Kalmar Corporation Class B · OMXHEX:KALMAR
Kalmar Corporation Class B — Investor Presentation (August 2026)
61 slides from Kalmar Corporation Class B's investor presentation, August 2026
Slide 1: Investor presentation August 2026
Investor presentation August 2026
Slide 2: Agenda
Agenda 1. Strategy overview 2. Q2/2026 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 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 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: 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 11: 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 12: 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 13: 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 13
Slide 14: 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 15: 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%) 15
Slide 16: 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 17: 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 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 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: -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: 19 y/y = Q2/2026 vs Q2/2025
Slide 20: 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 21: 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 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 49 million annualised gross efficiency improvements achieved by end of June • The majority of the improvements secu
Slide 25: 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. 25
Slide 26: 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 27: Guidance for 2026
Guidance for 2026 Kalmar expects its comparable operating profit margin to be above 12.5 percent in 2026. 27
Slide 28: Q2 Summary
Q2 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, repres
Slide 29: 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 30: 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 31: 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 32: 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 33: 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 34: 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 35: 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 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
Slide 38: Strong balance sheet
Strong balance sheet Net debt and gearing, MEUR Maturity profile, 30 June 2026* Interest-bearing net debt / EBITDA 0.0x 38 *The detailed maturing profile of lease liabilities is reported annually and estimated in the interim reports.
Slide 39: Strong cash flow continued
Strong cash flow continued Cash flow from operations before financing items and taxes, MEUR 39
Slide 40: Key figures
Key figures Kalmar’s key figures MEUR 92/25 Change Q1-02/26__Q1-G2/25 Change 2025 Orders received 450 0% 290 934 =8% 1817 Order book. end of period 4029 4% 986 4029 4% 977 Sales 420 14% 899 818 40% 4744 Eco portfolio sales 184 21% #9 353 40% 763 Eco portfolio sales, % of sales 44% 13% 44% Eco portfo
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 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 45: We aim for the highest sustainability standards in our industry
We aim for the highest sustainability standards in our industry 2025 ratings: 68% of government Industry 55 Industry and public sector average average organisations say strong EHS 0 performance enhances reputation and stakeholder trust* CDP rating: A Ecovadis rating: Gold 45 * Source: 2025 EY Global
Slide 46: Over the past years, we have successfully reduced our carbon intensity
Over the past 7 years, we have successfully reduced our carbon intensity and are aiming for absolute decoupling Our carbon intensity has decreased by 41% from 2019 and 17% from 2023 (new baseline year) due to increase in eco portfolio sales.
Slide 47: Examples of product manufacturing emission reductions
Examples of product manufacturing emission reductions Reductions per part materials 90% 68% 58% reduction reduction reduction Crane spreader built with zero emission steel Using recycled steel in steel wheel rims Supplier using steel produced in Electric Arc in Straddle Carriers Furnace to produce s
Slide 48: 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 49: 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 50: Comparing the total cost of ownership for Reachstacker: Norway
Comparing the total cost of ownership for 1 Reachstacker Norway Equipment assumptions 5 year total cost of ownership comparison • Same machine model sizes and capacities -5% • Basic configurations for all machines -35% • 400 kWh battery for ERG450 • Same drive cycle and energy consumptions • 3000 ru
Slide 51: Comparing the total cost of ownership for Reachstacker: Brazil
Comparing the total cost of ownership for 1 Reachstacker Brazil 5 year total cost of ownership comparison Equipment assumptions • Same machine model sizes and capacities -3% -18% • Basic configurations for all machines • 400 kWh battery for ERG450 • Same drive cycle and energy consumptions • 3000 ru
Slide 52: Comparing the total cost of ownership for Reachstacker: France
Comparing the total cost of ownership for 1 Reachstacker France 5 year total cost of ownership comparison Equipment assumptions • Same machine model sizes and capacities -5% • Basic configurations for all machines -29% • 400 kWh battery for ERG450 • Same drive cycle and energy consumptions • 3000 ru
Slide 53: Serving all our customer segments
Serving all our customer segments Ports & terminals Distribution Manufacturing Heavy logistics
Slide 54: 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 55: 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 56: 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 57: 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 58: 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 59: 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 60: 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 61: Kalmar
Kalmar