Kalmar Corporation Class B · OMXHEX:KALMAR
Kalmar Corporation Class B — Investor Presentation (January 2026)
52 slides from Kalmar Corporation Class B's investor presentation, January 2026
Slide 1: Investor presentation January 2026
Investor presentation January 2026
Slide 2: Agenda
Agenda 1. Strategy overview 2. Q3/2025 highlights & performance 3. Market environment 4. Strategy progress 5. Financial profile 6. Appendix: ‒ Reporting segments ‒ Tariffs ‒ Balance sheet & cash flow ‒ Capital allocation ‒ Competitors ‒ Electrification & total cost of ownership ‒ End-customer segmen
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: 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 Q3/25 customer segment sales split Q3/25 share of sales Q3/25 Heavy Logistics Ports and Terminals AMEA Europe 24% 35% 22% 38% 34% 46% Manufacturing Di
Slide 8: 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 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 growth 1, EUR bn, 2023- decarbonisation and 2028F electrification increasing equipment complexity ▪ Additional value pools from new data-driven busi
Slide 10: Q3/2025 highlights - Improved profitability in the quarter
Q3/2025 highlights - Improved profitability in the quarter • Record-high comparable operating profit Comparable operating profit, MEUR and % margin (13.8%), supported by Services and improved efficiencies • Market activity during the quarter in line with our expectations: global market uncertainty p
Slide 11: Services orders strong while equipment orders declined
Services orders strong while equipment orders declined Orders received and order book, MEUR • Strong orders in services across the 1,172 entire portfolio. • Equipment orders declined, impacted by timing of larger orders and delayed 486 480 450 decision making. 405 402 416 375 375 • Underlying demand
Slide 12: A mixed development in orders received across regions and end customer segments
A mixed development in orders received across regions and end customer segments Orders received by geographical area, Q3/25 • Europe order intake YTD has been strong, Q3 decline explained by timing of larger orders • Americas order intake growth driven by the distribution end customer segment compar
Slide 13: Sales continued to grow driven by services
Sales continued to grow driven by services Sales, MEUR • Sales growth was 3%, and 5% in constant currencies • Strong operational execution • Services share of sales continued to grow MEUR Q3/25 Q3/24 Change Q1-Q3/25 Q1-Q3/24 Change Sales 436 425 3% 1,254 1,280 -2% Services share 34% 33% 36% 32% of t
Slide 14: Americas' sales continued to decline slightly
Americas’ sales continued to decline slightly Sales by geographical area, Q3/25 • Europe sales was stable, variations by end customer segment and country • Decrease in sales in Americas due to lower order book in the distribution end customer segment • Strong sales performance in AMEA in ports and t
Slide 15: Slightly more resilient global growth in 2025
Slightly more resilient global growth in 2025 Average growth rate 2024-28: 3.7% Average growth rate 2019-23: 2.1% Average growth rate 2024-28: 3.2% Average growth rate 2019-23: 2.8% Average growth rate 2024-28: 2.8% Average growth rate 2024-28: 2.8% Average growth rate 2019-23: 2.7% Average growth r
Slide 16: Connected fleet activity remained on a good level
Connected fleet activity remained on a good level y/y: +2% q/q: +2% Overall y/y: -3% y/y: +2% q/q: -4% q/q: +3% y/y: +1% q/q:+1% y/y: +9% q/q: +7% 68,000+ installed base y/y: 0% q/q: +3% 14,500+ y/y: +5% connected q/q: +7% equipment y/y: +3% q/q: +1% Change in equipment activity: 16 y/y = Q3/2025 vs
Slide 17: Eco portfolio share of sales on a high level
Eco portfolio share of sales on a high level Eco portfolio sales, MEUR and % of total sales • Fully electric share of total equipment orders LTM increased slightly to 11% • Focus on innovation: Next Generation battery system launched MEUR Q3/25 Q3/24 Change Q1-Q3/25 Q1-Q3/24 Change Eco portfolio sal
Slide 18: Order releases booked in Q3
Order releases booked in Q3 3-year Kalmar Care 5 hybrid straddle carriers + 14 hybrid AutoStrad maintenance contract for MyKalmar INSIGHT machines to Patrick Noatum Ports Malaga performance management Terminals, Australia Terminal, Spain tool to Rotterdam Shortsea Size: significant Terminals, Nether
Slide 19: Actions towards sustainable growth in Q3
Actions towards sustainable growth in Q3 Move2Green 5-year The construction work of Kalmar was awarded Bromma to deliver program funded by the new test center with an EcoVadis Gold world’s first fossil-free Business Finland was kicked off in our medal, placing us in the steel crane spreader to kicke
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 24 MEUR of annualised gross efficiency improvements secured during Q1-Q3/2025
Approximately 24 MEUR of annualised gross efficiency improvements secured during Q1-Q3/2025 • During Q1-Q3/2025, a run rate of approximately EUR 24 million annualised gross efficiency improvements have been secured • Kalmar is planning to reach EUR 50 million gross efficiency improvements by the end
Slide 22: Solid business performance in Q3 despite continued market uncertainty
Solid business performance in Q3 despite continued market uncertainty Equipment Services Orders received: Orders received: 228 MEUR 147 MEUR Order book: Order book: 829 MEUR 131 MEUR Sales: Sales: 286 MEUR 150 MEUR Comparable operating profit: Comparable operating profit: 36.3 MEUR/12.7% 27.7 MEUR/1
Slide 23: Attractive & strong financial profile
Attractive & strong financial profile Q3 2025 LTM key financial figures 1,792 MEUR 961 MEUR 26.6% 12.7% Orders received Order book Gross profit Comparable (at 30 September 2025) operating profit margin 1,694 MEUR 0.3x 20.8% 75% Sales Leverage Return on capital Cash conversion (interest bearing net d
Slide 24: Guidance for 2025
Guidance for 2025 Kalmar expects its comparable operating profit margin to be above 12 percent in 2025. 24
Slide 25: Appendix
Appendix ‒ Reporting segments ‒ Tariffs ‒ Balance sheet & cash flow ‒ Capital allocation ‒ Competitors ‒ Electrification & total cost of ownership ‒ End-customer segments ‒ Investment highlights
Slide 26: Equipment order intake was impacted by both delayed decision making and timing of larger orders
Equipment order intake was impacted by both delayed decision making and timing of larger orders Equipment; Sales, orders received, order book, MEUR • Demand environment mostly stable, but continued to be affected by the elevated market uncertainties, especially in the Americas • Sales on a good leve
Slide 27: Equipment profitability at a solid level
Equipment profitability at a solid level Equipment; Comparable operating profit, MEUR and % Equipment, Comparable operating profit bridge *Margin includes the tariff impact. **Cost impact includes all fixed and indirect costs. ● Profitability impacted by product mix and tariffs ● Driving Excellence
Slide 28: Good progress in Service growth
Good progress in Service growth Services; Sales, orders received, order book, MEUR ● Strong order intake driven by recurring business, renewals and won contracts ● Successful sales execution across the portfolio despite market turbulence ● Order book on a good level providing resilience MEUR Q3/25 Q
Slide 29: Services profitability improved
Services profitability improved Services; Comparable operating profit, MEUR and % Services, Comparable operating profit bridge *Margin includes the tariff impact. **Cost impact includes all fixed and indirect costs. ● Comp. OP increased by 9%, strong commercial performance ● US spare parts distribut
Slide 30: Navigating tariffs - the full impact remains unclear
Navigating tariffs - the full impact remains unclear Current and proposed tariffs with potential direct impact on Kalmar Section 232 - 50% tariff on steel, copper and aluminum - Of our equipment portfolio, forklifts and empty container handlers are included on the section 232 list - In the latest ro
Slide 31: 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 2024 flows, Spare parts, components a
Slide 32: 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 -1.7 percentage points impact on ROCE Q3/25. 32 Q4/23 - Q2/24 are carve-out figures
Slide 33: Strong balance sheet
Strong balance sheet Net debt and gearing, MEUR Maturity profile, 30 September 2025* Interest-bearing net debt / EBITDA 0.3x 33 *The detailed maturing profile of lease liabilities is reported annually and estimated in the interim reports.
Slide 34: Cash flow impacted by increased working capital
Cash flow impacted by increased working capital Cash flow from operations before financing items and taxes, MEUR Q4/23 - Q2/24 are carve-out figures Increase in inventories explained by tariff related causes and improved spare parts availability 34
Slide 35: Key figures
Key figures MEUR 3/25 Q3/24 Change Q1-@3/25 Q1-Q3/24 Change 2024 Orders received 375 416 10% 1.306 4193 9% 1.679 Order book, end of period 961 905 6% 961 905 6% 955 Sales 436 425 3% 1.254 1.280 2% 1.720 Eco portfolio sales 201 172 1% 555 516 8% 698 Eco portfolio sales, % of sales 46% 40% 44% 40% 4%
Slide 36: 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 37: Growth execution underway with clear priorities ahead
Growth execution underway with clear priorities ahead Services sales, MEUR Add customer +20% 560 value with data- Leverage driven solutions 467 industry Spare part capture Capture higher electrification rate from 25% to 30% share of for increased Strong focus on installed base services growth digita
Slide 38: 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 39: 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 40: 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 Q3/25 LT
Slide 41: 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 planning Sales discussions r
Slide 42: 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 43: 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 44: Serving all our customer segments
Serving all our customer segments Ports & terminals Distribution Manufacturing Heavy logistics
Slide 45: Ports & Terminals
Ports & Terminals Global Market Key Indicators Container throughput index GDP growth Kalmar provides a wide range of high quality Straddles equipment and services Reach stackers for ports and terminals to Example customer profiles ensure maximum operations uptime. • Container terminals • Bulk termin
Slide 46: Distribution
Distribution North America Key Indicators Global retail and wholesale output development GDP growth Kalmar serves the distribution segment by offering compact equipment and value adding services to >30% ensure continuous operations of its customers. EV penetration rate Electric Terminal Tractor mark
Slide 47: Manufacturing
Manufacturing Europe Key Indicators Manufacturing output index Purchasing Managers’ Index Kalmar serves the industrial sector by providing GDP growth supporting equipment for efficient material handling applications and ensuring the maximum uptime with Example customer profiles world class services.
Slide 48: Heavy Logistics
Heavy Logistics Global Market Key Indicators Manufacturing output index Purchasing Managers’ Index 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 • Waste and recyc
Slide 49: Services
Services Spare Global Market parts Key Indicators Digital 30% 68,000 14,500 solutions units units Spare parts capture Installed base Connected Kalmar's Services drives recurring revenue through rate in ‘24 in ‘24 equipment in ‘24 guaranteed uptime and productivity. Data, analytics and AI have a cent
Slide 50: Kalmar Dealer Network
Kalmar Dealer Network Approx. 34% A global network 36% of our dealers 98% of our dealers In most of the of our global of ~170 dealers, have represented are family-owned regions, Kalmar sales came of which ~60 in Kalmar for more businesses. operates in through dealers North America than 10 years. 5 p
Slide 51: Investment highlights – Making every move count
Investment highlights – Making every move count Global leader in an attractive market for mission-critical heavy material handling Partnering long-term with our customers to deliver a stronger impact Geared to grow by making the industry more electrified, intelligent and sustainable Significant serv
Slide 52: Kalmar
Kalmar