Slides
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Company Presentation
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Ferronordic as an investment 2 ▪ Robust and scalable business model ▪ Strong brand portfolio and OEM relationships ▪ Sustainability integrated part of business model ▪ Positioned to benefit from trends in • Electrification • Infrastructure investment • Shared asset models ▪ Poised for organic growth and bolt-on acquisitions • US - Strong market with growth potential • Germany - Turnaround that will capture recovery • Network, brand and product extension opportunities ▪ Open for strategic M&A ▪ Experienced management to execute ▪ Value creation and dividend potential ▪ Stronger balance sheet ▪ Improving cashflows ▪ Growth and margin
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Introduction to Ferronordic Group • Founded in 2010 • Listed on Nasdaq Stockholm in 2017 • Dealer of Volvo CE in Kazakhstan from January 2019 • Dealer of Mecalac in Kazakhstan from January 2019 • Sales of new and used construction equipment • Service and technical support • Dealer of Volvo and Renault Trucks in parts of Germany from January 2020 • Sales of new and used trucks • Service and technical support • Rental business • Growing electric rental business and sustainable transport solutions Germany CIS USA Kazakhstan 3 • Rudd Equipment Company is the authorized dealer of Volvo CE in all or parts of ten states in eastern USA • The company also represents other brands such as Hitachi, Sandvik, Link-Belt Cranes and Bergmann • Sales of new and used construction and other equipment • Service and technical support • Rental business
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Introduction to Ferronordic 4 Development 2010 (Start) Employees Revenue (SEKm)1 Outlets ~160 1,184 6 Q4 2025 Employees Revenue (SEKm) Outlets 793 4,566 40 Revenue by activity (LTM) Revenue by industry - US (2025) 1) Annualized last twelve months (LTM). Equipment and Truck Sales 52% Aftermarket Sales 39% Other Revenue 8% Revenue by segment (LTM) Germany 33% Kazakhstan 3% USA 64% General Construction and Other 32% Road Construction 12%Quarriers & Aggregates 11% Government 5% Recycling & Waste 11% Lumber Sawmill 3% Agriculture & Landscaping 8% Other 15% Mining 3%
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Business model 5 New population New equipment sale New truck sale Rental solutions Service and parts Parts and service sales Service agreements Overhauls Rebuild Providing new life to older machines Remanufacturing of parts and components Used sale Used machine sale to customer Major component rebuilds sale Used equipment traded into sales area Used equipment traded out of sales area
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6 Vision, values and strategic cornerstones Vision: To be the leading service and sales company in our markets • To be the leading service and sales company in our markets • To support the growth and leadership of our customers • Respect • Quality • Excellence • Great team • Customer centricity • Building on strong brands • Operational excellence Vision Mission Values and operating principles Strategic cornerstones
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7 Strategic objectives Vision: To be the leading service and sales company in our markets Service and parts absorption rate of at least 1.0 x Expansion into related business areas Leadership in the market for construction equipment and trucks Industry leading digital service and sales platforms Sustainable transport services Geographic expansion
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Strategic cornerstones Great team Operational excellence ▪ Safety and sustainability ▪ Continuous improvement of practices and processes ▪ Business driven digital service and sales processes ▪ Close cooperation with manufacturers ▪ High employee engagement Building on strong brands 8 ▪ World-leading manufacturers of construction equipment and trucks ▪ Premium products – highest safety, minimal environmental impact ▪ Leading brand positions ▪ Broad & customized solutions ▪ Support customers’ growth ▪ Leading service and product availability ▪ Tailored customer solutions (including sustainable transport solutions and other business services) ▪ Work towards common goals ▪ Take initiative regardless of rank or position ▪ Fast-paced, dynamic, determined to create value ▪ Mutual trust, dialogue and openness Customer centricity
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Building on a great team 9 Agile sales teams Flat & flexible organization Top industry technicians Experienced management Performance management Training & development Talent management & succession planning Reward management Designing effective organizational structures Recruitment, selection & onboarding Great team
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Building on strong brands 10 Since 1985 USA 2019 Kazakhstan Product range Full VCE range Market USA Kazakhstan Volvo CE Since 1987 Product range Excavators and rigid haulers Market USA Link-Belt Cranes Product range Telescopic and lattice boom cranes Sandvik Product range Surface drill rigs Bergmann Product range Compact haulers Mecalac Since 2019 Product range Backhoe loaders Market Kazakhstan ~13% of 2020 Revenue Since 1980s Since 1970s Since 2020 Market USA Market USA Market USA Volvo Trucks Since 2020 Product range Full Volvo Trucks range Market Germany Renault Trucks Since 2020 Market Germany Product range Full Renault Trucks range Hitachi
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Aftermarket focus Aftermarket sales (SEKm) • Proactive customer coverage based on real- time data from the existing machine population • Proprietary system transforms machine telematic signals (e.g. VCE’s CareTrack) into sales leads on the mobile devices of sales and service staff • Ferronordic’s dense service networks across our sales areas in US, Germany and Kazakhstan allow for fast delivery of parts and timely customer support • Spare parts delivery • Telematics - through Care-Track; fuel efficiency control, operator efficiency, fleet management • Operator training • Preventive maintenance service • Planned and unplanned repair • Overhaul • Providing new life to older machines • Diagnostics of machines • Remanufacturing of vital parts Offering 11 Share of sales (LTM) Germany Machine Sales 51%Aftermarket 39% Other 10% Share of sales (LTM) USA Trucks Sales 53%Aftermarket 41% Other 6% Aftermarket sales 269 365 479 608 625 61024 40 52 60 46 47 80 991 1,135 0 400 800 1,200 1,600 2,000 2020 2021 2022 2023 2024 2025 Germany Kazakhstan US
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Moving torward further customer integration Complexity of Customer Demand Ferronordic’s Offering Total Cost of Ownership Business Consultancy Business Services Open Platform Customised Solutions Segment Experience Grow in new Segment Finance Rental Services Part Sales Machine/Truck Sales Upcycling 12
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Automatic Lead Generation 13 Machine data Rules engine Sales leads Sales action Follow up Customer Equipment sales rep Service and parts sales rep
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Sustainability at Ferronordic 14 • Double materiality analysis conducted in 2024 • Preparations for European Sustainability Reporting Standards (ESRS) reporting in line with Corporate Sustainability Reporting Directive (CSRD) • Footprint and impact analysis underway to set sustainability objectives Environment ▪ Helping customers decarbonize ▪ Driving operational efficiency ▪ Contributing to a circular economy ▪ Building the infrastructure Social ▪ Focus on health and safety ▪ Training and development 16 out of 22 workshops in Germany were certified for renewable energy in 2023 In Germany, e-trucks accounted for 2.7% of new truck sales (in units) in 2025 ESG focus areas
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15 Key industry trends Infrastructure investments Electrification Green transition Electrification Equipment-as-a- Service Electrification Important strategy to reduce CO2 emissions and to transform the mobility industry Demand for investments driven by need to upgrade existing infrastructure and by new technologies Business model where trucks and equipment are offered to customers on flexible rental, subscription or pay-per-unit of transportation basis
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Oil production (% of total)4 World’s second largest market for construction equipment USA 16 • Population: ~335 million1 • Area: 9.8 million sq. km • World’s largest economy with 2025 GDP of USD 31tn2 • Accounts for approx. one-fourth of global output, one-tenth of global trade flows, one-fifth of global FDI stock and one-fifth of global energy demand • The US dollar is the most widely used currency in international transactions and is the world's reserve currency • Largest producer of oil & gas as well as other commodities • World’s largest gold reserves of 8,133 tonnes3 US at a glance Gold production (% of total)5 21% 11% 11% 6% 5% 5% 4% 4% 2% USA Saudi Arabia Russia Canada Iran Iraq China UAE Kazakhstan 12% 9% 8% 6% 5% 5% 4% 4% 4% China Russia Australia Canada USA Ghana Mexico Kazakhstan Uzbekistan Sources: 1) US Census Bureau 2) IMF 3) World Gold Council 4) Energy Institute (EI) Statistical Review of World Energy 2025 5) US Geological Survey, Mineral Commodity Summaries, February 2026 Gas production (% of total)4 25% 15% 6% 6% 5% 4% 4% 3% 1% USA Russia Iran China Canada Qatar Australia Saudi Arabia Kazakhstan
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USA Network 17 MO IL IN OH PA WV KY Indianapolis Fort Wayne Corbin Prestonsburg Cincinnati Charleston Louisville Columbus Pittsburgh Clearfield St. Louis Evansville Cleveland MO IL IN KY OH WV PA (16) Ferronordic outlets in US as of February 2026 • In November 2023 Ferronordic acquired 100% of the shares in the Rudd Equipment Company • Rudd is one of the largest distributors of Volvo CE as well as other strong brands such as Hitachi, Sandvik, Link-Belt Cranes, Bergmann, Atlas and Mantsinen • The company’s sales area for Volvo CE covers all or parts of ten states: Kentucky; West Virginia (partly); Ohio; Indiana (partly); Iowa (partly); Western Pennsylvania; Eastern Missouri; Southern Illinois and several counties in Tennessee and Maryland • US is the world’s second largest market for construction equipment with substantive infrastructure investment programs • In 2025, the total market for Volvo Construction Equipment products (GPE) in Rudd’s sales area amounted to 4,140 units IA IA Des Moines Cedar Rapids Davenport
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What makes Rudd special? 18 Outstanding sales team Widely acclaimed service In-house customer support center Training centers In-house apprentice and master technician programs Machine rebuilds High parts availability Component rebuilds and exchange components
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Growth opportunities 19 Grow market share Improve rental fleet efficiency Grow service and parts sales
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German GDP development2 Europe’s largest truck market Germany 20 • Population: ~84 million1 • World’s 3rd largest exporter in the world with exports over EUR 1.5tn2 • World’s 3rd largest economy with 2025 GDP of USD 5.0tn1 • Accounts for approx. one-fourth of EU total GDP • Accounts for approx. one-third of EU total industrial production • Europe’s key logistics hub, shaped by its geographical location, economic strength and advanced infrastructure • Strong focus on green transition and e-mobility Germany at a glance Sources: 1) IMF 2) Destatis 0.5% 0.4% 2.2% 1.7% 2.3% 2.7% 1.1% 1.0% -4.1% 3.7% 1.4% -0.3% -0.2% 0.2% 1.1% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026e
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German truck market Heavy truck registrations in Germany (units) 6 Sources: Germany registrations data compiled by Volvo Trucks (until December 2025). Federal Statistical Office Germany (Destatis). * Truck toll mileage index is a fixed base index that traces the development of the mileage of heavy trucks (with four or more axles) on German federal motorways and is calculated from digital process data from the truck toll collection system. 21 67,797 40,322 48,827 60,218 55,167 55,215 58,574 61,940 65,280 66,441 68,450 70,264 50,427 55,386 55,089 68,982 60,213 53,437 75 80 85 90 95 100 105 110 115 120 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Heavy truck registrations Average truck toll mileage index*
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Germany Network 22 (20) Ferronordic outlets in Germany as of February 2026 Hanover Barleben Dessau Leipzig Görschen Dresden BautzenKassel Haiger Frankfurt Fulda Limburg Nordhausen Bergstrasse Bingen Bad Hersfeld Kirn Coswig Peine • Ferronordic expanded to become dealer for Volvo and Renault Trucks in Germany in January 2020 • Germany is Europe’s largest trucks market with 60,000 registrations in 2024 • Ferronordic’s sales area covers approx. 18% of the German market for heavy trucks • Expansion of service network and integration of acquired workshops mainly completed • Professional teams for service, sales and support • Service organization well positioned for growth Northeim • Potential for substantial increase of market share and population growth
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Strategy 23 Expand and improve the dealer network in our sales area1 Take full control of service and parts sales in our sales area2 Grow market share and population3 Increase efficiency in organization 4
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24 Driving organic growth Capture the population • Population analysis • Service contracts • Connectivity • Increasing mechanic productivity and workshop efficiency Price optimization • Dynamic pricing models • Special offers and targeted discounts where strategic
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25 Shift to electric EU law: Manufacturers must cut CO₂ emissions by 45% by 2030 for new trucks sold in the EU, compared to 2019 levels We assume at least 20% of all trucks registered in Germany by 2028 will be electric Volvo Trucks and Renault Trucks have leading market shares in e-trucks in Europe Shift to electric will help us to grow overall market share McKinsey: Prices for e-trucks will be lower than today but still 50% higher than today’s conventional trucks Revenue will grow significantly as we sell more electric trucks Subscription data: Repair and maintenance cost of e-trucks are similar or higher than for conventional trucks Potential for service and parts sales should remain stable Assumption: Transition will generate multiple new opportunities Thanks to our electric rental fleet, we are well situated to catch new opportunities 1) BEV is battery electric vehicle; FCEV is fuel-cell electric vehicle. Source: McKinsey, “The bumpy road to zero-emission trucks”
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26 • In December 2021 we placed our first order of 32 fully electric medium duty trucks from Volvo Trucks and Renault Trucks • Awarded up to EUR 23 million in government subsidies • Aim to develop a rental business dedicated to electric trucks ▪ Help customers transition to battery electric ▪ Become experts in sustainable transport solutions ▪ Develop in-house sustainable transport service capabilities • Fleet of 105 trucks at the end of January 2026 Electric transport opportunity
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27 Market situation ▪ The customers of our customers increasingly want to and need to procure zero-emission transport solutions ▪ Logistics companies are reluctant to switch to electric trucks despite potential for lower TCOs and higher profitability Opportunity ▪ Fill the gap by providing sustainable transport services to transport buyers ▪ Use experience of dealer and supplier of contracting services in other markets to become leading service provider ▪ Leverage knowledge from sustainable transport business to increase sales of electric trucks Sustainable transport solutions
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Oil production (% of total)3 Key regional hub Kazakhstan 28 • Population: ~20 million1 • Area: 2.7 million sq. km1 • Major transport and logistics hub in the region linking Europe and Asia • Rich in oil & gas (20-25% of GDP and 60-70% of exports) • Large producer of gold, copper, zinc and chromium • Approx. USD 127 billion2 in international currency reserves and gold • Government gross debt/GDP ratio of 24.8% (2025)5 Kazakhstan at a glance Gold production (% of total)4 Kazakhstan’s GDP development5,6 21% 11% 11% 6% 5% 5% 4% 4% 2% USA Saudi Arabia Russia Canada Iran Iraq China UAE Kazakhstan 12% 9% 8% 6% 5% 5% 4% 4% 4% China Russia Australia Canada USA Ghana Mexico Kazakhstan Uzbekistan Sources: 1) World Bank 2) National Bank of Kazakhstan 3) Energy Institute (EI) Statistical Review of World Energy 2025 4) US Geological Survey, Mineral Commodity Summaries, January 2025 5) IMF 6) Prime Minister of Kazakhstan • Kazakhstan’s infrastructure needs are increasing with its expanding economy, growing role as a regional hub and increasing population • In August 2024, the Kazakh government approved a National Infrastructure Plan until 2029, which includes 204 projects in energy, transport, digital and water infrastructure sectors worth nearly KZT 40t (USD 80b) 4.8% 6.0% 4.2% 1.2% 1.1% 4.1% 4.1% 4.5% -2.5% 4.3% 3.2% 5.1% 4.8% 6.5% 4.4% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026e
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29 (4) Ferronordic outlets in Kazakhstan as of November 2025 Kazakhstan Network Aschaffenburg Aktobe Karaganda Almaty Astana
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7% Cash flow & capital allocation 30 Working Capital Development Net Debt/(Cash) Development Capital Expenditure Development Note: capex in US includes purchase of machines for rental and rental conversions 1068 825 625 523 664 23% 17% 13% 11% 15% 0% 5% 10% 15% 20% 25% 0 200 400 600 800 1,000 1,200 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 SEKm NWC NWC as % of LTM revenue 1,978 1,826 1,679 1,641 1,616 0 400 800 1,200 1,600 2,000 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 SEKm 65 -157 -328 -419 75 1% -3% -7% -9% 2% -20% -16% -12% -8% -4% 0% 4% -600 -400 -200 0 200 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 SEKm LTM capex LTM capex as % of LTM revenue
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Financial objectives and dividend policy 31 KPI Objective Revenue Double the 20241 revenue in current markets2 over 5 years (in SEK) Operating margin Above 6% Net debt / EBITDA Below 3 times (over a business cycle) Dividend policy The ambition is to pay at least 50% of net income if net debt/EBITDA is less than 1.0 x3, post dividend payment, and to pay at least 25% if net debt/EBITDA is more than 1.0 x3. The Board will take several factors into account when proposing the level of dividend including legal requirements, the articles of association, the Group’s expansion opportunities, its financial position and other investment needs. 1) Based on 2 x 6M 2024 revenue 2) Current markets are defined as Ferronordic’s current (Q2 2024) sales area in the US, Germany and Kazakhstan. They include expansion to other brands and products and expan sion of our network in and directly adjacent to our current area 3) After and including accounting for paying the dividend
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Ferronordic Fourth quarter 2025
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Q4 2025: Improved profitability and operating result 2 -10% Revenue growth SEK 31m Operating profit 2.6% Operating profit margin SEK 1.04 EPS Group highlights: • Revenue decreased by 10% to SEK 1,211m (-4% adjusted for currency) • Gross profit increased by 12% • SG&A increased by 1% • Operating result increased to SEK 31m despite one-off costs of SEK 23m • Net finance costs decreased by 24% to SEK 26m • Net profit improved to SEK 15m despite SEK 18m foreign exchange losses • Net debt decreased to SEK 1,616m and net debt/EBITDA to 3.4 • Equity of 1,306m (SEK 90 per share)
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Q4 2025 Improved profitability and operating result • Continued work to strengthen customer relations and improve profitability across the Group • Stable revenue adjusted for currency • Operating profit increased to SEK 31m, or SEK 54m excluding one-off costs (compared to SEK 19m excluding one-off costs in Q4 2024) • Finance costs 24% lower YoY • Net debt to EBITDA improving to 3.4x from 5.2x a year earlier • Strong quarter in the US with revenue increasing by 7% and operating profit by 13% despite significantly weaker dollar • Lower revenue in Germany mainly driven by lower truck sales, but improved gross profit, lower SG&A (including one-off costs), and lower working capital • Continued focus on clearing old inventory in Kazakhstan, resulting in higher sales but lower margins; operating profit excluding one-off costs around zero Lower revenue but higher gross profit in Germany Net debt to EBITDA improved to 3.4x 3 Increased sales and operating profit in the US despite weaker dollar
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Q4 2025 US Highlights • Demand remained strong and customers stayed optimistic, supported by strong order backlogs • High activity continued in infrastructure and data center projects • The GPE market in the Ferronordic territory grew 16% in Q4 2025 and 9% for FY2025 • Competition remained intense, with price increases related to tariffs and currency changes developing gradually • Equipment sales increased 17% (+26% in USD), rental sales increased 11% (+20% in USD), while service and parts sales declined 6% (+1% in USD) • Rental utilization softened seasonally but continued to improve YoY • Costs remained stable and operating profit increased 13% to SEK 73m (65) (+21% in USD) • Continued focus on gaining market share and improving aftermarket penetration • Good progress in CRM implementation and relaunch of the Automatic Lead Generator Strong demand despite continued uncertainty relating to tariffs and currency Gross margin increased to 20.9% Operating profit of SEK 73m with 9.0% operating margin 5
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Acquisition of Housby Heavy First step in US geographic expansion • Asset acquisition of Housby Heavy Equipment, Volvo CE dealer in Iowa, completed on January 30, 2026 • Acquired assets and operational employees; no real estate, liabilities or corporate employees assumed • Fully integrated as a US branch, supported by Louisville corporate office • 2024 revenue approx. USD 27m with an estimated EBIT based on US GAAP of USD 1.3m (including internal costs for central functions) • Purchase price USD 17.7m, largely related to inventory and rental fleet (USD 17.3m) • No goodwill expected • Transaction primarily debt financed • Business expected to reach similar profitability and ROIC levels as other US branches over time Purchase price of USD 17.7m – primarily inventory and rental fleet Adds ~ 10% to US operations with scalable platform Expected to reach similar profitability as other US branches over time 5
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Q4 2025 6 Germany operational highlights • Demand remained weak, although early signs of recovery continued • Customers continued to operate fleets, supporting long-term replacement demand • Registrations in Ferronordic sales territory increased 8% in the quarter • Truck sales decreased by 50% (-48% in EUR), while service and parts sales remained flat in EUR • Margins improved from a low comparative quarter including inventory impairments • Service and parts sales developing more slowly than expected due to technician shortages; workshop productivity remains a priority • Cost measures expected to deliver SEK 16-17m annual savings (SEK 17m one-off cost) • Operating profit excluding one-offs improved to SEK -9m (-28m, excluding one-off costs in Q4 2024) • Working capital reduced 72% YoY to SEK 108m (7% of LTM revenue) Early signs of market recovery continued Cost measures expected to deliver SEK 16-17m annual savings Working capital reduced 72%
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Inventory declined by 55% Q4 2025 Kazakhstan operational highlights • Continued market recovery, supported by increasing activity in mining and road construction • The GPE market is estimated to have grown 30% in the quarter • Continued focus on clearing older inventory to improve inventory quality • Inventories reduced 55% YoY from SEK107m to SEK 48m, with very few old machines remaining • Equipment sales increased 42%, while service and parts sales declined 9% • SEK 3m impairment relating to inventory and other assets • Operating profit excluding one-off costs improved to break-even • With new management and sales organization, a leaner balance sheet and a recovering market, we are well positioned for 2026 7 Revenue increased by 24% to SEK 40m Operating profit excluding one-off costs improved to break-even
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8 Q4 2025 Income statement • Revenue down 10% to SEK 1,211m o 67% US, 30% Germany, 3% Kazakhstan o 56% equipment and trucks,36% parts and service, 8% rental • Gross profit up 12% • Gross margin increased to 17.7% (3.5pp), driven by improvements in in all segments • SG&A increased 1% to SEK 181m • SG&A as % of revenue increased to 15.0% (13.4%) • Operating margin increased to 2.6% (0.2%) • Operating profit improved to SEK 31m (2), with improvements across all segments • Net income SEK 15m, supported by lower financing cost, partly offset by FX losses of SEK 18m SEK MM Q4 2024 Q4 2024 Q4 2024 Q4 2024 Q4 2025 Q4 2025 Q4 2025 Q4 2025 % change Kazakhstan Germany US2 Group Kazakhstan Germany US Group Group FX (SEK/KZT, EUR/SEK, USD/SEK) 44.41 11.43 10.57 53.22 11.07 9.82 New units sold 15 317 65 397 9 116 68 193 -51% Revenue 33 559 755 1,347 40 360 811 1,211 -10% Gross profit -3 40 154 191 3 42 169 214 12% % Margin -10.5% 7.2% 20.4% 14.2% 7.5% 11.7% 20.9% 17.7% 3,5pp Operating profit 1 -10 -41 65 2 -3 -29 73 31 1338% % Margin -30.5% -7.3% 8.6% 0.2% -6.6% -8.0% 9.0% 2.6% 2,4pp Net result for the period 9 15 60% EPS 0.65 1.04 60% EBITDA1 -9 -18 130 90 -2 15 145 148 64% 1 Group operating profit and EBITDA includes Group costs not allocated to reporting segments. 2 Certain revenue and cost items were reclassified in Q4 2025, affecting comparability with Q4 2024 (see slide 10 in this prese ntation).
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10 FY2025 Income statement • Revenue down 6% to SEK 4,566m o 64% US, 33% Germany and 3% Kazakhstan o 53% equipment and trucks,39% parts and service, and 8% rental • Gross profit up 2% • Gross margin increased to 17.3%, up 1.4pp Y-o-Y (higher in Germany and KZ partly compensated by lower in US) • SG&A decreased 4% to SEK 724m • SG&A as % of revenue increased to 15.8% (15.4%) • Operating margin increased to 1.7% (0.4%) • Operating profit at SEK 77m (21), driven by improvement in all segments except US • Net income of SEK -199m on foreign exchange losses of SEK 185m SEK MM 2024 2024 2024 2024 2025 2025 2025 2025 % change Kazakhstan Germany US2 Group Kazakhstan Germany US Group Group FX (SEK/KZT, EUR/SEK, USD/SEK) 44.41 11.43 10.57 53.22 11.07 9.82 New units sold 52 671 277 1,000 49 544 234 827 -17% Revenue 205 1,702 2,973 4,880 134 1,486 2,946 4,566 -6% Gross profit 19 149 611 778 23 204 564 791 2% % Margin 9.0% 8.7% 20.5% 15.9% 17.5% 13.7% 19.1% 17.3% 1,4pp Operating profit 1 -12 -120 230 21 5 -52 190 77 272% % Margin -5.9% -7.0% 7.7% 0.4% 3.6% -3.5% 6.4% 1.7% 1,3pp Net result for the period -89 -199 122% EPS -6.15 -13.66 122% EBITDA1 -8 -31 500 383 8 57 479 480 25% 1 Group operating profit and EBITDA includes Group costs not allocated on the reporting segments 2 In 2025 certain revenue and cost items have been reclassified, with some effects on comparable numbers in 2024 for revenue, g ross profit, SG&A and other income. For more details on this effect, please refer to the note on p. 9 of the financial report for Q4 2025.
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Q4 2025 Balance sheet • PP&E decreased YoY, mainly due to USD/SEK FX effects and rental fleet reduction in Germany • In the US, net working capital increased QoQ from 12% to 18% of LTM revenue, driven by higher inventory and receivables • In Germany, net working capital increased QoQ from 6% to 7% of LTM revenue, mainly due to lower LTM revenue following the 36% sales decline in Q4 2025 • In Kazakhstan, net working capital decreased QoQ from 68% to 55% of LTM revenue, driven by lower inventories and higher payables • Net debt decreased SEK 25m QoQ to SEK 1,616m • Equity / assets increased QoQ to 33% 41 SEK MM Q4 2024 Q3 2025 US Q4 2025 Q4 2025 FX EUR/SEK FX USD/SEK FX SEK/KZT 11.49 11.00 47.58 11.06 9.42 58.31 9.20 10.82 9.20 54.72 Property, plant and equipment 2,317 2,312 1,523 2,136 Cash and cash equivalents 363 163 0 153 Debt 2,276 1,756 1,791 1,687 Finance Leases 65 48 12 83 Net debt / (cash) 1,978 1,641 1,804 1,616 Working capital 1,068 523 520 664 % of Revenue 23% 10% 18% 15% Shareholders equity 1,499 1,294 138 1,306 Total Assets 4,941 4,017 2,678 3,994 Equity / Assets 30% 32% 5% 33%
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Changes in presentation of US segment 65 EBIT Q4 19 EBIT Q4 20 42 • Certain revenue and cost items in the US segment were reclassified in 2025 to align with Group reporting guidelines. • The table shows Q4 2024 as reported in February 2025 and adjusted for the reclassification, with the difference in the column Q4 ADJ. • The reclassification affects revenue, gross profit, gross margin, SG&A, other income and operating margin, but has no impact on operating profit Q4 Q4 Q4 Q4 Y-o-Y Y-o-Y SEK m 2025 2024 ADJ 2024 ADJ reported adjusted Revenue 811 720 35 755 13% 7% Equipment and truck sales 459 419 -26 393 10% 17% Service and parts sales 281 236 62 299 19% -6% Other revenue 71 65 -1 64 9% 11% Cost of sales -642 -541 -60 -601 19% 7% Gross profit 169 179 -25 154 -5% -10% Selling expenses -28 -22 -10 -32 26% -13% General and administrative expenses -70 -97 34 -63 -28% 12% Other income 3 6 1 6 -50% -50% Other expenses -2 -1 - -1 50% 50% Operating profit 73 65 - 65 12% 12% Gross margin 20.9% 24.8% 20.4% Operating margin 9.0% 9.0% 8.6%
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Group EBIT Y-o-Y 65 EBIT Q4 19 EBIT Q4 20 SEKm 43 2 8 12 7 1 31 0 10 20 30 40 EBIT Q4 2024 US Germany Kazakhstan HQ EBIT Q4 2025
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Group EBIT Q-o-Q 65 EBIT Q4 19 EBIT Q4 20 SEKm 44 37 30 -27 -10 0 31 0 10 20 30 40 50 60 70 EBIT Q3 2025 US Germany Kazakhstan HQ EBIT Q4 2025
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Group assets by segment 45 Split by main items and segment as at 31.12.2025 * Including deferred tax assets 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 Real estate Rental fleet Other PP&E Goodwill Inventories Trade and other receivables Cash & equivalents Other assets* US Germany Kazakhstan Group
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Group liabilities by segment 46 Split by main items and segment as at 31.12.2025 * Including deferred tax liabilities SEK 1,306m SEK 90/share 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 Trade and other payables Bank loans VFS floor plan Lease liabilities Other liabilities* NAV US Germany Kazakhstan Group
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Financial objectives and dividend policy KPI Objective Q4 2025 LTM Revenue Double 20241 revenue in current markets over 5 years (in SEK) 0.97x 2 x 6M 2024 revenue Operating margin Above 6% 1.7% Net debt / EBITDA Below 3 x (over a business cycle) 3.4 x Dividend policy The ambition is to pay at least 50% of net income if net debt/EBITDA is less than 1.0 x2, post dividend payment, and to pay at least 25% if net debt/EBITDA is more than 1.0 x2. The Board will take several factors into account when proposing the level of dividend including legal requirements, the articles of association, the Group’s expansion opportunities, its financial position and other investment needs. 47 1) Based on 2x 6M 2024 revenue. Current markets are defined as Ferronordic’s current (Q2 2024) sales area in the US, Germany and Kazakhstan. They include expansion to other brands and products and expansion of our network in and directly adjacent to our current area 2) After and including accounting for paying the dividend
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Outlook 16 We remain optimistic about our US operations despite ongoing uncertainty related to tariffs and currency developments. Customers maintain solid order books, and activity in the infrastructure sector is expected to remain high, driven by the need to maintain and develop road networks and other public infrastructure. Investments related to data centers continue to support demand. Overall, we see good opportunities for further development and expansion of the US business. In Germany, we expect market recovery to continue, partly driven by the growing need to renew truck fleets. Demand for service and parts is expected to remain relatively strong. Improving new trucks sales are expected to gradually support increased demand for service and parts. We have further reduced our cost base but still maintain an organization capable of meeting increased demand and larger volumes. We remain optimistic about the potential of the German business. In Kazakhstan, we also see signs of recovery, especially in mining and road construction. With new management and a leaner balance sheet, we see good opportunities to increase both sales and profitability going forward.