Kalmar Corporation Class B · OMXHEX:KALMAR
Kalmar Corporation Class B — Kalmar Oyj B — Q2 2026 Earnings Presentation
35 slides from Kalmar Corporation Class B's earnings presentation, Jul 22, 2026
Slide 1: Half-year financial report January–June 2026: Strong sales growth and cash flow
Half-year financial report January–June 2026: Strong sales growth and cash flow in the second quarter 22 July 2026 1
Slide 2: Agenda
Agenda 1. Second quarter highlights Sami Niiranen 2. Market environment President & CEO 3. Financial and business performance 4. Financial profile 5. Reporting segments Sakari Ahdekivi 6. Update on operating environment CFO 7. Balance sheet and cash flow 8. Guidance for 2026 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: Highlights Q2/2026: Strong sales growth and cash flow
Highlights Q2/2026: Strong sales growth and cash flow • Steady performance across both segments and in the different regions • Customer demand remained relatively stable • Resilient order intake at EUR 449 (450) million • Sales grew by 14% to EUR 480 (420) million • Eco portfolio sales grew by 27%.
Slide 5: Orders received remained on a stable level
Orders received remained on a stable level Orders received and order book, MEUR • Stable overall demand for equipment and services across different end customer segments • Orders received EUR 449 (450) million • Resilient order intake despite fewer sizeable orders than in Q2 2025 – (+-) Equipment: i
Slide 6: Gradual recovery continued in the US market
Gradual recovery continued in the US market Orders received by geographical area, Q2/26 • (-) EMEA order intake decreased. Fewer sizable orders than in the comparison period • (+) Americas order intake grew. The gradual recovery has continued in the distribution end-customer market in the US. Servic
Slide 7: Strong sales growth in both segments
Strong sales growth in both segments Sales, MEUR • Sales +14% yoy ◦ Equipment +17% ◦ Services +10% • Several successful project deliveries in both segments • Services’ share of sales 33% • Currencies had no impact on Q2 sales 7
Slide 8: Sales growth was strong in EMEA across the portfolio
Sales growth was strong in EMEA across the portfolio Sales by geographical area, Q2/26 • (+) EMEA strong growth driven by sizeable order deliveries throughout the portfolio and by Services • (+) Americas sales increased in the Equipment segment in North America • (-) APAC sales decreased. Growth in
Slide 9: Eco portfolio share of sales on a record level
Eco portfolio share of sales on a record level Eco portfolio sales, MEUR and % of total sales • Eco portfolio sales grew by 27 percent to 48% of total sales • Improvement in EV order intake in Q2 • Fully electric share of total equipment orders LTM was 10% (10%) 9
Slide 10: Comparable operating profit improved
Comparable operating profit improved Comparable operating profit, MEUR and % Comparable operating profit bridge, Q2/26 *Tariffs included in "margin" category. **"Cost impact" includes all indirect and fixed costs. • Comparable operating profit improved mainly thanks to higher sales volumes • COP mar
Slide 11: 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 Q2/26 customer segment sales split Q2/26 share of sales Q2/26 Heavy Logistics Ports and Terminals APAC EMEA 24% 35% 12% 60% 33% 48% Americas 28% Manuf
Slide 12: Market environment
Latest forecast vs Q1 2026 Market environment Average growth rate 2024-28: 4.7% 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: 3.3% Average growth rate 2024-28: 2.9% Average growth rate 2019-23: 2.6% Average growth r
Slide 13: 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 geopolitical instability could affect Kalmar’s markets and end-customer demand. 13
Slide 14: Connected fleet: activity on stable level
Connected fleet: activity on stable level y/y: +1% q/q: -1% Overall y/y: +2% y/y:+2% q/q: +2% q/q: +1% y/y: +2% q/q: +1% y/y:+1% q/q: -0% 70,000+ installed base y/y: +2% q/q: +2% y/y: +2% 16,800+ q/q: +3% connected y/y: +2% equipment q/q: +3% Change in equipment activity: 14 y/y = Q2/2026 vs Q2/2025
Slide 15: Fully electric equipment order releases booked in Q2/2026
Fully electric equipment order releases booked in Q2/2026 6 Kalmar electric 2 electric 4 electric Up to 9 electric 3 Kalmar electric 1 Kalmar electric empty container reachstackers for reachstackers for reachstackers for empty container reachstacker for handlers for Steinweg in the customers across
Slide 16: Order releases booked in Q2/2026
Order releases booked in Q2/2026 10 Kalmar Hybrid Straddle Extension for Kalmar Care Customised training simulator Carriers and 12 Hybrid Kalmar service and maintenance for heavy material handling for AutoStrad™ machines for agreement with Holmen in SSAB Special Steel in Patrick Terminals in Austral
Slide 17: Improved Services performance
Improved Services performance Equipment Services Orders received: Orders received: 306 MEUR 143 MEUR Order book: Order book: 864 MEUR 122 MEUR Sales: Sales: 321 MEUR 158 MEUR Comparable operating profit: Comparable operating profit: 39.9 MEUR/12.4% 26.9 MEUR/17.0% Other not included. 17
Slide 18: 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 19: Changes in Kalmar Leadership Team. New team as of October 2026
Changes in Kalmar Leadership Team. New team as of 1 October 2026 Sami Niiranen Katri Hokkanen Ulla Bono Thor Brenden Carina Geber-Teir Alf-Gunnar Karlgren President and CEO Chief Financial Officer SVP, General Counsel President, Terminal SVP, IR, Marketing & President, Counter Balanced Tractors Comm
Slide 20: Agenda
Agenda 1. Second quarter highlights Sami Niiranen 2. Market environment President & CEO 3. Financial and business performance 4. Financial profile 5. Reporting segments Sakari Ahdekivi 6. Update on operating environment CFO 7. Balance sheet and cash flow 8. Guidance for 2026 9. Q&A
Slide 21: Attractive and strong financial profile
Attractive and strong financial profile Q2 2026 LTM key financial figures 1,786 MEUR 986 MEUR 25.4% 12.7% Orders received Order book Gross profit Comparable (30 June 2026) operating profit margin 1,822 MEUR 0.0x 24.1% 99%% Sales Leverage Return on capital Cash conversion (interest bearing net debt a
Slide 22: Stable development in Equipment
Stable development in Equipment Equipment: Sales, orders received, order book, MEUR • Order intake stayed on the comparison period’s level despite fewer sizeable orders received and some slowness in customers’ decision making • Several notable fully electric equipment orders secured during the quart
Slide 23: Resilient performance in Equipment
Resilient performance in Equipment Equipment: Comparable operating profit, MEUR and % Equipment: Comparable operating profit bridge, Q2/26 *Tariffs included in "margin" category. **"Cost impact" includes all indirect and fixed costs. • Comparable operating profit increased driven by higher sales vol
Slide 24: Services' sales grew across all regions
Services’ sales grew across all regions Services: Sales, orders received, order book, MEUR • Order intake decreased slightly yoy, despite an increase in Americas • No large service project orders in Q2 • US customers have still remained cautious • Services’ sales increased by +10%, strongest growth
Slide 25: Services' profitability improved
Services’ profitability improved Services: Comparable operating profit, MEUR and % Services: Comparable operating profit bridge, Q2/26 *Tariffs included in "margin" category. **"Cost impact" includes all indirect and fixed costs. • Comparable operating profit increased by 11% • Signs of early recove
Slide 26: Tariff landscape continues to evolve
Tariff landscape continues to evolve • Current and proposed tariffs with potential direct impact on Kalmar remain fluid • IEEPA tariffs ‒ As a consequence of the U.S. Supreme Court decision ruling the tariffs imposed under the IEEPA unlawful, Kalmar has started to receive refunds but there is no imp
Slide 27: 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 49 million annualised gross efficiency improvements achieved by end of June • The majority of the improvements secu
Slide 28: 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) 28
Slide 29: Strong balance sheet
Strong balance sheet Net debt and gearing, MEUR Maturity profile, 30 June 2026* Interest-bearing net debt / EBITDA 0.0x 29 *The detailed maturing profile of lease liabilities is reported annually and estimated in the interim reports.
Slide 30: Strong cash flow continued
Strong cash flow continued Cash flow from operations before financing items and taxes, MEUR 30
Slide 31: Guidance for 2026
Guidance for 2026 Kalmar expects its comparable operating profit margin to be above 12.5 percent in 2026. 31
Slide 32: Summary
Summary • Orders received in line with the comparison period despite fewer sizeable orders • Sales grew in EMEA and Americas and decreased in APAC • Demand remained relatively stable across different customer segments • Comparable operating profit improved by 9% to EUR 59.6 (54.9) million, represent
Slide 33: Capital Markets Day 2026
Capital Markets Day 2026 Date: 2 November 2026 Location: Flik event studio Valla, Itämerentori 2, 00180 Helsinki, Finland Preliminary schedule of the Capital Markets Day (local time, EET): - 12:15–13:00 Registration and coffee - 13:00–16:00 Presentations and webcast - 16:00–17:00 Drinks and networki
Slide 34: Q&A
Q&A 34
Slide 35: 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