Kalmar Corporation Class B · OMXHEX:KALMAR
Kalmar Corporation Class B — Investor Presentation (June 2026)
57 slides from Kalmar Corporation Class B's investor presentation, June 2026
Slide 1: Investor presentation
Investor presentation June 2026
Slide 2: Agenda
Agenda 1. Strategy overview 2. Q1/2026 highlights and performance 3. Market environment 4. Strategy progress 5. Financial profile 6. Appendix: ‒ Reporting segments ‒ Tariffs ‒ Balance sheet and cash flow ‒ Dividend ‒ Key figures ‒ Capital allocation ‒ Competitors ‒ Electrification and total cost of
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 2025 customer segment sales split 20252 share of sales 2025 Heavy Logistics Ports and Terminals APAC EMEA 24% 35% 15% 51% 35% 44% Manufacturing Distri
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 1,500+ 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 growth1, EUR bn, 2023-2028F decarbonisation and electrification increasing equipment complexity ▪ Additional value pools from new data-driven busine
Slide 10: Q1/2026: Steady sales growth amidst Services headwinds
Q1/2026: Steady sales growth amidst Services headwinds • Overall stable demand amidst geopolitical instability • Orders received decreased yoy due to strong comparison period to EUR 451 (480) million • Sales +5% to EUR 420 (398) million (+10% in constant currencies) • Eco portfolio sales on good lev
Slide 11: Comparable operating profit improved year on year
Comparable operating profit improved year on year Comparable operating profit, MEUR and % Comparable operating profit bridge, Q1/26 *Tariffs included in "margin" category. **"Cost impact" includes all indirect and fixed costs. Q1/26 Q1/25 Change • Comparable operating profit grew due to higher volum
Slide 12: Order intake sequentially on stable level
Order intake sequentially on stable level Orders received and order book, MEUR • Relatively stable overall demand for equipment and services across different end customer segments • Orders received EUR 451 (480) million ‒ -2% in constant currencies • Strong comparison period ‒ (-) Equipment: timing
Slide 13: Order intake increased in Americas and APAC
Order intake increased in Americas and APAC Orders received by geographical area, Q1/26 • (-) EMEA order intake decreased due to timing of some sizable orders during comparison period • (+) Americas order intake grew due to gradual recovery of distribution end customer market in the US • (+) APAC or
Slide 14: Sales grew 10% in constant currencies
Sales grew 10% in constant currencies Sales, MEUR • Sales + 5% yoy, +10% in constant currencies ○ Equipment +7% ○ Services +2% • Services’ share of sales 35% MEUR Q1/26 Q1/25 Change Sales 420 398 +5% Services share of total sales 35% 36% 14
Slide 15: Sales grew in both segments and all market areas
Sales grew in both segments and all market areas Sales by geographical area, Q1/26 • (+) EMEA sales grew driven by a few sizeable order deliveries • (+) Americas sales increased in the Equipment segment • (+) APAC sales strong in ports and terminals MEUR Q1/26 Q1/25 Change EMEA 231 216 +7% Americas
Slide 16: Eco portfolio share of sales
Eco portfolio share of sales Eco portfolio sales, MEUR and % of total sales • (+) Eco portfolio sales grew by 10% • (-) Fully electric share of total equipment orders LTM decreased to 9% (11%) MEUR Q1/26 Q1/25 Change Eco portfolio sales, MEUR 187 170 +10% % of total sales 45% 43% Eco portfolio order
Slide 17: Market environment
Latest forecast vs Q4 2025 Market environment Average growth rate 2024-28: 4.3% Average growth rate 2019-23: 2.1% Average growth rate 2024-28: 3.3% Average growth rate 2019-23: 2.7% Average growth rate 2024-28: 3.4% Average growth rate 2024-28: 2.9% Average growth rate 2019-23: 2.6% Average growth r
Slide 18: Demand outlook
Demand outlook • Kalmar expects that the total market demand for the next six (6) months remains approximately at a similar level as in the previous quarters • However, trade tensions and increased geopolitical instability could affect Kalmar’s markets and end-customer demand. 18
Slide 19: Connected fleet: activity on stable level
Connected fleet: activity on stable level y/y: +1% q/q: +3% Overall y/y: +2% y/y:+2% q/q: +1% q/q: +1% y/y: +2% q/q: +1% y/y:+8% q/q: -2% 70,000+ installed base y/y: +3% q/q: -2% y/y: +3% 16,800+ q/q: +0% connected y/y: +1% equipment q/q: -2% Change in equipment activity: 19 y/y = Q1/2026 vs Q1/2025
Slide 20: Order releases booked in Q1/2026
Order releases booked in Q1/2026 2 Kalmar hybrid 6 Kalmar hybrid straddle 14 Kalmar hybrid straddle carriers to OCHA, carriers and 1 electric straddle straddle carriers to Antwerp, Belgium carrier to Port of Tauranga, PSA Antwerp, Belgium New Zealand 20
Slide 21: Actions towards sustainable growth in Q1/26
Total R&D Actions towards sustainable growth in Q1/26 spend 3.3% of sales The first year of Kalmar donates Kalmar earns top TT7 terminal tractor Move2Green 100 000 euros to Tampere honors from launched to the programme: 68 European market University to accelerate the EcoVadis and CDP development of
Slide 22: Actions towards sustainable growth in 2025
Total R&D Actions towards sustainable growth in 2025 spend in 2025 was 3.1% of sales Kalmar expands its global Kalmar’s third The construction work delivery capability with generation electric of the new test center startup of electric empty terminal tractor sales kicked off in our container handler
Slide 23: 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 24: Driving Excellence initiative continued to deliver results
Driving Excellence initiative continued to deliver results • Kalmar is planning to reach EUR 50 million gross efficiency improvements by the end of 2026 • Run rate of approximately EUR 40 million annualised gross efficiency improvements achieved by end of March • The majority of the improvements sec
Slide 25: Mixed performance in Q1
Mixed performance in Q1 Equipment Services Orders received: Orders received: 302 MEUR 149 MEUR Order book: Order book: 873 MEUR 137 MEUR Sales: Sales: 271 MEUR 148 MEUR Comparable operating profit: Comparable operating profit: 34.1 MEUR/12.6% 23.6 MEUR/16.0% Other not included. 25
Slide 26: Attractive and strong financial profile
Attractive and strong financial profile Q1 2026 LTM key financial figures 1,787 MEUR 1,010 MEUR 25.9% 12.9% Orders received Order book Gross profit Comparable (31 March 2026) operating profit margin 1,763 MEUR -0.1x 24.2% 80%% Sales Leverage Return on capital Cash conversion (interest bearing net de
Slide 27: Attractive and strong financial profile
Attractive and strong financial profile 2025 key financial figures 1,817 MEUR 977 MEUR 26.2% 12.8% Orders received Order book Gross profit Comparable (at 31 December 2025) operating profit margin 1,741 MEUR 0.0x 23.0% 89%% Sales Leverage Return on capital Cash conversion (interest bearing net debt a
Slide 28: Guidance for 2026
Guidance for 2026 Kalmar expects its comparable operating profit margin to be above 12.5 percent in 2026. 28
Slide 29: Appendix
Appendix ‒ Reporting segments ‒ Tariffs ‒ Balance sheet and cash flow ‒ Dividend ‒ Key figures ‒ Capital allocation ‒ Competitors ‒ Electrification and total cost of ownership ‒ End-customer segments ‒ Investment highlights
Slide 30: Equipment segment: stable development
Equipment segment: stable development Equipment: Sales, orders received, order book, MEUR • Order intake decreased year on year due to a few sizeable orders in Q1/25 and currency impact • Sales grew by 7% to EUR 271 (252) million MEUR Q1/26 Q1/25 Change Orders received 302 322 -6% Order book 873 902
Slide 31: Equipment profitability improved
Equipment profitability improved Equipment: Comparable operating profit, MEUR and % Equipment: Comparable operating profit bridge, Q1/26 *Tariffs included in "margin" category. **"Cost impact" includes all indirect and fixed costs. • Profitability improved due to higher volumes and good commercial e
Slide 32: Services segment: soft order intake
Services segment: soft order intake Services: Sales, orders received, order book, MEUR • Order intake decreased due to a few large projects in Q1/25 • Sales increased by 2% amidst market turbulence MEUR Q1/26 Q1/25 Change Orders received 149 158 -6% Order book 137 136 +1% Sales 148 145 +2% Comparabl
Slide 33: Services' profitability decreased
Services’ profitability decreased Services: Comparable operating profit, MEUR and % Services: Comparable operating profit bridge, Q1/26 *Tariffs included in "margin" category. **"Cost impact" includes all indirect and fixed costs. • Comparable operating profit decreased by 14% due to external and in
Slide 34: Tariff landscape has been evolving
Tariff landscape has been evolving • Current and proposed tariffs with potential direct impact on Kalmar remain fluid • IEEPA tariffs ‒ Following the recent U.S. Supreme Court decision ruling the tariffs imposed under the IEEPA unlawful, we are evaluating the potential impacts and also note the rapi
Slide 35: Ongoing conflict in the Middle East is driving increased freight costs
Ongoing conflict in the Middle East is driving increased freight costs & extended transit times • The ongoing conflict in the Regional ports with bypass Middle East is driving cost utility increases in fuel prices and is creating disruptions in logistics routes, resulting in extended transit times,
Slide 36: 2025 equipment sales to and from US
2025 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 37: 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) 37 Q2/24 are carve-out figures.
Slide 38: Strong balance sheet
Strong balance sheet Net debt and gearing, MEUR Maturity profile, 31 March 2026* Interest-bearing net debt / EBITDA -0.1x 38 *The detailed maturing profile of lease liabilities is reported annually and estimated in the interim reports.
Slide 39: Solid cash flow
Solid cash flow Cash flow from operations before financing items and taxes, MEUR 39
Slide 40: Key figures
Key figures MEUR_ Qt/26 Qv25 Change 2025 Orders received 451 480 “6% 1817 Order book. end of period 4,010 1.041 -3% 977 Sales 420, 398 5% 4744 Eco portfolio sales 487 470 40% 763 Eco portfolio sales. % of sales 45% 43% 44% Eco portfolio orders received ca) 213 -20% 789 Eco portfolio orders received.
Slide 41: 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 42: Growth execution underway with clear priorities ahead
Growth execution underway with clear priorities ahead Services sales, MEUR Add customer +20% 560 value with Leverage data-driven 467 industry solutions Spare part capture Capture higher electrification rate from 25% to 30% share of for increased Strong focus on installed base services growth digital
Slide 43: 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 44: Kalmar market position across equipment categories 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 45: 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 in 2025
Slide 46: 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 Sales discussions re. Orderi
Slide 47: 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 48: 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 49: Serving all our customer segments
Serving all our customer segments Ports & terminals Distribution Manufacturing Heavy logistics
Slide 50: Ports and Terminals
Ports and 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 term
Slide 51: 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 52: 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 53: 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 54: Services
Services Spare Global Market parts Key Indicators Digital 31% 70,000 16,800 solutions units units Kalmar's Services drives recurring revenue through Spare parts capture Installed base Connected rate in ‘25 in ‘25 equipment in ‘25 guaranteed uptime and productivity. Data, analytics and AI have a cent
Slide 55: Kalmar Dealer Network
Kalmar Dealer Network Approx. 29% 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 56: 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 57: Kalmar
Kalmar