Slides
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January-June 2025 half-year financial report: Strong performance and order intake in Q2 25 July 2025
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1. Second quarter’s highlights 2. Market environment 3. Financial & business performance 4. Financial profile 5. Reporting segments 6. Balance sheet & cash flow 7. Guidance for 2025 8. Q&A Agenda Sami Niiranen President & CEO Sakari Ahdekivi CFO
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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. Corporate information and basis for preparation Kalmar Corporation was formed as a result of the partial demerger from Cargotec Corporation (“demerger”), which was completed on 30 June 2024. The trading in Kalmar Corporation shares on the main market of Nasdaq Helsinki commenced on 1 July 2024. Financial information prior to the demerger is presented on a carve-out basis. The carve-out financial statements do not necessarily reflect what the financials would have been had Kalmar operated as an independent consolidated group and had it therefore presented stand-alone consolidated financial information during the periods presented. Further, the carve-out financial information may not be indicative of Kalmar’s future performance.
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• Orders received increased by 20% ‒ Overall favourable demand in Q2 • Resilient comparable operating margin (13.1%) ‒ Supported by strong equipment profitability ‒ Sales increased by 1% • Increased level of market uncertainties, affected by e.g. new tariff announcements and geopolitical tensions, posing a potential risk of slower global growth in H2 • Outlook for 2025 unchanged: Comparable operating profit margin to be above 12 percent in 2025. Q2/2025 highlights – Strong performance and order intake in the second quarter Comparable operating profit, MEUR and % Q3/23 - Q2/24 are carve-out figures4 Q2/25 Q2/24 Change Q1-Q2/25 Q1-Q2/24 Change Comp. OP, MEUR 54.9 52.3 5% 102.9 106.3 -3% % of sales 13.1% 12.6% 0.5 pp 12.6% 12.4% 0.2 pp
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• The demand picture overall was favourable ‒ Demand in ports and terminals continued globally strong ‒ US distribution end customer segment demand hampered by the increased market uncertainty • Positive momentum in Straddle carrier orders • Order book has grown • Strong growth in Europe and solid in AMEA Orders received by region, Q2/25 Continued good order intake despite elevated trade tensions Europe 47% (45%) Orders received and order book, MEUR AMEA 25% (28%) Americas 28% (27%) Q3/23 - Q2/24 are carve-out figures5 392 405 402 375 416 MEUR Q2/25 Q2/24 Change Q1-Q2/25 Q1-Q2/24 Change Orders received 450 375 20% 931 777 20% Order book 1,029 925 11% 1,029 925 11% 486 480 1,172 450
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• Softness in the Americas visible in sales • Sales growth was 1%, and 3% in constant currencies • Positive book-to-bill in Europe and AMEA. MEUR Q2/25 Q2/24 Change Q1-Q2/25 Q1-Q2/24 Change Sales 420 417 1% 818 856 -4% Services share of total sales 34% 33% 35% 32% Turning the corner in sales growth Sales by region, Q2/25 Sales, MEUR 6 Q3/23 - Q2/24 are carve-out figures Europe 44% (38%) Americas 31% (39%) AMEA 25% (23%)
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A solid foundation and a well diversified business with solid profitability Sales, total Q2/25 420 MEUR Employees1 5,309 34% 44% Europe 44% Americas 31% AMEA 25% Services share of sales Q2/25 Addressable markets by customer segment Geographical sales split Q2/25 Eco portfolio share of sales Q2/25 Comparable operating profit margin Q2/25 13.1% Heavy Logistics 24% Ports and Terminals 35% Manufacturing 23% Distribution 18%Services 1End of period 30 June 2025. Eco portfolio 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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Average growth rate 2024-28: 3.1% Average growth rate 2019-23: 2.8% Average growth rate 2024-28: 2.8% Average growth rate 2019-23: 2.0% Average growth rate 2024-28: 2.9% Average growth rate 2019-23: 1.9% Average growth rate 2024-28: 2.5% Average growth rate 2019-23: 2.7% Sources: IMF World Economic Prospect, October 2024, April 2025 Drewry: Container Forecaster, December 2024, June 2025 Oxford Economics, December 2024, June 2025, 2015 prices Oxford Economics, December 2024, June 2025, 2015 prices Forecasts are subject to change The market is expected to be more subdued in H2
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10 y/y: +1% q/q: 0% y/y: -3% q/q: +3% y/y: +6% q/q: +4% y/y: +2% q/q: +8% y/y: +4% q/q: +6% y/y: +3% q/q: +6% y/y: +2% q/q: +2% 68,000+ installed base 14,500+ connected equipment Change in equipment activity: y/y = Q2/2025 vs Q2/2024 q/q = Q2/2025 vs Q1/2025 Connected fleet activity remained on a good level y/y: +1% q/q:+3% Overall
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Eco portfolio share of sales continued to grow MEUR Q2/25 Q2/24 Change Q1-Q2/25 Q1-Q2/24 Change Eco portfolio sales, MEUR 184 168 9% 353 344 3% % of total sales 44% 40% 43% 40% Eco portfolio orders received, MEUR* 199 n/a 412 n/a % of total orders received 44% n/a 44% n/a Eco portfolio sales, MEUR and % of total sales • Customers showing strong interest towards eco portfolio solutions • Fully electric share of total equipment orders LTM remained flat at 10% 11 Q3/23 - Q2/24 are carve-out figures *Eco portfolio orders received are presented starting from Q1 2025.
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Announced orders booked in Q2 2025 14 hybrid straddle carriers to Hanseatic Global Terminals, France Size: significant 12 11 hybrid straddle carriers + MyKalmar INSIGHT to Seayard, France Size: significant 4 hybrid automated straddle carriers to Victoria International Container Terminal, Australia Size: large 2 Kalmar empty container handlers to Depot Management Finland Oy 8 Kalmar heavy terminal tractors to Cagliari RoRo Terminal, Italy
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Actions towards sustainable growth in Q2 13 Relocation and outsourcing of Kalmar’s Genuine Parts warehouse from Kansas to Indiana in line with the strategy of growing services Kalmar One is introduced as a standalone automation solution Launch of Inspector – a new digital application to streamline daily equipment inspections Kalmar’s climate targets validated by Science Based Targets initiative Next-generation lithium-ion battery technology for electric counter balanced equipment portfolio is introduced Kalmar introduces Automation as a Service – a model focused on adding long-term value for customers
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Orders received: 304 MEUR Orders received: 146 MEUR Order book: 892 MEUR Sales: 275 MEUR Order book: 135 MEUR Sales: 144 MEUR Equipment Services Other not included. Comparable operating profit: 38.3 MEUR/13.9% Comparable operating profit: 24.3 MEUR/16.9% Good business performance in Q2 14
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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 15
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1. Second quarter’s highlights 2. Market environment 3. Financial & business performance 4. Financial profile 5. Reporting segments 6. Balance sheet & cash flow 7. Guidance for 2025 1. Q&A Agenda Sami Niiranen President & CEO Sakari Ahdekivi CFO
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Attractive & strong financial profile Q2 2025 LTM key financial figures 1,833 MEUR Orders received 1,029 MEUR Order book (at 30 June 2025) 1,683 MEUR Sales 0.4x Leverage (interest bearing net debt at 30 June 2025 / EBITDA) 26.8% Gross profit 12.7% Comparable operating profit margin 20.7% Return on capital employed 95% Cash conversion (operating cash flow before finance items and taxes / EBITDA) 17
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• All equipment divisions performed well • Demand environment good, however, subdued in the US • Successful project deliveries, especially related to straddle carriers • Trade war and new tariffs have increased the level of uncertainty in the market Equipment orders increased Equipment; Sales, orders received, order book, MEUR 18 Q3/23 - Q2/24 are carve-out figures MEUR Q2/25 Q2/24 Change Q1-Q2/25 Q1-Q2/24 Change Orders received 304 238 28% 626 485 29% Order book 892 809 10% 892 809 10% Sales 275 279 -1% 527 581 -9% Comp. OP 38.3 36.4 5% 67.4 75.7 -11% % of sales 13.9% 13.1% 12.8% 13.0%
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Equipment profitability at a strong level Equipment; Comparable operating profit, MEUR and % 19 Q3/23 - Q2/24 are carve-out figures ● Continued solid commercial performance with stable gross margins. ● Driving excellence program actions contributed to profitability improvement.
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● Continued good level of order intake ‒ Driven by smaller contracts and spare parts ‒ Variation across regions related to trade tensions. A softer US market. Services on a growth track Services; Sales, orders received, order book, MEUR 20 Q3/23 - Q2/24 are carve-out figures MEUR Q2/25 Q2/24 Change Q1-Q2/25 Q1-Q2/24 Change Orders received 146 137 7% 304 292 4% Order book 135 110 22% 135 110 22% Sales 144 139 4% 289 275 5% Comp. OP 24.3 24.0 1% 51.9 46.8 11% % of sales 16.9% 17.3% 17.9% 17.0%
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Services profitability burdened by temporary impacts Services; Comparable operating profit, MEUR and % 21 Q3/23 - Q2/24 are carve-out figures ● Services profitability impacted by tariffs and warehouse outsourcing and change of location in US. ● Resilient sales despite market turbulence.
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Approximately 16 MEUR of annualised gross efficiency improvements secured during H1/2025 • 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 excellence, mainly consisting of active pricing management and supply chain optimisation ‒ Operational excellence, mainly consisting of process optimisation and continuous focus on competitive operational cost-base and faster decision-making • Kalmar has progressed with the implementation of the driving excellence initiative and during H1/2025, a run rate of approximately EUR 16 million annualised gross efficiency improvements have been secured. Majority of the improvements secured so far originate from commercial excellence actions around sourcing
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Kalmar’s return on capital employed enables long-term growth Return on capital employed (ROCE, last 12 months) 23 The time period Q3/23 - Q2/24 is based on carve-out figures Items affecting comparability deriving mostly from demerger and listing costs had a -2.2 percentage points impact on ROCE Q2/25.
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Strong balance sheet Net debt and gearing, MEUR Maturity profile, 30 June 2025* 24 *The detailed maturing profile of lease liabilities is reported annually and estimated in the interim reports. Interest-bearing net debt / EBITDA 0.4x Dividends of total 64 MEUR were paid during Q2.
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Cash flow impacted by increased working capital Cash flow from operations before financing items and taxes, MEUR 25 Q3/23 - Q2/24 are carve-out figures
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Guidance for 2025Kalmar expects its comparable operating profit margin to be above 12 percent in 2025. 26
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Q&A
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28 Site visit for analysts & investors17 September 2025Kalmar’s site in Stargard, Poland Please register via this link.
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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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2024 equipment sales to and from US Ipoh, Malaysia (Bromma) Ottawa, United States Shanghai, China Stargard, Poland Mexico United States Canada Equipment sales flows, width indicates magnitude Source: Kalmar management estimate In addition to equipment sales, spare parts and service operations generate material revenue in the US.