#1EICHER MOTORS FY 2022-23 INVESTOR PRESENTATION R5P Super MAY, 2023#2SAFE HARBOUR STATEMENT SIGNIN ER Ro ROYAL ENFIELD BELL MOT ROYAL ENFIELD All statements included or incorporated by reference in this presentation, other than statements or characterizations of historical fact, are forward-looking statements. These forward-looking statements are based on our current expectations, estimates, and projections about industry, our management's beliefs, and certain assumptions made by us. Although Eicher Motors Limited (EML) believes that the expectations reflected in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Any forward-looking statement speaks only as of the date on which such statement was made, and EML undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. No assurance can be given that actual results, performance, or achievement expressed in, or implied by, forward-looking statements within this disclosure will occur, or if they do, that any benefits may be derived from them. 2#3CONTENTS 1. EML Overview 2. Royal Enfield • Product • Industry ⚫ Business Performance • Operations Overview • Brand • Sustainability 3. VECV 4. Financial Review#4GROUP STRUCTURE STRUCTURE - EICHER MOTORS LTD. Promoter Group 49.20% Domestic Foreign Institutional Institutional Investors 29.06% Investors 10.86% Others 10.88% 0% 10% 20% 30% 40% 50% 60% 70% 80% Joint Venture with Volvo Group Eicher Motors Limited (EML) Business Unit 90% 100% 45.6 54.6 VE Commercial Vehicles Ltd (VECV) RENA (Royal Enfield North America Ltd) ↓ Royal Enfield Canada Ltd ROYAL ENFIELD Royal Enfield (RE) Royal Enfield (Thailand) Ltd Royal Enfield UK Ltd RE Brazil (Royal Enfield Brasil Comercio de Motocicletas Ltda) Shareholding pattern as of 31st March 2023 INVESTOR PRESENTATION May 2023#5INVESTOR PRESENTATION May 2023 EML BOARD Leaders with proven track record ROYAL Ewing S Sandilya Chairman, EML Siddhartha Lal Managing Director and CEO, EML B. Govindarajan CEO - Royal Enfield, Whole Time Director Vinod K. Aggarwal Non-Executive Director Inder Mohan Singh Independent Director Manvi Sinha Independent Director 5#6ROYAL ENFIELD#7OUR PURPOSE Royal Enfield's philosophy of Pure Motorcycling has always been about a constant search for balance between people, machine and terrain. Today, in a world out of sync with itself, we must extend this quest to our business - so that we can restore equilibrium between commercial objectives, community goals and the collective ecosystem that we all inhabit. Terrain Iconic landscapes INVESTOR PRESENTATION May 2023 Innovation for sustained exploration SUSTAINABILITY People Machine Thriving resilient people 7#8EVOLUTION OF OUR COMPANY Royal Enfield is the global leader in the 250cc - 750cc, mid-segment motorcycles. With ~90% market share in the Indian mid-size segment, we have rapidly grown our presence across the world with more than 950 retail touchpoints across 60+ countries. Our world-class motorcycles are segment leading, in all key markets across Europe, Americas and the Asia-Pacific. With a vision to grow the middleweight segment, we are focused on bringing a complete ecosystem of pure motorcycling to riding enthusiasts across the world. We have an exciting repertoire of rides and events that have fuelled the leisure riding culture globally. Our wide range of riding apparel, gear, and motorcycle accessories are the means of self-expression. With our line-up of evocative, world-class motorcycles along with several initiatives to grow the pure motorcycling ecosystem, we are well on our way to becoming the first premium global consumer brand from India. 1901 1st Royal Enfield Motorcycle Produced Legendary Bullet was born 1932 1955 Royal Enfield forms Enfield India with Madras Motors INVESTOR PRESENTATION May 2023 Eicher Acquires Enfield India 1994 2008 UCE Classic & Bullet 350 Launched 2010 India's 1st Adventure motorcycle - Himalayan was Launched 2013 2017 2016 Twins Platform Launched 2018 2019 J-Platform introduced with the Meteor 350 2020 2021 500cc UCE Exports Begin 1st Motorcycle Rolled out of Royal Enfield's 2nd manufacturing Plant at Oragadam & New BRI Introduced Royal Enfield's 3rd Manufacturing Facility begins operations at Vallam & UK Tech Centre Studio Store Format Introduced in India The All New Classic 350 Entering a new phase of evolution 2022 8 00#9GROWTH FOCUS Balance - Profit & Profitability SUSTAINABILITY Balance - Social & Commercial objectives ROYAL ENFIELD! REBALANCE ICE AND EV Balance - EV as game changer along with ICE ☐ BRAND LED CX Brand led Customer Experience versus transactional focus CREATE AGILE, RESILIENT & TIMELESS BUSINESS STRATEGIC APPROACH ERE INVESTOR PRESENTATION May 2023 6#10ROYAL ROYAL ENFIELD MANAGEMENT Team of Global Professionals Siddhartha Lal Managing Director and CEO, EML OYAL ROYAL ENFIELD ENFIEL TER B. Govindarajan CEO Royal Enfield Mark Wells Chief of Design Mohit Dhar Jayal Chief Brand Officer Simon Warburton Chief Program Manager Paolo Brovedani Chief of Product Development Yadvinder S. Guleria Chief Commercial Officer INVESTOR PRESENTATION May 2023 Vidhya Srinivasan 850 Rajeev Sharma Sudhakar Bhagavatula Umesh Krishnappa Chief Financial Officer Chief Human Resource Officer Chief Information Officer Chief Technology Officer for EV 10#11PRODUCT PORTFOLIO INVESTOR PRESENTATION May 2023 BERAN Re ROYAL ENFIELD#12Lew's Scu INVESTOR PRESENTATION May 2023 ICONIC TIMELESS ROMAL ENFIELD PO BULLET 350 CLASSIC 350 12#13INVESTOR PRESENTATION May 2023 METEOR 350 CRUISER Super 50 ER SUPER METEOR 650 13#14INVESTOR PRESENTATION May 2023 ROADSTER IN ANT CHINA TOWN SCALA 中國城銀都魚速 FORME ENTVELD 週酒樓 CHINA INTERCEPTOR ROSALESIDELO ROYAL ENFIELD HUNTER 350 INTERCEPTOR 650 ZOUM 14#15HIMAL R INVESTOR PRESENTATION May 2023 HIMALAYAN ADVENTURE www BELL MOTO ROYA ENFRID SCRAM 411 15#16INVESTOR PRESENTATION May 2023 CAFE RACER 12 ENFIELD ROYAL ENRED CONTINENTAL GT 16#17INDUSTRY#18INVESTOR PRESENTATION May 2023 DOMESTIC MOTORCYCLE MARKET 15.0 13.6 12.6 11.1 10.0 10.5 10.7 10.7 5.0 11.2 10.0 10.2 9.0 8.0% 6.0% 4.0% 2.0% 0.0 0.0% FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 Motorcycle Volume (Mn) Share of >250cc in Motorcycles 18#19OPPORTUNITY - DOMESTIC MARKET Rising Income The expansion of the middle class and high-income segments will 5,000.00 00000 5,000.00 reshape future consumption and drive incremental consumption of US$ 4 trillion by 2030 US$ 1,336 US$ 4,063 India Opportunity 2019 2030f Per Capita GDP Source: World Economic Forum - Future of Consumption in Fast-Growth Consumer Markets: INDIA, 2019, FICCI; CBRE Research, Q2 2019 India's favorable demographics By 2031, the working age population i.e. 20-59 years is poised to increase by 300 bps Source: Economic Survey 2019-20 RE INVESTOR PRESENTATION May 2023 2 Wheeler: 21M Market- Motorcycles: 13.5 M >125cc: 3.2M 100.0% 9.7% 12.4% 75.0% 60+ years 20-59 years 0-19 years Royal Enfield's Customer Base 18-25 26-35 Over 35 55.8% 58.8% 50.0% Attracting a younger set of customers with our new launches. 28% 31% 25.0% 34.5% 28.8% 0.0% 2021 2031 Population by age cohort 41% 19#20LAUNCH OF CLASSIC IN 2009 WAS AN INFLECTION POINT Launch of Launch of " New Classic 350" and "Scram 411" 1,000 Launch of "Continental GT" Launch of new "Thunderbird" and "Apparel and Accessories" 750 500 250 Transition of all models to "UCE" Launch of "Classic" 178 113 75 33 37 43 52 53 303 Launch of "Himalayan" 508 666 "650 Twins" Launch of "Hunter 350" and "Super Meteor 650" Launch of "Meteor 350" 820 824 835 698 612 602 0 CY06 CY07 CY08 CY09 CY10 CY11 CY12 CY13 CY14 FY16 FY17 FY18 FY19 FY20* FY21* FY22* FY23 INVESTOR PRESENTATION May 2023 Volumes grew by ~41% CAGR between CY-2010 to FY-2018, prior to significant external headwinds *FY20, FY21 and FY22 volumes were impacted due to COVID 19 pandemic and supply chain constraints Note: Standalone volumes for Eicher Motors Limited 20#21GAINING MARKET SHARE IN THE >125cc SEGMENT INVESTOR PRESENTATION May 2023 Market Share (%) 40.00% 30.00% 20.00% 10.00% 10.00% 7.50% 5.00% 2.50% 0.00% 0.00% FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 Royal Enfield's share of >125cc motorcycles Royal Enfield's share in motorcycles Market Share (%) 21#22Global Mid-size Market is underserved and is a huge opportunity 1.25 International Mid Size Market 1.00 Americas Market Share^/ APAC Market Share EMEA Market Share 0.75 8% 0.50 0.25 100,000 0.00 0.70 0.71 0.82 1.10 2019-20 2020-21 2021-22 2022-23 International Mid Size Market (volume in million) 75,000 9% 50,000 4x Volume Growth 25,000 Million+ Opportunity* RE INVESTOR PRESENTATION May 2023 9% 0 20,825 38,622 35,675 74,238 89,226 FY19 FY20 FY21 FY22 FY23 Royal Enfield's International Volumes *Management estimate of the total middleweight motorcycle volumes in the priority markets for Royal Enfield. ^Reflects Royal Enfield's market share in the middleweight segment 22 22#23BUSINESS PERFORMANCE#24ROYAL ENFIELD'S GLOBAL FOOTPRINT Canada Subsidiary North America. Subsidiary Subsidiaries - 05 CKD - 04 Tech Centers - 02 Manufacturing - 03 CKD - Completely Knocked Down INVESTOR PRESENTATION May 2023 Mexico (Dis) Colombia (CKD) (Dis) Argentina (CKD) (Dis) UK Subsidiary Tech Center Brazil CKD & Brazil Subsidiary Europe & MEA (Dis) India Tech Center Manufacturing Malaysia Nepal (Dis) Singapore ---South korea ----Japan Australia (Dis) Indonesia Thailand CKD & Thailand Subsidiary New Zealand 24#25EXPANSIVE PREMIUM DISTRIBUTION NETWORK IN INDIA 1,090 stores and 969 studio stores across ~1,750 cities North 328|327 Store count Large stores ■ Studio stores West 200 | 111 South 332|298 " RE INVESTOR PRESENTATION May 2023 East 230|233 1,031 1,055 969 600 1,025 1,063 1,090 915 921 825 FY18 FY19 FY20 FY21 FY22 FY23 Studio Stores Large Size Stores City Category wise Distribution* Category Store Count Chennai Global Headquarters Technology Centre Manufacturing Facilities Tiruvottiyur Oragadam Vallam Vadagal Royal Enfield currently ranks #2 in the FADA Dealer Satisfaction Survey 2022 D, E, R Large Stores Studio Stores Total A+, A 257 B, C 364 469 1,090 969 2,059 *Data as of March 2023 25#26RAPIDLY GROWING INTERNATIONAL NETWORK 1,150+ global touchpoints with 207 Exclusive stores & 950+ MBOS Developed Markets TRE INVESTOR PRESENTATION May 2023 Developing Markets Exclusive Store Multi Brand Outlet Exclusive Store Multi Brand Outlet North America APAC 49 106 1 161 Countries with exclusive stores ■Australia*-1 Thailand - 28 Countries with exclusive stores -USA-1 Subsidiary USA ■Indonesia - 6 ■New Zealand* -1 ■ Japan* -1 ■ Philippines - 4 ■ Korea - 1 ■ Vietnam - 1 Exclusive Store Multi Brand Outlet ■Other APAC - 6 Assembly Unit - Thailand *Developed Markets UK, MEA, Europe, 70 495 Exclusive Store Multi Brand Outlet Countries with exclusive stores LATAM 87 205 Uk - 13 ■ Italy - 6 Countries with exclusive stores Austria -2 ■ Portugal - 3 ■ Argentina - 18 ■Mexico-15 Benelux-3 France-15 ■Germany - 12 Technology Centers - UK Marketing Company - UK ■ Spain - 9 EEC-2 ■MEA-5 ■Brazil - 23 ■Rest of LATAM - 11 ■ Colombia - 20 Marketing Company - Brazil Assembly Unit - Argentina, Colombia, Brazil 26#27SHARE OF INTERNATIONAL REVENUE GROWING Network Expansion and Touch Points New Retail formats - Studio stores, Shop-in-shop for apparel, and motorcycle displays to increase customer reach. Network expansion in key developing markets to increase the number of touch points for customers CKD Setup Evaluating opportunities to set up CKD facility in priority markets in APAC and LATAM regions. Have set-up a CKD facility in Argentina, Colombia, Thailand and Brazil; and crossed the milestone of assembling over 5k units in Brazil Product Portfolio Expansion Launch of new products to expand the global product portfolio and presence in new categories. Launched Super Meteor and Hunter 350 in key markets of APAC and Europe. 1500 1000 500 International Business - Stellar Financial Performance over last 7 years 16.8% 17.5% 15.0% 14.4% 12.5% 10.0% -9-7% 9.1% 7.5% 5.0% 3.9% 3.9% 3.1% 3.1% 2.5% 147 217 281 379 831 847 1,732 2080 0 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 INVESTOR PRESENTATION May 2023 Revenue from International business (INR Crs.) % of Total Revenue 27#28NON-MOTORCYCLE BUSINESS Provide frictionless experience for RE Riders In Store Opportunity Accessories Apparel ONE RIDE Non Motorcycle Business - 4X Revenue growth over the last six years in non motorcycle segment 15.4% 14.1% Explore new revenue pool from adjacencies In Use Opportunity 12.5% 11.9% 10.6% 9.0% 8.2% 7.0% Spares ✓ ✓ Assistance Roadside 370 579 841 1,104 1,206 * Annual Maintenance Contract Extended FY16 FY17 FY18 FY19 FY20 1,091 1,587 2,041 FY21 FY22 FY23 Warranty Revenue from Non-Motorcycle business (Rs Crs) % of Total Revenue INVESTOR PRESENTATION May 2023 28#29FINANCING: A KEY DRIVER FOR GROWTH DIGITAL FINANCE MARKETPLACE ROYAL ENFIELD Log in to your Royal Enfield account Password Login Forgot Password? ROYAL ENFIELD A SHOT New to royalenfield.com? Create an account Or Enter your Booking ID to get started Booking D Congratulations Harishankar, on booking your Motorcycle! Transaction ID VSP29944579694 An email with your booking details has been sent to your registered email address. In case you do not receive an email, please get in touch with us at [email protected] or call us at 1800 210 0007 Back To Home See Financing Options Submit OF TORCYCLIN ROYAL ENFIELD HUNTER 350 BOVAL ENE ROYAL 3450 $2 DOWN PAYMENT STARTING FROM *11,000* LASSIC 350 FINANCING PENETRATION 55% IN FY23 Multiple financier platform - 4 players (Pvt Banks / NBFCs / PSU Banks) Hunter 350 Available at an EMI starting ₹1,999/- On a down payment of ₹4,999/- TRE INVESTOR PRESENTATION May 2023 Longer loan tenures (Upto 6 years) 29#30BUILDING CAPABILITIES TO CATER TO A GLOBAL AUDIENCE In English midlands with access to global product development capabilities and ecosystem Rs 1,390 cumulative R&D spends in the last 5 years Bruntingthorpe, UK ROYAL ENFIELD ROYAL ENFIELD New Product Introduction (NPI) framework in place to develop best-in-class products in an optimal timeframe Next five-year product pipeline in place Chennai, India World-class facilities with multiple Teams working from concept stage to production Advanced Engineering and EV teams working on future requirements Total of 500 R&D employees INVESTOR PRESENTATION May 2023 Product Strategy Identify opportunities, define products Industrial Design Virtual design of the product Product Development Engineering analysis design and validation/ of powertrain Programme Management Genuine Motorcycle Accessories Current Engineering Continuous improvement of products post launch Define, Design and Develop Coordinate development from concept to production 30 30#31INVESTOR PRESENTATION May 2023 EML - STARK FUTURE PARTNERSHIP 01 02 Common tenets of long term vision Deep understanding of EVs and connected - tech Technical Collaboration 03 Agreement - potential for joint development and sourcing 04 World class team - Faster product development 05 Sourcing relationships for electronics, EV parts EML Invested €50 mn with a 06 seat on board of Stark Future لیا 31#32ALL NEW SUPER METEOR 350 "The Super Meteor 650 is now a benchmark for cruisers in the Indian market. The Super Meteor 650 is indeed a very special motorcycle." AutoToday "A solid, attractive, easy and well finished cruiser with an excellent quality-price ratio." MOTO.IT INVESTOR PRESENTATION May 2023 6510 AVE "Yes the wait for the SM 650 was worth it, it has also worked on a lot of the flaws of the existing 650 Twins, as a cruiser it ticks a lot of boxes." ZIGWHEELS "If the success of the Meteor 350 is anything to go by, I'd guess this succession of Super Meteor 650 will be a roaring delight in the UK and further afield" SUPER METEOR 650 Leading the category searches right from the launch! TOTAL EXPOSURES 2000+ REACH 2 Bn+ TOTAL REVIEWS 100+ SOCIAL MEDIA DROPS 1000+ 32#33OPERATIONS OVERVIEW#34THIRUVOTTIYUR ORAGADAM VALLAM ROYAL ENFIED No Assembly operations; Plating & Auto buffing 600,000 Capacity motorcycles per annum 600,000 Capacity motorcycles per annum INVESTOR PRESENTATION May 2023 34 4#35BEST IN CLASS TECHNOLOGY DELIVERING SUPERIOR QUALITY VEHICLE ASSEMBLY ENGINE ASSEMBLY SURFACE FINISHING Assembly line flexibility - 256 SKUs can be produced (including MiY) ■ Number of Poka Yoke (mistake proof) in lines - 49 Direct Current (DC) nutrunners for safety critical tightening joints ■ Road test and dynamometer testing done for 100% of vehicles ■ Automation of critical sub assembly operations ■ 100% of tightening by DC nutrunners with accuracy of ± 3% ■ Number of Poka Yoke (mistake proofing) in the line - 520 ■ Semi automatic testing of 100% engines to ensure all the critical parameters 46 robots deployed to achieve superior paint finish and better transfer efficiency ■ Corrosion protection - 1000 hours Weather resistance (QUV) on painted parts 500 hours Sheen appearance measured by gloss - 90 units @60 deg Currently painting 39 colours, capable to add 20 more colour RE INVESTOR PRESENTATION May 2023 35#36AMS NOO BEST IN CLASS TECHNOLOGY DELIVERING MACHINING SUPERIOR QUALITY FABRICATION AUTO BUFFING Total no of machining centers across plants - 340 Process capability index 1.67 minimum for all critical parameters < 4 mg ■ Average part cleanliness < achieved by deploying 25 robotic washing ■ Data capturing of critical parameters by using online SPCs with line interlocking facility ■ Improved ride & handling experience achieved by 100% robotic welding of frames 98 robots with intelligent power source for welding results in 99.5% gauge answering ■ Latest Laser welding process and robotic washing in fuel tanks fabrication Two stage automated buffing process enhance the aesthetics of plating components Provides uniform and consistent finish throughout the component Environmental friendly process with engineered dust extraction system RE INVESTOR PRESENTATION May 2023 36#37DELIVERING THE PURE MOTORCYCLE EXPERIENCE ROYAL ENFIELD ROYAL ENFIELD Cruise your own way with Meteor 350. MY MAKE IT YOURS Product in the picture may vary from the actual produc Make It Yours - a unique motorcycle personalization initiative MADE LIKE A GUN Studio Stores - Unique compact store format with 3S store offerings ROYAL ENFIELD 68 ROYAL ENFIELD Tracking your Royal Enfield booking ORDER TRACKING ROYAL ENFIELD NAVIGATION Calleria Market O Dry-Videos My Ro (x Luro vasoy s D SECTOR 45 45 Qurgaon Navigate Record MY A ROYAL ENFIEL MOTORCYCLE NEVER RETIRES Royal Enfield Vintage - Transparent sale and purchase of pre-owned RE motorcycles Royal Enfield Garage Café, Goa - Catalyst to deepen association with riding enthusiasts & customers INVESTOR PRESENTATION May 2023 RE App - 3D configurator motorcycle guide for frictionless service experience refreshed with UI/UX improvements - Royal Enfield Custom Programme Curated to build aspiration & nurture the spirit of customisation 37#38ENHANCING CONSUMER EXPERIENCE SALES SERVICE DPHB PRODUCT Field Failure - Defects per Hundred Bike 5X Reduction Store and Online experience Sales Process excellence Brand retail identity Digitization of buying experience, interactive app Personnel with technical knowledge and understanding of product line-up Auto order implementation for Oil & Royal Enfield essential B Service on Wheels & Ride Sure The Ride Sure programme with a wide range of packages including - extended warranty, annual maintenance options and extended roadside assistance Ensuring anxiety-free ownership experiences. Doorstep servicing through launch of "Service on Wheels" initiative Focus on overall Turnaround time Auto replenishment of spare parts in Thailand implemented 2016 2017 2018 2019 2020 2021 2022 Product Quality Excellence Vallam Vadagal facility received "Smart Factory of the Year" in the 18th edition of the India Manufacturing Excellence Awards (IMEA) by Frost & Sullivan Certified for Integrated management system by DNV "Det Norske Veritas" Effective implementation of SRK methodology result in Fault frequency 50% reduction model by model over the years Successful and seamless establishment of Quality systems in CKD facilities TRE INVESTOR PRESENTATION May 2023 38#39BRAND#401901 The first Royal Enfield motorcycle is produced. Designed by R. W. Smith and Frenchman Jules Gotiet, it has a 11/2 hp Minerva engine mounted in front of the steering head. The final drive is at the rear wheel by means of a long rawhide belt. 1943 Royal Enfield produces large quantities of motorcycles and bicycles during the Second World War. The most iconic military model is the 125cc Airbome' motorcycle known as the 'Flying Flea'. This 125cc 2-stroke can be loaded into a specially fabricated parachute cradle and dropped with paratroopers behind enemy lines. 1952 Madras Motors receives an order from the Indian Army for 800 350cc Bullets. The motorcycles arrive from Redditch in early 1953 and prove to be a great success, being both hardy and easy to maintain. Johnny Brittain wins the prestigious Scottish Six Day Trial' on his 350cc Bullet, 'HNP 33T. 1964 The iconic Continental GT café racer is launched to great acclaim. To showcase its endurance, a team of photojournalists ride it from John 'o Groats to Lands End in under 24 hours. The GT features a racing petrol tank, dip-on handlebars, rear sets, a humped race seat, rev counter and a swept-back exhaust. 1932 The legendary "Bullet" motorcycle is born. It is first displayed in November 1932 at the important Earls Court Motorcycle Show in London. Three versions: 250, 350 and 500cc are available with inclined 'sloper' engines. twin-ported cylinder heads, foot operated gear change and high compression pistons. 1948 The 350cc Bullet prototype. with radical swinging arm rear suspension, is previewed in the Colmore Cup Trial of March 1948. Two Bullets form part of the victorious British team in the 1948 ISDT (International Six Days' Trials). held in Italy. Both their riders win gold medals. 1955 The Redditch company partners with Madras Motors in India to form 'Enfield India'. Work commences on the construction of a purpose-built factory at Tiruvottiyur, near Madras. 1994 Eicher acquires Enfield India Limited. The company is renamed Royal Enfield Motors Limited. ROYAL 2008 The 500cc Unit Construction ENFIELD Engine (UCE) is launched in India. The retro-styled Classic MOTOR CYCLES version achieves cult status MADRAS MOTORS Mores immediately and sales grow rapidly. 2017 Production commences at Royal Enfield's third manufacturing facility - a new state-of-the-art factory at Vallam Vadagal, Chennai. 2020 Royal Enfield debuts the all-new Meteor 350, a class-leading. thoroughbred cruiser. With an all new ground-up engine and chassis, the motorcycle delivers a supreme riding experience on open highways and is sublime for city rides. 2022 Royal Enfield launched the Hunter 350, an incredibly stylish, joyful, and compact motorcycle that exudes retro-metro style. The motorcycle has received raving reviews from experts across the globe and has also won the most coveted Indian Motorcycle Of The Year 2023 award amongst the several other awards and accolades. 2016 Royal Enfield debuts its first purpose-built motorcycle, the Himalayan. With the all-new LS410 engine, a half-duplex split-cradle frame and steadfast suspension, it promises the ride of a lifetime on all roads and no roads. 2018 After premiering at EICMA 2017, Royal Enfield's most anticipated motorcycles, the 650 Twins Interceptor & Continental GT are launched across all global markets to rave reviews scalping two prestigious awards- The Indian Motorcyde of the Year' & The Thailand Bike of the Year: 2021 In its 120th year, Royal Enfield re-envisioned its iconic motorcycle, the Classic, with the launch of the All-New Royal Enfield Classic 350. The motorcycle adds a new chapter to Royal Enfield's legacy of building authentic post-war era British motorcycles that are loved by enthusiasts around the world. 2023 After a stunning debut at EICMA 2022, Royal Enfield launched the most anticipated and thoroughbred cruiser- Super Meteor 650. The motorcycle has received unprecedented love and appreciation across the globe.#41092 R 080 06 074 MOTOVERSE 2022 MOTD ERSE FXIV After a hiatus of a two years, this year's Rider Mania saw 14,000 riders and a footfall of 54,000 for the 3 day event. Themed 'Into The Motoverse', Rider Mania witnessed multi space, multi theme event with New spaces, New faces, New stories, New delicacies, & Newer activities & experiences The true highlight being the unveiling of the New Super Meteor 650 in it's all seven striking new colorways exclusively available for pre-launch booking for the registered participants TRE INVESTOR PRESENTATION May 2023 41#42ART OF MOTORCYCLING Art of Motorcycling Season 3 went live with art on street and college activations across the country 3 Prominent Jury Members ART MOTO MOTORCYCLING SEASON3 圓 Registrations Total Entries* Media exposures 30K+ INVESTOR PRESENTATION May 2023 6000+ 40 OTS** 185 M OFGOD Santanu Hazarika Illustrator (Visual Artist) Hanif Kureshi Typographer, Visual Artist Art of Street College Engagement ARD HS Sivakumar Royal Enfield Industrial Design Head ROYAL ENFIELD ROYAL ENFIELD A REGISTER HERE *Includes college entries **OTS - Opportunity to See 42#43JA ASSEN ROYAL ENFIER R RIDERS CLUB EUROPE Royal Enfield X NCW Himalayan Odyssey Riders Club Of Europe Slide School sci Jervi K TYRE Coca FISHER JKETYRE JKTYRE 25 JK TYRE NATIONAL RACING CHAMPIONSHIP 2022 PCRT JE TYRE KING fmsci JIET RE GT Cup - 2022 Finale Round 90° South The Great Himalayan Exploration RIDER MANIA One Ride RIDER Astral Ladakh Himalayan Zanskar CARTING Where's The Helmet 'Digital First' approach The largest, fastest growing and the most engaged online motorcycle brand community in the world On-ground and on-line communities together make a vibrant and eager audience ROYAL EN EASTERN ESCAPES Eastern Escapes#4431 percentage points ahead of our closest competitor STRONG BRAND EQUITY #1 ROYAL ENFIELD 84% Consideration ROYAL ENFIELD #1 50% Top of Mind Awareness Mode of Self Expression 30 percentage points ahead of our closest competitor *Internal Kantar report on Brand Health Track - JFM'2023 scores Among the host of brand health metrics tracked by Royal Enfield, 'Top of Mind Awareness' and 'Top Two Box Consideration' are key metrics. Our Top of Mind Awareness (first brand that comes to mind) is the highest in the category of 200cc+ at 50% while the closest competitor is at 20%. Our Top Two Box Consideration (purchase intent) is the highest in the category at 84% while the closest competitor is at 53%. Community Driven Culture Builder INVESTOR PRESENTATION May 2023 44#4510.6 MILLION ONE OF THE WORLD'S STRONGEST FULLY ORGANIC SOCIAL MEDIA COMMUNITY 8:56 < royalenfield o #RoyalEnfield #PureMotorcycling www.royalenfield.com/ashotofmotorcycling/ Followed by mdjayal, sidial and 33 others t 8:59 QRoyal Enfield ► YouTube royal enfield X Q ↓ SIGN IN O < QRoyal Enfield ค Home View Shop Following Message Contact Royal Enfield Explore The oldest continuous-production motorcycle manufacturer in the world. 8 Pure Motorcycling. Since 1901. Shorts Motor Vehicle Manufacturing WAShotOfB Wallpapers BKBO $2 SandsOfT #MakeYours Gurgaon, Haryana-420,140 followers 回 ::See all 11,547 employees on Linkedin + Follow Learn more c INSTAGRAM RE INVESTOR PRESENTATION May 2023 1 R Royal Enfield ⚫ 6.77 lakh subscribers VIDEOS ubscriptions HOME 回 Library Home About Posts Jobs Life People Posts © History All Images Videos Articles Do STARTING SOON Royal Enfield 420,140 followers 2th- All the intense flavours of Pure Motorcycling-packed into a fun, stylish, new machine see more 合 + Post 20+ Notifications Job LINKEDIN Shorts PLAYLISTS COMMUNITY OTORCYCLING HUNTER CHANNELS Royal Enfield ABOUT SUBSCRIBE ENFIELD Royal Enfield o Motor vehicle company Royal Enfield Hunter 350 | Official Live Launch | #AShotOfMot... 1,63,542 views Streamed 1 day ago All the intense flavours of Pure Motorcycling packed into a fun, stylish, new machine. #AShotOfMotorcycling #VibeHunter #Royal EnfieldHunter350 #LiveLaunch YOUTUBE HOWLER Liked Book Now locates royalenfield.com 0 Raghav, Gautam, Kishore and 4,329,896 others like this Home Shop Posts Videos Photos Live About http://www.royalenfield.com/ashotofmotorcycling/ See what Royal Enfield is doing in Messenger Get Started 1800 210 0007 Motor vehicle company 合 量 FACEBOOK 8:57 B Follow Royal Enfield @royalenfield Official Twitter feed of the oldest continuous- production motorcycle manufacturer in the world. Automotive Madras, India royalenfield.com/ashotofmotorcy Joined November 2009 226 Following 187.7K Followers Tweets Followed by v sunil, Mohit Dhar Jayal, abod, and 5 others Tweets & replies Media Royal Enfield @royalenfield-10h All the intense flavours of Pure Likes Motorcycling-packed into a fun, stylish, new machine, #AShotOfMotorcycling #HappyHunting 1:11 TWITTER 自 45#46LEADING PREMIUM CONSUMER BRAND SHARE OF VOICE* INVESTOR PRESENTATION May 2023 40% VS NET SENTIMENT 92% SHARE OF MARKET 7.1% *Share of Voice in the Global 2W Space Royal Enfield's Market Share in the Indian Motorcycle Segment 46#47#TheClassicCollectible Royal Enfield GT Cup The Great Himalayan Exploration Total Reach* 80M Super Meteor Launch CRPF x Royal Enfield Art Of Motorcycling Total Engagement 5M Average Engagement per Brand post 2823 Engagement Indian Army Day, Holi, Gudi Padwa Total Views 36M Royal Enfield x ACS Tornadoes American Flat Track Rate^ 6.18% 1 Lakh Hunters New Year Eve 7003 *Data as of March 2023#48SUSTAINABILITY#49"O PILLARS OF SUSTAINABILITY JOURNEY ROYAL ENFIELD STAL ENPIRE R SINCE 1901 Environmental Become water positive Attain Carbon neutrality Work towards zero liquid discharge Eliminate utilisation of single use plastic Focus on increasing share of renewable energy (primarily solar) Aim for zero wood usage in operations Reducing paper usage through digitisation Ensure a greater use of recyclable motorcycle parts 8 Social Ride for a cause Disaster relief activities Village upgradation programmes Road safety and community development programmes Vocational training programmes Achieve automation of labour-intensive processes ■ No engagement of child labour throughout the company's value chain Governance Strategy, execution and monitoring Risk management Transparency ■ Board composition . Whistleblower policies INVESTOR PRESENTATION May 2023 49#50GREEN BUSINESS OPERATIONS Material Comprising over 90% of recycled aluminum and steel, Royal Enfield motorcycles are among the world's most sustainably designed two-wheelers today. Environmental Compliance Consent to establish and operate, Air, Water & Effluent, Quality (1,720 MWh of energy saved accounting to prevention of 64,683 tCO2e of emissions) Minimising Impact of Operations INVESTOR PRESENTATION May 2023 Waste Management . 4,863 MT of hazardous waste was recycled. Generated and disposed of 4,610 MT of non-hazardous waste. Energy and Emissions 22% Reduction in GHG Emissions Intensity (tCO2e/Motorcycle) EML KEY FOCUS AREAS 01 Zero waste to landfill Transition to low 02 carbon growth Water and Effluent Rainwater Harvesting ZLD, Water Efficiency, WASH Conservation of Pledge (3 Zero Liquid 03 natural resources Discharge units; both large plants certified water positive) Minimise emission in 04 raw material extraction and production Alignment to sustainable development goals (SDGs) 6 CLEAN WATER AND SANITATION 7 AFFORDABLE AND CLEAN ENERGY 9 AND INFRASTRUCTURE 12 RESPONSIBLE CONSUMPTION AND PRODUCTION 15 ON LAND LIFE QO 50#51DA ASSAGIN ROYAL ENFIELD END PASSION WITH RESPONSIBILITY PRID HEM DON'T DONATE 45 Me BLOOD WEAR HELMET BECOME HELLMATE DONATE W ROYAL Women's Safety and Gender Equality Awareness with the National Commission of Women ° In an attempt to create a safe space and a gender-neutral society, Royal Enfield partnered with NCW and State Police Department for a Gender Equality and Women Safety Awareness Ride across four major cities Delhi, Pune, Chandigarh and Bangalore. This drive was a huge success in all locations and saw the presence of senior police officials in all regions. Rekha Sharma, Chairperson of the National Commission for Women graced the occasion with her presence in Chandigarh. 7 media attended the event (Chandigarh); along with 12 hyper-local creators from all three cities. Impact garnered: 9 print media exposures, 13 online stories & 59 social media drops BLOATE MUSIC GARH WHERE Helmet and Road Safety Awareness TN07 CR7452 To promote the cause of helmet adoption and road safety through a unique initiative where art is used to promote road safety, Royal Enfield came together with MyFM to conduct a ride across various cities in India. The ride saw a participation of more than 360+ riders and over 9000 students from different colleges in Chandigarh, Ahmedabad and Jaipur. To leverage this event we invited 7 hyper-local creators to be a part of the ride and support the cause as well as issued a local photo release in the respective cities. Impact garnered: 34 media exposures, 24 social media drops FRE INVESTOR PRESENTATION May 2023 51#52AMONG THE INDUSTRY LEADERS IN SUSTAINABILITY Member of Dow Jones Sustainability Indices Powered by the S&P Global CSA ESG Score 62.0 Eicher Motors is listed in the DJSI Emerging Markets Index for the second year in a row, and has maintained its position among the top 3 automotive sector leaders in India and top 10 globally. ESG Reporting 90 70 44 Governance & Economic Dimension Percentile Eicher Motors has been reporting on ESG performance and practices since 2018-19 GRI based Sustainability Report 2019, 2020 Integrated Report Since 2021 83 66 80 62 58 48 41 41 39 Environmental Dimension Social Dimension Overall Score Eicher Score Industry Average Score Business Responsibility and Sustainability Report in 2022 PURE MOTORCYCLING DATING AT THE FUTURE INVESTOR PRESENTATION May 2023 EICHER EICHEN Sustainability Report 52#53ESG PERFORMANCE OVERVIEW Eicher Motors ranks among the sector leaders in major ESG ratings | A | | Morgan Stanley Capital International (MSCI) Among the top 10 auto companies globally in MSCI ratings MSCI Sustainalytics 13.3 #8 out of 89 in the Automotive Industry Group SUSTAINALYTICS I ААА AA | A | BBB BBB I ESG Risk Rating 13.3 COMPREHENSIVE Low Risk BB | B I Negligible CCC 0-10 Low 10-20 Medium 20-30 High 30-40 Severe 40+ I I Dec-18 Dec-19 Dec-20 Nov-21 Jan-23 I * Data as on Apr 2023 INVESTOR PRESENTATION May 2023 53#54VOLVO-EICHER COMMERCIAL VEHICLES EICHER VE COMMERCIAL VEHICLES A VOLVO GROUP AND EICHER MOTORS JOINT VENTURE INVESTOR PRESENTATION May 2023 VOLVO EICHER FICHER 54 54#55Joint Venture since 2008: Merging the best of VISION AND VALUES To be recognised as the industry leader driving modernization in commercial transportation in India and the developing world. both worlds Respect Fair and Ethical Excellence Customer Centric VECV's Governance is based on consensus approach and 50:50 shared control. Passion VOLVO ■ Global expertise Leadership in product technology ■ Well defined processes and controls ■ Brand image ■ EICHER Leadership in Light & Medium Duty segments Frugal engineering & operations After sales infrastructure ■ Cost effective operations INVESTOR PRESENTATION May 2023 VOLVO VE COMMERCIAL VEHICLES A VOLVO GROUP AND EICHER MOTORS JOINT VENTURE EICHER 55#56Q4 FY 23 - A QUARTER OF MANY 'HIGHEST EVERS' " Highest ever sales in a quarter of 26,376 units exceeding previous record of 23101 units in Q4-FY'18 Highest ever Eicher and Volvo HD trucks sales in a quarter of 8147 units (FY23 Q3 - 5889 units) · Highest ever Eicher LMD trucks sales in a quarter of 11978 units (FY18 Q4 – 11019 units) Highest ever Bus division sales in a quarter of 6008 units (FY16 Q1 - 4219 units) Highest ever quarterly parts business (combined both Eicher and Volvo) of 472 Cr (29%+ growth over Q4 FY 22) Highest ever quarterly turnover of 456 Cr by EEC, registering more than 30% growth over Q4 FY22. Highest ever quarterly sales of 15632 units by VE Powertrain, registering more than 14% growth over Q4 FY22. · Highest ever score on VE Attitude (Employee) Survey. INVESTOR PRESENTATION May 2023 VOLVO VE COMMERCIAL VEHICLES A VOLVO GROUP AND EICHER MOTORS JOINT VENTURE EICHER 56#57FINANCIAL YEAR ‘23 - A RECORD YEAR FOR VECV B Highest ever Eicher Trucks and Buses sales of 77,760 units for the financial year (previous best 71,743 units FY'19) Highest ever HD Truck sales of 18965 units (previous best of 13,281 units FY'19) with highest ever market share of 7.7% → Highest ever LMD Truck sales of 38,938 units (previous best of 34,546 units FY'19) with 31.5% market share → Highest ever Eicher Bus sales of 14,924 units (previous best of 12,270 units FY'17) with 23.8% market share, representing strong performances in LMD and Private HD bus segments. With this, Eicher became No.2 in India bus market. → Highest roll-out from industrial system of 78,173 units (previous best of 73,862 in FY'19) and 8401 Buses → COCOS delivered sales of 11,858 units (previous best 6,603 units FY'22) → Highest ever annual sales in Africa & Middle East regions- 2,798 units Highest ever Volvo Trucks sales of 1,710 units (previous best 1242 units FY'16). 95.1% segment share Eicher Parts achieved highest ever sales of 11,662 M INR ■ Volvo Parts registered highest ever sales of 5,822 M INR VE Powertrain achieved highest ever sales of 53,739 units Eicher Engineering Components achieved highest ever sales of 16,008 M INR B Eicher Power Solutions achieved sales of 6,391 units INVESTOR PRESENTATION May 2023 VOLVO VE COMMERCIAL VEHICLES A VOLVO GROUP AND EICHER MOTORS JOINT VENTURE EICHER 57#58INDIAN SCALING UP - CV INDUSTRY RAPIDLY MODERNIZING, AT CUSP OF GROWTH GDP Growth % 8.7 8.2 8.0 8.2 7.5 7.4 7.1 6.9 6.8 6.3 3.7 Fastest growing large economy 3.5 trillion USD in FY'23* Formalization of Economy; highly successful integrated tax regime. Tax collection growth of 48% in last 3 years Policy focus on Modernization, Make in India -"Atmanirbhar Bharat", Logistics efficiency -"Gati Shakti" Risks due to externalities: geo-politics, supply chain disruptions, commodity inflation, global slowdown Robust institutional framework making India a preferred destination for foreign investments FY'15 FY'16 FY'17 FY'18 Thousands 700 600 500 400 300 200 INVESTOR PRESENTATION May 2023 VOLVO 100 FY 19 FY'20 FY'21 FY'22 FY'23F FY'24F FY'25F FY'26F -6.6 Total CV Market 0 FY'18 FY'19 FY'20 FY'21 FY'22 FY'23 FY'24 * FY'25 * FY"26 * VE COMMERCIAL VEHICLES A VOLVO GROUP AND EICHER MOTORS JOINT VENTURE EICHER 58#59VECV WELL POISED FOR GROWTH: BUILDING BLOCKS IN PLACE INVESTOR PRESENTATION May 2023 VOLVO VE COMMERCIAL VEHICLES A VOLVO GROUP AND EICHER MOTORS JOINT VENTURE EICHER 59#60MODERNIZED PRODUCT RANGE... PREMIUM,VALUE AND BUDGET SEGMENTS, E-MOBILITY INVESTOR PRESENTATION May 2023 SICHER VOLVO EICHER SICHER VE COMMERCIAL VEHICLES A VOLVO GROUP AND EICHER MOTORS JOINT VENTURE EICHER 60#61PQword Cocations Oppreteess STRENGTHENED CREDIBILITY THROUGH RETAIL EXCELLENCE ORIENTED FRONT-END PROCESSES, FOCUS ON UPTIME 800+ touchpoints On Site Support No.1 in Dealer Satisfaction 2nd year in a row FADA Pvt Dealer Company Owned Company Operated Private- in process Company Owned locations- in progress INVESTOR PRESENTATION May 2023 Site Support Incharge VOLVO Eicher On-Site Support operates 24x7 here VE COMMERCIAL VEHICLES A VOLVO GROUP AND EICHER MOTORS JOINT VENTURE MICHER EICHER One Nation One Association Commercial Vehicles Segment CV Market VECV - Eicher Motors Tata Motors Ashok Leyland 712 733 726 Source: FADA Dealer Satisfaction Study 2022 in association with PremonAsia EICHER EICHER YCHE 832 61#62ESTABLISHED INDUSTRIAL FOOTPRINT VPS, IOT 4.0, SUSTAINABILITY DRIVEN Truck Plant - Pithampur Capacity 90,000 p.a. New Truck Plant - Bhopal Capacity 40,000 p.a. Parts Distribution Center Pithampur - RICHER VE Powertrain - Pithampur Capacity 80,000 p.a. Eicher Bus Plant - Baggad Capacity 12,000 p.a RAER INVESTOR PRESENTATION May 2023 Madhya Pradesh Volvo Bus Plant Bangalore Volvo Bus Plant - Bangalore Capacity 2,000 p.a. VOLVO VE COMMERCIAL VEHICLES A VOLVO GROUP AND EICHER MOTORS JOINT VENTURE EICHER Gear Box Unit - SEZ Pithampur Eicher Engineering Component - Dewas 62 62#63STRONG STEPS IN DIGITIZATION... UPTIME, PRODUCTIVITY AND CONNECTED SOLUTIONS 100% Connected Fleet -Eicher Live MORE SAFETY BETTER MILEAGE HIGHER UPTIME 立 FLEET TRACKING My Eicher App: Fleet Management LIVE VEHICLE CLUSTER NL01AF7748 La dated 012021 940 AM ADAC 1020 IGHT ON STATUS RUNNING 1 X 1000 @ EICHER INAC NE 15 EICHER 7 PO Uptime Center* 551 Kind Uptime EICHER RICHER *Remote Diagnostics | Parts Support | Field Support | On Road Service| Vendor Support | Predictive Diagnostics VE COMMERCIAL VEHICLES A VOLVO GROUP AND EICHER MOTORS JOINT VENTURE INVESTOR PRESENTATION May 2023 VOLVO EICHER 63#64ICICI Lombard Nibhaye Vaade VOLVO VOLVO FMX 460 8X4 RANGE BECOMES M & HCV TIPPER OF THE YEAR Apollo CV Awards 2023 Volvo Trucks, Driving Progress CNBC PRESENT INDIA AWARDS & ACCOLADES ICICI LOMBARD CNBC-TV18 INDIA RISK MANAGEMENT AWARDS VECV WINS NATIONAL AWARD FOR SUPPLY CHAIN AND LOGISTICS EXCELLENCE PRESENTED AT CII SCALE AWARDS 2022 ICICI LOMBARDCHBC-TV18 MANAGERISK MARAGEMENT AWARDS UBA-Car VE-COM SECTOR VE COMME VEHICLES LED ICICI LOMBARD CNBC-TV18 INDIA RISK MANAGEMENT AWARDS MASTERS OF RISK INFRAUD PREVENTION a VE COMMERCIAL VEHICLES LTB O SCALE Awar VE COMMERCIAL VEHICLES LIMITED MASTERS OF BISH IN RE LARGE-CAP CATEGORY MASTERS OF VE COMMIRGIAL VENGLES LTD UPGRADING THE EXPERIENCE. EICHER INTERCITY COACH 13.5 M BECOMES THE COACH OF THE YEAR Apollo CV Awards 2023 VOLVO VOLVO FM 420 4X2 LNG TRACTOR GETS SPECIAL RECOGNITION Apollo CV Awards 2023 Volvo Trucks, Driving Progress BUILT TO DO MORE EICHER PRO 6028T BOOM PUMP BECOMES THE SPECIAL APPLICATION CV OF THE YEAR. Apollo CV Awards 2023 VE COMMERCIAL VEHICLES A VOLVO GROUP AND EICHER MOTORS JOINT VENTURE INVESTOR PRESENTATION May 2023 VOLVO TCHER EICHER VOLVO EICHER PRO 3018 CHANGES THE GAME, BECOMES THE ICV CARGO CARRIER OF THE YEAR! Apollo CV Awards 2023 VOLVO 9600 COACH JUST TOOK THE NEXT STEP. BECOMES THE COACH OF THE YEAR (IN PREMIUM CATEGORY). Apollo CV Awards 2023 ACHER 64#65ENHANCING BRAND SALIENCE: NAYI SOCH AND SMART SUSTAINABILITY BICKER INVESTOR PRESENTATION May 2023 EXTENSIVE SUPPORT NETWORK 100% CONNECTED MY EICHER APP Nayi Soch Nayi Raaste VOLVO VE COMMERCIAL VEHICLES A VOLVO GROUP AND EICHER MOTORS JOINT VENTURE EICHER G2 Auto Expo 2023 65#66VOLVO GROUP SYNERGY... STRONG TRACK RECORD, CELEBRATING 15 YEARS INVESTOR PRESENTATION May 2023 VE COMMERCIAL VEHICLES E A VOLVO VOLVO VE COMMERCIAL VEHICLES A VOLVO GROUP AND EICHER MOTORS JOINT VENTURE EICHER 66#67FUTURE-READY PROGRAMS IN PLACE... E-MOBILITY, SMALL CVS, ALTERNATE FUELS EICHER CINA ZERO EMISSION BUS ELECTR EICHER Advanced R&D programs in Hydrogen ICE, Fuel Cells, Batteries, LNG and Bio-blends INVESTOR PRESENTATION May 2023 VOLVO VE COMMERCIAL VEHICLES A VOLVO GROUP AND EICHER MOTORS JOINT VENTURE EICHER Pr 67#68INVESTOR PRESENTATION May 2023 LMD TRucks Market Share % STRENGTHENED MARKET SHARE IN ALL SEGMENTS DRIVEN BY MODERNISATION 2008-09 2010-11 2013-14 70.0 60.0 59.9 #2 #2 60.0 48.9 53.9 50.0 51.0 44.4 50.0 45.2 46.9 45.3 57.4 42.8 49.5 37.2 37.0 37.6 47.5 40.0 34.1 40.0 32.0 30.8 30.6 30.2 31.5 30.0 30.2 25.5 23.0 30.0 23.7 24.1 23.5 30.6 29.8 31.3 29.4 20.0 25.4 14.6 18.5 25.9 20.0 19.9 21.6 7.7 10.0 2,5 3.2 16.6 14.7 16.8 15.6 19.0 10.0 13.6 14.1 0.0 7.2 5.3 0.0 HD Trucks Market Share % 80.0 70.2 70.0 65.3 59.9 51.2 60.0 53.3 52.3 49.4 50.0 53.5 40.0 33.5 33.3 28.4 24.7 30.0 26.8 25.0 33.8 20.0 30.2 28.8 8.3 10.0 0.0 2008-09 E 4.6 2.1 2.8 4.9 5.9 7.9 7.3 2010-11 2013-14 2018-19 2019-20 2020-21 2021-22 2022-23 VOLVO 2008-09 2010-11 2013-14 Buses Market Share % VECV Tata Motors Ashok Leyland #3 VE COMMERCIAL VEHICLES A VOLVO GROUP AND EICHER MOTORS JOINT VENTURE EICHER 68#69CONSISTENT FINANCIAL PERFORMANCE DESPITE HEADWINDS Total CV# Volumes and Market Share (in nos and %) Total Revenue Total revenue from operations (net of excise duty) 17.5% 16.6% 17.1% 14.9% 13.3% 13.1% 12.8% 58,604 FY17 65,932 72,969 48,721 FY18 FY19 FY20 Volumes 41,267 FY21 Market Share 57,077 79,623 8,553 10,049 FY22 FY23 FY17 FY18 11,600 FY19 8,524 8,676 12,724 18,952 FY20 FY21 FY22 FY23 EBITDA^ and Margins 9.1% 8.5% 8.1% 4.9% 6.8% 5.6% 7.5% 691 919 988 415 FY17 FY18 FY19 FY20 592 FY21 716 1,387 FY22 FY23 Profit After Tax 348 472 475 58 57 108 572 FY 17 FY18 FY19 FY20 FY21 FY22 FY23 CV# - Commercial Vehicles (Domesic sales) EBIDTA - Margin EBITDA - Earning Before Interest, Tax, Depreciation and Amortisation *For the purpose of EBITDA computation, only interest income (part of other income) has been excluded from Total Income The figures in % indicate EBITDA Margins EBITDA Margin = EBITDA/Total revenue from operations (net of excise duty) *FY20, FY21 and FY22 volumes were impacted due to COVID 19 pandemic and supply chain constraints VE COMMERCIAL VEHICLES A VOLVO GROUP AND EICHER MOTORS JOINT VENTURE INVESTOR PRESENTATION May 2023 VOLVO EICHER All figures are in INR Crs unless specified 69#70YTD FINANCIAL HIGHLIGHTS Total Revenue from Operations EBITDA^ and Margins 5.9% 7.5% Profit After Tax 12,724 18,952 723 1,387 108 572 FY22 FY23 FY22 FY23 FY22 EBITDA FY23 EBITDA Margin EBITDA - Earning Before Interest, Tax, Depreciation and Amortisation ^For the purpose of EBITDA computation, only interest income (part of other income) has been excluded from Total Income The figures in % indicate EBITDA Margins EBITDA Margin = EBITDA/ Net Sales INVESTOR PRESENTATION May 2023 VOLVO VE COMMERCIAL VEHICLES A VOLVO GROUP AND EICHER MOTORS JOINT VENTURE EICHER All figures are in INR Crs unless specified 70#71PROFITABLE GROWTH: COMPARISON WITH COMPETITION VE Commercial Vehicles Ltd. 6.6 6.0 Tata Motors Ltd. (Commercial vehicle) 7.3 6.4 125 542 98 113 124 3.2 450 473 456 83 0.6 84 1.1 1.4 82 332 302 299 0.2 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 21 YTD Dec YTD Dec- 22 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 -2.8 YTD Dec YT Dec- 21 22-0.2 -5.5 -6.2 -5.8 Net sales (BINR) PBT (%) Net sales (BINR) PBT (%) 8.3 7.6 Ashok Leyland Ltd. Bharat Benz 175 Mar-18 Mar-19 Mar-20 262 291 That 79 1.5 217 2.4 2454. 62 55 79 51 153 129 -0.1 Mar-2 Mar-22 YTD De YTD Dec- Mar-18 Mar-19 Mar-20 -... Mar-21 Mar 22 21 -4.2 22 -2.6 -2.9 INVESTOR PRESENTATION May 2023 Net sales (BINR) PBT (%) VOLVO -15.4 VE COMMERCIAL VEHICLES A VOLVO GROUP AND EICHER MOTORS JOINT VENTURE Net sales (BINR) PBT (%) EICHER -8.3 71#72Q4 FY 2023 FINANCIAL AND BUSINESS UPDATES Particulars Net Sales Q4 FY23 Q4 FY22 Growth 5,926.75 4,188.08 42% Revenue from 6,199.98 4,307.15 44% operations EBITDA 615.14 293.32 110% EBITDA margin 10.40% 7.00% (% of net sales) PAT 315.39 98.96 219% All figures in Crores INVESTOR PRESENTATION May 2023 VOLVO VE COMMERCIAL VEHICLES A VOLVO GROUP AND EICHER MOTORS JOINT VENTURE الله EICHER 72#73OUR JOURNEY... PERFORMING AND INK BYG GO GRANULAR INVESTOR PRESENTATION May 2023 PLA THE INFINITE GAME TRANSFORMING Profitable Sustainable Products & Operations VOLVO VE COMMERCIAL VEHICLES A VOLVO GROUP AND EICHER MOTORS JOINT VENTURE EICHER Future Ready 73#74FINANCIAL REVIEW#75INCLUSIVE STAKEHOLDER MANAGEMENT POLICIES With global operational and retail footprints and social initiatives that span the length and breadth of India and International markets, EML has a diverse stakeholder base Gunning for Growth Rise in utilization of assets High incremental return on investments Better throughput for value chain $ Improving Returns Significant value engineering initiatives Operating leverage and cash accruals Unlocking the profit growth potential Improving Value Creation Rise in absolute profits Improvement in holistic returns Higher stakeholder value creation Customers | Employees | Supplier Partners | Dealer Partners | Financiers | Shareholders | Regulatory Authorities | Local Communities INVESTOR PRESENTATION May 2023 75#761,000 750 500 250 SIGNIFICANT VALUE CREATION FOR ALL STAKEHOLDERS Market Capitalisation (INR Billions) 133x returns over last 14 years 36 17 6 54 69 161 431 0 806 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 520 695 772 560 357 712 673 INVESTOR PRESENTATION May 2023 76#77CONSISTENT DELIVERY LEADING TO STRONG CASH ACCRUALS Total Sales Motorcycle Volumes ('000) Total Revenue from operations EBITDA and Margin 29.6% 23.8% 23.8% 20.4% 21.1% 823 698 609 595 824 9,797 9,154 8,720 10,298 14,442 2,903 2,178 1,781 2,172 3,444 FY19 FY20 FY21 FY22 FY23 FY19 FY20 FY21 FY22 FY23 FY19 FY20 FY21 FY22 FY23 PAT Net Cash OCF 80 80 67 61 49 107 2,203 1,827 1,347 1,677 2,914 5,830 6,762 FY19 FY20 FY21 FY22 Mar-19 FY23 Mar-20 7,756 Mar-21 8,433 10,274 Mar-22 Mar-23 PAT - EPS INVESTOR PRESENTATION May 2023 Net Cash Cash and cash equivalent - Total debt 1,575 1,694 FY19 FY20 1,714 FY21 1,572 2,847 FY22 FY23 All figures are in INR Crs unless specified 77#78PROFIT & LOSS STATEMENT (Consolidated) Profit and Loss Account FY17 FY18 FY19 FY20 FY21 FY22 FY23 Sales Volume: Two Wheelers (Nos.) 666,135 820,121 822,724 697,582 609,403 595,474 824,066 Total revenue from operations (net of excise) 7,033 8,965 9,797 9,154 8,720 10,298 14,442 Manufacturing and other expenses 4,859 6,157 6,894 6,973 6,939 8,126 10,999 Earnings before interest, depreciation and tax 2,174 2,808 2,903 2,180 1,781 2,172 3,444 (EBITDA) EBITDA to Net Revenue (%) 30.9% 31.3% 29.6% 23.8% 20.4% 21.1% 23.8% Depreciation 154 223 300 382 451 452 526 Earnings before interest and tax (EBIT) 2,020 2,584 2,603 1,799 1,331 1,720 2,917 EBIT to Net Revenue (%) 28.7% 28.8% 26.6% 19.7% 15.3% 16.7% 20.2% Finance Cost 4 5 7 19 16 19 28 Other Income 227 280 443 543 453 441 595 Share of profit/(loss) of joint venture 189 257 258 32 31 60 315 Profit before tax 2,433 3,116 3,297 2,355 1,798 2,203 3,800 Provision for taxation 720 936 1,077 527 452 526 886 Profit after tax and share of profit of Joint Venture from continuing operations 1,713 2,180 2,220 1,827 1,347 1,677 2,914 Discontinued Operations: Share of loss of Joint Venture* (46) (220) (18) Profit After Tax 1,667 1,960 2,203 1,827 1,347 1,677 2,914 PAT to Net Revenue (%) 23.7% 21.9% 22.5% 20.0% 15.4% 16.3% 20.2% RE INVESTOR PRESENTATION 78 May 2023#79BALANCE SHEET (Consolidated) Particulars FY17 FY18 FY19 FY20 FY21 FY22 FY23 Net Fixed Assets (including CWIP and 1,247 1,835 2,324 2,690 Pre-operative Expenditure) 2,748 2,929 3.162 Investments 4,987 5,581 4,923 5,749 3,902 7,721 12,101 Other Non Current Assets 260 186 180 102 125 165 252 Current Assets Inventories 336 395 633 572 875 1,132 1,278 Debtors 50 68 90 87 158 302 369 Cash and Bank Balances 25 1,212 2,965 2,951 5,830 2,770 857 Other Current Assets 86 227 271 299 921 1,182 1,179 Current Liabilities and Provisions 1,501 2,265 2,098 2,025 2,629 2,957 3,235 Net Current Assets (1,004) (345) 1,862 1,884 5,155 2,429 449 Total 5,489 7,257 9,289 10,425 11,930 13,244 15,963 Share Capital 27 27 27 27 27 27 5,318 7,003 7,003 9,954 11,411 12,581 5,345 7,030 7,030 9,981 11,438 12,608 27 14,963 14,990 Reserves and Surplus Net Worth Minority Interest Deferred Tax Liability (net) 78 142 274 252 222 220 291 Other Non Current Liabilities and 66 85 96 192 270 415 681 Provisions Borrowings Current - Total 5,489 7,257 9,289 10,425 11,930 13,244 15,963 INVESTOR PRESENTATION May 2023 79#80STATEMENT OF CASH FLOWS (Consolidated) Particulars FY17 FY18 FY19 FY20 FY21 FY22 FY23 Profit before tax and after share of profit of Joint venture 2,433 3,116 3,297 2,355 1,798 2,203 3,800 Operating profit before changes in working capital 2,196 2,851 2,941 2,236 1,912 2,172 3,552 Net Changes in working capital 164 438 (457) 86 258 (103) 66 Cash generated from operating activities 2,360 3,289 2,484 2,322 2,170 2,069 3,618 Direct taxes paid (652) (807) (909) (628) (457) (514) (770) Net cash flow from operating activities (A) 1,708 2,482 1,576 1,694 1,714 1,572 2,847 Payment for property, plant and equipment Net cash used in investing activities (B) (548) (749) (792) (546) (555) (641) (682) (1,744) (2,145) (660) (1,508) (1,648) (1,012) (2,422) Dividend paid (272) (300) (682) (465) (574) Net cash from/ (used) in financing activities (C) 25 (262) (292) (858) (15) (587) (417) Net Increase/(decrease) in cash and cash equivalents (A)+(B)+(C) (11) 75 75 623 (673) 51 (44) 8 Cash and cash equivalents at the beginning of the period 28 17 93 716 43 94 45 Cash and cash equivalents at the end of the period INVESTOR PRESENTATION May 2023 17 92 92 716 43 94 50 53 80#81Royal Enfield f Royal Enfield Royal Enfield Super 50