Kalmar Corporation Class B · OMXHEX:KALMAR
Kalmar Corporation Class B — Investor Presentation (May 2025)
50 slides from Kalmar Corporation Class B's investor presentation, May 2025
Slide 1: Making every move count
Making every move count Investor presentation May 2025 1
Slide 2: Agenda
Agenda 1. Strategy overview 2. Q1 highlights and performance 3. Market environment 4. Financial & business performance 5. Financial profile 6. Appendix ‒ Reporting segments ‒ Balance sheet & cash flow ‒ US equipment flow ‒ Capital allocation ‒ Competitors ‒ Electrification and total cost of ownershi
Slide 3: 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 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: 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 8: 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 Q1/25 customer segment sales split Q1/25 share of sales Q1/25 Heavy Logistics Ports and Terminals AMEA Europe 24% 35% 23% 45% 36% 43% Manufacturing Di
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: Q1/2025 highlights – Solid quarter
Q1/2025 highlights – Solid quarter • Orders received increased by 20% Comparable operating profit, MEUR and % ‒ Overall favourable demand in Q1 • Resilient comparable operating margin (12.0%) ‒ Supported by record high services profitability ‒ Sales decreased by 9% • Investing in sustainable innovat
Slide 11: Continued good order intake
Continued good order intake Orders received and order book, MEUR • The demand picture overall was favourable ‒ Demand in ports and terminals remained stable ‒ Some early market activity recovery signals in the beginning of the quarter particularly in the US distribution end customer segment ‒ Increa
Slide 12: Lower sales but services providing resilience
Lower sales but services providing resilience Sales, MEUR • The lower sales volume was impacted by the lower orders in 2024 • Eco portfolio share of sales increased to 43% and services share of sales to 36% • Softness in North America visible in sales Sales by region, Q1/25 MEUR Q1/25 Q1/24 Change S
Slide 13: Market environment - modest growth with increased uncertainties
Market environment - modest growth with increased uncertainties Average growth rate 2024-28: 3.3% Average growth rate 2019-23: 2.0% Average growth rate 2024-28: 3.2% Average growth rate 2019-23: 2.7% Average growth rate 2024-28: 2.7% Average growth rate 2024-28: 3.0% Average growth rate 2019-23: 2.6
Slide 14: Connected fleet activity at a high level
Connected fleet activity at a high level y/y: +11% q/q: +2% Overall y/y: +4% y/y: q/q: -1% +11% y/y: +8% q/q: +5% q/q:+2% y/y: +7% q/q: +4% 68,000+ installed base y/y: +6% q/q: +1% 14,500+ y/y: +7% connected q/q: +4% y/y: +13% equipment q/q: +9% Change in equipment activity: 14 y/y = Q1/2025 vs Q1/2
Slide 15: 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 was 11% MEUR Q1/25 Q1/24 Change Eco portfolio sales, MEUR 170 176 -3% % of total sale
Slide 16: Announced orders booked in Q1 2025
Announced orders booked in Q1 2025 Modernisation of 32 straddle 6 hybrid straddle carriers to 5 reachstackers including a carriers to APM Terminals’ Forth Ports, UK Kalmar Complete Care MedPort Tangier, Morocco Size: large service agreement to SSAB Size: large Oxelösund, Sweden Size: significant 16
Slide 17: Actions towards sustainable growth
Actions towards sustainable growth 5-year Move2Green R&D Sale of Kalmar’s third Kalmar expands its global program including 20 meur generation electric terminal delivery capability with startup funding from Business Finland tractor started in North of electric empty container to develop low-emission
Slide 18: Good business performance in both segments in Q1
Good business performance in both segments in Q1 Equipment Services Orders received: Orders received: 322 MEUR 158 MEUR Order book: Order book: 902 MEUR 136 MEUR Sales: Sales: 252 MEUR 145 MEUR Comparable operating profit: Comparable operating profit: 29.1 MEUR/11.6% 27.5 MEUR/19.0% Other not includ
Slide 19: Attractive & strong financial profile
Attractive & strong financial profile Q1 2025 LTM key financial figures 1,758 MEUR 1,041 MEUR 26.7% 12.6% Orders received Order book Gross profit Comparable (at 31 March 2025) operating profit margin 1,679 MEUR 0.1x 18.4% 97% Sales Leverage Return on capital Cash conversion (interest bearing net deb
Slide 20: 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 21: Approximately 9 MEUR of annualised gross efficiency improvements secured during Q1/2025
Approximately 9 MEUR of annualised gross efficiency improvements secured during Q1/2025 • 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 ex
Slide 22: Guidance for 2025
Guidance for 2025 Kalmar expects its comparable operating profit margin to be above 12 percent in 2025. 22
Slide 23: Appendix
Appendix 23
Slide 24: Site visit for analysts & investors September 2025
Site visit for analysts & investors 17 September 2025 Kalmar’s site in Stargard, Poland Please indicate initial interest to join by email: ir@kalmarglobal.com or camilla.maikola@kalmarglobal.com 24
Slide 25: Equipment orders increased
Equipment orders increased Equipment; Sales, orders received, order book, MEUR • All equipment divisions performed well • Positive growth signals in the demand environment in the beginning of the year • Increased level of uncertainty in the market MEUR Q1/25 Q1/24 Change Orders received 322 247 31%
Slide 26: Equipment profitability at a good level
Equipment profitability at a good level Equipment; Comparable operating profit, MEUR and % • Profitability decreased due to the drop in sales volume, but remained at a good level • Continued solid commercial performance with stable gross margins 26 Q2/23 - Q2/24 are carve-out figures
Slide 27: Services on a good track
Services on a good track Services; Sales, orders received, order book, MEUR ● Positive momentum in services order intake, supported by significant contract renewals and upgrade projects ● Services is providing resilience to the business MEUR Q1/25 Q1/24 Change Orders received 158 155 2% Order book 1
Slide 28: Services profitability at a record level
Services profitability at a record level Services; Comparable operating profit, MEUR and % ● Good start for the year in Services ● Profitability on a record level ● Successful commercial performance and increased activity level in our installed base 28 Q2/23 - Q2/24 are carve-out figures
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 -3.6 percentage points impact on ROCE Q1/25. 29 The time period Q2/23 - Q2/24 is based on carve-out figure
Slide 30: Strong balance sheet
Strong balance sheet Net debt and gearing, MEUR Maturity profile, 31 March 2025* Interest-bearing net debt / EBITDA** 0.1x 30 *The detailed maturing profile of lease liabilities is reported annually and estimated in the interim reports. **Last 12 months’ EBITDA, periods prior to Q3/2024 are on carve-
Slide 31: Continued strong cash generation
Continued strong cash generation Cash flow from operations before financing items and taxes, MEUR 31 Q2/23 - Q2/24 are carve-out figures
Slide 32: Key figures
Key figures MEUR Q1/25 avs Change 2024 Carve-out Orders received 480 402 20% 4679 Order book. end of period 4.044 972 1% 955 Sales 398 439 “9% 4720 Eco portfolio sales 470 176 “3% 608 Eco portfolio sales, % of sales 43% 40% A% Eco portfolio orders received E 213 n/a n/a Eco portfolio orders received
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: 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 35: AMER Market environment
AMER Market environment Average growth rate 2024-28: 2.2% Average growth rate 2019-23: 1.2% Average growth rate 2024-28: 2.2% Average growth rate 2019-23: 1.9% Average growth rate 2024-28: 2.1% Average growth rate 2024-28: 2.8% Average growth rate 2019-23: 1.0% Average growth rate 2019-23: 1.0% Sour
Slide 36: 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 37: 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 38: 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 39: 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 11% 63% accelerates decarbonisation of equipment of customers plan 41% orders were fully zero or low emission electric in capex by 20282 Q1/25 LT
Slide 40: 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 41: Comparing the total cost of ownership for Reachstackers
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 42: Comparing the total cost of ownership for Reachstackers
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 43: Serving all our customer segments
Serving all our customer segments Ports & terminals Distribution Manufacturing Heavy logistics
Slide 44: 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 45: 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 46: 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 47: 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 48: 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 49: 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 50: Kalmar
Kalmar