Nurminen Logistics Oyj Class A · OMXHEX:NLG1V
Nurminen Logistics Oyj Class A — Investor Day (May 2026)
41 slides from Nurminen Logistics Oyj Class A's investor day presentation, May 19, 2026
Slide 1: We keep the world on track
We keep the world on track Welcome to Nurminen Logistics Capital Markets Day 2026 19 May 2026 18.5.2026
Slide 2: On track for growth
On track for growth From a Nordic to a European rail operator Today’s Agenda Speakers • This is Nurminen Logistics • Investment highlights • Industry & trends • Strategy • Business overview • Financials • Growth & expansion • Why invest in Nurminen Olli Pohjanvirta Marjut Linnajärvi Niklas Nordström
Slide 3: A growing European rail logistics operator
Haparanda Nurminen Logistics Umeå Vasa A growing European rail logistics operator Sundsvall Gävle Helsinki Oslo Nurminen Logistics provides international rail and multimodal logistics Frövi Stockholm services connecting the Nordics and Continental Europe, with long-term Norrköping potential to re-es
Slide 4: A proven track record in cross-border rail, with clear pathways for growth
A proven track record in cross-border rail, with clear pathways for growth FUTURE 2017-2021 2022 2023 2024– 2025 2026-2027 POTENTIAL Market leading rail Launched one of Acquisition of North Essinge Rail acquisition Launch of the Italy– Potential to re- service from Asia to the first Rail, making str
Slide 5: Rail traffic between Italy and Sweden accelerates future growth
Q1 HIGHLIGHTS Rail traffic between Italy and Sweden accelerates future growth A concrete demonstration of the company’s growth investments was the launch of its own scheduled block train service between Italy and Sweden • Fast 2–3-day door-to-door rail service between Italy and Sweden. Q1/2026 finan
Slide 6: Industry & Trends
Industry & Trends 18.5.2026 6
Slide 7: The modal shift opportunity on Nurminen's corridors is significant
INDUSTRY AND TRENDS The modal shift opportunity on Nurminen’s corridors is significant • Market structure • is evolving Rail logistics remains underpenetrated on key European corridors despite large underlying trade flows. • In the US, rail is dominated by privately owned, listed At the same time, t
Slide 8: Structural changes in Europe are driving modal shift to rail
INDUSTRY AND TRENDS Structural changes in Europe are driving modal shift to rail Time-critical supply Demand for reliable Regulatory chains logistics pressure Nearshoring and geopolitical Complex international supply Companies are increasingly Rail modal share changes are reshaping logistics chains
Slide 9: Rail logistics supports the decarbonisation of supply chains
INDUSTRY AND TRENDS Rail logistics supports the decarbonisation of supply chains Positive carbon handprint of 1879kg CO₂e/TEU, tai 89% per TEU 9x 6x 30% 2500 less CO₂ less energy EU 2030 modal 2000 than road consumed shift target kg CO₂e/TEU 1500 Rail emits 9x less CO₂ Rail transport requires The EU
Slide 10: Fragmentation in the rail market shifts value to integrated operators like Nurminen
INDUSTRY AND TRENDS Fragmentation in the rail market shifts value to integrated operators like Nurminen What kind of rail Why the rail market fails Why integrated players like demand is emerging to meet this demand Nurminen win • Shift from bulk volumes to • Rail market is highly fragmented by • Int
Slide 11: Strategy
We keep the 18.5.2026 11
Slide 12: Rail-centric integrated logistics as a competitive advantage
STRATEGY Rail-centric integrated logistics as a competitive advantage Rail freight transport Sea freight transport Block train service between the Nordic Strong sea freight expertise in the countries, Central Europe and Asia. Flexible Baltics. Increasing volumes from volumes from pallet shipments to
Slide 13: Strategy: Driving profitable growth in international rail
STRATEGY Strategy: Driving profitable growth in international rail Mid-term ambition Strong organic Revenue doubling growth over the mid-term (2-3 above peers years) EBITA margin above ROE 13% clearly above market average 18.5.2026 13
Slide 14: How we will achieve the targets
STRATEGY How we will Strong financial position achieve the targets • Ability to invest in growth while maintaining financial discipline Unique The The • High cash know-how opportunity formula conversion Strong operational platform • Strengthened Expanding international balance sheet • Unique rail-ba
Slide 15: Asset-light model: Scale revenues without scaling capital investment
STRATEGY Asset-light model: Scale revenues without scaling capital investment Traditional rail operator Nurminen model • owns rolling stock • Extensive partner network • high capex • Integrations to clients • limited flexibility systems • Ability to scale quickly CAPEX as 1.3–2% of revenue 18.5.2026
Slide 16: Nurminen's unique know-how connecting Asia, Europe and the Nordics
LONGER TERM OPPORTUNITY Nurminen’s unique know-how connecting Asia, Europe and the Nordics Northern Corridor (China–Northern-Europe) • The Northern Corridor offers the shortest land route between Asia and Northern Europe: 12–14 days • Unique profitabily from 0 clients to over 1000 clients. • Sales g
Slide 17: Business Overview
Business Overview How Nurminen creates value 18.5.2026 17
Slide 18: Rail logistics has become our strategic focus area
BUSINESS OVERVIEW Rail logistics has become our strategic focus area Rail logistics now forms the core of Nurminen’s long-term growth strategy Higher Scalable and asset- Growing margins light operating model demand Rail logistics offers International rail services Rail freight is benefiting from str
Slide 19: Strong railway carrier operations in Finland
BUSINESS OVERVIEW Strong railway carrier operations in Finland 96% 12 on-time delivery Locomotives in Finnish railway in use operations. 50 4m tonnes Railway Annual cargo professionals transport 18.5.2026 19
Slide 20: Diversified revenue base with 1,000+ customers across industries and geographies
BUSINESS OVERVIEW Diversified revenue base with 1,000+ customers across industries and geographies 4% 4% Technology Forestry • A diversified customer base reduces dependence on individual sectors or clients. 37% • We serve several global industry leaders in sectors Raw materials such as beverages, a
Slide 21: Sweden is Nurminen's gateway to a multi-billion Central European rail logistics market
Haparanda BUSINESS OVERVIEW Umeå Vasa Sweden is Nurminen's gateway Gävle to a multi-billion Central European Helsinki Oslo Frövi Stockholm rail logistics market Gothenburg Norrköping Riga Klaipeda Trelleborg Revenue increasingly driven by scalable international rail platform Terneuzen Berlin • Inter
Slide 22: Scaling our rail network: Italy–Sweden corridor
B USINES S OV ER V IEW Scaling our rail network: Italy–Sweden corridor 2,5-3 days transit time, weekly departures • Own block train service between Northern Italy and Sweden, started in Feb 2026 • Asset-light model: Nurminen controls the customer interface and logistics flow, leveraging partners for
Slide 23: Strategic partnerships support international expansion
GROWTH & EXPANSION Strategic partnerships support international expansion 23
Slide 24: Financials
Financials 18.5.2026 24
Slide 25: Financial performance highlights 2025
FINANCIALS Financial performance highlights 2025 2025 Revenue Revenue Gross Comp. growth margin EBITA-% 109M€ +4.3% 46% 16.7% Net gearing Net debt / Cash ROE EBITDA position 14% 15,6% 0.87 20M€
Slide 26: Track Record of Profitability in Changing Markets
FINANCIALS Track Record of Profitability in Changing Markets Revenue and EBITA% development 2021 - 2025 150 18,2% 20 17,2% Nurminen has a strong 16,7% track record of building successful new 100 15 businesses and maintaining profitable 141,3 7,2%122,5 128,0 104,8 109,4 operations despite 50 10 5,6%
Slide 27: Brief look into our historical figures
FINANCIALS Brief look into our Revenue per main business stream 2021 - 2025 historical figures 80 70 68 62 75 74 60 54 49 50 39 47 Key takeaways 40 30 30 31 Rail operations 21 20 43 5 China Train • Start of the Russia – Ukraine war halted 10 4 3 the China train operation that we had 0 succssfully bu
Slide 28: Diverse revenue streams – Not standing on one support
FINANCIALS Diverse revenue streams – Not standing on one support Cash Generating Business Units 17% 17% Cargo 29% Baltics 29% 8% 8% Forwarding 22% 22% International Rail 30% 30% Railway carrier business * Note, group eliminations not shown, impact ~5%
Slide 29: Strong profitability in a competitive market
FINANCIALS Strong profitability in a competitive market EBIT% *comparable EBITA
Slide 30: Moved from highly leveraged to conservative leverage
FINANCIALS Moved from Indebtedness development highly leveraged Net Gearing, % without IFRS16 Interest-bearing net debt without IFRS16 EUR to conservative leverage 30 000 77% 80% 80 25 989 25 000 70 57% 60 20 027 19 431 20 000 50 Key takeaways 15 000 36% 40 10 000 30 14 563 14% 20 • Balance sheet co
Slide 31: Capital Allocation and Value Creation
FINANCIALS Capital Allocation and Value Creation R&D costs are not capitalised, funded from cash flow from operations Low capital intensity: Low risk Backed by Enables and drives non-capital strong profitable growth with intensive balance sheet a controlled risk posture business model metrics CAPEX
Slide 32: A growth-focused company with a commitment to dividends
FINANCIALS A growth-focused company with a commitment to dividends Dividend history 0,06 5,5% 6 0,05 3,4%* 5 Dividend yield % 0,04 4 Dividend / Return of Capital 0,03 0,06 2,8% 3 0,02 0,02 2 0,03 0,03 0,9% 0,01 0,00 0,00 1 0,0% 0,0% 0,00 0 2021 2022 2023 2024 2025 2026 proposal to AGM
Slide 33: Long term Financial targets
FINANCIALS Long term Financial targets Long-term Financial target Previous target 2023 - 2025 Performance over previous strategy period EBIT-% over 13 %. Average EBITA 19% Equity % yli 40 %. Average Equity ratio 38,6% Gearing under 80 %. Average gearing ratio 66,5% Net debt / EBITDA under 2. Average
Slide 34: High growth opportunities
High growth opportunities From Nordic base to European rail operator and beyond 18.5.2026 34
Slide 35: Geopolitical changes unlock growth opportunities
GROWTH & EXPANSION Geopolitical changes unlock growth opportunities • Nurminen’s strategy is Potential game changers focused on expanding its rail logistics services across Europe • Changes in the geopolitical landscape create further upside opportunities >15M€ +20M€ +40M€ • M&A can be used to suppo
Slide 36: European Expansion Strategy Creates Opportunities for Synergies
GROWTH & EXPANSION European Expansion Strategy Creates Opportunities for Synergies • European expansion strategy Potential game changers works as a standalone strategy and can be supported by inorganic elements • If China train resumes, Nurminen’s rail network in Europe creates an >15M€ +20M€ +40M€
Slide 37: Nurminen M&A framework
GROWTH & EXPANSION Nurminen M&A framework What we look for in What we are not the next M&A target in the market for • Acquiring elements of • Business contains the value chain significant elements of connected to the current non core strategic network assets such as trucks • Combining additional • F
Slide 38: Key takeaways
Key takeaways 18.5.2026 38
Slide 39: Key investment highlights
Key investment highlights Expanding rail Strong Scalable and Attractive financial Unique position network across operational capital-efficient profile and in Europe-Asia Europe expertise model pricing power rail • A unique, rail-based • Deep rail expertise with • Ability to scale volumes • Strong pr
Slide 40: Q&A
Q&A 18.5.2026 40
Slide 41: Thank you
Thank you ir@nurminenlogistics.com Scan the QR-code Visit our website We keep the world on track.