Ferronordic Ab · OMXSTO:FNM
Ferronordic Ab — Q4 2025 Earnings Presentation
18 slides from Ferronordic Ab's earnings presentation, Feb 12, 2026
Slide 1: Ferronordic Fourth quarter 2025
Ferronordic Fourth quarter 2025
Slide 2: Q4 2025: Improved profitability and operating result
Q4 2025: Improved profitability and operating result Group highlights: • Revenue decreased by 10% to SEK 1,211m (-4% adjusted for currency) • Gross profit increased by 12% • SG&A increased by 1% • Operating result increased to SEK 31m despite one-off costs of SEK 23m • Net finance costs decreased by
Slide 3: Q4 2025 Increased sales and operating profit in the US
Q4 2025 Increased sales and operating profit in the US Improved profitability and operating result despite weaker dollar • Continued work to strengthen customer relations and improve profitability across the Group • Stable revenue adjusted for currency • Operating profit increased to SEK 31m, or SEK
Slide 4: Q4 2025 US Highlights
Q4 2025 US Highlights Strong demand despite • Demand remained strong and customers stayed optimistic, supported by continued uncertainty strong order backlogs relating to tariffs and • High activity continued in infrastructure and data center projects currency • The GPE market in the Ferronordic ter
Slide 5: Acquisition of Housby Heavy
Acquisition of Housby Heavy First step in US geographic expansion Purchase price of USD • Asset acquisition of Housby Heavy Equipment, Volvo CE dealer in Iowa, 17.7m – primarily completed on January 30, 2026 inventory and rental • Acquired assets and operational employees; no real estate, liabilitie
Slide 6: Q4 2025 Germany operational highlights
Q4 2025 Germany operational highlights Early signs of market recovery continued • Demand remained weak, although early signs of recovery continued • Customers continued to operate fleets, supporting long-term replacement demand • Registrations in Ferronordic sales territory increased 8% in the quart
Slide 7: Q4 2025 Kazakhstan operational highlights
Q4 2025 Revenue increased Kazakhstan operational highlights by 24% to SEK 40m • Continued market recovery, supported by increasing activity in mining and road construction • The GPE market is estimated to have grown 30% in the quarter • Continued focus on clearing older inventory to improve inventor
Slide 8: Q4 2025 Income statement
Q4 2025 Income statement Q4 2024 Q4 2024 Q4 2024 Q4 2024 Q4 2025 Q4 2025 Q4 2025 Q4 2025 % • Revenue down 10% to SEK 1,211m change SEK MM o 67% US, 30% Germany, 3% Kazakhstan Germany US2 Group Kazakhstan Germany US Group Group Kazakhstan FX (SEK/KZT, EUR/SEK, USD/SEK) 44.41 11.43 10.57 53.22 11.07 9
Slide 9: FY2025 Income statement
FY2025 Income statement 2024 2024 2024 2024 2025 2025 2025 2025 % • Revenue down 6% to SEK 4,566m change SEK MM o 64% US, 33% Germany and 3% Kazakhstan Germany US2 Group Kazakhstan Germany US Group Group Kazakhstan FX (SEK/KZT, EUR/SEK, o 53% equipment and trucks, 39% parts 44.41 11.43 10.57 53.22 1
Slide 10: Q4 2025 Balance sheet
Q4 2025 Balance sheet SEK MM Q4 2024 Q3 2025 US Q4 2025 • PP&E decreased YoY, mainly due to Q4 2025 USD/SEK FX effects and rental fleet FX EUR/SEK 11.49 11.06 10.82 reduction in Germany FX USD/SEK 11.00 9.42 9.20 9.20 FX SEK/KZT 47.58 58.31 54.72 • In the US, net working capital increased QoQ from 1
Slide 11: Changes in presentation of US segment
Changes in presentation of US segment Q4 Q4 Q4 Q4 Y-o-Y Y-o-Y • Certain revenue and cost items 2024 in the US segment were SEK m reported adjusted 2025 2024 ADJ ADJ reclassified in 2025 to align with Revenue 811 720 35 755 13% 7% Group reporting guidelines. Equipment and truck sales 459 419 -26 393
Slide 12: Group EBIT Y-o-Y
Group EBIT Y-o-Y 40 30 1 7 SEKm 20 12 65 31 10 8 EBIT Q4 19 EBIT Q4 20 2 0 EBIT Q4 2024 US Germany Kazakhstan HQ EBIT Q4 2025 12
Slide 13: Group EBIT Q-o-Q
Group EBIT Q-o-Q 70 60 -27 30 50 40 SEKm -10 0 30 65 20 37 31 10 EBIT Q4 19 EBIT Q4 20 0 EBIT Q3 2025 US Germany Kazakhstan HQ EBIT Q4 2025 13
Slide 14: Group assets by segment
Group assets by segment Split by main items and segment as at 31.12.2025 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 * Including deferred tax as
Slide 15: Group liabilities by segment
Group liabilities by segment Split by main items and segment as at 31.12.2025 4,500 4,000 3,500 3,000 2,500 2,000 SEK 1,306m 1,500 SEK 90/share 1,000 500 0 Trade and other Bank loans VFS floor plan Lease liabilities Other liabilities* NAV payables US Germany Kazakhstan Group * Including deferred tax
Slide 16: Financial objectives and dividend policy
Financial objectives and dividend policy KPI Objective Q4 2025 LTM Double 20241 revenue in current 0.97x Revenue markets over 5 years (in SEK) 2 x 6M 2024 revenue Operating margin Above 6% 1.7% Below 3 x Net debt / EBITDA 3.4 x (over a business cycle) The ambition is to pay at least 50% of net incom
Slide 17: Outlook
Outlook We remain optimistic about our US operations despite ongoing uncertainty related to tariffs and currency developments. Customers maintain solid order books, and activity in the infrastructure sector is expected to remain high, driven by the need to maintain and develop road networks and othe
Slide 18: Thank you
IN FERRONORDIC Thank you