Interim report
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Kalmar interim report January–September 2026 Resilient third quarter with strong orders and robust cash generation
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Kalmar's interim report January–September 2026: Resilient third quarter with strong orders and robust cash generation • Orders received grew by 22 percent to EUR 458 (375) million • Sales was on the level of the comparison period, EUR 433 (436) million as growth in the Services compensated a modest decline in Equipment sales • Eco portfolio1 share of sales decreased to 43 (46) percent; however, eco portfolio order intake and orders for fully electric equipment increased • Market demand remained stable, recovery in the Equipment segment in North America continued • Comparable operating profit margin was 13.0 (13.8) percent while comparable operating profit decreased by 6 percent from a strong comparison period • Continued good execution of the Driving Excellence initiative • Strong operating cash flow and balance sheet July–September 2026 in brief: • Orders received increased by 22 percent and totalled EUR 458 (375) million • Order book amounted to EUR 1,004 million (31 Dec 2025: EUR 977 million) • Sales decreased by 1 percent and totalled EUR 433 (436) million • Eco portfolio sales represented 43 (46) percent of consolidated sales and decreased by 7 percent, totalling EUR 187 (201) million • Operating profit was EUR 52 (61) million, representing 12.0 (13.9) percent of sales. The operating profit includes items affecting comparability worth EUR -4 (1) million. • Comparable operating profit amounted to EUR 56 (60) million representing 13.0 (13.8) percent of sales, a decrease of 6 percent • Cash flow from operations before finance items and taxes totalled EUR 82 (26) million • Profit for the period amounted to EUR 39 (45) million • Basic earnings per share was EUR 0.60 (0.70) • Interest-bearing net debt to EBITDA2 was -0.1x (0.3x) January–September 2026 in brief: • Orders received increased by 4 percent and totalled EUR 1,358 (1,306) million • Order book amounted to EUR 1,004 million (31 Dec 2025: EUR 977 million) • Sales increased by 6 percent and totalled EUR 1,332 (1,254) million • Eco portfolio sales represented 46 (44) percent of consolidated sales and increased by 9 percent, totalling EUR 607 (555) million • Operating profit was EUR 162 (160) million, representing 12.1 (12.8) percent of sales. The operating profit includes items affecting comparability worth EUR -6 (-3) million • Comparable operating profit amounted to EUR 168 (163) million representing 12.6 (13.0) percent of sales, an increase of 3 percent • Cash flow from operations before finance items and taxes totalled EUR 230 (133) million • Profit for the period amounted to EUR 122 (118) million • Basic earnings per share was EUR 1.90 (1.84) Guidance for 2026 unchanged Kalmar expects its comparable operating profit margin to be above 12.5 percent in 2026. Kalmar, interim report January–September 2026, 29 October 2026 at 9:00 AM (EET) 2 1 The eco portfolio includes the equipment and services that are defined to be either aligned with the EU Taxonomy or expected to be aligned in the near future. 2 EBITDA last 12 months.
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President & CEO Sami Niiranen: During the third quarter of 2026, Kalmar delivered a resilient performance highlighted by good order momentum and robust cash generation. Despite persistent trade tensions and broad geopolitical uncertainty, market demand remained steady. Orders received reached EUR 458 million, matching recent quarters and reflecting a 22 percent increase year on year. This growth was primarily driven by the Equipment segment across North America, bringing our total order book to EUR 1,004 million. The transformation of our portfolio towards more sustainable solutions continued. In our eco portfolio, orders received grew by 32 percent year on year, representing now almost half of total order intake. Quarterly sales held steady at EUR 433 million, as growth in the Services segment compensated for a modest decline in Equipment sales. Comparable operating profit reached EUR 56.4 million, representing a 6 percent year-on-year drop against a strong prior-year comparison, while the comparable operating profit margin expanded sequentially to 13.0 percent. Our Driving Excellence initiative has delivered results. By the end of September, we had secured a run rate of approximately EUR 54 million in annualised gross efficiency improvements – this is already more than the EUR 50 million target we set for year-end 2026. Also cash generation continued strong. In the third quarter, cash flow from operations before finance items and taxes was EUR 82 million, and cash conversion for the last 12 months was 121 percent. Return on capital employed on a last-twelve-months basis was 22.4 percent, and our balance sheet is in excellent shape. A key highlight of the quarter was the opening of our fully automated Test Centre in Ljungby, Sweden. This industry-first facility is specifically designed for material handling equipment, enabling us to test the entire lifecycle of both our Electric Vehicle and diesel product lines under extreme conditions to strengthen product reliability and shorten time-to-market. Our Equipment segment’s sales in the third quarter amounted to EUR 281 million. The segment’s profitability continued to be stable with comparable operating profit margin at 12.6 percent. The Services segment continued to gradually improve in the third quarter with sales of EUR 153 million and a comparable operating profit margin of 17.6 percent, higher than in the past three quarters. Services’ orders received were on the same level as in the previous quarters in 2026. We remain focused on expanding services and growing recurring revenue, which are key to achieving our long-term targets. Despite geopolitical uncertainty, our fundamentals remain strong. We have a strong order book, a growing eco portfolio, long-standing customer relationships, and a resilient team. We expect total market demand for the next six months to remain approximately at a similar level as in the previous quarters. While customer demand and order intake remained solid globally, we saw some delivery delays in APAC. Continued macroeconomic disruption to freight, transit routes, and component supply could extend these delays. We are actively mitigating the risk through proactive sourcing, flexible manufacturing, and our Driving Excellence efficiency program. We confirm our guidance for 2026 unchanged: we expect our comparable operating profit margin to be above 12.5 percent for the full year. We look forward to sharing further insights into our strategy, business development, and growth opportunities at our upcoming Capital Markets Day on 2 November. Finally, I would like to express my sincere thanks to our employees across the globe. Your commitment, hard work, and dedication to customer value creation are the driving force behind Kalmar’s performance. Kalmar, interim report January–September 2026, 29 October 2026 at 9:00 AM (EET) 3
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Vision and strategy Kalmar is a market leader in heavy material handling equipment with deep-rooted foundations in customer proximity, attractive market, experienced and talented people and strong financial profile. Kalmar’s sales and service network covers over 120 countries, supporting the company's globally dispersed customer base and extensive installed base of 70,000 machines globally. The company operates mainly through direct sales and a strong global network of dealers. With an assembly-based manufacturing model with four factories and two innovation centres, Kalmar prioritises building strong and enduring relationships with its material suppliers across the globe. Kalmar’s workforce comprises approximately 5,300 employees of which approximately 1,500 are service engineers. The company believes that attracting and retaining top talent is essential to being the most valued business partner for its customers and the employer of choice for current and future employees. Kalmar is dedicated to responsible business practices and expects its suppliers and business partners to uphold the same high legal and ethical standards. The industry is facing several megatrends, which are driving renewal across the whole scene. This generates opportunities for Kalmar to provide solutions and solve the challenges customers face. Some of the key opportunities that Kalmar is prepared to address are: • Safety • Productivity • Decarbonisation and electrification • Changing logistics landscape • Labour shortage • Intelligent operations. To address these opportunities and to create added customer value, Kalmar is focusing on three strategic areas: • Investing in sustainable innovations in the area of decarbonised and electric equipment, digital solutions and automation • Growing services and expanding our aftermarket footprint with a focus on harvesting on our vast installed base, improving capture rate, increasing the share of recurring business through service contracts and creating customer lifecycle value through an intelligent service offering • Driving excellence by improving profitability and cash flow generation via sourcing optimisation and process improvement to fund further investments into R&D and organic growth, and distributing profits to shareholders. Performance targets Kalmar's Board of Directors has set the following performance targets for 2028: Financial targets • Sales growth of 5 percent p.a. over the cycle; • Comparable operating profit margin of 15 percent; • ROCE above 25 percent; In 2025, Kalmar achieved sales growth of 1 percent, a comparable operating profit margin of 12.8 percent and ROCE of 23.0 percent. Capital structure and sustainability framework • Leverage (Net debt to EBITDA) under 2x; • Dividend payout ratio of 30–50 percent per annum; • Aligned with SBTi targets with 1.5 °C commitment.3 Kalmar, interim report January–September 2026, 29 October 2026 at 9:00 AM (EET) 4 3 Plan following criteria of the Science Based Targets initiative.
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Kalmar’s key figures MEUR Q3/26 Q3/25 Change Q1–Q3/26 Q1–Q3/25 Change 2025 Orders received 458 375 22 % 1,358 1,306 4 % 1,817 Order book, end of period 1,004 961 4 % 1,004 961 4 % 977 Sales 433 436 -1 % 1,332 1,254 6 % 1,741 Eco portfolio sales 187 201 -7 % 607 555 9 % 763 Eco portfolio sales, % of sales 43 % 46 % 46 % 44 % 44 % Eco portfolio orders received 216 163 32 % 567 575 -1 % 789 Eco portfolio orders received, % of total orders received 47 % 43 % 42 % 44 % 43 % Operating profit 52.0 60.7 -14 % 161.8 160.3 1 % 220.4 Operating profit, % 12.0 % 13.9 % 12.1 % 12.8 % 12.7 % Comparable operating profit 56.4 60.0 -6 % 167.7 162.8 3 % 223.3 Comparable operating profit, % 13.0 % 13.8 % 12.6 % 13.0 % 12.8 % Profit before taxes 49.9 58.5 -15 % 155.6 153.5 1 % 211.2 Cash flow from operations before finance items and taxes 81.6 25.6 > 100% 230.4 132.9 73 % 245.7 Profit for the period 38.6 44.7 -14 % 122.0 118.0 3 % 163.3 Basic earnings per share, EUR 0.60 0.70 -14 % 1.90 1.84 4 % 2.55 Interest-bearing net debt, end of period -34 84 -34 84 5 Gearing, % -4.5 % 12.7 % -4.5 % 12.7 % 0.7 % Interest-bearing net debt / EBITDA* -0.1 0.3 -0.1 0.3 0.0 Return on capital employed (ROCE), last 12 months, % ** 22.4 % 20.8 % 22.4 % 20.8 % 23.0 % Return on equity (ROE), last 12 months, % 23.5 % 22.8 % 23.5 % 22.8 % 24.1 % Personnel, end of period 5,339 5,298 1 % 5,339 5,298 1 % 5,300 * Last 12 months’ EBITDA ** Items affecting comparability had a -0.6 (-1.7) percentage points impact on ROCE in the third quarter. Kalmar, interim report January–September 2026, 29 October 2026 at 9:00 AM (EET) 5
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Reporting segments’ key figures Orders received MEUR Q3/26 Q3/25 Change Q1–Q3/26 Q1–Q3/25 Change 2025 Equipment 310 228 36% 919 854 8% 1,199 Services 148 147 0% 439 452 -3% 618 Other – – – – – Total 458 375 22% 1,358 1,306 4% 1,817 Order book MEUR 30 Sep 2026 30 Jun 2026 31 Mar 2026 31 Dec 2025 Change from 31 Dec 2025 Equipment 887 864 873 840 6% Services 117 122 137 135 -13% Other – – – 1 -100% Total 1,004 986 1,010 977 3% Sales MEUR Q3/26 Q3/25 Change Q1–Q3/26 Q1–Q3/25 Change 2025 Equipment, external sales 281 286 -2% 872 813 7% 1,137 Equipment, internal sales 0 0 1 0 1 Services 153 150 2% 459 439 5% 602 Other and elimination of internal sales -1 0 < -100% 0 2 -91 % 2 Total 433 436 -1 % 1,332 1,254 6 % 1,741 Kalmar management follows external sales for segments. Operating profit Equipment 33.1 36.7 -10 % 106.7 103.1 3 % 147.1 Services 26.0 28.6 -9 % 76.4 79.0 -3 % 105.3 Other -7.2 -4.6 -55 % -21.3 -21.7 2 % -31.9 Total 52.0 60.7 -14 % 161.8 160.3 1 % 220.4 MEUR Q3/26 Q3/25 Change Q1–Q3/26 Q1–Q3/25 Change 2025 Comparable operating profit Equipment 35.5 36.3 -2% 109.5 103.7 6% 147.7 Services 26.8 27.7 -3% 77.4 79.5 -3% 105.9 Other -5.9 -4.0 -48 % -19.2 -20.4 6 % -30.3 Total 56.4 60.0 -6 % 167.7 162.8 3 % 223.3 MEUR Q3/26 Q3/25 Change Q1–Q3/26 Q1–Q3/25 Change 2025 Comparable operating profit, % Q3/26 Q3/25 Change %-points Q1–Q3/26 Q1–Q3/25 Change %-points 2025 Equipment 12.6 % 12.7 % -0.1 12.5 % 12.8 % -0.2 13.0 % Services 17.6 % 18.5 % -0.9 16.9 % 18.1 % -1.3 17.6 % Other n/a n/a n/a n/a n/a Total 13.0 % 13.8 % -0.7 12.6 % 13.0 % -0.4 12.8 % Kalmar, interim report January–September 2026, 29 October 2026 at 9:00 AM (EET) 6
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Telephone conference for analysts, investors and media A live international telephone conference for analysts, investors and media will be arranged on the publishing day, 29 October, at 10:00 a.m. EET. The event will be held in English. The report will be presented by President & CEO Sami Niiranen and CFO Katri Hokkanen. The presentation material will be available at www.kalmarglobal.com/investors/ by 10:00 a.m. EET. To ask questions, please join the teleconference by registering via the following link: https:// events.inderes.com/kalmar/q3-2026/dial-in. After the registration, the conference phone numbers and a conference ID to access the conference will be provided. Questions can be presented during the conference. The event can also be viewed as a live webcast at https://kalmar.events.inderes.com/q3-2026. The conference call will be recorded, and an on-demand version of the conference will be published at Kalmar’s website later during the day. Please note that by dialling to the conference call, the participant agrees that personal information such as name and company name will be collected. For further information, please contact: Carina Geber-Teir, SVP, IR, Marketing and Communications, tel. +358 40 502 4697 Kalmar (Nasdaq Helsinki: KALMAR) is moving goods in critical supply chains around the world, with the vision to be the forerunner in sustainable material handling equipment and services. The company offers a wide range of industry shaping heavy material handling equipment and services to ports and terminals, distribution centres, manufacturing and heavy logistics. Headquartered in Helsinki, Finland, Kalmar operates globally in over 120 countries and employs approximately 5,300 people. In 2025, the company's sales totalled approximately EUR 1.7 billion. www.kalmarglobal.com Kalmar, interim report January–September 2026, 29 October 2026 at 9:00 AM (EET) 7
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Kalmar's interim report January–September 2026 Forward-looking statements This interim report provides estimates on future prospects involving risk and uncertainty factors, and other factors as a result of which the performance, operation or achievements of Kalmar may substantially deviate from the estimates. Forward-looking statements relating to future prospects are subject to risks, uncertainties and assumptions, the implementation of which depends on the future business environment and other circumstances. Operating environment Kalmar faces an increasingly complex business environment characterised by uncertainty, rising geopolitical tensions, subdued growth forecasts, and volatile interest rates and inflation. The pace of global growth remains unpredictable. Demand for Kalmar's equipment is influenced by the overall global growth development, container throughput, as well as economic indicators for manufacturing activity, warehousing and business confidence. Inflation, high interest rates and geopolitics, among others, may impact the customer investment activity. Trade tensions and uncertainty in the general economic environment, driven by geopolitical events, are increasing downside risks in the market outlook. The ongoing conflict in the Middle East is driving cost increases in fuel prices and creating disruptions in logistics routes, resulting in extended transit times, increased freight costs and potential component shortages. Macroeconomic indicators and some industrial indicators point to slower market growth in 2026 than in 2025. According to the International Monetary Fund's (IMF) world economic outlook published in October 2026, global economy is estimated to grow by 3.1 percent in 2026, down from 3.5 percent in 2025. In the IMF’s advanced economies group (a group of countries which includes several key markets for Kalmar, such as the United States, the United Kingdom and Germany), the growth is estimated to be 2.1 percent in 2026, slightly up from 2.0 percent in 2025.4 Kalmar’s demand is also impacted by the number of containers handled at ports globally, which is estimated to have increased by 2.5 percent during the third quarter and to increase by 3.1 percent in 2026, down from 6.4 percent in 2025.5 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. Kalmar, interim report January–September 2026, 29 October 2026 at 9:00 AM (EET) 8 4 International Monetary Fund: World Economic Outlook, October 2026 5 Drewry Container Forecaster, September and October 2026
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Group financial performance Orders received and order book MEUR Q3/26 Q3/25 Change Q1–Q3/26 Q1–Q3/25 Change 2025 Orders received 458 375 22 % 1,358 1,306 4 % 1,817 Eco portfolio orders received 216 163 32 % 567 575 -1 % 789 Order book, end of period 1,004 961 4 % 1,004 961 4 % 977 July–September 2026 In the third quarter of 2026, orders received increased by 22 percent or by 21 percent in constant currencies from the comparison period and totalled EUR 458 (375) million. Orders received grew strongly in the Equipment segment and stayed on the level of the comparison period in the Services segment. In geographical terms, of total orders received in the third quarter, 45 (49) percent came from EMEA, 39 (32) percent from the Americas and 16 (19) percent from the APAC. Compared to the previous year, orders received increased in the Americas by 50 percent largely driven by the Equipment segment across North America. In EMEA, orders received grew by 11 percent driven by a few sizeable orders, and in APAC, by 5 percent year on year. Eco portfolio orders received grew strongly and totalled EUR 216 (163) million which corresponds to 47 (43) percent of total orders received. Overall demand for Kalmar's equipment and services remained stable. Recovery in the distribution end customer segment continued in the US. Direct impact of the ongoing conflict in the Middle East remained limited despite lower utilisation rate of Kalmar's equipment in the region. Order book increased to EUR 1,004 (961) million at the end of the third quarter. In the third quarter, Kalmar announced the following orders added in the order book: an order for twelve Kalmar Hybrid Straddle Carriers for International Container Terminal Services, Inc. (ICTSI) in the Philippines, an order for ten Kalmar Hybrid Straddle Carriers and twelve Hybrid Kalmar Autostrad machines for Patrick Terminals in Australia, an order for three Kalmar electric empty container handlers for Arnal France, an order for five Kalmar electric reachstackers for Portonave in Brazil as well as an order for a Kalmar electric reachstacker for Contargo Group in Germany. Additionally, Kalmar signed a Kalmar Care service agreement with Total Terminal International Algeciras S.A. in Spain and agreed on an extension to its Kalmar Care service and maintenance agreement with Holmen Board and Paper in Iggesund, Sweden. Additionally, Kalmar announced an order for two electric reachstackers and MyKalmar INSIGHT with the Inspector machine inspection solution for Port of Helsingborg and a 3-year service contract with Port of Halmstad, both in Sweden. January–September 2026 Orders received increased in January–September by 4 percent from the comparison period and totalled EUR 1,358 (1,306) million. Orders received increased in Equipment by 8 percent and decreased in Services by 3 percent from the comparison period. In January–September, of the total orders received 46 (53) percent came from EMEA, 38 (30) percent from the Americas and 17 (16) percent from the APAC. Services' share of orders received was 32 (35) percent. Order book increased by 3 percent from the end of 2025, and at the end of the third quarter, it totalled EUR 1,004 million (31 Dec 2025: EUR 977 million). Equipment's order book totalled EUR 887 million (31 Dec 2025: EUR 840 million), representing 88 (86) percent, Services' EUR 117 million (31 Dec 2025: EUR 135 million) or 12 (14) percent and Other’s EUR – million (31 Dec 2025: EUR 1 million) or – (0.1) percent of the consolidated order book. Orders received, MEUR 486 480 450 375 511 451 449 458 330 322 304 228 344 302 306 310 156 158 146 147 166 149 143 148 Equipment Services Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 0 150 300 450 600 Kalmar, interim report January–September 2026, 29 October 2026 at 9:00 AM (EET) 9
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Order book, MEUR 955 1,041 1,029 961 977 1,010 986 1,004 831 902 892 829 840 873 864 887 120 136 135 131 135 137 122 1174 3 1 1 1 Equipment Services Other Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 0 400 800 1,200 1,600 Orders by segment Q3/2026, % Orders by geographical area Q3/2026, % Kalmar, interim report January–September 2026, 29 October 2026 at 9:00 AM (EET) 10 Equipment 68% (61%) Services 32% (39%) EMEA 45% (49%) Americas 39% (32%) APAC 16% (19%)
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Sales MEUR Q3/26 Q3/25 Change Q1–Q3/26 Q1–Q3/25 Change 2025 Sales 433 436 -1% 1,332 1,254 6% 1,741 Eco portfolio sales 187 201 -7% 607 555 9% 763 July–September 2026 In the third quarter of 2026, sales were on the same level as in the comparison period, also in constant currencies, and amounted to EUR 433 (436) million. In the Equipment segment, sales decreased by (2) percent, and in Services, sales grew by 2 percent from the comparison period. Eco portfolio share of sales in the third quarter decreased to 43 (46) percent of consolidated sales. Eco portfolio sales totalled EUR 187 (201) million and decreased by 7 percent. Sales in the EMEA region decreased by 2 percent, and in APAC, by 6 percent. In the Americas, sales increased by 3 percent year on year. EMEA’s share of consolidated sales was 45 (46) percent, Americas’ 41 (40) percent and APAC’s 14 (14) percent. January–September 2026 Sales in January–September increased by 6 percent from the comparison period, and 7 percent in constant currencies, amounting to EUR 1,332 (1,254) million. Sales increased in Services by 5 percent and in Equipment by 7 percent . Eco portfolio share of sales in January–September increased to 46 (44) percent of consolidated sales. Eco portfolio sales totalled EUR 607 (555) million and increased by 9 percent. In January–September, EMEA’s share of consolidated sales was 53 (51) percent, Americas’ 33 (34) percent and APAC’s 13 (15) percent. Sales increased in EMEA and Americas, driven by both segments, and decreased in APAC. Services' share of sales was 34 (35) percent. Sales, MEUR 440 398 420 436 487 420 480 433 293 252 275 286 324 271 321 281 146 145 144 150 163 148 158 153 1 1 1 1 Equipment Services Other Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 0 250 500 750 Eco portfolio sales, MEUR and % of total sales 182 170 184 201 209 187 233 187 86 77 92 104 102 91 129 90 96 93 91 97 106 95 104 97 Equipment Services Eco portfolio sales, % of sales Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 0 50 100 150 200 250 20% 40% 60% Kalmar, interim report January–September 2026, 29 October 2026 at 9:00 AM (EET) 11
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Sales by segment Q3/2026, % Impacts of currencies Orders received Sales MEUR Q3 Q1-Q3 Q3 Q1-Q3 2025 375 1,306 436 1,254 Organic growth in constant currencies, % 21% 5% -1% 7% Impact of changes in exchange rates, % 1% -1% 1% -1% Total change, % 22 % 4 % -1 % 6 % 2026 458 1,358 433 1,332 In the third quarter of 2026, orders received increased organically in constant currencies by 21 percent. Changes in exchange rates had a 1 percentage point positive effect on Kalmar's orders received. In constant currencies, sales decreased organically by 1 percent. Changes in exchange rates had a 1 percentage point positive effect on Kalmar's sales. Sales by geographical area Q3/2026, % In January–September, orders received increased in constant currencies by 5 percent. Changes in exchange rates had a 1 percentage point negative effect on Kalmar's orders received. In constant currencies, sales increased by 7 percent. Changes in exchange rates had a 1 percentage point negative effect on Kalmar's sales. Kalmar, interim report January–September 2026, 29 October 2026 at 9:00 AM (EET) 12 Equipment 65% (66%) Services 35% (34%) EMEA 45% (46%) Americas 41% (40%) APAC 14% (14%)
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Group financial result Operating profit and comparable operating profit MEUR Q3/26 Q3/25 Change Q1–Q3/26 Q1–Q3/25 Change 2025 Operating profit 52.0 60.7 -14% 161.8 160.3 1 % 220.4 Operating profit, % 12.0% 13.9% 12.1% 12.8% 12.7% Comparable operating profit 56.4 60.0 -6% 167.7 162.8 3% 223.3 Comparable operating profit, % 13.0% 13.8% 12.6% 13.0% 12.8% July–September 2026 Operating profit for the third quarter totalled EUR 52 (61) million. Operating profit includes items affecting comparability worth of EUR -4 (1) million. Comparable operating profit decreased by 6 percent from a strong comparison period and amounted to EUR 56 (60) million, representing 13.0 (13.8) percent of sales. US IEEPA tariff refunds had a small positive impact on profitability in the reporting period. Additional information regarding items affecting comparability is available in Note 6. Comparable operating profit. January–September 2026 Operating profit in January–September totalled EUR 162 (160) million. Operating profit includes items affecting comparability worth of EUR -6 (-3) million. Comparable operating profit in January–September increased by 3 percent and amounted to EUR 168 (163) million, representing 12.6 (13.0) percent of sales. More information regarding items affecting comparability is available in Note 6. Comparable operating profit. Operating profit and items affecting comparability, MEUR 39 46 54 61 60 51 58 52 -14 -2 -1 1 0 0 -1 -4 Operating profit Items affecting comparability Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 -25 0 25 50 75 100 Comparable operating profit, MEUR and % 53 48 55 60 61 52 60 56 12.1% 12.0% 13.1% 13.8% 12.4% 12.3% 12.4% 13.0% Comparable operating profit, MEURComparable operating profit margin, % Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 0 20 40 60 80 100 0% 3% 6% 9% 12% 15% Kalmar, interim report January–September 2026, 29 October 2026 at 9:00 AM (EET) 13
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Driving Excellence In May 2024, as part of the demerger and listing prospectus, Kalmar Corporation announced its new strategy and plan towards sustainable and profitable growth. The Driving Excellence initiative emphasises the importance of continuous improvement. As previously presented, Driving Excellence is one of the three strategic pillars identified by Kalmar to drive its strategy forward. Kalmar Corporation has in August 2024 detailed its Driving Excellence initiative targeting efficiency gains across its operations. The Driving Excellence initiative is a crucial step towards achieving Kalmar’s long-term performance targets. Execution of the initiative is ongoing, and Kalmar had a target to reach approximately EUR 50 million gross efficiency improvements by the end of 2026, in line with the aim of reaching Kalmar’s comparable operating profit margin target of 15 percent by 2028. The main measures are related to commercial and operational excellence actions that include active pricing management, supply chain and process optimisation and continuous focus on competitive operational cost-base and faster decision-making. Kalmar continued with good progress with the implementation of the Driving Excellence initiative. By the end of the third quarter, a run rate of approximately EUR 54 million of annualised gross efficiency improvements has been secured. The majority of the improvements secured originated from successful sourcing activities. The impacts of the measures, efficiency improvements, enable enhanced investments in sustainable innovations and service growth. Net finance expenses and net income July–September 2026 Net interest expenses from interest-bearing debt and assets for the third quarter totalled EUR 1 (1) million. Net finance expenses totalled EUR 2 (2) million. Profit for the third quarter totalled EUR 39 (45) million, and basic earnings per share was EUR 0.60 (0.70). January–September 2026 In January–September, net interest expenses for interest-bearing debt and assets totalled EUR 2 (4) million. Net finance expenses totalled EUR 6 (7) million. Profit in January–September totalled EUR 122 (118) million, and basic earnings per share was EUR 1.90 (1.84). Kalmar, interim report January–September 2026, 29 October 2026 at 9:00 AM (EET) 14
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Balance sheet, cash flow and financing Balance sheet Consolidated balance sheet total was EUR 1,814 (30 Sep 2025: 1,756) million at the end of the third quarter. Equity attributable to the equity holders of the parent was EUR 762 (661) million, representing EUR 11.92 (10.31) per share. Return on equity (ROE, last 12 months) was 23.5 (30 Sep 2025: 22.8) percent at the end of the third quarter and return on capital employed (ROCE, last 12 months) was 22.4 (20.8) percent. Items affecting comparability had a -0.6 (-1.7) percentage points impact on ROCE in the third quarter. Cash flow In the third quarter, cash generation was strong . Cash flow from operating activities before finance items and taxes was 121 (34) percent of EBITDA. Our focus on net working capital delivered EUR 16 (-45) million cash flow from net working capital. During January–September cash flow from operating activities before financial items and taxes amounted to EUR 230 (133) million, and was 110 (66) percent of EBITDA for the period. Impact of net working capital was EUR 25 (-68) million. Cash conversion for the last 12 months was at 121 (75) percent. Financing Kalmar’s liquidity position is strong. Liquidity reserves totalled EUR 527 million on 30 September 2026 (31 Dec 2025: 478), consisting of EUR 327 (278) million cash and cash equivalents and undrawn EUR 200 million committed long-term revolving credit facility. In addition to the liquidity reserves, Kalmar had access to a EUR 150 million commercial paper programme and EUR 61 million undrawn bank overdraft facilities. Total interest-bearing debt amounted to EUR 294 (31 Dec 2025: 286) million, of which EUR 200 (200) million were loans from financial institutions, EUR 78 (81) million lease liabilities, and EUR 17 (6) million other interest-bearing liabilities. Interest-bearing liabilities due within the following 12 months totalled EUR 74 (24) million, which includes EUR 50 (0) million loans from financial institutions, EUR 19 (18) million lease liabilities, and EUR 5 (6) million other interest-bearing liabilities. The average interest rate on interest-bearing liabilities, excluding own use and customer financing lease liabilities, was 3.5 (3.1) percent. At the end of the third quarter, interest-bearing net debt totalled EUR -34 (31 Dec 2025: 5) million. Interest-bearing net debt to EBITDA for the last 12 months was -0.1 (0.0) and gearing was -4.5 (0.7) percent. Additional information regarding interest-bearing net debt and liquidity is available in Note 10. Interest-bearing net debt and liquidity. Return on capital employed (ROCE), last 12 months, % 18.7% 18.4% 20.7% 20.8% 23.0% 24.2% 24.1% 22.4% Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% Items affecting comparability had a -0.6 (-1.7) percentage points impact on ROCE in the third quarter. Kalmar, interim report January–September 2026, 29 October 2026 at 9:00 AM (EET) 15
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Reporting segments Equipment MEUR Q3/26 Q3/25 Change Q1– Q3/26 Q1–Q3/25 Change 2025 Orders received 310 228 36 % 919 854 8 % 1,199 Order book, end of period 887 829 7 % 887 829 7 % 840 Sales 281 286 -2 % 872 813 7 % 1,137 Operating profit 33.1 36.7 -10 % 106.7 103.1 3 % 147.1 % of sales 11.8 % 12.8 % 12.2 % 12.7 % 12.9 % Comparable operating profit 35.5 36.3 -2 % 109.5 103.7 6 % 147.7 % of sales 12.6 % 12.7 % 12.5 % 12.8 % 13.0 % Personnel, end of period 2,528 2,551 -1 % 2,528 2,551 -1 % 2,554 July–September 2026 In the third quarter, Equipment orders received increased by 36 percent from the comparison period and totalled EUR 310 (228) million driven by sizeable orders and good development in North America. During the quarter, a number of notable fully electric equipment orders were secured. In the Americas, recovery in the Equipment segment continued. Orders received grew also in EMEA and APAC. Equipment sales in the third quarter decreased by 2 percent from the comparison period and totalled EUR 281 (286) million. The fleet activity of Kalmar's connected equipment varied between regions. While customer demand and order intake remained solid globally, we saw some delivery delays in APAC. Continued macroeconomic disruption to freight, transit routes, and component supply could extend these delays. We are actively mitigating the risk through proactive sourcing, flexible manufacturing, and our Driving Excellence efficiency program. Eco portfolio share of Equipment sales decreased in the third quarter to 32 (37) percent. Eco portfolio orders received contributed to 38 (29) percent of total Equipment orders received. Fully electric equipment orders increased to 14 (12) percent of total Equipment orders received. In the third quarter, operating profit for Equipment decreased to EUR 33 (37) million. Operating profit includes EUR -2 (0) million in items affecting comparability. Comparable operating profit remained on the same level as in the comparison period and amounted to EUR 35 (36) million, representing 12.6 (12.7) percent of sales. Comparable operating profit margin remained on prior quarter levels.Tariff impacts were successfully mitigated during the quarter. January–September 2026 Equipment orders received in January–September increased by 8 percent and totalled EUR 919 (854) million. Fully electric equipment, which are part of the eco portfolio, contributed to 12 (13) percent of the total Equipment orders received. Equipment order book increased by 6 percent from the end of 2025, totalling EUR 887 million (31 Dec 2025: EUR 840 million) at the end of the third quarter. Equipment sales January–September increased by 7 percent from the comparison period and totalled EUR 872 (813) million. Equipment operating profit in January–September totalled EUR 107 (103) million. The operating profit includes EUR -3 (-1) million in items affecting comparability. The comparable operating profit in January–September increased by 6 percent and amounted to EUR 109 (104) million, representing 12.5 (12.8) percent of sales. Equipment; Sales, orders received, order book, MEUR 293 252 275 286 324 271 321 281330 322 304 228 344 302 306 310 831 902 892 829 840 873 864 887 Sales Orders received Order book Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 0 100 200 300 400 500 0 250 500 750 1,000 1,250 Kalmar, interim report January–September 2026, 29 October 2026 at 9:00 AM (EET) 16
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Equipment; Comparable operating profit, MEUR and margin, % 36 29 38 36 44 34 40 35 12.1% 11.6% 13.9% 12.7% 13.6% 12.6% 12.4% 12.6% Comparable operating profit, MEURComparable operating profit margin, % Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 0 20 40 60 80 100 0.0% 4.0% 8.0% 12.0% 16.0% 20.0% Kalmar, interim report January–September 2026, 29 October 2026 at 9:00 AM (EET) 17
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Services MEUR Q3/26 Q3/25 Change Q1–Q3/26 Q1–Q3/25 Change 2025 Orders received 148 147 0 % 439 452 -3 % 618 Order book, end of period 117 131 -11 % 117 131 -11 % 135 Sales 153 150 2 % 459 439 5 % 602 Operating profit 26.0 28.6 -9 % 76.4 79.0 -3 % 105.3 % of sales 17.0 % 19.1 % 16.7 % 18.0 % 17.5 % Comparable operating profit 26.8 27.7 -3 % 77.4 79.5 -3 % 105.9 % of sales 17.6 % 18.5 % 16.9 % 18.1 % 17.6 % Personnel, end of period 2,245 2,195 2 % 2,245 2,195 2 % 2,187 July–September 2026 In the third quarter, Services' orders received were on the same level as in the comparison period at EUR 148 (147) million, although demand in North America remained sluggish. Services' third quarter sales increased by 2 percent and totalled EUR 153 (150) million. In the third quarter, Services' operating profit decreased from the comparison period, totalling EUR 26 (29) million. Operating profit includes EUR -1 (1) million in items affecting comparability. Comparable operating profit for the third quarter decreased by 3 percent from a strong comparison period and amounted to EUR 27 (28) million, representing 17.6 (18.5) percent of sales. Tariff impacts were successfully mitigated during the quarter, and cost optimisation and sales growth actions advanced. January–September 2026 Services' orders received in January–September decreased by 3 percent and totalled EUR 439 (452) million. Services' order book decreased by 13 percent from the end of 2025, totalling EUR 117 million (31 Dec 2025: EUR 135 million) at the end of the third quarter. Services' January– September sales increased by 5 percent and totalled EUR 459 (439) million. Services' operating profit in January–September totalled EUR 76 (79) million. The operating profit includes EUR -1 (-1) million in items affecting comparability. The comparable operating profit in January–September decreased by 3 percent and amounted to EUR 77 (80) million, representing 16.9 (18.1) percent of sales. Services; Sales, orders received, order book, MEUR 146 145 144 150 163 148 158 153156 158 146 147 166 149 143 148 120 136 135 131 135 137 122 117 Sales Orders received Order book Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 0 50 100 150 200 250 0 30 60 90 120 150 Services; Comparable operating profit, MEUR and margin, % 26 28 24 28 26 24 27 27 17.5% 19.0% 16.9% 18.5% 16.2% 16.0% 17.0% 17.6% Comparable operating profit, MEURComparable operating profit margin, % Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 0 10 20 30 40 50 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% Kalmar, interim report January–September 2026, 29 October 2026 at 9:00 AM (EET) 18
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Other information Sustainability Kalmar’s sustainability work is based on the environmental, social and governance (ESG) aspects of corporate sustainability. Kalmar aims to achieve a net-zero, circular value chain while delivering the industry’s safest and most innovative offerings resulting in profitable business. The company is committed to fostering a harm-free, equitable and inclusive culture, grounded in high ethical business standards. These elements set the foundation to how business is done at Kalmar. The company’s material topics include climate change; resource use and circular economy; health and safety; fair treatment and opportunities for all; business conduct; and responsible sourcing. Highlights During the third quarter, Kalmar was awarded with the EcoVadis6 Platinum medal for 2026, placing the company in the top 1 percent of evaluated businesses globally. Kalmar’s EcoVadis results highlight operational progress and tangible value for global supply chains across all four assessment pillars: • Environment: Kalmar leads sustainable change across its industry with a growing eco portfolio and Science Based Targets initiative (SBTi)-validated decarbonisation roadmaps, enabling customers to significantly lower lifecycle emissions. • Labour & Human Rights: Through global safety culture programs and human rights due diligence across its value chain, Kalmar assures partners that its equipment is designed and manufactured in safe, fair, and inclusive workplaces. • Business Ethics: Kalmar enforces strict anti-corruption policies, continuous code-of-conduct training, and robust data protection protocols, delivering total commercial transparency, ethical governance, and high-level information security across all customer touchpoints. • Sustainable Procurement: Kalmar drives value-chain responsibility through active collaboration with global supply chain partners. Enforcing a comprehensive Supplier Code of Conduct and systematic ESG risk assessments ensures components and parts are responsibly sourced, mitigating upstream risks and simplifying vendor compliance for global clients. While earning the highest EcoVadis medal is a major achievement, Kalmar views this outcome not as a final destination, but as a reflection of its everyday operational standards. Moving forward, Kalmar will continue to push industry boundaries, investing in eco-efficient equipment, zero-emission technology, and circular services to lead the transformational shift toward sustainable material handling worldwide. Eco portfolio Kalmar’s eco portfolio is the key performance indicator used to measure Kalmar’s sustainability performance. Kalmar’s eco portfolio includes a range of low-carbon and intelligent technologies, products and services, such as different types of electric or low-emission versions and lifecycle solutions. Increasing the sales of Kalmar’s eco portfolio contributes to reaching the company’s climate target. The eco portfolio has been defined to include equipment and services that are aligned with the EU Taxonomy or are expected to be aligned within a year. The eco portfolio consists of two categories: climate solutions and circular solutions. In the third quarter 2026, the share of eco portfolio sales decreased to 43 (46) percent of consolidated sales. Eco portfolio sales totalled EUR 187 (201) million and decreased by 7 percent. In January–September, the share of eco portfolio sales increased to 46 (44) percent of consolidated sales. Eco portfolio sales totalled EUR 607 (555) million and increased by 9 percent. Safety Kalmar’s safety performance is closely monitored with a number of key performance indicators, whereof total recordable injury frequency rate (TRIFR)7 is the most commonly used. The TRIF rate is calculated based on the number of fatalities, lost time injuries, medical treatment injuries as well as restricted work cases divided by millions of hours worked. The safety figure covers the company’s own employees and certain external contractors (such as temporary employees and rental workforce), but they exclude subcontractors due to missing information on working hours. By the end of the third quarter of 2026, Kalmar’s TRIFR, measured by rolling 12 months, was 5.2 (5.3). Kalmar is targeting to have a TRIF rate below 4.0 by the end of 2026. Kalmar, interim report January–September 2026, 29 October 2026 at 9:00 AM (EET) 19 6 EcoVadis is the world’s largest and most trusted provider of business sustainability ratings, evaluating over 130,000 companies globally across four core pillars: Environment, Labour & Human Rights, Business Ethics, and Sustainable Procurement. 7 TRIFR = ((total amount of fatalities, lost time injuries, medical treatment injuries and restricted workplace injuries) / total working hours) x 1 000 000.
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Research and development Research and product development expenditure in January–September totalled EUR 41 (39) million, representing 3.1 (3.1) percent of sales. EUR 2.0 (0.1) million was capitalised. Kalmar's research and development investments were focused on solutions supporting climate targets such as digitalisation, electrification, and robotisation as well as projects that aim to improve the competitiveness and cost efficiency of the products. During the third quarter, Kalmar opened an industry-first fully automated Test Centre in Ljungby, Sweden. The Test Centre will strengthen product reliability and shorten time-to-market, directly supporting Kalmar’s commitment to customer uptime and sustainable growth. The Test Centre is designed specifically for material handling equipment and is unique in size, scope, and technical capability within the global material handling sector. Designed for 24/7 fully automated, unattended accelerated lifetime testing, it enables Kalmar to test the entire lifecycle of both its Electric Vehicle (EV) and diesel product lines under extreme conditions, with temperatures ranging from arctic cold to desert heat. Also during the third quarter, Kalmar announced a strategic partnership with APM Terminals to advance development of terminal technology. APM Terminals will work closely alongside Kalmar counterparts to co-develop the Kalmar One automation system and to deeply integrate APM Terminals’ operational know-how into the Kalmar One automation system. In the Services segment, Kalmar has focused on further elevating its digital service offering and platforms to improve customer experience and online availability. MyKalmar customer platform is continuously being developed, becoming the go-to system for all client-facing services, including the MyKalmar STORE e-commerce platform. Capital expenditure Capital expenditure, consisting of investments in intangible assets, property, plant and equipment for own use as well as leased assets excluding acquisitions and customer financing, totalled EUR 30 (27) million in January–September. Investments in customer financing were EUR 33 (33) million. Depreciation, amortisation and impairment amounted to EUR 48 (41) million, including impairments worth EUR 0 (0) million. Acquisitions and divestments in 2026 Kalmar is maintaining flexibility for potential M&A opportunities. However, M&A is not a priority. Kalmar did not make any acquisitions or divestments during the reporting period. Personnel Kalmar employed 5,339 (31 Dec 2025: 5,300) people at the end of the third quarter. Average number of employees during January–September was 5,334 (1–12/2025: 5,279). Salaries and remunerations to employees totalled EUR 209 (198) million during January– September. Items affecting comparability Items affecting comparability in the third quarter amounted to EUR -4 (1) million and in January– September EUR -6 (-3) million comprising mainly restructuring expenses and the initial impact of the US terminal tractor recall. Additional information regarding items affecting comparability is available in Note 6. Comparable operating profit. Leadership Team Kalmar's Leadership Team consists of the following members: • Sami Niiranen, President and CEO • Katri Hokkanen, Chief Financial Officer • Ulla Bono, SVP, General Counsel • Thor Brenden, President, Terminal Tractors • Carina Geber-Teir, SVP, IR, Marketing & Communications • Tamara de Gruyter, President, Services • Alf-Gunnar Karlgren, President, Counter Balanced • Arto Keskinen, President, Horizontal Transportation • Tommi Pettersson, SVP, Strategy, Sustainability & Technology • Hanna Reijonen, SVP, Human Resources • Shushu Zhang, President, Bromma Kalmar, interim report January–September 2026, 29 October 2026 at 9:00 AM (EET) 20
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0n 3 September 2026, Kalmar announced changes in the Leadership Team. With the planned combination of the Terminal Tractors and Horizontal Transportation divisions into a single, unified division, the Board of Directors appointed Arto Keskinen, the current President of Horizontal Transportation, to lead the design phase and to serve as the new President of the planned combined division. In addition, the Board appointed Thor Brenden, the current President of Terminal Tractors, to succeed Alf-Gunnar Karlgren as the President of the Counter Balanced division. Both appointments will be effective January 1, 2027. Annual General Meeting Decisions taken at the Annual General Meeting 2026 Kalmar Corporation's Annual General Meeting (“AGM”) was held on 31 March 2026 in Helsinki, Finland. The AGM approved all proposals made to the AGM by the Shareholders’ Nomination Board and the Board of Directors. All resolutions of the AGM can be found in the stock exchange release published on 31 March 2026 and on Kalmar’s website at www.kalmarglobal.com. Shares and trading Share capital, own shares and share issue Kalmar has two (2) share classes: class A shares and class B shares. The shares have no nominal value. Kalmar’s share capital amounts to EUR 20,000,000.00. Kalmar Corporation’s class B shares are quoted on the Nasdaq Helsinki Large Cap list since 1 July 2024. The trading code is KALMAR. The number of B shares is 54,798,029 and the number of unlisted A shares is 9,526,089. The shares are registered in the book-entry securities system maintained by Euroclear Finland Ltd., which also maintains the official shareholder register of Kalmar Corporation. The ISIN code of Class A Shares is FI4000571047 and the ISIN code of Class B Shares is FI4000571054. According to Kalmar’s dividend policy, Kalmar aims for a dividend payout ratio of 30–50 percent per annum. At the end of September 2026, Kalmar held a total of 432,610 own class B shares, accounting for 0.67 percent of the total number of shares and 0.29 percent of the total number of votes. The number of outstanding class B shares, excluding Kalmar's own shares, totalled 54,365,419. Share-based incentive programmes Kalmar has share-based long-term incentive plans for the company's management and selected key employees. The incentive plans are a Performance Share Plan (PSP) and a Restricted Share Plan (RSP). The plans typically consist of a 3-year performance or restriction period after which the rewards are paid to eligible participants. The company's policy is that one new performance and restriction period commences annually. The PSP 2026–2028 commenced in January 2026. The plan has approximately 60 participants, including the President and CEO of Kalmar and Kalmar’s Leadership Team (KLT) members. If all the performance targets for the PSP 2026–2028 are fully achieved, the aggregate maximum number of shares to be paid based on this plan is approximately 250,000 shares. Additionally, the RSP 2026–2028 commenced as of the beginning of 2026, and the aggregate maximum number of shares to be paid based on this plan is approximately 25,000 shares. Additional information on share-based incentive programmes is available on Kalmar's website and in the stock exchange release published on 12 February 2026 as well as in Note 5. Market capitalisation and trading Trading on Nasdaq Helsinki Oy8 Q3/2026 Q2/2026 Market capitalisation of class B shares at the end of the period, MEUR9 2,039 2,089 Market capitalisation of class A and B shares at the end of the period, MEUR10 2,396 2,455 Closing price of class B share on the last trading day of the period, EUR 37.50 38.42 Volume-weighted average price of class B share, EUR 38.60 42.90 Highest quotation of class B share, EUR 41.74 49.40 Lowest quotation of class B share, EUR 36.68 37.28 Trading volume, million class B shares 3.2 4.1 Turnover of class B shares, MEUR 123.0 174.0 Kalmar, interim report January–September 2026, 29 October 2026 at 9:00 AM (EET) 21 8 Class B shares were also traded in several alternative marketplaces. 9 Excluding own shares held by the company. 10 Excluding own shares held by the company. Unlisted class A shares are valued at the closing price of class B shares on the last trading day of the period.
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At the end of the reporting period, the number of registered shareholders was 43,544. The number of Finnish household shareholders was 41,569, corresponding to approximately 17.2 percent ownership of Kalmar’s listed B shares. At the end of the period, approximately 26.0 percent of Kalmar’s listed B shares were nominee registered or held by non-Finnish holders. Largest shareholders The ten largest registered shareholders of Kalmar and their share of the company's votes that appeared on the shareholder register maintained by Euroclear Finland Oy on 30 September 2026 were Wipunen varainhallinta oy (23.73%), Mariatorp Oy (22.93%), Pivosto Oy (22.27%), KONE Foundation (5.53%), Varma Mutual Pension Insurance Company (1.36%), Ilmarinen Mutual Pension Insurance Company (1.18%), Elo Mutual Pension Insurance Company (0.50%), Finnish State Pension Fund (0.33%), Nordea Nordic Small Cap Fund (0.33%) and Kalmar Oyj (0.29%). Of Kalmar’s major shareholders, Wipunen varainhallinta oy is a company controlled by Ilkka Herlin, Mariatorp Oy a company controlled by Heikki Herlin and Pivosto Oy a company controlled by Ilona Herlin. Short-term risks and uncertainties Developments in the global economy and heavy material flows have a direct effect on Kalmar’s operating environment and customers’ willingness to invest. Changes in the global economy and supply chains, geopolitical tensions and wars, energy availability, sanctions and trade wars can have an impact on global flow of goods and therefore on the demand of Kalmar’s equipment and services. Economic growth is still slow due to weak growth in productivity, increasing geo-economic fragmentation, the ongoing war in Ukraine and conflicts in the Middle East. The evolving trade policy landscape and tariffs have introduced more uncertainty into the global economy, and there is a risk of a global macroeconomic downturn. In the current market situation, demand for Kalmar’s solutions has remained stable. Customers may also try to postpone or cancel orders or demand lower prices. Despite implemented cost savings, continued lower production volumes could impact Kalmar’s profitability margins negatively. Availability of components and raw materials have improved from the previous years. However, disruptions in the supply chain are still possible. Component availability problems as well as increased labour and energy costs could elevate manufacturing costs and increase challenges to control costs and pass them on to the prices of end products. The global trade policy uncertainties may further impact prices and availability of certain components through tariffs or other policy changes, which can result in adverse direct cost development. Further supply chain disruptions may be caused by geopolitical events, such as the ongoing war in Ukraine and conflicts in the Middle East or their escalation. These conflicts may also cause delays in transportation of either parts or delivery of products due to their impact on transportation routes. Uncertainty of the global economic outlook and instability in the geopolitical environment may lead to customers delaying capital investments, especially electric products or infrastructure if funding options are not available. The turnover, availability, and cost of skilled personnel can create disturbances to Kalmar and its supplier operations. Container traffic growth rate and a possible slowdown or contraction in global economic growth may in the longer term have an effect on Kalmar's demand. Kalmar’s project executions face risks related to schedule, cost and delivery guarantees. Kalmar is exposed to climate-related risks via environmental, regulatory, and technological changes, and due to the commitments it has made to reduce emissions. The evaluation of the financial impacts of climate change on Kalmar is complicated because the occurrence and timing of the resulting effects are difficult to predict, let alone quantify. To reduce emissions generated in its supply chain, Kalmar must reduce emissions through its whole supply chain from raw materials to components and manufacturing, which may result in changes in the suppliers used, limit the number of potential suppliers, and increase costs. The reduction of emissions related to the use of Kalmar's products can only be achieved if there is sufficient demand for low-emission products. The current macroeconomic situation and geopolitical uncertainty may hinder the demand for such products. In order to achieve emission reduction targets, Kalmar must succeed in developing and selling low-emission products. Kalmar's product development has a critical role in achieving this. Kalmar has invested heavily to electrify its product offering, resulting in a full portfolio of electric offering in all key categories. Customers are increasingly choosing low-emission products although the majority of products sold are still based on combustion engine technology. In the future, Kalmar's product offering may be based on multiple low-emission technologies, which may increase complexity and cost. The transfer towards electric machines in general also means Kalmar must secure the required Kalmar, interim report January–September 2026, 29 October 2026 at 9:00 AM (EET) 22
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talent to develop and secure new technology, and provide services and maintenance for the new technology. The required skills are in high demand. Reducing CO2 emissions requires efforts in every aspect of Kalmar's business. In addition to being exposed to climate-related risks, the ongoing transition process causes new risks, the realisation of which can have significant financial effects. These effects can lead, for example, to impairments of assets due to the shortened life cycles of products, as well as additional costs related to the introduction of new technologies, which may arise in product development, the realisation of project risks, the growth of inventories, and new types of warranty defects. A failure to meet customer expectations or product quality requirements or the occurrence of defects in production could lead to reputational damage or loss of customers and business opportunities or incur significant costs due to product recalls, damages, or replacement or repair of defective products. Kalmar’s equipment must, among other things, comply with the requirements of the Machinery Directive (2006/42/EC) and meet the relevant essential health and safety requirements therein. Global, national or customer-related laws, regulations and rules are often insofar broad and ambiguous or vary by market area that there cannot always be full certainty regarding the compliance of Kalmar’s equipment in relation to all such requirements, and it is therefore possible that Kalmar’s equipment does not meet all such requirements. Kalmar is involved in certain legal disputes, investigations and trials. The interpretation of international agreements and legislation may weaken the predictability of the end results of legal disputes and trials. Risks regarding Kalmar’s acquisitions are related to, for example, the knowledge of local markets, authority processes, customers, corporate culture, integration, costs, achieving targets, as well as key employees. Information security risks are also materially related to Kalmar’s operations. A cyber attack on systems that are critical to the operations of the company, its customers or suppliers could disrupt operational stability, lead to a decrease in sales and damage Kalmar’s reputation, for example. There are also ethical risks related to the industries and the geographical scope where Kalmar operates. Kalmar has increased actions to ensure compliance with its business guidelines, regulations and ethical principles. Related internal processes are constantly being developed. More information on risks is available at www.kalmarglobal.com. Events during the reporting period On 3 September 2026, Kalmar announced that the company's Board of Directors had decided to initiate planning and reorganisation of its operating model to accelerate growth, enhance customer focus, and drive efficiency. As one crucial step, Kalmar plans to combine its Terminal Tractors and Horizontal Transportation divisions into a single, unified division. As a result, the Board of Directors appointed Arto Keskinen, the current President of Horizontal Transportation, to lead the design phase and to serve as the new President of the planned combined division of Terminal Tractors and Horizontal Transportation. In addition, the Board appointed Thor Brenden, the current President of Terminal Tractors, to succeed Alf-Gunnar Karlgren as the President of the Counterbalanced division. Both appointments will be effective January 1, 2027. Events after the reporting period There were no material events after the reporting period. Guidance for 2026 unchanged Kalmar expects its comparable operating profit margin to be above 12.5 percent in 2026. Financial calendar Kalmar Corporation will disclose the following financial information in 2027: • Financial Statements review 2026 on Thursday, 11 February 2027 • Interim report January–March 2027 on Wednesday, 28 April 2027 • Half-year financial report January–June 2027 on Friday 23 July 2027 • Interim report January–September 2027 on Friday, 29 October 2027 Kalmar’s Financial Statements 2026 and Annual Report 2026 will be available on week 8/2027 at www.kalmarglobal.com. The Annual General Meeting of Kalmar Corporation is planned to be held on Monday, 22 March 2027. Kalmar’s Board of Directors will summon the meeting separately on a later date. Kalmar, interim report January–September 2026, 29 October 2026 at 9:00 AM (EET) 23
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Helsinki, 28 October 2026 Kalmar Corporation Board of Directors This interim report is unaudited. Kalmar, interim report January–September 2026, 29 October 2026 at 9:00 AM (EET) 24
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Consolidated statement of income MEUR Note Q3/26 Q3/25 Q1–Q3/26 Q1–Q3/25 2025 Sales 4 432.8 435.6 1,332.0 1,254.0 1,741.4 Cost of goods sold -323.2 -323.2 -992.9 -919.8 -1,285.7 Gross profit 109.6 112.4 339.1 334.2 455.7 Gross profit, % 25.3% 25.8% 25.5% 26.6% 26.2% Selling and marketing expenses -22.1 -21.7 -69.9 -68.5 -91.9 Research and development expenses -12.5 -12.6 -39.1 -38.5 -53.8 Administration expenses -25.4 -22.7 -75.6 -70.1 -93.5 Other operating income 6.8 10.9 22.0 26.5 35.5 Other operating expenses -5.9 -6.6 -18.6 -21.2 -28.5 Share of associated companies' net result 1.6 1.0 3.8 -2.0 -3.1 Operating profit 52.0 60.7 161.8 160.3 220.4 Operating profit, % 12.0% 13.9% 12.1% 12.8% 12.7% Finance income 2.3 1.9 6.2 6.4 7.4 Finance expenses -4.3 -4.1 -12.3 -13.2 -16.7 Profit before taxes 49.9 58.5 155.6 153.5 211.2 Profit before taxes, % 11.5% 13.4% 11.7% 12.2% 12.1% Income taxes 8 -11.4 -13.8 -33.7 -35.6 -47.8 Profit for the period 38.6 44.7 122.0 118.0 163.3 Profit for the period, % 8.9% 10.3% 9.2% 9.4% 9.4% Profit for the period attributable to: Shareholders of the parent company 38.6 44.7 122.0 118.0 163.3 Non-controlling interest – – – – – Total 38.6 44.7 122.0 118.0 163.3 Earnings per share for profit attributable to the shareholders of the parent company: Basic earnings per share, EUR 0.60 0.70 1.90 1.84 2.55 Diluted earnings per share, EUR 0.60 0.70 1.90 1.84 2.54 Consolidated statement of comprehensive income MEUR Q3/26 Q3/25 Q1–Q3/26 Q1–Q3/25 2025 Profit for the period 38.6 44.7 122.0 118.0 163.3 Other comprehensive income Items that cannot be reclassified to statement of income: Actuarial gains (+) / losses (-) from defined benefit plans 0.3 -0.1 0.6 -0.6 3.6 Taxes relating to items that cannot be reclassified to statement of income -0.1 0.0 -0.1 0.1 -0.7 Items that can be reclassified to statement of income: Gains (+) / losses (-) on cash flow hedges 2.5 -1.7 -1.1 9.1 9.4 Gains (+) / losses (-) on cash flow hedges transferred to statement of income -0.6 -0.2 1.2 -5.2 -7.5 Translation differences -2.0 -0.6 3.1 -34.4 -25.3 Taxes relating to items that can be reclassified to statement of income -0.4 0.3 0.0 -0.8 -0.4 Other comprehensive income, net of tax -0.3 -2.3 3.6 -31.8 -20.9 Comprehensive income for the period 38.3 42.4 125.6 86.2 142.5 Comprehensive income for the period attributable to: Shareholders of the parent company 38.3 42.4 125.6 86.2 142.5 Non-controlling interest – – – – – Total 38.3 42.4 125.6 86.2 142.5 The notes are an integral part of the interim report. Kalmar, interim report January–September 2026, 29 October 2026 at 9:00 AM (EET) IAS 34 interim report 25
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Consolidated balance sheet ASSETS, MEUR Note 30 Sep 2026 30 Sep 2025 31 Dec 2025 Non-current assets Goodwill 256.6 254.5 256.3 Intangible assets 6.6 5.3 5.8 Property, plant and equipment 306.3 269.3 278.1 Investments in associated companies 50.8 49.2 49.1 Loans receivable and other interest-bearing assets* 10 0.9 1.8 1.6 Deferred tax assets 47.4 52.3 45.9 Other non-interest-bearing assets 1.5 3.6 1.4 Total non-current assets 670.0 636.0 638.2 Current assets Inventories 467.2 492.8 460.6 Loans receivable and other interest-bearing assets* 10 0.9 1.0 1.2 Income tax receivables 13.7 22.4 15.0 Derivative assets 11 4.0 1.4 1.3 Accounts receivable 270.5 277.6 280.9 Contract assets 5.3 5.5 6.6 Other non-interest-bearing assets 55.7 69.4 66.2 Cash and cash equivalents* 10 327.0 249.9 278.4 Total current assets 1,144.3 1,119.9 1,110.2 Total assets 1,814.3 1,755.9 1,748.5 *Included in interest-bearing net debt. The notes are an integral part of the interim report. EQUITY AND LIABILITIES, MEUR Note 30 Sep 2026 30 Sep 2025 31 Dec 2025 Equity attributable to the shareholders of the parent company Share capital 20.0 20.0 20.0 Translation differences -121.0 -133.2 -124.1 Fair value reserves 0.3 1.8 0.2 Reserve for invested unrestricted equity 144.4 156.8 156.8 Retained earnings 718.0 616.0 664.9 Total equity attributable to the shareholders of the parent company 761.7 661.4 717.8 Non-current liabilities Interest-bearing liabilities* 10 220.6 262.9 262.3 Deferred tax liabilities 7.2 4.2 7.6 Pension obligations 39.1 45.8 39.7 Provisions 2.5 1.2 1.2 Other non-interest-bearing liabilities 81.2 73.3 74.8 Total non-current liabilities 350.4 387.4 385.6 Current liabilities Current portion of interest-bearing liabilities* 10 71.5 67.7 18.4 Other interest-bearing liabilities* 10 2.4 6.0 5.8 Provisions 68.6 76.1 71.4 Income tax payables 10.5 28.9 14.4 Derivative liabilities 11 5.0 3.6 2.1 Accounts payable 199.2 186.2 181.3 Contract liabilities 111.8 130.7 136.4 Other non-interest-bearing liabilities 233.0 207.8 215.3 Total current liabilities 702.1 707.0 645.0 Total equity and liabilities 1,814.3 1,755.9 1,748.5 *Included in interest-bearing net debt. Kalmar, interim report January–September 2026, 29 October 2026 at 9:00 AM (EET) IAS 34 interim report 26
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Consolidated statement of changes in equity Equity 1 Jan 2026 20.0 0.2 156.8 -124.1 664.9 717.8 – 717.8 Profit for the period – – – – 122.0 122.0 – 122.0 Cash flow hedges – 0.1 – – – 0.1 – 0.1 Translation differences – – – 3.1 – 3.1 – 3.1 Actuarial gains and losses from defined benefit plans – – – – 0.5 0.5 – 0.5 Comprehensive income for the period* – 0.1 – 3.1 122.4 125.6 – 125.6 Profit distribution – – – – -70.6 -70.6 – -70.6 Treasury shares acquired – – -12.4 – – -12.4 – -12.4 Share-based payments – – – – 1.3 1.3 – 1.3 Transactions with owners of the company – – -12.4 – -69.3 -81.7 – -81.7 Transactions with non-controlling interests – – – – – – – – Equity 30 Sep 2026 20.0 0.3 144.4 -121.0 718.0 761.7 – 761.7 Equity 1 Jan 2025 20.0 -1.3 156.8 -98.8 561.5 638.2 – 638.2 Profit for the period – – – – 118.0 118.0 – 118.0 Cash flow hedges – 3.2 – – – 3.2 – 3.2 Translation differences – – – -34.4 – -34.4 – -34.4 Actuarial gains and losses from defined benefit plans – – – – -0.5 -0.5 – -0.5 Comprehensive income for the period* – 3.2 – -34.4 117.5 86.2 – 86.2 Dividends – – – – -64.0 -64.0 – -64.0 Share-based payments – – – – 1.1 1.1 – 1.1 Transactions with owners of the company – – – – -62.9 -62.9 – -62.9 Transactions with non-controlling interests – – – – – – – – Equity 30 Sep 2025 20.0 1.8 156.8 -133.2 616.0 661.4 – 661.4 *Net of tax Attributable to the shareholders of the parent company Non- controlling interest Total equityMEUR Share capital Fair value reserve Reserve for invested unrestricted equity Translation differences Retained earnings Total The notes are an integral part of the interim report. Kalmar, interim report January–September 2026, 29 October 2026 at 9:00 AM (EET) IAS 34 interim report 27
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Consolidated statement of cash flows MEUR Note Q3/26 Q3/25 Q1–Q3/26 Q1–Q3/25 2025 Net cash flow from operating activities Profit for the period 38.6 44.7 122.0 118.0 163.3 Depreciation, amortisation and impairment 7 15.7 13.5 47.6 41.3 56.5 Finance income and expenses 2.0 2.2 6.1 6.8 9.3 Income taxes 8 11.4 13.8 33.7 35.6 47.8 EBITDA 67.7 74.2 209.3 201.7 277.0 Change in inventories -24.2 -18.1 -25.3 -75.1 -42.3 Change in non-interest-bearing receivables 5.8 -16.0 27.8 -37.8 -36.7 Change in non-interest-bearing liabilities 33.9 -11.4 22.5 44.4 46.8 Change in net working capital 15.5 -45.5 25.0 -68.5 -32.2 Other adjustments* -1.6 -3.1 -3.9 -0.3 0.9 Cash flow from operations before finance items and taxes 81.6 25.6 230.4 132.9 245.7 Interest received 2.0 1.9 5.8 5.6 7.5 Interest paid -1.6 -1.5 -6.8 -8.4 -12.9 Dividends received – 2.6 – 2.6 2.6 Other finance items -7.3 -1.5 -12.9 4.1 1.9 Income taxes paid -15.1 -5.8 -38.9 -25.2 -35.4 Net cash flow from operating activities 59.7 21.3 177.7 111.7 209.3 Net cash flow from investing activities Investments in intangible assets and property, plant and equipment -15.7 -14.8 -49.3 -46.8 -66.3 Disposals of intangible assets and property, plant and equipment 2.5 6.4 10.5 16.1 21.3 Net cash flow from investing activities, other items 0.4 0.0 1.1 1.2 1.3 Net cash flow from investing activities -12.8 -8.4 -37.8 -29.5 -43.7 *Other adjustments mainly comprises of share of associated companies' net result (non-cash item) and gains and losses from sales of intangible assets and property, plant and equipment. presented in the net cash flow from investing activities. MEUR Note Q3/26 Q3/25 Q1–Q3/26 Q1–Q3/25 2025 Net cash flow from financing activities Treasury shares acquired – – -12.4 – – Repayments of lease liabilities -5.4 -5.1 -15.7 -14.3 -19.4 Proceeds from long-term borrowings 4.4 – 4.4 – 99.8 Repayments of long-term borrowings -0.7 – -0.7 – -149.5 Proceeds from short-term borrowings – 0.6 – 0.6 3.5 Repayments of short-term borrowings -1.5 0.3 -3.5 — -2.5 Profit distribution – 0.0 -70.7 -64.0 -64.0 Net cash flow from financing activities -3.1 -4.1 -98.5 -77.7 -132.2 Change in cash and cash equivalents 43.9 8.8 41.4 4.5 33.4 Cash and cash equivalents, and bank overdrafts at the beginning of period 279.7 241.4 278.2 257.6 257.6 Effect of exchange rate changes 3.3 -1.0 7.2 -12.9 -12.8 Cash and cash equivalents, and bank overdrafts at the end of period 326.9 249.1 326.9 249.1 278.2 Bank overdrafts at the end of period 0.1 0.7 0.1 0.7 0.2 Cash and cash equivalents at the end of period 327.0 249.9 327.0 249.9 278.4 The notes are an integral part of the interim report. Kalmar, interim report January–September 2026, 29 October 2026 at 9:00 AM (EET) IAS 34 interim report 28
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Notes to the interim report 1. General information Kalmar Corporation (3424222-7) is a limited liability company domiciled in Helsinki, Finland. The registered address is Itämerenkatu 25, 00180 Helsinki, Finland. Kalmar Corporation and its subsidiaries form the Kalmar Group (later referred to as Kalmar or company). Kalmar Corporation was formed as a result of the partial demerger from Cargotec Corporation, which was completed on 30 June 2024. Trading in Kalmar Corporations class B shares on the main market of Nasdaq Helsinki started on 1 July 2024. 2. Basis of preparation The interim report has been prepared according to IAS 34 Interim Financial Reporting. Changes in IAS/IFRS accounting standards effective from 1 January 2026 had no material impact on the interim report. Trading in Kalmar shares commenced on 1 July 2024. Key figures that are based on market value are calculated from the day the trading commenced. All figures presented have been rounded, which may cause, for example, the sum of individual figures to deviate from the presented sum total. Estimates and assumptions requiring management judgement When preparing the consolidated financial statements, the management makes estimates and assumptions which have an impact on reported assets and liabilities, presentation of the contingent assets and liabilities in notes, and reported income and expenses during the financial year. In addition, management judgement may be required in applying the accounting principles. Estimates and assumptions requiring management judgement are based on the management’s historical experience as well as best knowledge about the events and other factors, such as expectations on future events, which can be considered reasonable. The actual amounts may differ significantly from the estimates used in the financial statements. Kalmar follows the changes in estimates, assumptions and the factors affecting them by using multiple internal and external sources of information. Possible changes in estimates and assumptions are recognised in the financial period the estimate or assumption is changed. 3. Segment information Kalmar offers a wide range of heavy material handling equipment and services to ports and terminals, distribution centres, manufacturing industries and to heavy logistics. Kalmar’s reportable segments are: Equipment and Services. These segments comprise of Kalmar’s business operations and offerings to customers/market. Segments are defined in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing performance of the segments, has been identified as Kalmar’s Board of Directors together with the CEO. Segment reporting follows the operational structure and Equipment segment is aggregated from operating segments in the equipment business area. The aggregated operating segments have similar economic characteristics, nature of the products, production process, customers, distribution methods and regulatory environment with one another. In the Services segment no aggregation is done. The accounting principles applied to internal reporting and management segment reporting are the same as those used in preparing the consolidated financial statements. The financial performance of the segments is measured through external sales, comparable operating profit and operating profit. Comparable operating profit is used to monitor and forecast profit development and set related targets. More information on the comparable operating profit in Calculation of Key figures. Equipment The Equipment segment consists of a portfolio of heavy material handling equipment to ports and terminals, distribution centres, manufacturing industries and heavy logistics. The company’s equipment range includes reachstackers, forklift trucks, empty container handlers, terminal tractors, straddle carriers and Bromma spreaders. Services The Services segment consists of an offering of solutions to ensure Kalmar’s equipment uptime and productivity. Key offering includes spare parts, on-call and contract maintenance services, as well as lifecycle services, including refurbishments, fleet management and upgrades. Data, analytics and AI have a central role in the services offering. Other Other consists of Kalmar’s management and headquarter functions as well as the cost of certain central functions that are not allocated to segments. In addition, activities not included in the Equipment or the Services segments are included in Other. These include mainly Kalmar’s share Kalmar, interim report January–September 2026, 29 October 2026 at 9:00 AM (EET) IAS 34 interim report 29
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of the profits of the associated company and the remaining activities related to heavy cranes business, which Kalmar decided to divest in 2022. Remaining order book of heavy cranes business was delivered during the first quarter of 2026. Sales, MEUR Q3/26 Q3/25 Q1–Q3/26 Q1–Q3/25 2025 Equipment, external sales 281 286 872 813 1,137 Equipment, internal sales 0 0 1 0 1 Services 153 150 459 439 602 Other and elimination of internal sales -1 0 0 2 2 Total 433 436 1,332 1,254 1,741 Sales by geographical area, MEUR Q3/26 Q3/25 Q1–Q3/26 Q1–Q3/25 2025 EMEA (Europe, Middle East, Africa) 195 199 712 635 881 Finland 12 11 38 26 38 Other EMEA 184 189 674 609 843 Americas 178 174 440 429 598 United States 151 94 354 269 388 Other Americas 27 79 87 160 209 APAC (Asia-Pacific) 59 63 180 190 262 Total 433 436 1,332 1,254 1,741 Sales by geographical area, % Q3/26 Q3/25 Q1–Q3/26 Q1–Q3/25 2025 EMEA (Europe, Middle East, Africa) 45% 46% 53% 51% 51% Finland 3% 2% 3% 2% 2% Other EMEA 42% 43% 51% 49% 48% Americas 41% 40% 33% 34% 34% United States 35% 22% 27% 21% 22% Other Americas 6% 18% 7% 13% 12% APAC (Asia-Pacific) 14% 14% 13% 15% 15% Total 100 % 100 % 100 % 100 % 100 % Operating profit and EBITDA, MEUR Q3/26 Q3/25 Q1–Q3/26 Q1–Q3/25 2025 Equipment 33.1 36.7 106.7 103.1 147.1 Services 26.0 28.6 76.4 79.0 105.3 Other -7.2 -4.6 -21.3 -21.7 -31.9 Operating profit 52.0 60.7 161.8 160.3 220.4 Depreciation, amortisation and impairment 15.7 13.5 47.6 41.3 56.5 EBITDA 67.7 74.2 209.3 201.7 277.0 Operating profit, % Q3/26 Q3/25 Q1–Q3/26 Q1–Q3/25 2025 Equipment 11.8 % 12.8 % 12.2 % 12.7 % 12.9 % Services 17.0 % 19.1 % 16.7 % 18.0 % 17.5 % Other n/a n/a n/a n/a n/a Total 12.0 % 13.9 % 12.1 % 12.8 % 12.7 % Items affecting comparability, MEUR Q3/26 Q3/25 Q1–Q3/26 Q1–Q3/25 2025 Equipment -2.3 0.5 -2.8 -0.6 -0.7 Services -0.8 0.9 -1.0 -0.6 -0.6 Other -1.3 -0.7 -2.2 -1.4 -1.6 Total -4.4 0.7 -5.9 -2.5 -2.9 Comparable operating profit, MEUR Q3/26 Q3/25 Q1–Q3/26 Q1–Q3/25 2025 Equipment 35.5 36.3 109.5 103.7 147.7 Services 26.8 27.7 77.4 79.5 105.9 Other -5.9 -4.0 -19.2 -20.4 -30.3 Total 56.4 60.0 167.7 162.8 223.3 Comparable operating profit, % Q3/26 Q3/25 Q1–Q3/26 Q1–Q3/25 2025 Equipment 12.6% 12.7% 12.5% 12.8% 13.0% Services 17.6% 18.5% 16.9% 18.1% 17.6% Other n/a n/a n/a n/a n/a Total 13.0 % 13.8 % 12.6 % 13.0 % 12.8 % Kalmar, interim report January–September 2026, 29 October 2026 at 9:00 AM (EET) IAS 34 interim report 30
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Orders received, MEUR Q3/26 Q3/25 Q1–Q3/26 Q1–Q3/25 2025 Equipment 310 228 919 854 1,199 Services 148 147 439 452 618 Other – – – – – Total 458 375 1,358 1,306 1,817 Orders received by geographical area, MEUR Q3/26 Q3/25 Q1–Q3/26 Q1–Q3/25 2025 EMEA (Europe, Middle East, Africa) 205 185 618 695 925 Americas 177 119 513 398 617 APAC (Asia-Pacific) 75 72 226 213 275 Total 458 375 1,358 1,306 1,817 Orders received by geographical area, % Q3/26 Q3/25 Q1–Q3/26 Q1–Q3/25 2025 EMEA (Europe, Middle East, Africa) 45% 49% 46% 53% 51% Americas 39% 32% 38% 30% 34% APAC (Asia-Pacific) 16% 19% 17% 16% 15% Total 100 % 100 % 100 % 100 % 100 % Order book, MEUR 30 Sep 2026 30 Sep 2025 31 Dec 2025 Equipment 887 829 840 Services 117 131 135 Other – 1 1 Total 1,004 961 977 Average number of employees Q3/26 Q3/25 2025 Equipment 2,540 2,527 2,532 Services 2,221 2,190 2,194 Other 573 551 553 Total 5,334 5,269 5,279 Number of employees at the end of period 30 Sep 2026 30 Sep 2025 31 Dec 2025 Equipment 2,528 2,551 2,554 Services 2,245 2,195 2,187 Other 566 552 559 Total 5,339 5,298 5,300 Number of employees at the end of period by geographical area 30 Sep 2026 30 Sep 2025 31 Dec 2025 EMEA (Europe, Middle East, Africa) 3,421 3,352 3,367 Americas 494 515 503 APAC (Asia-Pacific) 1,424 1,431 1,430 Total 5,339 5,298 5,300 4. Revenue from contracts with customers Kalmar, MEUR Q3/26 Q3/25 Q1–Q3/26 Q1–Q3/25 2025 Sales 433 436 1,332 1,254 1,741 Recognised at a point in time 384 389 1,181 1,104 1,538 Recognised over time 48 46 151 150 203 Equipment, MEUR Q3/26 Q3/25 Q1–Q3/26 Q1–Q3/25 2025 Sales 281 286 872 813 1,137 Recognised at a point in time 262 266 806 743 1,044 Recognised over time 19 20 67 70 94 Services, MEUR Q3/26 Q3/25 Q1–Q3/26 Q1–Q3/25 2025 Sales 153 150 459 439 602 Recognised at a point in time 124 123 374 358 493 Recognised over time 29 27 84 80 108 Other, MEUR Q3/26 Q3/25 Q1–Q3/26 Q1–Q3/25 2025 Sales -1 0 1 2 2 Recognised at a point in time -1 0 1 2 1 Recognised over time – 0 – 0 2 Kalmar, interim report January–September 2026, 29 October 2026 at 9:00 AM (EET) IAS 34 interim report 31
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5. Share-based payments Share-based long-term incentive plans The long-term incentive plans in Kalmar are performance share plans based on the company's performance and restricted share plans based on continuous employment. The plans typically consist of a 3-year performance or restriction period after which the rewards are paid to eligible participants. The company's policy is that one new performance and restriction period commences annually. The PSP 2026–2028 commenced in January 2026. The plan has approximately 60 participants, including the President and CEO of Kalmar and Kalmar’s Leadership Team (KLT) members. If all the performance targets for the PSP 2026–2028 are fully achieved, the aggregate maximum number of shares to be paid based on this plan is approximately 250,000 shares. Additionally, the RSP 2026–2028 commenced as of the beginning of 2026, and the aggregate maximum number of shares to be paid based on this plan is approximately 25,000 shares. In 2026, there are 3 ongoing performance share plans and 3 restricted share plans. Additional information on share-based incentive plans is available on the company’s website www.kalmarglobal.com/investors/governance/remuneration/. Conveyance of own shares based on the long-term incentive plan In February 2026, the Board of Kalmar decided on the payment of share rewards based on the long-term incentive plans. The Board decided to convey a maximum of total 48,779 of class B treasury shares held by the company without consideration to 30 key employees and executives in accordance with the terms and conditions of the Performance Share Plan (PSP 2023–2025) and Restricted Share Plan (RSP 2023–2025). The conveyance of shares was based on the authorisation given by the Annual General Meeting of Kalmar Corporation held on 27 March 2025. The shares were conveyed on 2 March 2026. 6. Comparable operating profit MEUR Q3/26 Q3/25 Q1–Q3/26 Q1–Q3/25 2025 Operating profit 52.0 60.7 161.8 160.3 220.4 Demerger and listing related costs – – – 0.3 0.3 Other costs 4.4 -0.7 5.9 2.2 2.6 Comparable operating profit 56.4 60.0 167.7 162.8 223.3 Other costs mainly comprises of restructuring expenses and the initial impact of the US terminal tractor recall. In the year 2025 other costs mainly comprised of the net impact of gain from sale of property related to route-to-market strategy change in Greater China and restructuring expenses. Kalmar, interim report January–September 2026, 29 October 2026 at 9:00 AM (EET) IAS 34 interim report 32
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7. Capital expenditure, depreciation, amortisation and impairment Capital expenditure, MEUR Q3/26 Q3/25 Q1–Q3/26 Q1–Q3/25 2025 Owned assets Intangible assets 0.5 0.4 2.3 0.5 1.4 Land and buildings 0.1 0.3 0.3 0.8 0.4 Machinery and equipment 15.1 14.1 46.7 45.6 64.5 Right-of-use assets Land and buildings 1.2 0.6 6.3 4.1 4.9 Machinery and equipment 1.7 4.2 7.4 9.5 13.5 Total 18.7 19.5 63.1 60.4 84.7 Capital expenditure, own use 8.3 9.9 29.8 27.2 38.7 Capital expenditure, customer finance 10.3 9.6 33.3 33.3 46.0 Depreciation, amortisation and impairment, MEUR Q3/26 Q3/25 Q1–Q3/26 Q1–Q3/25 2025 Owned assets Intangible assets 0.5 0.6 1.6 1.6 2.2 Land and buildings 0.9 0.9 2.7 2.8 3.7 Machinery and equipment 9.1 7.2 27.8 22.7 31.5 Right-of-use assets Land and buildings 3.0 2.8 8.9 8.6 11.4 Machinery and equipment 2.2 2.0 6.5 5.6 7.6 Total 15.7 13.5 47.6 41.3 56.5 . 8. Taxes in statement of income MEUR Q3/26 Q3/25 Q1–Q3/26 Q1–Q3/25 2025 Current year tax expense 12.6 14.4 35.7 39.4 42.4 Change in current year's deferred tax assets and liabilities -0.4 -1.0 -2.1 -4.0 7.2 Tax expense for previous years -0.9 0.4 0.1 0.1 -1.7 Total 11.4 13.8 33.7 35.6 47.8 9. Net working capital MEUR 30 Sep 2026 30 Sep 2025 31 Dec 2025 Inventories 467.2 492.8 460.6 Operative derivative assets 5.1 5.5 2.5 Accounts receivable 270.5 277.6 280.9 Contract assets 5.3 5.5 6.6 Other operative non-interest-bearing assets 56.6 71.9 66.9 Working capital assets 804.7 853.2 817.4 Provisions -71.0 -77.4 -72.6 Operative derivative liabilities -7.1 -4.3 -3.3 Pension obligations -39.1 -45.8 -39.7 Accounts payable -199.2 -186.2 -181.3 Contract liabilities -111.8 -130.7 -136.4 Other operative non-interest-bearing liabilities -312.5 -278.9 -289.6 Working capital liabilities -740.7 -723.2 -722.8 Total 63.9 129.9 94.6 Assets and liabilities that are not allocated to business operations are not included in net working capital. Unallocated assets comprise loans and other interest-bearing receivables, cash and cash equivalents, income tax receivables, deferred tax assets, deferred interests, deferred considerations on disposals, and derivatives designated as hedges of future treasury transactions. Unallocated liabilities comprise loans and other interest-bearing liabilities, income tax payables, deferred tax liabilities, accrued interests, deferred considerations on acquisitions, dividend liabilities, and derivatives designated as hedges of future treasury transactions. Kalmar, interim report January–September 2026, 29 October 2026 at 9:00 AM (EET) IAS 34 interim report 33
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10. Interest-bearing net debt and liquidity MEUR 30 Sep 2026 30 Sep 2025 31 Dec 2025 Loans from financial institutions 199.8 249.7 199.7 Lease liabilities 77.6 80.9 81.0 Other interest-bearing liabilities 17.1 6.0 5.8 Total interest-bearing liabilities 294.5 336.6 286.5 Loans receivable and other interest-bearing assets -1.7 -2.8 -2.8 Cash and cash equivalents -327.0 -249.9 -278.4 Total interest-bearing assets -328.7 -252.7 -281.2 Interest-bearing net debt -34.2 83.9 5.3 Equity 761.7 661.4 717.8 Gearing -4.5% 12.7% 0.7% MEUR 30 Sep 2026 30 Sep 2025 31 Dec 2025 Operating profit, last 12 months 221.9 199.2 220.4 Depreciation, amortisation and impairment, last 12 months 62.8 62.3 56.5 EBITDA, last 12 months 284.7 261.5 277.0 Interest-bearing net debt / EBITDA, last 12 months -0.1 0.3 0.0 The fair values of interest-bearing assets and liabilities are not significantly different from their carrying amounts. MEUR 30 Sep 2026 30 Sep 2025 31 Dec 2025 Cash and cash equivalents 327.0 249.9 278.4 Committed long-term undrawn revolving credit facility 200.0 200.0 200.0 Liquidity reserve 527.0 449.9 478.4 Repayments of interest-bearing liabilities in the following 12 months -73.9 -73.7 -24.1 Liquidity 453.1 376.2 454.3 11. Derivatives and key exchange rates Fair values of derivative financial instruments Positive fair value Negative fair value Net fair value Net fair value Net fair value MEUR 30 Sep 2026 30 Sep 2026 30 Sep 2026 30 Sep 2025 31 Dec 2025 Current Currency forwards, cash flow hedge accounting 1.5 2.7 -1.2 0.0 -0.3 Currency forwards, other 2.5 2.4 0.2 -2.3 -0.5 Total derivatives 4.0 5.0 -1.1 -2.3 -0.7 Financial assets and liabilities recognised at fair value through profit and loss comprise currency derivatives. The recurring measurement of these instruments at fair value is based on commonly applied valuation methods and uses observable market-based variables. Therefore, these measurements are categorised in the fair value hierarchy as level 2 fair values. Nominal values of derivative financial instruments MEUR 30 Sep 2026 30 Sep 2025 31 Dec 2025 Currency forward contracts 1,079.8 1,075.2 1,014.0 Cash flow hedge accounting 622.2 549.4 589.0 Other 457.6 525.8 425.0 Total 1,079.8 1,075.2 1,014.0 The derivatives have been recognised at gross fair values on the balance sheet, as the netting agreements related to derivatives allow unconditional netting only in the occurrence of credit events but not in a normal situation. The group has not given or received collateral related to derivatives from the counterparties. Key exchange rates for euro Closing rates 30 Sep 2026 30 Sep 2025 31 Dec 2025 SEK 11.3310 11.0565 10.8215 USD 1.1355 1.1741 1.1750 Average rates Q1–Q3/26 Q1–Q3/25 2025 SEK 10.9097 11.1231 11.0728 USD 1.1615 1.1129 1.1243 Kalmar, interim report January–September 2026, 29 October 2026 at 9:00 AM (EET) IAS 34 interim report 34
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12. Contingent liabilities and commitments MEUR 30 Sep 2026 30 Sep 2025 31 Dec 2025 Customer financing 3.6 10.3 5.8 Off-balance sheet leases 0.4 0.7 0.7 Other contingent liabilities 0.6 0.6 0.7 Total 4.6 11.6 7.2 Kalmar Corporation has guaranteed obligations on behalf of the Kalmar companies arising from ordinary course of business. The total amount of these guarantees on 30 Sep 2026 was EUR 210.7 (30 Sep 2025: 165.5) million. Contingent liabilities are related to guarantees given by Kalmar in the ordinary course of business for the delivery of products and services. Guarantees are provided in different ways including direct guarantees, bank guarantees, and performance bonds. Various Group entities are parties to legal actions and claims which arise in the ordinary course of business. While the outcome of some of these matters cannot precisely be foreseen, they are not expected to result in a significant loss to the Group. Commitments related to leases include commitments related to off-balance sheet leases and on-balance sheet leases not yet commenced, and residual value risk related to equipment sold under customer finance arrangements and accounted for as leases. 13. Related party transactions Kalmar's related parties include the parent company Kalmar Corporation, its subsidiaries as well as an associated company. Related parties also include the members of the Board of Directors, the CEO and other members of the Leadership Team, their close family members and entities controlled directly or indirectly by them. In addition, major shareholders with more than 20 percent ownership of shares or of the total voting rights in the company, are included in related parties. Transactions with related parties are carried out at market prices. Transactions with associated company Bruks Siwertell Group There were no transactions or balances with the associated company Bruks Siwertell Group during the first three quarters of 2026. In the year 2025 Kalmar received a dividend of EUR 2.6 million. Other transactions Kalmar did not have other material business transactions with its related parties. 14. Acquisitions and disposals Kalmar did not have any acquisitions or disposals by the end of September 2026. Acquisitions and disposals in 2025 Kalmar did not have any acquisitions or disposals in 2025. 15. Events after the reporting period There were no material events after the reporting period. Kalmar, interim report January–September 2026, 29 October 2026 at 9:00 AM (EET) IAS 34 interim report 35
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Calculation of key figures IFRS key figures Basic earnings per share (EUR) = Profit attributable to the shareholders of the parent company Average number of outstanding shares during the period Diluted earnings per share (EUR) = Profit attributable to the shareholders of the parent company Average number of diluted outstanding shares during the period Alternative performance measures According to the ESMA Guidelines on Alternative Performance Measures, an Alternative Performance Measure (APM) is understood as a financial measure of historical or future financial performance, financial position, or cash flows, other than a financial measure defined or specified in the applicable financial reporting framework. In addition to IFRS key figures, Kalmar uses the following alternative performance measures: Operating profit (MEUR and % of sales) = Sales - cost of goods sold - selling and marketing expenses - research and development expenses - administration expenses + other operating income - other operating expenses + share of associated companies' net income Operating profit is used to measure business profitability. It describes the profitability of the business before taking into account financial items and taxes. Statement of income Comparable operating profit (MEUR and % of sales) = Operating profit excluding items significantly affecting comparability Comparable operating profit is used to monitor and forecast profit development and set related targets. It is calculated by excluding items significantly affecting comparability from operating profit, which makes it easier to compare the profitability of the business at different time periods. Note 6. Comparable operating profit Key figure Definition Reason for use Reconciliation Kalmar, interim report January–September 2026, 29 October 2026 at 9:00 AM (EET) 36
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Items significantly affecting comparability (MEUR) = Items affecting comparability include income and expenses related to significant transactions that do not relate to the recurring business operations, such as the demerger from Cargotec and separate listing of Kalmar in 2024, restructuring, acquisitions and integration, divestment and other discontinuation of operations, impairments of assets and other major transactions that are not considered part of the recurring business operations. Factor used to calculate Comparable operating profit. Note 6. Comparable operating profit Cash flow from operations before finance items and taxes = Profit for the period + depreciation, amortisation and impairment + finance income and expenses + taxes + other adjustments + changes in net working capital Represents cash flow from operations after income from sales less operating expenses. Measures the company's ability to meet its financial commitments, including interest payments, taxes, investments, and equity and debt payments. Used to monitor and forecast business performance. Statement of cash flows Interest- bearing net debt/EBITDA, last 12 months = Interest-bearing net debt Used to measure corporate capital structure and financial capacity. Note 10. Interest-bearing net debt and liquidity EBITDA, last 12 months Interest- bearing net debt (MEUR) = Interest-bearing liabilities (non-current interest- bearing liabilities + current portion of interest- bearing liabilities + current other interest-bearing liabilities) - interest-bearing receivables (non- current and current loans receivable and other interest-bearing assets) - cash and cash equivalents Interest-bearing net debt represents Kalmar's indebtedness. Used to monitor capital structure and as a factor to calculate Interest-bearing net debt / EBITDA and Gearing. Note 10. Interest-bearing net debt and liquidity EBITDA (MEUR), last 12 months = Operating profit + depreciation, amortisation and impairment, last 12 months Factor used to calculate Interest-bearing net debt / EBITDA and cash conversion. Note 3. Segment information: table Operating profit and EBITDA Net working capital (MEUR) = Inventories + operative derivative assets + accounts receivable + contract assets + other operative non-interest-bearing assets - provisions - operative derivative liabilities - pension obligations - accounts payable - contract liabilities - other operative non-interest- bearing liabilities Net working capital is used to follow the amount of capital needed for the business to operate. It does not include financing items, taxes nor non- current assets. Note 9. Net working capital Key figure Definition Reason for use Reconciliation Kalmar, interim report January–September 2026, 29 October 2026 at 9:00 AM (EET) 37
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Cash conversion (%) = Cash flow from operations before financing items and taxes, last 12 months Cash conversion is used to evaluate efficiency in terms of how much operational cash flow Kalmar has generated relative to it's result (EBITDA) during the measured period. Statement of cash flows Note 10. Interest-bearing net debt and liquidity EBITDA, last 12 months Investments = Additions to intangible assets and property, plant and equipment including owned assets and right-of-use assets, excluding assets acquired through business combinations Investments refer to money used to acquire long-term assets. Used as a factor in cash flow calculation. Note 7. Capital expenditure, depreciation, amortisation and impairment Return on equity (ROE) (%), last 12 months = 100 x Profit for the period, last 12 months Represents the rate of return that shareholders receive on their investments. Profit for the period: Statement of income; Total equity: Balance sheet Total equity (average for the last 12 months) Return on capital employed (ROCE) (%), last 12 months = 100 x Profit before taxes + finance expenses, last 12 months Represents relative profitability or the rate of return that has been received on capital employed requiring interest or other return. Profit before taxes and finance expenses: Statement of income; Total equity and interest-bearing debt: Balance sheetTotal equity + interest-bearing debt (average for the last 12 months) Interest-bearing debt = Non-current interest-bearing liabilities + current portion of interest-bearing liabilities + current other interest-bearing liabilities Used as a factor to calculate Return on capital employed (ROCE). Balance sheet Gearing (%) = 100 x Interest-bearing net debt Represents the company's indebtedness by measuring the amount of interest-bearing debt in proportion to equity capital. Some of Kalmar's loan agreements include a covenant restricting the corporate capital structure, measured by gearing. Note 10. Interest-bearing net debt and liquidity Total equity Key figure Definition Reason for use Reconciliation Kalmar, interim report January–September 2026, 29 October 2026 at 9:00 AM (EET) 38
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Quarterly key figures Kalmar Q3/26 Q2/26 Q1/26 Q4/25 Q3/25 Q2/25 Q1/25 Q4/24 Last 12 months (LTM) Orders received MEUR 458 449 451 511 375 450 480 486 1,868 Order book MEUR 1,004 986 1,010 977 961 1,029 1,041 955 n/a Sales MEUR 433 480 420 487 436 420 398 440 1,819 Eco portfolio sales MEUR 187 233 187 209 201 184 170 182 815 Eco portfolio sales, % of sales % 43 % 48 % 45 % 43 % 46 % 44 % 43 % 41 % 45 % Gross profit MEUR 109.6 120.9 108.6 121.5 112.4 114.0 107.8 115.9 460.7 Gross profit % 25.3 % 25.2 % 25.9 % 24.9 % 25.8 % 27.1 % 27.1 % 26.3 % 25.3 % Operating profit MEUR 52.0 58.3 51.5 60.1 60.7 53.9 45.7 38.9 221.9 Operating profit % 12.0 % 12.2 % 12.3 % 12.3 % 13.9 % 12.8 % 11.5 % 8.8 % 12.2 % Comparable operating profit MEUR 56.4 59.6 51.7 60.5 60.0 54.9 48.0 53.1 228.2 Comparable operating profit % 13.0 % 12.4 % 12.3 % 12.4 % 13.8 % 13.1 % 12.0 % 12.1 % 12.5 % Basic earnings per share EUR 0.60 0.69 0.61 0.71 0.70 0.61 0.53 0.42 2.61 Equipment Q3/26 Q2/26 Q1/26 Q4/25 Q3/25 Q2/25 Q1/25 Q4/24 Last 12 months (LTM) Orders received MEUR 310 306 302 344 228 304 322 330 1,263 Order book MEUR 887 864 873 840 829 892 902 831 n/a Sales MEUR 281 321 271 324 286 275 252 293 1,197 Comparable operating profit MEUR 35.5 39.9 34.1 44.1 36.3 38.3 29.1 35.5 153.5 Comparable operating profit % 12.6 % 12.4 % 12.6 % 13.6 % 12.7 % 13.9 % 11.6 % 12.1 % 12.8 % Services Q3/26 Q2/26 Q1/26 Q4/25 Q3/25 Q2/25 Q1/25 Q4/24 Last 12 months (LTM) Orders received MEUR 148 143 149 166 147 146 158 156 605 Order book MEUR 117 122 137 135 131 135 136 120 n/a Sales MEUR 153 158 148 163 150 144 145 146 621 Comparable operating profit MEUR 26.8 26.9 23.6 26.4 27.7 24.3 27.5 25.7 103.7 Comparable operating profit % 17.6 % 17.0 % 16.0 % 16.2 % 18.5 % 16.9 % 19.0 % 17.5 % 16.7 % Kalmar, interim report January–September 2026, 29 October 2026 at 9:00 AM (EET) 39
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Kalmar Corporation Itämerenkatu 25 FI-00180, Helsinki, Finland +358 40 661 4117 www.kalmarglobal.com