Kalmar (KALMAR) Investor presentation summary

Strategy overview and market positioning

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

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

• Holds leading market positions in reachstackers, terminal tractors, straddle carriers, crane spreaders, and services, with a 30% spare parts capture rate.

• Asset-light business model with global coverage, optimized manufacturing, and robust cash conversion (75%).

Financial performance and targets

• Q3 2025 sales reached €436M, up 3% year-over-year, with services accounting for 34% of sales.

• Comparable operating profit margin hit a record 13.8% in Q3 2025, driven by services and efficiency gains.

• Return on capital employed (ROCE) at 20.8% and leverage at 0.3x net debt/EBITDA.

• 2028 targets: 5% annual sales growth, 15% operating margin, >25% ROCE, and 30–50% dividend payout.

Segment and regional performance

• Services orders grew 12% in Q3 2025, while equipment orders declined 20% due to delayed decisions and tariffs.

• Americas sales declined 4%, Europe remained flat, and AMEA grew 24% in Q3 2025.

• Eco portfolio sales rose 17% to €201M, representing 46% of total sales.