Slide 1: Ferronordic First quarter 2026
Ferronordic First quarter 2026
Slide 2: 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 3: 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 4: 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 5: 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 6: 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 7: 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, SEK/KZT) 10.68 11.23 47.63 9.14 10.69 54.44 Kazakhstan New units
Slide 8: 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 9: Group EBIT Y-o-Y
Group EBIT Y-o-Y 40 30 11 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 9
Slide 10: Group EBIT Q-o-Q
Group EBIT Q-o-Q 50 0 40 5 30 SEKm 33 20 26 37 31 65 10 0 EBIT Q4 19 EBIT Q4 20 -10 EBIT Q4 2025 US Germany Kazakhstan HQ EBIT Q1 2026 10
Slide 11: 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 Other assets* receivables equivalents * Including deferred tax assets US Germany Kaza
Slide 12: 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 Bank loans VFS floor plan Lease liabilities Other liabilities* NAV payables US Germany Kazakhstan Group 12 * Including def
Slide 13: Financial objectives and dividend policy
Financial objectives and dividend policy KPI Objective LTM Q1 2026 Double 2024 revenue in current Revenue 0.92x markets over 5 years1 Operating margin >6% 2.2% <3x Net debt / EBITDA 3.8x (over a business cycle) At least 50% of net profit shall be distributed if net debt after dividend is below 1.0x
Slide 14: 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 15: Thank you
n~ FERRONORDIC Thank you