Ferronordic Ab · OMXSTO:FNM
Ferronordic Ab — Investor Presentation (November 2025)
46 slides from Ferronordic Ab's investor presentation, November 2025
Slide 1: Company Presentation November 2025
IN FERRONORDIC Company Presentation November 2025
Slide 2: Ferronordic as an investment
Ferronordic as an investment ▪ Robust and scalable business model ▪ Value creation and ▪ Strong brand portfolio and OEM relationships dividend potential ▪ Sustainability integrated part of business model ▪ Positioned to benefit from trends in ▪ Stronger balance • Electrification sheet • Infrastructu
Slide 3: Introduction to Ferronordic Group
CIS Kazakhstan Introduction to Ferronordic • Dealer of Volvo CE in Kazakhstan from January 2019 Group • Dealer of Mecalac in Kazakhstan from January 2019 • Founded in 2010 • Sales of new and used construction • Listed on Nasdaq Stockholm equipment in 2017 • Service and technical support USA Germany
Slide 4: Introduction to Ferronordic
Introduction to Ferronordic Development Employees Revenue (SEKm)1 Outlets 2010 (Start) ~160 1,184 6 Employees Revenue (SEKm) Outlets Q3 2025 815 4,701 37 Revenue by activity (LTM) Revenue by industry - US (2024) Other Revenue Mining 8% 2% Other 12% Equipment Aftermarket Agriculture & General and Tru
Slide 5: Business model
Business model New population New equipment sale New truck sale Rental solutions Used sale Service and parts Used machine sale to Parts and service sales customer Service agreements Major component rebuilds Overhauls sale Rebuild Providing new life to older machines Remanufacturing of parts and comp
Slide 6: Vision, values and strategic cornerstones
Vision, values and strategic cornerstones Vision: • To be the leading service and Vision sales company in our markets To be the leading service and sales company in our markets Mission • To support the growth and leadership of our customers • Respect Values and • Quality operating principles • Excel
Slide 7: Strategic objectives
Strategic objectives Vision: To be the leading service and sales company Leadership in our in the market Service and parts Expansion into related for construction absorption rate of business areas markets equipment and trucks at least 1.0 x Sustainable Industry leading digital Geographic expansion t
Slide 8: Strategic cornerstones
Strategic cornerstones Great team Customer centricity ▪ Work towards common goals ▪ Support customers’ growth ▪ Take initiative regardless of rank or position ▪ Leading service and product availability ▪ Fast-paced, dynamic, determined to create value ▪ Tailored customer solutions (including sustain
Slide 9: Building on a great team
Building on a great team Recruitment, Performance selection & management onboarding Designing effective Great Training & organizational structures team development Talent Reward management management & succession planning Experienced Agile sales Top industry Flat & flexible management teams technici
Slide 10: Building on strong brands
Building on strong brands Volvo CE Volvo Trucks Renault Trucks Hitachi Link-Belt Sandvik Bergmann Mecalac Cranes Since Since Since Since Since Since Since Since 1985 USA 2020 2020 1987 1980s 1970s 2020 2019 2019 Kazakhstan Product range Product range Product range Product range Product range Product
Slide 11: Aftermarket focus
Aftermarket sales Aftermarket focus • Proactive customer coverage based on real- time data from the existing machine population Share of sales Share of sales (LTM) USA (LTM) Germany • Proprietary system transforms machine telematic signals (e.g. VCE’s CareTrack) into Other Other 10% 5% sales leads o
Slide 12: Complexity of Customer Demand
Moving torward further customer integration Complexity of Customer Demand Business Consultancy Business Services Open Platform Total Cost of Ownership Customised Solutions Upcycling Part Sales Services Rental Segment Experience Grow in new Machine/Truck Sales Finance Segment Ferronordic’s Offering 1
Slide 13: Automatic Lead Generation
Automatic Lead Generation Equipment sales rep Service and Customer parts sales rep Machine data Rules engine Sales leads Sales action Follow up 13
Slide 14: Sustainability at Ferronordic
Sustainability at Ferronordic • Double materiality analysis conducted in 2024 ESG focus areas • Preparations for European Sustainability Environment Reporting Standards (ESRS) reporting in line with Corporate Sustainability ▪ Helping customers decarbonize Reporting Directive (CSRD) ▪ Driving operati
Slide 15: Key industry trends
Key industry trends Infrastructure Equipment-as-a- Green transition investments Service Electrification Electrification Electrification Important strategy to reduce Demand for investments Business model where trucks CO2 emissions and to driven by need to upgrade and equipment are offered to transfor
Slide 16: USA
USA World’s second largest market for construction equipment US at a glance • Population: ~335 million1 • Area: 9.8 million sq. km • World’s largest economy with 2024 GDP of USD 29tn2 • Accounts for approx. one-fourth of global output, one-tenth of global trade flows, one-fifth of global FDI stock a
Slide 17: USA
USA • In November 2023 Ferronordic acquired Network 100% of the shares in the Rudd Equipment Company PA IL IN OH WV • Rudd is one of the largest distributors of MO KY Volvo CE as well as other strong brands such as Hitachi, Sandvik, Link-Belt Cranes and Bergmann • The company’s sales area for Volvo
Slide 18: What makes Rudd special?
What makes Rudd special? In-house Training apprentice centers and master In-house technician Machine customer programs rebuilds support center Widely High parts acclaimed availability service Component Outstanding rebuilds and sales team exchange components 18
Slide 19: Growth opportunities
Growth opportunities Grow market share Improve rental fleet efficiency Grow service and parts sales 19
Slide 20: Germany
Germany Europe’s largest truck market Germany at a glance • Population: ~84 million1 • World’s 3rd largest exporter in the world with exports over EUR 1.5tn1 • World’s 3rd largest economy with 2024 GDP of USD 4.7tn2 • Accounts for approx. one-fourth of EU total GDP • Accounts for approx. one-third o
Slide 21: German truck market
German truck market Heavy truck registrations in Germany (units) 80.000 120 70.264 70.000 67.797 66.441 68.450 68.982 115 65.280 61.940 60.218 60.213 110 60.000 58.574 55.167 55.215 55.386 55.089 51.933 48.827 50.427 105 50.000 40.322 100 40.000 95 30.000 90 20.000 85 10.000 80 0 75 2008 2009 2010 2
Slide 22: Germany
Germany Network • Ferronordic expanded to become dealer for Volvo and Renault Trucks in Germany in January 2020 • Germany is Europe’s largest trucks market Hanover with 60,000 registrations in 2024 Peine Barleben Coswig • Ferronordic’s sales area covers approx. 18% Northeim Dessau Nordhausen of the
Slide 23: Strategy
Strategy Expand and improve the dealer 1 network in our sales area Take full control of service and 2 parts sales in our sales area Grow market share and 3 population Increase efficiency in 4 organization 23
Slide 24: Driving organic growth
Driving organic growth Capture the Price population optimization • Population analysis • Dynamic pricing • Service contracts models • Connectivity • Special offers and • Increasing mechanic targeted discounts productivity and where strategic workshop efficiency 24
Slide 25: Shift to electric
Shift to electric EU law: Manufacturers must cut CO₂ We assume at least 20% of all trucks registered in Germany by emissions by 45% by 2030 for new trucks 2028 will be electric sold in the EU, compared to 2019 levels Volvo Trucks and Renault Trucks have Shift to electric will help us to leading mark
Slide 26: Electric transport opportunity
Electric transport opportunity • In December 2021 we placed our first order of 32 fully electric medium duty trucks from Volvo Trucks and Renault Trucks • Awarded up to EUR 23 million in government subsidies • Aim to develop a rental business dedicated to electric trucks ▪ Help customers transition
Slide 27: Sustainable transport solutions
Sustainable transport solutions Market situation ▪ The customers of our customers increasingly want to and need to procure zero-emission transport solutions ▪ Logistics companies are reluctant to switch to electric trucks despite potential for lower TCOs and higher profitability Opportunity ▪ Fill t
Slide 28: Kazakhstan
Kazakhstan Key regional hub Kazakhstan at a glance Kazakhstan’s GDP development5 • Population: ~20 million1 • Area: 2.7 million sq. km1 4,8% 6,0% 4,5% 4,3% 5,1% 4,8% 5,9% 4,2% 4,1% 4,1% • Major transport and logistics hub in the region linking Europe 3,2% 1,2% 1,1% and Asia • Rich in oil & gas (20-2
Slide 29: Kazakhstan
Kazakhstan Network Astana Aktobe Karaganda Aschaffenburg Almaty 29 (4) Ferronordic outlets in Kazakhstan as of November 2025
Slide 30: Cash flow & capital allocation
Cash flow & capital allocation Working Capital Development Net Debt/(Cash) Development 1.200 23% 25% 2.000 22% 1.000 20% 17% 1.600 800 13% 15% 1.200 SEKm 11% SEKm 600 1.978 1.026 1.068 1.792 1.826 10% 800 1.679 1.641 400 825 625 523 5% 400 200 0 0% 0 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q3 2024 Q
Slide 31: Financial objectives and dividend policy
Financial objectives and dividend policy KPI Objective 1 2 Revenue Double the 2024 revenue in current markets over 5 years (in SEK) Operating margin Above 6% Net debt / EBITDA Below 3 times (over a business cycle) The ambition is to pay at least 50% of net income if net debt/EBITDA is less than 1.0
Slide 32: Third quarter 2025
IN FERRONORDIC Third quarter 2025 November 2025
Slide 33: Q3 2025: Trending upwards – still a way to go
Q3 2025: Trending upwards – still a way to go Group and segment highlights: • Revenue decreased -9% to SEK 1,060m (1,171) or -5% on fixed currency rates 1 • Gross margin increased 3.7pp Y-o-Y and 2.9pp Q-o-Q to 19.1% • SG&A decreased 8% to SEK 167m (181) • Operating profit increased to SEK 37m (2) •
Slide 34: Q3 2025 Group summary financials
Q3 2025 Group summary financials1 SEK 1,060m 2 Group revenue at SEK 1,060m (-9%) (-5% on fixed currency rates ) (-9%) revenue • US revenue -5% to SEK 677m (unchanged in USD) • German revenue -4% to SEK 358m (-1% in EUR) • Kazakhstan revenue -70% to SEK 25m (-64% in KZT) Group operating profit of SEK
Slide 35: Q3 2025 US operational highlights
Q3 2025 US operational highlights Demand holding up • Customer activity and machine utilization remain high despite continued tariff • 15% market increase in our territory during the quarter – mainly driven by uncertainty competitors filling up fleets – but validating stable demand • Machine sales d
Slide 36: Q3 2025 Germany operational highlights
Q3 2025 Market up 10% in Germany operational highlights quarter despite • German market increased 10% in the quarter1 continuous soft • Sales of new trucks in units increased by 30%, but still at low level demand • Customers postpone replacements but still use their trucks • Truck sales unchanged in
Slide 37: Q3 2025 Kazakhstan operational highlights
Q3 2025 Signs of recovery, Kazakhstan operational highlights particularly in mining and road construction segments • Signs of recovering market, particularly in the mining and road construction segments • Equipment sales decreased to SEK 14m (73), but with better margins • Service and parts sales in
Slide 38: Group EBIT Y-o-Y
Group EBIT Y-o-Y 40 3 4 30 20 37 SEKm 38 10 65 0 2 -10 EBIT Q4 19 EBIT Q4 20 -10 EBIT Q3 2024 US Germany Kazakhstan HQ EBIT Q3 2025 7
Slide 39: Group assets by segment
Group assets by segment Split by main items and segment as at 30.09.2025 4.500 4.000 3.500 3.000 2.500 2.000 1.500 1.000 500 0 Real estate Rental fleet Other PP&E Goodwill Inventories Trade and other Cash & Other assets* receivables equivalents US Germany Kazakhstan Group 8 * Including deferred tax
Slide 40: Group liabilities by segment
Group liabilities by segment Split by main items and segment as at 30.09.2025 4.500 4.000 3.500 3.000 2.500 2.000 SEK 1,294m SEK 89/share 1.500 1.000 500 0 Trade and other Bank loans VFS floor plan Lease liabilities Other liabilities* NAV payables US Germany Kazakhstan Group 9 * Including deferred t
Slide 41: Q3 2025 Income statement
Q3 2025 Income statement % • Revenue down 9% to SEK 1,060m Q3 2024 Q3 2024 Q3 2024 Q3 2024 Q3 2025 Q3 2025 3 2025 Q3 2025 change SEK M o 64% US, 34% Germany and 2% Kazakhstan Germany US2 Group Kazakhstan Germany US Group Group Kazakhstan FX (SEK/KZT, EUR/SEK, 43.72 11.41 10.50 52.39 11.10 9.96 o 49%
Slide 42: Q3 2025 Balance sheet
Q3 2025 Balance sheet US • PP&E increased Y-o-Y despite FX, mainly SEK M Q3 2024 Q2 2025 Q3 2025 due to increase of addition of rental fleet in Q3 2025 FX EUR/SEK 11.30 11.15 11.06 the US and e-rental fleet in Germany FX USD/SEK FX SEK/KZT 10.09 47.37 9.51 54.94 9.42 9.42 58.31 • In US, net working
Slide 43: Changes in presentation of US segment
Changes in presentation of US segment Q3 Q3 Q3 Q3 Y-o-Y Y-o-Y • In 2025, certain revenue and 2024 cost items in the income SEK m reported adjusted 2025 2024 ADJ ADJ statement for the US segment Revenue 677 686 30 716 -1% -5% have been reclassified to align Equipment and truck sales 288 336 9 345 -14
Slide 44: Financial objectives and dividend policy
Financial objectives and dividend policy KPI Objective Q3 2025 LTM Double 20241 revenue in current 1.00x Revenue markets over 5 years (in SEK) 2 x 6M 2024 revenue Operating margin Above 6% 1.0% Below 3 x Net debt / EBITDA 3.9 x (over a business cycle) The ambition is to pay at least 50% of net incom
Slide 45: Outlook
Outlook We remain optimistic about the US and the opportunities there. We expect activity in the infrastructure sector to remain high as the need to maintain and develop roads and other infrastructure is substantial, and infrastructure spending remains at a high level. Additionally, we anticipate in
Slide 46: IN FERRONORDIC
IN FERRONORDIC