Slide 1: Record high comparable operating profit
27 April 2023 Record high • Demand remained at a comparable good level • Strong sales development operating profit • Comparable operating Cargotec’s Interim Report January–March 2023 profit improved in core businesses Casimir Lindholm, CEO • Mikko Puolakka, CFO Michel van Roozendaal, President Kalma
Slide 2: Disclaimer
Disclaimer Although forward-looking statements contained in this presentation are based upon what management of the company believes are reasonable assumptions, there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ mater
Slide 3: Contents
Contents ● Q1/23 highlights ● Group level development ● Business areas ● Financials and outlook ● Q&A 3
Slide 4: Highlights of Q1/23 – Comparable operating profit margin above 10%
Highlights of Q1/23 – Comparable operating profit margin above 10% Orders received decreased by 7% ● Demand remained at a good level Sales increased by 26% ● Service sales increased by 22% ● Eco portfolio increased by 21% Comparable operating profit increased by 85% ● Kalmar +35 MEUR ● Hiab +14 MEUR
Slide 5: Orders received continued to improve in MacGregor, decreases in Kalmar and Hiab
Orders received continued to improve in MacGregor, decreases in Kalmar and Hiab Orders received -7% MEUR (y/y) +35% (y/y) -21% (y/y) -6% (y/y) Cargotec’s January-March interim report | 27 April 2023 5
Slide 6: Solid order book for 2023 in all business areas
Solid order book for 2023 in all business areas Order book Order book by reporting MEUR segment, 31 March 2023 40% 28% 32% Cargotec’s January-March interim report | 27 April 2023 6
Slide 7: Strong development in sales and record comparable operating profit
Strong development in sales and record comparable operating profit Sales Comparable operating profit* MEUR MEUR x **) Including Corporate admin and support The comparable operating profit definition changed in 2023, Cargotec’s January-March interim report | 27 April 2023 7 figures in the comparison
Slide 8: Excellent performance in service business continued
Excellent performance in service business continued Service orders received +18% Service sales +22% ● Kalmar +18% ● Hiab +21% ● MacGregor +31% Service share 32% of total sales Cargotec’s January-March interim report | 27 April 2023 8
Slide 9: Eco portfolio sales continued to grow
Eco portfolio sales continued to grow Eco portfolio sales +21% ● Increase in climate solutions and in circular solutions ● Increase in all business areas Eco portfolio share 32% of Cargotec’s total sales Cargotec’s January-March interim report | 27 April 2023 9
Slide 10: Business areas
Business areas 10
Slide 11: Record comparable operating profit margin in Kalmar
Kalmar Q1/23 • Steady demand • Orders for the eco portfolio Record comparable continued to increase operating profit • Continued strong performance of service margin in Kalmar business 11
Slide 12: Steady demand in Kalmar
Steady demand in Kalmar Orders received and order book MEUR Q1/23 Q1/22 Change MEUR Orders received 471 499 -6% Order book 1,390 1,449 -4% ● Decision process for larger project orders slowed down ● Service orders continued to be strong ● Order book on a solid level for 2023 Cargotec’s January-March
Slide 13: Kalmar's equipment and service sales continued to grow
Kalmar’s equipment and service sales continued to grow Sales and Service sales MEUR Q1/23 Q1/22 Change MEUR Sales 485 372 31% Service sales 147 124 18% Service sales, % 30% 33% -300 bps ● Improved efficiency in supply chain management ● Persisting tightness and volatility of the component availabili
Slide 14: Margin expansion in Kalmar driven by continued improvements in operational excellence
Margin expansion in Kalmar driven by continued improvements in operational excellence Comparable operating profit MEUR Q1/23 Q1/22 Change MEUR Comparable operating 63 28 >100% profit Comparable operating 13.0% 7.6% 540 bps profit margin ● Higher sales ● Good management of inflationary pressures ● He
Slide 15: Strong quarter in sales and profitability
• Underlying demand drivers Hiab Q1/23 remained at a good level despite decline in orders Strong quarter in • Excellent operational sales and execution continued profitability • Services continue on a positive trajectory 15
Slide 16: Hiab's underlying demand drivers remained at a good level
Hiab’s underlying demand drivers remained at a good level Orders received and order book MEUR Q1/23 Q1/22 Change MEUR Orders received 380 482 -21% Order book 1,121 1,125 0% ● Large orders in the comparison period ● Inflation, extended truck lead times and interest rates impacting orders received ● O
Slide 17: Hiab's equipment and services sales continued to grow
Hiab’s equipment and services sales continued to grow Sales and Service sales MEUR Q1/23 Q1/22 Change MEUR Sales 432 340 27% Service sales 112 93 21% Service sales, % 26% 27% -100 bps ● Excellent operational execution ● Truck lead times limiting sales conversion Cargotec’s January-March interim repo
Slide 18: Hiab's comparable operating profit improved driven by higher sales
Hiab’s comparable operating profit improved driven by higher sales Comparable operating profit MEUR Q1/23 Q1/22 Change MEUR Comparable operating 61 47 29% profit Comparable operating 14.2% 13.9% 30 bps profit margin ● Higher sales ● Good management of inflationary pressures and costs The comparable
Slide 19: MacGregor Q1 – Positive comparable operating profit
MacGregor Q1 – Positive comparable operating profit Orders received increased MEUR Q1/23 Q1/22 Change ● Increase in merchant, offshore Orders received 208 154 35% and service businesses Order book 956 577 66% Sales increased by 12% Sales 157 140 12% ● Service sales +31% Service sales, % 56% 48% 800
Slide 20: Financials and outlook
Financials and outlook 20
Slide 21: Financial highlights of Q1/23
Financial highlights of Q1/23 3,467 85% 104 MEUR Comparable MEUR Strong operating profit Operating profit order book increase 346 12.4% Core businesses* MEUR comparable Eco portfolio sales operating profit margin .*Core businesses = Hiab + Kalmar excluding heavy port cranes Cargotec’s January-March
Slide 22: Cash flow impacted by typical seasonal build up in net working capital
Cash flow impacted by typical seasonal build up in net working capital Cash flow from operations before financing items and taxes MEUR Cargotec’s January-March interim report | 27 April 2023 22
Slide 23: Strong balance sheet and balanced maturity profile
Strong balance sheet and balanced maturity profile Net debt & gearing Maturity profile, 31 March 2023 MEUR Interest-bearing net debt / EBITDA 1.0 Cargotec’s January-March interim report | 27 April 2023 23
Slide 24: Outlook for 2023 unchanged
Outlook for 2023 unchanged Cargotec estimates its core businesses’1 2023 comparable operating profit to improve from 2022 (EUR 3842 million) and MacGregor’s comparable operating profit in 2023 to be positive (EUR -472 million)3 1) Core businesses = Hiab + Kalmar excluding heavy port cranes and inclu
Slide 25: Cargotec
Cy CARGOTEC
Slide 26: Appendix
Appendix 26
Slide 27: Market environment
GDP growth1, % Container throughput growth2, % Manufacturing output growth3, % Market environment Uncertainty going forward Global US Euro Global EMEA AMER Global US Euro area China ASEAN 5* area APAC China *ASEAN 5: Indonesia, Malaysia, Philippines, Thailand, Vietnam. Change direction since last qu
Slide 28: Key financial figures
Key financial figures Q1/23 Q1/22 Change Orders received, MEUR 1,059 1,135 -7% Order book, MEUR 3,467 3,151 10% Sales, MEUR 1,074 851 26% Comparable operating profit, MEUR 112 61 85% Comparable operating profit, % 10.5% 7.2% 330bps Items affecting comparability, MEUR -8 -23 64% Operating profit, MEU