Slides
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27 March 2025 A defining year Annual General Meeting 2025 Sami Niiranen President & CEO
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Agenda ● Kalmar - Making every move count ● 2024 in brief ● Sustainability at the core of everything we do ● Financial year 2024 2
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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 relating to Kalmar’s industry and business and the risk that Kalmar’s actual results of operations in future periods may differ materially from (and be more negative than) the expected results or performance targets discussed, or suggested, herein. These forward-looking statements reflect knowledge and information available at, and speak only as of, the date they are made, which, even though they seem to be reasonable at present, may turn out to be incorrect. Except as required by law, Kalmar undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date hereof or to reflect the occurrence of unanticipated events. Readers are cautioned not to place undue reliance on such forward-looking statements.
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2024: Successful listing of Kalmar and successful execution of Kalmar’s strategy towards sustainable growth
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Making every move count Vision: Forerunner in sustainable material handling equipment and services Market drivers Productivity Safety Intelligent operations Decarbonisation & Electrification Changing logistics landscape Labour shortage Driving Excellence Attractive market Strong financial profile Growing Services Investing in Sustainable Innovations Strategic pillars Customer proximity Experienced & talented people Foundations
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Financial targets 5% Sales growth p.a. over the cycle 15% Comparable operating profit margin >25% ROCE1 Capital structure and sustainability framework Aligned with2 SBTi targets with 1.5°C commitment <2x Leverage3 (Net Debt to EBITDA) Kalmar aims for a dividend payout ratio of 30-50% Per annum Kalmar’s performance targets for 2028 1 Defined as (Profit before taxes + finance expenses, last 12 months) / (Total equity + interest-bearing debt (12 months average)). 2 Plan following criteria of the Science Based Targets initiative. 3 Including IFRS 16 6 Director, Investor Relations
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A leading service network in the industry, close to customers2 Spare parts Maintenance Lifecycle solutions Pure-play leader in the heavy material handling market # Refers to market position; 1) Reachstackers & Empty Container Handlers-category holds a market position of #1-3 globally; Source: KPMG Market Study (in respect of equipment market). Kalmar is a market leader across terminal tractors, straddle carriers, crane spreaders and reachstackers and empty container handlers, and one of the leaders for medium and heavy forklift trucks based on equipment volume (average in 2022-2023) and spare parts capture rate of 29 percent at the end of the first quarter of 2024, 2) Kalmar management estimate Reachstackers1 Forklift Trucks, medium and heavy Terminal Tractors Straddle Carriers Spreaders #1 #1 #1 #1 EQUIPMENT SERVICES #2-3 7
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Sales & Services Kalmar / Dealer location Approx. 34% of our global sales came through dealers in 2024 1,400+ Service technicians Sales in over 120 countries, legal entities in 30+ countries Leading sales and service network in the industry Head Office, Helsinki, Finland Kalmar Factory, Ottawa, United States Kalmar Factory, Shanghai, China Kalmar Innovation Centre, Ljungby, Sweden Kalmar Factory, Stargard, Poland Bromma Factory, Ipoh, Malaysia Kalmar Innovation Centre, Tampere, Finland Source: Kalmar management estimate 8
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A solid foundation and a well diversified business with solid profitability Sales, total 2024 1,720 MEUR Employees1 5,207 33% 41% Europe 41% Americas 38% AMEA 20% Services share of sales 2024 Addressable markets by customer segment Geographical sales split 2024 Eco portfolio share of sales 2024 Comparable operating profit margin 2024 12.6% Heavy Logistics 24% Ports and Terminals 35% Manufacturing 23% Distribution 18%Services FY2024 figures, unless otherwise mentioned. 1End of period 31 December 2024. Eco portfolio 9
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Large and growing global market 1) Equipment categories: Terminal tractors, forklift trucks (lifting capacity of 5t and above), reachstackers, empty container handlers, and crane spreaders. Services include spare parts, maintenance and field service, upgrades and refurbishments and digital solutions. Kalmar has not previously included light forklift trucks (5-9t) in its market definition contributing ~3 EURbn to equipment market and ~1.5 EURbn to services market in 2023; KPMG Market Study 13.4 16.5 Global heavy material handling market Total market size, segmentation and growth1, EUR bn, 2023-2028F ~4% p.a. 6.0 10 10 Electrification is driving the market Safety, Sustainability & Regulation accelerates decarbonisation 1.1 bn 3.8 bn 2028F Total electric market size, % of total market size1 41% 15% 2023
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Actions towards sustainable growth in 2024 Partnership with CES to distribute and service heavy-duty material handling equipment Unveiling the Kalmar Ottawa T2 Electric Terminal Tractor 11 Kalmar’s climate commitment was approved by the Science Based Targets initiative in the beginning of October Launch of the Kalmar Electric empty container handler Decision to expand our Innovation Center in Ljungby, Sweden by building a world class test center Volvo Penta collaboration with framework service agreement for engines Partnership with Elonroad to pilot dynamic EV charging via 200-metre electric road to be built at Kalmar’s innovation centre in Ljungby, Sweden Pilot project of electric reachstacker at APM Terminals’ Suez Canal Container Terminal, with the goal of advancing the electrification of terminal operations across the industry MyKalmar 2.0 digital ecosystem introduced: one stop platform for Kalmar equipment owners Total R&D spend in 2024 was 3.1% of sales Q4 Q4 Q4
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Kalmar Sustainability Agenda covers the whole value chain and the full spectrum of ESG Social Human rights Health & safety Diversity, equity & inclusion Environment Climate Circularity Biodiversity Governance Business ethics Responsible sourcing Customers Own operations Supply chain
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Kalmar has robust policies, targets, and actions for all material sustainability topics, fully meeting CSRD requirements with the Sustainability Statement Social GovernanceEnvironment Climate change • Decarbonisation programme and targets over the whole value chain • Eco Portfolio development to steer the sustainable business Circularity • Growing services to increase circularity Health and safety • Health & Safety programmes, including safe products Equal treatment and opportunities for all • Human Rights due diligence • Equal and inclusive treatment of a diverse workforce Business ethics • Kalmar Code of Conduct • Robust compliance programme Responsible sourcing • Business Partner Code of Conduct • Risk assessments and audits
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Continued focus on safety & leadership AMEA 24% Americas 31% Europe 44%>5,200 employees Health and safety are our top priorities and we want to make sure that everyone can return home safely every day. Employees per region 14
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Management team Sami Niiranen President & CEO Sakari Ahdekivi Chief Financial Officer Carina Geber-Teir SVP, IR, Communications and Marketing Mathias Höglund SVP, Human Resources Tommi Pettersson SVP, Strategy, Sustainability and Technology Alf-Gunnar Karlgren President, Counter Balanced Thor Brenden President, Terminal Tractors Arto Keskinen President, Horizontal Transportation Shushu Zhang President, Bromma Thomas Malmborg President, Services Ulla Bono SVP, General Counsel
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Financial performance in 2024
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Attractive & strong financial profile 2024 key financial figures 1,679 MEUR Orders received 955 MEUR Order book (at 31 December 2024) 1,720 MEUR Sales 0.3x Leverage (interest bearing net debt at 31 Dec-24 / EBITDA) 26.3% Gross profit 12.6% Comparable operating profit margin 18.7% Return on capital employed 104% Cash conversion (operating cash flow before finance items and taxes / EBITDA) 17 Periods Q1/24 - Q2/24 are on carve-out basis.
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Resilient profitability despite lower sales Comparable operating profit 2021 - Q2/24 are carve-out figures18
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Demand remained stable despite some softness in the North American market Orders received 2022 - Q2/24 are carve-out figures 19 Order book Orders received by region 2024 Europe 44% AMEA 24% Americas 31%
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Sales at a healthy level Sales by region, 2024Sales 20 2021 - Q2/24 are carve-out figures Europe 41% AMEA 20% Americas 38%
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Orders received: 1,099 MEUR Orders received: 580 MEUR Order book: 831 MEUR Sales: 1,160 MEUR Order book: 120 MEUR Sales: 560 MEUR Equipment Services Other not included. Comparable operating profit: 150.1 MEUR/12.9% Comparable operating profit: 97.8 MEUR/17.5% Good business performance in both segments in 2024 21
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Strong balance sheet supports growth Net debt and gearing, MEUR Maturity profile, 31 December 2024 22 *Last 12 months’ EBITDA, periods prior to Q3/2024 are on carve-out basis Interest-bearing net debt / EBITDA* 0.3x
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Continued strong cash generation Cash flow from operations before financing items and taxes 23 2021 - Q2/24 are carve-out figures
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Dividend distribution proposal 1.00 euros for year 2024 EPS 1.99€ Dividend 1.00€ per B share Yield 3.1% Kalmar Board of Directors proposes to the General Meeting held on 27 March 2025 • Dividend payment of EUR 1.00 per each outstanding class B share and EUR 0.99 per each class A share • Record date 31 March 2025 • Payment date 7 April 2025. Kalmar has a dividend policy of 30%-50% payout ratio and aims to be a good dividend payer.
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Guidance for 2025 Kalmar expects its comparable operating profit margin to be above 12 percent in 2025.
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