1859 1950 1781 1547 7137Resources 1351 1743 1777 2115 2628 1889 2528 2216 2624 630 647 651 554 2482 517 676 699 723 2615 692 695 662 700 2749

                                                      Sales revenues 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(in EUR million)BAUER Group 12908 10965 11317 12196 13444 14022 13757 13790 13969 3789 4512 4354 4022 16679 3184 3987 4051 4669 15891 3419 4035 3622 3633 14709

                                                      Construction 5843 4879 5058 5062 5791 6575 6466 6508 6145 1966 2064 2145 1663 7838 1432 1642 2021 2168 7263 1616 1628 1605 1408 6257Equipment 6012 4565 4693 5114 5206 5616 5327 5480 5427 1266 1857 1685 1801 6609 1287 1736 1440 1938 6401 1253 1797 1417 1635 6102Resources 1051 1520 1564 2015 2443 1826 1959 1793 2382 553 577 532 553 2215 462 605 587 559 2213 548 607 597 583 2335

                                                      EBIT 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(in EUR million)BAUER Group 1675 844 884 823 720 301 764 907 703 85 302 277 232 896 110 231 227 433 1001 104 248 133 -260 225

                                                      Construction 463 257 288 179 220 212 260 139 297 09 124 81 -18 196 27 21 80 263 391 00 42 -34 -207 -199Equipment 1183 513 483 530 340 322 360 994 384 80 160 249 317 806 142 222 158 227 749 83 230 202 97 612Resources 40 60 81 109 152 -240 159 -198 -37 -01 09 -53 -55 -100 -57 -10 -12 -32 -110 27 -22 -30 -137 -162

                                                      EBIT margin 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(in )BAUER Group 130 77 78 67 54 21 56 66 50 22 67 64 58 54 35 58 56 93 63 30 61 37 -72 15

                                                      Construction 79 53 57 35 38 32 40 21 48 05 60 38 -11 25 19 13 39 121 54 00 26 -21 -147 -32Equipment 197 112 103 104 65 57 68 181 71 64 86 148 176 122 110 128 110 117 117 66 128 143 60 100Resources 38 39 52 54 62 -131 81 -110 -16 -02 15 -100 -99 -45 -123 -16 -20 -57 -50 49 -37 -49 -235 -69

                                                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

                                                      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

                                                      • Foliennummer 1
                                                      • Foliennummer 2
                                                      • Key FiguresFY 2019
                                                      • Table of Content
                                                      • Foliennummer 5
                                                      • Foliennummer 6
                                                      • Foliennummer 7
                                                      • Foliennummer 8
                                                      • BAUER Group Construction market environment vs order backlog
                                                      • Foliennummer 10
                                                      • Foliennummer 11
                                                      • Table of Content
                                                      • Foliennummer 13
                                                      • Foliennummer 14
                                                      • Foliennummer 15
                                                      • Foliennummer 16
                                                      • Foliennummer 17
                                                      • Foliennummer 18
                                                      • Foliennummer 19
                                                      • Foliennummer 20
                                                      • Foliennummer 21
                                                      • Foliennummer 22
                                                      • FinancialsIncome statement 12M 2019
                                                      • Financials Balance sheet December 31 2019
                                                      • FinancialsCash flow statement 12M 2019
                                                      • Foliennummer 26
                                                      • Foliennummer 27
                                                      • Table of Content
                                                      • BAUER GroupThe history ndash Two centuries of experience
                                                      • Foliennummer 30
                                                      • BAUER GroupThe three segments
                                                      • Foliennummer 32
                                                      • Foliennummer 33
                                                      • What is specialist foundationBuilding an excavation pit
                                                      • What is specialist foundation used forApplications
                                                      • ConstructionMunich Germany ndash Foundation works for a boarding house
                                                      • Foliennummer 37
                                                      • EquipmentWhole range of products for special foundation engineering
                                                      • EquipmentProduct range Deep Drilling
                                                      • Foliennummer 40
                                                      • ResourcesPool of competences from a single hand
                                                      • ResourcesWater ndash Process Water amp Water Distribution Management
                                                      • ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
                                                      • Market environment ndash Germany German construction market
                                                      • Financials Working capital needs ndash Comparison with building construction
                                                      • BAUER shareFacts amp Figures
                                                      • BAUER shareDividend policy
                                                      • Foliennummer 48
                                                      • Disclaimer
                                                        Zweistelliges Auftragsplus am Bau in Bayern
                                                        Absolute WerteVeraumlnderungen in
                                                        August 20062004BayernWestdeutschlandOstdeutschland
                                                        BayernWest-Ost-200420040200420040200420040
                                                        LaumlnderLaumlnder199420030199420030199420030
                                                        Beschaumlftigte in 1000126152831887-52-5200-432-60-5200-539-7200
                                                        Baugenehmigungen Mio msup3 umb Raum6532572423-108-10800-252-8400-68-10300
                                                        Umsatz in Mrd EUR139570173-249-5800-277-4500-399-7600
                                                        Hochbau9637192-265-5600-301-4400-507-7400
                                                        Tiefbau4319981-217-6200-222-4500-207-7900
                                                        09033799-393-10000-452-5600-580-6000
                                                        in Mrd EUR
                                                        Wohnungsbau236511-480-7100-561-6400-771-20700
                                                        Wirtschaftsbau3314040-347-10500-457-5900-603-9400
                                                        Oumlffentlicher Bau3313148-352-11500-346-4900-3821800
                                                        darunter
                                                        Oumlffentl Hochbau092509-324-8500-480-0100-5616900
                                                        Straszligenbau125821-128-11200-146-5100-1604200
                                                        Sonstiger Tiefbau124818-502-13700-425-7100-467-3400
                                                        19712561362168-243-95248-173-23210-21146
                                                        1) Bei Baugenehmigungen liegen erst die Oktoberwerte vor
                                                        1) Bei Baugenehmigungen liegen erst die Februarwerte vor
                                                        2) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten
                                                        in EUR billionin
                                                        Dezember 2019Germany20052005Jan - Aug20182019
                                                        201919942004060520172018
                                                        Employees (in 1000)4867-47-60-104949
                                                        Revenues922-305-647310882
                                                        Building construction508-318-611009577
                                                        Foundation engineering414-280-711212588
                                                        Orders received861-3743110610082
                                                        in EUR billion
                                                        Housebuilding196-489-181211297
                                                        Industrial building363-3036818113289
                                                        Public sector302-33132995965
                                                        of which
                                                        public buildings55-23812729025109
                                                        road building142-138-12478839
                                                        underground structures105-49515223880
                                                        1256168-243-95-173-23
                                                        1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
                                                        ) only companies gt 20 employees
                                                        Zweistelliges Auftragsplus am Bau in Bayern
                                                        Absolute WerteVeraumlnderungen in
                                                        August 20062005BayernWestdeutschlandOstdeutschland
                                                        BayernWest-Ost-20052005Jan - Aug20052005Jan - Aug20052005Jan - Aug
                                                        LaumlnderLaumlnder199420040605199420040605199420040605
                                                        Beschaumlftigte in 1000126152831887-470-60-10-465-60-58-38-578-85-51
                                                        Baugenehmigungen Mio msup3 umb Raum6532572423-395-101249-417-41171-680-157259
                                                        Umsatz in Mrd EUR139570173-305-6473-312-4835-452-8813
                                                        Hochbau9637192-318-61100-336-5048-565-11835
                                                        Tiefbau4319981-280-7112-255-4311-247-51-14
                                                        Auftragseingang9033799-37431106-4470984-609-7043
                                                        in Mrd EUR
                                                        Wohnungsbau236511-489-1812-586-5888-805-14841
                                                        Wirtschaftsbau3314040-30368181-43345104-625-56121
                                                        Oumlffentlicher Bau3313148-3313299-3400972-420-62-18
                                                        darunter
                                                        Oumlffentl Hochbau092509-238127290-500-38142-602-93-51
                                                        Straszligenbau125821-138-1247-965978-211-8582
                                                        Sonstiger Tiefbau124818-4951522-439-2430-477-18-124
                                                        19712561362168-243-95248-173-23210-21146
                                                        1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
                                                        ) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

                                                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 28

                                                        Table of Content

                                                        BAUER Group ndash Strategy Chances amp Markets

                                                        Appendix

                                                        Financials FYQ4 2019 amp Guidance

                                                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 29

                                                        1790 middot 1900 middot 1902 middot 1928 middot 1948 middot 1956 middot 1958 middot 1967 middot 1969 middot 1972 middot 1975 middot 1976 middot 1984 middot 1990 middot 1992 middot 1994 middot 1998 middot 2001 middot 2019

                                                        BAUER GroupThe history ndash Two centuries of experience

                                                        End of 1970rsquosStart of

                                                        internationalisation

                                                        Early 1990rsquosBuild up of

                                                        specialist construction environmental business

                                                        FY 2019Total Group

                                                        revenues EUR 16 billion 11684

                                                        employees

                                                        4 Jul 2006IPO

                                                        Early 1970rsquosStart of equipment

                                                        manufacturing

                                                        Company founded as copper forge

                                                        After WW II (1950s)Start of construction

                                                        business

                                                        Early 1980rsquosSelling of equipment to

                                                        third parties

                                                        1790 1900-1970 1980-1990 2000-2019

                                                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 30

                                                        Michael Stomberg (CEO) HSE IT Process Management Quality Management

                                                        Florian Bauer Digitalization Development

                                                        Coordination Training Company Culture

                                                        Hartmut Beutler (CFO) Financing amp Treasury Legal Affairs amp Insurance IR amp Corporate

                                                        Communications Facility Management Media Design

                                                        Peter Hingott Group Controlling amp

                                                        Accounting Human Resources Group Purchasing

                                                        Management BoardBAUER AG

                                                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 31

                                                        BAUER GroupThe three segments

                                                        31copy BAUER AG D-86529 Schrobenhausen

                                                        Target ~ 40 of total Group revenues

                                                        Market leader in specialist foundation equipment

                                                        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

                                                        Target ~ 20 of total Group revenues Activities in

                                                        environmental technology deep drilling well construction materials

                                                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 32

                                                        BAUER GroupChallenges of the world provide chances for the company

                                                        The megatrend of urbanization requires construction solutions for the city of the future

                                                        To deal with the scarcity of drinking water purification and supply technologies are needed

                                                        The increasing mobility in society demands new and renewed transport routes

                                                        Changing social values are fundamentally revolutionizing the business world

                                                        UrbanizationInfrastructure Water

                                                        CultureA change in energy supply can only be realized through comprehensive construction works

                                                        The remediation of contaminated soil is the key to sustainable utilization of resources

                                                        Energy transitionEnvironment

                                                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                                        ConstructionKey factsConstruction

                                                        Leading global provider for specialist foundation engineering

                                                        services

                                                        33

                                                        Total Group revenues (incl JV) Order backlog EBIT

                                                        ~ 40 of total Group revenues EBIT margin 4 - 6

                                                        (2018 54 2019 na)

                                                        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 5050 infrastructureindustrial split

                                                        Figures are somewhat cyclical between the quarters ndash focus on the entire year

                                                        Market environment Growing construction markets worldwide

                                                        Special foundation engineering is growing stronger than construction markets

                                                        Huge pent-up demand in developed countries and in emerging markets

                                                        Competition Keller Trevi Soletanche Bachy

                                                        (worldwide)

                                                        Local competitors in each country

                                                        Current focus topics Improving project and risk management especially for major projects

                                                        Leading in digitalization solutions for our market

                                                        Key figures

                                                        Key targets

                                                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 34

                                                        What is specialist foundationBuilding an excavation pit

                                                        Permeation Grouting

                                                        Mixed-In-Place Method

                                                        Injection Anchor

                                                        Diaphragm andCut-off Wall

                                                        Pile Foundation

                                                        Piling Retaining Wall

                                                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 35

                                                        What is specialist foundation used forApplications

                                                        Foundationsfor the highest buildings in the world

                                                        Excavation Pits for every problem and requirement

                                                        Ground Improvementallows projects on weak ground

                                                        Cut-off Walls as solution for dams and dikes

                                                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 36

                                                        ConstructionMunich Germany ndash Foundation works for a boarding house

                                                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                                        EquipmentKey facts

                                                        Market leader in specialistfoundation equipment

                                                        Equipment

                                                        37

                                                        Sales revenues (excl JV) Order intake EBIT

                                                        ~ 40 of total Group revenues EBIT margin 10 - 12

                                                        (2018 117 2019 100)

                                                        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 JV with Schlumberger for the production of deep drilling rigs (oil amp gas)

                                                        Market environment Growing construction markets worldwide lead to positive equipment demand

                                                        Strong position due to efforts regarding quality efficiency and noise reduction

                                                        Growth potential with specialized machines for mining water and offshore drilling

                                                        Competition Trevi Liebherr Chinese manufactures

                                                        (eg Sany XCMG)

                                                        Further competition regarding special product types

                                                        Current focus topics Focus on value analysis methods and purchase organization

                                                        Optimizing and increasing after-sales services

                                                        Key figures

                                                        Key targets

                                                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 38

                                                        EquipmentWhole range of products for special foundation engineering

                                                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 39

                                                        EquipmentProduct range Deep Drilling

                                                        Joint Ventureof Bauer amp Schlumberger

                                                        In order to meet the upcoming market challenges out-of-the-box thinking

                                                        is necessary and therefore integrated drilling and rig solutions are of

                                                        growing importance

                                                        Based on more than 40 years of experience in engineering and

                                                        manufacturing of drilling rigs NeoRig develops and manufactures

                                                        modern drilling solutions which set new standards of safety efficiency

                                                        productivity and ease of service in the deep drilling business

                                                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                                        ResourcesKey factsResources

                                                        40

                                                        Products amp services for environmental technology mining well construction

                                                        and water cleaning

                                                        Total Group revenues (incl JV) Order backlog EBIT

                                                        ~ 20 of total Group revenues EBIT margin 6 - 8

                                                        (2018 na 2019 na)

                                                        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 amp Middle East

                                                        Market environment Huge demand for environmental and water solutions

                                                        Outstanding market position with ground-breaking projects in the field of cleaning drinking and process water eg the biological water treatment plant in Oman

                                                        Competition Fragmented competition for each single product and service area

                                                        Current focus topics Improvement of loss-making Jordan subsidiary which is caused by overcapacities

                                                        Consistent proceeding of reorganization in the water related companies

                                                        Focus on new projects for the profitable environment business

                                                        Key figures

                                                        Key targets

                                                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 41

                                                        ResourcesPool of competences from a single hand

                                                        Industrial Waste Water Process amp Produced Water NORM Constructed Wetlands Modelling amp Well Design Construction Material for Wells

                                                        and Geothermal Water Distribution Management Irrigation Systems

                                                        Remediation Landfill Restoration Decommissioning Demolition Hazardous Waste Management Soil Treatment and Waste

                                                        Management

                                                        Exploration Drilling Deep Geothermal Drilling Well Drilling Blast Hole Drilling

                                                        EnvironmentWater Natural Resources

                                                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 42

                                                        ResourcesWater ndash Process Water amp Water Distribution Management

                                                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 43

                                                        ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman

                                                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 44

                                                        Market environment ndash GermanyGerman construction market

                                                        Source Federal Statistical Office Statistical Office Bavaria

                                                        in EUR billion

                                                        Germany2019

                                                        Employees (in 1000)

                                                        Revenues 922Building construction 508Foundation engineering 414

                                                        Orders received in EUR billion

                                                        Housebuilding 196Industrial building 363Public sectorof which

                                                        public buildings 55road building 142underground structures 105

                                                        ) only companies gt 20 employees

                                                        49

                                                        108

                                                        95

                                                        39

                                                        109

                                                        65

                                                        80

                                                        88

                                                        38

                                                        49

                                                        82

                                                        77

                                                        112

                                                        132

                                                        25

                                                        Dezember 2019 2018 20192017 2018

                                                        in

                                                        89

                                                        97

                                                        302

                                                        861

                                                        4867

                                                        88

                                                        100 82

                                                        59

                                                        125

                                                        Weiszlig

                                                        Bunt

                                                        Kunterbunt

                                                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 45

                                                        Building constructionpositive cash contribution

                                                        Specialist foundation engineeringpre-financing need

                                                        Financials Working capital needs ndash Comparison with building construction

                                                        EUR

                                                        12 24 months

                                                        Positive cash contribution

                                                        Negative cash contribution

                                                        Con

                                                        trac

                                                        t val

                                                        ue

                                                        EUR

                                                        Negative cash contribution

                                                        12 24 months

                                                        Con

                                                        trac

                                                        t val

                                                        ue

                                                        Construction contracts with short duration need

                                                        No advance payments no front-loading of prices possible approx 2 - 3 months of pre-financing

                                                        Negative cash contribution during construction phase

                                                        Construction contracts with long durations

                                                        Advance payments front-loading of prices

                                                        Positive cash contribution during construction phase

                                                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 46

                                                        BAUER shareFacts amp Figures

                                                        Listed on Frankfurt stock exchange (Prime Standard) since July 4 2006

                                                        Share capital EUR 7300142045

                                                        Shares issued 17131000

                                                        Issue price EUR 1675

                                                        Share performance (012019 ndash 032020)

                                                        Bauer familyFree float

                                                        5181

                                                        Shareholder structure

                                                        4819

                                                        in EUR 2015 2016 2017 2018 2019

                                                        Earnings per share 173 066 016 132 -217

                                                        Share price year end 1740 1140 3000 1216 1510

                                                        Share price highest 1920 1716 3096 3125 2430

                                                        Share price lowest 1385 945 1172 1208 1262

                                                        Market Cap(in EUR million) 2981 1953 5139 2083 2587

                                                        CDAXClassic All SharePrime All Share

                                                        ISIN DE0005168108Reuters B5AGDEBloomberg B5A GR

                                                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                                        050

                                                        100 100

                                                        060 060050

                                                        030

                                                        001

                                                        015 015010 010 010

                                                        001000

                                                        030

                                                        060

                                                        090

                                                        120

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

                                                        47

                                                        BAUER shareDividend policy

                                                        Dividend payment Dividend policy founded on a reasonable balance between shareholders and company

                                                        fair participation of shareholders maintaining continuity safeguarding of the equity ratio

                                                        All shareholders shall participate in the success of the business

                                                        After some difficult years we must continue to strike a careful balance between continuity and shareholder participation on the one hand and safeguarding our equity ratio on the other

                                                        To secure an adequate equity ratio is an important aim of the companyrsquos 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

                                                        in EUR per share

                                                        000

                                                        Proposed subject to the consent of the Annual General Meeting to be held on June 25 2020

                                                        000

                                                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 48

                                                        Key Figures Time LineFY 2008 ndash FY 2019

                                                        In all three segments total Group revenues and EBIT figures of FY 2015 were influenced by exceptional earnings

                                                        Total Group revenues 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(in EUR million)BAUER Group 15272 12758 13040 13718 14358 15042 15602 16564 15547 4482 4541 4766 3931 17720 3708 4215 4435 4503 16861 4109 4207 4078 3553 15947

                                                        Construction 7009 5700 6154 6066 6552 7417 7256 7429 7131 2110 2205 2269 1766 8350 1508 1762 2100 2306 7676 1702 1722 1726 1538 6688Equipment 7801 6085 5817 6365 5891 6286 6392 7531 6344 1867 1853 1966 1859 7545 1808 1936 1802 1685 7231 1859 1950 1781 1547 7137Resources 1351 1743 1777 2115 2628 1889 2528 2216 2624 630 647 651 554 2482 517 676 699 723 2615 692 695 662 700 2749

                                                        Sales revenues 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(in EUR million)BAUER Group 12908 10965 11317 12196 13444 14022 13757 13790 13969 3789 4512 4354 4022 16679 3184 3987 4051 4669 15891 3419 4035 3622 3633 14709

                                                        Construction 5843 4879 5058 5062 5791 6575 6466 6508 6145 1966 2064 2145 1663 7838 1432 1642 2021 2168 7263 1616 1628 1605 1408 6257Equipment 6012 4565 4693 5114 5206 5616 5327 5480 5427 1266 1857 1685 1801 6609 1287 1736 1440 1938 6401 1253 1797 1417 1635 6102Resources 1051 1520 1564 2015 2443 1826 1959 1793 2382 553 577 532 553 2215 462 605 587 559 2213 548 607 597 583 2335

                                                        EBIT 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(in EUR million)BAUER Group 1675 844 884 823 720 301 764 907 703 85 302 277 232 896 110 231 227 433 1001 104 248 133 -260 225

                                                        Construction 463 257 288 179 220 212 260 139 297 09 124 81 -18 196 27 21 80 263 391 00 42 -34 -207 -199Equipment 1183 513 483 530 340 322 360 994 384 80 160 249 317 806 142 222 158 227 749 83 230 202 97 612Resources 40 60 81 109 152 -240 159 -198 -37 -01 09 -53 -55 -100 -57 -10 -12 -32 -110 27 -22 -30 -137 -162

                                                        EBIT margin 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(in )BAUER Group 130 77 78 67 54 21 56 66 50 22 67 64 58 54 35 58 56 93 63 30 61 37 -72 15

                                                        Construction 79 53 57 35 38 32 40 21 48 05 60 38 -11 25 19 13 39 121 54 00 26 -21 -147 -32Equipment 197 112 103 104 65 57 68 181 71 64 86 148 176 122 110 128 110 117 117 66 128 143 60 100Resources 38 39 52 54 62 -131 81 -110 -16 -02 15 -100 -99 -45 -123 -16 -20 -57 -50 49 -37 -49 -235 -69

                                                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

                                                        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

                                                        • Foliennummer 1
                                                        • Foliennummer 2
                                                        • Key FiguresFY 2019
                                                        • Table of Content
                                                        • Foliennummer 5
                                                        • Foliennummer 6
                                                        • Foliennummer 7
                                                        • Foliennummer 8
                                                        • BAUER Group Construction market environment vs order backlog
                                                        • Foliennummer 10
                                                        • Foliennummer 11
                                                        • Table of Content
                                                        • Foliennummer 13
                                                        • Foliennummer 14
                                                        • Foliennummer 15
                                                        • Foliennummer 16
                                                        • Foliennummer 17
                                                        • Foliennummer 18
                                                        • Foliennummer 19
                                                        • Foliennummer 20
                                                        • Foliennummer 21
                                                        • Foliennummer 22
                                                        • FinancialsIncome statement 12M 2019
                                                        • Financials Balance sheet December 31 2019
                                                        • FinancialsCash flow statement 12M 2019
                                                        • Foliennummer 26
                                                        • Foliennummer 27
                                                        • Table of Content
                                                        • BAUER GroupThe history ndash Two centuries of experience
                                                        • Foliennummer 30
                                                        • BAUER GroupThe three segments
                                                        • Foliennummer 32
                                                        • Foliennummer 33
                                                        • What is specialist foundationBuilding an excavation pit
                                                        • What is specialist foundation used forApplications
                                                        • ConstructionMunich Germany ndash Foundation works for a boarding house
                                                        • Foliennummer 37
                                                        • EquipmentWhole range of products for special foundation engineering
                                                        • EquipmentProduct range Deep Drilling
                                                        • Foliennummer 40
                                                        • ResourcesPool of competences from a single hand
                                                        • ResourcesWater ndash Process Water amp Water Distribution Management
                                                        • ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
                                                        • Market environment ndash Germany German construction market
                                                        • Financials Working capital needs ndash Comparison with building construction
                                                        • BAUER shareFacts amp Figures
                                                        • BAUER shareDividend policy
                                                        • Foliennummer 48
                                                        • Disclaimer
                                                          Zweistelliges Auftragsplus am Bau in Bayern
                                                          Absolute WerteVeraumlnderungen in
                                                          August 20062004BayernWestdeutschlandOstdeutschland
                                                          BayernWest-Ost-200420040200420040200420040
                                                          LaumlnderLaumlnder199420030199420030199420030
                                                          Beschaumlftigte in 1000126152831887-52-5200-432-60-5200-539-7200
                                                          Baugenehmigungen Mio msup3 umb Raum6532572423-108-10800-252-8400-68-10300
                                                          Umsatz in Mrd EUR139570173-249-5800-277-4500-399-7600
                                                          Hochbau9637192-265-5600-301-4400-507-7400
                                                          Tiefbau4319981-217-6200-222-4500-207-7900
                                                          09033799-393-10000-452-5600-580-6000
                                                          in Mrd EUR
                                                          Wohnungsbau236511-480-7100-561-6400-771-20700
                                                          Wirtschaftsbau3314040-347-10500-457-5900-603-9400
                                                          Oumlffentlicher Bau3313148-352-11500-346-4900-3821800
                                                          darunter
                                                          Oumlffentl Hochbau092509-324-8500-480-0100-5616900
                                                          Straszligenbau125821-128-11200-146-5100-1604200
                                                          Sonstiger Tiefbau124818-502-13700-425-7100-467-3400
                                                          19712561362168-243-95248-173-23210-21146
                                                          1) Bei Baugenehmigungen liegen erst die Oktoberwerte vor
                                                          1) Bei Baugenehmigungen liegen erst die Februarwerte vor
                                                          2) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten
                                                          in EUR billionin
                                                          Dezember 2019Germany20052005Jan - Aug20182019
                                                          201919942004060520172018
                                                          Employees (in 1000)4867-47-60-104949
                                                          Revenues922-305-647310882
                                                          Building construction508-318-611009577
                                                          Foundation engineering414-280-711212588
                                                          Orders received861-3743110610082
                                                          in EUR billion
                                                          Housebuilding196-489-181211297
                                                          Industrial building363-3036818113289
                                                          Public sector302-33132995965
                                                          of which
                                                          public buildings55-23812729025109
                                                          road building142-138-12478839
                                                          underground structures105-49515223880
                                                          1256168-243-95-173-23
                                                          1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
                                                          ) only companies gt 20 employees
                                                          Zweistelliges Auftragsplus am Bau in Bayern
                                                          Absolute WerteVeraumlnderungen in
                                                          August 20062005BayernWestdeutschlandOstdeutschland
                                                          BayernWest-Ost-20052005Jan - Aug20052005Jan - Aug20052005Jan - Aug
                                                          LaumlnderLaumlnder199420040605199420040605199420040605
                                                          Beschaumlftigte in 1000126152831887-470-60-10-465-60-58-38-578-85-51
                                                          Baugenehmigungen Mio msup3 umb Raum6532572423-395-101249-417-41171-680-157259
                                                          Umsatz in Mrd EUR139570173-305-6473-312-4835-452-8813
                                                          Hochbau9637192-318-61100-336-5048-565-11835
                                                          Tiefbau4319981-280-7112-255-4311-247-51-14
                                                          Auftragseingang9033799-37431106-4470984-609-7043
                                                          in Mrd EUR
                                                          Wohnungsbau236511-489-1812-586-5888-805-14841
                                                          Wirtschaftsbau3314040-30368181-43345104-625-56121
                                                          Oumlffentlicher Bau3313148-3313299-3400972-420-62-18
                                                          darunter
                                                          Oumlffentl Hochbau092509-238127290-500-38142-602-93-51
                                                          Straszligenbau125821-138-1247-965978-211-8582
                                                          Sonstiger Tiefbau124818-4951522-439-2430-477-18-124
                                                          19712561362168-243-95248-173-23210-21146
                                                          1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
                                                          ) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

                                                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 29

                                                          1790 middot 1900 middot 1902 middot 1928 middot 1948 middot 1956 middot 1958 middot 1967 middot 1969 middot 1972 middot 1975 middot 1976 middot 1984 middot 1990 middot 1992 middot 1994 middot 1998 middot 2001 middot 2019

                                                          BAUER GroupThe history ndash Two centuries of experience

                                                          End of 1970rsquosStart of

                                                          internationalisation

                                                          Early 1990rsquosBuild up of

                                                          specialist construction environmental business

                                                          FY 2019Total Group

                                                          revenues EUR 16 billion 11684

                                                          employees

                                                          4 Jul 2006IPO

                                                          Early 1970rsquosStart of equipment

                                                          manufacturing

                                                          Company founded as copper forge

                                                          After WW II (1950s)Start of construction

                                                          business

                                                          Early 1980rsquosSelling of equipment to

                                                          third parties

                                                          1790 1900-1970 1980-1990 2000-2019

                                                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 30

                                                          Michael Stomberg (CEO) HSE IT Process Management Quality Management

                                                          Florian Bauer Digitalization Development

                                                          Coordination Training Company Culture

                                                          Hartmut Beutler (CFO) Financing amp Treasury Legal Affairs amp Insurance IR amp Corporate

                                                          Communications Facility Management Media Design

                                                          Peter Hingott Group Controlling amp

                                                          Accounting Human Resources Group Purchasing

                                                          Management BoardBAUER AG

                                                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 31

                                                          BAUER GroupThe three segments

                                                          31copy BAUER AG D-86529 Schrobenhausen

                                                          Target ~ 40 of total Group revenues

                                                          Market leader in specialist foundation equipment

                                                          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

                                                          Target ~ 20 of total Group revenues Activities in

                                                          environmental technology deep drilling well construction materials

                                                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 32

                                                          BAUER GroupChallenges of the world provide chances for the company

                                                          The megatrend of urbanization requires construction solutions for the city of the future

                                                          To deal with the scarcity of drinking water purification and supply technologies are needed

                                                          The increasing mobility in society demands new and renewed transport routes

                                                          Changing social values are fundamentally revolutionizing the business world

                                                          UrbanizationInfrastructure Water

                                                          CultureA change in energy supply can only be realized through comprehensive construction works

                                                          The remediation of contaminated soil is the key to sustainable utilization of resources

                                                          Energy transitionEnvironment

                                                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                                          ConstructionKey factsConstruction

                                                          Leading global provider for specialist foundation engineering

                                                          services

                                                          33

                                                          Total Group revenues (incl JV) Order backlog EBIT

                                                          ~ 40 of total Group revenues EBIT margin 4 - 6

                                                          (2018 54 2019 na)

                                                          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 5050 infrastructureindustrial split

                                                          Figures are somewhat cyclical between the quarters ndash focus on the entire year

                                                          Market environment Growing construction markets worldwide

                                                          Special foundation engineering is growing stronger than construction markets

                                                          Huge pent-up demand in developed countries and in emerging markets

                                                          Competition Keller Trevi Soletanche Bachy

                                                          (worldwide)

                                                          Local competitors in each country

                                                          Current focus topics Improving project and risk management especially for major projects

                                                          Leading in digitalization solutions for our market

                                                          Key figures

                                                          Key targets

                                                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 34

                                                          What is specialist foundationBuilding an excavation pit

                                                          Permeation Grouting

                                                          Mixed-In-Place Method

                                                          Injection Anchor

                                                          Diaphragm andCut-off Wall

                                                          Pile Foundation

                                                          Piling Retaining Wall

                                                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 35

                                                          What is specialist foundation used forApplications

                                                          Foundationsfor the highest buildings in the world

                                                          Excavation Pits for every problem and requirement

                                                          Ground Improvementallows projects on weak ground

                                                          Cut-off Walls as solution for dams and dikes

                                                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 36

                                                          ConstructionMunich Germany ndash Foundation works for a boarding house

                                                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                                          EquipmentKey facts

                                                          Market leader in specialistfoundation equipment

                                                          Equipment

                                                          37

                                                          Sales revenues (excl JV) Order intake EBIT

                                                          ~ 40 of total Group revenues EBIT margin 10 - 12

                                                          (2018 117 2019 100)

                                                          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 JV with Schlumberger for the production of deep drilling rigs (oil amp gas)

                                                          Market environment Growing construction markets worldwide lead to positive equipment demand

                                                          Strong position due to efforts regarding quality efficiency and noise reduction

                                                          Growth potential with specialized machines for mining water and offshore drilling

                                                          Competition Trevi Liebherr Chinese manufactures

                                                          (eg Sany XCMG)

                                                          Further competition regarding special product types

                                                          Current focus topics Focus on value analysis methods and purchase organization

                                                          Optimizing and increasing after-sales services

                                                          Key figures

                                                          Key targets

                                                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 38

                                                          EquipmentWhole range of products for special foundation engineering

                                                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 39

                                                          EquipmentProduct range Deep Drilling

                                                          Joint Ventureof Bauer amp Schlumberger

                                                          In order to meet the upcoming market challenges out-of-the-box thinking

                                                          is necessary and therefore integrated drilling and rig solutions are of

                                                          growing importance

                                                          Based on more than 40 years of experience in engineering and

                                                          manufacturing of drilling rigs NeoRig develops and manufactures

                                                          modern drilling solutions which set new standards of safety efficiency

                                                          productivity and ease of service in the deep drilling business

                                                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                                          ResourcesKey factsResources

                                                          40

                                                          Products amp services for environmental technology mining well construction

                                                          and water cleaning

                                                          Total Group revenues (incl JV) Order backlog EBIT

                                                          ~ 20 of total Group revenues EBIT margin 6 - 8

                                                          (2018 na 2019 na)

                                                          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 amp Middle East

                                                          Market environment Huge demand for environmental and water solutions

                                                          Outstanding market position with ground-breaking projects in the field of cleaning drinking and process water eg the biological water treatment plant in Oman

                                                          Competition Fragmented competition for each single product and service area

                                                          Current focus topics Improvement of loss-making Jordan subsidiary which is caused by overcapacities

                                                          Consistent proceeding of reorganization in the water related companies

                                                          Focus on new projects for the profitable environment business

                                                          Key figures

                                                          Key targets

                                                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 41

                                                          ResourcesPool of competences from a single hand

                                                          Industrial Waste Water Process amp Produced Water NORM Constructed Wetlands Modelling amp Well Design Construction Material for Wells

                                                          and Geothermal Water Distribution Management Irrigation Systems

                                                          Remediation Landfill Restoration Decommissioning Demolition Hazardous Waste Management Soil Treatment and Waste

                                                          Management

                                                          Exploration Drilling Deep Geothermal Drilling Well Drilling Blast Hole Drilling

                                                          EnvironmentWater Natural Resources

                                                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 42

                                                          ResourcesWater ndash Process Water amp Water Distribution Management

                                                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 43

                                                          ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman

                                                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 44

                                                          Market environment ndash GermanyGerman construction market

                                                          Source Federal Statistical Office Statistical Office Bavaria

                                                          in EUR billion

                                                          Germany2019

                                                          Employees (in 1000)

                                                          Revenues 922Building construction 508Foundation engineering 414

                                                          Orders received in EUR billion

                                                          Housebuilding 196Industrial building 363Public sectorof which

                                                          public buildings 55road building 142underground structures 105

                                                          ) only companies gt 20 employees

                                                          49

                                                          108

                                                          95

                                                          39

                                                          109

                                                          65

                                                          80

                                                          88

                                                          38

                                                          49

                                                          82

                                                          77

                                                          112

                                                          132

                                                          25

                                                          Dezember 2019 2018 20192017 2018

                                                          in

                                                          89

                                                          97

                                                          302

                                                          861

                                                          4867

                                                          88

                                                          100 82

                                                          59

                                                          125

                                                          Weiszlig

                                                          Bunt

                                                          Kunterbunt

                                                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 45

                                                          Building constructionpositive cash contribution

                                                          Specialist foundation engineeringpre-financing need

                                                          Financials Working capital needs ndash Comparison with building construction

                                                          EUR

                                                          12 24 months

                                                          Positive cash contribution

                                                          Negative cash contribution

                                                          Con

                                                          trac

                                                          t val

                                                          ue

                                                          EUR

                                                          Negative cash contribution

                                                          12 24 months

                                                          Con

                                                          trac

                                                          t val

                                                          ue

                                                          Construction contracts with short duration need

                                                          No advance payments no front-loading of prices possible approx 2 - 3 months of pre-financing

                                                          Negative cash contribution during construction phase

                                                          Construction contracts with long durations

                                                          Advance payments front-loading of prices

                                                          Positive cash contribution during construction phase

                                                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 46

                                                          BAUER shareFacts amp Figures

                                                          Listed on Frankfurt stock exchange (Prime Standard) since July 4 2006

                                                          Share capital EUR 7300142045

                                                          Shares issued 17131000

                                                          Issue price EUR 1675

                                                          Share performance (012019 ndash 032020)

                                                          Bauer familyFree float

                                                          5181

                                                          Shareholder structure

                                                          4819

                                                          in EUR 2015 2016 2017 2018 2019

                                                          Earnings per share 173 066 016 132 -217

                                                          Share price year end 1740 1140 3000 1216 1510

                                                          Share price highest 1920 1716 3096 3125 2430

                                                          Share price lowest 1385 945 1172 1208 1262

                                                          Market Cap(in EUR million) 2981 1953 5139 2083 2587

                                                          CDAXClassic All SharePrime All Share

                                                          ISIN DE0005168108Reuters B5AGDEBloomberg B5A GR

                                                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                                          050

                                                          100 100

                                                          060 060050

                                                          030

                                                          001

                                                          015 015010 010 010

                                                          001000

                                                          030

                                                          060

                                                          090

                                                          120

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

                                                          47

                                                          BAUER shareDividend policy

                                                          Dividend payment Dividend policy founded on a reasonable balance between shareholders and company

                                                          fair participation of shareholders maintaining continuity safeguarding of the equity ratio

                                                          All shareholders shall participate in the success of the business

                                                          After some difficult years we must continue to strike a careful balance between continuity and shareholder participation on the one hand and safeguarding our equity ratio on the other

                                                          To secure an adequate equity ratio is an important aim of the companyrsquos 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

                                                          in EUR per share

                                                          000

                                                          Proposed subject to the consent of the Annual General Meeting to be held on June 25 2020

                                                          000

                                                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 48

                                                          Key Figures Time LineFY 2008 ndash FY 2019

                                                          In all three segments total Group revenues and EBIT figures of FY 2015 were influenced by exceptional earnings

                                                          Total Group revenues 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(in EUR million)BAUER Group 15272 12758 13040 13718 14358 15042 15602 16564 15547 4482 4541 4766 3931 17720 3708 4215 4435 4503 16861 4109 4207 4078 3553 15947

                                                          Construction 7009 5700 6154 6066 6552 7417 7256 7429 7131 2110 2205 2269 1766 8350 1508 1762 2100 2306 7676 1702 1722 1726 1538 6688Equipment 7801 6085 5817 6365 5891 6286 6392 7531 6344 1867 1853 1966 1859 7545 1808 1936 1802 1685 7231 1859 1950 1781 1547 7137Resources 1351 1743 1777 2115 2628 1889 2528 2216 2624 630 647 651 554 2482 517 676 699 723 2615 692 695 662 700 2749

                                                          Sales revenues 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(in EUR million)BAUER Group 12908 10965 11317 12196 13444 14022 13757 13790 13969 3789 4512 4354 4022 16679 3184 3987 4051 4669 15891 3419 4035 3622 3633 14709

                                                          Construction 5843 4879 5058 5062 5791 6575 6466 6508 6145 1966 2064 2145 1663 7838 1432 1642 2021 2168 7263 1616 1628 1605 1408 6257Equipment 6012 4565 4693 5114 5206 5616 5327 5480 5427 1266 1857 1685 1801 6609 1287 1736 1440 1938 6401 1253 1797 1417 1635 6102Resources 1051 1520 1564 2015 2443 1826 1959 1793 2382 553 577 532 553 2215 462 605 587 559 2213 548 607 597 583 2335

                                                          EBIT 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(in EUR million)BAUER Group 1675 844 884 823 720 301 764 907 703 85 302 277 232 896 110 231 227 433 1001 104 248 133 -260 225

                                                          Construction 463 257 288 179 220 212 260 139 297 09 124 81 -18 196 27 21 80 263 391 00 42 -34 -207 -199Equipment 1183 513 483 530 340 322 360 994 384 80 160 249 317 806 142 222 158 227 749 83 230 202 97 612Resources 40 60 81 109 152 -240 159 -198 -37 -01 09 -53 -55 -100 -57 -10 -12 -32 -110 27 -22 -30 -137 -162

                                                          EBIT margin 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(in )BAUER Group 130 77 78 67 54 21 56 66 50 22 67 64 58 54 35 58 56 93 63 30 61 37 -72 15

                                                          Construction 79 53 57 35 38 32 40 21 48 05 60 38 -11 25 19 13 39 121 54 00 26 -21 -147 -32Equipment 197 112 103 104 65 57 68 181 71 64 86 148 176 122 110 128 110 117 117 66 128 143 60 100Resources 38 39 52 54 62 -131 81 -110 -16 -02 15 -100 -99 -45 -123 -16 -20 -57 -50 49 -37 -49 -235 -69

                                                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

                                                          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

                                                          • Foliennummer 1
                                                          • Foliennummer 2
                                                          • Key FiguresFY 2019
                                                          • Table of Content
                                                          • Foliennummer 5
                                                          • Foliennummer 6
                                                          • Foliennummer 7
                                                          • Foliennummer 8
                                                          • BAUER Group Construction market environment vs order backlog
                                                          • Foliennummer 10
                                                          • Foliennummer 11
                                                          • Table of Content
                                                          • Foliennummer 13
                                                          • Foliennummer 14
                                                          • Foliennummer 15
                                                          • Foliennummer 16
                                                          • Foliennummer 17
                                                          • Foliennummer 18
                                                          • Foliennummer 19
                                                          • Foliennummer 20
                                                          • Foliennummer 21
                                                          • Foliennummer 22
                                                          • FinancialsIncome statement 12M 2019
                                                          • Financials Balance sheet December 31 2019
                                                          • FinancialsCash flow statement 12M 2019
                                                          • Foliennummer 26
                                                          • Foliennummer 27
                                                          • Table of Content
                                                          • BAUER GroupThe history ndash Two centuries of experience
                                                          • Foliennummer 30
                                                          • BAUER GroupThe three segments
                                                          • Foliennummer 32
                                                          • Foliennummer 33
                                                          • What is specialist foundationBuilding an excavation pit
                                                          • What is specialist foundation used forApplications
                                                          • ConstructionMunich Germany ndash Foundation works for a boarding house
                                                          • Foliennummer 37
                                                          • EquipmentWhole range of products for special foundation engineering
                                                          • EquipmentProduct range Deep Drilling
                                                          • Foliennummer 40
                                                          • ResourcesPool of competences from a single hand
                                                          • ResourcesWater ndash Process Water amp Water Distribution Management
                                                          • ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
                                                          • Market environment ndash Germany German construction market
                                                          • Financials Working capital needs ndash Comparison with building construction
                                                          • BAUER shareFacts amp Figures
                                                          • BAUER shareDividend policy
                                                          • Foliennummer 48
                                                          • Disclaimer
                                                            Zweistelliges Auftragsplus am Bau in Bayern
                                                            Absolute WerteVeraumlnderungen in
                                                            August 20062004BayernWestdeutschlandOstdeutschland
                                                            BayernWest-Ost-200420040200420040200420040
                                                            LaumlnderLaumlnder199420030199420030199420030
                                                            Beschaumlftigte in 1000126152831887-52-5200-432-60-5200-539-7200
                                                            Baugenehmigungen Mio msup3 umb Raum6532572423-108-10800-252-8400-68-10300
                                                            Umsatz in Mrd EUR139570173-249-5800-277-4500-399-7600
                                                            Hochbau9637192-265-5600-301-4400-507-7400
                                                            Tiefbau4319981-217-6200-222-4500-207-7900
                                                            09033799-393-10000-452-5600-580-6000
                                                            in Mrd EUR
                                                            Wohnungsbau236511-480-7100-561-6400-771-20700
                                                            Wirtschaftsbau3314040-347-10500-457-5900-603-9400
                                                            Oumlffentlicher Bau3313148-352-11500-346-4900-3821800
                                                            darunter
                                                            Oumlffentl Hochbau092509-324-8500-480-0100-5616900
                                                            Straszligenbau125821-128-11200-146-5100-1604200
                                                            Sonstiger Tiefbau124818-502-13700-425-7100-467-3400
                                                            19712561362168-243-95248-173-23210-21146
                                                            1) Bei Baugenehmigungen liegen erst die Oktoberwerte vor
                                                            1) Bei Baugenehmigungen liegen erst die Februarwerte vor
                                                            2) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten
                                                            in EUR billionin
                                                            Dezember 2019Germany20052005Jan - Aug20182019
                                                            201919942004060520172018
                                                            Employees (in 1000)4867-47-60-104949
                                                            Revenues922-305-647310882
                                                            Building construction508-318-611009577
                                                            Foundation engineering414-280-711212588
                                                            Orders received861-3743110610082
                                                            in EUR billion
                                                            Housebuilding196-489-181211297
                                                            Industrial building363-3036818113289
                                                            Public sector302-33132995965
                                                            of which
                                                            public buildings55-23812729025109
                                                            road building142-138-12478839
                                                            underground structures105-49515223880
                                                            1256168-243-95-173-23
                                                            1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
                                                            ) only companies gt 20 employees
                                                            Zweistelliges Auftragsplus am Bau in Bayern
                                                            Absolute WerteVeraumlnderungen in
                                                            August 20062005BayernWestdeutschlandOstdeutschland
                                                            BayernWest-Ost-20052005Jan - Aug20052005Jan - Aug20052005Jan - Aug
                                                            LaumlnderLaumlnder199420040605199420040605199420040605
                                                            Beschaumlftigte in 1000126152831887-470-60-10-465-60-58-38-578-85-51
                                                            Baugenehmigungen Mio msup3 umb Raum6532572423-395-101249-417-41171-680-157259
                                                            Umsatz in Mrd EUR139570173-305-6473-312-4835-452-8813
                                                            Hochbau9637192-318-61100-336-5048-565-11835
                                                            Tiefbau4319981-280-7112-255-4311-247-51-14
                                                            Auftragseingang9033799-37431106-4470984-609-7043
                                                            in Mrd EUR
                                                            Wohnungsbau236511-489-1812-586-5888-805-14841
                                                            Wirtschaftsbau3314040-30368181-43345104-625-56121
                                                            Oumlffentlicher Bau3313148-3313299-3400972-420-62-18
                                                            darunter
                                                            Oumlffentl Hochbau092509-238127290-500-38142-602-93-51
                                                            Straszligenbau125821-138-1247-965978-211-8582
                                                            Sonstiger Tiefbau124818-4951522-439-2430-477-18-124
                                                            19712561362168-243-95248-173-23210-21146
                                                            1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
                                                            ) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

                                                            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 30

                                                            Michael Stomberg (CEO) HSE IT Process Management Quality Management

                                                            Florian Bauer Digitalization Development

                                                            Coordination Training Company Culture

                                                            Hartmut Beutler (CFO) Financing amp Treasury Legal Affairs amp Insurance IR amp Corporate

                                                            Communications Facility Management Media Design

                                                            Peter Hingott Group Controlling amp

                                                            Accounting Human Resources Group Purchasing

                                                            Management BoardBAUER AG

                                                            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 31

                                                            BAUER GroupThe three segments

                                                            31copy BAUER AG D-86529 Schrobenhausen

                                                            Target ~ 40 of total Group revenues

                                                            Market leader in specialist foundation equipment

                                                            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

                                                            Target ~ 20 of total Group revenues Activities in

                                                            environmental technology deep drilling well construction materials

                                                            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 32

                                                            BAUER GroupChallenges of the world provide chances for the company

                                                            The megatrend of urbanization requires construction solutions for the city of the future

                                                            To deal with the scarcity of drinking water purification and supply technologies are needed

                                                            The increasing mobility in society demands new and renewed transport routes

                                                            Changing social values are fundamentally revolutionizing the business world

                                                            UrbanizationInfrastructure Water

                                                            CultureA change in energy supply can only be realized through comprehensive construction works

                                                            The remediation of contaminated soil is the key to sustainable utilization of resources

                                                            Energy transitionEnvironment

                                                            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                                            ConstructionKey factsConstruction

                                                            Leading global provider for specialist foundation engineering

                                                            services

                                                            33

                                                            Total Group revenues (incl JV) Order backlog EBIT

                                                            ~ 40 of total Group revenues EBIT margin 4 - 6

                                                            (2018 54 2019 na)

                                                            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 5050 infrastructureindustrial split

                                                            Figures are somewhat cyclical between the quarters ndash focus on the entire year

                                                            Market environment Growing construction markets worldwide

                                                            Special foundation engineering is growing stronger than construction markets

                                                            Huge pent-up demand in developed countries and in emerging markets

                                                            Competition Keller Trevi Soletanche Bachy

                                                            (worldwide)

                                                            Local competitors in each country

                                                            Current focus topics Improving project and risk management especially for major projects

                                                            Leading in digitalization solutions for our market

                                                            Key figures

                                                            Key targets

                                                            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 34

                                                            What is specialist foundationBuilding an excavation pit

                                                            Permeation Grouting

                                                            Mixed-In-Place Method

                                                            Injection Anchor

                                                            Diaphragm andCut-off Wall

                                                            Pile Foundation

                                                            Piling Retaining Wall

                                                            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 35

                                                            What is specialist foundation used forApplications

                                                            Foundationsfor the highest buildings in the world

                                                            Excavation Pits for every problem and requirement

                                                            Ground Improvementallows projects on weak ground

                                                            Cut-off Walls as solution for dams and dikes

                                                            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 36

                                                            ConstructionMunich Germany ndash Foundation works for a boarding house

                                                            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                                            EquipmentKey facts

                                                            Market leader in specialistfoundation equipment

                                                            Equipment

                                                            37

                                                            Sales revenues (excl JV) Order intake EBIT

                                                            ~ 40 of total Group revenues EBIT margin 10 - 12

                                                            (2018 117 2019 100)

                                                            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 JV with Schlumberger for the production of deep drilling rigs (oil amp gas)

                                                            Market environment Growing construction markets worldwide lead to positive equipment demand

                                                            Strong position due to efforts regarding quality efficiency and noise reduction

                                                            Growth potential with specialized machines for mining water and offshore drilling

                                                            Competition Trevi Liebherr Chinese manufactures

                                                            (eg Sany XCMG)

                                                            Further competition regarding special product types

                                                            Current focus topics Focus on value analysis methods and purchase organization

                                                            Optimizing and increasing after-sales services

                                                            Key figures

                                                            Key targets

                                                            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 38

                                                            EquipmentWhole range of products for special foundation engineering

                                                            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 39

                                                            EquipmentProduct range Deep Drilling

                                                            Joint Ventureof Bauer amp Schlumberger

                                                            In order to meet the upcoming market challenges out-of-the-box thinking

                                                            is necessary and therefore integrated drilling and rig solutions are of

                                                            growing importance

                                                            Based on more than 40 years of experience in engineering and

                                                            manufacturing of drilling rigs NeoRig develops and manufactures

                                                            modern drilling solutions which set new standards of safety efficiency

                                                            productivity and ease of service in the deep drilling business

                                                            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                                            ResourcesKey factsResources

                                                            40

                                                            Products amp services for environmental technology mining well construction

                                                            and water cleaning

                                                            Total Group revenues (incl JV) Order backlog EBIT

                                                            ~ 20 of total Group revenues EBIT margin 6 - 8

                                                            (2018 na 2019 na)

                                                            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 amp Middle East

                                                            Market environment Huge demand for environmental and water solutions

                                                            Outstanding market position with ground-breaking projects in the field of cleaning drinking and process water eg the biological water treatment plant in Oman

                                                            Competition Fragmented competition for each single product and service area

                                                            Current focus topics Improvement of loss-making Jordan subsidiary which is caused by overcapacities

                                                            Consistent proceeding of reorganization in the water related companies

                                                            Focus on new projects for the profitable environment business

                                                            Key figures

                                                            Key targets

                                                            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 41

                                                            ResourcesPool of competences from a single hand

                                                            Industrial Waste Water Process amp Produced Water NORM Constructed Wetlands Modelling amp Well Design Construction Material for Wells

                                                            and Geothermal Water Distribution Management Irrigation Systems

                                                            Remediation Landfill Restoration Decommissioning Demolition Hazardous Waste Management Soil Treatment and Waste

                                                            Management

                                                            Exploration Drilling Deep Geothermal Drilling Well Drilling Blast Hole Drilling

                                                            EnvironmentWater Natural Resources

                                                            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 42

                                                            ResourcesWater ndash Process Water amp Water Distribution Management

                                                            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 43

                                                            ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman

                                                            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 44

                                                            Market environment ndash GermanyGerman construction market

                                                            Source Federal Statistical Office Statistical Office Bavaria

                                                            in EUR billion

                                                            Germany2019

                                                            Employees (in 1000)

                                                            Revenues 922Building construction 508Foundation engineering 414

                                                            Orders received in EUR billion

                                                            Housebuilding 196Industrial building 363Public sectorof which

                                                            public buildings 55road building 142underground structures 105

                                                            ) only companies gt 20 employees

                                                            49

                                                            108

                                                            95

                                                            39

                                                            109

                                                            65

                                                            80

                                                            88

                                                            38

                                                            49

                                                            82

                                                            77

                                                            112

                                                            132

                                                            25

                                                            Dezember 2019 2018 20192017 2018

                                                            in

                                                            89

                                                            97

                                                            302

                                                            861

                                                            4867

                                                            88

                                                            100 82

                                                            59

                                                            125

                                                            Weiszlig

                                                            Bunt

                                                            Kunterbunt

                                                            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 45

                                                            Building constructionpositive cash contribution

                                                            Specialist foundation engineeringpre-financing need

                                                            Financials Working capital needs ndash Comparison with building construction

                                                            EUR

                                                            12 24 months

                                                            Positive cash contribution

                                                            Negative cash contribution

                                                            Con

                                                            trac

                                                            t val

                                                            ue

                                                            EUR

                                                            Negative cash contribution

                                                            12 24 months

                                                            Con

                                                            trac

                                                            t val

                                                            ue

                                                            Construction contracts with short duration need

                                                            No advance payments no front-loading of prices possible approx 2 - 3 months of pre-financing

                                                            Negative cash contribution during construction phase

                                                            Construction contracts with long durations

                                                            Advance payments front-loading of prices

                                                            Positive cash contribution during construction phase

                                                            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 46

                                                            BAUER shareFacts amp Figures

                                                            Listed on Frankfurt stock exchange (Prime Standard) since July 4 2006

                                                            Share capital EUR 7300142045

                                                            Shares issued 17131000

                                                            Issue price EUR 1675

                                                            Share performance (012019 ndash 032020)

                                                            Bauer familyFree float

                                                            5181

                                                            Shareholder structure

                                                            4819

                                                            in EUR 2015 2016 2017 2018 2019

                                                            Earnings per share 173 066 016 132 -217

                                                            Share price year end 1740 1140 3000 1216 1510

                                                            Share price highest 1920 1716 3096 3125 2430

                                                            Share price lowest 1385 945 1172 1208 1262

                                                            Market Cap(in EUR million) 2981 1953 5139 2083 2587

                                                            CDAXClassic All SharePrime All Share

                                                            ISIN DE0005168108Reuters B5AGDEBloomberg B5A GR

                                                            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                                            050

                                                            100 100

                                                            060 060050

                                                            030

                                                            001

                                                            015 015010 010 010

                                                            001000

                                                            030

                                                            060

                                                            090

                                                            120

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

                                                            47

                                                            BAUER shareDividend policy

                                                            Dividend payment Dividend policy founded on a reasonable balance between shareholders and company

                                                            fair participation of shareholders maintaining continuity safeguarding of the equity ratio

                                                            All shareholders shall participate in the success of the business

                                                            After some difficult years we must continue to strike a careful balance between continuity and shareholder participation on the one hand and safeguarding our equity ratio on the other

                                                            To secure an adequate equity ratio is an important aim of the companyrsquos 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

                                                            in EUR per share

                                                            000

                                                            Proposed subject to the consent of the Annual General Meeting to be held on June 25 2020

                                                            000

                                                            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 48

                                                            Key Figures Time LineFY 2008 ndash FY 2019

                                                            In all three segments total Group revenues and EBIT figures of FY 2015 were influenced by exceptional earnings

                                                            Total Group revenues 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(in EUR million)BAUER Group 15272 12758 13040 13718 14358 15042 15602 16564 15547 4482 4541 4766 3931 17720 3708 4215 4435 4503 16861 4109 4207 4078 3553 15947

                                                            Construction 7009 5700 6154 6066 6552 7417 7256 7429 7131 2110 2205 2269 1766 8350 1508 1762 2100 2306 7676 1702 1722 1726 1538 6688Equipment 7801 6085 5817 6365 5891 6286 6392 7531 6344 1867 1853 1966 1859 7545 1808 1936 1802 1685 7231 1859 1950 1781 1547 7137Resources 1351 1743 1777 2115 2628 1889 2528 2216 2624 630 647 651 554 2482 517 676 699 723 2615 692 695 662 700 2749

                                                            Sales revenues 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(in EUR million)BAUER Group 12908 10965 11317 12196 13444 14022 13757 13790 13969 3789 4512 4354 4022 16679 3184 3987 4051 4669 15891 3419 4035 3622 3633 14709

                                                            Construction 5843 4879 5058 5062 5791 6575 6466 6508 6145 1966 2064 2145 1663 7838 1432 1642 2021 2168 7263 1616 1628 1605 1408 6257Equipment 6012 4565 4693 5114 5206 5616 5327 5480 5427 1266 1857 1685 1801 6609 1287 1736 1440 1938 6401 1253 1797 1417 1635 6102Resources 1051 1520 1564 2015 2443 1826 1959 1793 2382 553 577 532 553 2215 462 605 587 559 2213 548 607 597 583 2335

                                                            EBIT 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(in EUR million)BAUER Group 1675 844 884 823 720 301 764 907 703 85 302 277 232 896 110 231 227 433 1001 104 248 133 -260 225

                                                            Construction 463 257 288 179 220 212 260 139 297 09 124 81 -18 196 27 21 80 263 391 00 42 -34 -207 -199Equipment 1183 513 483 530 340 322 360 994 384 80 160 249 317 806 142 222 158 227 749 83 230 202 97 612Resources 40 60 81 109 152 -240 159 -198 -37 -01 09 -53 -55 -100 -57 -10 -12 -32 -110 27 -22 -30 -137 -162

                                                            EBIT margin 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(in )BAUER Group 130 77 78 67 54 21 56 66 50 22 67 64 58 54 35 58 56 93 63 30 61 37 -72 15

                                                            Construction 79 53 57 35 38 32 40 21 48 05 60 38 -11 25 19 13 39 121 54 00 26 -21 -147 -32Equipment 197 112 103 104 65 57 68 181 71 64 86 148 176 122 110 128 110 117 117 66 128 143 60 100Resources 38 39 52 54 62 -131 81 -110 -16 -02 15 -100 -99 -45 -123 -16 -20 -57 -50 49 -37 -49 -235 -69

                                                            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

                                                            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

                                                            • Foliennummer 1
                                                            • Foliennummer 2
                                                            • Key FiguresFY 2019
                                                            • Table of Content
                                                            • Foliennummer 5
                                                            • Foliennummer 6
                                                            • Foliennummer 7
                                                            • Foliennummer 8
                                                            • BAUER Group Construction market environment vs order backlog
                                                            • Foliennummer 10
                                                            • Foliennummer 11
                                                            • Table of Content
                                                            • Foliennummer 13
                                                            • Foliennummer 14
                                                            • Foliennummer 15
                                                            • Foliennummer 16
                                                            • Foliennummer 17
                                                            • Foliennummer 18
                                                            • Foliennummer 19
                                                            • Foliennummer 20
                                                            • Foliennummer 21
                                                            • Foliennummer 22
                                                            • FinancialsIncome statement 12M 2019
                                                            • Financials Balance sheet December 31 2019
                                                            • FinancialsCash flow statement 12M 2019
                                                            • Foliennummer 26
                                                            • Foliennummer 27
                                                            • Table of Content
                                                            • BAUER GroupThe history ndash Two centuries of experience
                                                            • Foliennummer 30
                                                            • BAUER GroupThe three segments
                                                            • Foliennummer 32
                                                            • Foliennummer 33
                                                            • What is specialist foundationBuilding an excavation pit
                                                            • What is specialist foundation used forApplications
                                                            • ConstructionMunich Germany ndash Foundation works for a boarding house
                                                            • Foliennummer 37
                                                            • EquipmentWhole range of products for special foundation engineering
                                                            • EquipmentProduct range Deep Drilling
                                                            • Foliennummer 40
                                                            • ResourcesPool of competences from a single hand
                                                            • ResourcesWater ndash Process Water amp Water Distribution Management
                                                            • ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
                                                            • Market environment ndash Germany German construction market
                                                            • Financials Working capital needs ndash Comparison with building construction
                                                            • BAUER shareFacts amp Figures
                                                            • BAUER shareDividend policy
                                                            • Foliennummer 48
                                                            • Disclaimer
                                                              Zweistelliges Auftragsplus am Bau in Bayern
                                                              Absolute WerteVeraumlnderungen in
                                                              August 20062004BayernWestdeutschlandOstdeutschland
                                                              BayernWest-Ost-200420040200420040200420040
                                                              LaumlnderLaumlnder199420030199420030199420030
                                                              Beschaumlftigte in 1000126152831887-52-5200-432-60-5200-539-7200
                                                              Baugenehmigungen Mio msup3 umb Raum6532572423-108-10800-252-8400-68-10300
                                                              Umsatz in Mrd EUR139570173-249-5800-277-4500-399-7600
                                                              Hochbau9637192-265-5600-301-4400-507-7400
                                                              Tiefbau4319981-217-6200-222-4500-207-7900
                                                              09033799-393-10000-452-5600-580-6000
                                                              in Mrd EUR
                                                              Wohnungsbau236511-480-7100-561-6400-771-20700
                                                              Wirtschaftsbau3314040-347-10500-457-5900-603-9400
                                                              Oumlffentlicher Bau3313148-352-11500-346-4900-3821800
                                                              darunter
                                                              Oumlffentl Hochbau092509-324-8500-480-0100-5616900
                                                              Straszligenbau125821-128-11200-146-5100-1604200
                                                              Sonstiger Tiefbau124818-502-13700-425-7100-467-3400
                                                              19712561362168-243-95248-173-23210-21146
                                                              1) Bei Baugenehmigungen liegen erst die Oktoberwerte vor
                                                              1) Bei Baugenehmigungen liegen erst die Februarwerte vor
                                                              2) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten
                                                              in EUR billionin
                                                              Dezember 2019Germany20052005Jan - Aug20182019
                                                              201919942004060520172018
                                                              Employees (in 1000)4867-47-60-104949
                                                              Revenues922-305-647310882
                                                              Building construction508-318-611009577
                                                              Foundation engineering414-280-711212588
                                                              Orders received861-3743110610082
                                                              in EUR billion
                                                              Housebuilding196-489-181211297
                                                              Industrial building363-3036818113289
                                                              Public sector302-33132995965
                                                              of which
                                                              public buildings55-23812729025109
                                                              road building142-138-12478839
                                                              underground structures105-49515223880
                                                              1256168-243-95-173-23
                                                              1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
                                                              ) only companies gt 20 employees
                                                              Zweistelliges Auftragsplus am Bau in Bayern
                                                              Absolute WerteVeraumlnderungen in
                                                              August 20062005BayernWestdeutschlandOstdeutschland
                                                              BayernWest-Ost-20052005Jan - Aug20052005Jan - Aug20052005Jan - Aug
                                                              LaumlnderLaumlnder199420040605199420040605199420040605
                                                              Beschaumlftigte in 1000126152831887-470-60-10-465-60-58-38-578-85-51
                                                              Baugenehmigungen Mio msup3 umb Raum6532572423-395-101249-417-41171-680-157259
                                                              Umsatz in Mrd EUR139570173-305-6473-312-4835-452-8813
                                                              Hochbau9637192-318-61100-336-5048-565-11835
                                                              Tiefbau4319981-280-7112-255-4311-247-51-14
                                                              Auftragseingang9033799-37431106-4470984-609-7043
                                                              in Mrd EUR
                                                              Wohnungsbau236511-489-1812-586-5888-805-14841
                                                              Wirtschaftsbau3314040-30368181-43345104-625-56121
                                                              Oumlffentlicher Bau3313148-3313299-3400972-420-62-18
                                                              darunter
                                                              Oumlffentl Hochbau092509-238127290-500-38142-602-93-51
                                                              Straszligenbau125821-138-1247-965978-211-8582
                                                              Sonstiger Tiefbau124818-4951522-439-2430-477-18-124
                                                              19712561362168-243-95248-173-23210-21146
                                                              1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
                                                              ) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

                                                              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 31

                                                              BAUER GroupThe three segments

                                                              31copy BAUER AG D-86529 Schrobenhausen

                                                              Target ~ 40 of total Group revenues

                                                              Market leader in specialist foundation equipment

                                                              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

                                                              Target ~ 20 of total Group revenues Activities in

                                                              environmental technology deep drilling well construction materials

                                                              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 32

                                                              BAUER GroupChallenges of the world provide chances for the company

                                                              The megatrend of urbanization requires construction solutions for the city of the future

                                                              To deal with the scarcity of drinking water purification and supply technologies are needed

                                                              The increasing mobility in society demands new and renewed transport routes

                                                              Changing social values are fundamentally revolutionizing the business world

                                                              UrbanizationInfrastructure Water

                                                              CultureA change in energy supply can only be realized through comprehensive construction works

                                                              The remediation of contaminated soil is the key to sustainable utilization of resources

                                                              Energy transitionEnvironment

                                                              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                                              ConstructionKey factsConstruction

                                                              Leading global provider for specialist foundation engineering

                                                              services

                                                              33

                                                              Total Group revenues (incl JV) Order backlog EBIT

                                                              ~ 40 of total Group revenues EBIT margin 4 - 6

                                                              (2018 54 2019 na)

                                                              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 5050 infrastructureindustrial split

                                                              Figures are somewhat cyclical between the quarters ndash focus on the entire year

                                                              Market environment Growing construction markets worldwide

                                                              Special foundation engineering is growing stronger than construction markets

                                                              Huge pent-up demand in developed countries and in emerging markets

                                                              Competition Keller Trevi Soletanche Bachy

                                                              (worldwide)

                                                              Local competitors in each country

                                                              Current focus topics Improving project and risk management especially for major projects

                                                              Leading in digitalization solutions for our market

                                                              Key figures

                                                              Key targets

                                                              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 34

                                                              What is specialist foundationBuilding an excavation pit

                                                              Permeation Grouting

                                                              Mixed-In-Place Method

                                                              Injection Anchor

                                                              Diaphragm andCut-off Wall

                                                              Pile Foundation

                                                              Piling Retaining Wall

                                                              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 35

                                                              What is specialist foundation used forApplications

                                                              Foundationsfor the highest buildings in the world

                                                              Excavation Pits for every problem and requirement

                                                              Ground Improvementallows projects on weak ground

                                                              Cut-off Walls as solution for dams and dikes

                                                              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 36

                                                              ConstructionMunich Germany ndash Foundation works for a boarding house

                                                              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                                              EquipmentKey facts

                                                              Market leader in specialistfoundation equipment

                                                              Equipment

                                                              37

                                                              Sales revenues (excl JV) Order intake EBIT

                                                              ~ 40 of total Group revenues EBIT margin 10 - 12

                                                              (2018 117 2019 100)

                                                              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 JV with Schlumberger for the production of deep drilling rigs (oil amp gas)

                                                              Market environment Growing construction markets worldwide lead to positive equipment demand

                                                              Strong position due to efforts regarding quality efficiency and noise reduction

                                                              Growth potential with specialized machines for mining water and offshore drilling

                                                              Competition Trevi Liebherr Chinese manufactures

                                                              (eg Sany XCMG)

                                                              Further competition regarding special product types

                                                              Current focus topics Focus on value analysis methods and purchase organization

                                                              Optimizing and increasing after-sales services

                                                              Key figures

                                                              Key targets

                                                              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 38

                                                              EquipmentWhole range of products for special foundation engineering

                                                              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 39

                                                              EquipmentProduct range Deep Drilling

                                                              Joint Ventureof Bauer amp Schlumberger

                                                              In order to meet the upcoming market challenges out-of-the-box thinking

                                                              is necessary and therefore integrated drilling and rig solutions are of

                                                              growing importance

                                                              Based on more than 40 years of experience in engineering and

                                                              manufacturing of drilling rigs NeoRig develops and manufactures

                                                              modern drilling solutions which set new standards of safety efficiency

                                                              productivity and ease of service in the deep drilling business

                                                              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                                              ResourcesKey factsResources

                                                              40

                                                              Products amp services for environmental technology mining well construction

                                                              and water cleaning

                                                              Total Group revenues (incl JV) Order backlog EBIT

                                                              ~ 20 of total Group revenues EBIT margin 6 - 8

                                                              (2018 na 2019 na)

                                                              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 amp Middle East

                                                              Market environment Huge demand for environmental and water solutions

                                                              Outstanding market position with ground-breaking projects in the field of cleaning drinking and process water eg the biological water treatment plant in Oman

                                                              Competition Fragmented competition for each single product and service area

                                                              Current focus topics Improvement of loss-making Jordan subsidiary which is caused by overcapacities

                                                              Consistent proceeding of reorganization in the water related companies

                                                              Focus on new projects for the profitable environment business

                                                              Key figures

                                                              Key targets

                                                              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 41

                                                              ResourcesPool of competences from a single hand

                                                              Industrial Waste Water Process amp Produced Water NORM Constructed Wetlands Modelling amp Well Design Construction Material for Wells

                                                              and Geothermal Water Distribution Management Irrigation Systems

                                                              Remediation Landfill Restoration Decommissioning Demolition Hazardous Waste Management Soil Treatment and Waste

                                                              Management

                                                              Exploration Drilling Deep Geothermal Drilling Well Drilling Blast Hole Drilling

                                                              EnvironmentWater Natural Resources

                                                              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 42

                                                              ResourcesWater ndash Process Water amp Water Distribution Management

                                                              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 43

                                                              ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman

                                                              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 44

                                                              Market environment ndash GermanyGerman construction market

                                                              Source Federal Statistical Office Statistical Office Bavaria

                                                              in EUR billion

                                                              Germany2019

                                                              Employees (in 1000)

                                                              Revenues 922Building construction 508Foundation engineering 414

                                                              Orders received in EUR billion

                                                              Housebuilding 196Industrial building 363Public sectorof which

                                                              public buildings 55road building 142underground structures 105

                                                              ) only companies gt 20 employees

                                                              49

                                                              108

                                                              95

                                                              39

                                                              109

                                                              65

                                                              80

                                                              88

                                                              38

                                                              49

                                                              82

                                                              77

                                                              112

                                                              132

                                                              25

                                                              Dezember 2019 2018 20192017 2018

                                                              in

                                                              89

                                                              97

                                                              302

                                                              861

                                                              4867

                                                              88

                                                              100 82

                                                              59

                                                              125

                                                              Weiszlig

                                                              Bunt

                                                              Kunterbunt

                                                              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 45

                                                              Building constructionpositive cash contribution

                                                              Specialist foundation engineeringpre-financing need

                                                              Financials Working capital needs ndash Comparison with building construction

                                                              EUR

                                                              12 24 months

                                                              Positive cash contribution

                                                              Negative cash contribution

                                                              Con

                                                              trac

                                                              t val

                                                              ue

                                                              EUR

                                                              Negative cash contribution

                                                              12 24 months

                                                              Con

                                                              trac

                                                              t val

                                                              ue

                                                              Construction contracts with short duration need

                                                              No advance payments no front-loading of prices possible approx 2 - 3 months of pre-financing

                                                              Negative cash contribution during construction phase

                                                              Construction contracts with long durations

                                                              Advance payments front-loading of prices

                                                              Positive cash contribution during construction phase

                                                              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 46

                                                              BAUER shareFacts amp Figures

                                                              Listed on Frankfurt stock exchange (Prime Standard) since July 4 2006

                                                              Share capital EUR 7300142045

                                                              Shares issued 17131000

                                                              Issue price EUR 1675

                                                              Share performance (012019 ndash 032020)

                                                              Bauer familyFree float

                                                              5181

                                                              Shareholder structure

                                                              4819

                                                              in EUR 2015 2016 2017 2018 2019

                                                              Earnings per share 173 066 016 132 -217

                                                              Share price year end 1740 1140 3000 1216 1510

                                                              Share price highest 1920 1716 3096 3125 2430

                                                              Share price lowest 1385 945 1172 1208 1262

                                                              Market Cap(in EUR million) 2981 1953 5139 2083 2587

                                                              CDAXClassic All SharePrime All Share

                                                              ISIN DE0005168108Reuters B5AGDEBloomberg B5A GR

                                                              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                                              050

                                                              100 100

                                                              060 060050

                                                              030

                                                              001

                                                              015 015010 010 010

                                                              001000

                                                              030

                                                              060

                                                              090

                                                              120

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

                                                              47

                                                              BAUER shareDividend policy

                                                              Dividend payment Dividend policy founded on a reasonable balance between shareholders and company

                                                              fair participation of shareholders maintaining continuity safeguarding of the equity ratio

                                                              All shareholders shall participate in the success of the business

                                                              After some difficult years we must continue to strike a careful balance between continuity and shareholder participation on the one hand and safeguarding our equity ratio on the other

                                                              To secure an adequate equity ratio is an important aim of the companyrsquos 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

                                                              in EUR per share

                                                              000

                                                              Proposed subject to the consent of the Annual General Meeting to be held on June 25 2020

                                                              000

                                                              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 48

                                                              Key Figures Time LineFY 2008 ndash FY 2019

                                                              In all three segments total Group revenues and EBIT figures of FY 2015 were influenced by exceptional earnings

                                                              Total Group revenues 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(in EUR million)BAUER Group 15272 12758 13040 13718 14358 15042 15602 16564 15547 4482 4541 4766 3931 17720 3708 4215 4435 4503 16861 4109 4207 4078 3553 15947

                                                              Construction 7009 5700 6154 6066 6552 7417 7256 7429 7131 2110 2205 2269 1766 8350 1508 1762 2100 2306 7676 1702 1722 1726 1538 6688Equipment 7801 6085 5817 6365 5891 6286 6392 7531 6344 1867 1853 1966 1859 7545 1808 1936 1802 1685 7231 1859 1950 1781 1547 7137Resources 1351 1743 1777 2115 2628 1889 2528 2216 2624 630 647 651 554 2482 517 676 699 723 2615 692 695 662 700 2749

                                                              Sales revenues 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(in EUR million)BAUER Group 12908 10965 11317 12196 13444 14022 13757 13790 13969 3789 4512 4354 4022 16679 3184 3987 4051 4669 15891 3419 4035 3622 3633 14709

                                                              Construction 5843 4879 5058 5062 5791 6575 6466 6508 6145 1966 2064 2145 1663 7838 1432 1642 2021 2168 7263 1616 1628 1605 1408 6257Equipment 6012 4565 4693 5114 5206 5616 5327 5480 5427 1266 1857 1685 1801 6609 1287 1736 1440 1938 6401 1253 1797 1417 1635 6102Resources 1051 1520 1564 2015 2443 1826 1959 1793 2382 553 577 532 553 2215 462 605 587 559 2213 548 607 597 583 2335

                                                              EBIT 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(in EUR million)BAUER Group 1675 844 884 823 720 301 764 907 703 85 302 277 232 896 110 231 227 433 1001 104 248 133 -260 225

                                                              Construction 463 257 288 179 220 212 260 139 297 09 124 81 -18 196 27 21 80 263 391 00 42 -34 -207 -199Equipment 1183 513 483 530 340 322 360 994 384 80 160 249 317 806 142 222 158 227 749 83 230 202 97 612Resources 40 60 81 109 152 -240 159 -198 -37 -01 09 -53 -55 -100 -57 -10 -12 -32 -110 27 -22 -30 -137 -162

                                                              EBIT margin 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(in )BAUER Group 130 77 78 67 54 21 56 66 50 22 67 64 58 54 35 58 56 93 63 30 61 37 -72 15

                                                              Construction 79 53 57 35 38 32 40 21 48 05 60 38 -11 25 19 13 39 121 54 00 26 -21 -147 -32Equipment 197 112 103 104 65 57 68 181 71 64 86 148 176 122 110 128 110 117 117 66 128 143 60 100Resources 38 39 52 54 62 -131 81 -110 -16 -02 15 -100 -99 -45 -123 -16 -20 -57 -50 49 -37 -49 -235 -69

                                                              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

                                                              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

                                                              • Foliennummer 1
                                                              • Foliennummer 2
                                                              • Key FiguresFY 2019
                                                              • Table of Content
                                                              • Foliennummer 5
                                                              • Foliennummer 6
                                                              • Foliennummer 7
                                                              • Foliennummer 8
                                                              • BAUER Group Construction market environment vs order backlog
                                                              • Foliennummer 10
                                                              • Foliennummer 11
                                                              • Table of Content
                                                              • Foliennummer 13
                                                              • Foliennummer 14
                                                              • Foliennummer 15
                                                              • Foliennummer 16
                                                              • Foliennummer 17
                                                              • Foliennummer 18
                                                              • Foliennummer 19
                                                              • Foliennummer 20
                                                              • Foliennummer 21
                                                              • Foliennummer 22
                                                              • FinancialsIncome statement 12M 2019
                                                              • Financials Balance sheet December 31 2019
                                                              • FinancialsCash flow statement 12M 2019
                                                              • Foliennummer 26
                                                              • Foliennummer 27
                                                              • Table of Content
                                                              • BAUER GroupThe history ndash Two centuries of experience
                                                              • Foliennummer 30
                                                              • BAUER GroupThe three segments
                                                              • Foliennummer 32
                                                              • Foliennummer 33
                                                              • What is specialist foundationBuilding an excavation pit
                                                              • What is specialist foundation used forApplications
                                                              • ConstructionMunich Germany ndash Foundation works for a boarding house
                                                              • Foliennummer 37
                                                              • EquipmentWhole range of products for special foundation engineering
                                                              • EquipmentProduct range Deep Drilling
                                                              • Foliennummer 40
                                                              • ResourcesPool of competences from a single hand
                                                              • ResourcesWater ndash Process Water amp Water Distribution Management
                                                              • ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
                                                              • Market environment ndash Germany German construction market
                                                              • Financials Working capital needs ndash Comparison with building construction
                                                              • BAUER shareFacts amp Figures
                                                              • BAUER shareDividend policy
                                                              • Foliennummer 48
                                                              • Disclaimer
                                                                Zweistelliges Auftragsplus am Bau in Bayern
                                                                Absolute WerteVeraumlnderungen in
                                                                August 20062004BayernWestdeutschlandOstdeutschland
                                                                BayernWest-Ost-200420040200420040200420040
                                                                LaumlnderLaumlnder199420030199420030199420030
                                                                Beschaumlftigte in 1000126152831887-52-5200-432-60-5200-539-7200
                                                                Baugenehmigungen Mio msup3 umb Raum6532572423-108-10800-252-8400-68-10300
                                                                Umsatz in Mrd EUR139570173-249-5800-277-4500-399-7600
                                                                Hochbau9637192-265-5600-301-4400-507-7400
                                                                Tiefbau4319981-217-6200-222-4500-207-7900
                                                                09033799-393-10000-452-5600-580-6000
                                                                in Mrd EUR
                                                                Wohnungsbau236511-480-7100-561-6400-771-20700
                                                                Wirtschaftsbau3314040-347-10500-457-5900-603-9400
                                                                Oumlffentlicher Bau3313148-352-11500-346-4900-3821800
                                                                darunter
                                                                Oumlffentl Hochbau092509-324-8500-480-0100-5616900
                                                                Straszligenbau125821-128-11200-146-5100-1604200
                                                                Sonstiger Tiefbau124818-502-13700-425-7100-467-3400
                                                                19712561362168-243-95248-173-23210-21146
                                                                1) Bei Baugenehmigungen liegen erst die Oktoberwerte vor
                                                                1) Bei Baugenehmigungen liegen erst die Februarwerte vor
                                                                2) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten
                                                                in EUR billionin
                                                                Dezember 2019Germany20052005Jan - Aug20182019
                                                                201919942004060520172018
                                                                Employees (in 1000)4867-47-60-104949
                                                                Revenues922-305-647310882
                                                                Building construction508-318-611009577
                                                                Foundation engineering414-280-711212588
                                                                Orders received861-3743110610082
                                                                in EUR billion
                                                                Housebuilding196-489-181211297
                                                                Industrial building363-3036818113289
                                                                Public sector302-33132995965
                                                                of which
                                                                public buildings55-23812729025109
                                                                road building142-138-12478839
                                                                underground structures105-49515223880
                                                                1256168-243-95-173-23
                                                                1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
                                                                ) only companies gt 20 employees
                                                                Zweistelliges Auftragsplus am Bau in Bayern
                                                                Absolute WerteVeraumlnderungen in
                                                                August 20062005BayernWestdeutschlandOstdeutschland
                                                                BayernWest-Ost-20052005Jan - Aug20052005Jan - Aug20052005Jan - Aug
                                                                LaumlnderLaumlnder199420040605199420040605199420040605
                                                                Beschaumlftigte in 1000126152831887-470-60-10-465-60-58-38-578-85-51
                                                                Baugenehmigungen Mio msup3 umb Raum6532572423-395-101249-417-41171-680-157259
                                                                Umsatz in Mrd EUR139570173-305-6473-312-4835-452-8813
                                                                Hochbau9637192-318-61100-336-5048-565-11835
                                                                Tiefbau4319981-280-7112-255-4311-247-51-14
                                                                Auftragseingang9033799-37431106-4470984-609-7043
                                                                in Mrd EUR
                                                                Wohnungsbau236511-489-1812-586-5888-805-14841
                                                                Wirtschaftsbau3314040-30368181-43345104-625-56121
                                                                Oumlffentlicher Bau3313148-3313299-3400972-420-62-18
                                                                darunter
                                                                Oumlffentl Hochbau092509-238127290-500-38142-602-93-51
                                                                Straszligenbau125821-138-1247-965978-211-8582
                                                                Sonstiger Tiefbau124818-4951522-439-2430-477-18-124
                                                                19712561362168-243-95248-173-23210-21146
                                                                1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
                                                                ) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

                                                                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 32

                                                                BAUER GroupChallenges of the world provide chances for the company

                                                                The megatrend of urbanization requires construction solutions for the city of the future

                                                                To deal with the scarcity of drinking water purification and supply technologies are needed

                                                                The increasing mobility in society demands new and renewed transport routes

                                                                Changing social values are fundamentally revolutionizing the business world

                                                                UrbanizationInfrastructure Water

                                                                CultureA change in energy supply can only be realized through comprehensive construction works

                                                                The remediation of contaminated soil is the key to sustainable utilization of resources

                                                                Energy transitionEnvironment

                                                                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                                                ConstructionKey factsConstruction

                                                                Leading global provider for specialist foundation engineering

                                                                services

                                                                33

                                                                Total Group revenues (incl JV) Order backlog EBIT

                                                                ~ 40 of total Group revenues EBIT margin 4 - 6

                                                                (2018 54 2019 na)

                                                                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 5050 infrastructureindustrial split

                                                                Figures are somewhat cyclical between the quarters ndash focus on the entire year

                                                                Market environment Growing construction markets worldwide

                                                                Special foundation engineering is growing stronger than construction markets

                                                                Huge pent-up demand in developed countries and in emerging markets

                                                                Competition Keller Trevi Soletanche Bachy

                                                                (worldwide)

                                                                Local competitors in each country

                                                                Current focus topics Improving project and risk management especially for major projects

                                                                Leading in digitalization solutions for our market

                                                                Key figures

                                                                Key targets

                                                                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 34

                                                                What is specialist foundationBuilding an excavation pit

                                                                Permeation Grouting

                                                                Mixed-In-Place Method

                                                                Injection Anchor

                                                                Diaphragm andCut-off Wall

                                                                Pile Foundation

                                                                Piling Retaining Wall

                                                                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 35

                                                                What is specialist foundation used forApplications

                                                                Foundationsfor the highest buildings in the world

                                                                Excavation Pits for every problem and requirement

                                                                Ground Improvementallows projects on weak ground

                                                                Cut-off Walls as solution for dams and dikes

                                                                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 36

                                                                ConstructionMunich Germany ndash Foundation works for a boarding house

                                                                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                                                EquipmentKey facts

                                                                Market leader in specialistfoundation equipment

                                                                Equipment

                                                                37

                                                                Sales revenues (excl JV) Order intake EBIT

                                                                ~ 40 of total Group revenues EBIT margin 10 - 12

                                                                (2018 117 2019 100)

                                                                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 JV with Schlumberger for the production of deep drilling rigs (oil amp gas)

                                                                Market environment Growing construction markets worldwide lead to positive equipment demand

                                                                Strong position due to efforts regarding quality efficiency and noise reduction

                                                                Growth potential with specialized machines for mining water and offshore drilling

                                                                Competition Trevi Liebherr Chinese manufactures

                                                                (eg Sany XCMG)

                                                                Further competition regarding special product types

                                                                Current focus topics Focus on value analysis methods and purchase organization

                                                                Optimizing and increasing after-sales services

                                                                Key figures

                                                                Key targets

                                                                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 38

                                                                EquipmentWhole range of products for special foundation engineering

                                                                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 39

                                                                EquipmentProduct range Deep Drilling

                                                                Joint Ventureof Bauer amp Schlumberger

                                                                In order to meet the upcoming market challenges out-of-the-box thinking

                                                                is necessary and therefore integrated drilling and rig solutions are of

                                                                growing importance

                                                                Based on more than 40 years of experience in engineering and

                                                                manufacturing of drilling rigs NeoRig develops and manufactures

                                                                modern drilling solutions which set new standards of safety efficiency

                                                                productivity and ease of service in the deep drilling business

                                                                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                                                ResourcesKey factsResources

                                                                40

                                                                Products amp services for environmental technology mining well construction

                                                                and water cleaning

                                                                Total Group revenues (incl JV) Order backlog EBIT

                                                                ~ 20 of total Group revenues EBIT margin 6 - 8

                                                                (2018 na 2019 na)

                                                                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 amp Middle East

                                                                Market environment Huge demand for environmental and water solutions

                                                                Outstanding market position with ground-breaking projects in the field of cleaning drinking and process water eg the biological water treatment plant in Oman

                                                                Competition Fragmented competition for each single product and service area

                                                                Current focus topics Improvement of loss-making Jordan subsidiary which is caused by overcapacities

                                                                Consistent proceeding of reorganization in the water related companies

                                                                Focus on new projects for the profitable environment business

                                                                Key figures

                                                                Key targets

                                                                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 41

                                                                ResourcesPool of competences from a single hand

                                                                Industrial Waste Water Process amp Produced Water NORM Constructed Wetlands Modelling amp Well Design Construction Material for Wells

                                                                and Geothermal Water Distribution Management Irrigation Systems

                                                                Remediation Landfill Restoration Decommissioning Demolition Hazardous Waste Management Soil Treatment and Waste

                                                                Management

                                                                Exploration Drilling Deep Geothermal Drilling Well Drilling Blast Hole Drilling

                                                                EnvironmentWater Natural Resources

                                                                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 42

                                                                ResourcesWater ndash Process Water amp Water Distribution Management

                                                                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 43

                                                                ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman

                                                                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 44

                                                                Market environment ndash GermanyGerman construction market

                                                                Source Federal Statistical Office Statistical Office Bavaria

                                                                in EUR billion

                                                                Germany2019

                                                                Employees (in 1000)

                                                                Revenues 922Building construction 508Foundation engineering 414

                                                                Orders received in EUR billion

                                                                Housebuilding 196Industrial building 363Public sectorof which

                                                                public buildings 55road building 142underground structures 105

                                                                ) only companies gt 20 employees

                                                                49

                                                                108

                                                                95

                                                                39

                                                                109

                                                                65

                                                                80

                                                                88

                                                                38

                                                                49

                                                                82

                                                                77

                                                                112

                                                                132

                                                                25

                                                                Dezember 2019 2018 20192017 2018

                                                                in

                                                                89

                                                                97

                                                                302

                                                                861

                                                                4867

                                                                88

                                                                100 82

                                                                59

                                                                125

                                                                Weiszlig

                                                                Bunt

                                                                Kunterbunt

                                                                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 45

                                                                Building constructionpositive cash contribution

                                                                Specialist foundation engineeringpre-financing need

                                                                Financials Working capital needs ndash Comparison with building construction

                                                                EUR

                                                                12 24 months

                                                                Positive cash contribution

                                                                Negative cash contribution

                                                                Con

                                                                trac

                                                                t val

                                                                ue

                                                                EUR

                                                                Negative cash contribution

                                                                12 24 months

                                                                Con

                                                                trac

                                                                t val

                                                                ue

                                                                Construction contracts with short duration need

                                                                No advance payments no front-loading of prices possible approx 2 - 3 months of pre-financing

                                                                Negative cash contribution during construction phase

                                                                Construction contracts with long durations

                                                                Advance payments front-loading of prices

                                                                Positive cash contribution during construction phase

                                                                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 46

                                                                BAUER shareFacts amp Figures

                                                                Listed on Frankfurt stock exchange (Prime Standard) since July 4 2006

                                                                Share capital EUR 7300142045

                                                                Shares issued 17131000

                                                                Issue price EUR 1675

                                                                Share performance (012019 ndash 032020)

                                                                Bauer familyFree float

                                                                5181

                                                                Shareholder structure

                                                                4819

                                                                in EUR 2015 2016 2017 2018 2019

                                                                Earnings per share 173 066 016 132 -217

                                                                Share price year end 1740 1140 3000 1216 1510

                                                                Share price highest 1920 1716 3096 3125 2430

                                                                Share price lowest 1385 945 1172 1208 1262

                                                                Market Cap(in EUR million) 2981 1953 5139 2083 2587

                                                                CDAXClassic All SharePrime All Share

                                                                ISIN DE0005168108Reuters B5AGDEBloomberg B5A GR

                                                                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                                                050

                                                                100 100

                                                                060 060050

                                                                030

                                                                001

                                                                015 015010 010 010

                                                                001000

                                                                030

                                                                060

                                                                090

                                                                120

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

                                                                47

                                                                BAUER shareDividend policy

                                                                Dividend payment Dividend policy founded on a reasonable balance between shareholders and company

                                                                fair participation of shareholders maintaining continuity safeguarding of the equity ratio

                                                                All shareholders shall participate in the success of the business

                                                                After some difficult years we must continue to strike a careful balance between continuity and shareholder participation on the one hand and safeguarding our equity ratio on the other

                                                                To secure an adequate equity ratio is an important aim of the companyrsquos 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

                                                                in EUR per share

                                                                000

                                                                Proposed subject to the consent of the Annual General Meeting to be held on June 25 2020

                                                                000

                                                                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 48

                                                                Key Figures Time LineFY 2008 ndash FY 2019

                                                                In all three segments total Group revenues and EBIT figures of FY 2015 were influenced by exceptional earnings

                                                                Total Group revenues 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(in EUR million)BAUER Group 15272 12758 13040 13718 14358 15042 15602 16564 15547 4482 4541 4766 3931 17720 3708 4215 4435 4503 16861 4109 4207 4078 3553 15947

                                                                Construction 7009 5700 6154 6066 6552 7417 7256 7429 7131 2110 2205 2269 1766 8350 1508 1762 2100 2306 7676 1702 1722 1726 1538 6688Equipment 7801 6085 5817 6365 5891 6286 6392 7531 6344 1867 1853 1966 1859 7545 1808 1936 1802 1685 7231 1859 1950 1781 1547 7137Resources 1351 1743 1777 2115 2628 1889 2528 2216 2624 630 647 651 554 2482 517 676 699 723 2615 692 695 662 700 2749

                                                                Sales revenues 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(in EUR million)BAUER Group 12908 10965 11317 12196 13444 14022 13757 13790 13969 3789 4512 4354 4022 16679 3184 3987 4051 4669 15891 3419 4035 3622 3633 14709

                                                                Construction 5843 4879 5058 5062 5791 6575 6466 6508 6145 1966 2064 2145 1663 7838 1432 1642 2021 2168 7263 1616 1628 1605 1408 6257Equipment 6012 4565 4693 5114 5206 5616 5327 5480 5427 1266 1857 1685 1801 6609 1287 1736 1440 1938 6401 1253 1797 1417 1635 6102Resources 1051 1520 1564 2015 2443 1826 1959 1793 2382 553 577 532 553 2215 462 605 587 559 2213 548 607 597 583 2335

                                                                EBIT 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(in EUR million)BAUER Group 1675 844 884 823 720 301 764 907 703 85 302 277 232 896 110 231 227 433 1001 104 248 133 -260 225

                                                                Construction 463 257 288 179 220 212 260 139 297 09 124 81 -18 196 27 21 80 263 391 00 42 -34 -207 -199Equipment 1183 513 483 530 340 322 360 994 384 80 160 249 317 806 142 222 158 227 749 83 230 202 97 612Resources 40 60 81 109 152 -240 159 -198 -37 -01 09 -53 -55 -100 -57 -10 -12 -32 -110 27 -22 -30 -137 -162

                                                                EBIT margin 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(in )BAUER Group 130 77 78 67 54 21 56 66 50 22 67 64 58 54 35 58 56 93 63 30 61 37 -72 15

                                                                Construction 79 53 57 35 38 32 40 21 48 05 60 38 -11 25 19 13 39 121 54 00 26 -21 -147 -32Equipment 197 112 103 104 65 57 68 181 71 64 86 148 176 122 110 128 110 117 117 66 128 143 60 100Resources 38 39 52 54 62 -131 81 -110 -16 -02 15 -100 -99 -45 -123 -16 -20 -57 -50 49 -37 -49 -235 -69

                                                                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

                                                                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

                                                                • Foliennummer 1
                                                                • Foliennummer 2
                                                                • Key FiguresFY 2019
                                                                • Table of Content
                                                                • Foliennummer 5
                                                                • Foliennummer 6
                                                                • Foliennummer 7
                                                                • Foliennummer 8
                                                                • BAUER Group Construction market environment vs order backlog
                                                                • Foliennummer 10
                                                                • Foliennummer 11
                                                                • Table of Content
                                                                • Foliennummer 13
                                                                • Foliennummer 14
                                                                • Foliennummer 15
                                                                • Foliennummer 16
                                                                • Foliennummer 17
                                                                • Foliennummer 18
                                                                • Foliennummer 19
                                                                • Foliennummer 20
                                                                • Foliennummer 21
                                                                • Foliennummer 22
                                                                • FinancialsIncome statement 12M 2019
                                                                • Financials Balance sheet December 31 2019
                                                                • FinancialsCash flow statement 12M 2019
                                                                • Foliennummer 26
                                                                • Foliennummer 27
                                                                • Table of Content
                                                                • BAUER GroupThe history ndash Two centuries of experience
                                                                • Foliennummer 30
                                                                • BAUER GroupThe three segments
                                                                • Foliennummer 32
                                                                • Foliennummer 33
                                                                • What is specialist foundationBuilding an excavation pit
                                                                • What is specialist foundation used forApplications
                                                                • ConstructionMunich Germany ndash Foundation works for a boarding house
                                                                • Foliennummer 37
                                                                • EquipmentWhole range of products for special foundation engineering
                                                                • EquipmentProduct range Deep Drilling
                                                                • Foliennummer 40
                                                                • ResourcesPool of competences from a single hand
                                                                • ResourcesWater ndash Process Water amp Water Distribution Management
                                                                • ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
                                                                • Market environment ndash Germany German construction market
                                                                • Financials Working capital needs ndash Comparison with building construction
                                                                • BAUER shareFacts amp Figures
                                                                • BAUER shareDividend policy
                                                                • Foliennummer 48
                                                                • Disclaimer
                                                                  Zweistelliges Auftragsplus am Bau in Bayern
                                                                  Absolute WerteVeraumlnderungen in
                                                                  August 20062004BayernWestdeutschlandOstdeutschland
                                                                  BayernWest-Ost-200420040200420040200420040
                                                                  LaumlnderLaumlnder199420030199420030199420030
                                                                  Beschaumlftigte in 1000126152831887-52-5200-432-60-5200-539-7200
                                                                  Baugenehmigungen Mio msup3 umb Raum6532572423-108-10800-252-8400-68-10300
                                                                  Umsatz in Mrd EUR139570173-249-5800-277-4500-399-7600
                                                                  Hochbau9637192-265-5600-301-4400-507-7400
                                                                  Tiefbau4319981-217-6200-222-4500-207-7900
                                                                  09033799-393-10000-452-5600-580-6000
                                                                  in Mrd EUR
                                                                  Wohnungsbau236511-480-7100-561-6400-771-20700
                                                                  Wirtschaftsbau3314040-347-10500-457-5900-603-9400
                                                                  Oumlffentlicher Bau3313148-352-11500-346-4900-3821800
                                                                  darunter
                                                                  Oumlffentl Hochbau092509-324-8500-480-0100-5616900
                                                                  Straszligenbau125821-128-11200-146-5100-1604200
                                                                  Sonstiger Tiefbau124818-502-13700-425-7100-467-3400
                                                                  19712561362168-243-95248-173-23210-21146
                                                                  1) Bei Baugenehmigungen liegen erst die Oktoberwerte vor
                                                                  1) Bei Baugenehmigungen liegen erst die Februarwerte vor
                                                                  2) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten
                                                                  in EUR billionin
                                                                  Dezember 2019Germany20052005Jan - Aug20182019
                                                                  201919942004060520172018
                                                                  Employees (in 1000)4867-47-60-104949
                                                                  Revenues922-305-647310882
                                                                  Building construction508-318-611009577
                                                                  Foundation engineering414-280-711212588
                                                                  Orders received861-3743110610082
                                                                  in EUR billion
                                                                  Housebuilding196-489-181211297
                                                                  Industrial building363-3036818113289
                                                                  Public sector302-33132995965
                                                                  of which
                                                                  public buildings55-23812729025109
                                                                  road building142-138-12478839
                                                                  underground structures105-49515223880
                                                                  1256168-243-95-173-23
                                                                  1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
                                                                  ) only companies gt 20 employees
                                                                  Zweistelliges Auftragsplus am Bau in Bayern
                                                                  Absolute WerteVeraumlnderungen in
                                                                  August 20062005BayernWestdeutschlandOstdeutschland
                                                                  BayernWest-Ost-20052005Jan - Aug20052005Jan - Aug20052005Jan - Aug
                                                                  LaumlnderLaumlnder199420040605199420040605199420040605
                                                                  Beschaumlftigte in 1000126152831887-470-60-10-465-60-58-38-578-85-51
                                                                  Baugenehmigungen Mio msup3 umb Raum6532572423-395-101249-417-41171-680-157259
                                                                  Umsatz in Mrd EUR139570173-305-6473-312-4835-452-8813
                                                                  Hochbau9637192-318-61100-336-5048-565-11835
                                                                  Tiefbau4319981-280-7112-255-4311-247-51-14
                                                                  Auftragseingang9033799-37431106-4470984-609-7043
                                                                  in Mrd EUR
                                                                  Wohnungsbau236511-489-1812-586-5888-805-14841
                                                                  Wirtschaftsbau3314040-30368181-43345104-625-56121
                                                                  Oumlffentlicher Bau3313148-3313299-3400972-420-62-18
                                                                  darunter
                                                                  Oumlffentl Hochbau092509-238127290-500-38142-602-93-51
                                                                  Straszligenbau125821-138-1247-965978-211-8582
                                                                  Sonstiger Tiefbau124818-4951522-439-2430-477-18-124
                                                                  19712561362168-243-95248-173-23210-21146
                                                                  1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
                                                                  ) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

                                                                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                                                  ConstructionKey factsConstruction

                                                                  Leading global provider for specialist foundation engineering

                                                                  services

                                                                  33

                                                                  Total Group revenues (incl JV) Order backlog EBIT

                                                                  ~ 40 of total Group revenues EBIT margin 4 - 6

                                                                  (2018 54 2019 na)

                                                                  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 5050 infrastructureindustrial split

                                                                  Figures are somewhat cyclical between the quarters ndash focus on the entire year

                                                                  Market environment Growing construction markets worldwide

                                                                  Special foundation engineering is growing stronger than construction markets

                                                                  Huge pent-up demand in developed countries and in emerging markets

                                                                  Competition Keller Trevi Soletanche Bachy

                                                                  (worldwide)

                                                                  Local competitors in each country

                                                                  Current focus topics Improving project and risk management especially for major projects

                                                                  Leading in digitalization solutions for our market

                                                                  Key figures

                                                                  Key targets

                                                                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 34

                                                                  What is specialist foundationBuilding an excavation pit

                                                                  Permeation Grouting

                                                                  Mixed-In-Place Method

                                                                  Injection Anchor

                                                                  Diaphragm andCut-off Wall

                                                                  Pile Foundation

                                                                  Piling Retaining Wall

                                                                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 35

                                                                  What is specialist foundation used forApplications

                                                                  Foundationsfor the highest buildings in the world

                                                                  Excavation Pits for every problem and requirement

                                                                  Ground Improvementallows projects on weak ground

                                                                  Cut-off Walls as solution for dams and dikes

                                                                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 36

                                                                  ConstructionMunich Germany ndash Foundation works for a boarding house

                                                                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                                                  EquipmentKey facts

                                                                  Market leader in specialistfoundation equipment

                                                                  Equipment

                                                                  37

                                                                  Sales revenues (excl JV) Order intake EBIT

                                                                  ~ 40 of total Group revenues EBIT margin 10 - 12

                                                                  (2018 117 2019 100)

                                                                  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 JV with Schlumberger for the production of deep drilling rigs (oil amp gas)

                                                                  Market environment Growing construction markets worldwide lead to positive equipment demand

                                                                  Strong position due to efforts regarding quality efficiency and noise reduction

                                                                  Growth potential with specialized machines for mining water and offshore drilling

                                                                  Competition Trevi Liebherr Chinese manufactures

                                                                  (eg Sany XCMG)

                                                                  Further competition regarding special product types

                                                                  Current focus topics Focus on value analysis methods and purchase organization

                                                                  Optimizing and increasing after-sales services

                                                                  Key figures

                                                                  Key targets

                                                                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 38

                                                                  EquipmentWhole range of products for special foundation engineering

                                                                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 39

                                                                  EquipmentProduct range Deep Drilling

                                                                  Joint Ventureof Bauer amp Schlumberger

                                                                  In order to meet the upcoming market challenges out-of-the-box thinking

                                                                  is necessary and therefore integrated drilling and rig solutions are of

                                                                  growing importance

                                                                  Based on more than 40 years of experience in engineering and

                                                                  manufacturing of drilling rigs NeoRig develops and manufactures

                                                                  modern drilling solutions which set new standards of safety efficiency

                                                                  productivity and ease of service in the deep drilling business

                                                                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                                                  ResourcesKey factsResources

                                                                  40

                                                                  Products amp services for environmental technology mining well construction

                                                                  and water cleaning

                                                                  Total Group revenues (incl JV) Order backlog EBIT

                                                                  ~ 20 of total Group revenues EBIT margin 6 - 8

                                                                  (2018 na 2019 na)

                                                                  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 amp Middle East

                                                                  Market environment Huge demand for environmental and water solutions

                                                                  Outstanding market position with ground-breaking projects in the field of cleaning drinking and process water eg the biological water treatment plant in Oman

                                                                  Competition Fragmented competition for each single product and service area

                                                                  Current focus topics Improvement of loss-making Jordan subsidiary which is caused by overcapacities

                                                                  Consistent proceeding of reorganization in the water related companies

                                                                  Focus on new projects for the profitable environment business

                                                                  Key figures

                                                                  Key targets

                                                                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 41

                                                                  ResourcesPool of competences from a single hand

                                                                  Industrial Waste Water Process amp Produced Water NORM Constructed Wetlands Modelling amp Well Design Construction Material for Wells

                                                                  and Geothermal Water Distribution Management Irrigation Systems

                                                                  Remediation Landfill Restoration Decommissioning Demolition Hazardous Waste Management Soil Treatment and Waste

                                                                  Management

                                                                  Exploration Drilling Deep Geothermal Drilling Well Drilling Blast Hole Drilling

                                                                  EnvironmentWater Natural Resources

                                                                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 42

                                                                  ResourcesWater ndash Process Water amp Water Distribution Management

                                                                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 43

                                                                  ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman

                                                                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 44

                                                                  Market environment ndash GermanyGerman construction market

                                                                  Source Federal Statistical Office Statistical Office Bavaria

                                                                  in EUR billion

                                                                  Germany2019

                                                                  Employees (in 1000)

                                                                  Revenues 922Building construction 508Foundation engineering 414

                                                                  Orders received in EUR billion

                                                                  Housebuilding 196Industrial building 363Public sectorof which

                                                                  public buildings 55road building 142underground structures 105

                                                                  ) only companies gt 20 employees

                                                                  49

                                                                  108

                                                                  95

                                                                  39

                                                                  109

                                                                  65

                                                                  80

                                                                  88

                                                                  38

                                                                  49

                                                                  82

                                                                  77

                                                                  112

                                                                  132

                                                                  25

                                                                  Dezember 2019 2018 20192017 2018

                                                                  in

                                                                  89

                                                                  97

                                                                  302

                                                                  861

                                                                  4867

                                                                  88

                                                                  100 82

                                                                  59

                                                                  125

                                                                  Weiszlig

                                                                  Bunt

                                                                  Kunterbunt

                                                                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 45

                                                                  Building constructionpositive cash contribution

                                                                  Specialist foundation engineeringpre-financing need

                                                                  Financials Working capital needs ndash Comparison with building construction

                                                                  EUR

                                                                  12 24 months

                                                                  Positive cash contribution

                                                                  Negative cash contribution

                                                                  Con

                                                                  trac

                                                                  t val

                                                                  ue

                                                                  EUR

                                                                  Negative cash contribution

                                                                  12 24 months

                                                                  Con

                                                                  trac

                                                                  t val

                                                                  ue

                                                                  Construction contracts with short duration need

                                                                  No advance payments no front-loading of prices possible approx 2 - 3 months of pre-financing

                                                                  Negative cash contribution during construction phase

                                                                  Construction contracts with long durations

                                                                  Advance payments front-loading of prices

                                                                  Positive cash contribution during construction phase

                                                                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 46

                                                                  BAUER shareFacts amp Figures

                                                                  Listed on Frankfurt stock exchange (Prime Standard) since July 4 2006

                                                                  Share capital EUR 7300142045

                                                                  Shares issued 17131000

                                                                  Issue price EUR 1675

                                                                  Share performance (012019 ndash 032020)

                                                                  Bauer familyFree float

                                                                  5181

                                                                  Shareholder structure

                                                                  4819

                                                                  in EUR 2015 2016 2017 2018 2019

                                                                  Earnings per share 173 066 016 132 -217

                                                                  Share price year end 1740 1140 3000 1216 1510

                                                                  Share price highest 1920 1716 3096 3125 2430

                                                                  Share price lowest 1385 945 1172 1208 1262

                                                                  Market Cap(in EUR million) 2981 1953 5139 2083 2587

                                                                  CDAXClassic All SharePrime All Share

                                                                  ISIN DE0005168108Reuters B5AGDEBloomberg B5A GR

                                                                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                                                  050

                                                                  100 100

                                                                  060 060050

                                                                  030

                                                                  001

                                                                  015 015010 010 010

                                                                  001000

                                                                  030

                                                                  060

                                                                  090

                                                                  120

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

                                                                  47

                                                                  BAUER shareDividend policy

                                                                  Dividend payment Dividend policy founded on a reasonable balance between shareholders and company

                                                                  fair participation of shareholders maintaining continuity safeguarding of the equity ratio

                                                                  All shareholders shall participate in the success of the business

                                                                  After some difficult years we must continue to strike a careful balance between continuity and shareholder participation on the one hand and safeguarding our equity ratio on the other

                                                                  To secure an adequate equity ratio is an important aim of the companyrsquos 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

                                                                  in EUR per share

                                                                  000

                                                                  Proposed subject to the consent of the Annual General Meeting to be held on June 25 2020

                                                                  000

                                                                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 48

                                                                  Key Figures Time LineFY 2008 ndash FY 2019

                                                                  In all three segments total Group revenues and EBIT figures of FY 2015 were influenced by exceptional earnings

                                                                  Total Group revenues 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(in EUR million)BAUER Group 15272 12758 13040 13718 14358 15042 15602 16564 15547 4482 4541 4766 3931 17720 3708 4215 4435 4503 16861 4109 4207 4078 3553 15947

                                                                  Construction 7009 5700 6154 6066 6552 7417 7256 7429 7131 2110 2205 2269 1766 8350 1508 1762 2100 2306 7676 1702 1722 1726 1538 6688Equipment 7801 6085 5817 6365 5891 6286 6392 7531 6344 1867 1853 1966 1859 7545 1808 1936 1802 1685 7231 1859 1950 1781 1547 7137Resources 1351 1743 1777 2115 2628 1889 2528 2216 2624 630 647 651 554 2482 517 676 699 723 2615 692 695 662 700 2749

                                                                  Sales revenues 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(in EUR million)BAUER Group 12908 10965 11317 12196 13444 14022 13757 13790 13969 3789 4512 4354 4022 16679 3184 3987 4051 4669 15891 3419 4035 3622 3633 14709

                                                                  Construction 5843 4879 5058 5062 5791 6575 6466 6508 6145 1966 2064 2145 1663 7838 1432 1642 2021 2168 7263 1616 1628 1605 1408 6257Equipment 6012 4565 4693 5114 5206 5616 5327 5480 5427 1266 1857 1685 1801 6609 1287 1736 1440 1938 6401 1253 1797 1417 1635 6102Resources 1051 1520 1564 2015 2443 1826 1959 1793 2382 553 577 532 553 2215 462 605 587 559 2213 548 607 597 583 2335

                                                                  EBIT 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(in EUR million)BAUER Group 1675 844 884 823 720 301 764 907 703 85 302 277 232 896 110 231 227 433 1001 104 248 133 -260 225

                                                                  Construction 463 257 288 179 220 212 260 139 297 09 124 81 -18 196 27 21 80 263 391 00 42 -34 -207 -199Equipment 1183 513 483 530 340 322 360 994 384 80 160 249 317 806 142 222 158 227 749 83 230 202 97 612Resources 40 60 81 109 152 -240 159 -198 -37 -01 09 -53 -55 -100 -57 -10 -12 -32 -110 27 -22 -30 -137 -162

                                                                  EBIT margin 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(in )BAUER Group 130 77 78 67 54 21 56 66 50 22 67 64 58 54 35 58 56 93 63 30 61 37 -72 15

                                                                  Construction 79 53 57 35 38 32 40 21 48 05 60 38 -11 25 19 13 39 121 54 00 26 -21 -147 -32Equipment 197 112 103 104 65 57 68 181 71 64 86 148 176 122 110 128 110 117 117 66 128 143 60 100Resources 38 39 52 54 62 -131 81 -110 -16 -02 15 -100 -99 -45 -123 -16 -20 -57 -50 49 -37 -49 -235 -69

                                                                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

                                                                  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

                                                                  • Foliennummer 1
                                                                  • Foliennummer 2
                                                                  • Key FiguresFY 2019
                                                                  • Table of Content
                                                                  • Foliennummer 5
                                                                  • Foliennummer 6
                                                                  • Foliennummer 7
                                                                  • Foliennummer 8
                                                                  • BAUER Group Construction market environment vs order backlog
                                                                  • Foliennummer 10
                                                                  • Foliennummer 11
                                                                  • Table of Content
                                                                  • Foliennummer 13
                                                                  • Foliennummer 14
                                                                  • Foliennummer 15
                                                                  • Foliennummer 16
                                                                  • Foliennummer 17
                                                                  • Foliennummer 18
                                                                  • Foliennummer 19
                                                                  • Foliennummer 20
                                                                  • Foliennummer 21
                                                                  • Foliennummer 22
                                                                  • FinancialsIncome statement 12M 2019
                                                                  • Financials Balance sheet December 31 2019
                                                                  • FinancialsCash flow statement 12M 2019
                                                                  • Foliennummer 26
                                                                  • Foliennummer 27
                                                                  • Table of Content
                                                                  • BAUER GroupThe history ndash Two centuries of experience
                                                                  • Foliennummer 30
                                                                  • BAUER GroupThe three segments
                                                                  • Foliennummer 32
                                                                  • Foliennummer 33
                                                                  • What is specialist foundationBuilding an excavation pit
                                                                  • What is specialist foundation used forApplications
                                                                  • ConstructionMunich Germany ndash Foundation works for a boarding house
                                                                  • Foliennummer 37
                                                                  • EquipmentWhole range of products for special foundation engineering
                                                                  • EquipmentProduct range Deep Drilling
                                                                  • Foliennummer 40
                                                                  • ResourcesPool of competences from a single hand
                                                                  • ResourcesWater ndash Process Water amp Water Distribution Management
                                                                  • ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
                                                                  • Market environment ndash Germany German construction market
                                                                  • Financials Working capital needs ndash Comparison with building construction
                                                                  • BAUER shareFacts amp Figures
                                                                  • BAUER shareDividend policy
                                                                  • Foliennummer 48
                                                                  • Disclaimer
                                                                    Zweistelliges Auftragsplus am Bau in Bayern
                                                                    Absolute WerteVeraumlnderungen in
                                                                    August 20062004BayernWestdeutschlandOstdeutschland
                                                                    BayernWest-Ost-200420040200420040200420040
                                                                    LaumlnderLaumlnder199420030199420030199420030
                                                                    Beschaumlftigte in 1000126152831887-52-5200-432-60-5200-539-7200
                                                                    Baugenehmigungen Mio msup3 umb Raum6532572423-108-10800-252-8400-68-10300
                                                                    Umsatz in Mrd EUR139570173-249-5800-277-4500-399-7600
                                                                    Hochbau9637192-265-5600-301-4400-507-7400
                                                                    Tiefbau4319981-217-6200-222-4500-207-7900
                                                                    09033799-393-10000-452-5600-580-6000
                                                                    in Mrd EUR
                                                                    Wohnungsbau236511-480-7100-561-6400-771-20700
                                                                    Wirtschaftsbau3314040-347-10500-457-5900-603-9400
                                                                    Oumlffentlicher Bau3313148-352-11500-346-4900-3821800
                                                                    darunter
                                                                    Oumlffentl Hochbau092509-324-8500-480-0100-5616900
                                                                    Straszligenbau125821-128-11200-146-5100-1604200
                                                                    Sonstiger Tiefbau124818-502-13700-425-7100-467-3400
                                                                    19712561362168-243-95248-173-23210-21146
                                                                    1) Bei Baugenehmigungen liegen erst die Oktoberwerte vor
                                                                    1) Bei Baugenehmigungen liegen erst die Februarwerte vor
                                                                    2) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten
                                                                    in EUR billionin
                                                                    Dezember 2019Germany20052005Jan - Aug20182019
                                                                    201919942004060520172018
                                                                    Employees (in 1000)4867-47-60-104949
                                                                    Revenues922-305-647310882
                                                                    Building construction508-318-611009577
                                                                    Foundation engineering414-280-711212588
                                                                    Orders received861-3743110610082
                                                                    in EUR billion
                                                                    Housebuilding196-489-181211297
                                                                    Industrial building363-3036818113289
                                                                    Public sector302-33132995965
                                                                    of which
                                                                    public buildings55-23812729025109
                                                                    road building142-138-12478839
                                                                    underground structures105-49515223880
                                                                    1256168-243-95-173-23
                                                                    1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
                                                                    ) only companies gt 20 employees
                                                                    Zweistelliges Auftragsplus am Bau in Bayern
                                                                    Absolute WerteVeraumlnderungen in
                                                                    August 20062005BayernWestdeutschlandOstdeutschland
                                                                    BayernWest-Ost-20052005Jan - Aug20052005Jan - Aug20052005Jan - Aug
                                                                    LaumlnderLaumlnder199420040605199420040605199420040605
                                                                    Beschaumlftigte in 1000126152831887-470-60-10-465-60-58-38-578-85-51
                                                                    Baugenehmigungen Mio msup3 umb Raum6532572423-395-101249-417-41171-680-157259
                                                                    Umsatz in Mrd EUR139570173-305-6473-312-4835-452-8813
                                                                    Hochbau9637192-318-61100-336-5048-565-11835
                                                                    Tiefbau4319981-280-7112-255-4311-247-51-14
                                                                    Auftragseingang9033799-37431106-4470984-609-7043
                                                                    in Mrd EUR
                                                                    Wohnungsbau236511-489-1812-586-5888-805-14841
                                                                    Wirtschaftsbau3314040-30368181-43345104-625-56121
                                                                    Oumlffentlicher Bau3313148-3313299-3400972-420-62-18
                                                                    darunter
                                                                    Oumlffentl Hochbau092509-238127290-500-38142-602-93-51
                                                                    Straszligenbau125821-138-1247-965978-211-8582
                                                                    Sonstiger Tiefbau124818-4951522-439-2430-477-18-124
                                                                    19712561362168-243-95248-173-23210-21146
                                                                    1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
                                                                    ) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

                                                                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 34

                                                                    What is specialist foundationBuilding an excavation pit

                                                                    Permeation Grouting

                                                                    Mixed-In-Place Method

                                                                    Injection Anchor

                                                                    Diaphragm andCut-off Wall

                                                                    Pile Foundation

                                                                    Piling Retaining Wall

                                                                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 35

                                                                    What is specialist foundation used forApplications

                                                                    Foundationsfor the highest buildings in the world

                                                                    Excavation Pits for every problem and requirement

                                                                    Ground Improvementallows projects on weak ground

                                                                    Cut-off Walls as solution for dams and dikes

                                                                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 36

                                                                    ConstructionMunich Germany ndash Foundation works for a boarding house

                                                                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                                                    EquipmentKey facts

                                                                    Market leader in specialistfoundation equipment

                                                                    Equipment

                                                                    37

                                                                    Sales revenues (excl JV) Order intake EBIT

                                                                    ~ 40 of total Group revenues EBIT margin 10 - 12

                                                                    (2018 117 2019 100)

                                                                    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 JV with Schlumberger for the production of deep drilling rigs (oil amp gas)

                                                                    Market environment Growing construction markets worldwide lead to positive equipment demand

                                                                    Strong position due to efforts regarding quality efficiency and noise reduction

                                                                    Growth potential with specialized machines for mining water and offshore drilling

                                                                    Competition Trevi Liebherr Chinese manufactures

                                                                    (eg Sany XCMG)

                                                                    Further competition regarding special product types

                                                                    Current focus topics Focus on value analysis methods and purchase organization

                                                                    Optimizing and increasing after-sales services

                                                                    Key figures

                                                                    Key targets

                                                                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 38

                                                                    EquipmentWhole range of products for special foundation engineering

                                                                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 39

                                                                    EquipmentProduct range Deep Drilling

                                                                    Joint Ventureof Bauer amp Schlumberger

                                                                    In order to meet the upcoming market challenges out-of-the-box thinking

                                                                    is necessary and therefore integrated drilling and rig solutions are of

                                                                    growing importance

                                                                    Based on more than 40 years of experience in engineering and

                                                                    manufacturing of drilling rigs NeoRig develops and manufactures

                                                                    modern drilling solutions which set new standards of safety efficiency

                                                                    productivity and ease of service in the deep drilling business

                                                                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                                                    ResourcesKey factsResources

                                                                    40

                                                                    Products amp services for environmental technology mining well construction

                                                                    and water cleaning

                                                                    Total Group revenues (incl JV) Order backlog EBIT

                                                                    ~ 20 of total Group revenues EBIT margin 6 - 8

                                                                    (2018 na 2019 na)

                                                                    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 amp Middle East

                                                                    Market environment Huge demand for environmental and water solutions

                                                                    Outstanding market position with ground-breaking projects in the field of cleaning drinking and process water eg the biological water treatment plant in Oman

                                                                    Competition Fragmented competition for each single product and service area

                                                                    Current focus topics Improvement of loss-making Jordan subsidiary which is caused by overcapacities

                                                                    Consistent proceeding of reorganization in the water related companies

                                                                    Focus on new projects for the profitable environment business

                                                                    Key figures

                                                                    Key targets

                                                                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 41

                                                                    ResourcesPool of competences from a single hand

                                                                    Industrial Waste Water Process amp Produced Water NORM Constructed Wetlands Modelling amp Well Design Construction Material for Wells

                                                                    and Geothermal Water Distribution Management Irrigation Systems

                                                                    Remediation Landfill Restoration Decommissioning Demolition Hazardous Waste Management Soil Treatment and Waste

                                                                    Management

                                                                    Exploration Drilling Deep Geothermal Drilling Well Drilling Blast Hole Drilling

                                                                    EnvironmentWater Natural Resources

                                                                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 42

                                                                    ResourcesWater ndash Process Water amp Water Distribution Management

                                                                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 43

                                                                    ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman

                                                                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 44

                                                                    Market environment ndash GermanyGerman construction market

                                                                    Source Federal Statistical Office Statistical Office Bavaria

                                                                    in EUR billion

                                                                    Germany2019

                                                                    Employees (in 1000)

                                                                    Revenues 922Building construction 508Foundation engineering 414

                                                                    Orders received in EUR billion

                                                                    Housebuilding 196Industrial building 363Public sectorof which

                                                                    public buildings 55road building 142underground structures 105

                                                                    ) only companies gt 20 employees

                                                                    49

                                                                    108

                                                                    95

                                                                    39

                                                                    109

                                                                    65

                                                                    80

                                                                    88

                                                                    38

                                                                    49

                                                                    82

                                                                    77

                                                                    112

                                                                    132

                                                                    25

                                                                    Dezember 2019 2018 20192017 2018

                                                                    in

                                                                    89

                                                                    97

                                                                    302

                                                                    861

                                                                    4867

                                                                    88

                                                                    100 82

                                                                    59

                                                                    125

                                                                    Weiszlig

                                                                    Bunt

                                                                    Kunterbunt

                                                                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 45

                                                                    Building constructionpositive cash contribution

                                                                    Specialist foundation engineeringpre-financing need

                                                                    Financials Working capital needs ndash Comparison with building construction

                                                                    EUR

                                                                    12 24 months

                                                                    Positive cash contribution

                                                                    Negative cash contribution

                                                                    Con

                                                                    trac

                                                                    t val

                                                                    ue

                                                                    EUR

                                                                    Negative cash contribution

                                                                    12 24 months

                                                                    Con

                                                                    trac

                                                                    t val

                                                                    ue

                                                                    Construction contracts with short duration need

                                                                    No advance payments no front-loading of prices possible approx 2 - 3 months of pre-financing

                                                                    Negative cash contribution during construction phase

                                                                    Construction contracts with long durations

                                                                    Advance payments front-loading of prices

                                                                    Positive cash contribution during construction phase

                                                                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 46

                                                                    BAUER shareFacts amp Figures

                                                                    Listed on Frankfurt stock exchange (Prime Standard) since July 4 2006

                                                                    Share capital EUR 7300142045

                                                                    Shares issued 17131000

                                                                    Issue price EUR 1675

                                                                    Share performance (012019 ndash 032020)

                                                                    Bauer familyFree float

                                                                    5181

                                                                    Shareholder structure

                                                                    4819

                                                                    in EUR 2015 2016 2017 2018 2019

                                                                    Earnings per share 173 066 016 132 -217

                                                                    Share price year end 1740 1140 3000 1216 1510

                                                                    Share price highest 1920 1716 3096 3125 2430

                                                                    Share price lowest 1385 945 1172 1208 1262

                                                                    Market Cap(in EUR million) 2981 1953 5139 2083 2587

                                                                    CDAXClassic All SharePrime All Share

                                                                    ISIN DE0005168108Reuters B5AGDEBloomberg B5A GR

                                                                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                                                    050

                                                                    100 100

                                                                    060 060050

                                                                    030

                                                                    001

                                                                    015 015010 010 010

                                                                    001000

                                                                    030

                                                                    060

                                                                    090

                                                                    120

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

                                                                    47

                                                                    BAUER shareDividend policy

                                                                    Dividend payment Dividend policy founded on a reasonable balance between shareholders and company

                                                                    fair participation of shareholders maintaining continuity safeguarding of the equity ratio

                                                                    All shareholders shall participate in the success of the business

                                                                    After some difficult years we must continue to strike a careful balance between continuity and shareholder participation on the one hand and safeguarding our equity ratio on the other

                                                                    To secure an adequate equity ratio is an important aim of the companyrsquos 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

                                                                    in EUR per share

                                                                    000

                                                                    Proposed subject to the consent of the Annual General Meeting to be held on June 25 2020

                                                                    000

                                                                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 48

                                                                    Key Figures Time LineFY 2008 ndash FY 2019

                                                                    In all three segments total Group revenues and EBIT figures of FY 2015 were influenced by exceptional earnings

                                                                    Total Group revenues 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(in EUR million)BAUER Group 15272 12758 13040 13718 14358 15042 15602 16564 15547 4482 4541 4766 3931 17720 3708 4215 4435 4503 16861 4109 4207 4078 3553 15947

                                                                    Construction 7009 5700 6154 6066 6552 7417 7256 7429 7131 2110 2205 2269 1766 8350 1508 1762 2100 2306 7676 1702 1722 1726 1538 6688Equipment 7801 6085 5817 6365 5891 6286 6392 7531 6344 1867 1853 1966 1859 7545 1808 1936 1802 1685 7231 1859 1950 1781 1547 7137Resources 1351 1743 1777 2115 2628 1889 2528 2216 2624 630 647 651 554 2482 517 676 699 723 2615 692 695 662 700 2749

                                                                    Sales revenues 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(in EUR million)BAUER Group 12908 10965 11317 12196 13444 14022 13757 13790 13969 3789 4512 4354 4022 16679 3184 3987 4051 4669 15891 3419 4035 3622 3633 14709

                                                                    Construction 5843 4879 5058 5062 5791 6575 6466 6508 6145 1966 2064 2145 1663 7838 1432 1642 2021 2168 7263 1616 1628 1605 1408 6257Equipment 6012 4565 4693 5114 5206 5616 5327 5480 5427 1266 1857 1685 1801 6609 1287 1736 1440 1938 6401 1253 1797 1417 1635 6102Resources 1051 1520 1564 2015 2443 1826 1959 1793 2382 553 577 532 553 2215 462 605 587 559 2213 548 607 597 583 2335

                                                                    EBIT 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(in EUR million)BAUER Group 1675 844 884 823 720 301 764 907 703 85 302 277 232 896 110 231 227 433 1001 104 248 133 -260 225

                                                                    Construction 463 257 288 179 220 212 260 139 297 09 124 81 -18 196 27 21 80 263 391 00 42 -34 -207 -199Equipment 1183 513 483 530 340 322 360 994 384 80 160 249 317 806 142 222 158 227 749 83 230 202 97 612Resources 40 60 81 109 152 -240 159 -198 -37 -01 09 -53 -55 -100 -57 -10 -12 -32 -110 27 -22 -30 -137 -162

                                                                    EBIT margin 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(in )BAUER Group 130 77 78 67 54 21 56 66 50 22 67 64 58 54 35 58 56 93 63 30 61 37 -72 15

                                                                    Construction 79 53 57 35 38 32 40 21 48 05 60 38 -11 25 19 13 39 121 54 00 26 -21 -147 -32Equipment 197 112 103 104 65 57 68 181 71 64 86 148 176 122 110 128 110 117 117 66 128 143 60 100Resources 38 39 52 54 62 -131 81 -110 -16 -02 15 -100 -99 -45 -123 -16 -20 -57 -50 49 -37 -49 -235 -69

                                                                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

                                                                    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

                                                                    • Foliennummer 1
                                                                    • Foliennummer 2
                                                                    • Key FiguresFY 2019
                                                                    • Table of Content
                                                                    • Foliennummer 5
                                                                    • Foliennummer 6
                                                                    • Foliennummer 7
                                                                    • Foliennummer 8
                                                                    • BAUER Group Construction market environment vs order backlog
                                                                    • Foliennummer 10
                                                                    • Foliennummer 11
                                                                    • Table of Content
                                                                    • Foliennummer 13
                                                                    • Foliennummer 14
                                                                    • Foliennummer 15
                                                                    • Foliennummer 16
                                                                    • Foliennummer 17
                                                                    • Foliennummer 18
                                                                    • Foliennummer 19
                                                                    • Foliennummer 20
                                                                    • Foliennummer 21
                                                                    • Foliennummer 22
                                                                    • FinancialsIncome statement 12M 2019
                                                                    • Financials Balance sheet December 31 2019
                                                                    • FinancialsCash flow statement 12M 2019
                                                                    • Foliennummer 26
                                                                    • Foliennummer 27
                                                                    • Table of Content
                                                                    • BAUER GroupThe history ndash Two centuries of experience
                                                                    • Foliennummer 30
                                                                    • BAUER GroupThe three segments
                                                                    • Foliennummer 32
                                                                    • Foliennummer 33
                                                                    • What is specialist foundationBuilding an excavation pit
                                                                    • What is specialist foundation used forApplications
                                                                    • ConstructionMunich Germany ndash Foundation works for a boarding house
                                                                    • Foliennummer 37
                                                                    • EquipmentWhole range of products for special foundation engineering
                                                                    • EquipmentProduct range Deep Drilling
                                                                    • Foliennummer 40
                                                                    • ResourcesPool of competences from a single hand
                                                                    • ResourcesWater ndash Process Water amp Water Distribution Management
                                                                    • ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
                                                                    • Market environment ndash Germany German construction market
                                                                    • Financials Working capital needs ndash Comparison with building construction
                                                                    • BAUER shareFacts amp Figures
                                                                    • BAUER shareDividend policy
                                                                    • Foliennummer 48
                                                                    • Disclaimer
                                                                      Zweistelliges Auftragsplus am Bau in Bayern
                                                                      Absolute WerteVeraumlnderungen in
                                                                      August 20062004BayernWestdeutschlandOstdeutschland
                                                                      BayernWest-Ost-200420040200420040200420040
                                                                      LaumlnderLaumlnder199420030199420030199420030
                                                                      Beschaumlftigte in 1000126152831887-52-5200-432-60-5200-539-7200
                                                                      Baugenehmigungen Mio msup3 umb Raum6532572423-108-10800-252-8400-68-10300
                                                                      Umsatz in Mrd EUR139570173-249-5800-277-4500-399-7600
                                                                      Hochbau9637192-265-5600-301-4400-507-7400
                                                                      Tiefbau4319981-217-6200-222-4500-207-7900
                                                                      09033799-393-10000-452-5600-580-6000
                                                                      in Mrd EUR
                                                                      Wohnungsbau236511-480-7100-561-6400-771-20700
                                                                      Wirtschaftsbau3314040-347-10500-457-5900-603-9400
                                                                      Oumlffentlicher Bau3313148-352-11500-346-4900-3821800
                                                                      darunter
                                                                      Oumlffentl Hochbau092509-324-8500-480-0100-5616900
                                                                      Straszligenbau125821-128-11200-146-5100-1604200
                                                                      Sonstiger Tiefbau124818-502-13700-425-7100-467-3400
                                                                      19712561362168-243-95248-173-23210-21146
                                                                      1) Bei Baugenehmigungen liegen erst die Oktoberwerte vor
                                                                      1) Bei Baugenehmigungen liegen erst die Februarwerte vor
                                                                      2) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten
                                                                      in EUR billionin
                                                                      Dezember 2019Germany20052005Jan - Aug20182019
                                                                      201919942004060520172018
                                                                      Employees (in 1000)4867-47-60-104949
                                                                      Revenues922-305-647310882
                                                                      Building construction508-318-611009577
                                                                      Foundation engineering414-280-711212588
                                                                      Orders received861-3743110610082
                                                                      in EUR billion
                                                                      Housebuilding196-489-181211297
                                                                      Industrial building363-3036818113289
                                                                      Public sector302-33132995965
                                                                      of which
                                                                      public buildings55-23812729025109
                                                                      road building142-138-12478839
                                                                      underground structures105-49515223880
                                                                      1256168-243-95-173-23
                                                                      1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
                                                                      ) only companies gt 20 employees
                                                                      Zweistelliges Auftragsplus am Bau in Bayern
                                                                      Absolute WerteVeraumlnderungen in
                                                                      August 20062005BayernWestdeutschlandOstdeutschland
                                                                      BayernWest-Ost-20052005Jan - Aug20052005Jan - Aug20052005Jan - Aug
                                                                      LaumlnderLaumlnder199420040605199420040605199420040605
                                                                      Beschaumlftigte in 1000126152831887-470-60-10-465-60-58-38-578-85-51
                                                                      Baugenehmigungen Mio msup3 umb Raum6532572423-395-101249-417-41171-680-157259
                                                                      Umsatz in Mrd EUR139570173-305-6473-312-4835-452-8813
                                                                      Hochbau9637192-318-61100-336-5048-565-11835
                                                                      Tiefbau4319981-280-7112-255-4311-247-51-14
                                                                      Auftragseingang9033799-37431106-4470984-609-7043
                                                                      in Mrd EUR
                                                                      Wohnungsbau236511-489-1812-586-5888-805-14841
                                                                      Wirtschaftsbau3314040-30368181-43345104-625-56121
                                                                      Oumlffentlicher Bau3313148-3313299-3400972-420-62-18
                                                                      darunter
                                                                      Oumlffentl Hochbau092509-238127290-500-38142-602-93-51
                                                                      Straszligenbau125821-138-1247-965978-211-8582
                                                                      Sonstiger Tiefbau124818-4951522-439-2430-477-18-124
                                                                      19712561362168-243-95248-173-23210-21146
                                                                      1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
                                                                      ) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

                                                                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 35

                                                                      What is specialist foundation used forApplications

                                                                      Foundationsfor the highest buildings in the world

                                                                      Excavation Pits for every problem and requirement

                                                                      Ground Improvementallows projects on weak ground

                                                                      Cut-off Walls as solution for dams and dikes

                                                                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 36

                                                                      ConstructionMunich Germany ndash Foundation works for a boarding house

                                                                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                                                      EquipmentKey facts

                                                                      Market leader in specialistfoundation equipment

                                                                      Equipment

                                                                      37

                                                                      Sales revenues (excl JV) Order intake EBIT

                                                                      ~ 40 of total Group revenues EBIT margin 10 - 12

                                                                      (2018 117 2019 100)

                                                                      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 JV with Schlumberger for the production of deep drilling rigs (oil amp gas)

                                                                      Market environment Growing construction markets worldwide lead to positive equipment demand

                                                                      Strong position due to efforts regarding quality efficiency and noise reduction

                                                                      Growth potential with specialized machines for mining water and offshore drilling

                                                                      Competition Trevi Liebherr Chinese manufactures

                                                                      (eg Sany XCMG)

                                                                      Further competition regarding special product types

                                                                      Current focus topics Focus on value analysis methods and purchase organization

                                                                      Optimizing and increasing after-sales services

                                                                      Key figures

                                                                      Key targets

                                                                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 38

                                                                      EquipmentWhole range of products for special foundation engineering

                                                                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 39

                                                                      EquipmentProduct range Deep Drilling

                                                                      Joint Ventureof Bauer amp Schlumberger

                                                                      In order to meet the upcoming market challenges out-of-the-box thinking

                                                                      is necessary and therefore integrated drilling and rig solutions are of

                                                                      growing importance

                                                                      Based on more than 40 years of experience in engineering and

                                                                      manufacturing of drilling rigs NeoRig develops and manufactures

                                                                      modern drilling solutions which set new standards of safety efficiency

                                                                      productivity and ease of service in the deep drilling business

                                                                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                                                      ResourcesKey factsResources

                                                                      40

                                                                      Products amp services for environmental technology mining well construction

                                                                      and water cleaning

                                                                      Total Group revenues (incl JV) Order backlog EBIT

                                                                      ~ 20 of total Group revenues EBIT margin 6 - 8

                                                                      (2018 na 2019 na)

                                                                      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 amp Middle East

                                                                      Market environment Huge demand for environmental and water solutions

                                                                      Outstanding market position with ground-breaking projects in the field of cleaning drinking and process water eg the biological water treatment plant in Oman

                                                                      Competition Fragmented competition for each single product and service area

                                                                      Current focus topics Improvement of loss-making Jordan subsidiary which is caused by overcapacities

                                                                      Consistent proceeding of reorganization in the water related companies

                                                                      Focus on new projects for the profitable environment business

                                                                      Key figures

                                                                      Key targets

                                                                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 41

                                                                      ResourcesPool of competences from a single hand

                                                                      Industrial Waste Water Process amp Produced Water NORM Constructed Wetlands Modelling amp Well Design Construction Material for Wells

                                                                      and Geothermal Water Distribution Management Irrigation Systems

                                                                      Remediation Landfill Restoration Decommissioning Demolition Hazardous Waste Management Soil Treatment and Waste

                                                                      Management

                                                                      Exploration Drilling Deep Geothermal Drilling Well Drilling Blast Hole Drilling

                                                                      EnvironmentWater Natural Resources

                                                                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 42

                                                                      ResourcesWater ndash Process Water amp Water Distribution Management

                                                                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 43

                                                                      ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman

                                                                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 44

                                                                      Market environment ndash GermanyGerman construction market

                                                                      Source Federal Statistical Office Statistical Office Bavaria

                                                                      in EUR billion

                                                                      Germany2019

                                                                      Employees (in 1000)

                                                                      Revenues 922Building construction 508Foundation engineering 414

                                                                      Orders received in EUR billion

                                                                      Housebuilding 196Industrial building 363Public sectorof which

                                                                      public buildings 55road building 142underground structures 105

                                                                      ) only companies gt 20 employees

                                                                      49

                                                                      108

                                                                      95

                                                                      39

                                                                      109

                                                                      65

                                                                      80

                                                                      88

                                                                      38

                                                                      49

                                                                      82

                                                                      77

                                                                      112

                                                                      132

                                                                      25

                                                                      Dezember 2019 2018 20192017 2018

                                                                      in

                                                                      89

                                                                      97

                                                                      302

                                                                      861

                                                                      4867

                                                                      88

                                                                      100 82

                                                                      59

                                                                      125

                                                                      Weiszlig

                                                                      Bunt

                                                                      Kunterbunt

                                                                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 45

                                                                      Building constructionpositive cash contribution

                                                                      Specialist foundation engineeringpre-financing need

                                                                      Financials Working capital needs ndash Comparison with building construction

                                                                      EUR

                                                                      12 24 months

                                                                      Positive cash contribution

                                                                      Negative cash contribution

                                                                      Con

                                                                      trac

                                                                      t val

                                                                      ue

                                                                      EUR

                                                                      Negative cash contribution

                                                                      12 24 months

                                                                      Con

                                                                      trac

                                                                      t val

                                                                      ue

                                                                      Construction contracts with short duration need

                                                                      No advance payments no front-loading of prices possible approx 2 - 3 months of pre-financing

                                                                      Negative cash contribution during construction phase

                                                                      Construction contracts with long durations

                                                                      Advance payments front-loading of prices

                                                                      Positive cash contribution during construction phase

                                                                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 46

                                                                      BAUER shareFacts amp Figures

                                                                      Listed on Frankfurt stock exchange (Prime Standard) since July 4 2006

                                                                      Share capital EUR 7300142045

                                                                      Shares issued 17131000

                                                                      Issue price EUR 1675

                                                                      Share performance (012019 ndash 032020)

                                                                      Bauer familyFree float

                                                                      5181

                                                                      Shareholder structure

                                                                      4819

                                                                      in EUR 2015 2016 2017 2018 2019

                                                                      Earnings per share 173 066 016 132 -217

                                                                      Share price year end 1740 1140 3000 1216 1510

                                                                      Share price highest 1920 1716 3096 3125 2430

                                                                      Share price lowest 1385 945 1172 1208 1262

                                                                      Market Cap(in EUR million) 2981 1953 5139 2083 2587

                                                                      CDAXClassic All SharePrime All Share

                                                                      ISIN DE0005168108Reuters B5AGDEBloomberg B5A GR

                                                                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                                                      050

                                                                      100 100

                                                                      060 060050

                                                                      030

                                                                      001

                                                                      015 015010 010 010

                                                                      001000

                                                                      030

                                                                      060

                                                                      090

                                                                      120

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

                                                                      47

                                                                      BAUER shareDividend policy

                                                                      Dividend payment Dividend policy founded on a reasonable balance between shareholders and company

                                                                      fair participation of shareholders maintaining continuity safeguarding of the equity ratio

                                                                      All shareholders shall participate in the success of the business

                                                                      After some difficult years we must continue to strike a careful balance between continuity and shareholder participation on the one hand and safeguarding our equity ratio on the other

                                                                      To secure an adequate equity ratio is an important aim of the companyrsquos 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

                                                                      in EUR per share

                                                                      000

                                                                      Proposed subject to the consent of the Annual General Meeting to be held on June 25 2020

                                                                      000

                                                                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 48

                                                                      Key Figures Time LineFY 2008 ndash FY 2019

                                                                      In all three segments total Group revenues and EBIT figures of FY 2015 were influenced by exceptional earnings

                                                                      Total Group revenues 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(in EUR million)BAUER Group 15272 12758 13040 13718 14358 15042 15602 16564 15547 4482 4541 4766 3931 17720 3708 4215 4435 4503 16861 4109 4207 4078 3553 15947

                                                                      Construction 7009 5700 6154 6066 6552 7417 7256 7429 7131 2110 2205 2269 1766 8350 1508 1762 2100 2306 7676 1702 1722 1726 1538 6688Equipment 7801 6085 5817 6365 5891 6286 6392 7531 6344 1867 1853 1966 1859 7545 1808 1936 1802 1685 7231 1859 1950 1781 1547 7137Resources 1351 1743 1777 2115 2628 1889 2528 2216 2624 630 647 651 554 2482 517 676 699 723 2615 692 695 662 700 2749

                                                                      Sales revenues 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(in EUR million)BAUER Group 12908 10965 11317 12196 13444 14022 13757 13790 13969 3789 4512 4354 4022 16679 3184 3987 4051 4669 15891 3419 4035 3622 3633 14709

                                                                      Construction 5843 4879 5058 5062 5791 6575 6466 6508 6145 1966 2064 2145 1663 7838 1432 1642 2021 2168 7263 1616 1628 1605 1408 6257Equipment 6012 4565 4693 5114 5206 5616 5327 5480 5427 1266 1857 1685 1801 6609 1287 1736 1440 1938 6401 1253 1797 1417 1635 6102Resources 1051 1520 1564 2015 2443 1826 1959 1793 2382 553 577 532 553 2215 462 605 587 559 2213 548 607 597 583 2335

                                                                      EBIT 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(in EUR million)BAUER Group 1675 844 884 823 720 301 764 907 703 85 302 277 232 896 110 231 227 433 1001 104 248 133 -260 225

                                                                      Construction 463 257 288 179 220 212 260 139 297 09 124 81 -18 196 27 21 80 263 391 00 42 -34 -207 -199Equipment 1183 513 483 530 340 322 360 994 384 80 160 249 317 806 142 222 158 227 749 83 230 202 97 612Resources 40 60 81 109 152 -240 159 -198 -37 -01 09 -53 -55 -100 -57 -10 -12 -32 -110 27 -22 -30 -137 -162

                                                                      EBIT margin 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(in )BAUER Group 130 77 78 67 54 21 56 66 50 22 67 64 58 54 35 58 56 93 63 30 61 37 -72 15

                                                                      Construction 79 53 57 35 38 32 40 21 48 05 60 38 -11 25 19 13 39 121 54 00 26 -21 -147 -32Equipment 197 112 103 104 65 57 68 181 71 64 86 148 176 122 110 128 110 117 117 66 128 143 60 100Resources 38 39 52 54 62 -131 81 -110 -16 -02 15 -100 -99 -45 -123 -16 -20 -57 -50 49 -37 -49 -235 -69

                                                                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

                                                                      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

                                                                      • Foliennummer 1
                                                                      • Foliennummer 2
                                                                      • Key FiguresFY 2019
                                                                      • Table of Content
                                                                      • Foliennummer 5
                                                                      • Foliennummer 6
                                                                      • Foliennummer 7
                                                                      • Foliennummer 8
                                                                      • BAUER Group Construction market environment vs order backlog
                                                                      • Foliennummer 10
                                                                      • Foliennummer 11
                                                                      • Table of Content
                                                                      • Foliennummer 13
                                                                      • Foliennummer 14
                                                                      • Foliennummer 15
                                                                      • Foliennummer 16
                                                                      • Foliennummer 17
                                                                      • Foliennummer 18
                                                                      • Foliennummer 19
                                                                      • Foliennummer 20
                                                                      • Foliennummer 21
                                                                      • Foliennummer 22
                                                                      • FinancialsIncome statement 12M 2019
                                                                      • Financials Balance sheet December 31 2019
                                                                      • FinancialsCash flow statement 12M 2019
                                                                      • Foliennummer 26
                                                                      • Foliennummer 27
                                                                      • Table of Content
                                                                      • BAUER GroupThe history ndash Two centuries of experience
                                                                      • Foliennummer 30
                                                                      • BAUER GroupThe three segments
                                                                      • Foliennummer 32
                                                                      • Foliennummer 33
                                                                      • What is specialist foundationBuilding an excavation pit
                                                                      • What is specialist foundation used forApplications
                                                                      • ConstructionMunich Germany ndash Foundation works for a boarding house
                                                                      • Foliennummer 37
                                                                      • EquipmentWhole range of products for special foundation engineering
                                                                      • EquipmentProduct range Deep Drilling
                                                                      • Foliennummer 40
                                                                      • ResourcesPool of competences from a single hand
                                                                      • ResourcesWater ndash Process Water amp Water Distribution Management
                                                                      • ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
                                                                      • Market environment ndash Germany German construction market
                                                                      • Financials Working capital needs ndash Comparison with building construction
                                                                      • BAUER shareFacts amp Figures
                                                                      • BAUER shareDividend policy
                                                                      • Foliennummer 48
                                                                      • Disclaimer
                                                                        Zweistelliges Auftragsplus am Bau in Bayern
                                                                        Absolute WerteVeraumlnderungen in
                                                                        August 20062004BayernWestdeutschlandOstdeutschland
                                                                        BayernWest-Ost-200420040200420040200420040
                                                                        LaumlnderLaumlnder199420030199420030199420030
                                                                        Beschaumlftigte in 1000126152831887-52-5200-432-60-5200-539-7200
                                                                        Baugenehmigungen Mio msup3 umb Raum6532572423-108-10800-252-8400-68-10300
                                                                        Umsatz in Mrd EUR139570173-249-5800-277-4500-399-7600
                                                                        Hochbau9637192-265-5600-301-4400-507-7400
                                                                        Tiefbau4319981-217-6200-222-4500-207-7900
                                                                        09033799-393-10000-452-5600-580-6000
                                                                        in Mrd EUR
                                                                        Wohnungsbau236511-480-7100-561-6400-771-20700
                                                                        Wirtschaftsbau3314040-347-10500-457-5900-603-9400
                                                                        Oumlffentlicher Bau3313148-352-11500-346-4900-3821800
                                                                        darunter
                                                                        Oumlffentl Hochbau092509-324-8500-480-0100-5616900
                                                                        Straszligenbau125821-128-11200-146-5100-1604200
                                                                        Sonstiger Tiefbau124818-502-13700-425-7100-467-3400
                                                                        19712561362168-243-95248-173-23210-21146
                                                                        1) Bei Baugenehmigungen liegen erst die Oktoberwerte vor
                                                                        1) Bei Baugenehmigungen liegen erst die Februarwerte vor
                                                                        2) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten
                                                                        in EUR billionin
                                                                        Dezember 2019Germany20052005Jan - Aug20182019
                                                                        201919942004060520172018
                                                                        Employees (in 1000)4867-47-60-104949
                                                                        Revenues922-305-647310882
                                                                        Building construction508-318-611009577
                                                                        Foundation engineering414-280-711212588
                                                                        Orders received861-3743110610082
                                                                        in EUR billion
                                                                        Housebuilding196-489-181211297
                                                                        Industrial building363-3036818113289
                                                                        Public sector302-33132995965
                                                                        of which
                                                                        public buildings55-23812729025109
                                                                        road building142-138-12478839
                                                                        underground structures105-49515223880
                                                                        1256168-243-95-173-23
                                                                        1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
                                                                        ) only companies gt 20 employees
                                                                        Zweistelliges Auftragsplus am Bau in Bayern
                                                                        Absolute WerteVeraumlnderungen in
                                                                        August 20062005BayernWestdeutschlandOstdeutschland
                                                                        BayernWest-Ost-20052005Jan - Aug20052005Jan - Aug20052005Jan - Aug
                                                                        LaumlnderLaumlnder199420040605199420040605199420040605
                                                                        Beschaumlftigte in 1000126152831887-470-60-10-465-60-58-38-578-85-51
                                                                        Baugenehmigungen Mio msup3 umb Raum6532572423-395-101249-417-41171-680-157259
                                                                        Umsatz in Mrd EUR139570173-305-6473-312-4835-452-8813
                                                                        Hochbau9637192-318-61100-336-5048-565-11835
                                                                        Tiefbau4319981-280-7112-255-4311-247-51-14
                                                                        Auftragseingang9033799-37431106-4470984-609-7043
                                                                        in Mrd EUR
                                                                        Wohnungsbau236511-489-1812-586-5888-805-14841
                                                                        Wirtschaftsbau3314040-30368181-43345104-625-56121
                                                                        Oumlffentlicher Bau3313148-3313299-3400972-420-62-18
                                                                        darunter
                                                                        Oumlffentl Hochbau092509-238127290-500-38142-602-93-51
                                                                        Straszligenbau125821-138-1247-965978-211-8582
                                                                        Sonstiger Tiefbau124818-4951522-439-2430-477-18-124
                                                                        19712561362168-243-95248-173-23210-21146
                                                                        1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
                                                                        ) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

                                                                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 36

                                                                        ConstructionMunich Germany ndash Foundation works for a boarding house

                                                                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                                                        EquipmentKey facts

                                                                        Market leader in specialistfoundation equipment

                                                                        Equipment

                                                                        37

                                                                        Sales revenues (excl JV) Order intake EBIT

                                                                        ~ 40 of total Group revenues EBIT margin 10 - 12

                                                                        (2018 117 2019 100)

                                                                        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 JV with Schlumberger for the production of deep drilling rigs (oil amp gas)

                                                                        Market environment Growing construction markets worldwide lead to positive equipment demand

                                                                        Strong position due to efforts regarding quality efficiency and noise reduction

                                                                        Growth potential with specialized machines for mining water and offshore drilling

                                                                        Competition Trevi Liebherr Chinese manufactures

                                                                        (eg Sany XCMG)

                                                                        Further competition regarding special product types

                                                                        Current focus topics Focus on value analysis methods and purchase organization

                                                                        Optimizing and increasing after-sales services

                                                                        Key figures

                                                                        Key targets

                                                                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 38

                                                                        EquipmentWhole range of products for special foundation engineering

                                                                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 39

                                                                        EquipmentProduct range Deep Drilling

                                                                        Joint Ventureof Bauer amp Schlumberger

                                                                        In order to meet the upcoming market challenges out-of-the-box thinking

                                                                        is necessary and therefore integrated drilling and rig solutions are of

                                                                        growing importance

                                                                        Based on more than 40 years of experience in engineering and

                                                                        manufacturing of drilling rigs NeoRig develops and manufactures

                                                                        modern drilling solutions which set new standards of safety efficiency

                                                                        productivity and ease of service in the deep drilling business

                                                                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                                                        ResourcesKey factsResources

                                                                        40

                                                                        Products amp services for environmental technology mining well construction

                                                                        and water cleaning

                                                                        Total Group revenues (incl JV) Order backlog EBIT

                                                                        ~ 20 of total Group revenues EBIT margin 6 - 8

                                                                        (2018 na 2019 na)

                                                                        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 amp Middle East

                                                                        Market environment Huge demand for environmental and water solutions

                                                                        Outstanding market position with ground-breaking projects in the field of cleaning drinking and process water eg the biological water treatment plant in Oman

                                                                        Competition Fragmented competition for each single product and service area

                                                                        Current focus topics Improvement of loss-making Jordan subsidiary which is caused by overcapacities

                                                                        Consistent proceeding of reorganization in the water related companies

                                                                        Focus on new projects for the profitable environment business

                                                                        Key figures

                                                                        Key targets

                                                                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 41

                                                                        ResourcesPool of competences from a single hand

                                                                        Industrial Waste Water Process amp Produced Water NORM Constructed Wetlands Modelling amp Well Design Construction Material for Wells

                                                                        and Geothermal Water Distribution Management Irrigation Systems

                                                                        Remediation Landfill Restoration Decommissioning Demolition Hazardous Waste Management Soil Treatment and Waste

                                                                        Management

                                                                        Exploration Drilling Deep Geothermal Drilling Well Drilling Blast Hole Drilling

                                                                        EnvironmentWater Natural Resources

                                                                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 42

                                                                        ResourcesWater ndash Process Water amp Water Distribution Management

                                                                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 43

                                                                        ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman

                                                                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 44

                                                                        Market environment ndash GermanyGerman construction market

                                                                        Source Federal Statistical Office Statistical Office Bavaria

                                                                        in EUR billion

                                                                        Germany2019

                                                                        Employees (in 1000)

                                                                        Revenues 922Building construction 508Foundation engineering 414

                                                                        Orders received in EUR billion

                                                                        Housebuilding 196Industrial building 363Public sectorof which

                                                                        public buildings 55road building 142underground structures 105

                                                                        ) only companies gt 20 employees

                                                                        49

                                                                        108

                                                                        95

                                                                        39

                                                                        109

                                                                        65

                                                                        80

                                                                        88

                                                                        38

                                                                        49

                                                                        82

                                                                        77

                                                                        112

                                                                        132

                                                                        25

                                                                        Dezember 2019 2018 20192017 2018

                                                                        in

                                                                        89

                                                                        97

                                                                        302

                                                                        861

                                                                        4867

                                                                        88

                                                                        100 82

                                                                        59

                                                                        125

                                                                        Weiszlig

                                                                        Bunt

                                                                        Kunterbunt

                                                                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 45

                                                                        Building constructionpositive cash contribution

                                                                        Specialist foundation engineeringpre-financing need

                                                                        Financials Working capital needs ndash Comparison with building construction

                                                                        EUR

                                                                        12 24 months

                                                                        Positive cash contribution

                                                                        Negative cash contribution

                                                                        Con

                                                                        trac

                                                                        t val

                                                                        ue

                                                                        EUR

                                                                        Negative cash contribution

                                                                        12 24 months

                                                                        Con

                                                                        trac

                                                                        t val

                                                                        ue

                                                                        Construction contracts with short duration need

                                                                        No advance payments no front-loading of prices possible approx 2 - 3 months of pre-financing

                                                                        Negative cash contribution during construction phase

                                                                        Construction contracts with long durations

                                                                        Advance payments front-loading of prices

                                                                        Positive cash contribution during construction phase

                                                                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 46

                                                                        BAUER shareFacts amp Figures

                                                                        Listed on Frankfurt stock exchange (Prime Standard) since July 4 2006

                                                                        Share capital EUR 7300142045

                                                                        Shares issued 17131000

                                                                        Issue price EUR 1675

                                                                        Share performance (012019 ndash 032020)

                                                                        Bauer familyFree float

                                                                        5181

                                                                        Shareholder structure

                                                                        4819

                                                                        in EUR 2015 2016 2017 2018 2019

                                                                        Earnings per share 173 066 016 132 -217

                                                                        Share price year end 1740 1140 3000 1216 1510

                                                                        Share price highest 1920 1716 3096 3125 2430

                                                                        Share price lowest 1385 945 1172 1208 1262

                                                                        Market Cap(in EUR million) 2981 1953 5139 2083 2587

                                                                        CDAXClassic All SharePrime All Share

                                                                        ISIN DE0005168108Reuters B5AGDEBloomberg B5A GR

                                                                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                                                        050

                                                                        100 100

                                                                        060 060050

                                                                        030

                                                                        001

                                                                        015 015010 010 010

                                                                        001000

                                                                        030

                                                                        060

                                                                        090

                                                                        120

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

                                                                        47

                                                                        BAUER shareDividend policy

                                                                        Dividend payment Dividend policy founded on a reasonable balance between shareholders and company

                                                                        fair participation of shareholders maintaining continuity safeguarding of the equity ratio

                                                                        All shareholders shall participate in the success of the business

                                                                        After some difficult years we must continue to strike a careful balance between continuity and shareholder participation on the one hand and safeguarding our equity ratio on the other

                                                                        To secure an adequate equity ratio is an important aim of the companyrsquos 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

                                                                        in EUR per share

                                                                        000

                                                                        Proposed subject to the consent of the Annual General Meeting to be held on June 25 2020

                                                                        000

                                                                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 48

                                                                        Key Figures Time LineFY 2008 ndash FY 2019

                                                                        In all three segments total Group revenues and EBIT figures of FY 2015 were influenced by exceptional earnings

                                                                        Total Group revenues 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(in EUR million)BAUER Group 15272 12758 13040 13718 14358 15042 15602 16564 15547 4482 4541 4766 3931 17720 3708 4215 4435 4503 16861 4109 4207 4078 3553 15947

                                                                        Construction 7009 5700 6154 6066 6552 7417 7256 7429 7131 2110 2205 2269 1766 8350 1508 1762 2100 2306 7676 1702 1722 1726 1538 6688Equipment 7801 6085 5817 6365 5891 6286 6392 7531 6344 1867 1853 1966 1859 7545 1808 1936 1802 1685 7231 1859 1950 1781 1547 7137Resources 1351 1743 1777 2115 2628 1889 2528 2216 2624 630 647 651 554 2482 517 676 699 723 2615 692 695 662 700 2749

                                                                        Sales revenues 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(in EUR million)BAUER Group 12908 10965 11317 12196 13444 14022 13757 13790 13969 3789 4512 4354 4022 16679 3184 3987 4051 4669 15891 3419 4035 3622 3633 14709

                                                                        Construction 5843 4879 5058 5062 5791 6575 6466 6508 6145 1966 2064 2145 1663 7838 1432 1642 2021 2168 7263 1616 1628 1605 1408 6257Equipment 6012 4565 4693 5114 5206 5616 5327 5480 5427 1266 1857 1685 1801 6609 1287 1736 1440 1938 6401 1253 1797 1417 1635 6102Resources 1051 1520 1564 2015 2443 1826 1959 1793 2382 553 577 532 553 2215 462 605 587 559 2213 548 607 597 583 2335

                                                                        EBIT 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(in EUR million)BAUER Group 1675 844 884 823 720 301 764 907 703 85 302 277 232 896 110 231 227 433 1001 104 248 133 -260 225

                                                                        Construction 463 257 288 179 220 212 260 139 297 09 124 81 -18 196 27 21 80 263 391 00 42 -34 -207 -199Equipment 1183 513 483 530 340 322 360 994 384 80 160 249 317 806 142 222 158 227 749 83 230 202 97 612Resources 40 60 81 109 152 -240 159 -198 -37 -01 09 -53 -55 -100 -57 -10 -12 -32 -110 27 -22 -30 -137 -162

                                                                        EBIT margin 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(in )BAUER Group 130 77 78 67 54 21 56 66 50 22 67 64 58 54 35 58 56 93 63 30 61 37 -72 15

                                                                        Construction 79 53 57 35 38 32 40 21 48 05 60 38 -11 25 19 13 39 121 54 00 26 -21 -147 -32Equipment 197 112 103 104 65 57 68 181 71 64 86 148 176 122 110 128 110 117 117 66 128 143 60 100Resources 38 39 52 54 62 -131 81 -110 -16 -02 15 -100 -99 -45 -123 -16 -20 -57 -50 49 -37 -49 -235 -69

                                                                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

                                                                        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

                                                                        • Foliennummer 1
                                                                        • Foliennummer 2
                                                                        • Key FiguresFY 2019
                                                                        • Table of Content
                                                                        • Foliennummer 5
                                                                        • Foliennummer 6
                                                                        • Foliennummer 7
                                                                        • Foliennummer 8
                                                                        • BAUER Group Construction market environment vs order backlog
                                                                        • Foliennummer 10
                                                                        • Foliennummer 11
                                                                        • Table of Content
                                                                        • Foliennummer 13
                                                                        • Foliennummer 14
                                                                        • Foliennummer 15
                                                                        • Foliennummer 16
                                                                        • Foliennummer 17
                                                                        • Foliennummer 18
                                                                        • Foliennummer 19
                                                                        • Foliennummer 20
                                                                        • Foliennummer 21
                                                                        • Foliennummer 22
                                                                        • FinancialsIncome statement 12M 2019
                                                                        • Financials Balance sheet December 31 2019
                                                                        • FinancialsCash flow statement 12M 2019
                                                                        • Foliennummer 26
                                                                        • Foliennummer 27
                                                                        • Table of Content
                                                                        • BAUER GroupThe history ndash Two centuries of experience
                                                                        • Foliennummer 30
                                                                        • BAUER GroupThe three segments
                                                                        • Foliennummer 32
                                                                        • Foliennummer 33
                                                                        • What is specialist foundationBuilding an excavation pit
                                                                        • What is specialist foundation used forApplications
                                                                        • ConstructionMunich Germany ndash Foundation works for a boarding house
                                                                        • Foliennummer 37
                                                                        • EquipmentWhole range of products for special foundation engineering
                                                                        • EquipmentProduct range Deep Drilling
                                                                        • Foliennummer 40
                                                                        • ResourcesPool of competences from a single hand
                                                                        • ResourcesWater ndash Process Water amp Water Distribution Management
                                                                        • ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
                                                                        • Market environment ndash Germany German construction market
                                                                        • Financials Working capital needs ndash Comparison with building construction
                                                                        • BAUER shareFacts amp Figures
                                                                        • BAUER shareDividend policy
                                                                        • Foliennummer 48
                                                                        • Disclaimer
                                                                          Zweistelliges Auftragsplus am Bau in Bayern
                                                                          Absolute WerteVeraumlnderungen in
                                                                          August 20062004BayernWestdeutschlandOstdeutschland
                                                                          BayernWest-Ost-200420040200420040200420040
                                                                          LaumlnderLaumlnder199420030199420030199420030
                                                                          Beschaumlftigte in 1000126152831887-52-5200-432-60-5200-539-7200
                                                                          Baugenehmigungen Mio msup3 umb Raum6532572423-108-10800-252-8400-68-10300
                                                                          Umsatz in Mrd EUR139570173-249-5800-277-4500-399-7600
                                                                          Hochbau9637192-265-5600-301-4400-507-7400
                                                                          Tiefbau4319981-217-6200-222-4500-207-7900
                                                                          09033799-393-10000-452-5600-580-6000
                                                                          in Mrd EUR
                                                                          Wohnungsbau236511-480-7100-561-6400-771-20700
                                                                          Wirtschaftsbau3314040-347-10500-457-5900-603-9400
                                                                          Oumlffentlicher Bau3313148-352-11500-346-4900-3821800
                                                                          darunter
                                                                          Oumlffentl Hochbau092509-324-8500-480-0100-5616900
                                                                          Straszligenbau125821-128-11200-146-5100-1604200
                                                                          Sonstiger Tiefbau124818-502-13700-425-7100-467-3400
                                                                          19712561362168-243-95248-173-23210-21146
                                                                          1) Bei Baugenehmigungen liegen erst die Oktoberwerte vor
                                                                          1) Bei Baugenehmigungen liegen erst die Februarwerte vor
                                                                          2) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten
                                                                          in EUR billionin
                                                                          Dezember 2019Germany20052005Jan - Aug20182019
                                                                          201919942004060520172018
                                                                          Employees (in 1000)4867-47-60-104949
                                                                          Revenues922-305-647310882
                                                                          Building construction508-318-611009577
                                                                          Foundation engineering414-280-711212588
                                                                          Orders received861-3743110610082
                                                                          in EUR billion
                                                                          Housebuilding196-489-181211297
                                                                          Industrial building363-3036818113289
                                                                          Public sector302-33132995965
                                                                          of which
                                                                          public buildings55-23812729025109
                                                                          road building142-138-12478839
                                                                          underground structures105-49515223880
                                                                          1256168-243-95-173-23
                                                                          1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
                                                                          ) only companies gt 20 employees
                                                                          Zweistelliges Auftragsplus am Bau in Bayern
                                                                          Absolute WerteVeraumlnderungen in
                                                                          August 20062005BayernWestdeutschlandOstdeutschland
                                                                          BayernWest-Ost-20052005Jan - Aug20052005Jan - Aug20052005Jan - Aug
                                                                          LaumlnderLaumlnder199420040605199420040605199420040605
                                                                          Beschaumlftigte in 1000126152831887-470-60-10-465-60-58-38-578-85-51
                                                                          Baugenehmigungen Mio msup3 umb Raum6532572423-395-101249-417-41171-680-157259
                                                                          Umsatz in Mrd EUR139570173-305-6473-312-4835-452-8813
                                                                          Hochbau9637192-318-61100-336-5048-565-11835
                                                                          Tiefbau4319981-280-7112-255-4311-247-51-14
                                                                          Auftragseingang9033799-37431106-4470984-609-7043
                                                                          in Mrd EUR
                                                                          Wohnungsbau236511-489-1812-586-5888-805-14841
                                                                          Wirtschaftsbau3314040-30368181-43345104-625-56121
                                                                          Oumlffentlicher Bau3313148-3313299-3400972-420-62-18
                                                                          darunter
                                                                          Oumlffentl Hochbau092509-238127290-500-38142-602-93-51
                                                                          Straszligenbau125821-138-1247-965978-211-8582
                                                                          Sonstiger Tiefbau124818-4951522-439-2430-477-18-124
                                                                          19712561362168-243-95248-173-23210-21146
                                                                          1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
                                                                          ) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

                                                                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                                                          EquipmentKey facts

                                                                          Market leader in specialistfoundation equipment

                                                                          Equipment

                                                                          37

                                                                          Sales revenues (excl JV) Order intake EBIT

                                                                          ~ 40 of total Group revenues EBIT margin 10 - 12

                                                                          (2018 117 2019 100)

                                                                          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 JV with Schlumberger for the production of deep drilling rigs (oil amp gas)

                                                                          Market environment Growing construction markets worldwide lead to positive equipment demand

                                                                          Strong position due to efforts regarding quality efficiency and noise reduction

                                                                          Growth potential with specialized machines for mining water and offshore drilling

                                                                          Competition Trevi Liebherr Chinese manufactures

                                                                          (eg Sany XCMG)

                                                                          Further competition regarding special product types

                                                                          Current focus topics Focus on value analysis methods and purchase organization

                                                                          Optimizing and increasing after-sales services

                                                                          Key figures

                                                                          Key targets

                                                                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 38

                                                                          EquipmentWhole range of products for special foundation engineering

                                                                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 39

                                                                          EquipmentProduct range Deep Drilling

                                                                          Joint Ventureof Bauer amp Schlumberger

                                                                          In order to meet the upcoming market challenges out-of-the-box thinking

                                                                          is necessary and therefore integrated drilling and rig solutions are of

                                                                          growing importance

                                                                          Based on more than 40 years of experience in engineering and

                                                                          manufacturing of drilling rigs NeoRig develops and manufactures

                                                                          modern drilling solutions which set new standards of safety efficiency

                                                                          productivity and ease of service in the deep drilling business

                                                                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                                                          ResourcesKey factsResources

                                                                          40

                                                                          Products amp services for environmental technology mining well construction

                                                                          and water cleaning

                                                                          Total Group revenues (incl JV) Order backlog EBIT

                                                                          ~ 20 of total Group revenues EBIT margin 6 - 8

                                                                          (2018 na 2019 na)

                                                                          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 amp Middle East

                                                                          Market environment Huge demand for environmental and water solutions

                                                                          Outstanding market position with ground-breaking projects in the field of cleaning drinking and process water eg the biological water treatment plant in Oman

                                                                          Competition Fragmented competition for each single product and service area

                                                                          Current focus topics Improvement of loss-making Jordan subsidiary which is caused by overcapacities

                                                                          Consistent proceeding of reorganization in the water related companies

                                                                          Focus on new projects for the profitable environment business

                                                                          Key figures

                                                                          Key targets

                                                                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 41

                                                                          ResourcesPool of competences from a single hand

                                                                          Industrial Waste Water Process amp Produced Water NORM Constructed Wetlands Modelling amp Well Design Construction Material for Wells

                                                                          and Geothermal Water Distribution Management Irrigation Systems

                                                                          Remediation Landfill Restoration Decommissioning Demolition Hazardous Waste Management Soil Treatment and Waste

                                                                          Management

                                                                          Exploration Drilling Deep Geothermal Drilling Well Drilling Blast Hole Drilling

                                                                          EnvironmentWater Natural Resources

                                                                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 42

                                                                          ResourcesWater ndash Process Water amp Water Distribution Management

                                                                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 43

                                                                          ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman

                                                                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 44

                                                                          Market environment ndash GermanyGerman construction market

                                                                          Source Federal Statistical Office Statistical Office Bavaria

                                                                          in EUR billion

                                                                          Germany2019

                                                                          Employees (in 1000)

                                                                          Revenues 922Building construction 508Foundation engineering 414

                                                                          Orders received in EUR billion

                                                                          Housebuilding 196Industrial building 363Public sectorof which

                                                                          public buildings 55road building 142underground structures 105

                                                                          ) only companies gt 20 employees

                                                                          49

                                                                          108

                                                                          95

                                                                          39

                                                                          109

                                                                          65

                                                                          80

                                                                          88

                                                                          38

                                                                          49

                                                                          82

                                                                          77

                                                                          112

                                                                          132

                                                                          25

                                                                          Dezember 2019 2018 20192017 2018

                                                                          in

                                                                          89

                                                                          97

                                                                          302

                                                                          861

                                                                          4867

                                                                          88

                                                                          100 82

                                                                          59

                                                                          125

                                                                          Weiszlig

                                                                          Bunt

                                                                          Kunterbunt

                                                                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 45

                                                                          Building constructionpositive cash contribution

                                                                          Specialist foundation engineeringpre-financing need

                                                                          Financials Working capital needs ndash Comparison with building construction

                                                                          EUR

                                                                          12 24 months

                                                                          Positive cash contribution

                                                                          Negative cash contribution

                                                                          Con

                                                                          trac

                                                                          t val

                                                                          ue

                                                                          EUR

                                                                          Negative cash contribution

                                                                          12 24 months

                                                                          Con

                                                                          trac

                                                                          t val

                                                                          ue

                                                                          Construction contracts with short duration need

                                                                          No advance payments no front-loading of prices possible approx 2 - 3 months of pre-financing

                                                                          Negative cash contribution during construction phase

                                                                          Construction contracts with long durations

                                                                          Advance payments front-loading of prices

                                                                          Positive cash contribution during construction phase

                                                                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 46

                                                                          BAUER shareFacts amp Figures

                                                                          Listed on Frankfurt stock exchange (Prime Standard) since July 4 2006

                                                                          Share capital EUR 7300142045

                                                                          Shares issued 17131000

                                                                          Issue price EUR 1675

                                                                          Share performance (012019 ndash 032020)

                                                                          Bauer familyFree float

                                                                          5181

                                                                          Shareholder structure

                                                                          4819

                                                                          in EUR 2015 2016 2017 2018 2019

                                                                          Earnings per share 173 066 016 132 -217

                                                                          Share price year end 1740 1140 3000 1216 1510

                                                                          Share price highest 1920 1716 3096 3125 2430

                                                                          Share price lowest 1385 945 1172 1208 1262

                                                                          Market Cap(in EUR million) 2981 1953 5139 2083 2587

                                                                          CDAXClassic All SharePrime All Share

                                                                          ISIN DE0005168108Reuters B5AGDEBloomberg B5A GR

                                                                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                                                          050

                                                                          100 100

                                                                          060 060050

                                                                          030

                                                                          001

                                                                          015 015010 010 010

                                                                          001000

                                                                          030

                                                                          060

                                                                          090

                                                                          120

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

                                                                          47

                                                                          BAUER shareDividend policy

                                                                          Dividend payment Dividend policy founded on a reasonable balance between shareholders and company

                                                                          fair participation of shareholders maintaining continuity safeguarding of the equity ratio

                                                                          All shareholders shall participate in the success of the business

                                                                          After some difficult years we must continue to strike a careful balance between continuity and shareholder participation on the one hand and safeguarding our equity ratio on the other

                                                                          To secure an adequate equity ratio is an important aim of the companyrsquos 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

                                                                          in EUR per share

                                                                          000

                                                                          Proposed subject to the consent of the Annual General Meeting to be held on June 25 2020

                                                                          000

                                                                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 48

                                                                          Key Figures Time LineFY 2008 ndash FY 2019

                                                                          In all three segments total Group revenues and EBIT figures of FY 2015 were influenced by exceptional earnings

                                                                          Total Group revenues 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(in EUR million)BAUER Group 15272 12758 13040 13718 14358 15042 15602 16564 15547 4482 4541 4766 3931 17720 3708 4215 4435 4503 16861 4109 4207 4078 3553 15947

                                                                          Construction 7009 5700 6154 6066 6552 7417 7256 7429 7131 2110 2205 2269 1766 8350 1508 1762 2100 2306 7676 1702 1722 1726 1538 6688Equipment 7801 6085 5817 6365 5891 6286 6392 7531 6344 1867 1853 1966 1859 7545 1808 1936 1802 1685 7231 1859 1950 1781 1547 7137Resources 1351 1743 1777 2115 2628 1889 2528 2216 2624 630 647 651 554 2482 517 676 699 723 2615 692 695 662 700 2749

                                                                          Sales revenues 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(in EUR million)BAUER Group 12908 10965 11317 12196 13444 14022 13757 13790 13969 3789 4512 4354 4022 16679 3184 3987 4051 4669 15891 3419 4035 3622 3633 14709

                                                                          Construction 5843 4879 5058 5062 5791 6575 6466 6508 6145 1966 2064 2145 1663 7838 1432 1642 2021 2168 7263 1616 1628 1605 1408 6257Equipment 6012 4565 4693 5114 5206 5616 5327 5480 5427 1266 1857 1685 1801 6609 1287 1736 1440 1938 6401 1253 1797 1417 1635 6102Resources 1051 1520 1564 2015 2443 1826 1959 1793 2382 553 577 532 553 2215 462 605 587 559 2213 548 607 597 583 2335

                                                                          EBIT 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(in EUR million)BAUER Group 1675 844 884 823 720 301 764 907 703 85 302 277 232 896 110 231 227 433 1001 104 248 133 -260 225

                                                                          Construction 463 257 288 179 220 212 260 139 297 09 124 81 -18 196 27 21 80 263 391 00 42 -34 -207 -199Equipment 1183 513 483 530 340 322 360 994 384 80 160 249 317 806 142 222 158 227 749 83 230 202 97 612Resources 40 60 81 109 152 -240 159 -198 -37 -01 09 -53 -55 -100 -57 -10 -12 -32 -110 27 -22 -30 -137 -162

                                                                          EBIT margin 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(in )BAUER Group 130 77 78 67 54 21 56 66 50 22 67 64 58 54 35 58 56 93 63 30 61 37 -72 15

                                                                          Construction 79 53 57 35 38 32 40 21 48 05 60 38 -11 25 19 13 39 121 54 00 26 -21 -147 -32Equipment 197 112 103 104 65 57 68 181 71 64 86 148 176 122 110 128 110 117 117 66 128 143 60 100Resources 38 39 52 54 62 -131 81 -110 -16 -02 15 -100 -99 -45 -123 -16 -20 -57 -50 49 -37 -49 -235 -69

                                                                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

                                                                          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

                                                                          • Foliennummer 1
                                                                          • Foliennummer 2
                                                                          • Key FiguresFY 2019
                                                                          • Table of Content
                                                                          • Foliennummer 5
                                                                          • Foliennummer 6
                                                                          • Foliennummer 7
                                                                          • Foliennummer 8
                                                                          • BAUER Group Construction market environment vs order backlog
                                                                          • Foliennummer 10
                                                                          • Foliennummer 11
                                                                          • Table of Content
                                                                          • Foliennummer 13
                                                                          • Foliennummer 14
                                                                          • Foliennummer 15
                                                                          • Foliennummer 16
                                                                          • Foliennummer 17
                                                                          • Foliennummer 18
                                                                          • Foliennummer 19
                                                                          • Foliennummer 20
                                                                          • Foliennummer 21
                                                                          • Foliennummer 22
                                                                          • FinancialsIncome statement 12M 2019
                                                                          • Financials Balance sheet December 31 2019
                                                                          • FinancialsCash flow statement 12M 2019
                                                                          • Foliennummer 26
                                                                          • Foliennummer 27
                                                                          • Table of Content
                                                                          • BAUER GroupThe history ndash Two centuries of experience
                                                                          • Foliennummer 30
                                                                          • BAUER GroupThe three segments
                                                                          • Foliennummer 32
                                                                          • Foliennummer 33
                                                                          • What is specialist foundationBuilding an excavation pit
                                                                          • What is specialist foundation used forApplications
                                                                          • ConstructionMunich Germany ndash Foundation works for a boarding house
                                                                          • Foliennummer 37
                                                                          • EquipmentWhole range of products for special foundation engineering
                                                                          • EquipmentProduct range Deep Drilling
                                                                          • Foliennummer 40
                                                                          • ResourcesPool of competences from a single hand
                                                                          • ResourcesWater ndash Process Water amp Water Distribution Management
                                                                          • ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
                                                                          • Market environment ndash Germany German construction market
                                                                          • Financials Working capital needs ndash Comparison with building construction
                                                                          • BAUER shareFacts amp Figures
                                                                          • BAUER shareDividend policy
                                                                          • Foliennummer 48
                                                                          • Disclaimer
                                                                            Zweistelliges Auftragsplus am Bau in Bayern
                                                                            Absolute WerteVeraumlnderungen in
                                                                            August 20062004BayernWestdeutschlandOstdeutschland
                                                                            BayernWest-Ost-200420040200420040200420040
                                                                            LaumlnderLaumlnder199420030199420030199420030
                                                                            Beschaumlftigte in 1000126152831887-52-5200-432-60-5200-539-7200
                                                                            Baugenehmigungen Mio msup3 umb Raum6532572423-108-10800-252-8400-68-10300
                                                                            Umsatz in Mrd EUR139570173-249-5800-277-4500-399-7600
                                                                            Hochbau9637192-265-5600-301-4400-507-7400
                                                                            Tiefbau4319981-217-6200-222-4500-207-7900
                                                                            09033799-393-10000-452-5600-580-6000
                                                                            in Mrd EUR
                                                                            Wohnungsbau236511-480-7100-561-6400-771-20700
                                                                            Wirtschaftsbau3314040-347-10500-457-5900-603-9400
                                                                            Oumlffentlicher Bau3313148-352-11500-346-4900-3821800
                                                                            darunter
                                                                            Oumlffentl Hochbau092509-324-8500-480-0100-5616900
                                                                            Straszligenbau125821-128-11200-146-5100-1604200
                                                                            Sonstiger Tiefbau124818-502-13700-425-7100-467-3400
                                                                            19712561362168-243-95248-173-23210-21146
                                                                            1) Bei Baugenehmigungen liegen erst die Oktoberwerte vor
                                                                            1) Bei Baugenehmigungen liegen erst die Februarwerte vor
                                                                            2) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten
                                                                            in EUR billionin
                                                                            Dezember 2019Germany20052005Jan - Aug20182019
                                                                            201919942004060520172018
                                                                            Employees (in 1000)4867-47-60-104949
                                                                            Revenues922-305-647310882
                                                                            Building construction508-318-611009577
                                                                            Foundation engineering414-280-711212588
                                                                            Orders received861-3743110610082
                                                                            in EUR billion
                                                                            Housebuilding196-489-181211297
                                                                            Industrial building363-3036818113289
                                                                            Public sector302-33132995965
                                                                            of which
                                                                            public buildings55-23812729025109
                                                                            road building142-138-12478839
                                                                            underground structures105-49515223880
                                                                            1256168-243-95-173-23
                                                                            1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
                                                                            ) only companies gt 20 employees
                                                                            Zweistelliges Auftragsplus am Bau in Bayern
                                                                            Absolute WerteVeraumlnderungen in
                                                                            August 20062005BayernWestdeutschlandOstdeutschland
                                                                            BayernWest-Ost-20052005Jan - Aug20052005Jan - Aug20052005Jan - Aug
                                                                            LaumlnderLaumlnder199420040605199420040605199420040605
                                                                            Beschaumlftigte in 1000126152831887-470-60-10-465-60-58-38-578-85-51
                                                                            Baugenehmigungen Mio msup3 umb Raum6532572423-395-101249-417-41171-680-157259
                                                                            Umsatz in Mrd EUR139570173-305-6473-312-4835-452-8813
                                                                            Hochbau9637192-318-61100-336-5048-565-11835
                                                                            Tiefbau4319981-280-7112-255-4311-247-51-14
                                                                            Auftragseingang9033799-37431106-4470984-609-7043
                                                                            in Mrd EUR
                                                                            Wohnungsbau236511-489-1812-586-5888-805-14841
                                                                            Wirtschaftsbau3314040-30368181-43345104-625-56121
                                                                            Oumlffentlicher Bau3313148-3313299-3400972-420-62-18
                                                                            darunter
                                                                            Oumlffentl Hochbau092509-238127290-500-38142-602-93-51
                                                                            Straszligenbau125821-138-1247-965978-211-8582
                                                                            Sonstiger Tiefbau124818-4951522-439-2430-477-18-124
                                                                            19712561362168-243-95248-173-23210-21146
                                                                            1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
                                                                            ) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

                                                                            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 38

                                                                            EquipmentWhole range of products for special foundation engineering

                                                                            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 39

                                                                            EquipmentProduct range Deep Drilling

                                                                            Joint Ventureof Bauer amp Schlumberger

                                                                            In order to meet the upcoming market challenges out-of-the-box thinking

                                                                            is necessary and therefore integrated drilling and rig solutions are of

                                                                            growing importance

                                                                            Based on more than 40 years of experience in engineering and

                                                                            manufacturing of drilling rigs NeoRig develops and manufactures

                                                                            modern drilling solutions which set new standards of safety efficiency

                                                                            productivity and ease of service in the deep drilling business

                                                                            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                                                            ResourcesKey factsResources

                                                                            40

                                                                            Products amp services for environmental technology mining well construction

                                                                            and water cleaning

                                                                            Total Group revenues (incl JV) Order backlog EBIT

                                                                            ~ 20 of total Group revenues EBIT margin 6 - 8

                                                                            (2018 na 2019 na)

                                                                            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 amp Middle East

                                                                            Market environment Huge demand for environmental and water solutions

                                                                            Outstanding market position with ground-breaking projects in the field of cleaning drinking and process water eg the biological water treatment plant in Oman

                                                                            Competition Fragmented competition for each single product and service area

                                                                            Current focus topics Improvement of loss-making Jordan subsidiary which is caused by overcapacities

                                                                            Consistent proceeding of reorganization in the water related companies

                                                                            Focus on new projects for the profitable environment business

                                                                            Key figures

                                                                            Key targets

                                                                            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 41

                                                                            ResourcesPool of competences from a single hand

                                                                            Industrial Waste Water Process amp Produced Water NORM Constructed Wetlands Modelling amp Well Design Construction Material for Wells

                                                                            and Geothermal Water Distribution Management Irrigation Systems

                                                                            Remediation Landfill Restoration Decommissioning Demolition Hazardous Waste Management Soil Treatment and Waste

                                                                            Management

                                                                            Exploration Drilling Deep Geothermal Drilling Well Drilling Blast Hole Drilling

                                                                            EnvironmentWater Natural Resources

                                                                            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 42

                                                                            ResourcesWater ndash Process Water amp Water Distribution Management

                                                                            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 43

                                                                            ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman

                                                                            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 44

                                                                            Market environment ndash GermanyGerman construction market

                                                                            Source Federal Statistical Office Statistical Office Bavaria

                                                                            in EUR billion

                                                                            Germany2019

                                                                            Employees (in 1000)

                                                                            Revenues 922Building construction 508Foundation engineering 414

                                                                            Orders received in EUR billion

                                                                            Housebuilding 196Industrial building 363Public sectorof which

                                                                            public buildings 55road building 142underground structures 105

                                                                            ) only companies gt 20 employees

                                                                            49

                                                                            108

                                                                            95

                                                                            39

                                                                            109

                                                                            65

                                                                            80

                                                                            88

                                                                            38

                                                                            49

                                                                            82

                                                                            77

                                                                            112

                                                                            132

                                                                            25

                                                                            Dezember 2019 2018 20192017 2018

                                                                            in

                                                                            89

                                                                            97

                                                                            302

                                                                            861

                                                                            4867

                                                                            88

                                                                            100 82

                                                                            59

                                                                            125

                                                                            Weiszlig

                                                                            Bunt

                                                                            Kunterbunt

                                                                            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 45

                                                                            Building constructionpositive cash contribution

                                                                            Specialist foundation engineeringpre-financing need

                                                                            Financials Working capital needs ndash Comparison with building construction

                                                                            EUR

                                                                            12 24 months

                                                                            Positive cash contribution

                                                                            Negative cash contribution

                                                                            Con

                                                                            trac

                                                                            t val

                                                                            ue

                                                                            EUR

                                                                            Negative cash contribution

                                                                            12 24 months

                                                                            Con

                                                                            trac

                                                                            t val

                                                                            ue

                                                                            Construction contracts with short duration need

                                                                            No advance payments no front-loading of prices possible approx 2 - 3 months of pre-financing

                                                                            Negative cash contribution during construction phase

                                                                            Construction contracts with long durations

                                                                            Advance payments front-loading of prices

                                                                            Positive cash contribution during construction phase

                                                                            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 46

                                                                            BAUER shareFacts amp Figures

                                                                            Listed on Frankfurt stock exchange (Prime Standard) since July 4 2006

                                                                            Share capital EUR 7300142045

                                                                            Shares issued 17131000

                                                                            Issue price EUR 1675

                                                                            Share performance (012019 ndash 032020)

                                                                            Bauer familyFree float

                                                                            5181

                                                                            Shareholder structure

                                                                            4819

                                                                            in EUR 2015 2016 2017 2018 2019

                                                                            Earnings per share 173 066 016 132 -217

                                                                            Share price year end 1740 1140 3000 1216 1510

                                                                            Share price highest 1920 1716 3096 3125 2430

                                                                            Share price lowest 1385 945 1172 1208 1262

                                                                            Market Cap(in EUR million) 2981 1953 5139 2083 2587

                                                                            CDAXClassic All SharePrime All Share

                                                                            ISIN DE0005168108Reuters B5AGDEBloomberg B5A GR

                                                                            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                                                            050

                                                                            100 100

                                                                            060 060050

                                                                            030

                                                                            001

                                                                            015 015010 010 010

                                                                            001000

                                                                            030

                                                                            060

                                                                            090

                                                                            120

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

                                                                            47

                                                                            BAUER shareDividend policy

                                                                            Dividend payment Dividend policy founded on a reasonable balance between shareholders and company

                                                                            fair participation of shareholders maintaining continuity safeguarding of the equity ratio

                                                                            All shareholders shall participate in the success of the business

                                                                            After some difficult years we must continue to strike a careful balance between continuity and shareholder participation on the one hand and safeguarding our equity ratio on the other

                                                                            To secure an adequate equity ratio is an important aim of the companyrsquos 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

                                                                            in EUR per share

                                                                            000

                                                                            Proposed subject to the consent of the Annual General Meeting to be held on June 25 2020

                                                                            000

                                                                            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 48

                                                                            Key Figures Time LineFY 2008 ndash FY 2019

                                                                            In all three segments total Group revenues and EBIT figures of FY 2015 were influenced by exceptional earnings

                                                                            Total Group revenues 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(in EUR million)BAUER Group 15272 12758 13040 13718 14358 15042 15602 16564 15547 4482 4541 4766 3931 17720 3708 4215 4435 4503 16861 4109 4207 4078 3553 15947

                                                                            Construction 7009 5700 6154 6066 6552 7417 7256 7429 7131 2110 2205 2269 1766 8350 1508 1762 2100 2306 7676 1702 1722 1726 1538 6688Equipment 7801 6085 5817 6365 5891 6286 6392 7531 6344 1867 1853 1966 1859 7545 1808 1936 1802 1685 7231 1859 1950 1781 1547 7137Resources 1351 1743 1777 2115 2628 1889 2528 2216 2624 630 647 651 554 2482 517 676 699 723 2615 692 695 662 700 2749

                                                                            Sales revenues 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(in EUR million)BAUER Group 12908 10965 11317 12196 13444 14022 13757 13790 13969 3789 4512 4354 4022 16679 3184 3987 4051 4669 15891 3419 4035 3622 3633 14709

                                                                            Construction 5843 4879 5058 5062 5791 6575 6466 6508 6145 1966 2064 2145 1663 7838 1432 1642 2021 2168 7263 1616 1628 1605 1408 6257Equipment 6012 4565 4693 5114 5206 5616 5327 5480 5427 1266 1857 1685 1801 6609 1287 1736 1440 1938 6401 1253 1797 1417 1635 6102Resources 1051 1520 1564 2015 2443 1826 1959 1793 2382 553 577 532 553 2215 462 605 587 559 2213 548 607 597 583 2335

                                                                            EBIT 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(in EUR million)BAUER Group 1675 844 884 823 720 301 764 907 703 85 302 277 232 896 110 231 227 433 1001 104 248 133 -260 225

                                                                            Construction 463 257 288 179 220 212 260 139 297 09 124 81 -18 196 27 21 80 263 391 00 42 -34 -207 -199Equipment 1183 513 483 530 340 322 360 994 384 80 160 249 317 806 142 222 158 227 749 83 230 202 97 612Resources 40 60 81 109 152 -240 159 -198 -37 -01 09 -53 -55 -100 -57 -10 -12 -32 -110 27 -22 -30 -137 -162

                                                                            EBIT margin 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(in )BAUER Group 130 77 78 67 54 21 56 66 50 22 67 64 58 54 35 58 56 93 63 30 61 37 -72 15

                                                                            Construction 79 53 57 35 38 32 40 21 48 05 60 38 -11 25 19 13 39 121 54 00 26 -21 -147 -32Equipment 197 112 103 104 65 57 68 181 71 64 86 148 176 122 110 128 110 117 117 66 128 143 60 100Resources 38 39 52 54 62 -131 81 -110 -16 -02 15 -100 -99 -45 -123 -16 -20 -57 -50 49 -37 -49 -235 -69

                                                                            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

                                                                            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

                                                                            • Foliennummer 1
                                                                            • Foliennummer 2
                                                                            • Key FiguresFY 2019
                                                                            • Table of Content
                                                                            • Foliennummer 5
                                                                            • Foliennummer 6
                                                                            • Foliennummer 7
                                                                            • Foliennummer 8
                                                                            • BAUER Group Construction market environment vs order backlog
                                                                            • Foliennummer 10
                                                                            • Foliennummer 11
                                                                            • Table of Content
                                                                            • Foliennummer 13
                                                                            • Foliennummer 14
                                                                            • Foliennummer 15
                                                                            • Foliennummer 16
                                                                            • Foliennummer 17
                                                                            • Foliennummer 18
                                                                            • Foliennummer 19
                                                                            • Foliennummer 20
                                                                            • Foliennummer 21
                                                                            • Foliennummer 22
                                                                            • FinancialsIncome statement 12M 2019
                                                                            • Financials Balance sheet December 31 2019
                                                                            • FinancialsCash flow statement 12M 2019
                                                                            • Foliennummer 26
                                                                            • Foliennummer 27
                                                                            • Table of Content
                                                                            • BAUER GroupThe history ndash Two centuries of experience
                                                                            • Foliennummer 30
                                                                            • BAUER GroupThe three segments
                                                                            • Foliennummer 32
                                                                            • Foliennummer 33
                                                                            • What is specialist foundationBuilding an excavation pit
                                                                            • What is specialist foundation used forApplications
                                                                            • ConstructionMunich Germany ndash Foundation works for a boarding house
                                                                            • Foliennummer 37
                                                                            • EquipmentWhole range of products for special foundation engineering
                                                                            • EquipmentProduct range Deep Drilling
                                                                            • Foliennummer 40
                                                                            • ResourcesPool of competences from a single hand
                                                                            • ResourcesWater ndash Process Water amp Water Distribution Management
                                                                            • ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
                                                                            • Market environment ndash Germany German construction market
                                                                            • Financials Working capital needs ndash Comparison with building construction
                                                                            • BAUER shareFacts amp Figures
                                                                            • BAUER shareDividend policy
                                                                            • Foliennummer 48
                                                                            • Disclaimer
                                                                              Zweistelliges Auftragsplus am Bau in Bayern
                                                                              Absolute WerteVeraumlnderungen in
                                                                              August 20062004BayernWestdeutschlandOstdeutschland
                                                                              BayernWest-Ost-200420040200420040200420040
                                                                              LaumlnderLaumlnder199420030199420030199420030
                                                                              Beschaumlftigte in 1000126152831887-52-5200-432-60-5200-539-7200
                                                                              Baugenehmigungen Mio msup3 umb Raum6532572423-108-10800-252-8400-68-10300
                                                                              Umsatz in Mrd EUR139570173-249-5800-277-4500-399-7600
                                                                              Hochbau9637192-265-5600-301-4400-507-7400
                                                                              Tiefbau4319981-217-6200-222-4500-207-7900
                                                                              09033799-393-10000-452-5600-580-6000
                                                                              in Mrd EUR
                                                                              Wohnungsbau236511-480-7100-561-6400-771-20700
                                                                              Wirtschaftsbau3314040-347-10500-457-5900-603-9400
                                                                              Oumlffentlicher Bau3313148-352-11500-346-4900-3821800
                                                                              darunter
                                                                              Oumlffentl Hochbau092509-324-8500-480-0100-5616900
                                                                              Straszligenbau125821-128-11200-146-5100-1604200
                                                                              Sonstiger Tiefbau124818-502-13700-425-7100-467-3400
                                                                              19712561362168-243-95248-173-23210-21146
                                                                              1) Bei Baugenehmigungen liegen erst die Oktoberwerte vor
                                                                              1) Bei Baugenehmigungen liegen erst die Februarwerte vor
                                                                              2) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten
                                                                              in EUR billionin
                                                                              Dezember 2019Germany20052005Jan - Aug20182019
                                                                              201919942004060520172018
                                                                              Employees (in 1000)4867-47-60-104949
                                                                              Revenues922-305-647310882
                                                                              Building construction508-318-611009577
                                                                              Foundation engineering414-280-711212588
                                                                              Orders received861-3743110610082
                                                                              in EUR billion
                                                                              Housebuilding196-489-181211297
                                                                              Industrial building363-3036818113289
                                                                              Public sector302-33132995965
                                                                              of which
                                                                              public buildings55-23812729025109
                                                                              road building142-138-12478839
                                                                              underground structures105-49515223880
                                                                              1256168-243-95-173-23
                                                                              1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
                                                                              ) only companies gt 20 employees
                                                                              Zweistelliges Auftragsplus am Bau in Bayern
                                                                              Absolute WerteVeraumlnderungen in
                                                                              August 20062005BayernWestdeutschlandOstdeutschland
                                                                              BayernWest-Ost-20052005Jan - Aug20052005Jan - Aug20052005Jan - Aug
                                                                              LaumlnderLaumlnder199420040605199420040605199420040605
                                                                              Beschaumlftigte in 1000126152831887-470-60-10-465-60-58-38-578-85-51
                                                                              Baugenehmigungen Mio msup3 umb Raum6532572423-395-101249-417-41171-680-157259
                                                                              Umsatz in Mrd EUR139570173-305-6473-312-4835-452-8813
                                                                              Hochbau9637192-318-61100-336-5048-565-11835
                                                                              Tiefbau4319981-280-7112-255-4311-247-51-14
                                                                              Auftragseingang9033799-37431106-4470984-609-7043
                                                                              in Mrd EUR
                                                                              Wohnungsbau236511-489-1812-586-5888-805-14841
                                                                              Wirtschaftsbau3314040-30368181-43345104-625-56121
                                                                              Oumlffentlicher Bau3313148-3313299-3400972-420-62-18
                                                                              darunter
                                                                              Oumlffentl Hochbau092509-238127290-500-38142-602-93-51
                                                                              Straszligenbau125821-138-1247-965978-211-8582
                                                                              Sonstiger Tiefbau124818-4951522-439-2430-477-18-124
                                                                              19712561362168-243-95248-173-23210-21146
                                                                              1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
                                                                              ) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

                                                                              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 39

                                                                              EquipmentProduct range Deep Drilling

                                                                              Joint Ventureof Bauer amp Schlumberger

                                                                              In order to meet the upcoming market challenges out-of-the-box thinking

                                                                              is necessary and therefore integrated drilling and rig solutions are of

                                                                              growing importance

                                                                              Based on more than 40 years of experience in engineering and

                                                                              manufacturing of drilling rigs NeoRig develops and manufactures

                                                                              modern drilling solutions which set new standards of safety efficiency

                                                                              productivity and ease of service in the deep drilling business

                                                                              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                                                              ResourcesKey factsResources

                                                                              40

                                                                              Products amp services for environmental technology mining well construction

                                                                              and water cleaning

                                                                              Total Group revenues (incl JV) Order backlog EBIT

                                                                              ~ 20 of total Group revenues EBIT margin 6 - 8

                                                                              (2018 na 2019 na)

                                                                              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 amp Middle East

                                                                              Market environment Huge demand for environmental and water solutions

                                                                              Outstanding market position with ground-breaking projects in the field of cleaning drinking and process water eg the biological water treatment plant in Oman

                                                                              Competition Fragmented competition for each single product and service area

                                                                              Current focus topics Improvement of loss-making Jordan subsidiary which is caused by overcapacities

                                                                              Consistent proceeding of reorganization in the water related companies

                                                                              Focus on new projects for the profitable environment business

                                                                              Key figures

                                                                              Key targets

                                                                              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 41

                                                                              ResourcesPool of competences from a single hand

                                                                              Industrial Waste Water Process amp Produced Water NORM Constructed Wetlands Modelling amp Well Design Construction Material for Wells

                                                                              and Geothermal Water Distribution Management Irrigation Systems

                                                                              Remediation Landfill Restoration Decommissioning Demolition Hazardous Waste Management Soil Treatment and Waste

                                                                              Management

                                                                              Exploration Drilling Deep Geothermal Drilling Well Drilling Blast Hole Drilling

                                                                              EnvironmentWater Natural Resources

                                                                              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 42

                                                                              ResourcesWater ndash Process Water amp Water Distribution Management

                                                                              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 43

                                                                              ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman

                                                                              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 44

                                                                              Market environment ndash GermanyGerman construction market

                                                                              Source Federal Statistical Office Statistical Office Bavaria

                                                                              in EUR billion

                                                                              Germany2019

                                                                              Employees (in 1000)

                                                                              Revenues 922Building construction 508Foundation engineering 414

                                                                              Orders received in EUR billion

                                                                              Housebuilding 196Industrial building 363Public sectorof which

                                                                              public buildings 55road building 142underground structures 105

                                                                              ) only companies gt 20 employees

                                                                              49

                                                                              108

                                                                              95

                                                                              39

                                                                              109

                                                                              65

                                                                              80

                                                                              88

                                                                              38

                                                                              49

                                                                              82

                                                                              77

                                                                              112

                                                                              132

                                                                              25

                                                                              Dezember 2019 2018 20192017 2018

                                                                              in

                                                                              89

                                                                              97

                                                                              302

                                                                              861

                                                                              4867

                                                                              88

                                                                              100 82

                                                                              59

                                                                              125

                                                                              Weiszlig

                                                                              Bunt

                                                                              Kunterbunt

                                                                              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 45

                                                                              Building constructionpositive cash contribution

                                                                              Specialist foundation engineeringpre-financing need

                                                                              Financials Working capital needs ndash Comparison with building construction

                                                                              EUR

                                                                              12 24 months

                                                                              Positive cash contribution

                                                                              Negative cash contribution

                                                                              Con

                                                                              trac

                                                                              t val

                                                                              ue

                                                                              EUR

                                                                              Negative cash contribution

                                                                              12 24 months

                                                                              Con

                                                                              trac

                                                                              t val

                                                                              ue

                                                                              Construction contracts with short duration need

                                                                              No advance payments no front-loading of prices possible approx 2 - 3 months of pre-financing

                                                                              Negative cash contribution during construction phase

                                                                              Construction contracts with long durations

                                                                              Advance payments front-loading of prices

                                                                              Positive cash contribution during construction phase

                                                                              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 46

                                                                              BAUER shareFacts amp Figures

                                                                              Listed on Frankfurt stock exchange (Prime Standard) since July 4 2006

                                                                              Share capital EUR 7300142045

                                                                              Shares issued 17131000

                                                                              Issue price EUR 1675

                                                                              Share performance (012019 ndash 032020)

                                                                              Bauer familyFree float

                                                                              5181

                                                                              Shareholder structure

                                                                              4819

                                                                              in EUR 2015 2016 2017 2018 2019

                                                                              Earnings per share 173 066 016 132 -217

                                                                              Share price year end 1740 1140 3000 1216 1510

                                                                              Share price highest 1920 1716 3096 3125 2430

                                                                              Share price lowest 1385 945 1172 1208 1262

                                                                              Market Cap(in EUR million) 2981 1953 5139 2083 2587

                                                                              CDAXClassic All SharePrime All Share

                                                                              ISIN DE0005168108Reuters B5AGDEBloomberg B5A GR

                                                                              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                                                              050

                                                                              100 100

                                                                              060 060050

                                                                              030

                                                                              001

                                                                              015 015010 010 010

                                                                              001000

                                                                              030

                                                                              060

                                                                              090

                                                                              120

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

                                                                              47

                                                                              BAUER shareDividend policy

                                                                              Dividend payment Dividend policy founded on a reasonable balance between shareholders and company

                                                                              fair participation of shareholders maintaining continuity safeguarding of the equity ratio

                                                                              All shareholders shall participate in the success of the business

                                                                              After some difficult years we must continue to strike a careful balance between continuity and shareholder participation on the one hand and safeguarding our equity ratio on the other

                                                                              To secure an adequate equity ratio is an important aim of the companyrsquos 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

                                                                              in EUR per share

                                                                              000

                                                                              Proposed subject to the consent of the Annual General Meeting to be held on June 25 2020

                                                                              000

                                                                              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 48

                                                                              Key Figures Time LineFY 2008 ndash FY 2019

                                                                              In all three segments total Group revenues and EBIT figures of FY 2015 were influenced by exceptional earnings

                                                                              Total Group revenues 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(in EUR million)BAUER Group 15272 12758 13040 13718 14358 15042 15602 16564 15547 4482 4541 4766 3931 17720 3708 4215 4435 4503 16861 4109 4207 4078 3553 15947

                                                                              Construction 7009 5700 6154 6066 6552 7417 7256 7429 7131 2110 2205 2269 1766 8350 1508 1762 2100 2306 7676 1702 1722 1726 1538 6688Equipment 7801 6085 5817 6365 5891 6286 6392 7531 6344 1867 1853 1966 1859 7545 1808 1936 1802 1685 7231 1859 1950 1781 1547 7137Resources 1351 1743 1777 2115 2628 1889 2528 2216 2624 630 647 651 554 2482 517 676 699 723 2615 692 695 662 700 2749

                                                                              Sales revenues 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(in EUR million)BAUER Group 12908 10965 11317 12196 13444 14022 13757 13790 13969 3789 4512 4354 4022 16679 3184 3987 4051 4669 15891 3419 4035 3622 3633 14709

                                                                              Construction 5843 4879 5058 5062 5791 6575 6466 6508 6145 1966 2064 2145 1663 7838 1432 1642 2021 2168 7263 1616 1628 1605 1408 6257Equipment 6012 4565 4693 5114 5206 5616 5327 5480 5427 1266 1857 1685 1801 6609 1287 1736 1440 1938 6401 1253 1797 1417 1635 6102Resources 1051 1520 1564 2015 2443 1826 1959 1793 2382 553 577 532 553 2215 462 605 587 559 2213 548 607 597 583 2335

                                                                              EBIT 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(in EUR million)BAUER Group 1675 844 884 823 720 301 764 907 703 85 302 277 232 896 110 231 227 433 1001 104 248 133 -260 225

                                                                              Construction 463 257 288 179 220 212 260 139 297 09 124 81 -18 196 27 21 80 263 391 00 42 -34 -207 -199Equipment 1183 513 483 530 340 322 360 994 384 80 160 249 317 806 142 222 158 227 749 83 230 202 97 612Resources 40 60 81 109 152 -240 159 -198 -37 -01 09 -53 -55 -100 -57 -10 -12 -32 -110 27 -22 -30 -137 -162

                                                                              EBIT margin 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(in )BAUER Group 130 77 78 67 54 21 56 66 50 22 67 64 58 54 35 58 56 93 63 30 61 37 -72 15

                                                                              Construction 79 53 57 35 38 32 40 21 48 05 60 38 -11 25 19 13 39 121 54 00 26 -21 -147 -32Equipment 197 112 103 104 65 57 68 181 71 64 86 148 176 122 110 128 110 117 117 66 128 143 60 100Resources 38 39 52 54 62 -131 81 -110 -16 -02 15 -100 -99 -45 -123 -16 -20 -57 -50 49 -37 -49 -235 -69

                                                                              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

                                                                              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

                                                                              • Foliennummer 1
                                                                              • Foliennummer 2
                                                                              • Key FiguresFY 2019
                                                                              • Table of Content
                                                                              • Foliennummer 5
                                                                              • Foliennummer 6
                                                                              • Foliennummer 7
                                                                              • Foliennummer 8
                                                                              • BAUER Group Construction market environment vs order backlog
                                                                              • Foliennummer 10
                                                                              • Foliennummer 11
                                                                              • Table of Content
                                                                              • Foliennummer 13
                                                                              • Foliennummer 14
                                                                              • Foliennummer 15
                                                                              • Foliennummer 16
                                                                              • Foliennummer 17
                                                                              • Foliennummer 18
                                                                              • Foliennummer 19
                                                                              • Foliennummer 20
                                                                              • Foliennummer 21
                                                                              • Foliennummer 22
                                                                              • FinancialsIncome statement 12M 2019
                                                                              • Financials Balance sheet December 31 2019
                                                                              • FinancialsCash flow statement 12M 2019
                                                                              • Foliennummer 26
                                                                              • Foliennummer 27
                                                                              • Table of Content
                                                                              • BAUER GroupThe history ndash Two centuries of experience
                                                                              • Foliennummer 30
                                                                              • BAUER GroupThe three segments
                                                                              • Foliennummer 32
                                                                              • Foliennummer 33
                                                                              • What is specialist foundationBuilding an excavation pit
                                                                              • What is specialist foundation used forApplications
                                                                              • ConstructionMunich Germany ndash Foundation works for a boarding house
                                                                              • Foliennummer 37
                                                                              • EquipmentWhole range of products for special foundation engineering
                                                                              • EquipmentProduct range Deep Drilling
                                                                              • Foliennummer 40
                                                                              • ResourcesPool of competences from a single hand
                                                                              • ResourcesWater ndash Process Water amp Water Distribution Management
                                                                              • ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
                                                                              • Market environment ndash Germany German construction market
                                                                              • Financials Working capital needs ndash Comparison with building construction
                                                                              • BAUER shareFacts amp Figures
                                                                              • BAUER shareDividend policy
                                                                              • Foliennummer 48
                                                                              • Disclaimer
                                                                                Zweistelliges Auftragsplus am Bau in Bayern
                                                                                Absolute WerteVeraumlnderungen in
                                                                                August 20062004BayernWestdeutschlandOstdeutschland
                                                                                BayernWest-Ost-200420040200420040200420040
                                                                                LaumlnderLaumlnder199420030199420030199420030
                                                                                Beschaumlftigte in 1000126152831887-52-5200-432-60-5200-539-7200
                                                                                Baugenehmigungen Mio msup3 umb Raum6532572423-108-10800-252-8400-68-10300
                                                                                Umsatz in Mrd EUR139570173-249-5800-277-4500-399-7600
                                                                                Hochbau9637192-265-5600-301-4400-507-7400
                                                                                Tiefbau4319981-217-6200-222-4500-207-7900
                                                                                09033799-393-10000-452-5600-580-6000
                                                                                in Mrd EUR
                                                                                Wohnungsbau236511-480-7100-561-6400-771-20700
                                                                                Wirtschaftsbau3314040-347-10500-457-5900-603-9400
                                                                                Oumlffentlicher Bau3313148-352-11500-346-4900-3821800
                                                                                darunter
                                                                                Oumlffentl Hochbau092509-324-8500-480-0100-5616900
                                                                                Straszligenbau125821-128-11200-146-5100-1604200
                                                                                Sonstiger Tiefbau124818-502-13700-425-7100-467-3400
                                                                                19712561362168-243-95248-173-23210-21146
                                                                                1) Bei Baugenehmigungen liegen erst die Oktoberwerte vor
                                                                                1) Bei Baugenehmigungen liegen erst die Februarwerte vor
                                                                                2) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten
                                                                                in EUR billionin
                                                                                Dezember 2019Germany20052005Jan - Aug20182019
                                                                                201919942004060520172018
                                                                                Employees (in 1000)4867-47-60-104949
                                                                                Revenues922-305-647310882
                                                                                Building construction508-318-611009577
                                                                                Foundation engineering414-280-711212588
                                                                                Orders received861-3743110610082
                                                                                in EUR billion
                                                                                Housebuilding196-489-181211297
                                                                                Industrial building363-3036818113289
                                                                                Public sector302-33132995965
                                                                                of which
                                                                                public buildings55-23812729025109
                                                                                road building142-138-12478839
                                                                                underground structures105-49515223880
                                                                                1256168-243-95-173-23
                                                                                1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
                                                                                ) only companies gt 20 employees
                                                                                Zweistelliges Auftragsplus am Bau in Bayern
                                                                                Absolute WerteVeraumlnderungen in
                                                                                August 20062005BayernWestdeutschlandOstdeutschland
                                                                                BayernWest-Ost-20052005Jan - Aug20052005Jan - Aug20052005Jan - Aug
                                                                                LaumlnderLaumlnder199420040605199420040605199420040605
                                                                                Beschaumlftigte in 1000126152831887-470-60-10-465-60-58-38-578-85-51
                                                                                Baugenehmigungen Mio msup3 umb Raum6532572423-395-101249-417-41171-680-157259
                                                                                Umsatz in Mrd EUR139570173-305-6473-312-4835-452-8813
                                                                                Hochbau9637192-318-61100-336-5048-565-11835
                                                                                Tiefbau4319981-280-7112-255-4311-247-51-14
                                                                                Auftragseingang9033799-37431106-4470984-609-7043
                                                                                in Mrd EUR
                                                                                Wohnungsbau236511-489-1812-586-5888-805-14841
                                                                                Wirtschaftsbau3314040-30368181-43345104-625-56121
                                                                                Oumlffentlicher Bau3313148-3313299-3400972-420-62-18
                                                                                darunter
                                                                                Oumlffentl Hochbau092509-238127290-500-38142-602-93-51
                                                                                Straszligenbau125821-138-1247-965978-211-8582
                                                                                Sonstiger Tiefbau124818-4951522-439-2430-477-18-124
                                                                                19712561362168-243-95248-173-23210-21146
                                                                                1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
                                                                                ) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

                                                                                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                                                                ResourcesKey factsResources

                                                                                40

                                                                                Products amp services for environmental technology mining well construction

                                                                                and water cleaning

                                                                                Total Group revenues (incl JV) Order backlog EBIT

                                                                                ~ 20 of total Group revenues EBIT margin 6 - 8

                                                                                (2018 na 2019 na)

                                                                                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 amp Middle East

                                                                                Market environment Huge demand for environmental and water solutions

                                                                                Outstanding market position with ground-breaking projects in the field of cleaning drinking and process water eg the biological water treatment plant in Oman

                                                                                Competition Fragmented competition for each single product and service area

                                                                                Current focus topics Improvement of loss-making Jordan subsidiary which is caused by overcapacities

                                                                                Consistent proceeding of reorganization in the water related companies

                                                                                Focus on new projects for the profitable environment business

                                                                                Key figures

                                                                                Key targets

                                                                                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 41

                                                                                ResourcesPool of competences from a single hand

                                                                                Industrial Waste Water Process amp Produced Water NORM Constructed Wetlands Modelling amp Well Design Construction Material for Wells

                                                                                and Geothermal Water Distribution Management Irrigation Systems

                                                                                Remediation Landfill Restoration Decommissioning Demolition Hazardous Waste Management Soil Treatment and Waste

                                                                                Management

                                                                                Exploration Drilling Deep Geothermal Drilling Well Drilling Blast Hole Drilling

                                                                                EnvironmentWater Natural Resources

                                                                                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 42

                                                                                ResourcesWater ndash Process Water amp Water Distribution Management

                                                                                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 43

                                                                                ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman

                                                                                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 44

                                                                                Market environment ndash GermanyGerman construction market

                                                                                Source Federal Statistical Office Statistical Office Bavaria

                                                                                in EUR billion

                                                                                Germany2019

                                                                                Employees (in 1000)

                                                                                Revenues 922Building construction 508Foundation engineering 414

                                                                                Orders received in EUR billion

                                                                                Housebuilding 196Industrial building 363Public sectorof which

                                                                                public buildings 55road building 142underground structures 105

                                                                                ) only companies gt 20 employees

                                                                                49

                                                                                108

                                                                                95

                                                                                39

                                                                                109

                                                                                65

                                                                                80

                                                                                88

                                                                                38

                                                                                49

                                                                                82

                                                                                77

                                                                                112

                                                                                132

                                                                                25

                                                                                Dezember 2019 2018 20192017 2018

                                                                                in

                                                                                89

                                                                                97

                                                                                302

                                                                                861

                                                                                4867

                                                                                88

                                                                                100 82

                                                                                59

                                                                                125

                                                                                Weiszlig

                                                                                Bunt

                                                                                Kunterbunt

                                                                                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 45

                                                                                Building constructionpositive cash contribution

                                                                                Specialist foundation engineeringpre-financing need

                                                                                Financials Working capital needs ndash Comparison with building construction

                                                                                EUR

                                                                                12 24 months

                                                                                Positive cash contribution

                                                                                Negative cash contribution

                                                                                Con

                                                                                trac

                                                                                t val

                                                                                ue

                                                                                EUR

                                                                                Negative cash contribution

                                                                                12 24 months

                                                                                Con

                                                                                trac

                                                                                t val

                                                                                ue

                                                                                Construction contracts with short duration need

                                                                                No advance payments no front-loading of prices possible approx 2 - 3 months of pre-financing

                                                                                Negative cash contribution during construction phase

                                                                                Construction contracts with long durations

                                                                                Advance payments front-loading of prices

                                                                                Positive cash contribution during construction phase

                                                                                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 46

                                                                                BAUER shareFacts amp Figures

                                                                                Listed on Frankfurt stock exchange (Prime Standard) since July 4 2006

                                                                                Share capital EUR 7300142045

                                                                                Shares issued 17131000

                                                                                Issue price EUR 1675

                                                                                Share performance (012019 ndash 032020)

                                                                                Bauer familyFree float

                                                                                5181

                                                                                Shareholder structure

                                                                                4819

                                                                                in EUR 2015 2016 2017 2018 2019

                                                                                Earnings per share 173 066 016 132 -217

                                                                                Share price year end 1740 1140 3000 1216 1510

                                                                                Share price highest 1920 1716 3096 3125 2430

                                                                                Share price lowest 1385 945 1172 1208 1262

                                                                                Market Cap(in EUR million) 2981 1953 5139 2083 2587

                                                                                CDAXClassic All SharePrime All Share

                                                                                ISIN DE0005168108Reuters B5AGDEBloomberg B5A GR

                                                                                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                                                                050

                                                                                100 100

                                                                                060 060050

                                                                                030

                                                                                001

                                                                                015 015010 010 010

                                                                                001000

                                                                                030

                                                                                060

                                                                                090

                                                                                120

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

                                                                                47

                                                                                BAUER shareDividend policy

                                                                                Dividend payment Dividend policy founded on a reasonable balance between shareholders and company

                                                                                fair participation of shareholders maintaining continuity safeguarding of the equity ratio

                                                                                All shareholders shall participate in the success of the business

                                                                                After some difficult years we must continue to strike a careful balance between continuity and shareholder participation on the one hand and safeguarding our equity ratio on the other

                                                                                To secure an adequate equity ratio is an important aim of the companyrsquos 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

                                                                                in EUR per share

                                                                                000

                                                                                Proposed subject to the consent of the Annual General Meeting to be held on June 25 2020

                                                                                000

                                                                                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 48

                                                                                Key Figures Time LineFY 2008 ndash FY 2019

                                                                                In all three segments total Group revenues and EBIT figures of FY 2015 were influenced by exceptional earnings

                                                                                Total Group revenues 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(in EUR million)BAUER Group 15272 12758 13040 13718 14358 15042 15602 16564 15547 4482 4541 4766 3931 17720 3708 4215 4435 4503 16861 4109 4207 4078 3553 15947

                                                                                Construction 7009 5700 6154 6066 6552 7417 7256 7429 7131 2110 2205 2269 1766 8350 1508 1762 2100 2306 7676 1702 1722 1726 1538 6688Equipment 7801 6085 5817 6365 5891 6286 6392 7531 6344 1867 1853 1966 1859 7545 1808 1936 1802 1685 7231 1859 1950 1781 1547 7137Resources 1351 1743 1777 2115 2628 1889 2528 2216 2624 630 647 651 554 2482 517 676 699 723 2615 692 695 662 700 2749

                                                                                Sales revenues 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(in EUR million)BAUER Group 12908 10965 11317 12196 13444 14022 13757 13790 13969 3789 4512 4354 4022 16679 3184 3987 4051 4669 15891 3419 4035 3622 3633 14709

                                                                                Construction 5843 4879 5058 5062 5791 6575 6466 6508 6145 1966 2064 2145 1663 7838 1432 1642 2021 2168 7263 1616 1628 1605 1408 6257Equipment 6012 4565 4693 5114 5206 5616 5327 5480 5427 1266 1857 1685 1801 6609 1287 1736 1440 1938 6401 1253 1797 1417 1635 6102Resources 1051 1520 1564 2015 2443 1826 1959 1793 2382 553 577 532 553 2215 462 605 587 559 2213 548 607 597 583 2335

                                                                                EBIT 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(in EUR million)BAUER Group 1675 844 884 823 720 301 764 907 703 85 302 277 232 896 110 231 227 433 1001 104 248 133 -260 225

                                                                                Construction 463 257 288 179 220 212 260 139 297 09 124 81 -18 196 27 21 80 263 391 00 42 -34 -207 -199Equipment 1183 513 483 530 340 322 360 994 384 80 160 249 317 806 142 222 158 227 749 83 230 202 97 612Resources 40 60 81 109 152 -240 159 -198 -37 -01 09 -53 -55 -100 -57 -10 -12 -32 -110 27 -22 -30 -137 -162

                                                                                EBIT margin 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(in )BAUER Group 130 77 78 67 54 21 56 66 50 22 67 64 58 54 35 58 56 93 63 30 61 37 -72 15

                                                                                Construction 79 53 57 35 38 32 40 21 48 05 60 38 -11 25 19 13 39 121 54 00 26 -21 -147 -32Equipment 197 112 103 104 65 57 68 181 71 64 86 148 176 122 110 128 110 117 117 66 128 143 60 100Resources 38 39 52 54 62 -131 81 -110 -16 -02 15 -100 -99 -45 -123 -16 -20 -57 -50 49 -37 -49 -235 -69

                                                                                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

                                                                                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

                                                                                • Foliennummer 1
                                                                                • Foliennummer 2
                                                                                • Key FiguresFY 2019
                                                                                • Table of Content
                                                                                • Foliennummer 5
                                                                                • Foliennummer 6
                                                                                • Foliennummer 7
                                                                                • Foliennummer 8
                                                                                • BAUER Group Construction market environment vs order backlog
                                                                                • Foliennummer 10
                                                                                • Foliennummer 11
                                                                                • Table of Content
                                                                                • Foliennummer 13
                                                                                • Foliennummer 14
                                                                                • Foliennummer 15
                                                                                • Foliennummer 16
                                                                                • Foliennummer 17
                                                                                • Foliennummer 18
                                                                                • Foliennummer 19
                                                                                • Foliennummer 20
                                                                                • Foliennummer 21
                                                                                • Foliennummer 22
                                                                                • FinancialsIncome statement 12M 2019
                                                                                • Financials Balance sheet December 31 2019
                                                                                • FinancialsCash flow statement 12M 2019
                                                                                • Foliennummer 26
                                                                                • Foliennummer 27
                                                                                • Table of Content
                                                                                • BAUER GroupThe history ndash Two centuries of experience
                                                                                • Foliennummer 30
                                                                                • BAUER GroupThe three segments
                                                                                • Foliennummer 32
                                                                                • Foliennummer 33
                                                                                • What is specialist foundationBuilding an excavation pit
                                                                                • What is specialist foundation used forApplications
                                                                                • ConstructionMunich Germany ndash Foundation works for a boarding house
                                                                                • Foliennummer 37
                                                                                • EquipmentWhole range of products for special foundation engineering
                                                                                • EquipmentProduct range Deep Drilling
                                                                                • Foliennummer 40
                                                                                • ResourcesPool of competences from a single hand
                                                                                • ResourcesWater ndash Process Water amp Water Distribution Management
                                                                                • ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
                                                                                • Market environment ndash Germany German construction market
                                                                                • Financials Working capital needs ndash Comparison with building construction
                                                                                • BAUER shareFacts amp Figures
                                                                                • BAUER shareDividend policy
                                                                                • Foliennummer 48
                                                                                • Disclaimer
                                                                                  Zweistelliges Auftragsplus am Bau in Bayern
                                                                                  Absolute WerteVeraumlnderungen in
                                                                                  August 20062004BayernWestdeutschlandOstdeutschland
                                                                                  BayernWest-Ost-200420040200420040200420040
                                                                                  LaumlnderLaumlnder199420030199420030199420030
                                                                                  Beschaumlftigte in 1000126152831887-52-5200-432-60-5200-539-7200
                                                                                  Baugenehmigungen Mio msup3 umb Raum6532572423-108-10800-252-8400-68-10300
                                                                                  Umsatz in Mrd EUR139570173-249-5800-277-4500-399-7600
                                                                                  Hochbau9637192-265-5600-301-4400-507-7400
                                                                                  Tiefbau4319981-217-6200-222-4500-207-7900
                                                                                  09033799-393-10000-452-5600-580-6000
                                                                                  in Mrd EUR
                                                                                  Wohnungsbau236511-480-7100-561-6400-771-20700
                                                                                  Wirtschaftsbau3314040-347-10500-457-5900-603-9400
                                                                                  Oumlffentlicher Bau3313148-352-11500-346-4900-3821800
                                                                                  darunter
                                                                                  Oumlffentl Hochbau092509-324-8500-480-0100-5616900
                                                                                  Straszligenbau125821-128-11200-146-5100-1604200
                                                                                  Sonstiger Tiefbau124818-502-13700-425-7100-467-3400
                                                                                  19712561362168-243-95248-173-23210-21146
                                                                                  1) Bei Baugenehmigungen liegen erst die Oktoberwerte vor
                                                                                  1) Bei Baugenehmigungen liegen erst die Februarwerte vor
                                                                                  2) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten
                                                                                  in EUR billionin
                                                                                  Dezember 2019Germany20052005Jan - Aug20182019
                                                                                  201919942004060520172018
                                                                                  Employees (in 1000)4867-47-60-104949
                                                                                  Revenues922-305-647310882
                                                                                  Building construction508-318-611009577
                                                                                  Foundation engineering414-280-711212588
                                                                                  Orders received861-3743110610082
                                                                                  in EUR billion
                                                                                  Housebuilding196-489-181211297
                                                                                  Industrial building363-3036818113289
                                                                                  Public sector302-33132995965
                                                                                  of which
                                                                                  public buildings55-23812729025109
                                                                                  road building142-138-12478839
                                                                                  underground structures105-49515223880
                                                                                  1256168-243-95-173-23
                                                                                  1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
                                                                                  ) only companies gt 20 employees
                                                                                  Zweistelliges Auftragsplus am Bau in Bayern
                                                                                  Absolute WerteVeraumlnderungen in
                                                                                  August 20062005BayernWestdeutschlandOstdeutschland
                                                                                  BayernWest-Ost-20052005Jan - Aug20052005Jan - Aug20052005Jan - Aug
                                                                                  LaumlnderLaumlnder199420040605199420040605199420040605
                                                                                  Beschaumlftigte in 1000126152831887-470-60-10-465-60-58-38-578-85-51
                                                                                  Baugenehmigungen Mio msup3 umb Raum6532572423-395-101249-417-41171-680-157259
                                                                                  Umsatz in Mrd EUR139570173-305-6473-312-4835-452-8813
                                                                                  Hochbau9637192-318-61100-336-5048-565-11835
                                                                                  Tiefbau4319981-280-7112-255-4311-247-51-14
                                                                                  Auftragseingang9033799-37431106-4470984-609-7043
                                                                                  in Mrd EUR
                                                                                  Wohnungsbau236511-489-1812-586-5888-805-14841
                                                                                  Wirtschaftsbau3314040-30368181-43345104-625-56121
                                                                                  Oumlffentlicher Bau3313148-3313299-3400972-420-62-18
                                                                                  darunter
                                                                                  Oumlffentl Hochbau092509-238127290-500-38142-602-93-51
                                                                                  Straszligenbau125821-138-1247-965978-211-8582
                                                                                  Sonstiger Tiefbau124818-4951522-439-2430-477-18-124
                                                                                  19712561362168-243-95248-173-23210-21146
                                                                                  1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
                                                                                  ) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

                                                                                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 41

                                                                                  ResourcesPool of competences from a single hand

                                                                                  Industrial Waste Water Process amp Produced Water NORM Constructed Wetlands Modelling amp Well Design Construction Material for Wells

                                                                                  and Geothermal Water Distribution Management Irrigation Systems

                                                                                  Remediation Landfill Restoration Decommissioning Demolition Hazardous Waste Management Soil Treatment and Waste

                                                                                  Management

                                                                                  Exploration Drilling Deep Geothermal Drilling Well Drilling Blast Hole Drilling

                                                                                  EnvironmentWater Natural Resources

                                                                                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 42

                                                                                  ResourcesWater ndash Process Water amp Water Distribution Management

                                                                                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 43

                                                                                  ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman

                                                                                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 44

                                                                                  Market environment ndash GermanyGerman construction market

                                                                                  Source Federal Statistical Office Statistical Office Bavaria

                                                                                  in EUR billion

                                                                                  Germany2019

                                                                                  Employees (in 1000)

                                                                                  Revenues 922Building construction 508Foundation engineering 414

                                                                                  Orders received in EUR billion

                                                                                  Housebuilding 196Industrial building 363Public sectorof which

                                                                                  public buildings 55road building 142underground structures 105

                                                                                  ) only companies gt 20 employees

                                                                                  49

                                                                                  108

                                                                                  95

                                                                                  39

                                                                                  109

                                                                                  65

                                                                                  80

                                                                                  88

                                                                                  38

                                                                                  49

                                                                                  82

                                                                                  77

                                                                                  112

                                                                                  132

                                                                                  25

                                                                                  Dezember 2019 2018 20192017 2018

                                                                                  in

                                                                                  89

                                                                                  97

                                                                                  302

                                                                                  861

                                                                                  4867

                                                                                  88

                                                                                  100 82

                                                                                  59

                                                                                  125

                                                                                  Weiszlig

                                                                                  Bunt

                                                                                  Kunterbunt

                                                                                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 45

                                                                                  Building constructionpositive cash contribution

                                                                                  Specialist foundation engineeringpre-financing need

                                                                                  Financials Working capital needs ndash Comparison with building construction

                                                                                  EUR

                                                                                  12 24 months

                                                                                  Positive cash contribution

                                                                                  Negative cash contribution

                                                                                  Con

                                                                                  trac

                                                                                  t val

                                                                                  ue

                                                                                  EUR

                                                                                  Negative cash contribution

                                                                                  12 24 months

                                                                                  Con

                                                                                  trac

                                                                                  t val

                                                                                  ue

                                                                                  Construction contracts with short duration need

                                                                                  No advance payments no front-loading of prices possible approx 2 - 3 months of pre-financing

                                                                                  Negative cash contribution during construction phase

                                                                                  Construction contracts with long durations

                                                                                  Advance payments front-loading of prices

                                                                                  Positive cash contribution during construction phase

                                                                                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 46

                                                                                  BAUER shareFacts amp Figures

                                                                                  Listed on Frankfurt stock exchange (Prime Standard) since July 4 2006

                                                                                  Share capital EUR 7300142045

                                                                                  Shares issued 17131000

                                                                                  Issue price EUR 1675

                                                                                  Share performance (012019 ndash 032020)

                                                                                  Bauer familyFree float

                                                                                  5181

                                                                                  Shareholder structure

                                                                                  4819

                                                                                  in EUR 2015 2016 2017 2018 2019

                                                                                  Earnings per share 173 066 016 132 -217

                                                                                  Share price year end 1740 1140 3000 1216 1510

                                                                                  Share price highest 1920 1716 3096 3125 2430

                                                                                  Share price lowest 1385 945 1172 1208 1262

                                                                                  Market Cap(in EUR million) 2981 1953 5139 2083 2587

                                                                                  CDAXClassic All SharePrime All Share

                                                                                  ISIN DE0005168108Reuters B5AGDEBloomberg B5A GR

                                                                                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                                                                  050

                                                                                  100 100

                                                                                  060 060050

                                                                                  030

                                                                                  001

                                                                                  015 015010 010 010

                                                                                  001000

                                                                                  030

                                                                                  060

                                                                                  090

                                                                                  120

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

                                                                                  47

                                                                                  BAUER shareDividend policy

                                                                                  Dividend payment Dividend policy founded on a reasonable balance between shareholders and company

                                                                                  fair participation of shareholders maintaining continuity safeguarding of the equity ratio

                                                                                  All shareholders shall participate in the success of the business

                                                                                  After some difficult years we must continue to strike a careful balance between continuity and shareholder participation on the one hand and safeguarding our equity ratio on the other

                                                                                  To secure an adequate equity ratio is an important aim of the companyrsquos 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

                                                                                  in EUR per share

                                                                                  000

                                                                                  Proposed subject to the consent of the Annual General Meeting to be held on June 25 2020

                                                                                  000

                                                                                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 48

                                                                                  Key Figures Time LineFY 2008 ndash FY 2019

                                                                                  In all three segments total Group revenues and EBIT figures of FY 2015 were influenced by exceptional earnings

                                                                                  Total Group revenues 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(in EUR million)BAUER Group 15272 12758 13040 13718 14358 15042 15602 16564 15547 4482 4541 4766 3931 17720 3708 4215 4435 4503 16861 4109 4207 4078 3553 15947

                                                                                  Construction 7009 5700 6154 6066 6552 7417 7256 7429 7131 2110 2205 2269 1766 8350 1508 1762 2100 2306 7676 1702 1722 1726 1538 6688Equipment 7801 6085 5817 6365 5891 6286 6392 7531 6344 1867 1853 1966 1859 7545 1808 1936 1802 1685 7231 1859 1950 1781 1547 7137Resources 1351 1743 1777 2115 2628 1889 2528 2216 2624 630 647 651 554 2482 517 676 699 723 2615 692 695 662 700 2749

                                                                                  Sales revenues 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(in EUR million)BAUER Group 12908 10965 11317 12196 13444 14022 13757 13790 13969 3789 4512 4354 4022 16679 3184 3987 4051 4669 15891 3419 4035 3622 3633 14709

                                                                                  Construction 5843 4879 5058 5062 5791 6575 6466 6508 6145 1966 2064 2145 1663 7838 1432 1642 2021 2168 7263 1616 1628 1605 1408 6257Equipment 6012 4565 4693 5114 5206 5616 5327 5480 5427 1266 1857 1685 1801 6609 1287 1736 1440 1938 6401 1253 1797 1417 1635 6102Resources 1051 1520 1564 2015 2443 1826 1959 1793 2382 553 577 532 553 2215 462 605 587 559 2213 548 607 597 583 2335

                                                                                  EBIT 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(in EUR million)BAUER Group 1675 844 884 823 720 301 764 907 703 85 302 277 232 896 110 231 227 433 1001 104 248 133 -260 225

                                                                                  Construction 463 257 288 179 220 212 260 139 297 09 124 81 -18 196 27 21 80 263 391 00 42 -34 -207 -199Equipment 1183 513 483 530 340 322 360 994 384 80 160 249 317 806 142 222 158 227 749 83 230 202 97 612Resources 40 60 81 109 152 -240 159 -198 -37 -01 09 -53 -55 -100 -57 -10 -12 -32 -110 27 -22 -30 -137 -162

                                                                                  EBIT margin 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(in )BAUER Group 130 77 78 67 54 21 56 66 50 22 67 64 58 54 35 58 56 93 63 30 61 37 -72 15

                                                                                  Construction 79 53 57 35 38 32 40 21 48 05 60 38 -11 25 19 13 39 121 54 00 26 -21 -147 -32Equipment 197 112 103 104 65 57 68 181 71 64 86 148 176 122 110 128 110 117 117 66 128 143 60 100Resources 38 39 52 54 62 -131 81 -110 -16 -02 15 -100 -99 -45 -123 -16 -20 -57 -50 49 -37 -49 -235 -69

                                                                                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

                                                                                  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

                                                                                  • Foliennummer 1
                                                                                  • Foliennummer 2
                                                                                  • Key FiguresFY 2019
                                                                                  • Table of Content
                                                                                  • Foliennummer 5
                                                                                  • Foliennummer 6
                                                                                  • Foliennummer 7
                                                                                  • Foliennummer 8
                                                                                  • BAUER Group Construction market environment vs order backlog
                                                                                  • Foliennummer 10
                                                                                  • Foliennummer 11
                                                                                  • Table of Content
                                                                                  • Foliennummer 13
                                                                                  • Foliennummer 14
                                                                                  • Foliennummer 15
                                                                                  • Foliennummer 16
                                                                                  • Foliennummer 17
                                                                                  • Foliennummer 18
                                                                                  • Foliennummer 19
                                                                                  • Foliennummer 20
                                                                                  • Foliennummer 21
                                                                                  • Foliennummer 22
                                                                                  • FinancialsIncome statement 12M 2019
                                                                                  • Financials Balance sheet December 31 2019
                                                                                  • FinancialsCash flow statement 12M 2019
                                                                                  • Foliennummer 26
                                                                                  • Foliennummer 27
                                                                                  • Table of Content
                                                                                  • BAUER GroupThe history ndash Two centuries of experience
                                                                                  • Foliennummer 30
                                                                                  • BAUER GroupThe three segments
                                                                                  • Foliennummer 32
                                                                                  • Foliennummer 33
                                                                                  • What is specialist foundationBuilding an excavation pit
                                                                                  • What is specialist foundation used forApplications
                                                                                  • ConstructionMunich Germany ndash Foundation works for a boarding house
                                                                                  • Foliennummer 37
                                                                                  • EquipmentWhole range of products for special foundation engineering
                                                                                  • EquipmentProduct range Deep Drilling
                                                                                  • Foliennummer 40
                                                                                  • ResourcesPool of competences from a single hand
                                                                                  • ResourcesWater ndash Process Water amp Water Distribution Management
                                                                                  • ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
                                                                                  • Market environment ndash Germany German construction market
                                                                                  • Financials Working capital needs ndash Comparison with building construction
                                                                                  • BAUER shareFacts amp Figures
                                                                                  • BAUER shareDividend policy
                                                                                  • Foliennummer 48
                                                                                  • Disclaimer
                                                                                    Zweistelliges Auftragsplus am Bau in Bayern
                                                                                    Absolute WerteVeraumlnderungen in
                                                                                    August 20062004BayernWestdeutschlandOstdeutschland
                                                                                    BayernWest-Ost-200420040200420040200420040
                                                                                    LaumlnderLaumlnder199420030199420030199420030
                                                                                    Beschaumlftigte in 1000126152831887-52-5200-432-60-5200-539-7200
                                                                                    Baugenehmigungen Mio msup3 umb Raum6532572423-108-10800-252-8400-68-10300
                                                                                    Umsatz in Mrd EUR139570173-249-5800-277-4500-399-7600
                                                                                    Hochbau9637192-265-5600-301-4400-507-7400
                                                                                    Tiefbau4319981-217-6200-222-4500-207-7900
                                                                                    09033799-393-10000-452-5600-580-6000
                                                                                    in Mrd EUR
                                                                                    Wohnungsbau236511-480-7100-561-6400-771-20700
                                                                                    Wirtschaftsbau3314040-347-10500-457-5900-603-9400
                                                                                    Oumlffentlicher Bau3313148-352-11500-346-4900-3821800
                                                                                    darunter
                                                                                    Oumlffentl Hochbau092509-324-8500-480-0100-5616900
                                                                                    Straszligenbau125821-128-11200-146-5100-1604200
                                                                                    Sonstiger Tiefbau124818-502-13700-425-7100-467-3400
                                                                                    19712561362168-243-95248-173-23210-21146
                                                                                    1) Bei Baugenehmigungen liegen erst die Oktoberwerte vor
                                                                                    1) Bei Baugenehmigungen liegen erst die Februarwerte vor
                                                                                    2) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten
                                                                                    in EUR billionin
                                                                                    Dezember 2019Germany20052005Jan - Aug20182019
                                                                                    201919942004060520172018
                                                                                    Employees (in 1000)4867-47-60-104949
                                                                                    Revenues922-305-647310882
                                                                                    Building construction508-318-611009577
                                                                                    Foundation engineering414-280-711212588
                                                                                    Orders received861-3743110610082
                                                                                    in EUR billion
                                                                                    Housebuilding196-489-181211297
                                                                                    Industrial building363-3036818113289
                                                                                    Public sector302-33132995965
                                                                                    of which
                                                                                    public buildings55-23812729025109
                                                                                    road building142-138-12478839
                                                                                    underground structures105-49515223880
                                                                                    1256168-243-95-173-23
                                                                                    1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
                                                                                    ) only companies gt 20 employees
                                                                                    Zweistelliges Auftragsplus am Bau in Bayern
                                                                                    Absolute WerteVeraumlnderungen in
                                                                                    August 20062005BayernWestdeutschlandOstdeutschland
                                                                                    BayernWest-Ost-20052005Jan - Aug20052005Jan - Aug20052005Jan - Aug
                                                                                    LaumlnderLaumlnder199420040605199420040605199420040605
                                                                                    Beschaumlftigte in 1000126152831887-470-60-10-465-60-58-38-578-85-51
                                                                                    Baugenehmigungen Mio msup3 umb Raum6532572423-395-101249-417-41171-680-157259
                                                                                    Umsatz in Mrd EUR139570173-305-6473-312-4835-452-8813
                                                                                    Hochbau9637192-318-61100-336-5048-565-11835
                                                                                    Tiefbau4319981-280-7112-255-4311-247-51-14
                                                                                    Auftragseingang9033799-37431106-4470984-609-7043
                                                                                    in Mrd EUR
                                                                                    Wohnungsbau236511-489-1812-586-5888-805-14841
                                                                                    Wirtschaftsbau3314040-30368181-43345104-625-56121
                                                                                    Oumlffentlicher Bau3313148-3313299-3400972-420-62-18
                                                                                    darunter
                                                                                    Oumlffentl Hochbau092509-238127290-500-38142-602-93-51
                                                                                    Straszligenbau125821-138-1247-965978-211-8582
                                                                                    Sonstiger Tiefbau124818-4951522-439-2430-477-18-124
                                                                                    19712561362168-243-95248-173-23210-21146
                                                                                    1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
                                                                                    ) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

                                                                                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 42

                                                                                    ResourcesWater ndash Process Water amp Water Distribution Management

                                                                                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 43

                                                                                    ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman

                                                                                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 44

                                                                                    Market environment ndash GermanyGerman construction market

                                                                                    Source Federal Statistical Office Statistical Office Bavaria

                                                                                    in EUR billion

                                                                                    Germany2019

                                                                                    Employees (in 1000)

                                                                                    Revenues 922Building construction 508Foundation engineering 414

                                                                                    Orders received in EUR billion

                                                                                    Housebuilding 196Industrial building 363Public sectorof which

                                                                                    public buildings 55road building 142underground structures 105

                                                                                    ) only companies gt 20 employees

                                                                                    49

                                                                                    108

                                                                                    95

                                                                                    39

                                                                                    109

                                                                                    65

                                                                                    80

                                                                                    88

                                                                                    38

                                                                                    49

                                                                                    82

                                                                                    77

                                                                                    112

                                                                                    132

                                                                                    25

                                                                                    Dezember 2019 2018 20192017 2018

                                                                                    in

                                                                                    89

                                                                                    97

                                                                                    302

                                                                                    861

                                                                                    4867

                                                                                    88

                                                                                    100 82

                                                                                    59

                                                                                    125

                                                                                    Weiszlig

                                                                                    Bunt

                                                                                    Kunterbunt

                                                                                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 45

                                                                                    Building constructionpositive cash contribution

                                                                                    Specialist foundation engineeringpre-financing need

                                                                                    Financials Working capital needs ndash Comparison with building construction

                                                                                    EUR

                                                                                    12 24 months

                                                                                    Positive cash contribution

                                                                                    Negative cash contribution

                                                                                    Con

                                                                                    trac

                                                                                    t val

                                                                                    ue

                                                                                    EUR

                                                                                    Negative cash contribution

                                                                                    12 24 months

                                                                                    Con

                                                                                    trac

                                                                                    t val

                                                                                    ue

                                                                                    Construction contracts with short duration need

                                                                                    No advance payments no front-loading of prices possible approx 2 - 3 months of pre-financing

                                                                                    Negative cash contribution during construction phase

                                                                                    Construction contracts with long durations

                                                                                    Advance payments front-loading of prices

                                                                                    Positive cash contribution during construction phase

                                                                                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 46

                                                                                    BAUER shareFacts amp Figures

                                                                                    Listed on Frankfurt stock exchange (Prime Standard) since July 4 2006

                                                                                    Share capital EUR 7300142045

                                                                                    Shares issued 17131000

                                                                                    Issue price EUR 1675

                                                                                    Share performance (012019 ndash 032020)

                                                                                    Bauer familyFree float

                                                                                    5181

                                                                                    Shareholder structure

                                                                                    4819

                                                                                    in EUR 2015 2016 2017 2018 2019

                                                                                    Earnings per share 173 066 016 132 -217

                                                                                    Share price year end 1740 1140 3000 1216 1510

                                                                                    Share price highest 1920 1716 3096 3125 2430

                                                                                    Share price lowest 1385 945 1172 1208 1262

                                                                                    Market Cap(in EUR million) 2981 1953 5139 2083 2587

                                                                                    CDAXClassic All SharePrime All Share

                                                                                    ISIN DE0005168108Reuters B5AGDEBloomberg B5A GR

                                                                                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                                                                    050

                                                                                    100 100

                                                                                    060 060050

                                                                                    030

                                                                                    001

                                                                                    015 015010 010 010

                                                                                    001000

                                                                                    030

                                                                                    060

                                                                                    090

                                                                                    120

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

                                                                                    47

                                                                                    BAUER shareDividend policy

                                                                                    Dividend payment Dividend policy founded on a reasonable balance between shareholders and company

                                                                                    fair participation of shareholders maintaining continuity safeguarding of the equity ratio

                                                                                    All shareholders shall participate in the success of the business

                                                                                    After some difficult years we must continue to strike a careful balance between continuity and shareholder participation on the one hand and safeguarding our equity ratio on the other

                                                                                    To secure an adequate equity ratio is an important aim of the companyrsquos 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

                                                                                    in EUR per share

                                                                                    000

                                                                                    Proposed subject to the consent of the Annual General Meeting to be held on June 25 2020

                                                                                    000

                                                                                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 48

                                                                                    Key Figures Time LineFY 2008 ndash FY 2019

                                                                                    In all three segments total Group revenues and EBIT figures of FY 2015 were influenced by exceptional earnings

                                                                                    Total Group revenues 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(in EUR million)BAUER Group 15272 12758 13040 13718 14358 15042 15602 16564 15547 4482 4541 4766 3931 17720 3708 4215 4435 4503 16861 4109 4207 4078 3553 15947

                                                                                    Construction 7009 5700 6154 6066 6552 7417 7256 7429 7131 2110 2205 2269 1766 8350 1508 1762 2100 2306 7676 1702 1722 1726 1538 6688Equipment 7801 6085 5817 6365 5891 6286 6392 7531 6344 1867 1853 1966 1859 7545 1808 1936 1802 1685 7231 1859 1950 1781 1547 7137Resources 1351 1743 1777 2115 2628 1889 2528 2216 2624 630 647 651 554 2482 517 676 699 723 2615 692 695 662 700 2749

                                                                                    Sales revenues 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(in EUR million)BAUER Group 12908 10965 11317 12196 13444 14022 13757 13790 13969 3789 4512 4354 4022 16679 3184 3987 4051 4669 15891 3419 4035 3622 3633 14709

                                                                                    Construction 5843 4879 5058 5062 5791 6575 6466 6508 6145 1966 2064 2145 1663 7838 1432 1642 2021 2168 7263 1616 1628 1605 1408 6257Equipment 6012 4565 4693 5114 5206 5616 5327 5480 5427 1266 1857 1685 1801 6609 1287 1736 1440 1938 6401 1253 1797 1417 1635 6102Resources 1051 1520 1564 2015 2443 1826 1959 1793 2382 553 577 532 553 2215 462 605 587 559 2213 548 607 597 583 2335

                                                                                    EBIT 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(in EUR million)BAUER Group 1675 844 884 823 720 301 764 907 703 85 302 277 232 896 110 231 227 433 1001 104 248 133 -260 225

                                                                                    Construction 463 257 288 179 220 212 260 139 297 09 124 81 -18 196 27 21 80 263 391 00 42 -34 -207 -199Equipment 1183 513 483 530 340 322 360 994 384 80 160 249 317 806 142 222 158 227 749 83 230 202 97 612Resources 40 60 81 109 152 -240 159 -198 -37 -01 09 -53 -55 -100 -57 -10 -12 -32 -110 27 -22 -30 -137 -162

                                                                                    EBIT margin 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(in )BAUER Group 130 77 78 67 54 21 56 66 50 22 67 64 58 54 35 58 56 93 63 30 61 37 -72 15

                                                                                    Construction 79 53 57 35 38 32 40 21 48 05 60 38 -11 25 19 13 39 121 54 00 26 -21 -147 -32Equipment 197 112 103 104 65 57 68 181 71 64 86 148 176 122 110 128 110 117 117 66 128 143 60 100Resources 38 39 52 54 62 -131 81 -110 -16 -02 15 -100 -99 -45 -123 -16 -20 -57 -50 49 -37 -49 -235 -69

                                                                                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

                                                                                    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

                                                                                    • Foliennummer 1
                                                                                    • Foliennummer 2
                                                                                    • Key FiguresFY 2019
                                                                                    • Table of Content
                                                                                    • Foliennummer 5
                                                                                    • Foliennummer 6
                                                                                    • Foliennummer 7
                                                                                    • Foliennummer 8
                                                                                    • BAUER Group Construction market environment vs order backlog
                                                                                    • Foliennummer 10
                                                                                    • Foliennummer 11
                                                                                    • Table of Content
                                                                                    • Foliennummer 13
                                                                                    • Foliennummer 14
                                                                                    • Foliennummer 15
                                                                                    • Foliennummer 16
                                                                                    • Foliennummer 17
                                                                                    • Foliennummer 18
                                                                                    • Foliennummer 19
                                                                                    • Foliennummer 20
                                                                                    • Foliennummer 21
                                                                                    • Foliennummer 22
                                                                                    • FinancialsIncome statement 12M 2019
                                                                                    • Financials Balance sheet December 31 2019
                                                                                    • FinancialsCash flow statement 12M 2019
                                                                                    • Foliennummer 26
                                                                                    • Foliennummer 27
                                                                                    • Table of Content
                                                                                    • BAUER GroupThe history ndash Two centuries of experience
                                                                                    • Foliennummer 30
                                                                                    • BAUER GroupThe three segments
                                                                                    • Foliennummer 32
                                                                                    • Foliennummer 33
                                                                                    • What is specialist foundationBuilding an excavation pit
                                                                                    • What is specialist foundation used forApplications
                                                                                    • ConstructionMunich Germany ndash Foundation works for a boarding house
                                                                                    • Foliennummer 37
                                                                                    • EquipmentWhole range of products for special foundation engineering
                                                                                    • EquipmentProduct range Deep Drilling
                                                                                    • Foliennummer 40
                                                                                    • ResourcesPool of competences from a single hand
                                                                                    • ResourcesWater ndash Process Water amp Water Distribution Management
                                                                                    • ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
                                                                                    • Market environment ndash Germany German construction market
                                                                                    • Financials Working capital needs ndash Comparison with building construction
                                                                                    • BAUER shareFacts amp Figures
                                                                                    • BAUER shareDividend policy
                                                                                    • Foliennummer 48
                                                                                    • Disclaimer
                                                                                      Zweistelliges Auftragsplus am Bau in Bayern
                                                                                      Absolute WerteVeraumlnderungen in
                                                                                      August 20062004BayernWestdeutschlandOstdeutschland
                                                                                      BayernWest-Ost-200420040200420040200420040
                                                                                      LaumlnderLaumlnder199420030199420030199420030
                                                                                      Beschaumlftigte in 1000126152831887-52-5200-432-60-5200-539-7200
                                                                                      Baugenehmigungen Mio msup3 umb Raum6532572423-108-10800-252-8400-68-10300
                                                                                      Umsatz in Mrd EUR139570173-249-5800-277-4500-399-7600
                                                                                      Hochbau9637192-265-5600-301-4400-507-7400
                                                                                      Tiefbau4319981-217-6200-222-4500-207-7900
                                                                                      09033799-393-10000-452-5600-580-6000
                                                                                      in Mrd EUR
                                                                                      Wohnungsbau236511-480-7100-561-6400-771-20700
                                                                                      Wirtschaftsbau3314040-347-10500-457-5900-603-9400
                                                                                      Oumlffentlicher Bau3313148-352-11500-346-4900-3821800
                                                                                      darunter
                                                                                      Oumlffentl Hochbau092509-324-8500-480-0100-5616900
                                                                                      Straszligenbau125821-128-11200-146-5100-1604200
                                                                                      Sonstiger Tiefbau124818-502-13700-425-7100-467-3400
                                                                                      19712561362168-243-95248-173-23210-21146
                                                                                      1) Bei Baugenehmigungen liegen erst die Oktoberwerte vor
                                                                                      1) Bei Baugenehmigungen liegen erst die Februarwerte vor
                                                                                      2) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten
                                                                                      in EUR billionin
                                                                                      Dezember 2019Germany20052005Jan - Aug20182019
                                                                                      201919942004060520172018
                                                                                      Employees (in 1000)4867-47-60-104949
                                                                                      Revenues922-305-647310882
                                                                                      Building construction508-318-611009577
                                                                                      Foundation engineering414-280-711212588
                                                                                      Orders received861-3743110610082
                                                                                      in EUR billion
                                                                                      Housebuilding196-489-181211297
                                                                                      Industrial building363-3036818113289
                                                                                      Public sector302-33132995965
                                                                                      of which
                                                                                      public buildings55-23812729025109
                                                                                      road building142-138-12478839
                                                                                      underground structures105-49515223880
                                                                                      1256168-243-95-173-23
                                                                                      1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
                                                                                      ) only companies gt 20 employees
                                                                                      Zweistelliges Auftragsplus am Bau in Bayern
                                                                                      Absolute WerteVeraumlnderungen in
                                                                                      August 20062005BayernWestdeutschlandOstdeutschland
                                                                                      BayernWest-Ost-20052005Jan - Aug20052005Jan - Aug20052005Jan - Aug
                                                                                      LaumlnderLaumlnder199420040605199420040605199420040605
                                                                                      Beschaumlftigte in 1000126152831887-470-60-10-465-60-58-38-578-85-51
                                                                                      Baugenehmigungen Mio msup3 umb Raum6532572423-395-101249-417-41171-680-157259
                                                                                      Umsatz in Mrd EUR139570173-305-6473-312-4835-452-8813
                                                                                      Hochbau9637192-318-61100-336-5048-565-11835
                                                                                      Tiefbau4319981-280-7112-255-4311-247-51-14
                                                                                      Auftragseingang9033799-37431106-4470984-609-7043
                                                                                      in Mrd EUR
                                                                                      Wohnungsbau236511-489-1812-586-5888-805-14841
                                                                                      Wirtschaftsbau3314040-30368181-43345104-625-56121
                                                                                      Oumlffentlicher Bau3313148-3313299-3400972-420-62-18
                                                                                      darunter
                                                                                      Oumlffentl Hochbau092509-238127290-500-38142-602-93-51
                                                                                      Straszligenbau125821-138-1247-965978-211-8582
                                                                                      Sonstiger Tiefbau124818-4951522-439-2430-477-18-124
                                                                                      19712561362168-243-95248-173-23210-21146
                                                                                      1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
                                                                                      ) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

                                                                                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 43

                                                                                      ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman

                                                                                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 44

                                                                                      Market environment ndash GermanyGerman construction market

                                                                                      Source Federal Statistical Office Statistical Office Bavaria

                                                                                      in EUR billion

                                                                                      Germany2019

                                                                                      Employees (in 1000)

                                                                                      Revenues 922Building construction 508Foundation engineering 414

                                                                                      Orders received in EUR billion

                                                                                      Housebuilding 196Industrial building 363Public sectorof which

                                                                                      public buildings 55road building 142underground structures 105

                                                                                      ) only companies gt 20 employees

                                                                                      49

                                                                                      108

                                                                                      95

                                                                                      39

                                                                                      109

                                                                                      65

                                                                                      80

                                                                                      88

                                                                                      38

                                                                                      49

                                                                                      82

                                                                                      77

                                                                                      112

                                                                                      132

                                                                                      25

                                                                                      Dezember 2019 2018 20192017 2018

                                                                                      in

                                                                                      89

                                                                                      97

                                                                                      302

                                                                                      861

                                                                                      4867

                                                                                      88

                                                                                      100 82

                                                                                      59

                                                                                      125

                                                                                      Weiszlig

                                                                                      Bunt

                                                                                      Kunterbunt

                                                                                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 45

                                                                                      Building constructionpositive cash contribution

                                                                                      Specialist foundation engineeringpre-financing need

                                                                                      Financials Working capital needs ndash Comparison with building construction

                                                                                      EUR

                                                                                      12 24 months

                                                                                      Positive cash contribution

                                                                                      Negative cash contribution

                                                                                      Con

                                                                                      trac

                                                                                      t val

                                                                                      ue

                                                                                      EUR

                                                                                      Negative cash contribution

                                                                                      12 24 months

                                                                                      Con

                                                                                      trac

                                                                                      t val

                                                                                      ue

                                                                                      Construction contracts with short duration need

                                                                                      No advance payments no front-loading of prices possible approx 2 - 3 months of pre-financing

                                                                                      Negative cash contribution during construction phase

                                                                                      Construction contracts with long durations

                                                                                      Advance payments front-loading of prices

                                                                                      Positive cash contribution during construction phase

                                                                                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 46

                                                                                      BAUER shareFacts amp Figures

                                                                                      Listed on Frankfurt stock exchange (Prime Standard) since July 4 2006

                                                                                      Share capital EUR 7300142045

                                                                                      Shares issued 17131000

                                                                                      Issue price EUR 1675

                                                                                      Share performance (012019 ndash 032020)

                                                                                      Bauer familyFree float

                                                                                      5181

                                                                                      Shareholder structure

                                                                                      4819

                                                                                      in EUR 2015 2016 2017 2018 2019

                                                                                      Earnings per share 173 066 016 132 -217

                                                                                      Share price year end 1740 1140 3000 1216 1510

                                                                                      Share price highest 1920 1716 3096 3125 2430

                                                                                      Share price lowest 1385 945 1172 1208 1262

                                                                                      Market Cap(in EUR million) 2981 1953 5139 2083 2587

                                                                                      CDAXClassic All SharePrime All Share

                                                                                      ISIN DE0005168108Reuters B5AGDEBloomberg B5A GR

                                                                                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                                                                      050

                                                                                      100 100

                                                                                      060 060050

                                                                                      030

                                                                                      001

                                                                                      015 015010 010 010

                                                                                      001000

                                                                                      030

                                                                                      060

                                                                                      090

                                                                                      120

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

                                                                                      47

                                                                                      BAUER shareDividend policy

                                                                                      Dividend payment Dividend policy founded on a reasonable balance between shareholders and company

                                                                                      fair participation of shareholders maintaining continuity safeguarding of the equity ratio

                                                                                      All shareholders shall participate in the success of the business

                                                                                      After some difficult years we must continue to strike a careful balance between continuity and shareholder participation on the one hand and safeguarding our equity ratio on the other

                                                                                      To secure an adequate equity ratio is an important aim of the companyrsquos 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

                                                                                      in EUR per share

                                                                                      000

                                                                                      Proposed subject to the consent of the Annual General Meeting to be held on June 25 2020

                                                                                      000

                                                                                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 48

                                                                                      Key Figures Time LineFY 2008 ndash FY 2019

                                                                                      In all three segments total Group revenues and EBIT figures of FY 2015 were influenced by exceptional earnings

                                                                                      Total Group revenues 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(in EUR million)BAUER Group 15272 12758 13040 13718 14358 15042 15602 16564 15547 4482 4541 4766 3931 17720 3708 4215 4435 4503 16861 4109 4207 4078 3553 15947

                                                                                      Construction 7009 5700 6154 6066 6552 7417 7256 7429 7131 2110 2205 2269 1766 8350 1508 1762 2100 2306 7676 1702 1722 1726 1538 6688Equipment 7801 6085 5817 6365 5891 6286 6392 7531 6344 1867 1853 1966 1859 7545 1808 1936 1802 1685 7231 1859 1950 1781 1547 7137Resources 1351 1743 1777 2115 2628 1889 2528 2216 2624 630 647 651 554 2482 517 676 699 723 2615 692 695 662 700 2749

                                                                                      Sales revenues 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(in EUR million)BAUER Group 12908 10965 11317 12196 13444 14022 13757 13790 13969 3789 4512 4354 4022 16679 3184 3987 4051 4669 15891 3419 4035 3622 3633 14709

                                                                                      Construction 5843 4879 5058 5062 5791 6575 6466 6508 6145 1966 2064 2145 1663 7838 1432 1642 2021 2168 7263 1616 1628 1605 1408 6257Equipment 6012 4565 4693 5114 5206 5616 5327 5480 5427 1266 1857 1685 1801 6609 1287 1736 1440 1938 6401 1253 1797 1417 1635 6102Resources 1051 1520 1564 2015 2443 1826 1959 1793 2382 553 577 532 553 2215 462 605 587 559 2213 548 607 597 583 2335

                                                                                      EBIT 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(in EUR million)BAUER Group 1675 844 884 823 720 301 764 907 703 85 302 277 232 896 110 231 227 433 1001 104 248 133 -260 225

                                                                                      Construction 463 257 288 179 220 212 260 139 297 09 124 81 -18 196 27 21 80 263 391 00 42 -34 -207 -199Equipment 1183 513 483 530 340 322 360 994 384 80 160 249 317 806 142 222 158 227 749 83 230 202 97 612Resources 40 60 81 109 152 -240 159 -198 -37 -01 09 -53 -55 -100 -57 -10 -12 -32 -110 27 -22 -30 -137 -162

                                                                                      EBIT margin 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(in )BAUER Group 130 77 78 67 54 21 56 66 50 22 67 64 58 54 35 58 56 93 63 30 61 37 -72 15

                                                                                      Construction 79 53 57 35 38 32 40 21 48 05 60 38 -11 25 19 13 39 121 54 00 26 -21 -147 -32Equipment 197 112 103 104 65 57 68 181 71 64 86 148 176 122 110 128 110 117 117 66 128 143 60 100Resources 38 39 52 54 62 -131 81 -110 -16 -02 15 -100 -99 -45 -123 -16 -20 -57 -50 49 -37 -49 -235 -69

                                                                                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

                                                                                      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

                                                                                      • Foliennummer 1
                                                                                      • Foliennummer 2
                                                                                      • Key FiguresFY 2019
                                                                                      • Table of Content
                                                                                      • Foliennummer 5
                                                                                      • Foliennummer 6
                                                                                      • Foliennummer 7
                                                                                      • Foliennummer 8
                                                                                      • BAUER Group Construction market environment vs order backlog
                                                                                      • Foliennummer 10
                                                                                      • Foliennummer 11
                                                                                      • Table of Content
                                                                                      • Foliennummer 13
                                                                                      • Foliennummer 14
                                                                                      • Foliennummer 15
                                                                                      • Foliennummer 16
                                                                                      • Foliennummer 17
                                                                                      • Foliennummer 18
                                                                                      • Foliennummer 19
                                                                                      • Foliennummer 20
                                                                                      • Foliennummer 21
                                                                                      • Foliennummer 22
                                                                                      • FinancialsIncome statement 12M 2019
                                                                                      • Financials Balance sheet December 31 2019
                                                                                      • FinancialsCash flow statement 12M 2019
                                                                                      • Foliennummer 26
                                                                                      • Foliennummer 27
                                                                                      • Table of Content
                                                                                      • BAUER GroupThe history ndash Two centuries of experience
                                                                                      • Foliennummer 30
                                                                                      • BAUER GroupThe three segments
                                                                                      • Foliennummer 32
                                                                                      • Foliennummer 33
                                                                                      • What is specialist foundationBuilding an excavation pit
                                                                                      • What is specialist foundation used forApplications
                                                                                      • ConstructionMunich Germany ndash Foundation works for a boarding house
                                                                                      • Foliennummer 37
                                                                                      • EquipmentWhole range of products for special foundation engineering
                                                                                      • EquipmentProduct range Deep Drilling
                                                                                      • Foliennummer 40
                                                                                      • ResourcesPool of competences from a single hand
                                                                                      • ResourcesWater ndash Process Water amp Water Distribution Management
                                                                                      • ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
                                                                                      • Market environment ndash Germany German construction market
                                                                                      • Financials Working capital needs ndash Comparison with building construction
                                                                                      • BAUER shareFacts amp Figures
                                                                                      • BAUER shareDividend policy
                                                                                      • Foliennummer 48
                                                                                      • Disclaimer
                                                                                        Zweistelliges Auftragsplus am Bau in Bayern
                                                                                        Absolute WerteVeraumlnderungen in
                                                                                        August 20062004BayernWestdeutschlandOstdeutschland
                                                                                        BayernWest-Ost-200420040200420040200420040
                                                                                        LaumlnderLaumlnder199420030199420030199420030
                                                                                        Beschaumlftigte in 1000126152831887-52-5200-432-60-5200-539-7200
                                                                                        Baugenehmigungen Mio msup3 umb Raum6532572423-108-10800-252-8400-68-10300
                                                                                        Umsatz in Mrd EUR139570173-249-5800-277-4500-399-7600
                                                                                        Hochbau9637192-265-5600-301-4400-507-7400
                                                                                        Tiefbau4319981-217-6200-222-4500-207-7900
                                                                                        09033799-393-10000-452-5600-580-6000
                                                                                        in Mrd EUR
                                                                                        Wohnungsbau236511-480-7100-561-6400-771-20700
                                                                                        Wirtschaftsbau3314040-347-10500-457-5900-603-9400
                                                                                        Oumlffentlicher Bau3313148-352-11500-346-4900-3821800
                                                                                        darunter
                                                                                        Oumlffentl Hochbau092509-324-8500-480-0100-5616900
                                                                                        Straszligenbau125821-128-11200-146-5100-1604200
                                                                                        Sonstiger Tiefbau124818-502-13700-425-7100-467-3400
                                                                                        19712561362168-243-95248-173-23210-21146
                                                                                        1) Bei Baugenehmigungen liegen erst die Oktoberwerte vor
                                                                                        1) Bei Baugenehmigungen liegen erst die Februarwerte vor
                                                                                        2) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten
                                                                                        in EUR billionin
                                                                                        Dezember 2019Germany20052005Jan - Aug20182019
                                                                                        201919942004060520172018
                                                                                        Employees (in 1000)4867-47-60-104949
                                                                                        Revenues922-305-647310882
                                                                                        Building construction508-318-611009577
                                                                                        Foundation engineering414-280-711212588
                                                                                        Orders received861-3743110610082
                                                                                        in EUR billion
                                                                                        Housebuilding196-489-181211297
                                                                                        Industrial building363-3036818113289
                                                                                        Public sector302-33132995965
                                                                                        of which
                                                                                        public buildings55-23812729025109
                                                                                        road building142-138-12478839
                                                                                        underground structures105-49515223880
                                                                                        1256168-243-95-173-23
                                                                                        1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
                                                                                        ) only companies gt 20 employees
                                                                                        Zweistelliges Auftragsplus am Bau in Bayern
                                                                                        Absolute WerteVeraumlnderungen in
                                                                                        August 20062005BayernWestdeutschlandOstdeutschland
                                                                                        BayernWest-Ost-20052005Jan - Aug20052005Jan - Aug20052005Jan - Aug
                                                                                        LaumlnderLaumlnder199420040605199420040605199420040605
                                                                                        Beschaumlftigte in 1000126152831887-470-60-10-465-60-58-38-578-85-51
                                                                                        Baugenehmigungen Mio msup3 umb Raum6532572423-395-101249-417-41171-680-157259
                                                                                        Umsatz in Mrd EUR139570173-305-6473-312-4835-452-8813
                                                                                        Hochbau9637192-318-61100-336-5048-565-11835
                                                                                        Tiefbau4319981-280-7112-255-4311-247-51-14
                                                                                        Auftragseingang9033799-37431106-4470984-609-7043
                                                                                        in Mrd EUR
                                                                                        Wohnungsbau236511-489-1812-586-5888-805-14841
                                                                                        Wirtschaftsbau3314040-30368181-43345104-625-56121
                                                                                        Oumlffentlicher Bau3313148-3313299-3400972-420-62-18
                                                                                        darunter
                                                                                        Oumlffentl Hochbau092509-238127290-500-38142-602-93-51
                                                                                        Straszligenbau125821-138-1247-965978-211-8582
                                                                                        Sonstiger Tiefbau124818-4951522-439-2430-477-18-124
                                                                                        19712561362168-243-95248-173-23210-21146
                                                                                        1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
                                                                                        ) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

                                                                                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 44

                                                                                        Market environment ndash GermanyGerman construction market

                                                                                        Source Federal Statistical Office Statistical Office Bavaria

                                                                                        in EUR billion

                                                                                        Germany2019

                                                                                        Employees (in 1000)

                                                                                        Revenues 922Building construction 508Foundation engineering 414

                                                                                        Orders received in EUR billion

                                                                                        Housebuilding 196Industrial building 363Public sectorof which

                                                                                        public buildings 55road building 142underground structures 105

                                                                                        ) only companies gt 20 employees

                                                                                        49

                                                                                        108

                                                                                        95

                                                                                        39

                                                                                        109

                                                                                        65

                                                                                        80

                                                                                        88

                                                                                        38

                                                                                        49

                                                                                        82

                                                                                        77

                                                                                        112

                                                                                        132

                                                                                        25

                                                                                        Dezember 2019 2018 20192017 2018

                                                                                        in

                                                                                        89

                                                                                        97

                                                                                        302

                                                                                        861

                                                                                        4867

                                                                                        88

                                                                                        100 82

                                                                                        59

                                                                                        125

                                                                                        Weiszlig

                                                                                        Bunt

                                                                                        Kunterbunt

                                                                                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 45

                                                                                        Building constructionpositive cash contribution

                                                                                        Specialist foundation engineeringpre-financing need

                                                                                        Financials Working capital needs ndash Comparison with building construction

                                                                                        EUR

                                                                                        12 24 months

                                                                                        Positive cash contribution

                                                                                        Negative cash contribution

                                                                                        Con

                                                                                        trac

                                                                                        t val

                                                                                        ue

                                                                                        EUR

                                                                                        Negative cash contribution

                                                                                        12 24 months

                                                                                        Con

                                                                                        trac

                                                                                        t val

                                                                                        ue

                                                                                        Construction contracts with short duration need

                                                                                        No advance payments no front-loading of prices possible approx 2 - 3 months of pre-financing

                                                                                        Negative cash contribution during construction phase

                                                                                        Construction contracts with long durations

                                                                                        Advance payments front-loading of prices

                                                                                        Positive cash contribution during construction phase

                                                                                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 46

                                                                                        BAUER shareFacts amp Figures

                                                                                        Listed on Frankfurt stock exchange (Prime Standard) since July 4 2006

                                                                                        Share capital EUR 7300142045

                                                                                        Shares issued 17131000

                                                                                        Issue price EUR 1675

                                                                                        Share performance (012019 ndash 032020)

                                                                                        Bauer familyFree float

                                                                                        5181

                                                                                        Shareholder structure

                                                                                        4819

                                                                                        in EUR 2015 2016 2017 2018 2019

                                                                                        Earnings per share 173 066 016 132 -217

                                                                                        Share price year end 1740 1140 3000 1216 1510

                                                                                        Share price highest 1920 1716 3096 3125 2430

                                                                                        Share price lowest 1385 945 1172 1208 1262

                                                                                        Market Cap(in EUR million) 2981 1953 5139 2083 2587

                                                                                        CDAXClassic All SharePrime All Share

                                                                                        ISIN DE0005168108Reuters B5AGDEBloomberg B5A GR

                                                                                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                                                                        050

                                                                                        100 100

                                                                                        060 060050

                                                                                        030

                                                                                        001

                                                                                        015 015010 010 010

                                                                                        001000

                                                                                        030

                                                                                        060

                                                                                        090

                                                                                        120

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

                                                                                        47

                                                                                        BAUER shareDividend policy

                                                                                        Dividend payment Dividend policy founded on a reasonable balance between shareholders and company

                                                                                        fair participation of shareholders maintaining continuity safeguarding of the equity ratio

                                                                                        All shareholders shall participate in the success of the business

                                                                                        After some difficult years we must continue to strike a careful balance between continuity and shareholder participation on the one hand and safeguarding our equity ratio on the other

                                                                                        To secure an adequate equity ratio is an important aim of the companyrsquos 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

                                                                                        in EUR per share

                                                                                        000

                                                                                        Proposed subject to the consent of the Annual General Meeting to be held on June 25 2020

                                                                                        000

                                                                                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 48

                                                                                        Key Figures Time LineFY 2008 ndash FY 2019

                                                                                        In all three segments total Group revenues and EBIT figures of FY 2015 were influenced by exceptional earnings

                                                                                        Total Group revenues 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(in EUR million)BAUER Group 15272 12758 13040 13718 14358 15042 15602 16564 15547 4482 4541 4766 3931 17720 3708 4215 4435 4503 16861 4109 4207 4078 3553 15947

                                                                                        Construction 7009 5700 6154 6066 6552 7417 7256 7429 7131 2110 2205 2269 1766 8350 1508 1762 2100 2306 7676 1702 1722 1726 1538 6688Equipment 7801 6085 5817 6365 5891 6286 6392 7531 6344 1867 1853 1966 1859 7545 1808 1936 1802 1685 7231 1859 1950 1781 1547 7137Resources 1351 1743 1777 2115 2628 1889 2528 2216 2624 630 647 651 554 2482 517 676 699 723 2615 692 695 662 700 2749

                                                                                        Sales revenues 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(in EUR million)BAUER Group 12908 10965 11317 12196 13444 14022 13757 13790 13969 3789 4512 4354 4022 16679 3184 3987 4051 4669 15891 3419 4035 3622 3633 14709

                                                                                        Construction 5843 4879 5058 5062 5791 6575 6466 6508 6145 1966 2064 2145 1663 7838 1432 1642 2021 2168 7263 1616 1628 1605 1408 6257Equipment 6012 4565 4693 5114 5206 5616 5327 5480 5427 1266 1857 1685 1801 6609 1287 1736 1440 1938 6401 1253 1797 1417 1635 6102Resources 1051 1520 1564 2015 2443 1826 1959 1793 2382 553 577 532 553 2215 462 605 587 559 2213 548 607 597 583 2335

                                                                                        EBIT 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(in EUR million)BAUER Group 1675 844 884 823 720 301 764 907 703 85 302 277 232 896 110 231 227 433 1001 104 248 133 -260 225

                                                                                        Construction 463 257 288 179 220 212 260 139 297 09 124 81 -18 196 27 21 80 263 391 00 42 -34 -207 -199Equipment 1183 513 483 530 340 322 360 994 384 80 160 249 317 806 142 222 158 227 749 83 230 202 97 612Resources 40 60 81 109 152 -240 159 -198 -37 -01 09 -53 -55 -100 -57 -10 -12 -32 -110 27 -22 -30 -137 -162

                                                                                        EBIT margin 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(in )BAUER Group 130 77 78 67 54 21 56 66 50 22 67 64 58 54 35 58 56 93 63 30 61 37 -72 15

                                                                                        Construction 79 53 57 35 38 32 40 21 48 05 60 38 -11 25 19 13 39 121 54 00 26 -21 -147 -32Equipment 197 112 103 104 65 57 68 181 71 64 86 148 176 122 110 128 110 117 117 66 128 143 60 100Resources 38 39 52 54 62 -131 81 -110 -16 -02 15 -100 -99 -45 -123 -16 -20 -57 -50 49 -37 -49 -235 -69

                                                                                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

                                                                                        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

                                                                                        • Foliennummer 1
                                                                                        • Foliennummer 2
                                                                                        • Key FiguresFY 2019
                                                                                        • Table of Content
                                                                                        • Foliennummer 5
                                                                                        • Foliennummer 6
                                                                                        • Foliennummer 7
                                                                                        • Foliennummer 8
                                                                                        • BAUER Group Construction market environment vs order backlog
                                                                                        • Foliennummer 10
                                                                                        • Foliennummer 11
                                                                                        • Table of Content
                                                                                        • Foliennummer 13
                                                                                        • Foliennummer 14
                                                                                        • Foliennummer 15
                                                                                        • Foliennummer 16
                                                                                        • Foliennummer 17
                                                                                        • Foliennummer 18
                                                                                        • Foliennummer 19
                                                                                        • Foliennummer 20
                                                                                        • Foliennummer 21
                                                                                        • Foliennummer 22
                                                                                        • FinancialsIncome statement 12M 2019
                                                                                        • Financials Balance sheet December 31 2019
                                                                                        • FinancialsCash flow statement 12M 2019
                                                                                        • Foliennummer 26
                                                                                        • Foliennummer 27
                                                                                        • Table of Content
                                                                                        • BAUER GroupThe history ndash Two centuries of experience
                                                                                        • Foliennummer 30
                                                                                        • BAUER GroupThe three segments
                                                                                        • Foliennummer 32
                                                                                        • Foliennummer 33
                                                                                        • What is specialist foundationBuilding an excavation pit
                                                                                        • What is specialist foundation used forApplications
                                                                                        • ConstructionMunich Germany ndash Foundation works for a boarding house
                                                                                        • Foliennummer 37
                                                                                        • EquipmentWhole range of products for special foundation engineering
                                                                                        • EquipmentProduct range Deep Drilling
                                                                                        • Foliennummer 40
                                                                                        • ResourcesPool of competences from a single hand
                                                                                        • ResourcesWater ndash Process Water amp Water Distribution Management
                                                                                        • ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
                                                                                        • Market environment ndash Germany German construction market
                                                                                        • Financials Working capital needs ndash Comparison with building construction
                                                                                        • BAUER shareFacts amp Figures
                                                                                        • BAUER shareDividend policy
                                                                                        • Foliennummer 48
                                                                                        • Disclaimer
                                                                                          Zweistelliges Auftragsplus am Bau in Bayern
                                                                                          Absolute WerteVeraumlnderungen in
                                                                                          August 20062004BayernWestdeutschlandOstdeutschland
                                                                                          BayernWest-Ost-200420040200420040200420040
                                                                                          LaumlnderLaumlnder199420030199420030199420030
                                                                                          Beschaumlftigte in 1000126152831887-52-5200-432-60-5200-539-7200
                                                                                          Baugenehmigungen Mio msup3 umb Raum6532572423-108-10800-252-8400-68-10300
                                                                                          Umsatz in Mrd EUR139570173-249-5800-277-4500-399-7600
                                                                                          Hochbau9637192-265-5600-301-4400-507-7400
                                                                                          Tiefbau4319981-217-6200-222-4500-207-7900
                                                                                          09033799-393-10000-452-5600-580-6000
                                                                                          in Mrd EUR
                                                                                          Wohnungsbau236511-480-7100-561-6400-771-20700
                                                                                          Wirtschaftsbau3314040-347-10500-457-5900-603-9400
                                                                                          Oumlffentlicher Bau3313148-352-11500-346-4900-3821800
                                                                                          darunter
                                                                                          Oumlffentl Hochbau092509-324-8500-480-0100-5616900
                                                                                          Straszligenbau125821-128-11200-146-5100-1604200
                                                                                          Sonstiger Tiefbau124818-502-13700-425-7100-467-3400
                                                                                          19712561362168-243-95248-173-23210-21146
                                                                                          1) Bei Baugenehmigungen liegen erst die Oktoberwerte vor
                                                                                          1) Bei Baugenehmigungen liegen erst die Februarwerte vor
                                                                                          2) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten
                                                                                          in EUR billionin
                                                                                          Dezember 2019Germany20052005Jan - Aug20182019
                                                                                          201919942004060520172018
                                                                                          Employees (in 1000)4867-47-60-104949
                                                                                          Revenues922-305-647310882
                                                                                          Building construction508-318-611009577
                                                                                          Foundation engineering414-280-711212588
                                                                                          Orders received861-3743110610082
                                                                                          in EUR billion
                                                                                          Housebuilding196-489-181211297
                                                                                          Industrial building363-3036818113289
                                                                                          Public sector302-33132995965
                                                                                          of which
                                                                                          public buildings55-23812729025109
                                                                                          road building142-138-12478839
                                                                                          underground structures105-49515223880
                                                                                          1256168-243-95-173-23
                                                                                          1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
                                                                                          ) only companies gt 20 employees
                                                                                          Zweistelliges Auftragsplus am Bau in Bayern
                                                                                          Absolute WerteVeraumlnderungen in
                                                                                          August 20062005BayernWestdeutschlandOstdeutschland
                                                                                          BayernWest-Ost-20052005Jan - Aug20052005Jan - Aug20052005Jan - Aug
                                                                                          LaumlnderLaumlnder199420040605199420040605199420040605
                                                                                          Beschaumlftigte in 1000126152831887-470-60-10-465-60-58-38-578-85-51
                                                                                          Baugenehmigungen Mio msup3 umb Raum6532572423-395-101249-417-41171-680-157259
                                                                                          Umsatz in Mrd EUR139570173-305-6473-312-4835-452-8813
                                                                                          Hochbau9637192-318-61100-336-5048-565-11835
                                                                                          Tiefbau4319981-280-7112-255-4311-247-51-14
                                                                                          Auftragseingang9033799-37431106-4470984-609-7043
                                                                                          in Mrd EUR
                                                                                          Wohnungsbau236511-489-1812-586-5888-805-14841
                                                                                          Wirtschaftsbau3314040-30368181-43345104-625-56121
                                                                                          Oumlffentlicher Bau3313148-3313299-3400972-420-62-18
                                                                                          darunter
                                                                                          Oumlffentl Hochbau092509-238127290-500-38142-602-93-51
                                                                                          Straszligenbau125821-138-1247-965978-211-8582
                                                                                          Sonstiger Tiefbau124818-4951522-439-2430-477-18-124
                                                                                          19712561362168-243-95248-173-23210-21146
                                                                                          1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
                                                                                          ) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

                                                                                          Weiszlig

                                                                                          Bunt

                                                                                          Kunterbunt

                                                                                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 45

                                                                                          Building constructionpositive cash contribution

                                                                                          Specialist foundation engineeringpre-financing need

                                                                                          Financials Working capital needs ndash Comparison with building construction

                                                                                          EUR

                                                                                          12 24 months

                                                                                          Positive cash contribution

                                                                                          Negative cash contribution

                                                                                          Con

                                                                                          trac

                                                                                          t val

                                                                                          ue

                                                                                          EUR

                                                                                          Negative cash contribution

                                                                                          12 24 months

                                                                                          Con

                                                                                          trac

                                                                                          t val

                                                                                          ue

                                                                                          Construction contracts with short duration need

                                                                                          No advance payments no front-loading of prices possible approx 2 - 3 months of pre-financing

                                                                                          Negative cash contribution during construction phase

                                                                                          Construction contracts with long durations

                                                                                          Advance payments front-loading of prices

                                                                                          Positive cash contribution during construction phase

                                                                                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 46

                                                                                          BAUER shareFacts amp Figures

                                                                                          Listed on Frankfurt stock exchange (Prime Standard) since July 4 2006

                                                                                          Share capital EUR 7300142045

                                                                                          Shares issued 17131000

                                                                                          Issue price EUR 1675

                                                                                          Share performance (012019 ndash 032020)

                                                                                          Bauer familyFree float

                                                                                          5181

                                                                                          Shareholder structure

                                                                                          4819

                                                                                          in EUR 2015 2016 2017 2018 2019

                                                                                          Earnings per share 173 066 016 132 -217

                                                                                          Share price year end 1740 1140 3000 1216 1510

                                                                                          Share price highest 1920 1716 3096 3125 2430

                                                                                          Share price lowest 1385 945 1172 1208 1262

                                                                                          Market Cap(in EUR million) 2981 1953 5139 2083 2587

                                                                                          CDAXClassic All SharePrime All Share

                                                                                          ISIN DE0005168108Reuters B5AGDEBloomberg B5A GR

                                                                                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                                                                          050

                                                                                          100 100

                                                                                          060 060050

                                                                                          030

                                                                                          001

                                                                                          015 015010 010 010

                                                                                          001000

                                                                                          030

                                                                                          060

                                                                                          090

                                                                                          120

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

                                                                                          47

                                                                                          BAUER shareDividend policy

                                                                                          Dividend payment Dividend policy founded on a reasonable balance between shareholders and company

                                                                                          fair participation of shareholders maintaining continuity safeguarding of the equity ratio

                                                                                          All shareholders shall participate in the success of the business

                                                                                          After some difficult years we must continue to strike a careful balance between continuity and shareholder participation on the one hand and safeguarding our equity ratio on the other

                                                                                          To secure an adequate equity ratio is an important aim of the companyrsquos 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

                                                                                          in EUR per share

                                                                                          000

                                                                                          Proposed subject to the consent of the Annual General Meeting to be held on June 25 2020

                                                                                          000

                                                                                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 48

                                                                                          Key Figures Time LineFY 2008 ndash FY 2019

                                                                                          In all three segments total Group revenues and EBIT figures of FY 2015 were influenced by exceptional earnings

                                                                                          Total Group revenues 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(in EUR million)BAUER Group 15272 12758 13040 13718 14358 15042 15602 16564 15547 4482 4541 4766 3931 17720 3708 4215 4435 4503 16861 4109 4207 4078 3553 15947

                                                                                          Construction 7009 5700 6154 6066 6552 7417 7256 7429 7131 2110 2205 2269 1766 8350 1508 1762 2100 2306 7676 1702 1722 1726 1538 6688Equipment 7801 6085 5817 6365 5891 6286 6392 7531 6344 1867 1853 1966 1859 7545 1808 1936 1802 1685 7231 1859 1950 1781 1547 7137Resources 1351 1743 1777 2115 2628 1889 2528 2216 2624 630 647 651 554 2482 517 676 699 723 2615 692 695 662 700 2749

                                                                                          Sales revenues 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(in EUR million)BAUER Group 12908 10965 11317 12196 13444 14022 13757 13790 13969 3789 4512 4354 4022 16679 3184 3987 4051 4669 15891 3419 4035 3622 3633 14709

                                                                                          Construction 5843 4879 5058 5062 5791 6575 6466 6508 6145 1966 2064 2145 1663 7838 1432 1642 2021 2168 7263 1616 1628 1605 1408 6257Equipment 6012 4565 4693 5114 5206 5616 5327 5480 5427 1266 1857 1685 1801 6609 1287 1736 1440 1938 6401 1253 1797 1417 1635 6102Resources 1051 1520 1564 2015 2443 1826 1959 1793 2382 553 577 532 553 2215 462 605 587 559 2213 548 607 597 583 2335

                                                                                          EBIT 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(in EUR million)BAUER Group 1675 844 884 823 720 301 764 907 703 85 302 277 232 896 110 231 227 433 1001 104 248 133 -260 225

                                                                                          Construction 463 257 288 179 220 212 260 139 297 09 124 81 -18 196 27 21 80 263 391 00 42 -34 -207 -199Equipment 1183 513 483 530 340 322 360 994 384 80 160 249 317 806 142 222 158 227 749 83 230 202 97 612Resources 40 60 81 109 152 -240 159 -198 -37 -01 09 -53 -55 -100 -57 -10 -12 -32 -110 27 -22 -30 -137 -162

                                                                                          EBIT margin 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(in )BAUER Group 130 77 78 67 54 21 56 66 50 22 67 64 58 54 35 58 56 93 63 30 61 37 -72 15

                                                                                          Construction 79 53 57 35 38 32 40 21 48 05 60 38 -11 25 19 13 39 121 54 00 26 -21 -147 -32Equipment 197 112 103 104 65 57 68 181 71 64 86 148 176 122 110 128 110 117 117 66 128 143 60 100Resources 38 39 52 54 62 -131 81 -110 -16 -02 15 -100 -99 -45 -123 -16 -20 -57 -50 49 -37 -49 -235 -69

                                                                                          copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

                                                                                          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

                                                                                          • Foliennummer 1
                                                                                          • Foliennummer 2
                                                                                          • Key FiguresFY 2019
                                                                                          • Table of Content
                                                                                          • Foliennummer 5
                                                                                          • Foliennummer 6
                                                                                          • Foliennummer 7
                                                                                          • Foliennummer 8
                                                                                          • BAUER Group Construction market environment vs order backlog
                                                                                          • Foliennummer 10
                                                                                          • Foliennummer 11
                                                                                          • Table of Content
                                                                                          • Foliennummer 13
                                                                                          • Foliennummer 14
                                                                                          • Foliennummer 15
                                                                                          • Foliennummer 16
                                                                                          • Foliennummer 17
                                                                                          • Foliennummer 18
                                                                                          • Foliennummer 19
                                                                                          • Foliennummer 20
                                                                                          • Foliennummer 21
                                                                                          • Foliennummer 22
                                                                                          • FinancialsIncome statement 12M 2019
                                                                                          • Financials Balance sheet December 31 2019
                                                                                          • FinancialsCash flow statement 12M 2019
                                                                                          • Foliennummer 26
                                                                                          • Foliennummer 27
                                                                                          • Table of Content
                                                                                          • BAUER GroupThe history ndash Two centuries of experience
                                                                                          • Foliennummer 30
                                                                                          • BAUER GroupThe three segments
                                                                                          • Foliennummer 32
                                                                                          • Foliennummer 33
                                                                                          • What is specialist foundationBuilding an excavation pit
                                                                                          • What is specialist foundation used forApplications
                                                                                          • ConstructionMunich Germany ndash Foundation works for a boarding house
                                                                                          • Foliennummer 37
                                                                                          • EquipmentWhole range of products for special foundation engineering
                                                                                          • EquipmentProduct range Deep Drilling
                                                                                          • Foliennummer 40
                                                                                          • ResourcesPool of competences from a single hand
                                                                                          • ResourcesWater ndash Process Water amp Water Distribution Management
                                                                                          • ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
                                                                                          • Market environment ndash Germany German construction market
                                                                                          • Financials Working capital needs ndash Comparison with building construction
                                                                                          • BAUER shareFacts amp Figures
                                                                                          • BAUER shareDividend policy
                                                                                          • Foliennummer 48
                                                                                          • Disclaimer
                                                                                            Zweistelliges Auftragsplus am Bau in Bayern
                                                                                            Absolute WerteVeraumlnderungen in
                                                                                            August 20062004BayernWestdeutschlandOstdeutschland
                                                                                            BayernWest-Ost-200420040200420040200420040
                                                                                            LaumlnderLaumlnder199420030199420030199420030
                                                                                            Beschaumlftigte in 1000126152831887-52-5200-432-60-5200-539-7200
                                                                                            Baugenehmigungen Mio msup3 umb Raum6532572423-108-10800-252-8400-68-10300
                                                                                            Umsatz in Mrd EUR139570173-249-5800-277-4500-399-7600
                                                                                            Hochbau9637192-265-5600-301-4400-507-7400
                                                                                            Tiefbau4319981-217-6200-222-4500-207-7900
                                                                                            09033799-393-10000-452-5600-580-6000
                                                                                            in Mrd EUR
                                                                                            Wohnungsbau236511-480-7100-561-6400-771-20700
                                                                                            Wirtschaftsbau3314040-347-10500-457-5900-603-9400
                                                                                            Oumlffentlicher Bau3313148-352-11500-346-4900-3821800
                                                                                            darunter
                                                                                            Oumlffentl Hochbau092509-324-8500-480-0100-5616900
                                                                                            Straszligenbau125821-128-11200-146-5100-1604200
                                                                                            Sonstiger Tiefbau124818-502-13700-425-7100-467-3400
                                                                                            19712561362168-243-95248-173-23210-21146
                                                                                            1) Bei Baugenehmigungen liegen erst die Oktoberwerte vor
                                                                                            1) Bei Baugenehmigungen liegen erst die Februarwerte vor
                                                                                            2) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten
                                                                                            in EUR billionin
                                                                                            Dezember 2019Germany20052005Jan - Aug20182019
                                                                                            201919942004060520172018
                                                                                            Employees (in 1000)4867-47-60-104949
                                                                                            Revenues922-305-647310882
                                                                                            Building construction508-318-611009577
                                                                                            Foundation engineering414-280-711212588
                                                                                            Orders received861-3743110610082
                                                                                            in EUR billion
                                                                                            Housebuilding196-489-181211297
                                                                                            Industrial building363-3036818113289
                                                                                            Public sector302-33132995965
                                                                                            of which
                                                                                            public buildings55-23812729025109
                                                                                            road building142-138-12478839
                                                                                            underground structures105-49515223880
                                                                                            1256168-243-95-173-23
                                                                                            1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
                                                                                            ) only companies gt 20 employees
                                                                                            Zweistelliges Auftragsplus am Bau in Bayern
                                                                                            Absolute WerteVeraumlnderungen in
                                                                                            August 20062005BayernWestdeutschlandOstdeutschland
                                                                                            BayernWest-Ost-20052005Jan - Aug20052005Jan - Aug20052005Jan - Aug
                                                                                            LaumlnderLaumlnder199420040605199420040605199420040605
                                                                                            Beschaumlftigte in 1000126152831887-470-60-10-465-60-58-38-578-85-51
                                                                                            Baugenehmigungen Mio msup3 umb Raum6532572423-395-101249-417-41171-680-157259
                                                                                            Umsatz in Mrd EUR139570173-305-6473-312-4835-452-8813
                                                                                            Hochbau9637192-318-61100-336-5048-565-11835
                                                                                            Tiefbau4319981-280-7112-255-4311-247-51-14
                                                                                            Auftragseingang9033799-37431106-4470984-609-7043
                                                                                            in Mrd EUR
                                                                                            Wohnungsbau236511-489-1812-586-5888-805-14841
                                                                                            Wirtschaftsbau3314040-30368181-43345104-625-56121
                                                                                            Oumlffentlicher Bau3313148-3313299-3400972-420-62-18
                                                                                            darunter
                                                                                            Oumlffentl Hochbau092509-238127290-500-38142-602-93-51
                                                                                            Straszligenbau125821-138-1247-965978-211-8582
                                                                                            Sonstiger Tiefbau124818-4951522-439-2430-477-18-124
                                                                                            19712561362168-243-95248-173-23210-21146
                                                                                            1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
                                                                                            ) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

                                                                                            Bunt

                                                                                            Kunterbunt

                                                                                            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 45

                                                                                            Building constructionpositive cash contribution

                                                                                            Specialist foundation engineeringpre-financing need

                                                                                            Financials Working capital needs ndash Comparison with building construction

                                                                                            EUR

                                                                                            12 24 months

                                                                                            Positive cash contribution

                                                                                            Negative cash contribution

                                                                                            Con

                                                                                            trac

                                                                                            t val

                                                                                            ue

                                                                                            EUR

                                                                                            Negative cash contribution

                                                                                            12 24 months

                                                                                            Con

                                                                                            trac

                                                                                            t val

                                                                                            ue

                                                                                            Construction contracts with short duration need

                                                                                            No advance payments no front-loading of prices possible approx 2 - 3 months of pre-financing

                                                                                            Negative cash contribution during construction phase

                                                                                            Construction contracts with long durations

                                                                                            Advance payments front-loading of prices

                                                                                            Positive cash contribution during construction phase

                                                                                            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 46

                                                                                            BAUER shareFacts amp Figures

                                                                                            Listed on Frankfurt stock exchange (Prime Standard) since July 4 2006

                                                                                            Share capital EUR 7300142045

                                                                                            Shares issued 17131000

                                                                                            Issue price EUR 1675

                                                                                            Share performance (012019 ndash 032020)

                                                                                            Bauer familyFree float

                                                                                            5181

                                                                                            Shareholder structure

                                                                                            4819

                                                                                            in EUR 2015 2016 2017 2018 2019

                                                                                            Earnings per share 173 066 016 132 -217

                                                                                            Share price year end 1740 1140 3000 1216 1510

                                                                                            Share price highest 1920 1716 3096 3125 2430

                                                                                            Share price lowest 1385 945 1172 1208 1262

                                                                                            Market Cap(in EUR million) 2981 1953 5139 2083 2587

                                                                                            CDAXClassic All SharePrime All Share

                                                                                            ISIN DE0005168108Reuters B5AGDEBloomberg B5A GR

                                                                                            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                                                                            050

                                                                                            100 100

                                                                                            060 060050

                                                                                            030

                                                                                            001

                                                                                            015 015010 010 010

                                                                                            001000

                                                                                            030

                                                                                            060

                                                                                            090

                                                                                            120

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

                                                                                            47

                                                                                            BAUER shareDividend policy

                                                                                            Dividend payment Dividend policy founded on a reasonable balance between shareholders and company

                                                                                            fair participation of shareholders maintaining continuity safeguarding of the equity ratio

                                                                                            All shareholders shall participate in the success of the business

                                                                                            After some difficult years we must continue to strike a careful balance between continuity and shareholder participation on the one hand and safeguarding our equity ratio on the other

                                                                                            To secure an adequate equity ratio is an important aim of the companyrsquos 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

                                                                                            in EUR per share

                                                                                            000

                                                                                            Proposed subject to the consent of the Annual General Meeting to be held on June 25 2020

                                                                                            000

                                                                                            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 48

                                                                                            Key Figures Time LineFY 2008 ndash FY 2019

                                                                                            In all three segments total Group revenues and EBIT figures of FY 2015 were influenced by exceptional earnings

                                                                                            Total Group revenues 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(in EUR million)BAUER Group 15272 12758 13040 13718 14358 15042 15602 16564 15547 4482 4541 4766 3931 17720 3708 4215 4435 4503 16861 4109 4207 4078 3553 15947

                                                                                            Construction 7009 5700 6154 6066 6552 7417 7256 7429 7131 2110 2205 2269 1766 8350 1508 1762 2100 2306 7676 1702 1722 1726 1538 6688Equipment 7801 6085 5817 6365 5891 6286 6392 7531 6344 1867 1853 1966 1859 7545 1808 1936 1802 1685 7231 1859 1950 1781 1547 7137Resources 1351 1743 1777 2115 2628 1889 2528 2216 2624 630 647 651 554 2482 517 676 699 723 2615 692 695 662 700 2749

                                                                                            Sales revenues 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(in EUR million)BAUER Group 12908 10965 11317 12196 13444 14022 13757 13790 13969 3789 4512 4354 4022 16679 3184 3987 4051 4669 15891 3419 4035 3622 3633 14709

                                                                                            Construction 5843 4879 5058 5062 5791 6575 6466 6508 6145 1966 2064 2145 1663 7838 1432 1642 2021 2168 7263 1616 1628 1605 1408 6257Equipment 6012 4565 4693 5114 5206 5616 5327 5480 5427 1266 1857 1685 1801 6609 1287 1736 1440 1938 6401 1253 1797 1417 1635 6102Resources 1051 1520 1564 2015 2443 1826 1959 1793 2382 553 577 532 553 2215 462 605 587 559 2213 548 607 597 583 2335

                                                                                            EBIT 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(in EUR million)BAUER Group 1675 844 884 823 720 301 764 907 703 85 302 277 232 896 110 231 227 433 1001 104 248 133 -260 225

                                                                                            Construction 463 257 288 179 220 212 260 139 297 09 124 81 -18 196 27 21 80 263 391 00 42 -34 -207 -199Equipment 1183 513 483 530 340 322 360 994 384 80 160 249 317 806 142 222 158 227 749 83 230 202 97 612Resources 40 60 81 109 152 -240 159 -198 -37 -01 09 -53 -55 -100 -57 -10 -12 -32 -110 27 -22 -30 -137 -162

                                                                                            EBIT margin 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(in )BAUER Group 130 77 78 67 54 21 56 66 50 22 67 64 58 54 35 58 56 93 63 30 61 37 -72 15

                                                                                            Construction 79 53 57 35 38 32 40 21 48 05 60 38 -11 25 19 13 39 121 54 00 26 -21 -147 -32Equipment 197 112 103 104 65 57 68 181 71 64 86 148 176 122 110 128 110 117 117 66 128 143 60 100Resources 38 39 52 54 62 -131 81 -110 -16 -02 15 -100 -99 -45 -123 -16 -20 -57 -50 49 -37 -49 -235 -69

                                                                                            copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

                                                                                            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

                                                                                            • Foliennummer 1
                                                                                            • Foliennummer 2
                                                                                            • Key FiguresFY 2019
                                                                                            • Table of Content
                                                                                            • Foliennummer 5
                                                                                            • Foliennummer 6
                                                                                            • Foliennummer 7
                                                                                            • Foliennummer 8
                                                                                            • BAUER Group Construction market environment vs order backlog
                                                                                            • Foliennummer 10
                                                                                            • Foliennummer 11
                                                                                            • Table of Content
                                                                                            • Foliennummer 13
                                                                                            • Foliennummer 14
                                                                                            • Foliennummer 15
                                                                                            • Foliennummer 16
                                                                                            • Foliennummer 17
                                                                                            • Foliennummer 18
                                                                                            • Foliennummer 19
                                                                                            • Foliennummer 20
                                                                                            • Foliennummer 21
                                                                                            • Foliennummer 22
                                                                                            • FinancialsIncome statement 12M 2019
                                                                                            • Financials Balance sheet December 31 2019
                                                                                            • FinancialsCash flow statement 12M 2019
                                                                                            • Foliennummer 26
                                                                                            • Foliennummer 27
                                                                                            • Table of Content
                                                                                            • BAUER GroupThe history ndash Two centuries of experience
                                                                                            • Foliennummer 30
                                                                                            • BAUER GroupThe three segments
                                                                                            • Foliennummer 32
                                                                                            • Foliennummer 33
                                                                                            • What is specialist foundationBuilding an excavation pit
                                                                                            • What is specialist foundation used forApplications
                                                                                            • ConstructionMunich Germany ndash Foundation works for a boarding house
                                                                                            • Foliennummer 37
                                                                                            • EquipmentWhole range of products for special foundation engineering
                                                                                            • EquipmentProduct range Deep Drilling
                                                                                            • Foliennummer 40
                                                                                            • ResourcesPool of competences from a single hand
                                                                                            • ResourcesWater ndash Process Water amp Water Distribution Management
                                                                                            • ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
                                                                                            • Market environment ndash Germany German construction market
                                                                                            • Financials Working capital needs ndash Comparison with building construction
                                                                                            • BAUER shareFacts amp Figures
                                                                                            • BAUER shareDividend policy
                                                                                            • Foliennummer 48
                                                                                            • Disclaimer
                                                                                              Zweistelliges Auftragsplus am Bau in Bayern
                                                                                              Absolute WerteVeraumlnderungen in
                                                                                              August 20062004BayernWestdeutschlandOstdeutschland
                                                                                              BayernWest-Ost-200420040200420040200420040
                                                                                              LaumlnderLaumlnder199420030199420030199420030
                                                                                              Beschaumlftigte in 1000126152831887-52-5200-432-60-5200-539-7200
                                                                                              Baugenehmigungen Mio msup3 umb Raum6532572423-108-10800-252-8400-68-10300
                                                                                              Umsatz in Mrd EUR139570173-249-5800-277-4500-399-7600
                                                                                              Hochbau9637192-265-5600-301-4400-507-7400
                                                                                              Tiefbau4319981-217-6200-222-4500-207-7900
                                                                                              09033799-393-10000-452-5600-580-6000
                                                                                              in Mrd EUR
                                                                                              Wohnungsbau236511-480-7100-561-6400-771-20700
                                                                                              Wirtschaftsbau3314040-347-10500-457-5900-603-9400
                                                                                              Oumlffentlicher Bau3313148-352-11500-346-4900-3821800
                                                                                              darunter
                                                                                              Oumlffentl Hochbau092509-324-8500-480-0100-5616900
                                                                                              Straszligenbau125821-128-11200-146-5100-1604200
                                                                                              Sonstiger Tiefbau124818-502-13700-425-7100-467-3400
                                                                                              19712561362168-243-95248-173-23210-21146
                                                                                              1) Bei Baugenehmigungen liegen erst die Oktoberwerte vor
                                                                                              1) Bei Baugenehmigungen liegen erst die Februarwerte vor
                                                                                              2) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten
                                                                                              in EUR billionin
                                                                                              Dezember 2019Germany20052005Jan - Aug20182019
                                                                                              201919942004060520172018
                                                                                              Employees (in 1000)4867-47-60-104949
                                                                                              Revenues922-305-647310882
                                                                                              Building construction508-318-611009577
                                                                                              Foundation engineering414-280-711212588
                                                                                              Orders received861-3743110610082
                                                                                              in EUR billion
                                                                                              Housebuilding196-489-181211297
                                                                                              Industrial building363-3036818113289
                                                                                              Public sector302-33132995965
                                                                                              of which
                                                                                              public buildings55-23812729025109
                                                                                              road building142-138-12478839
                                                                                              underground structures105-49515223880
                                                                                              1256168-243-95-173-23
                                                                                              1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
                                                                                              ) only companies gt 20 employees

                                                                                              Kunterbunt

                                                                                              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 45

                                                                                              Building constructionpositive cash contribution

                                                                                              Specialist foundation engineeringpre-financing need

                                                                                              Financials Working capital needs ndash Comparison with building construction

                                                                                              EUR

                                                                                              12 24 months

                                                                                              Positive cash contribution

                                                                                              Negative cash contribution

                                                                                              Con

                                                                                              trac

                                                                                              t val

                                                                                              ue

                                                                                              EUR

                                                                                              Negative cash contribution

                                                                                              12 24 months

                                                                                              Con

                                                                                              trac

                                                                                              t val

                                                                                              ue

                                                                                              Construction contracts with short duration need

                                                                                              No advance payments no front-loading of prices possible approx 2 - 3 months of pre-financing

                                                                                              Negative cash contribution during construction phase

                                                                                              Construction contracts with long durations

                                                                                              Advance payments front-loading of prices

                                                                                              Positive cash contribution during construction phase

                                                                                              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 46

                                                                                              BAUER shareFacts amp Figures

                                                                                              Listed on Frankfurt stock exchange (Prime Standard) since July 4 2006

                                                                                              Share capital EUR 7300142045

                                                                                              Shares issued 17131000

                                                                                              Issue price EUR 1675

                                                                                              Share performance (012019 ndash 032020)

                                                                                              Bauer familyFree float

                                                                                              5181

                                                                                              Shareholder structure

                                                                                              4819

                                                                                              in EUR 2015 2016 2017 2018 2019

                                                                                              Earnings per share 173 066 016 132 -217

                                                                                              Share price year end 1740 1140 3000 1216 1510

                                                                                              Share price highest 1920 1716 3096 3125 2430

                                                                                              Share price lowest 1385 945 1172 1208 1262

                                                                                              Market Cap(in EUR million) 2981 1953 5139 2083 2587

                                                                                              CDAXClassic All SharePrime All Share

                                                                                              ISIN DE0005168108Reuters B5AGDEBloomberg B5A GR

                                                                                              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                                                                              050

                                                                                              100 100

                                                                                              060 060050

                                                                                              030

                                                                                              001

                                                                                              015 015010 010 010

                                                                                              001000

                                                                                              030

                                                                                              060

                                                                                              090

                                                                                              120

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

                                                                                              47

                                                                                              BAUER shareDividend policy

                                                                                              Dividend payment Dividend policy founded on a reasonable balance between shareholders and company

                                                                                              fair participation of shareholders maintaining continuity safeguarding of the equity ratio

                                                                                              All shareholders shall participate in the success of the business

                                                                                              After some difficult years we must continue to strike a careful balance between continuity and shareholder participation on the one hand and safeguarding our equity ratio on the other

                                                                                              To secure an adequate equity ratio is an important aim of the companyrsquos 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

                                                                                              in EUR per share

                                                                                              000

                                                                                              Proposed subject to the consent of the Annual General Meeting to be held on June 25 2020

                                                                                              000

                                                                                              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 48

                                                                                              Key Figures Time LineFY 2008 ndash FY 2019

                                                                                              In all three segments total Group revenues and EBIT figures of FY 2015 were influenced by exceptional earnings

                                                                                              Total Group revenues 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(in EUR million)BAUER Group 15272 12758 13040 13718 14358 15042 15602 16564 15547 4482 4541 4766 3931 17720 3708 4215 4435 4503 16861 4109 4207 4078 3553 15947

                                                                                              Construction 7009 5700 6154 6066 6552 7417 7256 7429 7131 2110 2205 2269 1766 8350 1508 1762 2100 2306 7676 1702 1722 1726 1538 6688Equipment 7801 6085 5817 6365 5891 6286 6392 7531 6344 1867 1853 1966 1859 7545 1808 1936 1802 1685 7231 1859 1950 1781 1547 7137Resources 1351 1743 1777 2115 2628 1889 2528 2216 2624 630 647 651 554 2482 517 676 699 723 2615 692 695 662 700 2749

                                                                                              Sales revenues 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(in EUR million)BAUER Group 12908 10965 11317 12196 13444 14022 13757 13790 13969 3789 4512 4354 4022 16679 3184 3987 4051 4669 15891 3419 4035 3622 3633 14709

                                                                                              Construction 5843 4879 5058 5062 5791 6575 6466 6508 6145 1966 2064 2145 1663 7838 1432 1642 2021 2168 7263 1616 1628 1605 1408 6257Equipment 6012 4565 4693 5114 5206 5616 5327 5480 5427 1266 1857 1685 1801 6609 1287 1736 1440 1938 6401 1253 1797 1417 1635 6102Resources 1051 1520 1564 2015 2443 1826 1959 1793 2382 553 577 532 553 2215 462 605 587 559 2213 548 607 597 583 2335

                                                                                              EBIT 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(in EUR million)BAUER Group 1675 844 884 823 720 301 764 907 703 85 302 277 232 896 110 231 227 433 1001 104 248 133 -260 225

                                                                                              Construction 463 257 288 179 220 212 260 139 297 09 124 81 -18 196 27 21 80 263 391 00 42 -34 -207 -199Equipment 1183 513 483 530 340 322 360 994 384 80 160 249 317 806 142 222 158 227 749 83 230 202 97 612Resources 40 60 81 109 152 -240 159 -198 -37 -01 09 -53 -55 -100 -57 -10 -12 -32 -110 27 -22 -30 -137 -162

                                                                                              EBIT margin 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(in )BAUER Group 130 77 78 67 54 21 56 66 50 22 67 64 58 54 35 58 56 93 63 30 61 37 -72 15

                                                                                              Construction 79 53 57 35 38 32 40 21 48 05 60 38 -11 25 19 13 39 121 54 00 26 -21 -147 -32Equipment 197 112 103 104 65 57 68 181 71 64 86 148 176 122 110 128 110 117 117 66 128 143 60 100Resources 38 39 52 54 62 -131 81 -110 -16 -02 15 -100 -99 -45 -123 -16 -20 -57 -50 49 -37 -49 -235 -69

                                                                                              copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

                                                                                              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

                                                                                              • Foliennummer 1
                                                                                              • Foliennummer 2
                                                                                              • Key FiguresFY 2019
                                                                                              • Table of Content
                                                                                              • Foliennummer 5
                                                                                              • Foliennummer 6
                                                                                              • Foliennummer 7
                                                                                              • Foliennummer 8
                                                                                              • BAUER Group Construction market environment vs order backlog
                                                                                              • Foliennummer 10
                                                                                              • Foliennummer 11
                                                                                              • Table of Content
                                                                                              • Foliennummer 13
                                                                                              • Foliennummer 14
                                                                                              • Foliennummer 15
                                                                                              • Foliennummer 16
                                                                                              • Foliennummer 17
                                                                                              • Foliennummer 18
                                                                                              • Foliennummer 19
                                                                                              • Foliennummer 20
                                                                                              • Foliennummer 21
                                                                                              • Foliennummer 22
                                                                                              • FinancialsIncome statement 12M 2019
                                                                                              • Financials Balance sheet December 31 2019
                                                                                              • FinancialsCash flow statement 12M 2019
                                                                                              • Foliennummer 26
                                                                                              • Foliennummer 27
                                                                                              • Table of Content
                                                                                              • BAUER GroupThe history ndash Two centuries of experience
                                                                                              • Foliennummer 30
                                                                                              • BAUER GroupThe three segments
                                                                                              • Foliennummer 32
                                                                                              • Foliennummer 33
                                                                                              • What is specialist foundationBuilding an excavation pit
                                                                                              • What is specialist foundation used forApplications
                                                                                              • ConstructionMunich Germany ndash Foundation works for a boarding house
                                                                                              • Foliennummer 37
                                                                                              • EquipmentWhole range of products for special foundation engineering
                                                                                              • EquipmentProduct range Deep Drilling
                                                                                              • Foliennummer 40
                                                                                              • ResourcesPool of competences from a single hand
                                                                                              • ResourcesWater ndash Process Water amp Water Distribution Management
                                                                                              • ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
                                                                                              • Market environment ndash Germany German construction market
                                                                                              • Financials Working capital needs ndash Comparison with building construction
                                                                                              • BAUER shareFacts amp Figures
                                                                                              • BAUER shareDividend policy
                                                                                              • Foliennummer 48
                                                                                              • Disclaimer
                                                                                                Zweistelliges Auftragsplus am Bau in Bayern
                                                                                                Absolute WerteVeraumlnderungen in
                                                                                                August 20062004BayernWestdeutschlandOstdeutschland
                                                                                                BayernWest-Ost-200420040200420040200420040
                                                                                                LaumlnderLaumlnder199420030199420030199420030
                                                                                                Beschaumlftigte in 1000126152831887-52-5200-432-60-5200-539-7200
                                                                                                Baugenehmigungen Mio msup3 umb Raum6532572423-108-10800-252-8400-68-10300
                                                                                                Umsatz in Mrd EUR139570173-249-5800-277-4500-399-7600
                                                                                                Hochbau9637192-265-5600-301-4400-507-7400
                                                                                                Tiefbau4319981-217-6200-222-4500-207-7900
                                                                                                09033799-393-10000-452-5600-580-6000
                                                                                                in Mrd EUR
                                                                                                Wohnungsbau236511-480-7100-561-6400-771-20700
                                                                                                Wirtschaftsbau3314040-347-10500-457-5900-603-9400
                                                                                                Oumlffentlicher Bau3313148-352-11500-346-4900-3821800
                                                                                                darunter
                                                                                                Oumlffentl Hochbau092509-324-8500-480-0100-5616900
                                                                                                Straszligenbau125821-128-11200-146-5100-1604200
                                                                                                Sonstiger Tiefbau124818-502-13700-425-7100-467-3400
                                                                                                19712561362168-243-95248-173-23210-21146
                                                                                                1) Bei Baugenehmigungen liegen erst die Oktoberwerte vor
                                                                                                1) Bei Baugenehmigungen liegen erst die Februarwerte vor
                                                                                                2) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

                                                                                                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 45

                                                                                                Building constructionpositive cash contribution

                                                                                                Specialist foundation engineeringpre-financing need

                                                                                                Financials Working capital needs ndash Comparison with building construction

                                                                                                EUR

                                                                                                12 24 months

                                                                                                Positive cash contribution

                                                                                                Negative cash contribution

                                                                                                Con

                                                                                                trac

                                                                                                t val

                                                                                                ue

                                                                                                EUR

                                                                                                Negative cash contribution

                                                                                                12 24 months

                                                                                                Con

                                                                                                trac

                                                                                                t val

                                                                                                ue

                                                                                                Construction contracts with short duration need

                                                                                                No advance payments no front-loading of prices possible approx 2 - 3 months of pre-financing

                                                                                                Negative cash contribution during construction phase

                                                                                                Construction contracts with long durations

                                                                                                Advance payments front-loading of prices

                                                                                                Positive cash contribution during construction phase

                                                                                                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 46

                                                                                                BAUER shareFacts amp Figures

                                                                                                Listed on Frankfurt stock exchange (Prime Standard) since July 4 2006

                                                                                                Share capital EUR 7300142045

                                                                                                Shares issued 17131000

                                                                                                Issue price EUR 1675

                                                                                                Share performance (012019 ndash 032020)

                                                                                                Bauer familyFree float

                                                                                                5181

                                                                                                Shareholder structure

                                                                                                4819

                                                                                                in EUR 2015 2016 2017 2018 2019

                                                                                                Earnings per share 173 066 016 132 -217

                                                                                                Share price year end 1740 1140 3000 1216 1510

                                                                                                Share price highest 1920 1716 3096 3125 2430

                                                                                                Share price lowest 1385 945 1172 1208 1262

                                                                                                Market Cap(in EUR million) 2981 1953 5139 2083 2587

                                                                                                CDAXClassic All SharePrime All Share

                                                                                                ISIN DE0005168108Reuters B5AGDEBloomberg B5A GR

                                                                                                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                                                                                050

                                                                                                100 100

                                                                                                060 060050

                                                                                                030

                                                                                                001

                                                                                                015 015010 010 010

                                                                                                001000

                                                                                                030

                                                                                                060

                                                                                                090

                                                                                                120

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

                                                                                                47

                                                                                                BAUER shareDividend policy

                                                                                                Dividend payment Dividend policy founded on a reasonable balance between shareholders and company

                                                                                                fair participation of shareholders maintaining continuity safeguarding of the equity ratio

                                                                                                All shareholders shall participate in the success of the business

                                                                                                After some difficult years we must continue to strike a careful balance between continuity and shareholder participation on the one hand and safeguarding our equity ratio on the other

                                                                                                To secure an adequate equity ratio is an important aim of the companyrsquos 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

                                                                                                in EUR per share

                                                                                                000

                                                                                                Proposed subject to the consent of the Annual General Meeting to be held on June 25 2020

                                                                                                000

                                                                                                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 48

                                                                                                Key Figures Time LineFY 2008 ndash FY 2019

                                                                                                In all three segments total Group revenues and EBIT figures of FY 2015 were influenced by exceptional earnings

                                                                                                Total Group revenues 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(in EUR million)BAUER Group 15272 12758 13040 13718 14358 15042 15602 16564 15547 4482 4541 4766 3931 17720 3708 4215 4435 4503 16861 4109 4207 4078 3553 15947

                                                                                                Construction 7009 5700 6154 6066 6552 7417 7256 7429 7131 2110 2205 2269 1766 8350 1508 1762 2100 2306 7676 1702 1722 1726 1538 6688Equipment 7801 6085 5817 6365 5891 6286 6392 7531 6344 1867 1853 1966 1859 7545 1808 1936 1802 1685 7231 1859 1950 1781 1547 7137Resources 1351 1743 1777 2115 2628 1889 2528 2216 2624 630 647 651 554 2482 517 676 699 723 2615 692 695 662 700 2749

                                                                                                Sales revenues 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(in EUR million)BAUER Group 12908 10965 11317 12196 13444 14022 13757 13790 13969 3789 4512 4354 4022 16679 3184 3987 4051 4669 15891 3419 4035 3622 3633 14709

                                                                                                Construction 5843 4879 5058 5062 5791 6575 6466 6508 6145 1966 2064 2145 1663 7838 1432 1642 2021 2168 7263 1616 1628 1605 1408 6257Equipment 6012 4565 4693 5114 5206 5616 5327 5480 5427 1266 1857 1685 1801 6609 1287 1736 1440 1938 6401 1253 1797 1417 1635 6102Resources 1051 1520 1564 2015 2443 1826 1959 1793 2382 553 577 532 553 2215 462 605 587 559 2213 548 607 597 583 2335

                                                                                                EBIT 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(in EUR million)BAUER Group 1675 844 884 823 720 301 764 907 703 85 302 277 232 896 110 231 227 433 1001 104 248 133 -260 225

                                                                                                Construction 463 257 288 179 220 212 260 139 297 09 124 81 -18 196 27 21 80 263 391 00 42 -34 -207 -199Equipment 1183 513 483 530 340 322 360 994 384 80 160 249 317 806 142 222 158 227 749 83 230 202 97 612Resources 40 60 81 109 152 -240 159 -198 -37 -01 09 -53 -55 -100 -57 -10 -12 -32 -110 27 -22 -30 -137 -162

                                                                                                EBIT margin 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(in )BAUER Group 130 77 78 67 54 21 56 66 50 22 67 64 58 54 35 58 56 93 63 30 61 37 -72 15

                                                                                                Construction 79 53 57 35 38 32 40 21 48 05 60 38 -11 25 19 13 39 121 54 00 26 -21 -147 -32Equipment 197 112 103 104 65 57 68 181 71 64 86 148 176 122 110 128 110 117 117 66 128 143 60 100Resources 38 39 52 54 62 -131 81 -110 -16 -02 15 -100 -99 -45 -123 -16 -20 -57 -50 49 -37 -49 -235 -69

                                                                                                copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

                                                                                                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

                                                                                                • Foliennummer 1
                                                                                                • Foliennummer 2
                                                                                                • Key FiguresFY 2019
                                                                                                • Table of Content
                                                                                                • Foliennummer 5
                                                                                                • Foliennummer 6
                                                                                                • Foliennummer 7
                                                                                                • Foliennummer 8
                                                                                                • BAUER Group Construction market environment vs order backlog
                                                                                                • Foliennummer 10
                                                                                                • Foliennummer 11
                                                                                                • Table of Content
                                                                                                • Foliennummer 13
                                                                                                • Foliennummer 14
                                                                                                • Foliennummer 15
                                                                                                • Foliennummer 16
                                                                                                • Foliennummer 17
                                                                                                • Foliennummer 18
                                                                                                • Foliennummer 19
                                                                                                • Foliennummer 20
                                                                                                • Foliennummer 21
                                                                                                • Foliennummer 22
                                                                                                • FinancialsIncome statement 12M 2019
                                                                                                • Financials Balance sheet December 31 2019
                                                                                                • FinancialsCash flow statement 12M 2019
                                                                                                • Foliennummer 26
                                                                                                • Foliennummer 27
                                                                                                • Table of Content
                                                                                                • BAUER GroupThe history ndash Two centuries of experience
                                                                                                • Foliennummer 30
                                                                                                • BAUER GroupThe three segments
                                                                                                • Foliennummer 32
                                                                                                • Foliennummer 33
                                                                                                • What is specialist foundationBuilding an excavation pit
                                                                                                • What is specialist foundation used forApplications
                                                                                                • ConstructionMunich Germany ndash Foundation works for a boarding house
                                                                                                • Foliennummer 37
                                                                                                • EquipmentWhole range of products for special foundation engineering
                                                                                                • EquipmentProduct range Deep Drilling
                                                                                                • Foliennummer 40
                                                                                                • ResourcesPool of competences from a single hand
                                                                                                • ResourcesWater ndash Process Water amp Water Distribution Management
                                                                                                • ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
                                                                                                • Market environment ndash Germany German construction market
                                                                                                • Financials Working capital needs ndash Comparison with building construction
                                                                                                • BAUER shareFacts amp Figures
                                                                                                • BAUER shareDividend policy
                                                                                                • Foliennummer 48
                                                                                                • Disclaimer

                                                                                                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 46

                                                                                                  BAUER shareFacts amp Figures

                                                                                                  Listed on Frankfurt stock exchange (Prime Standard) since July 4 2006

                                                                                                  Share capital EUR 7300142045

                                                                                                  Shares issued 17131000

                                                                                                  Issue price EUR 1675

                                                                                                  Share performance (012019 ndash 032020)

                                                                                                  Bauer familyFree float

                                                                                                  5181

                                                                                                  Shareholder structure

                                                                                                  4819

                                                                                                  in EUR 2015 2016 2017 2018 2019

                                                                                                  Earnings per share 173 066 016 132 -217

                                                                                                  Share price year end 1740 1140 3000 1216 1510

                                                                                                  Share price highest 1920 1716 3096 3125 2430

                                                                                                  Share price lowest 1385 945 1172 1208 1262

                                                                                                  Market Cap(in EUR million) 2981 1953 5139 2083 2587

                                                                                                  CDAXClassic All SharePrime All Share

                                                                                                  ISIN DE0005168108Reuters B5AGDEBloomberg B5A GR

                                                                                                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                                                                                  050

                                                                                                  100 100

                                                                                                  060 060050

                                                                                                  030

                                                                                                  001

                                                                                                  015 015010 010 010

                                                                                                  001000

                                                                                                  030

                                                                                                  060

                                                                                                  090

                                                                                                  120

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

                                                                                                  47

                                                                                                  BAUER shareDividend policy

                                                                                                  Dividend payment Dividend policy founded on a reasonable balance between shareholders and company

                                                                                                  fair participation of shareholders maintaining continuity safeguarding of the equity ratio

                                                                                                  All shareholders shall participate in the success of the business

                                                                                                  After some difficult years we must continue to strike a careful balance between continuity and shareholder participation on the one hand and safeguarding our equity ratio on the other

                                                                                                  To secure an adequate equity ratio is an important aim of the companyrsquos 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

                                                                                                  in EUR per share

                                                                                                  000

                                                                                                  Proposed subject to the consent of the Annual General Meeting to be held on June 25 2020

                                                                                                  000

                                                                                                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 48

                                                                                                  Key Figures Time LineFY 2008 ndash FY 2019

                                                                                                  In all three segments total Group revenues and EBIT figures of FY 2015 were influenced by exceptional earnings

                                                                                                  Total Group revenues 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(in EUR million)BAUER Group 15272 12758 13040 13718 14358 15042 15602 16564 15547 4482 4541 4766 3931 17720 3708 4215 4435 4503 16861 4109 4207 4078 3553 15947

                                                                                                  Construction 7009 5700 6154 6066 6552 7417 7256 7429 7131 2110 2205 2269 1766 8350 1508 1762 2100 2306 7676 1702 1722 1726 1538 6688Equipment 7801 6085 5817 6365 5891 6286 6392 7531 6344 1867 1853 1966 1859 7545 1808 1936 1802 1685 7231 1859 1950 1781 1547 7137Resources 1351 1743 1777 2115 2628 1889 2528 2216 2624 630 647 651 554 2482 517 676 699 723 2615 692 695 662 700 2749

                                                                                                  Sales revenues 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(in EUR million)BAUER Group 12908 10965 11317 12196 13444 14022 13757 13790 13969 3789 4512 4354 4022 16679 3184 3987 4051 4669 15891 3419 4035 3622 3633 14709

                                                                                                  Construction 5843 4879 5058 5062 5791 6575 6466 6508 6145 1966 2064 2145 1663 7838 1432 1642 2021 2168 7263 1616 1628 1605 1408 6257Equipment 6012 4565 4693 5114 5206 5616 5327 5480 5427 1266 1857 1685 1801 6609 1287 1736 1440 1938 6401 1253 1797 1417 1635 6102Resources 1051 1520 1564 2015 2443 1826 1959 1793 2382 553 577 532 553 2215 462 605 587 559 2213 548 607 597 583 2335

                                                                                                  EBIT 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(in EUR million)BAUER Group 1675 844 884 823 720 301 764 907 703 85 302 277 232 896 110 231 227 433 1001 104 248 133 -260 225

                                                                                                  Construction 463 257 288 179 220 212 260 139 297 09 124 81 -18 196 27 21 80 263 391 00 42 -34 -207 -199Equipment 1183 513 483 530 340 322 360 994 384 80 160 249 317 806 142 222 158 227 749 83 230 202 97 612Resources 40 60 81 109 152 -240 159 -198 -37 -01 09 -53 -55 -100 -57 -10 -12 -32 -110 27 -22 -30 -137 -162

                                                                                                  EBIT margin 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(in )BAUER Group 130 77 78 67 54 21 56 66 50 22 67 64 58 54 35 58 56 93 63 30 61 37 -72 15

                                                                                                  Construction 79 53 57 35 38 32 40 21 48 05 60 38 -11 25 19 13 39 121 54 00 26 -21 -147 -32Equipment 197 112 103 104 65 57 68 181 71 64 86 148 176 122 110 128 110 117 117 66 128 143 60 100Resources 38 39 52 54 62 -131 81 -110 -16 -02 15 -100 -99 -45 -123 -16 -20 -57 -50 49 -37 -49 -235 -69

                                                                                                  copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

                                                                                                  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

                                                                                                  • Foliennummer 1
                                                                                                  • Foliennummer 2
                                                                                                  • Key FiguresFY 2019
                                                                                                  • Table of Content
                                                                                                  • Foliennummer 5
                                                                                                  • Foliennummer 6
                                                                                                  • Foliennummer 7
                                                                                                  • Foliennummer 8
                                                                                                  • BAUER Group Construction market environment vs order backlog
                                                                                                  • Foliennummer 10
                                                                                                  • Foliennummer 11
                                                                                                  • Table of Content
                                                                                                  • Foliennummer 13
                                                                                                  • Foliennummer 14
                                                                                                  • Foliennummer 15
                                                                                                  • Foliennummer 16
                                                                                                  • Foliennummer 17
                                                                                                  • Foliennummer 18
                                                                                                  • Foliennummer 19
                                                                                                  • Foliennummer 20
                                                                                                  • Foliennummer 21
                                                                                                  • Foliennummer 22
                                                                                                  • FinancialsIncome statement 12M 2019
                                                                                                  • Financials Balance sheet December 31 2019
                                                                                                  • FinancialsCash flow statement 12M 2019
                                                                                                  • Foliennummer 26
                                                                                                  • Foliennummer 27
                                                                                                  • Table of Content
                                                                                                  • BAUER GroupThe history ndash Two centuries of experience
                                                                                                  • Foliennummer 30
                                                                                                  • BAUER GroupThe three segments
                                                                                                  • Foliennummer 32
                                                                                                  • Foliennummer 33
                                                                                                  • What is specialist foundationBuilding an excavation pit
                                                                                                  • What is specialist foundation used forApplications
                                                                                                  • ConstructionMunich Germany ndash Foundation works for a boarding house
                                                                                                  • Foliennummer 37
                                                                                                  • EquipmentWhole range of products for special foundation engineering
                                                                                                  • EquipmentProduct range Deep Drilling
                                                                                                  • Foliennummer 40
                                                                                                  • ResourcesPool of competences from a single hand
                                                                                                  • ResourcesWater ndash Process Water amp Water Distribution Management
                                                                                                  • ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
                                                                                                  • Market environment ndash Germany German construction market
                                                                                                  • Financials Working capital needs ndash Comparison with building construction
                                                                                                  • BAUER shareFacts amp Figures
                                                                                                  • BAUER shareDividend policy
                                                                                                  • Foliennummer 48
                                                                                                  • Disclaimer

                                                                                                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

                                                                                                    050

                                                                                                    100 100

                                                                                                    060 060050

                                                                                                    030

                                                                                                    001

                                                                                                    015 015010 010 010

                                                                                                    001000

                                                                                                    030

                                                                                                    060

                                                                                                    090

                                                                                                    120

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

                                                                                                    47

                                                                                                    BAUER shareDividend policy

                                                                                                    Dividend payment Dividend policy founded on a reasonable balance between shareholders and company

                                                                                                    fair participation of shareholders maintaining continuity safeguarding of the equity ratio

                                                                                                    All shareholders shall participate in the success of the business

                                                                                                    After some difficult years we must continue to strike a careful balance between continuity and shareholder participation on the one hand and safeguarding our equity ratio on the other

                                                                                                    To secure an adequate equity ratio is an important aim of the companyrsquos 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

                                                                                                    in EUR per share

                                                                                                    000

                                                                                                    Proposed subject to the consent of the Annual General Meeting to be held on June 25 2020

                                                                                                    000

                                                                                                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 48

                                                                                                    Key Figures Time LineFY 2008 ndash FY 2019

                                                                                                    In all three segments total Group revenues and EBIT figures of FY 2015 were influenced by exceptional earnings

                                                                                                    Total Group revenues 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(in EUR million)BAUER Group 15272 12758 13040 13718 14358 15042 15602 16564 15547 4482 4541 4766 3931 17720 3708 4215 4435 4503 16861 4109 4207 4078 3553 15947

                                                                                                    Construction 7009 5700 6154 6066 6552 7417 7256 7429 7131 2110 2205 2269 1766 8350 1508 1762 2100 2306 7676 1702 1722 1726 1538 6688Equipment 7801 6085 5817 6365 5891 6286 6392 7531 6344 1867 1853 1966 1859 7545 1808 1936 1802 1685 7231 1859 1950 1781 1547 7137Resources 1351 1743 1777 2115 2628 1889 2528 2216 2624 630 647 651 554 2482 517 676 699 723 2615 692 695 662 700 2749

                                                                                                    Sales revenues 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(in EUR million)BAUER Group 12908 10965 11317 12196 13444 14022 13757 13790 13969 3789 4512 4354 4022 16679 3184 3987 4051 4669 15891 3419 4035 3622 3633 14709

                                                                                                    Construction 5843 4879 5058 5062 5791 6575 6466 6508 6145 1966 2064 2145 1663 7838 1432 1642 2021 2168 7263 1616 1628 1605 1408 6257Equipment 6012 4565 4693 5114 5206 5616 5327 5480 5427 1266 1857 1685 1801 6609 1287 1736 1440 1938 6401 1253 1797 1417 1635 6102Resources 1051 1520 1564 2015 2443 1826 1959 1793 2382 553 577 532 553 2215 462 605 587 559 2213 548 607 597 583 2335

                                                                                                    EBIT 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(in EUR million)BAUER Group 1675 844 884 823 720 301 764 907 703 85 302 277 232 896 110 231 227 433 1001 104 248 133 -260 225

                                                                                                    Construction 463 257 288 179 220 212 260 139 297 09 124 81 -18 196 27 21 80 263 391 00 42 -34 -207 -199Equipment 1183 513 483 530 340 322 360 994 384 80 160 249 317 806 142 222 158 227 749 83 230 202 97 612Resources 40 60 81 109 152 -240 159 -198 -37 -01 09 -53 -55 -100 -57 -10 -12 -32 -110 27 -22 -30 -137 -162

                                                                                                    EBIT margin 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(in )BAUER Group 130 77 78 67 54 21 56 66 50 22 67 64 58 54 35 58 56 93 63 30 61 37 -72 15

                                                                                                    Construction 79 53 57 35 38 32 40 21 48 05 60 38 -11 25 19 13 39 121 54 00 26 -21 -147 -32Equipment 197 112 103 104 65 57 68 181 71 64 86 148 176 122 110 128 110 117 117 66 128 143 60 100Resources 38 39 52 54 62 -131 81 -110 -16 -02 15 -100 -99 -45 -123 -16 -20 -57 -50 49 -37 -49 -235 -69

                                                                                                    copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

                                                                                                    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

                                                                                                    • Foliennummer 1
                                                                                                    • Foliennummer 2
                                                                                                    • Key FiguresFY 2019
                                                                                                    • Table of Content
                                                                                                    • Foliennummer 5
                                                                                                    • Foliennummer 6
                                                                                                    • Foliennummer 7
                                                                                                    • Foliennummer 8
                                                                                                    • BAUER Group Construction market environment vs order backlog
                                                                                                    • Foliennummer 10
                                                                                                    • Foliennummer 11
                                                                                                    • Table of Content
                                                                                                    • Foliennummer 13
                                                                                                    • Foliennummer 14
                                                                                                    • Foliennummer 15
                                                                                                    • Foliennummer 16
                                                                                                    • Foliennummer 17
                                                                                                    • Foliennummer 18
                                                                                                    • Foliennummer 19
                                                                                                    • Foliennummer 20
                                                                                                    • Foliennummer 21
                                                                                                    • Foliennummer 22
                                                                                                    • FinancialsIncome statement 12M 2019
                                                                                                    • Financials Balance sheet December 31 2019
                                                                                                    • FinancialsCash flow statement 12M 2019
                                                                                                    • Foliennummer 26
                                                                                                    • Foliennummer 27
                                                                                                    • Table of Content
                                                                                                    • BAUER GroupThe history ndash Two centuries of experience
                                                                                                    • Foliennummer 30
                                                                                                    • BAUER GroupThe three segments
                                                                                                    • Foliennummer 32
                                                                                                    • Foliennummer 33
                                                                                                    • What is specialist foundationBuilding an excavation pit
                                                                                                    • What is specialist foundation used forApplications
                                                                                                    • ConstructionMunich Germany ndash Foundation works for a boarding house
                                                                                                    • Foliennummer 37
                                                                                                    • EquipmentWhole range of products for special foundation engineering
                                                                                                    • EquipmentProduct range Deep Drilling
                                                                                                    • Foliennummer 40
                                                                                                    • ResourcesPool of competences from a single hand
                                                                                                    • ResourcesWater ndash Process Water amp Water Distribution Management
                                                                                                    • ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
                                                                                                    • Market environment ndash Germany German construction market
                                                                                                    • Financials Working capital needs ndash Comparison with building construction
                                                                                                    • BAUER shareFacts amp Figures
                                                                                                    • BAUER shareDividend policy
                                                                                                    • Foliennummer 48
                                                                                                    • Disclaimer

                                                                                                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 48

                                                                                                      Key Figures Time LineFY 2008 ndash FY 2019

                                                                                                      In all three segments total Group revenues and EBIT figures of FY 2015 were influenced by exceptional earnings

                                                                                                      Total Group revenues 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(in EUR million)BAUER Group 15272 12758 13040 13718 14358 15042 15602 16564 15547 4482 4541 4766 3931 17720 3708 4215 4435 4503 16861 4109 4207 4078 3553 15947

                                                                                                      Construction 7009 5700 6154 6066 6552 7417 7256 7429 7131 2110 2205 2269 1766 8350 1508 1762 2100 2306 7676 1702 1722 1726 1538 6688Equipment 7801 6085 5817 6365 5891 6286 6392 7531 6344 1867 1853 1966 1859 7545 1808 1936 1802 1685 7231 1859 1950 1781 1547 7137Resources 1351 1743 1777 2115 2628 1889 2528 2216 2624 630 647 651 554 2482 517 676 699 723 2615 692 695 662 700 2749

                                                                                                      Sales revenues 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(in EUR million)BAUER Group 12908 10965 11317 12196 13444 14022 13757 13790 13969 3789 4512 4354 4022 16679 3184 3987 4051 4669 15891 3419 4035 3622 3633 14709

                                                                                                      Construction 5843 4879 5058 5062 5791 6575 6466 6508 6145 1966 2064 2145 1663 7838 1432 1642 2021 2168 7263 1616 1628 1605 1408 6257Equipment 6012 4565 4693 5114 5206 5616 5327 5480 5427 1266 1857 1685 1801 6609 1287 1736 1440 1938 6401 1253 1797 1417 1635 6102Resources 1051 1520 1564 2015 2443 1826 1959 1793 2382 553 577 532 553 2215 462 605 587 559 2213 548 607 597 583 2335

                                                                                                      EBIT 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(in EUR million)BAUER Group 1675 844 884 823 720 301 764 907 703 85 302 277 232 896 110 231 227 433 1001 104 248 133 -260 225

                                                                                                      Construction 463 257 288 179 220 212 260 139 297 09 124 81 -18 196 27 21 80 263 391 00 42 -34 -207 -199Equipment 1183 513 483 530 340 322 360 994 384 80 160 249 317 806 142 222 158 227 749 83 230 202 97 612Resources 40 60 81 109 152 -240 159 -198 -37 -01 09 -53 -55 -100 -57 -10 -12 -32 -110 27 -22 -30 -137 -162

                                                                                                      EBIT margin 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(in )BAUER Group 130 77 78 67 54 21 56 66 50 22 67 64 58 54 35 58 56 93 63 30 61 37 -72 15

                                                                                                      Construction 79 53 57 35 38 32 40 21 48 05 60 38 -11 25 19 13 39 121 54 00 26 -21 -147 -32Equipment 197 112 103 104 65 57 68 181 71 64 86 148 176 122 110 128 110 117 117 66 128 143 60 100Resources 38 39 52 54 62 -131 81 -110 -16 -02 15 -100 -99 -45 -123 -16 -20 -57 -50 49 -37 -49 -235 -69

                                                                                                      copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

                                                                                                      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

                                                                                                      • Foliennummer 1
                                                                                                      • Foliennummer 2
                                                                                                      • Key FiguresFY 2019
                                                                                                      • Table of Content
                                                                                                      • Foliennummer 5
                                                                                                      • Foliennummer 6
                                                                                                      • Foliennummer 7
                                                                                                      • Foliennummer 8
                                                                                                      • BAUER Group Construction market environment vs order backlog
                                                                                                      • Foliennummer 10
                                                                                                      • Foliennummer 11
                                                                                                      • Table of Content
                                                                                                      • Foliennummer 13
                                                                                                      • Foliennummer 14
                                                                                                      • Foliennummer 15
                                                                                                      • Foliennummer 16
                                                                                                      • Foliennummer 17
                                                                                                      • Foliennummer 18
                                                                                                      • Foliennummer 19
                                                                                                      • Foliennummer 20
                                                                                                      • Foliennummer 21
                                                                                                      • Foliennummer 22
                                                                                                      • FinancialsIncome statement 12M 2019
                                                                                                      • Financials Balance sheet December 31 2019
                                                                                                      • FinancialsCash flow statement 12M 2019
                                                                                                      • Foliennummer 26
                                                                                                      • Foliennummer 27
                                                                                                      • Table of Content
                                                                                                      • BAUER GroupThe history ndash Two centuries of experience
                                                                                                      • Foliennummer 30
                                                                                                      • BAUER GroupThe three segments
                                                                                                      • Foliennummer 32
                                                                                                      • Foliennummer 33
                                                                                                      • What is specialist foundationBuilding an excavation pit
                                                                                                      • What is specialist foundation used forApplications
                                                                                                      • ConstructionMunich Germany ndash Foundation works for a boarding house
                                                                                                      • Foliennummer 37
                                                                                                      • EquipmentWhole range of products for special foundation engineering
                                                                                                      • EquipmentProduct range Deep Drilling
                                                                                                      • Foliennummer 40
                                                                                                      • ResourcesPool of competences from a single hand
                                                                                                      • ResourcesWater ndash Process Water amp Water Distribution Management
                                                                                                      • ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
                                                                                                      • Market environment ndash Germany German construction market
                                                                                                      • Financials Working capital needs ndash Comparison with building construction
                                                                                                      • BAUER shareFacts amp Figures
                                                                                                      • BAUER shareDividend policy
                                                                                                      • Foliennummer 48
                                                                                                      • Disclaimer

                                                                                                        copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

                                                                                                        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

                                                                                                        • Foliennummer 1
                                                                                                        • Foliennummer 2
                                                                                                        • Key FiguresFY 2019
                                                                                                        • Table of Content
                                                                                                        • Foliennummer 5
                                                                                                        • Foliennummer 6
                                                                                                        • Foliennummer 7
                                                                                                        • Foliennummer 8
                                                                                                        • BAUER Group Construction market environment vs order backlog
                                                                                                        • Foliennummer 10
                                                                                                        • Foliennummer 11
                                                                                                        • Table of Content
                                                                                                        • Foliennummer 13
                                                                                                        • Foliennummer 14
                                                                                                        • Foliennummer 15
                                                                                                        • Foliennummer 16
                                                                                                        • Foliennummer 17
                                                                                                        • Foliennummer 18
                                                                                                        • Foliennummer 19
                                                                                                        • Foliennummer 20
                                                                                                        • Foliennummer 21
                                                                                                        • Foliennummer 22
                                                                                                        • FinancialsIncome statement 12M 2019
                                                                                                        • Financials Balance sheet December 31 2019
                                                                                                        • FinancialsCash flow statement 12M 2019
                                                                                                        • Foliennummer 26
                                                                                                        • Foliennummer 27
                                                                                                        • Table of Content
                                                                                                        • BAUER GroupThe history ndash Two centuries of experience
                                                                                                        • Foliennummer 30
                                                                                                        • BAUER GroupThe three segments
                                                                                                        • Foliennummer 32
                                                                                                        • Foliennummer 33
                                                                                                        • What is specialist foundationBuilding an excavation pit
                                                                                                        • What is specialist foundation used forApplications
                                                                                                        • ConstructionMunich Germany ndash Foundation works for a boarding house
                                                                                                        • Foliennummer 37
                                                                                                        • EquipmentWhole range of products for special foundation engineering
                                                                                                        • EquipmentProduct range Deep Drilling
                                                                                                        • Foliennummer 40
                                                                                                        • ResourcesPool of competences from a single hand
                                                                                                        • ResourcesWater ndash Process Water amp Water Distribution Management
                                                                                                        • ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
                                                                                                        • Market environment ndash Germany German construction market
                                                                                                        • Financials Working capital needs ndash Comparison with building construction
                                                                                                        • BAUER shareFacts amp Figures
                                                                                                        • BAUER shareDividend policy
                                                                                                        • Foliennummer 48
                                                                                                        • Disclaimer

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