Slide 1: Ferronordic Third quarter 2025
Ferronordic Third quarter 2025
Slide 2: 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 3: Trending upwards – still a way to go
Q3 2025 Stable dollar sales Trending upwards – still a way to go and recovering margins in US • Performance improving in all markets • In the US, we saw stable dollar sales and recovering margins • In Germany, we saw higher gross profit, lower SG&A and operating result close to break-even • With low
Slide 4: Group summary financials
Q3 2025 Group summary financials1 SEK 1,060m 2 Group revenue at SEK 1,060m (-9%) (-5% on fixed currency rates ) (-9%) revenue • US revenue -5% to SEK 677m (unchanged in USD) • German revenue -4% to SEK 358m (-1% in EUR) • Kazakhstan revenue -70% to SEK 25m (-64% in KZT) Group operating profit of SEK
Slide 5: 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 6: 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 7: Kazakhstan operational highlights
Q3 2025 Signs of recovery, particularly in Kazakhstan operational highlights mining and road • Signs of recovering market, particularly in the mining and road construction construction segments segments • Equipment sales decreased to SEK 14m (73), but with better margins • Service and parts sales in
Slide 8: 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 MM 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 4
Slide 9: Balance sheet
Q3 2025 Balance sheet US • PP&E increased Y-o-Y despite FX, mainly SEK MM Q3 2024 Q2 2025 Q3 2025 due to increase of addition of rental fleet in Q3 2025 FX EUR/SEK 11.30 11.15 11.06 the US and e-rental fleet in Germany FX USD/SEK FX SEK/KZT 10.09 47.37 9.51 54.94 9.42 9.42 58.31 • In US, net working
Slide 10: Changes in presentation of US segment
Changes in presentation of US segment Q3 Q3 Q3 Q3 Y-o-Y Y-o-Y • In 2025, certain revenue and 2024 cost items in the income SEK m reported adjusted 2025 2024 ADJ ADJ statement for the US segment Revenue 677 686 30 716 -1% -5% have been reclassified to align Equipment and truck sales 288 336 9 345 -14
Slide 11: 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 11
Slide 12: Group EBIT Q-o-Q
Group EBIT Q-o-Q 40 7 30 8 20 37 11 SEKm 10 65 16 0 -5 EBIT Q4 19 EBIT Q4 20 -10 EBIT Q2 2025 US Germany Kazakhstan HQ EBIT Q3 2025 12
Slide 13: 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 13 * Including deferred tax
Slide 14: 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 14 * Including deferred
Slide 15: 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 16: 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 17: Thank you
IN FERRONORDIC Thank you