Kalmar Corporation Class B · OMXHEX:KALMAR
Kalmar Corporation Class B — Kalmar Oyj B — Q1 2026 Earnings Presentation
35 slides from Kalmar Corporation Class B's earnings presentation, May 5, 2026
Slide 1: Steady sales growth amidst Services headwinds
Interim report January–March 2026: Steady sales growth amidst Services headwinds 5 May 2026 1
Slide 2: Agenda
Agenda 1. First quarter highlights 2. Market environment Sami Niiranen 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: 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 5: 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 6: 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 7: 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% 7
Slide 8: 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 9: 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 10: 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 11: A solid foundation and a well diversified business
A solid foundation and a well diversified business with solid profitability Services share Addressable markets by Geographical Eco portfolio of sales Q1/26 customer segment sales split Q1/26 share of sales Q1/26 Heavy Logistics Ports and Terminals APAC EMEA 24% 35% 15% 55% 35% xS @ aks Manufacturing
Slide 12: 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 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 increased 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: +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: 14 y/y = Q1/2026 vs Q1/2025
Slide 15: 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 15
Slide 16: 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 17: 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. 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 Commu
Slide 20: Agenda
Agenda 1. Fourth quarter’s highlights 2. Market environment Sami Niiranen 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 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 22: 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 23: 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 24: 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 25: 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 26: 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 27: Ongoing conflict in the Middle East is driving increased freight costs & extended transit times
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 28: 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 29: 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) 29 Q2/24 are carve-out figures.
Slide 30: Strong balance sheet
Strong balance sheet Net debt and gearing, MEUR Maturity profile, 31 March 2026* Interest-bearing net debt / EBITDA -0.1x 30 *The detailed maturing profile of lease liabilities is reported annually and estimated in the interim reports.
Slide 31: Solid cash flow
Solid cash flow Cash flow from operations before financing items and taxes, MEUR 31
Slide 32: Guidance for 2026
Guidance for 2026 Kalmar expects its comparable operating profit margin to be above 12.5 percent in 2026. 32
Slide 33: Summary
Summary • Orders received decreased due to strong comparison period • Sales grew in all markets and regions • Demand remained overall stable despite increased geopolitical instability • Comparable operating profit improved by 8% to EUR 51.7 (48.0) million, representing 12.3% (12.0) of sales • Drivin
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