Interim report
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A FERRONORDIC Шата - Interim report January 1 – June 30 , 2026 Q2 2026 : Increased earnings in all markets Summary of the second quarter , April - June 20261 Group • Revenue increased 43 % to SEK 1,558m ( 1,088 ) and 54 % on fixed currency basis² . • Gross profit increased 39 % to SEK 246m ( 177 ) . • SG & A decreased 2 % . • Operating profit increased to SEK 68m ( -5 ) . • Net finance costs decreased 15 % to SEK -25m ( -29 ) . • Net profit improved to SEK 45m ( -51 ) , partly supported by foreign exchange gains . • Net debt decreased to SEK 1,845m compared to SEK 1,957m in Q1 2026 . • Working capital decreased 20 % QoQ . USA • Market in our territory up 32 % . • Revenue increased 39 % to SEK 969m ( 695 ) ( + 53 % in USD ) . • Gross profit increased 46 % to SEK 176m ( 121 ) ( + 61 % in USD ) . • Gross margin increased to 18.2 % ( 17.3 ) . • SG & A increased 4 % . • EC230 • Gross profit increased 17 % to SEK 59m ( 50 ) . • Gross margin decreased to 10.9 % ( 13.7 ) . • SG & A decreased 14 % . • Operating profit increased to SEK 74m ( 26 ) ( + 209 % in USD ) , corresponding to an • operating margin of 7.6 % ( 3.8 ) . Germany • Market in our territory up 7 % . • Revenue increased 47 % to SEK 540m ( 366 ) • ( + 52 % in EUR ) . Operating profit increased to SEK 8m ( -13 ) , corresponding to an operating margin of 1.4 % ( -3.5 ) . Kazakhstan Imports declined 27 % . • Revenue increased 88 % to SEK 49m ( 26 ) . • Gross profit increased 86 % to SEK 12m ( 6 ) . • Gross margin largely unchanged at 23.8 % ( 24.0 ) . Operating profit increased to SEK 3m ( -1 ) . 43.2 % Revenue increase Selected key Group ratios 12 68 Operating result , SEK m 4.3 % Operating margin 3.08 Earnings per share , SEK SEK m ( or as stated ) 2026 Q2 2025 Q2 % 2026 2025 % 2025 change 6M 6M change FY Revenue 1,558 1,088 43 % 2,686 2,294 17 % 4,566 Gross profit 246 177 39 % 446 374 19 % 792 EBITDA 180 95 90 % 305 179 71 % 480 Operating result 68 -5 1,537 % 104 9 1,088 % 77 Result for the period 45 -51 188 % 76 -201 138 % -199 Earnings per share , SEK 3.08 -3.51 188 % 5.26 -13.83 138 % -13.66 Cash flow from operations 207 262 62 447 701 Net debt ( cash ) 1,845 1,679 1,845 1,679 1,616 Gross margin , % 15.8 % 16.3 % -0.4pp 16.6 % 16.3 % 0.3pp 17.3 % Operating margin , % 4.3 % -0.4 % 4.8pp 3.9 % 0.4 % 3.5pp 1.7 % Working capital / LTM Revenue , % 13.7 % 13.0 % 0.7pp 13.7 % 13.0 % 0.7pp 14.5 % Equity / total assets , % 30.6 % 31.1 % -0.5pp 30.6 % 31.1 % -0.5pp 32.7 % Return on capital employed , % 5.5 % 0.7 % 4.8pp 5.5 % 0.7 % 4.8pp 2.5 % Return on equity , % 5.8 % Return on invested capital , % 5.3 % -19.1 % 0.4 % 24.9pp 5.8 % -19.1 % 24.9pp -14.2 % 4.9pp 5.3 % 0.4 % 4.9pp 2.2 % 1 Comparison with same period in prior year unless stated otherwise . ² Q2 2026 segment revenues translated at the average rate used in Q2 2025 . All amounts are stated in millions of SEK unless stated otherwise . Rounding differences when summing up can occur with +/- SEK 1m . In cases where an underlying number is rounded off to SEK 0m , this is written as 0. Definitions and purposes of the key ratios are presented on p . 20 to 22 . 1
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Interim report January 1 – June 30, 2026 2 Increased earnings in all markets The second quarter was strong with higher earnings in all markets. The improvements we have worked on over the past years – stronger aftermarket, disciplined cost control, and increased use of technology and data – are increasingly visible in our results. The quarter was above all driven by high sales in the US, where June was a record month. Our primary focus remains to continue developing our existing operations, where we still see significant untapped potential, while we continue to evaluate selective bolt-on acquisitions. During Q2 2026, operating profit increased to SEK 68m (-5), and EBITDA nearly doubled to SEK 180m (95). Net profit improved to SEK 45m (-51), corresponding to earnings per share of SEK 3.08 (-3.51), supported by an FX gain of SEK 17m (-15). Revenue increased by 43% to SEK 1,558m (1,088), or 54% on a fixed currency basis, with growth in all segments. For the first six months, operating profit amounted to SEK 104m (9). The balance sheet strengthened during the quarter. Working capital decreased by SEK 170m from the end of Q1, and net debt in relation to EBITDA improved to 3.0x, on both lower net debt and higher EBITDA, from 3.8x at the end of Q1 and 4.5x a year earlier. In the US, demand remained strong throughout the quarter, supported by sustained infrastructure activity and accelerating construction of data centers and AI infrastructure across our territory. Sales increased by 39% to SEK 969m (695), 53% in local currency. Equipment sales grew by 89% in dollars, driven primarily by articulated haulers and an exceptionally strong June. Each machine delivered expands the machine population in our territory, supporting aftermarket demand for years to come. Rental increased 15% in dollars on a larger fleet and improved utilization, while aftermarket grew 22% in dollars, with growth constrained by technician capacity rather than demand. Operating profit more than doubled to SEK 74m (26), a threefold increase in dollars, corresponding to an operating margin of 7.6% (3.8), and EBITDA increased to SEK 164m (104). We continue to develop the US platform. During the quarter we signed a service agreement with Volvo Penta and extended our cooperation with Sandvik to underground drills. Our technicians now receive and complete work orders on mobile devices in the field, reducing administration and shortening the time from finished job to invoice. With our improved CRM in place, we are working to further improve our sales management processes and make better use of the data across the business. In Germany, the modest recovery continued and we delivered a positive operating profit of SEK 8m (-13) – the second consecutive profitable quarter. Sales increased by 47% to SEK 540m (366) as deliveries postponed from Q1 materialized, with 267 new trucks delivered compared to 100 in the first quarter. The high share of fleet deals weighed on gross margin (10.9% vs 13.7), but this was more than offset by higher volumes, a growing aftermarket, and a 14% reduction in SG&A. Aftermarket sales grew 9%, with June the strongest month of the year. Our workshops have more to give, however. Technician capacity remains the main constraint on aftermarket growth. Attracting, retaining and developing skilled technicians remains a top priority. We are also expanding our network and have recently signed a lease for a new workshop in central Hesse, opening in January 2027, that will let us serve customers in the region better and grow the profitable aftermarket business. In Kazakhstan, sales increased by 88% to SEK 49m (26), and operating profit improved to SEK 3m (-1). Market activity remained subdued as delayed government infrastructure payments held back customer investments, but aftermarket activity picked up toward the end of the quarter. The timing of a broader recovery remains linked to government spending, though we see gradually better conditions ahead. Outlook We remain optimistic about our US operations and the market environment ahead. Infrastructure spending remains at a high level, and the scale of AI-related data center investments across our territory continues to grow, supporting construction activity and equipment demand for years to come. Customer order books remain solid, and machine utilization is high. Quarterly volumes will vary, and Q2 sets a high mark, but the underlying drivers of our business – a larger installed base, an expanding rental fleet, and rising aftermarket penetration – continue to build. In Germany, we expect the gradual recovery to continue as fleet renewal needs accumulate. With a lower cost base, a stronger aftermarket, and an organization able to handle larger volumes, we are well positioned for improved operational leverage as the market normalizes. In Kazakhstan, we expect activity to improve as government spending resumes. We continue to see good opportunities in mining and road construction. Henrik Carlborg President and CEO “June was a record month in the US.”
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Interim report January 1 – June 30, 2026 3 Group Revenue by segment (SEKm) Operating result and operating margin EPS and net margin Revenue In Q2 2026, revenue increased by 43% to SEK 1,558m (1,088). Sales of equipment and trucks increased by 80% while aftermarket sales increased by 8%. Rental revenue increased by 4%, driven by fleet size and utilization in the US. In 6M 2026, revenue increased by 17% to SEK 2,686m (2,294). Sales of equipment and trucks increased by 28%, while aftermarket sales increased by 3%. Rental revenue increased by 18%. Gross profit and operating result In Q2 2026, gross margin decreased to 15.8% (16.3), mainly reflecting a higher share of truck sales in Germany, partly offset by improved margin in the US. Gross profit, however, increased by 39% to SEK 246m (177), as a result of the higher revenue. In Q2 2026, SG&A decreased by 2% to SEK 177m (181). As a percentage of revenue, SG&A decreased to 11.4% (16.6). The operating result for Q2 2026 increased to SEK 68m (-5), corresponding to an operating margin of 4.3% (-0.4). In 6M 2026, gross margin increased to 16.6% (16.3). As a result of higher revenue and higher gross margin, gross profit increased by 19% to SEK 446m (374). As a percentage of revenue, SG&A decreased to 13.0% (16.4). Operating profit increased to SEK 104m (9), corresponding to an operating margin of 3.9% (0.4). Net income In Q2 2026, finance expenses (net) decreased by 15% to SEK -25m (-29), mainly due to lower interest rates and a weakening of the US dollar and euro against the Swedish krona compared to Q2 2025. Foreign exchange effects (net) amounted to SEK 17m (-15) in Q2 2026, mainly due to the appreciation of the US dollar and the euro against the Swedish krona from the end of Q1 to the end of Q2 2026. The result before income tax for Q2 2026 increased to SEK 59m (-49). Income tax for Q2 2026 amounted to SEK -15m (-2), corresponding to an effective tax rate of 24.6%. For 6M 2026 the effective tax rate was 17.3%, below the Swedish statutory rate of 20.6%, mainly reflecting the utilization of previously recognized deferred tax assets in Sweden. The result for Q2 2026 increased to SEK 45m (-51). In 6M 2026, finance expenses (net) decreased to SEK -51m (-62). Foreign exchange effects (net) amounted to SEK 39m (-145). The result before income tax increased to SEK 92m (-197). The result increased to SEK 76m (-201). Earnings per share Earnings per share in Q2 2026 amounted to SEK 3.08 (-3.51). Earnings per share in 6M 2026 amounted to SEK 5.26 (-13.83). Cash flows Cash flows from operating activities decreased to SEK 207m (262) in Q2 2026, but improved YoY before changes in working capital. Working capital on the balance sheet at the end of Q2 2026 was SEK 679m, a decrease of SEK 170m compared to SEK 849m at the end of Q1 2026, mainly
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Interim report January 1 – June 30, 2026 4 Net working capital in SEKm and as % of LTM revenue Operating cash flow per quarter and over LTM Property, plant and equipment and capital expenditures reflecting lower inventories and higher payables. As a percentage of revenue, working capital decreased to 14% from 19% at the end of Q1 2026. Cash flow from investing activities in Q2 2026 totaled SEK -115m (26), mainly related to additions to the German rental fleet and other PP&E. In 6M 2026, cash flows from operating activities decreased to SEK 62m (447), driven by a build-up of working capital during the first half of the year. Before changes in working capital, cash flow improved YoY. Cash flows from investing activities during 6M 2026 amounted to SEK -123m (16). For more details on how the Group presents cash flows, please refer to note 1 on page 17. Financial position On 30 June 2026, cash and cash equivalents amounted to SEK 164m, up SEK 11m from year-end 2025 and SEK 47m from the end of Q1 2026. Interest-bearing liabilities (including lease liabilities and IFRS 16 effects) amounted to SEK 2,009m, up SEK 239m from SEK 1,770m at year-end 2025 but down SEK 66m from the end of Q1 2026. The QoQ decrease was mainly driven by lower loans and borrowings, supported by lower working capital, and despite a weaker Swedish krona against the US dollar and the euro during the quarter. PP&E amounted to SEK 2,461m, up SEK 326m from SEK 2,136m at year-end 2025, partly reflecting the Housby acquisition, investments in the rental fleet, and currency effects. Equity amounted to SEK 1,409m, up SEK 103m compared to year-end 2025, reflecting the result for the period and a positive change in the translation reserve of SEK 23m. Parent company In Q2 2026, the revenue of the parent company was SEK 0m (0). Administrative expenses amounted to SEK 18m (11), leading to an operating result of SEK -18m (-11). The result for Q2 2026 increased to SEK 12m (-56) as finance income was relatively stable while foreign exchange losses of SEK 58m in Q2 2025 turned to gains of SEK 25m in Q2 2026. In 6M 2026, the revenue of the parent company was SEK 0m (0). Administrative expenses increased by 17% to SEK 34m (29), and the operating result decreased to SEK -33m (-29). The result increased to SEK 44m (-137), mainly due to positive foreign exchange effects. Foreign exchange rates The Group’s currency exposure is mainly to the US dollar (USD) and the euro (EUR) from its US and German operations respectively, with additional exposure to the Kazakh tenge (KZT). For the exchange rates used to translate 6M 2026 (6M 2025) results to the presentation currency, please refer to note 10 on page 18. Employees At the end of Q2 2026, the number of full-time equivalent employees in the Group was 800 (796). Of these, 387 (372) were employees in the US, 355 (368) in Germany, 47 (40) in Kazakhstan, and 11 (16) in Group functions. Sustainability Ferronordic's sustainability reporting is presented in accordance with the CSRD and ESRS in the 2025 Annual Report, including the Group's material topics and key performance indicators. During Q2 2026, the Group continued the implementation of its sustainability roadmap.
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Interim report January 1 – June 30, 2026 5 Net debt and net debt/EBITDA Currency index last five quarters (indexed 1 April 2025) Events after the reporting period Other than as disclosed elsewhere in this report, no material events have occurred after the balance sheet date that require disclosure in the financial statements. Risks and uncertainties Ferronordic is exposed to operational and financial risks arising from its position as a distributor between equipment manufacturers and end- customers, and from the geographic markets in which the Group operates. As a distributor, Ferronordic is exposed to disruptions in both supply and demand, and to changes in macroeconomic activity. The Group's reliance on a limited number of OEM partners means that changes in OEM relationships, product availability, or commercial terms may have a material impact on the business. The Group operates in three markets with different risk profiles. In the United States and Germany, competitive intensity, regulatory requirements, and labor market conditions can be demanding. In the United States, the introduction of tariffs and other trade restrictions, together with US dollar volatility, may affect the Group's operations, which rely on imported machines and spare parts. In Kazakhstan, the institutional and regulatory environment can be less predictable than in the Group's other markets. Tax and legal frameworks may be inconsistently applied, access to funding can be limited, monetary policy and the local currency may be subject to volatility, and counterparty and insurance risks may be higher than in developed markets. Hedging and risk management instruments may also be less effective or more costly. The military conflict in the Middle East involving Iran has increased geopolitical uncertainty. The Group has no operations or assets in the affected region. Indirect effects, including higher fuel prices, and broader market volatility, may affect the Group’s operations and financial position. Management is closely monitoring developments and assessing potential implications for the Group’s operations and financial position. For a more detailed description of the Group's risks and uncertainties, please refer to the 2025 Annual Report.
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Interim report January 1 – June 30, 2026 6 Segments Ferronordic has three reportable segments: US, Germany, and Kazakhstan (see note 5). Equipment and truck sales comprise new and used machines and trucks from the Group’s OEM partners, primarily Volvo, together with sales from the rental fleet. Aftermarket sales are also referred to as service and parts sales. Unallocated Group costs and assets are reported separately. US Germany Kazakhstan Unallocated Group costs Total SEK m (or as stated) Q2 Q2 Q2 Q2 Q2 Q2 Q2 Q2 Q2 Q2 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 External revenue 969 695 540 366 49 26 1,558 1,088 Equipment and truck sales 574 334 356 193 35 10 965 536 Aftermarket sales 311 281 162 152 14 17 487 450 Rental and other revenue 84 80 22 21 - - 105 101 Gross profit 176 121 59 50 12 6 246 177 EBITDA 164 104 29 9 4 - -17 -17 180 95 Operating result 74 26 8 -13 3 -1 - - 85 13 Group costs - - - - - - -17 -17 -17 -17 Operating result after group costs 74 26 8 -13 3 -1 -17 -17 68 -5 Finance items (net) - - - - - - -25 -29 Foreign exchange (gain/loss) - - - - - - 17 -15 Profit(loss) before tax - - - - - - 59 -49 Result for the period 45 -51 Gross margin, % 18.2% 17.3% 10.9% 13.7% 23.8% 24.0% 15.8% 16.3% Operating margin, % 7.6% 3.8% 1.4% -3.5% 6.9% -3.6% 4.3% -0.4% US Germany Kazakhstan Unallocated Group costs Total SEK m (or as stated) 6M 6M 6M 6M 6M 6M 6M 6M 6M 6M 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 External revenue 1,729 1,458 877 768 80 68 2,686 2,294 Equipment and truck sales 993 769 513 414 57 43 1,564 1,225 Aftermarket sales 579 564 322 311 23 25 924 901 Rental and other revenue 157 125 41 43 - - 198 168 Gross profit 310 256 120 106 17 12 446 374 EBITDA 276 199 55 22 5 2 -32 -44 305 179 Operating result 121 74 12 -22 4 1 - - 136 52 Group costs - - - - - - -32 -44 -32 -44 Operating result after group costs 121 74 12 -22 4 1 -32 -44 104 9 Finance items (net) - - - - - - -51 -62 Foreign exchange (gain/loss) - - - - - - 39 -145 Profit(loss) before tax - - - - - - 92 -197 Result for the period 76 -201 Gross margin, % 17.9% 17.5% 13.7% 13.8% 20.7% 17.7% 16.6% 16.3% Operating margin, % 7.0% 5.1% 1.4% -2.9% 4.6% 0.8% 3.9% 0.4%
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Interim report January 1 – June 30, 2026 7 30 June 2026 SEK m US Germany Kazakhstan Group assets Total Non-current assets 1,979 820 13 13 2,826 Total assets 3,127 1,216 208 53 4,605 31 December 2025 SEK m US Germany Kazakhstan Group assets Total Non-current assets 1,657 807 13 22 2,499 Total assets 2,678 1,057 148 111 3,994 Segment share of revenue, Q2 2026 Segment share of total assets, 30 June 2026 30 June 2026 SEK m US Germany Kazakhstan Group assets Total Property, plant and equipment 1,837 614 7 3 2,461 Real Estate 195 222 - - 417 Rental Fleet 1,516 280 - - 1,795 Right-of-use assets 20 61 2 3 86 Other PPE 106 51 5 0 163 31 December 2025 SEK m US Germany Kazakhstan Group assets Total Property, plant and equipment 1,523 607 6 - 2,136 Real Estate 185 218 - - 403 Rental Fleet 1,223 296 - - 1,519 Right-of-use assets 11 56 2 - 69 Other PPE 104 37 4 0 145 US 62% Germany 35% Kazakhstan 3% US 68% Germany 26% Kazakhstan 5% Group 1%
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Interim report January 1 – June 30, 2026 8 USA Unit sales incl. rental conversion Revenue by activity (SEKm) Operating result and operating margin Market and sales Demand remained strong in Q2 2026. The market for larger machines (FID in the GPE segment¹) in Ferronordic's territory rose 32% in the quarter and 24% YTD. Investments in data centers and AI infrastructure kept growing, and because these projects require extensive earthmoving and site preparation, they add to demand for Ferronordic's products and services – both from the contractors building these sites and from the aggregates producers supplying the raw material that they consume. Roadwork and other infrastructure construction also stayed strong. Tariffs have had no noticeable impact on customer demand. During Q2 2026, Ferronordic sold 85 new units and 35 used units, and converted 45 units from the rental fleet. Equipment sales rose 89% in USD on strong deliveries, with June exceptionally strong. Aftermarket sales kept growing with the expanding machine population, though technician capacity remained the main constraint. A larger rental fleet and higher utilization supported rental activity. After a strong June, equipment inventory declined while the rental fleet grew, in line with the strategy to build market share through the rental channel and create a pipeline for future conversion sales. Revenue and operating result Revenue in Q2 2026 amounted to SEK 969m (695), up 39% in SEK and 53% in USD. Equipment sales increased by 72% (+89% in USD), aftermarket by 11% (+22% in USD), and rental by 4% (+15% in USD). The gross margin increased to 18.2% (17.3). SG&A amounted to SEK 100m (96), an increase of 4%. As a percentage of revenue, SG&A decreased to 10.3% (13.8). Operating result amounted to SEK 74m (26), up 181% in SEK and 209% in USD, corresponding to an operating margin of 7.6% (3.8). EBITDA increased by 58% to SEK 164m (104). The difference between operating result and EBITDA typically narrows when sales from the rental fleet (conversions) increase. Cash flows and balance sheet Working capital at the end of Q2 2026 amounted to SEK 450m, compared to SEK 610m at the end of Q1 2026. The decline reflected both the sell-down of the seasonal inventory build ahead of Q2 and the transfer of machines from inventory to the rental fleet. As a percentage of revenue for the last 12 months, working capital declined from 21% to 14%. Cash flows from operating activities in Q2 2026 amounted to SEK 172m (156). 6M 2026 In 6M 2026, US revenue amounted to SEK 1,729m (1,458) with a gross margin of 17.9% (17.5). Operating profit amounted to SEK 121m (74), corresponding to an operating margin of 7.0% (5.1). 2026 2025 % 2026 2025 % 2025 Q2 Q2 change 6M 6M change FY New units 85 59 44% 150 130 15% 234 Conversion from rental, units 45 26 73% 77 56 38% 136 Used units 35 22 59% 59 42 40% 90 Revenue, SEK m 969 695 39% 1,729 1,458 19% 2,946 Gross profit, SEK m 176 121 46% 310 256 21% 564 EBITDA 164 104 58% 276 199 39% 479 Operating result, SEK m 74 26 181% 121 74 63% 190 Gross margin, % 18.2% 17.3% 17.9% 17.5% 19.1% Operating margin, % 7.6% 3.8% 7.0% 5.1% 6.4% Working capital/LTM Revenue, % 14.0% 13.7% 14.0% 13.7% 18.0% 1 First-in-dirt (FID) in the General Purpose Equipment (GPE) segment.
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Interim report January 1 – June 30, 2026 9 Germany Unit sales Revenue by activity Operating result and operating margin Market and sales The market in Ferronordic's territory continued to show signs of improvement in Q2 2026, with new truck registrations up 9% in the quarter and 6% YTD. Customer confidence and fleet investment decisions nevertheless remain cautious. Supported in part by deliveries shifted from Q1, new truck sales rose 72% to 267 units, though at lower margins. Aftermarket sales were slow in April and May, partly due to public holidays, but picked up strongly in June, growing 9% YoY. Ferronordic continues to see untapped potential in the aftermarket and is working to grow its service capacity and expand its coverage. A higher share of lower-margin truck sales brought the gross margin down to 10.9% (13.7). On strong revenue growth, however, gross profit rose 21% in EUR. Revenue and operating result Revenue in Q2 2026 amounted to SEK 540m (366), up 47% in SEK (+52% in EUR). Truck sales increased by 85% (+90% in EUR), aftermarket by 6% (+9% in EUR), and rental by 3% (+6% in EUR). The gross margin decreased to 10.9% (13.7), mainly due to a lower aftermarket share of revenue (30% vs 42% last year). SG&A amounted to SEK 53m (62), a decrease of 14%. As a percentage of revenue, SG&A decreased to 9.9% (16.9) due to higher revenue and cost reduction measures implemented during 2025. Operating profit increased to SEK 8m (-13), corresponding to an operating margin of 1.4% (-3.5). Cash flows and balance sheet Working capital at the end of Q2 2026 amounted to SEK 154m, compared to SEK 179m at the end of Q1 2026. The decrease reflects the delivery in Q2 of trucks that had temporarily raised inventories at the end of Q1. As a percentage of revenue for the last 12 months, working capital decreased from 13% to 10%. Cash flows from operating activities in Q2 2026 amounted to SEK 75m (113). 6M 2026 In 6M 2026, revenue in Germany increased to SEK 877m (768) with a gross margin of 13.7% (13.8). Operating result amounted to SEK 12m (-22), corresponding to an operating margin of 1.4% (-2.9). 2026 2025 % 2026 2025 % 2025 Q2 Q2 change 6M 6M change FY New units 267 155 72% 367 303 21% 544 Used units 38 36 6% 71 84 -15% 174 Revenue, SEK m 540 366 47% 877 768 14% 1,486 Gross profit, SEK m 59 50 17% 120 106 13% 204 EBITDA 29 9 228% 55 22 154% 57 Operating result, SEK m 8 -13 160% 12 -22 154% -52 Gross margin, % 10.9% 13.7% 13.7% 13.8% 13.7% Operating margin, % 1.4% -3.5% 1.4% -2.9% -3.5% Working capital/LTM Revenue, % 9.6% 11.0% 9.6% 11.0% 7.0%
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Interim report January 1 – June 30, 2026 10 Kazakhstan Unit sales Revenue by activity Operating result and operating margin Market and sales The Kazakh equipment market remained on hold during Q2 2026, partly due to temporary delays in government payments on infrastructure projects. Based on import data, the Kazakh GPE market is estimated to have declined in the quarter, though this largely reflects dealers holding back deliveries rather than a drop in underlying demand, which appears deferred rather than lost. Activity is expected to recover as public spending and construction resume in the second half of 2026. Ferronordic continued to build its sales organization during the quarter, focusing on systematic sales processes and strengthening the sales team. Sales of both new and used equipment increased at healthy margins. Despite a higher share of equipment in the revenue mix, the overall gross margin held largely flat and gross profit rose 86%. Inventory rose 8% QoQ. Revenue and operating result Revenue in Q2 2026 amounted to SEK 49m (26), up 88%. Equipment sales rose 261%, while aftermarket sales fell 12%. Gross margin was largely flat at 23.8% (24.0), despite a higher share of machine sales in the revenue mix (70% vs 37% last year). SG&A amounted to SEK 7m (6). As a percentage of revenue, SG&A decreased to 14.2% (22.5) on higher revenue. Operating profit amounted to SEK 3m (-1), corresponding to an operating margin of 6.9% (-3.6). Cash flows and balance sheet Working capital at the end of Q2 2026 amounted to SEK 104m, up from SEK 91m at the end of Q1 2026, mainly reflecting higher receivables and inventory. As a percentage of revenue during the last 12 months, working capital decreased from 74% to 71% during the quarter. Cash flows from operating activities amounted to SEK -15m (7). 6M 2026 In 6M 2026, revenue rose 18% to SEK 80m (68). The gross margin increased to 20.7% (17.7). Operating profit increased to SEK 4m (1), corresponding to an operating margin of 4.6% (0.8). 2026 2025 % 2026 2025 % 2025 Q2 Q2 change 6M 6M change FY New units 9 6 50% 18 34 -47% 49 Used units 6 5 20% 9 8 13% 14 Revenue, SEK m 49 26 88% 80 68 18% 134 Gross profit, SEK m 12 6 86% 17 12 37% 23 EBITDA 4 0 - 5 4 156% 8 Operating result, SEK m 3 -1 458% 4 1 595% 5 Gross margin, % 23.8% 24.0% 20.7% 17.7% 17.5% Operating margin, % 6.9% -3.6% 4.6% 0.8% 3.6% Working capital/LTM Revenue, % 71.4% 49.0% 71.4% 49.0% 55.0%
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Interim report January 1 – June 30, 2026 11 Condensed consolidated statement of comprehensive income Q2 Q2 6M 6M FY SEK m 2026 2025 2026 2025 2025 Revenue 1,558 1,088 2,686 2,294 4,566 Cost of sales -1,311 -911 -2,240 -1,920 -3,774 Gross profit 246 177 446 374 792 Selling expenses -14 -64 -71 -127 -253 General and administrative expenses -163 -117 -279 -248 -470 Other income 1 1 12 14 17 Other expenses -3 -2 -4 -4 -8 Operating profit 68 -5 104 9 77 Finance income 4 1 5 6 9 Finance expenses -29 -31 -55 -68 -125 Foreign exchange gains/(-losses) (net) 17 -15 39 -145 -185 Result before income tax 59 -49 92 -197 -224 Income tax -15 -2 -16 -4 25 Result for the period 45 -51 76 -201 -199 Other comprehensive result Items that are or may be reclassified to profit or loss: Foreign currency translation differences for foreign operations 10 -19 23 4 6 Other comprehensive result for the period, net of tax 10 -19 23 4 6 Total comprehensive result for the period 55 -70 100 -197 -193 Earnings per share Basic earnings per share (SEK) 3.08 -3.51 5.26 -13.83 -13.66 Diluted earnings per share (SEK) 3.08 -3.51 5.26 -13.83 -13.66
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Interim report January 1 – June 30, 2026 12 Condensed consolidated statement of financial position SEK m 30 Jun 2026 31 Mar 2026 31 Dec 2025 30 Jun 2025 ASSETS Non-current assets Property, plant and equipment 2,461 2,336 2,136 2,254 Intangible assets 226 222 216 223 Deferred tax assets 138 148 147 128 Total non-current assets 2,826 2,706 2,499 2,606 Current assets Inventories 1,037 1,180 878 967 Trade and other receivables 563 508 447 409 Prepayments 15 11 17 16 Cash and cash equivalents 164 117 153 185 Total current assets 1,779 1,816 1,495 1,577 TOTAL ASSETS 4,605 4,522 3,994 4,183 EQUITY AND LIABILITIES Equity Share capital 1 1 1 1 Additional paid in capital 635 635 635 635 Translation reserve -31 -41 -55 -57 Retained earnings 728 725 924 924 Result for the period 76 32 -199 -201 TOTAL EQUITY 1,409 1,352 1,306 1,302 Non-current liabilities Borrowings 731 905 916 833 Deferred income 0 0 4 6 Deferred tax liabilities 251 245 236 244 Long-term lease liabilities 64 71 52 33 Total non-current liabilities 1,046 1,221 1,208 1,116 Current liabilities Borrowings 1,180 1,065 771 978 Trade and other payables 907 840 663 758 Deferred income 0 8 5 5 Provisions 29 2 9 4 Short-term lease liabilities 34 34 31 21 Total current liabilities 2,149 1,949 1,480 1,765 TOTAL LIABILITIES 3,196 3,170 2,688 2,881 TOTAL EQUITY AND LIABILITIES 4,605 4,522 3,994 4,183
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Interim report January 1 – June 30, 2026 13 Condensed consolidated statement of changes in equity SEK m Share capital Additional paid in capital Translation reserve Retained earnings Total equity Balance 1 January 2026 1 635 -55 725 1,306 Total comprehensive result for the period Result for the period - - - 76 76 Other comprehensive result Foreign exchange differences - - 23 23 Total comprehensive result for the period - - 23 76 99 Contribution by and distribution to owners Dividends - - - - - Other changes in equity - - - 3 3 Total contributions and distributions - - - 3 3 Balance 30 June 2026 1 635 -31 804 1,409 SEK m Share capital Additional paid in capital Translation reserve Retained earnings Total equity Balance 1 January 2025 1 635 -61 924 1,499 Total comprehensive result for the period Result for the period - - - -199 -199 Other comprehensive result Foreign exchange differences - - 6 - 6 Total comprehensive result for the period - - 6 -199 -193 Contribution by and distribution to owners Dividends - - - - - Other changes in equity - - - - - Total contributions and distributions - - - - - Balance 31 December 2025 1 635 -55 725 1,306
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Interim report January 1 – June 30, 2026 14 Condensed consolidated statement of cash flows Q2 Q2 6M 6M FY SEK m 2026 2025 2026 2025 2025 Cash flows from operating activities Result before income tax 59 -49 92 -197 -224 Adjustments for: Depreciation and amortization 113 100 200 170 402 (Gain)/loss from impairment of receivables -1 2 0 2 6 Result on disposal of property, plant and equipment -2 - -9 - 2 Finance expense 30 31 56 68 125 Finance income -4 -2 -5 -6 -9 Foreign exchange losses/(gains) (net) -17 16 -39 144 185 Cash flows from operating activities before changes in working capital and provisions 178 96 297 180 486 Change in inventories 63 113 -214 159 216 Change in trade and other receivables -71 98 -116 123 42 Change in prepayments -4 - 3 -5 -7 Change in trade and other payables 80 -28 188 62 57 Change in provisions 0 -2 -8 -4 2 Change in deferred income -7 -3 -9 -7 -7 Cash flows from operating activities before interest and tax paid 239 275 141 507 788 Income tax paid -6 13 -27 -1 -1 Interest paid -26 -26 -52 -59 -86 Cash flows from operating activities 207 262 62 447 701 Cash flows from investing activities Proceeds from sale of property, plant and equipment 11 33 18 34 44 Interest received 2 3 3 7 16 Acquisition of property, plant and equipment -128 -10 -144 -25 -75 Cash flows from investing activities -115 26 -123 16 -16 Cash flows from financing activities Proceeds from borrowings 23 21 214 21 500 Repayment of loans -61 -340 -128 -625 -1,312 Leasing financing paid -8 -7 -17 -14 -39 Cash flows from financing activities -46 -326 69 -618 -851 Net change in cash and cash equivalents 46 -38 7 -155 -165 Cash and cash equivalents at start of the period 117 232 153 363 363 Effect of exchange rate fluctuations on cash and cash equivalents 0 -10 3 -24 -44 Cash and cash equivalents at end of the period 164 185 164 185 153
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Interim report January 1 – June 30, 2026 15 Condensed parent company income statement Q2 Q2 6M 6M FY SEK m 2026 2025 2026 2025 2025 Revenue 0 - 0 - - Cost of sales - - - - - Gross profit 0 - 0 - - Administrative expenses -18 -11 -34 -29 -58 Other income 0 - 1 - - Other expenses 0 - 0 - - Operating result -18 -11 -33 -29 -58 Finance income 19 20 37 45 87 Finance expenses -1 -6 -1 -15 -22 Foreign exchange gains/(-losses) (net) 25 -58 54 -138 -188 Result after financial items 26 -56 57 -137 -182 Tax allocation reserve - - - - 31 Group contributions - - - - 23 Result before income tax 26 -56 57 -137 -128 Income tax -13 - -13 - 21 Result for the period 12 -56 44 -137 -106 Total comprehensive result for the period is the same as the Result for the period.
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Interim report January 1 – June 30, 2026 16 Condensed parent company balance sheet SEK m 30 Jun 2026 31 Mar 2026 31 Dec 2025 30 Jun 2025 ASSETS Non-current assets Property, plant and equipment 0 0 0 0 Financial assets Shares in subsidiaries 312 312 288 288 Loans to subsidiaries 1,492 1,274 1,246 1,833 Deferred tax assets 10 21 21 - Total financial assets 1,814 1,608 1,555 2,121 Total non-current assets 1,814 1,608 1,555 2,121 Current assets Trade and other receivables 0 6 5 16 Receivables from subsidiaries 23 23 23 - Prepayments 3 2 16 3 Loans to subsidiaries 57 237 255 - Cash and cash equivalents 73 84 91 56 Total current assets 165 352 390 74 TOTAL ASSETS 1,980 1,960 1,945 2,195 EQUITY AND LIABILITIES Equity Restricted equity Share capital 1 1 1 1 Unrestricted equity Share premium reserve 640 640 640 640 Retained earnings 1,273 1,273 1,380 1,380 Result for the period 44 32 -106 -137 TOTAL EQUITY 1,958 1,946 1,914 1,884 Untaxed reserves - - - 31 Non-current liabilities Borrowings - - - 143 Total non-current liabilities - - - 143 Current liabilities Trade and other payables 21 14 30 41 Borrowings - - - 95 Total current liabilities 21 14 30 136 TOTAL LIABILITIES 21 14 30 280 TOTAL EQUITY AND LIABILITIES 1,980 1,960 1,945 2,195
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Interim report January 1 – June 30, 2026 17 Notes 1. Accounting policies Ferronordic applies the IFRS® Accounting Standards as adopted by the EU. This report has been prepared in accordance with IAS 34, the Swedish Annual Accounts Act and recommendation RFR 2 (parent company only), issued by the Swedish Corporate Reporting Board. The same accounting and valuation principles have been applied in the preparation of this report as in the 2025 Annual Report. This includes the Group’s presentation principles for rental fleet assets, floor plan financing arrangements and related cash flows. Most of the Group’s inventory and rental fleet equipment is initially funded through trade payables. If the equipment remains on the balance sheet beyond the payable period, it is typically transferred to a vendor floor plan financing arrangement. Such transfers are non-cash transactions and are therefore not presented in the statement of cash flows. In some cases, equipment is transferred from inventory, presented within working capital, to the rental fleet, presented within property, plant and equipment. Such transfers are also generally non-cash transactions. Equipment held in inventory typically serves as collateral for vendor financing. Floor plan financing is typically repaid when the related equipment is sold to a third party. The Group’s rental fleet is classified as property, plant and equipment. In the German segment, additions to and disposals of rental assets are presented within cash flows from investing activities, as the rental fleet is mainly held for longer-term rental to customers and is mainly sold at the end of its useful life. Accordingly, cash flows from investing activities include the cash effects of purchases and disposals of the German rental fleet and other property, plant and equipment. In the US segment, rental customers may elect to purchase the rental equipment at any point during the rental period. Such transactions are referred to as rental conversions. Cash flows related to such disposals, and to additions to the US rental fleet, are included in changes in working capital and therefore presented within cash flows from operating activities. 2. Determination of fair values The basis for the determination of fair value of financial assets and liabilities is disclosed in note 5 in the 2025 annual report. The fair values of the Group’s financial assets and liabilities approximate their respective carrying amounts. 3. Seasonal variations Ferronordic’s revenue and earnings are affected by seasonal variations in the construction industry in the US and Kazakhstan. Seasonal patterns in Germany are less significant. In the US, the spring and summer are the busiest seasons for construction activity, supporting equipment, rental and aftermarket sales. The fourth quarter is also typically strong, as the winter season starts late in Ferronordic’s territory and many customers complete equipment purchases – often through rental conversions – towards year-end. The first quarter is the weakest period, with reduced activity in January and February due to winter conditions, which mainly affects rental and aftermarket sales. In Kazakhstan, the seasonal pattern is similar but with a longer winter. 4. Ferronordic AB (publ) Ferronordic AB (publ) and its subsidiaries are sometimes referred to as the Group or Ferronordic. Ferronordic AB (publ) is also sometimes referred to as the company. Any mentioning of the Board is a reference to the Board of Directors of Ferronordic AB (publ). 5. Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision- maker (CODM). The CODM, identified as the Group CEO, is responsible for allocating resources and assessing the financial performance of the operating segments. The Group has three reportable segments - US, Germany and Kazakhstan - managed separately due to differences in markets, products, customers, and supply chains. The segments comprise: US: new and used construction and other equipment, aftermarket sales, rental and other services. Germany: new and used trucks, aftermarket sales, rental and other services. Kazakhstan: new and used construction and other equipment, aftermarket sales, rental and other services. Performance is evaluated based on revenue, gross profit, gross margin, EBITDA, EBITDA margin, operating profit, and operating margin. Group overhead costs are allocated between the segments using principles established by the CODM. The accounting policies applied are consistent with those described in Note 6 of the 2025 Annual Report. For each segment, management reviews internal reports on at least a monthly basis. Information regarding the results of each segment is presented on page 6 of this report. The Group had no inter-segment revenues during the periods presented. Intercompany financing and balances, where applicable, are eliminated on consolidation. 6. Significant judgments and estimates The preparation of the interim report requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual outcomes may differ from these judgments and estimates. The critical judgments and key sources of estimation uncertainty as of this interim report are generally the same as those described in Note 4 of the Annual Report for 2025.
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Interim report January 1 – June 30, 2026 18 Starting 2026, the Group revised certain accounting estimates, including the estimated useful lives of the rental fleet in Germany and the accounts receivable ageing matrix used to calculate the bad debt provision in Kazakhstan. The revisions were made to better reflect actual utilization and depreciation and the local business environment, respectively. The changes have been applied prospectively in accordance with IAS 8 and did not have a material impact on the Group’s result or financial position for the period. 7. Contingencies The Group had no contingent liabilities as at the reporting date. 8. Related party transactions There have been no significant changes in the relationships or transactions with related parties for the Group or the parent company compared with the information disclosed in the 2025 annual report. 1. Long-term Incentive Program During the period, the Company introduced a long-term incentive program (LTIP) for Executive Management, covering the period 2026-2028 and based on the Company's Total Shareholder Return (TSR) over that period. Payout to participants depends on reaching certain defined TSR thresholds ranging from 100-300% of the share price at the start of the period (SEK 44.3) with nil payout below the minimum and full payout at the maximum. The maximum gross payout is approximately SEK 25m, excluding employer social charges. Payouts are cash-settled and participants may only use the net proceeds to acquire Company shares. The program is accounted for as a cash-settled share-based payment under IFRS 2. The related liability and expense are recognized over the performance period and remeasured at fair value at each reporting date, with changes through profit or loss. Employer social charges are accrued separately based on the expected taxable payout. 2. Earnings per share The calculation of earnings per share is based on the result attributable to the shareholders and is thus calculated as the result for the period divided by the average number of shares outstanding. 3. Foreign currency rates The exchange rates presented below have been used for the preparation of the financial statements for the reporting period. 30 June 2026 30 June 2025 Currency Average Period end Average Period end USD/SEK 9.25 9.74 10.17 9.51 EUR/SEK 10.79 11.09 11.09 11.15 SEK/KZT 52.61 49.98 50.40 54.94 4. Pledged assets Equipment and trucks in inventory and rental fleets in the US and German operations are, to varying extents, pledged to Volvo Financial Services and to JP Morgan Chase for short-term funding facilities. The pledges to JP Morgan Chase also secure a long- term loan and a revolving credit facility of the subsidiary Rudd Equipment. Total pledged assets in these operations amounted to SEK 2,541m (2,509) on June 30, 2026. The parent company had no pledged assets at the reporting date. 5. Events after the reporting date Information regarding events after the reporting date is set out in the front part of this report (p. 5). Result for the period, SEK m 2026 Q2 2025 Q2 2026 6M 2025 6M 2025 12M Result attributable to shareholders, SEK m 45 -51 76 -201 -199 Average number of shares during the period before dilution, thousand 14,532 14,532 14,532 14,532 14,532 Earnings per share before dilution, SEK 3.08 -3.51 5.26 -13.83 -13.66 Dilution effect - - - - - Average number of shares during the period after dilution, thousand 14,532 14,532 14,532 14,532 14,532 Earnings per share after dilution, SEK 3.08 -3.51 5.26 -13.83 -13.66
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Interim report January 1 – June 30, 2026 19 Signatures The Board of Directors and the Managing Director declare that the report for the second quarter and first six months of 2026 provides a true and fair overview of the Group’s and the parent company’s operations, financial position and performance, and describes material risks and uncertainties facing the parent company and the companies in the Group. Stockholm, August 12, 2026 Lars Corneliusson Chairman Aurore Belfrage Director Annette Brodin Rampe Director Håkan Eriksson Director Fredrik Isberg Director Peter Zonabend Director Henrik Carlborg President and CEO This report has not been reviewed by the company’s auditors
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Interim report January 1 – June 30, 2026 20 Key ratios Financial information for individual quarters Quarterly financial information for the period April 1, 2024 – June 30, 2026, has been compiled from Ferronordic’s interim reports for the relevant quarters. Key ratios Certain key ratios in Ferronordic’s interim reports are not defined according to IFRS. Ferronordic considers these alternative performance measures useful supplementary information for investors and management, as they support the assessment of relevant trends. Definitions may differ from those used by other companies. These measures should therefore be seen as a supplement rather than as a replacement for measures defined according to IFRS. Totals may not always reconcile as amounts in the tables are rounded to SEK m. Selected key Group ratios Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 SEK m (or as stated) 2024 2024 2024 2025 2025 2025 2025 2026 2026 Revenue 1,115 1,171 1,347 1,206 1,088 1,060 1,211 1,128 1,558 Gross profit 185 181 191 197 177 203 214 200 246 Gross margin, % 16.6% 15.5% 14.2% 16.3% 16.3% 19.1% 17.7% 17.7% 15.8% EBITDA 104 103 90 83 95 153 148 124 180 Operating result -4 2 2 13 -5 37 31 37 68 Operating margin, % -0.3% 0.1% 0.2% 1.1% -0.4% 3.5% 2.6% 3.2% 4.3% Result for the period -81 -88 9 -150 -51 -13 15 32 45 Earnings per share, SEK1 -5.56 -6.07 0.65 -10.32 -3.51 -0.87 1.04 2.18 3.08 Working capital/LTM Revenue, % 21% 22% 23% 17% 12% 10% 15% 19% 14% Cash flow from operations 270 427 -480 185 262 295 -41 -157 207 Equity/total assets, % 33% 31% 30% 30% 31% 32% 33% 30% 31% Return on equity, LTM% -7% -12% -6% -20% -19% -15% -14% -1% 6% Return on capital employed, LTM% -2% -1% 1% 1% 1% 2% 2% 3% 5% Return on invested capital, LTM% -3% -1% 1% 0% 0% 1% 2% 3% 5% 1 Before dilution. USA Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 SEK m (or as stated) 2024 2024 2024 2025 2025 2025 2025 2026 2026 Revenue 727 716 755 762 695 677 811 760 969 Gross profit 140 159 154 135 121 139 169 133 176 Gross margin, % 19.2% 22.2% 20.4% 17.7% 17.3% 20.5% 20.9% 17.5% 18.2% EBITDA 131 131 130 95 104 136 145 112 164 Operating result 51 53 65 48 26 43 73 47 74 Operating margin, % 7.1% 7.4% 8.6% 6.3% 3.8% 6.3% 9.0% 6.2% 7.6% Working capital/LTM Revenue 15% 19% 21% 17% 14% 12% 18% 21% 14% Germany Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 SEK m (or as stated) 2024 2024 2024 2025 2025 2025 2025 2026 2026 Revenue 332 372 559 402 366 358 360 337 540 Gross profit 38 14 40 56 50 56 42 61 59 Gross margin, % 11.4% 3.7% 7.2% 13.9% 13.7% 15.6% 11.7% 18.2% 10.9% EBITDA 0 -18 -18 13 9 20 15 26 29 Operating result -27 -40 -41 -9 -13 -1 -29 4 8 Operating margin, % -8.2% -10.7% -7.3% -2.3% -3.5% -0.4% -8.0% 1.3% 1.4% Working capital/LTM Revenue, % 31% 27% 23% 16% 9% 6% 7% 13% 10%
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Interim report January 1 – June 30, 2026 21 Kazakhstan Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 SEK m (or as stated) 2024 2024 2024 2025 2025 2025 2025 2026 2026 Revenue 56 82 33 42 26 25 40 32 49 Gross profit 8 9 -3 6 6 8 3 5 12 Gross margin, % 13.6% 10.4% -10.5% 13.9% 24.0% 33.3% 7.5% 16.0% 23.8% EBITDA 0 4 -9 2 0 8 -2 1 4 Operating result -1 3 -10 1 -1 7 -3 0 3 Operating margin, % -2.3% 3.1% -30.5% 3.5% -3.6% 27.8% -6.6% -1.3% 6.9% Working capital/LTM Revenue, % 18% 27% 55% 47% 49% 68% 55% 74% 71% Net debt Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 SEK m 2024 2024 2024 2025 2025 2025 2025 2026 2026 Long-term borrowings 628 999 958 1,064 833 752 916 905 731 Long-term lease liabilities 49 34 37 33 33 29 52 71 64 Short-term borrowings 1,178 1,080 1,318 939 978 1,005 771 1,065 1,180 Short-term lease liabilities 23 40 28 23 21 19 31 34 34 Total interest-bearing liabilities 1,878 2,153 2,340 2,058 1,864 1,804 1,770 2,075 2,009 Cash & cash equivalents 208 360 363 232 185 163 153 117 164 Net debt / (cash) 1,671 1,792 1,978 1,826 1,679 1,641 1,616 1,957 1,845 EBITDA LTM 170 273 383 380 372 422 480 520 606 Net debt / EBITDA LTM 9.4 6.6 5.2 4.8 4.5 3.9 3.4 3.8 3.0 Working capital Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 SEK m 2024 2024 2024 2025 2025 2025 2025 2026 2026 Inventory 1,466 1,363 1,253 1,115 967 856 878 1,180 1,037 Trade and other receivables 653 496 617 541 409 327 447 508 563 Prepayments 5 12 11 16 16 11 17 11 15 Trade and other payables 1,051 827 794 834 758 665 663 840 907 Deferred income 12 10 11 7 5 5 5 8 0 Provisions 11 10 8 5 4 1 9 2 29 Working capital 1,049 1,026 1,068 825 625 523 664 849 679 Revenue LTM1 4,994 4,712 4,720 4,754 4,839 5,074 4,766 4,730 4,957 Working capital / Revenue (%) 21% 22% 23% 17% 12% 10% 15% 19% 12% 1 Q2-Q3 2024 based on annualized revenue for Ferronordic’s US operations calculated as 9m 2024 / 9 x 12. Capital employed Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 SEK m 2024 2024 2024 2025 2025 2025 2025 2026 2026 Long-term interest-bearing liabilities 677 1,033 1,050 1,097 866 781 968 976 796 Short-term interest-bearing liabilities 1,201 1,120 1,291 961 998 1,023 802 1,099 1,213 Shareholder equity 1,627 1,483 1,499 1,372 1,302 1,294 1,306 1,352 1,409 Capital employed 3,505 3,636 3,839 3,430 3,166 3,098 3,076 3,427 3,418 Average capital employed 2,958 2,979 3,618 3,443 3,336 3,367 3,458 3,428 3,292 EBIT -84 -43 21 14 13 48 77 101 173 Interest income 30 15 10 11 11 10 9 5 8 Result LTM -53 -29 30 25 24 58 86 105 180 Return on capital employed (%) -2% -1% 1% 1% 1% 2% 2% 3% 5%
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Interim report January 1 – June 30, 2026 22 Return on equity Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 SEK m 2024 2024 2024 2025 2025 2025 2025 2026 2026 Shareholder equity 1,627 1,483 1,499 1,372 1,302 1,294 1,306 1,352 1,409 Average equity 1,725 1,617 1,560 1,535 1,464 1,389 1,403 1,362 1,355 Net result LTM -125 -188 -89 -310 -280 -204 -199 -17 79 Return on equity (%) -11% -12% -6% -20% -19% -15% -14% -1% 6% Alternative key ratios not defined by IFRS EBITDA: Operating profit activities excluding depreciation, amortization. Provides a measurement of the result from the ongoing business. EBITDA margin: EBITDA in relation to revenue. Relevant key ratio in evaluating the Group’s value creation. Net debt / (Net cash): Interest-bearing liabilities (including lease liabilities) less cash and cash equivalents. Provides a measurement for the Group’s net debt position. Net debt / EBITDA: Net debt / (net cash) in relation to EBITDA for the last twelve months. Shows to what extent EBITDA covers net debt. Used to evaluate financial risk. New units sold: Number of new machines and trucks sold. Used to measure and compare sales of new units. Operating result: Result before financial items and taxes. Provides a measurement of the result from the ongoing business. Operating margin: Operating result in relation to revenue. Relevant key ratio in evaluating the Group’s value creation. Revenue growth: Growth in revenue compared to the same period last year, expressed as a percentage. Used for comparison of growth between periods as well as comparisons with the market as a whole and with the company’s competitors. Gross margin: Gross profit in relation to revenue. Provides a measurement of the contribution from the ongoing business. Capital employed: Total equity and interest-bearing liabilities. Shows the capital invested in the Group’s business. Return on capital employed: EBIT plus financial income (for the last twelve months) in relation to capital employed (average during the last twelve months). Shows how effectively the capital employed is used. Return on equity: Net income (for the last twelve months) in relation to shareholders’ equity (average during the last twelve months). Return on invested capital: EBIT (for the last twelve months) in relation to invested capital (average during the last twelve months), where invested capital is defined as total equity plus net debt. Shows how effectively the invested capital is used. Working capital: Current assets excluding cash and cash equivalents, less non-interest-bearing current liabilities. Shows the amount of working capital tied up in the ongoing business. Working capital/Revenue: Working capital in relation to revenue during the last twelve months. Shows how effectively the working capital is used in the business. Abbreviations Approx. Approximately CEO Chief Executive Officer EUR USD KZT Euro US dollar Kazakh tenge FY Full year IFRS International Financial Reporting Standards Q1, Q2, Q3, Q4 First, second, third and fourth quarter SG&A Selling expenses, general and administrative cost SEK Swedish krona SEK m Million Swedish krona Vs YTD Versus Year to date LTM Last twelve months VCE Volvo Construction Equipment 6M, 9M, 12M YoY QoQ 6 months, 9 months, 12 months Year on year Quarter on quarter
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Interim report January 1 – June 30, 2026 23 This is Ferronordic Ferronordic is a multi-market dealer group in construction equipment and trucks. Through its subsidiaries, the Group is the dealer for Volvo Construction Equipment in ten US states and in Kazakhstan, and the dealer for Volvo Trucks and Renault Trucks in parts of Germany. In the US, Ferronordic also represents Hitachi, Sandvik, Link-Belt Cranes, and Bergmann across parts of its territory. In Kazakhstan, the Group also represents Ammann. Ferronordic currently has around 40 branches and over 800 employees. The shares in Ferronordic AB (publ) are listed on Nasdaq Stockholm. www.ferronordic.com Vision Ferronordic’s vision is to be the leading service and sales company in its markets. Mission The company’s mission is to support the leadership and growth of its customers. Values Quality, excellence and respect. Strategic objectives and priorities • Aftermarket absorption rate >1.0x • Disciplined growth and capital allocation • Digital and AI-driven operations • Geographic expansion • Expansion into adjacent business areas Investment case highlights • Resilient aftermarket-driven earnings • Operating leverage in existing markets • Disciplined capital allocation above local cost of capital • US-led growth platform • Embedded upside in Germany • Bolt-on opportunities as a generation of dealership owners retire • Proven ability to build, acquire, integrate, and exit dealerships
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Interim report January 1 – June 30, 2026 24 About this report Forward-looking statements Some statements in this report are forward-looking and the actual outcomes could be materially different. In addition to the factors explicitly discussed, other factors could have a material effect on the actual outcomes. Language In the event of inconsistency or discrepancy between the English and the Swedish version of this publication, the Swedish version shall prevail. Totals and roundings Totals quoted in tables and statements may not always be the exact sum of the individual items because of rounding differences. The aim is that each line item should correspond to its source and rounding differences may therefore arise. This information is information that Ferronordic AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out below, at 07:30 CEST on August 12, 2026. Financial calendar Interim report January – September 2026 – November 11, 2026 Year-end report January – December 2026 – February 12, 2027 Conference call A presentation for investors, analysts and media will be held on August 12, 2026, at 10:00 CET and is accessible at www.ferronordic.com. To participate via teleconference, please register on the link below. https://events.inderes.com/ferronordic/Q2-report-2026/dial-in To participate via webcast, please use the link below. https://ferronordic.events.inderes.com/Q2-report-2026 Contacts For investors, analysts and media: Erik Danemar, CFO and Head of Investor Relations +46 73 660 72 31 ir@ferronordic.com Nybrogatan 6 SE-114 34 Stockholm +46 8 5090 7280 Corporate ID no. 556748-7953 www.ferronordic.com