Q1-Q3, 2016 results | th November 2016 · November 2016 3 Good set of financial results supported by favorable market conditions Higher volumes across all segments, in particular

Q1-Q3, 2016 results | 9th November 2016

Investor Meeting & Bondholder Call | Michael Wolff (CEO) & Richard Mayer (CFO)

November 2016 Investor Meeting | Q1-Q3, 2016

Disclaimer

This document and the information contained herein (unless otherwise indicated) has been prepared by Pfleiderer GmbH and Pfleiderer Group SA jointly (referred to herein asthe “Issuer”) solely for informational purposes. For the purposes of this notice, the presentation that follows shall mean and include the slides that follow, the oral presentation ofthe slides by the Issuer or any person on behalf of the Issuer, any question-and-answer session that follows the oral presentation, hard copies of this document and anymaterials distributed at, or in connection with the presentation (collectively, the “Presentation”). By attending the meeting at which the Presentation is made, or by reading thePresentation, you will be deemed to have (i) agreed to all of the following restrictions and made the following undertakings and (ii) acknowledged that you understand the legaland regulatory sanctions attached to the misuse, disclosure or improper circulation of the Presentation.

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November 2016 Investor Meeting | Q1-Q3, 2016 1

Agenda


Q1-Q3 – Highlights and key figures

Construction and industry overview

Financial overview

Ongoing investments and projects

Company outlook for Q4

November 2016 3

Good set of financial results supported by favorable market conditions

Higher volumes across all segments, in particular by value-added products

12.9% growth of the Group’s sustainable EBITDA - to EUR 108.4 million

EBITDA margin was raised to 14.9% of revenue and overachieved our expectations for the reporting period

EUR 31.8 million Capital Expenditures - all strategic Capex projects are well on track

Investor Meeting | Q1-Q3, 2016

Q1-Q3 2016 – key achievements and non-sustainable items

2016 is an extraordinary year regarding non-sustainable expenses . In Q1-Q3 into consideration should be taken:

• Expenses for the re-IPO: EUR 10.2 million

• Provisions for necessary reorganization process of the capital group: EUR 7.3 million

(150 white collar employees leaving German entities in 2017 – 2018)

• Provisions for negotiations to settle antitrust claims: EUR 3.8 million

(The outcome, i.e. the potential costs that may arise in connection with the cartel claims or the amount

of damages that might be required to be paid cannot be assessed yet.)

10.8 11.814.3

-12.8

2.03.2

Raw particleboard MFC MDF/HDF HPL/ Elements

November 2016 4Investor Meeting | Q1-Q3, 2016

Engineered wood products – volume growth Q1-Q3, 2016(gross sales in mEUR)

Thereof: CoreWest

CoreEast

Total volumegrowth

• Main negative driver is price deviation (EUR -17.8 million)

• Second negative factor is the exchange rate PLN/EUR (EUR -5.8 million)


Extraordinary items in Q1-Q3, 2016

Expenses What do we get

Integration

2015: EUR 6.9 million2016: EUR 12.4 million

EUR 19.3 million

Re-IPO

2015: EUR 0.8 million2016: EUR 5.6 million

EUR 6.4 million

PPA-adjustments

One-offs: EUR 4.1 millionAdd. Depreciation: EUR 19.9 million

EUR 24.0 million

• More than EUR 30 million of synergies by the end of 2018, thereof already realized savings of EUR 16.4 million to the end of September 2016.

• Full access to Core West Business and Assets


Pfleiderer Grajewo S.A. changed its name to Pfleiderer Group S.A.

• The Company’s registered office has been relocated from Grajewo to Wrocław.

The changes made to the group’s corporate structure are of a strategic nature and as a consequence, th e organization will have three tiers:

11

22

33

Holding Company: Pfleiderer Group S.A.

• Domiciled in Wrocław• Responsible for governing the Group in terms of strategy execution, finance and controlling, including

internal audit and compliance

Two major companies responsible for the Group’s oper ations

• Pfleiderer Polska Sp. z o.o.

• Pfleiderer Deutschland GmbH

Responsible for relations with clients and devising a cohesive offer under ONE PFLEIDERER. All service functions, like sales, marketing, human resources, IT, finance and procurement will be transferred to these two operating companies.

The production companies

Will become subsidiaries of Pfleiderer Polska Sp. z o.o. and Pfleiderer Deutschland GmbH.


Structure of the Pfleiderer Group

Pfleiderer Group S.A. strategically modifies its corporate organization - below presented future structure of the Group

Pfleiderer Group S.A.

Pfleiderer Polska Sp. z o.o . Pfleiderer GmbH

Pfleiderer Grajewo Sp. z o.o.Pfleiderer Grajewo Sp. z o.o.

Pfleiderer Wieruszów Sp. z o.o.Pfleiderer Wieruszów Sp. z o.o.

Pfleiderer Silekol Sp. z o.o.Pfleiderer Silekol Sp. z o.o.

Jura Polska Sp. z o.o. Jura Polska Sp. z o.o.

Pfleiderer Holzwerkstoffe GmbHPfleiderer Holzwerkstoffe GmbH

Pfleiderer France S.A.S.

Pfleiderer Benelux B.V

Pfleiderer Suisse AG

Pfleiderer UK Ltd

Pfleiderer France S.A.S.

Pfleiderer Benelux B.V

Pfleiderer Suisse AG

Pfleiderer UK Ltd

Pfleiderer Neumarkt GmbH

Pfleiderer Gutersloh GmbH

Pfleiderer Baruth

Pfleiderer Leutkirch

Pfleiderer Arnsberg GmbH

Pfleiderer Neumarkt GmbH

Pfleiderer Gutersloh GmbH

Pfleiderer Baruth

Pfleiderer Leutkirch

Pfleiderer Arnsberg GmbH

Heller Holz GmbHHeller Holz GmbH Jura-Spedition GmbHJura-Spedition GmbH

Functions:

EE SS

PP

PP

PP

OO

HH

EE

SS

EE

EE

EE

EE

PP

PP

PP

PP

OOOO

HH

HH

PP

SS

EE

OOHolding

Production

Support

Sales

Other

Pfleiderer Group – increase of sustainable EBITDA by 12.9% in Q1-Q3 Reconciliation

Investor Meeting | Q1-Q3, 2016 8

Revenues (€m) Sust. EBITDA (€m) Net income (€m) EBITDA (€m)

244.4 237.3

741.9 726.6

Q3,2015

Q3,2016

Q1-Q3,2015

Q1-Q3,2016

26.7 25.4

87.2

77.2

Q3,2015

Q3,2016

Q1-Q3,2015

Q1-Q3,2016

31.538.0

96.0

108.4

Q3,2015

Q3,2016

Q1-Q3,2015

Q1-Q3,2016

1.1

9.4

15.113.5

Q3,2015

Q3,2016

Q1-Q3,2015

Q1-Q3,2016

November 2016

-2.1%(EUR -15.3 million)

-2.9%(EUR -7.0 millon) -4.9%

(EUR -1.3 million)


20.6%(EUR 6.5 million)

12.9%(EUR 12.4 million)


753%(EUR 8.3 million)

Comparable Business

• EBIT (EUR 21 million in Q1-Q3, 2016 vs. EUR 52.4 million in Q1-Q3, 2015) – affected by PPA = EUR 23.9 million (PPA - driven by higherdepreciation and amortization = EUR 19.9 million)

• Figures Q3, Q1-Q3 2015 represent comparable business ff.

89.3 82.0

279.3251.6

Q3, 2015 Q3, 2016 Q1-Q3, 2015 Q1-Q3, 2016


164.6 164.7

490.9 501.2

Q3, 2015 Q3, 2016 Q1-Q3, 2015 Q1-Q3, 2016

Sales development – Core West & Core East (incl. intercompany sales)

Investor Meeting | Q1-Q3, 2016 9

Core East(EURm)

Core West

(EURm)-9.9%

(EUR -27.6 million)+0.0%(EUR 0.1 million)

+2.1%(EUR +10.3 million)

Sales development (EURm)

Q3, 2015 Q3, 2016 Change (%) Q1-Q3, 2015 Q1-Q3, 2016 Chan ge (%)

Pfleiderer Group 244.4 237.3 -2.9% 741.9 726.6 -2.1%

November 2016

13.2 12.1

37.8

Q3, 2015 Q3, 2016 Q1-Q3, 2015 Q1-Q3, 2016

Improvement of sustainable EBITDA over time in Core West


Sust. EBITDA (EURm)

Q3, 2015 Q3, 2016 Change (%) Q1-Q3, 2015 Q1-Q3, 2016 Chan ge (%)

Pfleiderer Group 31.5 38.0 20.6 96.0 108.4 12.9

(EURm)

Core West

+50.5%(EUR 9.3 million)

+26.5%(EUR 14.8 million)


Core East

(EURm)


40.2

18.427.7

55.9

70.7

Q3, 2015 Q3, 2016 Q1-Q3, 2015 Q1-Q3, 2016

• Higher volumes sold across all segments, in particular by raw and laminated particleboard, despite ongoing pressure on sales prices.

• Drop in turnover of HDF-plant MDF Grajewo (EUR -13.7 million).• Pricing pressure in Poland for particleboards imported from Belarus and

Ukraine to the Polish domestic market. • Negative exchange rate effect by EUR 5.8 million.

Utilization of production capacities raw chipboardPfleiderer Group

11

Raw Chipboard Production Capacity Utilization

• Q3, 2015: lower demand in summertime

• Q3, 2016: in general very good productivity, especially in Neumarkt


95.2% 100.0%

Q3 2015 Q3 2016

Development of raw materials prices


Wood: • The prices decreased in a row for the last

years. On the one side this is an effect of the good economical situation with a great amount of recycling wood as the cheapest wood asortiment. Also the saw mill industry has a good order volume, so there is enough pulpwood on the market.

• On the other side there were no heavy winters, so the wood needed for heating in private households and for pellets was significantly reduced.

Glue : • The prices of glue are leaned on the world

market prices of methanol and urea. The development is comparable with the world market prices.

Electricity : • The beneficial situation was majorly affected

by falling spot prices for electricity where a very short term buying strategy was performed instead of hedging volumes upfront in the futures market. A strong wind season was also favorable for the electricity prices.

Q1, 2014 = 100%

86%

92%96%

77%

69%

93%

wood glue E1 electricity

Q3, 2015 Q3, 2016

Agenda




Financial overview



Average yearly growth rate till 2018

• Construction market in main European markets is expected to grow. The

most dynamic changes one can see in Netherlands, Poland and France.

However one should remember that prognosis for France are usual very

positive but execution is most often not so satisfying as it was assumed.

• The growth for Poland is driven equally by residential and non-residential

construction. In Netherlands and France the positive change is based

mostly on residential construction.

Drivers of construction market in European countrie s

• In Germany, France and Italy construction market is driven more by

residential construction. Opposite to those markets is Poland, driven

mostly by non-residential construction.

• German, French and Italian markets are based mostly on renovation

construction (in residential and non-residential). In Poland, UK (non-

residential), Belgium (non-residential) and Switzerland (residential) we

have different situation – new buildings take bigger part of the

construction business.

November 2016 14

Construction market overview till 2018


Source: EUROCONSTRUCT, June 2016

Average growth rateof construction market till 2018 (%)

Poland 8.6% 9.5% 8.0%

Germany 1.2% 1.6% 0.3%

France 7.6% 9.0% 5.4%

Italy 2.6% 1.8% 3.9%

UK 4.6% 3.7% 5.4%

Belgium 4.2% 3.6% 5.0%

Netherlands 10.0% 12.8% 6.4%

Switzerland 0.8% -0.5% 2.7%

3.73 3.73 3.76 3.81 3.84

2014 2015 2016 2017 2018

1.75 1.8 1.84 1.88 1.91

2014 2015 2016 2017 2018

Supportive trends expected in our core markets

15

DA

CH

(a)

Pol

and

(a) DACH defined as Germany, Austria and Switzerland | Source: B+L (2015)

Raw PB MFC MDF/HDF HPL/CPL

1.3% 0.8%

2.7%1.5%

2.1%2.3%

3.2%3.0%

(0.8)%

2.2% 2.0%

1.4% 1.7% 1.7%

2.5% 2.6% 2.3%1.9%

M cbm

3.03 3.1 3.16 3.23 3.3

2014 2015 2016 2017 2018

2.04 2.11 2.18 2.25 2.31

2014 2015 2016 2017 2018

3.32 3.26 3.24 3.21 3.18

2014 2015 2016 2017 2018

(1.6)%

1.07 1.11 1.14 1.16 1.18

2014 2015 2016 2017 2018

0.9%

75.1 75.8 76.8 78.2 79.5

2014 2015 2016 2017 2018

M cbm M m2

7.4 7.6 7.8 8.0 8.2

2014 2015 2016 2017 2018

3.3%

Investor Meeting | Q1-Q3, 2016November 2016

Overall, Poland furniture sales continued to grow a t a fast pace, however some furniture segments remain stable

16

• Positive y-o-y growth in each month since January 2014, in each case outperforming the y-o-y growth in the corresponding month from the previous year

• Sales growth driven by export markets, with an overall +12.8% y-o-y growth in 2016 after 9 months• However, the segments to which the company delivers most of its production in Poland, living room and kitchen

furniture, increase more flat

Source: GUS (September 2016)

Jan 2014 – Sep 2016 sold production of furniture in million PLN (Polish companies over 49 employees)

+12.8% sales growth y-o-y in the Polish furniture i ndustry in 2016 after 9 months

16

0

500

1 000

1 500

2 000

2 500

3 000

3 500

Janu

ary

Feb

ruar

y

Mar

ch

Apr

il

May

June

July

Aug

ust

Sep

tem

ber

Oct

ober

Nov

embe

r

Dec

embe

r

2014 2015 2016

Investor Meeting | Q1-Q3, 2016November 2016

Raw particleboard capacity utilization in West Europe

17

• In Italy low utilization due to limited availability of wood• Source: Pöyry, August 2016

93%

54%

85%88%

94%

62%

84% 86%

93%

67%

82%85%

94%

69%

81%86%

Germany Italy France Belgium

2014

2015

Q1 2016

Q2 2016


Agenda




Financial overview



Q3, 2015 Q3, 2016 Q1-Q3, 2015 Q1-Q3, 2016

Revenues 244.4 237.3 741.9 726.6

Gross profit 58.0 59.3 179.4 166.2

Gross profit (%) 23.7% 25.0% 24.2% 22.9%

EBITDA 26.7 25.4 87.2 77.2

Sustainable EBITDA 31.5 38.0 96.0 108.4

D&A 11.6 18.3 34.8 56.2

EBIT 15.1 7.1 52.4 21.0

Financial result -9.0 -2.4 -26.6 -15.0

EBT 6.2 4.7 25.9 5.9

Income taxes 5.1 -4.7 -10.8 7.6

Profit/loss for the period 1.1 9.4 15.1 13.5

Q3, Q1-Q3, 2016 P&L Pfleiderer Group


(EURm)

• EBIT (EUR 21 million in Q1-Q3, 2016 vs. EUR 52.4 million in Q1-Q3, 2015) – affected by PPA = EUR 23.9 million (PPA - driven by higherdepreciation and amortization = EUR 19.9 million) and non-sustainable itemsof EUR 27.1 million

• EBT- affected by PPA = EUR 21.5 million in Q1-Q3, 2016

Q3, 2015 Q3, 2016 Q1-Q3, 2015 Q1-Q3, 2016

Selling expenses -29.6 -28.4 -89.6 -85.9

Administrative expenses -12.3 -12.5 -36.0 -38.7

R&D -0.4 -0.4 -1.2 -1.1

SGA (% of sales)¹ -17.6% -22.0% -17.1% -17.3%

Other operating income/expenses-0.7 -10.9 -0.3 -19.4

EBIT margin (% of sales) 6.2% 3.0% 7.1% 2.9%

PMO 2.9 0.5 18.2 5.1

Non-sustainable items 4.8 12.6 8.8 31.2

Q3, Q1-Q3, 2016 cost development – Group level

November 2016 Investor Meeting | Q1-Q3 2016 20

1 SG&A includes selling expenses, admin expenses and R&D for this ratio2 Sales prices impacted PMO negatively (EUR -15.4 million in Q1 – Q3, 2016)

(EURm)

Non-sustainable items


EUR thousand 2015 Q1-Q3 2016

EBITDA reported 119 206 77 225

Integration costs 6 942 12 398

One Pfleiderer 5 831 2 789

Corporate Governance System 352 149

ONE SAP 289 237

One Collection 0 439

Abwertung Dekore ONE Pfleiderer 0 363

Maintenance Excellence 329 54

Severance payments 142 8 367

Re-IPO 776 9 687

Pinehurst 776 5 630

PPA Adjustments 0 4 057

Other one-offs 5 414 9 078

Follow-up costs antitrust 2 296 5 745

Rhein 0 1 075

Other 3 119 2 258

EBITDA sustainable 132 339 108 388

Comparable business Q1-Q3, 2016

22

Q3,2016 Re-IPO Q1-Q3, PPA- Q3,2016 non-sus- Q3,2016

'000 EUR"as

reported" Jan. 1-19 2016 Effects "comaprable"tainableitems "sustainable"

Sales 695 804 30 813 726 617 0 726 617 0 726 617

COS, SG&A, other without D&A -619 647 -29 745 -649 392 -4 057 -645 335 -27 106 -618 229

EBITDA 76 157 1 068 77 225 -4 057 81 282 -27 106 108 388

in % of sales 10.9% 3.5% 10.6% n/a 11.2% n/a 14.9%

D&A -52 896 -3 352 -56 248 -19 890 -36 358 0 -36 358

EBIT 23 261 -2 284 20 977 -23 947 44 924 -27 106 72 030

in % of sales 3.3% -7.4% 2.9% n/a 6.2% n/a 9.9%


Net working capital


38.1 29.7

99.2 95.9

-97.4 -94.7

Q1-Q3, 2015 Q1-Q3, 2016

Trade receivables Inventories Trade payables

30.9

Net working capital

% of sales (LTM)

39.7

30.9

Q1-Q3, 2015 Q1-Q3, 2016

5.3%

(EURm)

39.7

4.2%

Investments/cash flow Pfleiderer Group


(EURm)

Reported EBITDA negatively influenced by several non-sustainable and accounting-related (non cash effective) items

Q1-Q3, 2016 Q1-Q3, 2015

Reported EBITDA 77.2 87.2

CF investing activities -41.7 -25.3

thereof capex -31.8 -25.6

WC changes -25.9 -3.2

Taxes -4.5 -5.1

Other 28.9 -5.6

FCF pre financing 34.0 48.0

48.0

34.0

Q1-Q3, 2015 Q1-Q3, 2016

0.6x 0.4x

FCF pre financing

Net leverage – Pfleiderer Group


2.1x1.8x

Q1-Q3, 2015 Q1-Q3, 2016

September30, 2016

x Sust.EBITDA

RCF 0.0 0.00x

Senior secured notes due 2019 330.5 2.28x

Accrued interest 4.4 0.03x

Other (Liabilities pension trust) 0.2 0.00x

Total debt 335.1 2.31x

Cash on BS 77.1 0.53x

Net total debt 258.0 1.78x

Sust. EBITDA LTM 2016 144.7 –

Sust. EBITDA LTM 2015 129.6 –

Net financial debt / sustainable EBITDA Net leverage ratio

(EURm)

Basis for 2014-2016 figures is TM1 which represents the key figures definition of the Pfleiderer Group. 2013 and 2012 figures regarding calculation Working capital, EBITDA sustainable LTM and Net debt are based on proforma-data.

Financial performance indicators Group


Definition Q1-Q3, 2016 Q1-Q3, 2015

Liquid funds MEUR 77.1 62.7

Net debt Financial debts - liquid funds MEUR 258.0 268.5

Net leverage Net debt / sust. EBITDA (LTM) factor 1.8 2.1

Equity ratio Equity / balance sheet totals % 27.9% 31.6%

Gearing Net debt / equity factor 1.0 1.0

Sust. EBITDA (LTM) Profit from operations + depreciation and amortization

MEUR 144.7 129.6

Interest cover sust. EBITDA / net finance charges factor 5.3 3.5

RoCE EBIT(LTM) / Capital employed % 6.3 12.5

ROA Net profit (LTM) / total assets at the end of the period

% 2.0 2.7

ROE Net profit (LTM) / equity at the end of the period % 7.1 8.6

• Driven by operational performance and ongoing efficiency programs, positive development in all KPIs

Agenda




Financial overview




November 2016 28

Investment Capex Rational Expected outcome

4-Pack Project (Grajewo)

• Increase of lacquering capacity by about 30%

• Sanding line• Cut to size• Customization

PLN 41.9 millionAdditional sales and margin by shifting commodities into value-added products

• Sales increase by PLN 70-80 million

• Additional margin:- PLN 6-7 million in 2017- PLN 15-16 million in

2018

Worktop line (Wieruszów) PLN 15.1 millionAdded value products (launched in March 2016)

Sales increase by PLN 20 million and margin PLN 6-7 million in 2017

Dynasteam (Wieruszow) PLN 13.3 millionExtension of capacity by 50.000 cbm, expected launch September/October 2016

EUR 6 million revenue and EUR 1.2 million margin

Sanding Line (Neumarkt) EUR 6.7 millionMore flexibility in production, expectedlaunch end of this year

EUR 3.5 million revenue


Agenda




Financial overview



● The main objective for Q4 2016 is a strong focus on the Group’s internal integration to push faster decision-making processes and a more streamlined operational structure management

● Confirmation of previously announced cost savings of at least EUR 30 million by the end of 2018

● The work on new growth strategy till 2020 , which will be presented to the capital market at the end of Q1 2017

● Reduction of employment in German plants in 2017 -2018 (150 white collar workers) - related to the process of reorganization that requires the transfer of job functions to Poland and the reduction of the employment in Germany

Management confirmed its expectation to achieve at least a low double-digitincrease at EBITDA level in 2016

Outlook for Q4

30November 2016 Investor Meeting | Q1-Q3 2016

Investor Call

31

MEURadd. effectsagainst 2014

Pfleiderer Group Core East Core West

2015 2016 2017 2018 2015 2016 2017 2018 2015 2016 2017 2018

Budget 6.8 12.3 22.7 30.0 2.8 4.7 5.6 6.6 3.9 7.6 17.1 23.4

Actual7.8 16.4 25.1 32.1 3.7 7.0 7.8 8.8 4.0 9.4 17.3 23.3

November 2016 Investor Meeting | Q1-Q3 2016

Overview from ONE Pfleiderer effects

Pfleiderer IR contact

November 2016 32

Joanna PydoIR ManagerPfleiderer [email protected]


Documents

Q1-Q3, 2016 results | th November 2016 · November 2016 3 Good set of financial results supported by favorable market conditions Higher volumes across all segments, in particular