Ferronordic Ab · OMXSTO:FNM
Ferronordic Ab — Q2 2025 Earnings Presentation
17 slides from Ferronordic Ab's earnings presentation, Aug 14, 2025
Slide 1: Ferronordic Second quarter 2025
Ferronordic Second quarter 2025
Slide 2: Q2 2025: Stable revenue and cash flow, further steps towards profitability
Q2 2025: Stable revenue and cash flow, further steps towards profitability Group and segment highlights: • Stable sales and cash flows • Revenue of SEK 1,088m (1,115) • Cash flows from operating activities at SEK 262m (270) • Gross profit declined 4% to SEK 177m (185) • Gross margin largely unchange
Slide 3: Stable revenue and cash flow, further steps towards profitability
Q2 2025 Our customers in the Stable revenue and cash flow, further US remain optimistic about the future steps towards profitability • New CEO since mid May • Stable revenue and cash flows despite uncertainty in the US and stagnation in Germany Our customers in • Operating profit negative at SEK -5
Slide 4: Group summary financials
Q2 2025 Group summary financials1 SEK 1,088m Group revenue at SEK 1,088m (-2%) (-2%) revenue • US revenue -4% to SEK 695m (+4% in USD) • German revenue +10% to SEK 366m (+12% in EUR) • Kazakhstan revenue -54% to SEK 26m (-45% in KZT) Group operating profit of SEK -5m (-4) SEK -5m • US operating prof
Slide 5: US operational highlights
Q2 2025 In Q2 2025, Ferronordic sold 59 new units, 22 US operational highlights1 used units and 26 units • Consistent demand despite uncertainty regarding trade policy and tax were converted to • Activity remains high. Customers are optimistic and have strong backlogs sales from rental • Market in F
Slide 6: Germany operational highlights
Q2 2025 New truck sales in Germany operational highlights units increased by 53% • Demand for new and used trucks remained soft as many customers to 155 units continued to delay new investments • New trucks registered in Germany decreased by 27%1 • New trucks registered in Ferronordic’s territory de
Slide 7: Kazakhstan operational highlights
Q2 2025 Sales of new machines in units Kazakhstan operational highlights decreased to 6 (11) • Economy continued to grow • Activity in the mining sector, however, where many of Ferronordic’s large customers are active, remained low • Market for larger machines (GPE segment) declined by 27% Y-o-Y Aft
Slide 8: Economic development
Economic development US economy • US up +3.0% in Q2 2025 • GDP +2.0% Y-o-Y and 3.0% Q-o-Q in Q2 20251 and +1.3-1.5% growth expected in 20252 • Core PCE inflation at +2.8% in June 20253 • Effective Fed Funds Rate remained unchanged at 4.33% in Q2 20254 German economy • Germany up -0.1% in Q2 2025 • G
Slide 9: Income statement
Q2 2025 Income statement % • Total revenue down 2% to SEK 1,088m Q2 2024 Q2 2024 Q2 2024 Q2 2024 Q2 2025 Q2 2025 Q2 2025 Q2 2025 change SEK MM o 64% US, 34% Germany and 2% KZ Kazakhstan Germany US Group Kazakhstan Germany US Group Group FX (SEK/KZT, EUR/SEK, o 49% equipment and trucks, 41% 42.68 11.
Slide 10: Balance sheet
Q2 2025 Balance sheet US • PP&E increased Y-o-Y despite FX, mainly SEK MM Q2 2024 Q1 2025 Q2 2025 due to addition of rental fleet in the US and Q2 2025 FX SEK/EUR 11.39 10.85 11.15 e-rental fleet in Germany FX SEK/USD 10.61 10.03 9.51 9.51 • In US, net working capital decreased Q-o-Q FX SEK/KZT 44.4
Slide 11: Changes in presentation of US segment
Changes in presentation of US segment Q2 Q2 Q2 Q2 Y-o-Y Y-o-Y • In 2025, certain revenue and 2024 cost items in the income SEK m 2025 2024 ADJ reported adjusted ADJ statement for the US segment Revenue 695 707 21 727 -2% -4% have been reclassified to align Equipment and truck sales 334 356 7 362 -6%
Slide 12: Group EBIT Y-o-Y
Group EBIT Y-o-Y 0 -4 -5 -5 -10 10 SEKm -15 0 -25 65 -20 14 -25 EBIT Q4 19 EBIT Q4 20 -30 EBIT Q2 2024 US Germany Kazakhstan HQ EBIT Q2 2025 12
Slide 13: Group assets by segment
Group assets by segment Split by main items and segment as at 30.06.2025 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 13 * Including deferred tax
Slide 14: Group liabilities by segment
Group liabilities by segment Split by main items and segment as at 30.06.2025 4,500 4,000 3,500 3,000 2,500 2,000 SEK 1,302m 1,500 1,000 500 0 Trade and other Bank loans VFS floor plan Lease liabilities Other liabilities* NAV payables US Germany Kazakhstan Group 14 * Including deferred tax liabiliti
Slide 15: Financial objectives and dividend policy
Financial objectives and dividend policy KPI Objective Q2 2025 LTM Double the 20241 revenue in current 1.02x Revenue markets over 5 years (in SEK) 2 x 6M 2024 revenue Operating margin Above 6% 0.3% Below 3 times Net debt / EBITDA 4.5 x (over a business cycle) The ambition is to pay at least 50% of n
Slide 16: Outlook
Outlook We remain optimistic about our operations in the US and the long-term opportunities there. We expect activity in the infrastructure sector to remain as the need to maintain and develop American roads and other infrastructure is significant. We see clear opportunities to further develop and e
Slide 17: Thank you
n~ FERRONORDIC Thank you