Kalmar (KALMAR) Investor presentation summary

Strategy overview and market environment

• Focus on sustainable material handling, electrification, and intelligent operations to address productivity, safety, and labor shortages.

• Strategic pillars include investing in sustainable innovations, growing services, and driving operational excellence.

• Market drivers are decarbonization, changing logistics, and increasing equipment complexity, with electrification expected to grow 28% annually in the electric segment.

• The company holds leading positions in terminal tractors, straddle carriers, crane spreaders, and reachstackers globally.

• Global heavy material handling market projected to grow at ~4% p.a. through 2028, with additional upside from decarbonization and data-driven models.

Financial performance and targets

• Q3 2025 saw a record-high comparable operating profit margin of 13.8%, driven by services and efficiency improvements.

• 2028 financial targets: 5% annual sales growth, 15% comparable operating profit margin, >25% ROCE, and a 30-50% dividend payout ratio.

• Q3 2025 LTM: €1,792M orders received, €1,694M sales, 20.8% ROCE, 0.3x leverage, and 75% cash conversion.

• Guidance for 2025: comparable operating profit margin above 12%.

• Strong balance sheet with low net debt and gearing; cash flow impacted by increased working capital due to tariffs and spare parts availability.

Segment and regional performance

• Services orders and sales grew, with services now 34% of total sales and an 18.5% operating margin in Q3 2025.

• Equipment orders declined 20% in Q3 2025 due to delayed decisions and tariffs, but order book remained solid.

• Europe sales stable, Americas declined due to lower distribution orders, AMEA saw strong growth in ports and terminals.

• Eco portfolio sales rose 17% to €201M in Q3 2025, now 46% of total sales; fully electric equipment orders reached 11% of total.