Kalmar Corporation Class B · OMXHEX:KALMAR
Kalmar Corporation Class B — Investor Presentation (August 2025)
50 slides from Kalmar Corporation Class B's investor presentation, August 2025
Slide 1: Investor presentation August 2025
Investor presentation August 2025
Slide 2: 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 3: Agenda
Agenda 1. Strategy overview 2. Q2/2025 highlights & performance 3. Market environment 4. Financial & business performance 5. Financial profile 6. Appendix: ‒ Reporting segments ‒ Balance sheet & cash flow ‒ Capital allocation ‒ Competitors ‒ Electrification & total cost of ownership ‒ End-customer s
Slide 4: 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 5: 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 6: Pure-play leader in the heavy material handling market
Pure-play leader in the heavy material handling market #1 #2-3 #1 #1 #1 Reachstackers1 Forklift Trucks, Terminal Straddle Spreaders medium and heavy Tractors Carriers EQUIPMENT SERVICES A leading service network in the industry, close to customers2 Spare parts Maintenance Lifecycle solutions # Refer
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: Kalmar is addressing a large and growing global market
Kalmar is addressing a large and growing global market Global heavy material handling market ▪ Upside from industry Total market size, segmentation and growth1, EUR bn, 2023-2028F decarbonisation and electrification increasing equipment complexity ▪ Additional value pools from new data-driven busine
Slide 10: 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 11: 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 12: 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 13: 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: 3.1% Average growth rate 2019-23: 2.0% Average growth rate 2024-28: 3.2% 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 14: 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: 14 y/y = Q2/2025 vs
Slide 15: 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 16: 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 17: 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. 17
Slide 18: 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 19: Driving excellence across operations
Driving excellence across operations Driving excellence to target best-in-class commercial performance and cost efficiency Kalmar is planning to 2021 2022 2023 2024 2025 2026 2027 2028 reach approximately Exit Heavy Cranes €50 million Portfolio Business* gross efficiency improvements Optimisation Ex
Slide 20: 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 21: Guidance for 2025
Guidance for 2025 Kalmar expects its comparable operating profit margin to be above 12 percent in 2025. 21
Slide 22: 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. 22
Slide 23: Appendix
Appendix 1. Second quarter’s highlights 2. Market environment 3. Financial & business performance 4. Financial profile 5. Reporting segments 6. Balance sheet & cash flow 7. Guidance for 2025
Slide 24: 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 25: 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. 25 Q3/23 - Q2/24 are carve-out figures
Slide 26: 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 27: 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. 27 Q3/23 - Q2/24 are carve-out figures
Slide 28: 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 29: 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. 29 The time period Q3/23 - Q2/24 is based on carve-out figure
Slide 30: 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 30 *The detailed maturing profile of lease liabilities is reported annually and estimated in the interim reports.
Slide 31: Cash flow impacted by increased working capital
Cash flow impacted by increased working capital Cash flow from operations before financing items and taxes, MEUR 31 Q3/23 - Q2/24 are carve-out figures
Slide 32: Key figures
Key figures MEUR 2/25 2/24 Change Qt-92/25 Q1-02/24 Change 2024 Carve-out Carve-out Orders received 375 20% 931 777 20% 1.679 Order book, end of period 925 11% 4,029 925 1% 955 Sales 47 1% 818 856 4% 1720 Eco portfolio sales 168 9% 344 3% 698 Eco portfolio sales, % of sales 40% 40% 41% Eco portfolio
Slide 33: Flexibility and agility through an asset-light business model
Flexibility and agility through an asset-light business model Asset-light Efficient operations Robust cash conversion Kalmar Global market coverage Liquidity for organic Business Rigorous working capital with an optimized growth and capital Model management manufacturing footprint allocation Evidenc
Slide 34: Growth execution underway with clear priorities ahead
Growth execution underway with clear priorities ahead Services sales, MEUR Add customer +20% 560 value with Leverage data-driven 467 industry solutions Spare part capture Capture higher electrification rate from 25% to 30% share of for increased Strong focus on installed base services growth digital
Slide 35: We will continue to allocate capital to profitable growth, sustainability and shareholder returns
We will continue to allocate capital to profitable growth, sustainability and shareholder returns Investing in organic growth Principles for capital allocation prioritization Organic Long-term Shareholder CAPEX Strong M&A growth growth returns balance sheet readiness possibilities Prioritising R&D s
Slide 36: Kalmar market position across equipment categories and services and relevant competitors
Kalmar market position across equipment categories and services and relevant competitors Straddle Carriers #1 Konecranes, ZPMC Forklift trucks (medium & #2-3 Hyster-Yale, Konecranes, Taylor heavy) Limited Hyster, Kion Group, Mitsubishi Terminal Tractors #1 Terberg, TICO Tractors Forklift trucks (lig
Slide 37: Market is pushing for electrification and our customers are increasingly active
Market is pushing for electrification and our customers are increasingly active Electrification is driving the market3 Safety, Sustainability & Regulation 10% 63% accelerates decarbonisation of equipment of customers plan 41% orders were fully zero or low emission electric in capex by 20282 Q2/25 LT
Slide 38: Customers' electric and diesel buying process compared
Customers’ electric and diesel buying process compared With reference to time of order (first time EV buyers) Delivery of machine = Sales -18 to 24 -12 to 18 -0 to 12 Time of +0 to 9 After months months months order months delivery Electric Decarbonisation Infrastructure Sales discussions re. Orderi
Slide 39: Comparing the total cost of ownership for Reachstackers (Norway)
Comparing the total cost of ownership for Reachstackers Norway Equipment assumptions 5 year total cost of ownership comparison • Same machine model sizes and capacities -8% • Basic configurations for all machines -24% • 326 kWh battery for ERG450 • Same drive cycle and energy consumptions • 3,000 ru
Slide 40: Comparing the total cost of ownership for Reachstackers (France)
Comparing the total cost of ownership for Reachstackers France Equipment assumptions 5 year total cost of ownership comparison • Same machine model sizes and capacities -8% -16% • Basic configurations for all machines • 326 kWh battery for ERG450 • Same drive cycle and energy consumptions • 3,000 ru
Slide 41: Serving all our customer segments
Serving all our customer segments Ports & terminals Distribution Manufacturing Heavy logistics
Slide 42: Ports & Terminals
Ports & Terminals Global Market Key Indicators Container throughput index 6.7% GDP growth Kalmar provides a wide range of high quality Segment CAGR Straddles equipment and services Reach stackers for ports and terminals to ‘23-’281 Example customer profiles ensure maximum operations uptime. • Contai
Slide 43: Distribution
Distribution North America Key Indicators Global retail and wholesale 2.4% output development Kalmar serves the distribution segment by offering Segment CAGR ‘23-’281 GDP growth compact equipment and value adding services to ensure continuous operations of its customers. >30% EV penetration rate Ele
Slide 44: Manufacturing
Manufacturing Europe Key Indicators Manufacturing output index 4.2% Purchasing Managers’ Index Kalmar serves the industrial sector by providing CAGR ‘23-’281 GDP growth supporting equipment for efficient material handling applications and ensuring the maximum uptime with Example customer profiles wo
Slide 45: Heavy Logistics
Heavy Logistics Global Market Key Indicators Manufacturing output index 4% Purchasing Managers’ Index CAGR ‘23-’281 GDP growth Kalmar provides heavy machinery equipment and services for heavy logistics industry for various Example customer profiles applications such wind and energy. • Wind & Energy
Slide 46: Services
Services Spare Global Market parts Key Indicators Digital 3.7% 30% 68,000 solutions units Spare parts capture Installed base of Kalmar's Services drives recurring revenue through CAGR ‘23-’281 rate in ‘24 machines in ‘24 guaranteed uptime and productivity. Data, analytics and AI have a central role
Slide 47: Kalmar Dealer Network
Kalmar Dealer Network Approx. 34% A global network 36% of our dealers 98% of our dealers In most of the of our global of ~170 dealers, have represented are family-owned regions, Kalmar sales came of which ~60 in Kalmar for more businesses. operates in through dealers North America than 10 years. 5 p
Slide 48: Investment highlights – Making every move count
Investment highlights – Making every move count Global leader in an attractive market for 01 mission-critical heavy material handling Partnering long-term with our customers 02 to deliver a stronger impact Geared to grow by making the industry more People with unique 03 electrified, intelligent and
Slide 49: 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
Slide 50: US sales & tariffs
US sales & tariffs - 21% of sales came from the US in Q1 2025 (26% in 2024) - In terms of sales, terminal tractors is the largest product category in the US, and they are locally produced in our Ottawa, Kansas factory - We have implemented tariff surcharges or tariff related price adjustments across