Kalmar Corporation Class B · OMXHEX:KALMAR
Kalmar Corporation Class B — Investor Presentation (March 2026)
56 slides from Kalmar Corporation Class B's investor presentation, March 2026
Slide 1: Investor presentation March 2026
Investor presentation March 2026
Slide 2: Agenda
Agenda 1. Strategy overview 2. Q4/2025 highlights and performance 3. Market environment 4. Strategy progress 5. Financial profile 6. Appendix: ‒ Reporting segments ‒ Tariffs ‒ Balance sheet and cash flow ‒ Capital allocation ‒ Competitors ‒ Electrification and total cost of ownership ‒ End-customer
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: Q4/2025 highlights: Record order intake and solid sales growth
Q4/2025 highlights: Record order intake and solid sales growth • Orders received increased to a record of EUR 511 (486) million boosted by a few, sizeable equipment orders in the quarter • Solid sales growth by 11 percent to EUR 487 (440) million • Demand remained overall stable despite market uncer
Slide 11: The comparable operating profit increased
The comparable operating profit increased Comparable operating profit, MEUR and % Comparable operating profit bridge, Q4/25 *Tariffs included in "margin" category. **"Cost impact" includes all indirect and fixed costs. Q4/25 Q4/24 Change FY25 FY24 Change • Higher volumes and successful management of
Slide 12: Record orders received despite continued market uncertainty
Record orders received despite continued market uncertainty Orders received and order book, MEUR • Strong orders in both segments • (+) Equipment orders increased due to a few, sizeable orders • (+) Services orders increased to a record-high level and were strong across the entire service portfolio
Slide 13: Orders received driven by the Americas
Orders received driven by the Americas Orders received by geographical area, Q4/25 • (-) EMEA order intake decline explained by timing of large orders during the comparison period • (+) Americas order intake boosted by a few, sizeable orders • (+) APAC order intake remained stable • Services orders
Slide 14: Solid sales growth
Solid sales growth Sales, MEUR • The sales growth was 11%, and 14% in constant currencies • Both Equipment and Services grew by 11% • The sales increased in all regions during the quarter • Services share of sales was on a stable level at 33% during the quarter and 35% in 2025. MEUR Q4/25 Q4/24 Chan
Slide 15: Sales improvement driven by all regions
Sales improvement driven by all regions Sales by geographical area, Q4/25 • (+) EMEA sales improved driven by both segments in the quarter and in 2025 • (+/-) Americas sales increased in both segments in the quarter; sales decreased in 2025 due to the prolonged market uncertainty • (+) APAC sales wa
Slide 16: Eco portfolio share of sales remained on a high level
Eco portfolio share of sales remained on a high level Eco portfolio sales, MEUR and % of total sales • (+) Fully electric share of total equipment orders LTM increased to 11% (9%) • Innovations during the quarter: ‒ A launch of a new comprehensive range of Kalmar DC charging solutions ‒ A next-gener
Slide 17: Modest global growth expected in 2026
Modest global growth expected in 2026 Average growth rate 2024-28: 4.2% Average growth rate 2019-23: 2.1% Average growth rate 2024-28: 3.3% Average growth rate 2019-23: 2.8% Average growth rate 2024-28: 3.3% Average growth rate 2024-28: 2.6% Average growth rate 2019-23: 2.7% Average growth rate 2019
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 second half of 2025 • However, trade tensions and increased geopolitical instability could affect Kalmar’s markets and end-customer demand. 18
Slide 19: Connected fleet activity on a good level
Connected fleet activity on a good level y/y: +1% q/q: -2% Overall y/y: +3% y/y: +2% q/q: +0% q/q: -1% y/y: +3% q/q: -1% y/y: +8% q/q: +1% 70,000+ installed base y/y: +4% q/q: +1% y/y: +4% 16,800+ q/q: -2% connected y/y: +6% equipment q/q: +1% Change in equipment activity: 19 y/y = Q4/2025 vs Q4/202
Slide 20: Order releases booked in Q4
Order releases booked in Q4 16 hybrid straddle 3 Kalmar hybrid 10-year strategic A Modernisation 5 Kalmar Medium 3-year Kalmar 30 Kalmar hybrid carriers to Transnet Port straddle carriers to Forth supply agreement with Services agreement Forklift Trucks, with a Complete Care service straddle carrier
Slide 21: 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 22: 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 23: Driving Excellence progressed as planned: approximately EUR 34 million of annualised gross efficiency improvements
Driving Excellence progressed as planned: approximately EUR 34 million of annualised gross efficiency improvements at the end of Q4 2025 • During Q1-Q4/2025, a run rate of approximately EUR 34 million annualised gross efficiency improvements was achieved • Kalmar is planning to reach EUR 50 million
Slide 24: Resilient business performance in Q4
Resilient business performance in Q4 Equipment Services Orders received: Orders received: 344 MEUR 166 MEUR Order book: Order book: 840 MEUR 135 MEUR Sales: Sales: 324 MEUR 163 MEUR Comparable operating profit: Comparable operating profit: 44.1 MEUR/13.6% 26.4 MEUR/16.2% Other not included. 24
Slide 25: 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 26: Guidance for 2026
Guidance for 2026 Kalmar expects its comparable operating profit margin to be above 12.5 percent in 2026. 26
Slide 27: 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 28: A strong quarter for the Equipment segment
A strong quarter for the Equipment segment Equipment; Sales, orders received, order book, MEUR • The order intake improved during the quarter due to a few, sizeable orders • High orders and sales compared to a strong comparison period • Sales increased by 11% to EUR 324 (293) million. MEUR Q4/25 Q4/
Slide 29: Equipment profitability improved
Equipment profitability improved Equipment; Comparable operating profit, MEUR and % Equipment, Comparable operating profit bridge, Q4/25 *Tariffs included in "margin" category. **"Cost impact" includes all indirect and fixed costs. • Profitability improved as a result of higher volumes during the qu
Slide 30: Service orders and sales growth on track
Service orders and sales growth on track Services; Sales, orders received, order book, MEUR • Order intake improvement was strong across the entire service portfolio driven by recurring business, renewals and won contracts • Sales increased by 11% despite the market turbulence, mainly driven by volu
Slide 31: Services profitability flat, margin negatively impacted by tariffs
Services profitability flat, margin negatively impacted by tariffs Services; Comparable operating profit, MEUR and % Services, Comparable operating profit bridge, Q4/25 *Tariffs included in "margin" category. **"Cost impact" includes all indirect and fixed costs. • Comparable operating profit increa
Slide 32: Tariff landscape unchanged (communicated Feb)
Tariff landscape unchanged (communicated 13 Feb) • Current and proposed tariffs with potential direct impact on Kalmar unchanged • Reciprocal tariffs vary depending on the country of origin, from EU 15% • Section 232 - 50% tariff on steel, copper and aluminum ‒ Of our equipment portfolio, forklifts
Slide 33: Tariff landscape remains fluid as of February
Tariff landscape remains fluid as of 24 February • 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
Slide 34: 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 35: 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) 35 Q1/24 - Q2/24 are carve-out figures.
Slide 36: Strong balance sheet
Strong balance sheet Net debt and gearing, MEUR Maturity profile, 31 December 2025* Interest-bearing net debt / EBITDA 0.0x 36 *The detailed maturing profile of lease liabilities is reported annually and estimated in the interim reports.
Slide 37: Cash flow supported by decrease in inventories
Cash flow supported by decrease in inventories Cash flow from operations before financing items and taxes, MEUR Strong cash flow for the quarter was supported by good profitability and decrease in inventories. 37
Slide 38: Increased dividend proposed for the Annual General Meeting 2026
Increased dividend proposed for the Annual EPS 2.55* (1.99) General Meeting 2026 Dividend yield 2.7%* (3.1) Dividend per class B share, EUR • Kalmar Board of Directors proposes to the General Meeting held on 31 March 2026: ○ Dividend payment of EUR 1.10 per each outstanding class B share and EUR 1.0
Slide 39: Key figures
Key figures MEUR 4/25 4/24 Change 2025 2024 Change Orders received St 486 5% Tei 11679 8% Order book. end of period 977 955 2% 97 955 2% Sales 487 440 1% 47M 4.720 1% Eco portfolio sales 209 482 14% 763 698 9% Eco portfolio sales, % of sales 43% 41% 44% 41% Eco portfolio orders received 24 n/a 789 n
Slide 40: 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 41: 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 42: 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 43: 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 44: 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 45: 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 46: 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 47: 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 48: Serving all our customer segments
Serving all our customer segments Ports & terminals Distribution Manufacturing Heavy logistics
Slide 49: 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 50: 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 51: 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 52: 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 53: 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 54: 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 55: 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 56: Kalmar
Kalmar