Ferronordic Ab · OMXSTO:FNM
Ferronordic Ab — Investor Presentation (November 2025)
28 slides from Ferronordic Ab's investor presentation, November 2025
Slide 1: Company Presentation
~~ FERRONORDIC Company Presentation November 2025
Slide 2: Ferronordic as an investment
Ferronordic as an investment Robust and scalable business model Value creation and Strong brand portfolio and OEM relationships dividend potential Sustainability integrated part of business model Positioned to benefit from trends in Stronger balance • Electrification sheet • Infrastructu
Slide 3: Introduction to Ferronordic Group
CIS Kazakhstan Introduction to Ferronordic • Dealer of Volvo CE in Kazakhstan from January 2019 Group • Dealer of Mecalac in Kazakhstan from January 2019 • Founded in 2010 • Sales of new and used construction • Listed on Nasdaq Stockholm equipment in 2017 • Service and technical support USA Germany
Slide 4: Introduction to Ferronordic
Introduction to Ferronordic Development Employees Revenue (SEKm)1 Outlets 2010 (Start) ~160 1,184 6 Employees Revenue (SEKm) Outlets Q3 2025 815 4,701 37 Revenue by activity (LTM) Revenue by industry - US (2024) Other Revenue Mining 8% 2% Other 12% Equipment Aftermarket Agriculture & General and Tru
Slide 5: Business model
Business model New population New equipment sale New truck sale Rental solutions Used sale Service and parts Used machine sale to Parts and service sales customer Service agreements Major component rebuilds Overhauls sale Rebuild Providing new life to older machines Remanufacturing of parts and comp
Slide 6: Strategic objectives
Strategic objectives Vision: To be the leading service and sales company Leadership in our in the market Service and parts Expansion into related for construction absorption rate of business areas markets equipment and trucks at least 1.0 x Sustainable Industry leading digital Geographic expansion t
Slide 7: 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 8: Building on strong brands
Building on strong brands Volvo CE Volvo Trucks Renault Trucks Hitachi Link-Belt Sandvik Bergmann Mecalac Cranes Since Since Since Since Since Since Since Since 1985 USA 2020 2020 1987 1980s 1970s 2020 2019 2019 Kazakhstan Product range Product range Product range Product range Product range Product
Slide 9: 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 10% 5% sales leads o
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 • Double materiality analysis conducted in 2024 ESG focus areas • Preparations for European Sustainability Environment Reporting Standards (ESRS) reporting in line with Corporate Sustainability Helping customers decarbonize Reporting Directive (CSRD) Driving operati
Slide 12: Key industry trends
Key industry trends Infrastructure Equipment-as-a- Green transition investments Service Electrification Electrification Electrification Important strategy to reduce Demand for investments Business model where trucks CO2 emissions and to driven by need to upgrade and equipment are offered to transfor
Slide 13: USA
USA • In November 2023 Ferronordic acquired Network 100% of the shares in the Rudd Equipment Company PA OH IL IN WV • Rudd is one of the largest distributors of MO KY Volvo CE as well as other strong brands such as Hitachi, Sandvik, Link-Belt Cranes and Bergmann • The company’s sales area for Volvo
Slide 14: Germany
Germany Network • Ferronordic expanded to become dealer for Volvo and Renault Trucks in Germany in January 2020 • Germany is Europe’s largest trucks market Hanover with 60,000 registrations in 2024 Peine Barleben Coswig • Ferronordic’s sales area covers approx. 18% Northeim Dessau Nordhausen of the
Slide 15: Kazakhstan
Kazakhstan Network Astana Aktobe Karaganda Aschaffenburg Almaty 15 (4) Ferronordic outlets in Kazakhstan as of November 2025
Slide 16: Q3 2025: Trending upwards – still a way to go
Q3 2025: Trending upwards – still a way to go Group and segment highlights: • Revenue decreased -9% to SEK 1,060m (1,171) or -5% on fixed currency rates 1 • Gross margin increased 3.7pp Y-o-Y and 2.9pp Q-o-Q to 19.1% • SG&A decreased 8% to SEK 167m (181) • Operating profit increased to SEK 37m (2) •
Slide 17: Group EBIT Y-o-Y
Group EBIT Y-o-Y 40 3 4 30 20 37 SEKm 38 10 65 0 2 -10 EBIT Q4 19 EBIT Q4 20 -10 EBIT Q3 2024 US Germany Kazakhstan HQ EBIT Q3 2025 7
Slide 18: Financial objectives and dividend policy
Financial objectives and dividend policy KPI Objective Q3 2025 LTM Double 20241 revenue in current 1.00x Revenue markets over 5 years (in SEK) 2 x 6M 2024 revenue Operating margin Above 6% 1.0% Below 3 x Net debt / EBITDA 3.9 x (over a business cycle) The ambition is to pay at least 50% of net incom
Slide 19: Outlook
Outlook We remain optimistic about the US and the opportunities there. We expect activity in the infrastructure sector to remain high as the need to maintain and develop roads and other infrastructure is substantial, and infrastructure spending remains at a high level. Additionally, we anticipate in
Slide 20: Questions & Answers
Questions & Answers 14
Slide 21: Appendix
~~ FERRONORDIC Appendix
Slide 22: Q3 2025 US operational highlights
Q3 2025 US operational highlights Demand holding up • Customer activity and machine utilization remain high despite continued tariff • 15% market increase in our territory during the quarter – mainly driven by uncertainty competitors filling up fleets – but validating stable demand • Machine sales d
Slide 23: Q3 2025 Germany operational highlights
Q3 2025 Market up 10% in Germany operational highlights quarter despite • German market increased 10% in the quarter1 continuous soft • Sales of new trucks in units increased by 30%, but still at low level demand • Customers postpone replacements but still use their trucks • Truck sales unchanged in
Slide 24: Q3 2025 Kazakhstan operational highlights
Q3 2025 Signs of recovery, particularly in mining and Kazakhstan operational highlights road construction segments • Signs of recovering market, particularly in the mining and road construction segments • Equipment sales decreased to SEK 14m (73), but with better margins • Service and parts sales in
Slide 25: Group assets by segment
Group assets by segment Split by main items and segment as at 30.09.2025 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 & Other assets* receivables equivalents US Germany Kazakhstan Group 8 * Including deferred tax
Slide 26: Group liabilities by segment
Group liabilities by segment Split by main items and segment as at 30.09.2025 4,500 4,000 3,500 3,000 2,500 2,000 SEK 1,294m SEK 89/share 1,500 1,000 500 0 Trade and other Bank loans VFS floor plan Lease liabilities Other liabilities* NAV payables US Germany Kazakhstan Group 9 * Including deferred t
Slide 27: Q3 2025 Income statement
Q3 2025 Income statement % • Revenue down 9% to SEK 1,060m Q3 2024 Q3 2024 Q3 2024 Q3 2024 Q3 2025 Q3 2025 3 2025 Q3 2025 change SEK M o 64% US, 34% Germany and 2% Kazakhstan Germany US2 Group Kazakhstan Germany US Group Group Kazakhstan FX (SEK/KZT, EUR/SEK, o 49% equipment and trucks, 41% parts 43
Slide 28: n~ FERRONORDIC
n~ FERRONORDIC