STRICTLY CONFIDENTIAL · DRAFT

PROJECT ASTRA · M&A PITCH22 NOV 2026

PROJECT ASTRA

A PROPOSED ACQUISITION OF

Northwind Logisticsby Atlas Industrial Group

DEAL VALUE

€420M

STRUCTURE

100% cash

PREMIUM

+34%

SIGNING TARGET

Q1 2027

CONFIDENTIAL

PROJECT ASTRAEXECUTIVE SUMMARYp. 02 / 24

A proposed acquisition that consolidates the eastern logistics market.

RATIONALE

01 Combined entity becomes #2 eastern carrier by lane volume, with a 28% scale gap closed against the incumbent.

RECOMMENDATION

Proceed to signing.

Offer at €82/share (€420M EV), 100% cash, conditioned on satisfactory diligence and antitrust clearance.

EXECUTIVE SUMMARYp. 02 / 24

CONFIDENTIAL

PROJECT ASTRATRANSACTION OVERVIEWp. 03 / 24

TRANSACTION TERMS

Eight terms, in one page.

TARGET

Northwind Logistics SE
Listed on EuroNext Frankfurt · ticker NWL.DE

TRANSACTION OVERVIEWp. 03 / 24

CONFIDENTIAL

PROJECT ASTRACAPITAL STRUCTUREp. 04 / 24

FUNDING WATERFALL · €M

How the €420M purchase price is funded.

SOURCE · INTERNAL · ASSUMES SIGNING AT €82 / SHARE

CAPITAL STRUCTUREp. 04 / 24

CONFIDENTIAL

PROJECT ASTRASOURCES & USESp. 05 / 24

SOURCES & USES · €M

Both columns balance to €420M.

SOURCES

Source	€M	%
Cash on hand	180.0	42.9%

USES

Use	€M	%
Equity purchase price	340.0	81.0%

SOURCES & USESp. 05 / 24

CONFIDENTIAL

PROJECT ASTRAVALUATIONp. 06 / 24

FOOTBALL FIELD · EV / SHARE (€)

Our offer sits inside the trading-comp range.

SOURCE · CAPIQ, BBG, INTERNAL MODEL · AS OF 22 NOV 2026

VALUATION · FOOTBALL FIELDp. 06 / 24

CONFIDENTIAL

PROJECT ASTRAPRECEDENT TXNSp. 07 / 24

PRECEDENT TRANSACTIONS · EU LOGISTICS

Seven comparable deals, 2022 — 2026.

DATE	TARGET	ACQUIRER	EV €M	EV / EBITDA	PREMIUM	PAYMENT
Mar '26	Hafnar Lines	Maersk DK	510	9.2×	+28%	100% cash

SOURCE · MERGERMARKET, REFINITIV · MEDIAN: 8.7× · MEAN: 8.9×p. 07 / 24

CONFIDENTIAL

PROJECT ASTRASYNERGY BRIDGEp. 08 / 24

SYNERGY BRIDGE · €M EBITDA

From €68M standalone to €94M pro-forma.

SYNERGY ASSUMPTIONS — DETAILED IN APPENDIX C · NPV @ 9.5%: €178M

SYNERGY BRIDGEp. 08 / 24

CONFIDENTIAL

PROJECT ASTRASENSITIVITYp. 09 / 24

SENSITIVITY · EPS ACCRETION %

Accretive across all realistic scenarios.

COST SYNERGIES REALIZED →
EV / EBITDA	60%	70%	80%	90%	100%
7.5×	+4.2%	+5.8%	+7.4%	+8.9%	+10.4%

BASE CASE

+7.4%

EPS accretion in Year 1, assuming 8.0× multiple and 80% synergy realization. Breakeven at 6.7× and 45% realization.

SENSITIVITY GRIDp. 09 / 24

CONFIDENTIAL

PROJECT ASTRAPROCESS TIMELINEp. 10 / 24

PROCESS TIMELINE · DEC '26 → MAR '27

Signing within fourteen weeks.

PROCESS TIMELINEp. 10 / 24

CONFIDENTIAL

PROJECT ASTRABIDDER LISTp. 11 / 24

BIDDER LIST · LIKELY BUYERS

Nine likely buyers, ranked by fit.

Maersk DK

Strategic · scale fit

9 / 10

HIGH

BIDDER LIST · 9 OF 12p. 11 / 24

CONFIDENTIAL

PROJECT ASTRARISK MATRIXp. 12 / 24

RISK MATRIX · LIKELIHOOD × IMPACT

Six risks plotted; two require active mitigation.

R1 Antitrust block in Germany High likelihood, severe impact. Active mitigation in §App. B.

RISK MATRIXp. 12 / 24

CONFIDENTIAL

PROJECT ASTRADILIGENCEp. 13 / 24

DILIGENCE WORKSTREAMS · WEEK 6 OF 12

Six workstreams, on schedule.

WS-01 Financial & tax QoE review, tax exposure, working-capital cleanup KPMG · M. Reuter 12 of 14 tasks GREEN

DILIGENCE WORKSTREAMSp. 13 / 24

CONFIDENTIAL

PROJECT ASTRADCF SUMMARYp. 14 / 24

DCF SUMMARY · 5-YEAR + TERMINAL · €M

€460M enterprise value · midpoint.

ASSUMPTIONS

WACC9.5%

TERMINAL G2.0%

EXIT MULTIPLE8.0×

EV MIDPOINT€460M

DCF SUMMARYp. 14 / 24

CONFIDENTIAL

PROJECT ASTRATRADING COMPSp. 15 / 24

PUBLIC TRADING COMPS · €M, AS OF YESTERDAY

Target trades at a 1.4× discount to median peer.

COMPANY	TICKER	MKT CAP	EV / EBITDA	EV / SALES	REV GR. '26	FCF YIELD
Northwind (target)	NWL.DE	313	6.1×	0.8×	+4.2%	7.4%

SOURCE · BLOOMBERG, AS OF 21 NOV 2026 · MEDIAN: 7.5× · MEAN: 7.8×p. 15 / 24

CONFIDENTIAL

PROJECT ASTRAACCRETIONp. 16 / 24

ACCRETION · YEAR-1 EPS BRIDGE · €

+7.4% EPS accretive in year one.

ACCRETION · YEAR-1p. 16 / 24

CONFIDENTIAL

PROJECT ASTRAMANAGEMENTp. 17 / 24

TARGET MANAGEMENT · KEY EXECUTIVES

Four executives, all proposed to stay.

1 : 1

Hannah Reuter

CEO · since 2019

Ex-DHL operations director, EMEA. MBA INSEAD '08.

MANAGEMENT BIOSp. 17 / 24

CONFIDENTIAL

PROJECT ASTRADEAL TEAMp. 18 / 24

MERIDIAN ADVISORY · DEAL TEAM

Four bankers, dedicated to Project Astra.

1 : 1

Marit Kovaleva

PARTNER · LEAD

22 years on the desk · 47 M&A advisory mandates · €18B total deal value

DEAL TEAMp. 18 / 24

CONFIDENTIAL

PROJECT ASTRAREGULATORYp. 19 / 24

REGULATORY APPROVALS · FILING TRACKER

Five jurisdictions, two on critical path.

🇩🇪 Germany · BKartA Phase I review, market overlap in northern lanes Freshfields · J. Becker Expected: Feb '27 AMBER

REGULATORY APPROVALSp. 19 / 24

CONFIDENTIAL

PROJECT ASTRACOMBINED ENTITYp. 20 / 24

COMBINED ENTITY · PRO FORMA

Atlas + Northwind = #2 carrier by lane volume.

REVENUE €1.4B +€420M from target · +43%

COMBINED ENTITYp. 20 / 24

CONFIDENTIAL

PROJECT ASTRAGEOGRAPHYp. 21 / 24

GEOGRAPHIC FOOTPRINT · LANE COVERAGE

Complementary lane networks, minimal overlap.

Atlas (acquirer) · western Europe

Northwind (target) · eastern Europe

Overlap (3 lanes, 4% revenue)

GEOGRAPHIC FOOTPRINTp. 21 / 24

CONFIDENTIAL

PROJECT ASTRAANTICIPATED Q&Ap. 22 / 24

ANTICIPATED BOARD QUESTIONS

Four questions we expect on Wednesday.

Q · 01 Why now, and not next year? Two of the four likely strategic bidders begin their own integration cycles in H2 '27. The window for a clean process is 12 weeks, then closes.

ANTICIPATED Q&Ap. 22 / 24

CONFIDENTIAL

PROJECT ASTRARECOMMENDATIONp. 23 / 24

RECOMMENDATION

Proceed to signingat €82 per share.

01 EPS accretive 7.4% in Y1, 10.2% by Y3 at base assumptions.

THE ASK · BOARD APPROVAL

Authorize the bid by Friday.

Approve €420M maximum cash consideration, retention of management, and a 12-week exclusive negotiation window with the target board.

RECOMMENDATIONp. 23 / 24

CONFIDENTIAL

PROJECT ASTRADISCLAIMERp. 24 / 24

DISCLAIMER & CONTACT

Important notices.

This document has been prepared by Meridian Advisory exclusively for the Board of Directors of Atlas Industrial Group. It contains material non-public information and is strictly confidential. It does not constitute an offer, solicitation, or recommendation to any other party. Financial projections are forward-looking, based on assumptions disclosed in §IV — actual results may differ materially. Recipients should consult their own legal, tax, and financial advisers before acting on any information contained herein.

PREPARED BY Meridian Advisory M&A practice · Munich office