Ferronordic (FNM) ABGSC Investor Days summary

Strategic direction and business model

• Focus on robust, scalable business model with strong OEM relationships and sustainability integration.

• Positioned for growth through electrification, infrastructure investment, and value creation.

• Pursuing organic growth, bolt-on acquisitions, and open to strategic M&A.

• Geographic expansion in the US, Germany, and Kazakhstan, with network and product extension opportunities.

• Leadership targeted in construction equipment and trucks, with expansion into related business areas and digital platforms.

Financial performance and objectives

• Q3 2025 revenue down 9% to SEK 1,060m, but gross margin up 3.7pp to 19.1%.

• Operating profit increased to SEK 37m, with net income at SEK -13m due to FX losses.

• SG&A reduced by 8%, and net debt/EBITDA improved to 3.9x.

• Objective to double 2024 revenue in five years, maintain operating margin above 6%, and net debt/EBITDA below 3x.

• Dividend policy aims for at least 50% payout if leverage is low, 25% if higher.

Regional operational highlights

• US: High customer activity, 15% market growth, rental revenue up 25%, operating profit up 62% from previous quarter.

• Germany: Market up 10%, new truck sales up 30%, service and parts sales down 10%, inventories reduced, operating result improved.

• Kazakhstan: Market recovery in mining and road construction, service and parts sales up 22%, operating profit at SEK 7m.