Ferronordic Ab · OMXSTO:FNM
Ferronordic Ab — Investor Presentation (August 2026)
37 slides from Ferronordic Ab's investor presentation, August 2026
Slide 1: Company Presentation
IN FERRONORDIC Company Presentation August 2026
Slide 2: Introduction to Ferronordic
Introduction to Ferronordic Group USA - 62% of revenue • International dealer group in construction equipment and • Volvo Construction Equipment and other brands such as Sandvik, trucks Hitachi and Link-Belt Cranes • Develops and integrates dealerships across multiple markets • Volvo CE sales area i
Slide 3: Ferronordic as an investment
Ferronordic as an investment ▪ Resilient aftermarket-driven earnings ▪ Growth and margin ▪ Operating leverage in existing markets ▪ Disciplined capital allocation above local cost of capital ▪ Improving ▪ Proven ability to build, acquire, integrate, and exit dealerships cashflows ▪ Poised for organi
Slide 4: Ferronordic at a glance
Ferronordic at a glance Development Employees Revenue (SEKm)1 Outlets 2010 (Start) ~160 1,184 6 Q2 2026 Employees Revenue (SEKm) Outlets 800 4,957 40 Revenue by activity (LTM) Revenue by industry - US (2025) Other Revenue Mining 8% 3% Other 15% Equipment and Truck General Construction Aftermarket Sa
Slide 5: Strategic objectives and priorities
Strategic objectives and priorities Aftermarket absorption >1.0x Ensuring a stable and resilient earnings base and maintaining focus on aftermarket development Disciplined growth and capital allocation Focus on investments and acquisitions meeting defined return requirements Digital and AI-enabled o
Slide 6: Value pyramid
Value pyramid Vision: • To be the leading service and Vision sales company in our markets To be the leading service and sales company in our markets Mission • To support the growth and leadership of our customers • Respect Values and • Quality operating principles • Excellence • Great team • Custome
Slide 7: Building on strong brands
Building on strong brands Volvo CE Volvo Trucks Renault Trucks Hitachi Link-Belt Sandvik Bergmann Ammann Cranes Since Since Since Since Since Since Since Since 1985 USA 2020 2020 1987 1980s 1970s 2020 2024 2019 Kazakhstan Product range Product range Product range Product range Product range Product
Slide 8: Aftermarket focus
Aftermarket sales Aftermarket focus • Proactive customer coverage based on real- time data from the existing machine population Share of sales Share of sales (LTM) USA (LTM) Germany • Proprietary system transforms machine telematic signals (e.g. VCE’s CareTrack) into Other Other 10% 5% sales leads o
Slide 9: Moving toward further customer integration
Moving torward further customer integration Complexity of Customer Demand Business Consultancy Business Services Open Platform Total Cost of Ownership Customised Solutions Upcycling Part Sales Services Rental Segment Experience Grow in new Machine/Truck Sales Finance Segment Ferronordic’s Offering 9
Slide 10: Automatic Lead Generation
Automatic Lead Generation Equipment sales rep Service and Customer parts sales rep Machine data Rules engine Sales leads Sales action Follow up 10
Slide 11: Sustainability at Ferronordic
Sustainability at Ferronordic • 45% of 2025 revenue taxonomy-eligible – service, spare parts, Aligned with efficiency and business model and used machines are at the core of our business model and part of a circular economy Environment • First sustainability report in accordance with CSRD in 2025 An
Slide 12: Key industry trends
Key industry trends Infrastructure and AI Generational shift creates Improved operational Equipment-as-a-Service investments M&A opportunities efficiency Electrification Electrification Electrification Electrification Investments to upgrade Business model where High quality family run Constant indus
Slide 13: USA
USA • Ferronordic acquired 100% of the shares in the Rudd Equipment Company in November 2023 Network • Rudd is one of the largest distributors of Volvo IA PA CE as well as other strong brands such as IL IN OH Hitachi, Sandvik, Link-Belt Cranes, Bergmann, WV MO KY Atlas and Mantsinen • The company’s
Slide 14: Growth opportunities
Growth opportunities Grow market share Improve rental fleet efficiency Grow service and parts sales 14
Slide 15: Customer industry overview
Customer industry overview Quarry and aggregate Construction Mining Mining 3% Other 15% General Construction and Other Agriculture & 32% Landscaping 8% Lumber Sawmill 3% Demolition Scrap / waste Forestry Recycling & Waste 11% Road Construction 12% Government 5% Quarriers & Aggregates 11% 15
Slide 16: Noteworthy projects
Noteworthy projects $4.4b plant producing >$28b to build two new batteries and EV chip factories $3.9b semiconductor $500m expansion of facility battery plant Clearfield Cedar Rapids Cleveland PA $3.1b sustainable IA Fort Wayne sheet steel mill Pittsburgh $500m to expand copper Des Moines Davenport
Slide 17: What makes Rudd special?
What makes Rudd special? In-house Training apprentice and centers master In-house technician Machine customer programs rebuilds support center Widely High parts acclaimed availability service Component Outstanding rebuilds and sales team exchange components 17
Slide 18: Germany
Germany Network • Ferronordic became dealer for Volvo and Renault Trucks in Germany in January 2020 • Germany is Europe’s largest heavy trucks Hanover market with 53,000 registrations in 2025 Peine Barleben Coswig • Ferronordic’s sales area covers approx. 18% Northeim Dessau Nordhausen of the German
Slide 19: German truck market
German truck market Heavy truck registrations in Germany (units) 80,000 120 70,264 68,982 115 70,000 67,797 68,450 66,441 65,280 61,940 60,218 110 58,574 60,213 60,000 55,167 55,215 55,386 55,089 55,419 53,437 50,427 105 50,000 48,827 100 40,322 40,000 95 30,000 90 20,000 85 10,000 80 0 75 2008 2009
Slide 20: Strategy
Strategy Expand and improve the dealer 1 network in our sales area Take full control of service and 2 parts sales in our sales area Grow market share and 3 population Increase efficiency in 4 organization 20
Slide 21: Driving organic growth
Driving organic growth Capture the Price population optimization • Population analysis • Dynamic pricing • Service contracts models • Connectivity • Special offers and • Increasing mechanic productivity targeted discounts and where strategic workshop efficiency 21
Slide 22: Kazakhstan
Kazakhstan Network Astana Aktobe Karaganda Aschaffenburg Almaty 22 (4) Ferronordic outlets in Kazakhstan as of August 2026
Slide 23: Second quarter 2026
Ferronordic Second quarter 2026
Slide 24: Q2 2026: Increased earnings in all markets
Q2 2026: Increased earnings in all markets • Revenue increased 43% to SEK 1,558m (1,088), up 54% in fixed currency, with growth in all segments • Gross margin of 15.8% (16.3) on higher equipment share of revenue; up in the US • Operating profit improved to SEK 68m (-5), with all three segments profi
Slide 25: Q2 2026 Increased earnings in all markets
Q2 2026 Increased earnings in all markets Revenue up 54% in fixed currency • Strong quarter with higher earnings in all markets • Improvements of recent years increasingly visible in results • Driven above all by high US sales, with June a record month • Focus remains on existing operations and thei
Slide 26: US: Strong demand and strong execution
US Strong demand and strong execution Sales up 53% in USD • Strong demand from infrastructure activity and accelerating data center construction across our territory • Sales up 53% in USD, with equipment up 89%, aftermarket up 22% and rental up 15% • Equipment growth driven by articulated haulers an
Slide 27: Germany
Germany Strong deliveries and higher aftermarket sales Sales up 52% in EUR • Continued signs of recovery, with registrations in our territory up 7% • Truck deliveries up 52% in EUR, with 267 units delivered vs 100 in Q1 • Each truck delivered expands the population that drives aftermarket demand • A
Slide 28: Kazakhstan
Kazakhstan Higher sales and earnings in soft market Sales up 88% • Sales up 88% to SEK 49m (26), driven by higher equipment sales • Market remained weak, partly due to delays in government payments on infrastructure projects • Gross margin flat at 23.8% (24.0) Operating profit • Operating profit of
Slide 29: Q2 2026 Income statement
Q2 2026 Income statement Q2 2025 Q2 2026 % change • Revenue up 43% to SEK 1,558m SEKm US Germany Kazakhstan Group US Germany Kazakhstan Group Group o US 62%, Germany 35%, Kazakhstan (USD/SEK, EUR/SEK, 3% 10.17 11.09 50.40 9.25 10.79 52.61 SEK/KZT) o Equipment and trucks 62%, New units sold 59 155 6
Slide 30: Q2 2026 Balance sheet
Q2 2026 Balance sheet SEKm Q2 2025 Q1 2026 US Q2 2026 Q2 2026 • PP&E increased Y-o-Y, mainly on an expanded US rental fleet, but also currency USD/SEK 9.51 9.52 9.74 EUR/SEK 11.15 10.94 9.74 11.09 effects SEK/KZT 54.94 50.73 49.98 • US working capital down from 19% to 14% of Property, plant and equi
Slide 31: Group EBIT Y-o-Y
Group EBIT Y-o-Y 80 70 0 4 60 20 50 SEKm 1 40 68 30 65 47 20 10 0 -5 EBIT Q4 19 EBIT Q4 20 -10 EBIT Q2 2025 US Germany Kazakhstan HQ EBIT Q2 2026 1 Totals may not always reconcile as figures in the chart are rounded to SEK m. 9
Slide 32: Group EBIT Q-o-Q
Group EBIT Q-o-Q 80 -2 70 3 3 60 50 27 SEKm 1 40 30 65 68 20 37 10 EBIT Q4 19 EBIT Q4 20 0 EBIT Q1 2026 US Germany Kazakhstan HQ EBIT Q2 2026 1 Totals may not always reconcile as figures in the chart are rounded to SEK m. 10
Slide 33: Group assets by segment
Group assets by segment Split by main items and segment as at 30.06.2026 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 equivalents Other assets* receivables * Including deferred tax assets US Germany Kaza
Slide 34: Group liabilities by segment
Group liabilities by segment Split by main items and segment as at 30.06.2026 5,000 4,500 4,000 3,500 3,000 2,500 2,000 SEK 1,409m SEK 97/share 1,500 1,000 500 0 Trade and other payables Bank loans VFS floor plan Lease liabilities Other liabilities* NAV * Including deferred tax liabilities US German
Slide 35: Financial objectives and dividend policy
Financial objectives and dividend policy KPI Objective LTM Q2 2026 Double 2024 revenue in current Revenue 1.02x markets over 5 years1 Operating margin >6% 3.4% Net debt / EBITDA <3x 3.0x (over a business cycle) At least 50% of net profit shall be distributed if net debt after dividend is below 1.0x
Slide 36: Outlook
Outlook We remain optimistic about our US operations and the market environment ahead. Infrastructure spending remains at a high level, and the scale of AI- related data center investments across our territory continues to grow, supporting construction activity and equipment demand for years to come
Slide 37: Thank you
IN FERRONORDIC Thank you