Slide 1: Strong performance and order intake in Q2
January-June 2025 half-year financial report: Strong performance and order intake in Q2 25 July 2025
Slide 2: Agenda
Agenda 1. Second quarter’s highlights 2. Market environment Sami Niiranen President & CEO 3. Financial & business performance 4. Financial profile 5. Reporting segments Sakari Ahdekivi 6. Balance sheet & cash flow CFO 7. Guidance for 2025 8. 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: Q2/2025 highlights – Strong performance and order intake in the second quarter
Q2/2025 highlights – Strong performance and order intake in the second quarter • Orders received increased by 20% Comparable operating profit, MEUR and % ‒ Overall favourable demand in Q2 • Resilient comparable operating margin (13.1%) ‒ Supported by strong equipment profitability ‒ Sales increased
Slide 5: Continued good order intake despite elevated trade tensions
Continued good order intake despite elevated trade tensions Orders received and order book, MEUR • The demand picture overall was favourable ‒ Demand in ports and terminals continued 1,172 globally strong ‒ US distribution end customer segment demand hampered by the increased market 486 480 uncertai
Slide 6: Turning the corner in sales growth
Turning the corner in sales growth Sales, MEUR • Softness in the Americas visible in sales • Sales growth was 1%, and 3% in constant currencies • Positive book-to-bill in Europe and AMEA. Sales by region, Q2/25 AMEA 25% (23%) MEUR Q2/25 Q2/24 Change Q1-Q2/25 Q1-Q2/24 Change Europe Sales 420 417 1% 8
Slide 7: 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 Q2/25 customer segment sales split Q2/25 share of sales Q2/25 Heavy Logistics Ports and Terminals AMEA Europe 24% 35% 25% 44% 34% 44% Manufacturing Di
Slide 8: Leading sales and service network in the industry
Leading sales and service network in the industry Kalmar Innovation Centre, Kalmar Innovation Centre, Tampere, Finland Ljungby, Sweden Head Office, Helsinki, Finland Kalmar Factory, Stargard, Poland 1,400+ Kalmar Factory, Ottawa, United States Service Kalmar Factory, technicians Shanghai, China Sale
Slide 9: The market is expected to be more subdued in H2
The market is expected to be more subdued in H2 Average growth rate 2024-28: 2.8% Average growth rate 2019-23: 2.0% Average growth rate 2024-28: 3.1% Average growth rate 2019-23: 2.8% Average growth rate 2024-28: 2.5% Average growth rate 2024-28: 2.9% Average growth rate 2019-23: 2.7% Average growth
Slide 10: Connected fleet activity remained on a good level
Connected fleet activity remained on a good level y/y: +1% q/q: 0% Overall y/y: -3% y/y: +2% q/q: +3% q/q: +2% y/y: +1% q/q:+3% y/y: +2% q/q: +8% 68,000+ installed base y/y: +4% q/q: +6% 14,500+ y/y: +6% connected q/q: +4% y/y: +3% equipment q/q: +6% Change in equipment activity: 10 y/y = Q2/2025 vs
Slide 11: Eco portfolio share of sales continued to grow
Eco portfolio share of sales continued to grow Eco portfolio sales, MEUR and % of total sales • Customers showing strong interest towards eco portfolio solutions • Fully electric share of total equipment orders LTM remained flat at 10% MEUR Q2/25 Q2/24 Change Q1-Q2/25 Q1-Q2/24 Change Eco portfolio s
Slide 12: Announced orders booked in Q2 2025
Announced orders booked in Q2 2025 8 Kalmar heavy 2 Kalmar empty 11 hybrid straddle 14 hybrid straddle 4 hybrid automated terminal tractors to container carriers + MyKalmar carriers to Hanseatic straddle carriers to Cagliari RoRo handlers to Depot INSIGHT to Seayard, Global Terminals, Victoria Inter
Slide 13: Actions towards sustainable growth in Q2
Actions towards sustainable growth in Q2 Next-generation Kalmar’s climate Kalmar introduces Kalmar One is Relocation and Launch of Inspector lithium-ion battery targets validated by Automation as a introduced as a outsourcing of – a new digital technology for Science Based Service – a model standalo
Slide 14: Good business performance in Q2
Good business performance in Q2 Equipment Services Orders received: Orders received: 304 MEUR 146 MEUR Order book: Order book: 892 MEUR 135 MEUR Sales: Sales: 275 MEUR 144 MEUR Comparable operating profit: Comparable operating profit: 38.3 MEUR/13.9% 24.3 MEUR/16.9% Other not included. 14
Slide 15: 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 16: Agenda
Agenda 1. Second quarter’s highlights 2. Market environment Sami Niiranen President & CEO 3. Financial & business performance 4. Financial profile 5. Reporting segments Sakari Ahdekivi 6. Balance sheet & cash flow CFO 7. Guidance for 2025 1. Q&A
Slide 17: Attractive & strong financial profile
Attractive & strong financial profile Q2 2025 LTM key financial figures 1,833 MEUR 1,029 MEUR 26.8% 12.7% Orders received Order book Gross profit Comparable (at 30 June 2025) operating profit margin 1,683 MEUR 0.4x 20.7% 95% Sales Leverage Return on capital Cash conversion (interest bearing net debt
Slide 18: Equipment orders increased
Equipment orders increased Equipment; Sales, orders received, order book, MEUR • All equipment divisions performed well • Demand environment good, however, subdued in the US • Successful project deliveries, especially related to straddle carriers • Trade war and new tariffs have increased the level
Slide 19: Equipment profitability at a strong level
Equipment profitability at a strong level Equipment; Comparable operating profit, MEUR and % ● Continued solid commercial performance with stable gross margins. ● Driving excellence program actions contributed to profitability improvement. 19 Q3/23 - Q2/24 are carve-out figures
Slide 20: Services on a growth track
Services on a growth track Services; Sales, orders received, order book, MEUR ● Continued good level of order intake ‒ Driven by smaller contracts and spare parts ‒ Variation across regions related to trade tensions. A softer US market. MEUR Q2/25 Q2/24 Change Q1-Q2/25 Q1-Q2/24 Change Orders receive
Slide 21: Services profitability burdened by temporary impacts
Services profitability burdened by temporary impacts Services; Comparable operating profit, MEUR and % ● Services profitability impacted by tariffs and warehouse outsourcing and change of location in US. ● Resilient sales despite market turbulence. 21 Q3/23 - Q2/24 are carve-out figures
Slide 22: Approximately 16 MEUR of annualised gross efficiency improvements secured during H1/2025
Approximately 16 MEUR of annualised gross efficiency improvements secured during H1/2025 • Execution of the Driving Excellence initiative is ongoing and Kalmar is planning to reach approximately EUR 50 million gross efficiency improvements by the end of 2026 • The main components are: ‒ Commercial e
Slide 23: 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) Items affecting comparability deriving mostly from demerger and listing costs had a -2.2 percentage points impact on ROCE Q2/25. 23 The time period Q3/23 - Q2/24 is based on carve-out figure
Slide 24: Strong balance sheet
Strong balance sheet Net debt and gearing, MEUR Maturity profile, 30 June 2025* Interest-bearing Dividends of total 64 MEUR net debt / EBITDA were paid during Q2. 0.4x 24 *The detailed maturing profile of lease liabilities is reported annually and estimated in the interim reports.
Slide 25: Cash flow impacted by increased working capital
Cash flow impacted by increased working capital Cash flow from operations before financing items and taxes, MEUR 25 Q3/23 - Q2/24 are carve-out figures
Slide 26: Guidance for 2025
Guidance for 2025 Kalmar expects its comparable operating profit margin to be above 12 percent in 2025. 26
Slide 27: Q&A
Q&A
Slide 28: Site visit for analysts & investors 17 September 2025
Site visit for analysts & investors 17 September 2025 Kalmar’s site in Stargard, Poland Please register via this link. 28
Slide 29: 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
Slide 30: 2024 equipment sales to and from US
2024 equipment sales to and from US Canada Stargard, Poland United States Ottawa, United States Shanghai, China In addition to Mexico equipment sales, spare parts and service operations generate material Ipoh, Malaysia revenue in the US. (Bromma) Equipment sales flows, width indicates magnitude Sour