Kalmar Corporation Class B · OMXHEX:KALMAR
Kalmar Corporation Class B — Kalmar Oyj B — Q1 2025 Earnings Presentation
27 slides from Kalmar Corporation Class B's earnings presentation, Apr 29, 2025
Slide 1: Solid first quarter with strong order intake
January-March 2025 interim report: Solid first quarter with strong order intake 29 April 2025
Slide 2: Agenda
Agenda 1. First quarter’s highlights 2. Market environment Sami Niiranen President & CEO 3. Financial & business performance 4. Financial profile 5. Reporting segments Sakari Ahdekivi 6. Balance sheet & cash flow CFO 7. Guidance for 2025 8. 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: Q1/2025 highlights – Solid quarter
Q1/2025 highlights – Solid quarter • Orders received increased by 20% Comparable operating profit, MEUR and % ‒ Overall favourable demand in Q1 • Resilient comparable operating margin (12.0%) ‒ Supported by record high services profitability ‒ Sales decreased by 9% • Investing in sustainable innovat
Slide 5: Continued good order intake
Continued good order intake Orders received and order book, MEUR • The demand picture overall was favourable ‒ Demand in ports and terminals remained stable ‒ Some early market activity recovery signals in the beginning of the quarter particularly in the US distribution end customer segment ‒ Increa
Slide 6: Lower sales but services providing resilience
Lower sales but services providing resilience Sales, MEUR • The lower sales volume was impacted by the lower orders in 2024 • Eco portfolio share of sales increased to 43% and services share of sales to 36% • Softness in North America visible in sales Sales by region, Q1/25 MEUR Q1/25 Q1/24 Change S
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 Q1/25 customer segment sales split Q1/25 share of sales Q1/25 Heavy Logistics Ports and Terminals AMEA Europe 24% 35% 23% 45% 36% 43% Manufacturing Di
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 1,400+ Kalmar Factory, Ottawa, United States Service Kalmar Factory, technicians Shanghai, China Sale
Slide 9: Market environment - modest growth with increased uncertainties
Market environment - modest growth with increased uncertainties Average growth rate 2024-28: 3.3% Average growth rate 2019-23: 2.0% Average growth rate 2024-28: 3.2% Average growth rate 2019-23: 2.7% Average growth rate 2024-28: 2.7% Average growth rate 2024-28: 3.0% Average growth rate 2019-23: 2.6
Slide 10: Connected fleet activity at a high level
Connected fleet activity at a high level y/y: +11% q/q: +2% Overall y/y: +4% y/y: q/q: -1% +11% y/y: +8% q/q: +5% q/q:+2% y/y: +7% q/q: +4% 68,000+ installed base y/y: +6% q/q: +1% 14,500+ y/y: +7% connected q/q: +4% y/y: +13% equipment q/q: +9% Change in equipment activity: 10 y/y = Q1/2025 vs Q1/2
Slide 11: Eco portfolio share of sales continued to grow
Eco portfolio share of sales continued to grow Eco portfolio sales, MEUR and % of total sales • Customers showing strong interest towards eco portfolio solutions • Fully electric share of total equipment orders LTM was 11% MEUR Q1/25 Q1/24 Change Eco portfolio sales, MEUR 170 176 -3% % of total sale
Slide 12: Announced orders booked in Q1 2025
Announced orders booked in Q1 2025 32 straddle carriers to APM 6 hybrid straddle carriers to 5 reachstackers including a Terminals’ MedPort Tangier, Forth Ports, UK Kalmar Complete Care Morocco Size: large service agreement to SSAB Size: large Oxelösund, Sweden Size: significant 12
Slide 13: Actions towards sustainable growth
Actions towards sustainable growth 5-year Move2Green R&D Sale of Kalmar’s third Kalmar expands its global program including 20 meur generation electric terminal delivery capability with startup funding from Business Finland tractor started in North of electric empty container to develop low-emission
Slide 14: Good business performance in both segments in Q1
Good business performance in both segments in Q1 Equipment Services Orders received: Orders received: 322 MEUR 158 MEUR Order book: Order book: 902 MEUR 136 MEUR Sales: Sales: 252 MEUR 145 MEUR Comparable operating profit: Comparable operating profit: 29.1 MEUR/11.6% 27.5 MEUR/19.0% Other not includ
Slide 15: 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 16: Agenda
Agenda 1. First quarter’s highlights 2. Market environment Sami Niiranen President & CEO 3. Financial & business performance 4. Financial profile 5. Reporting segments Sakari Ahdekivi 6. Balance sheet & cash flow CFO 7. Guidance for 2025 8. Q&A
Slide 17: Attractive & strong financial profile
Attractive & strong financial profile Q1 2025 LTM key financial figures 1,758 MEUR 1,041 MEUR 26.7% 12.6% Orders received Order book Gross profit Comparable (at 31 March 2025) operating profit margin 1,679 MEUR 0.1x 18.4% 97% Sales Leverage Return on capital Cash conversion (interest bearing net deb
Slide 18: Equipment orders increased
Equipment orders increased Equipment; Sales, orders received, order book, MEUR • All equipment divisions performed well • Positive growth signals in the demand environment in the beginning of the year • Increased level of uncertainty in the market MEUR Q1/25 Q1/24 Change Orders received 322 247 31%
Slide 19: Equipment profitability at a good level
Equipment profitability at a good level Equipment; Comparable operating profit, MEUR and % • Profitability decreased due to the drop in sales volume, but remained at a good level • Continued solid commercial performance with stable gross margins 19 Q2/23 - Q2/24 are carve-out figures
Slide 20: Services on a good track
Services on a good track Services; Sales, orders received, order book, MEUR ● Positive momentum in services order intake, supported by significant contract renewals and upgrade projects ● Services is providing resilience to the business MEUR Q1/25 Q1/24 Change Orders received 158 155 2% Order book 1
Slide 21: Services profitability at a record level
Services profitability at a record level Services; Comparable operating profit, MEUR and % ● Good start for the year in Services ● Profitability on a record level ● Successful commercial performance and increased activity level in our installed base 21 Q2/23 - Q2/24 are carve-out figures
Slide 22: Approximately 9 MEUR of annualised gross efficiency improvements secured during Q1/2025
Approximately 9 MEUR of annualised gross efficiency improvements secured during Q1/2025 • Execution of the Driving Excellence initiative is ongoing and Kalmar is planning to reach approximately EUR 50 million gross efficiency improvements by the end of 2026 • The main components are: ‒ Commercial ex
Slide 23: 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) Items affecting comparability deriving mostly from demerger and listing costs had a -3.6 percentage points impact on ROCE Q1/25. 23 The time period Q2/23 - Q2/24 is based on carve-out figure
Slide 24: Strong balance sheet
Strong balance sheet Net debt and gearing, MEUR Maturity profile, 31 March 2025* Interest-bearing net debt / EBITDA** 0.1x 24 *The detailed maturing profile of lease liabilities is reported annually and estimated in the interim reports. **Last 12 months’ EBITDA, periods prior to Q3/2024 are on carve-
Slide 25: Continued strong cash generation
Continued strong cash generation Cash flow from operations before financing items and taxes, MEUR 25 Q2/23 - Q2/24 are carve-out figures
Slide 26: Guidance for 2025
Guidance for 2025 Kalmar expects its comparable operating profit margin to be above 12 percent in 2025. 26
Slide 27: Q&A
Q&A