Kalmar Corporation Class B · OMXHEX:KALMAR
Kalmar Corporation Class B — Kalmar Oyj B — Q4 2025 Earnings Presentation
34 slides from Kalmar Corporation Class B's earnings presentation, Feb 13, 2026
Slide 1: Continued successful performance in 2025 with record order intake
January-December 2025 financial statements review: Continued successful performance in 2025 with record order intake and solid sales growth in the fourth quarter 13 February 2026 1
Slide 2: Agenda
Agenda 1. Fourth quarter’s highlights 2. Market environment Sami Niiranen President & CEO 3. Financial and business performance 4. Financial profile 5. Reporting segments Sakari Ahdekivi 6. Update on tariffs CFO 7. Balance sheet and cash flow 8. Guidance for 2026 9. Q&A
Slide 3: Disclaimer
Disclaimer This presentation includes forward-looking statements that are based on present plans, estimates, projections and expectations and are not guarantees of future performance. These forward-looking statements are subject to numerous risks, uncertainties and assumptions, including risks relat
Slide 4: Q4/2025 highlights: Record order intake and solid sales growth
Q4/2025 highlights: Record order intake and solid sales growth • Orders received increased to a record of EUR 511 (486) million boosted by a few, sizeable equipment orders in the quarter • Solid sales growth by 11 percent to EUR 487 (440) million • Demand remained overall stable despite market uncer
Slide 5: The comparable operating profit increased
The comparable operating profit increased Comparable operating profit, MEUR and % Comparable operating profit bridge, Q4/25 *Tariffs included in "margin" category. **"Cost impact" includes all indirect and fixed costs. Q4/25 Q4/24 Change FY25 FY24 Change • Higher volumes and successful management of
Slide 6: Record orders received despite continued market uncertainty
Record orders received despite continued market uncertainty Orders received and order book, MEUR • Strong orders in both segments • (+) Equipment orders increased due to a few, sizeable orders • (+) Services orders increased to a record-high level and were strong across the entire service portfolio
Slide 7: Orders received driven by the Americas
Orders received driven by the Americas Orders received by geographical area, Q4/25 • (-) EMEA order intake decline explained by timing of large orders during the comparison period • (+) Americas order intake boosted by a few, sizeable orders • (+) APAC order intake remained stable • Services orders
Slide 8: Solid sales growth
Solid sales growth Sales, MEUR • The sales growth was 11%, and 14% in constant currencies • Both Equipment and Services grew by 11% • The sales increased in all regions during the quarter • Services share of sales was on a stable level at 33% during the quarter and 35% in 2025. MEUR Q4/25 Q4/24 Chan
Slide 9: Sales improvement driven by all regions
Sales improvement driven by all regions Sales by geographical area, Q4/25 • (+) EMEA sales improved driven by both segments in the quarter and in 2025 • (+/-) Americas sales increased in both segments in the quarter; sales decreased in 2025 due to the prolonged market uncertainty • (+) APAC sales wa
Slide 10: Eco portfolio share of sales remained on a high level
Eco portfolio share of sales remained on a high level Eco portfolio sales, MEUR and % of total sales • (+) Fully electric share of total equipment orders LTM increased to 11% (9%) • Innovations during the quarter: ‒ A launch of a new comprehensive range of Kalmar DC charging solutions ‒ A next-gener
Slide 11: A solid foundation and a well diversified business with solid profitability
A solid foundation and a well diversified business with solid profitability Services share Addressable markets by Geographical Eco portfolio of sales 2025 customer segment sales split 20252 share of sales 2025 Heavy Logistics Ports and Terminals APAC EMEA 24% 35% 15% 51% 35% 44% Manufacturing Distri
Slide 12: Modest global growth expected in 2026
Modest global growth expected in 2026 Average growth rate 2024-28: 4.2% Average growth rate 2019-23: 2.1% Average growth rate 2024-28: 3.3% Average growth rate 2019-23: 2.8% Average growth rate 2024-28: 3.3% Average growth rate 2024-28: 2.6% Average growth rate 2019-23: 2.7% Average growth rate 2019
Slide 13: Demand outlook
Demand outlook • Kalmar expects that the total market demand for the next six (6) months remains approximately at a similar level as in the second half of 2025 • However, trade tensions and increased geopolitical instability could affect Kalmar’s markets and end-customer demand. 13
Slide 14: Connected fleet activity on a good level
Connected fleet activity on a good level y/y: +1% q/q: -2% Overall y/y: +3% y/y: +2% q/q: +0% q/q: -1% y/y: +3% q/q: -1% y/y: +8% q/q: +1% 70,000+ installed base y/y: +4% q/q: +1% y/y: +4% 16,800+ q/q: -2% connected y/y: +6% equipment q/q: +1% Change in equipment activity: 14 y/y = Q4/2025 vs Q4/202
Slide 15: Order releases booked in Q4
Order releases booked in Q4 16 hybrid straddle 3 Kalmar hybrid 10-year strategic A Modernisation 5 Kalmar Medium 3-year Kalmar 30 Kalmar hybrid carriers to Transnet Port straddle carriers to Forth supply agreement with Services agreement Forklift Trucks, with a Complete Care service straddle carrier
Slide 16: Actions towards sustainable growth in 2025
Total R&D Actions towards sustainable growth in 2025 spend in 2025 was 3.1% of sales Kalmar expands its global Kalmar’s third The construction work delivery capability with generation electric of the new test center startup of electric empty terminal tractor sales kicked off in our container handler
Slide 17: Resilient business performance in Q4
Resilient business performance in Q4 Equipment Services Orders received: Orders received: 344 MEUR 166 MEUR Order book: Order book: 840 MEUR 135 MEUR Sales: Sales: 324 MEUR 163 MEUR Comparable operating profit: Comparable operating profit: 44.1 MEUR/13.6% 26.4 MEUR/16.2% Other not included. 17
Slide 18: Kalmar's performance targets for 2028
Kalmar’s performance targets for 2028 Financial targets 5% 15% >25% Sales growth p.a. Comparable operating ROCE1 over the cycle profit margin Capital Aligned with2 Kalmar aims for a structure and SBTi targets <2x dividend payout ratio of sustainability framework with 1.5°C Leverage3 (Net Debt to EBI
Slide 19: Agenda
Agenda 1. Fourth quarter’s highlights 2. Market environment Sami Niiranen President & CEO 3. Financial and business performance 4. Financial profile 5. Reporting segments Sakari Ahdekivi 6. Update on tariffs CFO 7. Balance sheet and cash flow 8. Guidance for 2026 9. Q&A
Slide 20: Attractive and strong financial profile
Attractive and strong financial profile Q4 2025 LTM key financial figures 1,817 MEUR 977 MEUR 26.2% 12.8% Orders received Order book Gross profit Comparable (at 31 December 2025) operating profit margin 1,741 MEUR 0.0x 23.0% 89%% Sales Leverage Return on capital Cash conversion (interest bearing net
Slide 21: A strong quarter for the Equipment segment
A strong quarter for the Equipment segment Equipment; Sales, orders received, order book, MEUR • The order intake improved during the quarter due to a few, sizeable orders • High orders and sales compared to a strong comparison period • Sales increased by 11% to EUR 324 (293) million. MEUR Q4/25 Q4/
Slide 22: Equipment profitability improved
Equipment profitability improved Equipment; Comparable operating profit, MEUR and % Equipment, Comparable operating profit bridge, Q4/25 *Tariffs included in "margin" category. **"Cost impact" includes all indirect and fixed costs. • Profitability improved as a result of higher volumes during the qu
Slide 23: Service orders and sales growth on track
Service orders and sales growth on track Services; Sales, orders received, order book, MEUR • Order intake improvement was strong across the entire service portfolio driven by recurring business, renewals and won contracts • Sales increased by 11% despite the market turbulence, mainly driven by volu
Slide 24: Services profitability flat, margin negatively impacted by tariffs
Services profitability flat, margin negatively impacted by tariffs Services; Comparable operating profit, MEUR and % Services, Comparable operating profit bridge, Q4/25 *Tariffs included in "margin" category. **"Cost impact" includes all indirect and fixed costs. • Comparable operating profit increa
Slide 25: Tariff landscape unchanged
Tariff landscape unchanged • Current and proposed tariffs with potential direct impact on Kalmar unchanged • Reciprocal tariffs vary depending on the country of origin, from EU 15% • Section 232 - 50% tariff on steel, copper and aluminum ‒ Of our equipment portfolio, forklifts and empty container ha
Slide 26: Driving Excellence progressed as planned
Driving Excellence progressed as planned: approximately EUR 34 million of annualised gross efficiency improvements at the end of Q4 2025 • During Q1-Q4/2025, a run rate of approximately EUR 34 million annualised gross efficiency improvements was achieved • Kalmar is planning to reach EUR 50 million
Slide 27: Kalmar's return on capital employed enables long-term growth
Kalmar’s return on capital employed enables long-term growth Return on capital employed (ROCE, last 12 months) 27 Q1/24 - Q2/24 are carve-out figures.
Slide 28: Strong balance sheet
Strong balance sheet Net debt and gearing, MEUR Maturity profile, 31 December 2025* Interest-bearing net debt / EBITDA 0.0x 28 *The detailed maturing profile of lease liabilities is reported annually and estimated in the interim reports.
Slide 29: Cash flow supported by decrease in inventories
Cash flow supported by decrease in inventories Cash flow from operations before financing items and taxes, MEUR Strong cash flow for the quarter was supported by good profitability and decrease in inventories. 29
Slide 30: Increased dividend proposed for the Annual General Meeting 2026
Increased dividend proposed for the Annual EPS 2.55* (1.99) General Meeting 2026 Dividend yield 2.7%* (3.1) Dividend per class B share, EUR • Kalmar Board of Directors proposes to the General Meeting held on 31 March 2026: ○ Dividend payment of EUR 1.10 per each outstanding class B share and EUR 1.0
Slide 31: Guidance for 2026
Guidance for 2026 Kalmar expects its comparable operating profit margin to be above 12.5 percent in 2026. 31
Slide 32: Summary
Summary • Orders received increased to a record level in the quarter • Strong sales growth across all regions • Demand remained overall stable despite market uncertainty and trade tensions • Comparable operating profit improved by 14% to EUR 61 (53) million, representing 12.4% (12.1) of sales • Appr
Slide 33: Q&A
Q&A 33
Slide 34: Making every move count
Making every move count Market drivers Productivity Vision: Forerunner in sustainable material Safety handling equipment and services Intelligent operations Decarbonisation & Electrification Changing logistics landscape Labour shortage Strategic pillars Investing in Sustainable Innovations Growing S