Kalmar Corporation Class B · OMXHEX:KALMAR
Kalmar Corporation Class B — Kalmar Oyj B — Q3 2025 Earnings Presentation
32 slides from Kalmar Corporation Class B's earnings presentation, Oct 31, 2025
Slide 1: Improved profitability in the quarter
January-September 2025 interim report: Improved profitability in the quarter 31 October 2025 1
Slide 2: Agenda
Agenda 1. Third quarter’s highlights 2. Market environment Sami Niiranen President & CEO 3. Financial & business performance 4. Financial profile 5. Reporting segments Sakari Ahdekivi 6. Update on tariffs CFO 7. Balance sheet & cash flow 8. Guidance for 2025 9. Q&A
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: 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 5: 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 6: 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 7: 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 8: 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 9: 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 10: 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 11: 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% y/y: +3% equipment q/q: +1% Change in equipment activity: 11 y/y = Q3/2025 vs
Slide 12: 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 13: Order releases booked in Q3
Order releases booked in Q3 3-year Kalmar Care 5 hybrid straddle carriers + 14 hybrid AutoStrad machines maintenance contract for MyKalmar INSIGHT to Patrick Terminals, Australia Noatum Ports Malaga performance management Size: significant Terminal, Spain tool to Rotterdam Shortsea Terminals, Nether
Slide 14: 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 15: 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 16: 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 17: Agenda
Agenda 1. Third quarter’s highlights 2. Market environment Sami Niiranen President & CEO 3. Financial & business performance 4. Financial profile 5. Reporting segments Sakari Ahdekivi 6. Update on tariffs CFO 7. Balance sheet & cash flow 8. Guidance for 2025 9. Q&A
Slide 18: 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 19: Equipment order intake was impacted by 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 20: 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 21: 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 22: 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 23: 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 24: 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 25: 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 26: 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. 26 Q4/23 - Q2/24 are carve-out figures
Slide 27: Strong balance sheet
Strong balance sheet Net debt and gearing, MEUR Maturity profile, 30 September 2025* Interest-bearing net debt / EBITDA 0.3x 27 *The detailed maturing profile of lease liabilities is reported annually and estimated in the interim reports.
Slide 28: 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 28
Slide 29: Guidance for 2025
Guidance for 2025 Kalmar expects its comparable operating profit margin to be above 12 percent in 2025. 29
Slide 30: Q&A
Q&A
Slide 31: Summary
Summary • Improved profitability, supported by Services and improved efficiency • Global market uncertainty persisted, tariff and trade policy landscape dampened decision-making • Solid performance in Services with both increased orders received and profitability • Equipment orders received declined
Slide 32: 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