Ferronordic Ab · OMXSTO:FNM
Ferronordic Ab — Investor Presentation (May 2026)
36 slides from Ferronordic Ab's investor presentation, May 2026
Slide 1: Company Presentation
IN FERRONORDIC Company Presentation May 2026
Slide 2: Introduction to Ferronordic
Introduction to Ferronordic Group USA - 64% of revenue • International dealer group in construction equipment and • Volvo Construction Equipment and other brands such as Sandvik, trucks Hitachi and Link-Belt Cranes • Develops and integrates dealerships across multiple markets • Volvo CE sales area i
Slide 3: Ferronordic as an investment
Ferronordic as an investment ▪ Resilient aftermarket-driven earnings ▪ Growth and margin ▪ Operating leverage in existing markets ▪ Disciplined capital allocation above local cost of capital ▪ Improving ▪ Proven ability to build, acquire, integrate, and exit dealerships cashflows ▪ Poised for organi
Slide 4: Ferronordic at a glance
Ferronordic at a glance Development Employees Revenue (SEKm)1 Outlets 2010 (Start) ~160 1,184 6 Q1 2026 Employees Revenue (SEKm) Outlets 822 4,487 40 Revenue by activity (LTM) Revenue by industry - US (2025) Other Revenue Mining 9% 3% Other 15% Equipment and Truck General Construction Aftermarket Sa
Slide 5: Strategic objectives and priorities
Strategic objectives and priorities Aftermarket absorption >1.0x Ensuring a stable and resilient earnings base and maintaining focus on aftermarket development Disciplined growth and capital allocation Focus on investments and acquisitions meeting defined return requirements Digital and AI-enabled o
Slide 6: Value pyramid
Value pyramid Vision: • To be the leading service and Vision sales company in our markets To be the leading service and sales company in our markets Mission • To support the growth and leadership of our customers • Respect Values and • Quality operating principles • Excellence • Great team • Custome
Slide 7: Building on strong brands
Building on strong brands Volvo CE Volvo Trucks Renault Trucks Hitachi Link-Belt Sandvik Bergmann Ammann Cranes Since Since Since Since Since Since Since Since 1985 USA 2020 2020 1987 1980s 1970s 2020 2024 2019 Kazakhstan Product range Product range Product range Product range Product range Product
Slide 8: Aftermarket focus
Aftermarket sales Aftermarket focus • Proactive customer coverage based on real- time data from the existing machine population Share of sales Share of sales (LTM) USA (LTM) Germany • Proprietary system transforms machine telematic signals (e.g. VCE’s CareTrack) into Other Other 11% 6% sales leads o
Slide 9: Moving toward further customer integration
Moving torward further customer integration Complexity of Customer Demand Business Consultancy Business Services Open Platform Total Cost of Ownership Customised Solutions Upcycling Part Sales Services Rental Segment Experience Grow in new Machine/Truck Sales Finance Segment Ferronordic’s Offering
Slide 10: Automatic Lead Generation
Automatic Lead Generation Equipment sales rep Service and Customer parts sales rep Machine data Rules engine Sales leads Sales action Follow up 10
Slide 11: Sustainability at Ferronordic
Sustainability at Ferronordic • 45% of 2025 revenue taxonomy-eligible – service, spare parts, Aligned with efficiency and business model and used machines are at the core of our business model and part of a circular economy Environment • First sustainability report in accordance with CSRD in 2025 An
Slide 12: Key industry trends
Key industry trends Infrastructure and AI Generational shift creates Improved operational Equipment-as-a-Service investments M&A opportunities efficiency Electrification Electrification Electrification Electrification Investments to upgrade Business model where High quality family run Constant indus
Slide 13: USA
USA • Ferronordic acquired 100% of the shares in the Rudd Equipment Company in November 2023 Network • Rudd is one of the largest distributors of Volvo IA PA CE as well as other strong brands such as IL IN OH Hitachi, Sandvik, Link-Belt Cranes, Bergmann, WV MO KY Atlas and Mantsinen • The company’s
Slide 14: Growth opportunities
Growth opportunities Grow market share Improve rental fleet efficiency Grow service and parts sales 14
Slide 15: Customer industry overview
Customer industry overview Quarry and aggregate Construction Mining Mining 3% Other 15% General Construction and Other Agriculture & 32% Landscaping 8% Lumber Sawmill 3% Demolition Scrap / waste Forestry Recycling & Waste 11% Road Construction 12% Government 5% Quarriers & Aggregates 11% 15
Slide 16: Noteworthy projects
Noteworthy projects $4.4b plant producing >$28b to build two new batteries and EV chip factories $3.9b semiconductor $500m expansion of facility battery plant Clearfield Cedar Rapids Cleveland PA $3.1b sustainable IA Fort Wayne sheet steel mill Pittsburgh $500m to expand copper Des Moines Davenport
Slide 17: What makes Rudd special?
What makes Rudd special? In-house Training apprentice and centers master In-house technician Machine customer programs rebuilds support center Widely High parts acclaimed availability service Component Outstanding rebuilds and sales team exchange components 17
Slide 18: Germany
Germany Network • Ferronordic became dealer for Volvo and Renault Trucks in Germany in January 2020 • Germany is Europe’s largest heavy trucks Hanover market with 53,000 registrations in 2025 Peine Barleben Coswig • Ferronordic’s sales area covers approx. 18% Northeim Dessau Nordhausen of the German
Slide 19: German truck market
German truck market Heavy truck registrations in Germany (units) 80,000 120 70,264 115 70,000 67,797 68,450 68,982 65,280 66,441 60,218 61,940 60,213 110 60,000 58,574 55,167 55,215 55,089 55,386 53,437 54,780 105 50,000 50,427 48,827 100 40,322 40,000 95 30,000 90 20,000 85 10,000 80 0 75 2008 2009
Slide 20: Strategy
Strategy Expand and improve the dealer 1 network in our sales area Take full control of service and 2 parts sales in our sales area Grow market share and 3 population Increase efficiency in 4 organization 20
Slide 21: Driving organic growth
Driving organic growth Capture the Price population optimization • Population analysis • Dynamic pricing • Service contracts models • Connectivity • Special offers and • Increasing mechanic productivity targeted discounts and where strategic workshop efficiency 21
Slide 22: Kazakhstan
Kazakhstan Network Astana Aktobe Karaganda Aschaffenburg Almaty 22 (4) Ferronordic outlets in Kazakhstan as of May 2026
Slide 23: First quarter 2026
Ferronordic First quarter 2026
Slide 24: Q1 2026: Stronger earnings and continued progress
Q1 2026: Stronger earnings and continued progress • Revenue amounted to SEK 1,128m (1,206), down 6% YoY but up 6% in fixed currency • Gross margin improved to 17.7% (16.3) • Operating profit more than doubled to SEK 37 (13) • EBITDA increased 49% to SEK 124m (83) • Net profit improved to SEK 32m (-1
Slide 25: Q1 2026 Stronger earnings and continued progress
Q1 2026 Stronger earnings and continued progress Revenue up 6% on • Activity improved through the quarter and accelerated in March fixed currency basis • Increased focus on aftermarket, operational improvements and broader use of technology and data starting to show • Significant untapped potential
Slide 26: Q1 2026 Germany operational highlights
Q1 2026 Germany operational highlights Positive earnings • Aftermarket improvements and cost reductions in Germany starting despite weak market to show results • Positive operating profit of SEK 4m (-9) despite subdued market • Registrations in our territory increased 3% • Gradual market recovery co
Slide 27: Q1 2026 US highlights
Q1 2026 US highlights Revenue up 16% in • Strong demand supported by infrastructure and data center investments USD • AI-related investments becoming major driver of equipment demand • Tariffs and gradual price increases have not materially affected market activity • Sales increased 16% in local cur
Slide 28: Q1 2026 Kazakhstan operational highlights
Q1 2026 Kazakhstan operational highlights Stable aftermarket • Sales amounted to SEK 32m (42) business • Lower equipment sales but stable aftermarket sales • Gross margin improved to 16.0% (13.9) • Operations broadly break-even Focus on operational improvements • Inventory being rebuilt in line with
Slide 29: Q1 2026 Income statement
Q1 2026 Income statement Q1 2025 Q1 2026 % change • Revenue amounted to SEK 1,128m, down SEKm 6% but up 6% in fixed currency US Germany Kazakhstan Group US Germany Kazakhstan Group Group o 67% US, 30% Germany and 3% (USD/SEK, EUR/SEK, 10.68 11.23 47.63 9.14 10.69 54.44 Kazakhstan SEK/KZT) o 53% equi
Slide 30: Q1 2026 Balance sheet
Q1 2026 Balance sheet US • PP&E increased Y-o-Y, mainly reflecting a SEKm Q1 2025 Q4 2025 Q1 2026 Q1 2026 seasonal expansion of the rental fleet, but also USD/SEK 10.03 9.20 9.52 currency effects EUR/SEK 10.85 10.82 9.52 10.94 SEK/KZT 50.07 54.72 50.73 • In US, working capital increased Q-o-Q from P
Slide 31: Group EBIT Y-o-Y
Group EBIT Y-o-Y 40 11 30 0 20 14 37 SEKm 0 10 65 13 0 -10 EBIT Q4 19 EBIT Q4 20 -10 EBIT Q1 2025 US Germany Kazakhstan HQ EBIT Q1 2026 31
Slide 32: Group assets by segment
Group assets by segment Split by main items and segment as at 31.03.2026 5,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0 Real estate Rental fleet Other PP&E Goodwill Inventories Trade and other Cash and equivalents Other assets* receivables * Including deferred tax assets US Germany Kaza
Slide 33: Group liabilities by segment
Group liabilities by segment Split by main items and segment as at 31.03.2026 5,000 4,500 4,000 3,500 3,000 2,500 2,000 SEK 1,352m SEK 93/share 1,500 1,000 500 0 Trade and other payables Bank loans VFS floor plan Lease liabilities Other liabilities* NAV * Including deferred tax liabilities US German
Slide 34: Financial objectives and dividend policy
Financial objectives and dividend policy KPI Objective 1 2 Revenue Double the 2024 revenue in current markets over 5 years (in SEK) Operating margin Above 6% Net debt / EBITDA Below 3 times (over a business cycle) The ambition is to pay at least 50% of net income if net debt/EBITDA is less than 1.0
Slide 35: Outlook
Outlook We are optimistic about our US operations and the market environment ahead. Infrastructure spending remains at a high level across our territory and is increasingly complemented by large-scale data center investments. The scale of planned AI-related investments in the US is unprecedented, wi
Slide 36: Thank you
IN FERRONORDIC Thank you