Kalmar (KALMAR) Investor presentation summary

Strategy and market positioning

• Focus on sustainable material handling equipment and services, with strategic pillars in innovation, services growth, and operational excellence.

• Holds leading market positions in reachstackers, terminal tractors, straddle carriers, and crane spreaders, with a strong service network and 29% spare parts capture rate.

• Addressable markets are diversified across ports, logistics, manufacturing, and distribution, with Europe as the largest sales region.

• Asset-light business model with efficient operations, robust cash conversion (95%), and global manufacturing footprint.

• Capital allocation prioritizes organic growth, services, electrification, and shareholder returns, targeting a 30-50% dividend payout ratio.

Financial and operational performance

• Orders received in Q2 2025 rose 20% year-over-year, with sales up 1% and a resilient 13.1% comparable operating margin.

• Equipment orders increased 28% in Q2, with strong performance in all divisions, especially straddle carriers.

• Services orders grew 7% and sales 4% in Q2, though profitability was temporarily impacted by tariffs and warehouse relocation.

• Return on capital employed reached 20.7%, and leverage remained low at 0.4x net debt/EBITDA.

• Cash flow from operations before financing and taxes was €21.9M in Q2, nearly doubling year-over-year.

Growth, innovation, and sustainability

• Eco portfolio sales grew 9% to 44% of total sales in Q2, with 10% of equipment orders fully electric.

• Electrification is a key driver, with electric equipment segment expected to grow 28% annually and up to 2x revenue potential per unit.

• New lithium-ion battery technology, automation solutions, and digital tools like Inspector launched in Q2.

• Climate targets validated by the Science Based Targets initiative, with ongoing actions to decarbonize operations.

• Total cost of ownership for electric reachstackers is 8-24% lower than diesel in key European markets.