===== SIDA 1 ===== Interim report 1 January – 31 March 2024 1 Q1 2024: A strong start in the US Summary of the first quarter, January – March 2024 Group: • First full quarter with consolidation of Ferronordic’s US operations. • 86% revenue growth driven by the US. • Operating result increased to SEK 21m on strong contribution from the US. • Net profit increased to SEK 70m, partly as a result of exchange rate gains. • Net debt of SEK 1,542m after acquisition and consolidation of balance sheet in US operations. USA: • Lower but still strong market. • Growth in unit sales with new machine sales and rental conversions totaled 104 units. • SEK 699m revenue contribution. • Operating result of SEK 60m. • Operating margin of 8.6%. Germany: • New truck sales in units decreased by 36% off a high base in 2023. • Aftermarket sales increased by 9%. • Total revenue decreased by 20% to SEK 439m. • Operating result decreased to SEK -12m. • Implementation of cost reduction program continued. • Inventory levels remained high. Central Asia (CA): • Both new and used unit sales decreased. • Total revenue decreased by 60% to SEK 34m. • Operating result declined to SEK -3m. 86% Revenue growth 21m Operating profit, SEK m 1.8% Operating margin 4.83 Earnings per share, SEK Selected key group ratios SEK m (or as stated) 2024 Q1 2023 Q1 % FY2023 Revenue 1,172 631 86% 2,863 Gross profit 231 85 173% 377 Operating profit 21 -14 247% -115 Result for the period 70 7 939% -107 Earnings per share, SEK1 4.83 0.46 939% -7.39 Cash flow from operations 124 -126 -27 Net debt (cash) 1,542 -681 1,349 Gross margin, % 19.7% 13.4% 6.3pp 13.2% Operating margin, % 1.8% -2.2% 4.0pp -4.0% Working capital/LTM Revenue, % 20% 23% -3.4pp 20% Equity/total assets, % 33% 59% -25.4pp 34% Return on capital employed, % -2% 11% -12.9pp -3% Return on equity, % -2% 26% -28.3pp -6% 1 Before dilution. 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 pages 20 and 22. Interim report 1 January – 31 March 2024 ===== SIDA 2 ===== Interim report 1 January – 31 March 2024 2 A strong start in the US The first quarter of 2024 was our first full quarter with Rudd Equipment Company, a leading construction equipment dealer that we acquired at the end of November 2023. Headquartered in Louisville, Kentucky, Rudd is operating in all or parts of nine states in the US Midwest. Our expansion to the US has started well. During the first quarter, revenue amounted to SEK 699m with an operating profit of SEK 60m, corresponding to an operating margin of 8.6%. The market for larger construction equipment (GPE) was indeed 8% lower than in the first quarter of last year, but that was a very strong comparative quarter and demand has remained strong. At the same time, we gained market share, especially in the important segment of articulated haulers, boding well for future sales of service and spare parts. During the first quarter, we spent more time with our new colleagues and learned more about their operations. After four months in the US, we are even more optimistic about the future opportunities. We believe that demand for machinery in our sales area in the Midwest will remain high, partly due to the large programs in place to support the renovation and upgrading of roads, bridges, and other infrastructure. Additionally, a number of large construction projects involving data centers and major battery plants are underway or expected to begin within our territory. Rudd is already a well- managed and profitable company, but we see opportunities to both grow and improve profitability by, in the long term, gaining market share, increasing machine population and capturing a larger share of potential aftermarket sales. Rudd also provides a solid base for potential further expansion in North America, if opportunities arise. In Germany, the situation remains challenging. Demand is weak and customers are delaying fleet renewals. Our sales of new trucks in units decreased by approx. one-third during the quarter. Activity in our workshops, however, remained high and aftermarket sales increased by 9%. The work to reduce costs and create a leaner organisation continued. This is a difficult and time-consuming process, but we must make our operations in Germany more efficient and resilient. Cost reductions are expected to result in savings of approx. SEK 60m per year from the end of the second quarter 2024. We will however continue to develop our aftermarket business. Both inventory and our diesel rental fleet decreased during the quarter. Due to decreased demand and weaker pricing, inventory and working capital in Germany however remain too high. Work to normalise inventory in Germany will continue throughout the year. We continue to invest in electric trucks and sustainable transportation. During the first quarter, we sold 6 battery- electric trucks. Meanwhile, our business for sustainable transport solutions has grown its rental fleet to 40 electric trucks, for which we have received government subsidies. This rental fleet is expected to grow in the future. Overall, revenue in Germany decreased by 20% to SEK 439m. Operating profit decreased to SEK -12m. "We are optimistic about the opportunities in the US" The first quarter was also challenging in Kazakhstan. Although the country's economy continued to grow, the market for construction equipment declined. Our sales of new machines, measured in units, decreased from 23 to 5. The aftermarket was more stable, but its contribution was not enough to cover the costs. As a result of slow sales, the inventory remains too high in Kazakhstan as well. We expect the market to pick up and our inventory position to normalise during 2024. Revenue in Kazakhstan decreased to SEK 34m, or 3% of the Group’s turnover. The operating result decreased to SEK -3m. For the Group, revenue increased by 86% to SEK 1,172m, mainly due to the consolidation of the American operations. Thanks to the strong contribution from the American operations, the operating result for the Group amounted to SEK 21m. The net result was positively impacted by the depreciation of the Swedish krona against the dollar and the euro. The Group's net debt of increased to SEK 1,542m, mainly as a result of the acquisition of the American operations. Outlook We are optimistic about our expansion into the US and the opportunities there. The US is the world's second-largest market for construction equipment. Demand is supported by a dynamic economy and extensive support programs for infrastructure investment. The German economy appears weak, and the truck market is expected to decrease in 2024. We are taking actions to adapt our organisation and cost structure to a weaker market. We however believe in continued strong demand in the aftermarket business and we remain optimistic about the long-term potential in the German market and the opportunities in e-mobility and sustainable transport solutions. The operations in Kazakhstan continue to develop, although it will represent a relatively small part of the Group's operations in the future. Lars Corneliusson President and CEO ===== SIDA 3 ===== Interim report 1 January – 31 March 2024 3 Group Revenue by segment Operating profit and operating margin (adjusted*) EPS and net margin Revenue In Q1 2024, the revenue of the Group increased by 86% to SEK 1,172m (631). Sales of equipment and trucks increased by 62% and aftermarket sales increased by 134%. Other revenue, mainly consisting of rental sales, increased by 197%. The increase in sales is mainly related to the addition of sales in Ferronordic’s US operations from December 2023. Excluding the revenue contribution from Ferronordic’s US operations, total revenue decreased by 25% to SEK 473m. Gross profit and operating result In Q1 2024, the gross margin for the Group increased to 19.7% (13.4%). As a result of higher revenue and higher gross margin, gross profit increased by 173% to SEK 231m (85). As a percentage of revenue, selling, general and administrative expenses increased in Q1 2024 to 18.7% (15.7). The operating result for Q1 2024 increased by 247% to SEK 21m (-14). The operating margin during the quarter increased from -2.2% to 1.8%. Net income In Q1 2024, finance costs (net) amounted to SEK -27m (-2), as finance costs increased on higher interest rates. Funding the acquisition of Rudd also increased debt and finance costs. Foreign exchange gains (net) amounted to SEK 95m in Q1 2024, compared to gains (net) of SEK 23m in Q1 2023, mainly as the Swedish krona weakened against the US dollar and the euro. The result before income tax for Q1 2024 increased to SEK 89m (8). The result for Q1 2024 increased to SEK 70m (7). Earnings per share Basic and diluted earnings per share in Q1 2024 amounted to SEK 4.83 (0.46). Cash flows In Q1 2024, cash flows from operating activities increased to SEK 124m (-126). Working capital at the end of Q1 2024 was SEK 1,062m, almost unchanged compared to the end of Q4 2023 at SEK 1,063m. As a percentage of revenue, working capital was 20% in Q1 2024, the same as in Q4 2023. Cash flow from investing activities in Q1 2024 amounted to SEK -233m (-6). The change in cash flow is mainly related to purchase of rental fleet in Ferronordic’s US operations. Financial position On 31 March 2024, cash and cash equivalents amounted to SEK 217m, a decrease of SEK 210m compared to the end of 2023. The cash decreased mainly as a result of repayment of loans and purchase of machines to Ferronordic’s rental business. At the end of Q1 2024, interest-bearing liabilities (including lease liabilities and effects of IFRS-16) amounted to SEK 1,759m, a decrease of SEK 17m compared to the end of 2023. The net debt increased from SEK 1,349m at the end of Q4 2023 to SEK 1,542m at the end of Q1 2024. On 31 March 2024, property, plant and equipment (PP&E) amounted to SEK 2,099m, an increase of SEK 271m from SEK 1,828m at the end of 0 500 1,000 1,500 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 CA (SEKm) Germany (SEKm) US (SEKm) -7% -4% -1% 2% -70 -60 -50 -40 -30 -20 -10 0 10 20 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Operating profit (SEKm) Operating margin (%) -30% -20% -10% 0% 10% -7 -5 -3 -1 1 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Diluted earnings per share (SEK) Net margin (%) ===== SIDA 4 ===== Interim report 1 January – 31 March 2024 4 Net working capital and % LTM revenue Operating cash flow per quarter and over LTM Property, plant and equipment and capital expenditures 2023. The increase is mainly related to the increase in the rental fleet in the US operations. On 31 March 2024, equity amounted to SEK 1,698m, an increase of SEK 76m compared to the end of 2023. The increase was mainly due to the positive result, which in turn was partly a result of currency effects. Parent company In Q1 2024, the revenue of the Parent Company decreased to SEK 6m (8). Administrative expenses decreased by 36% to SEK 23m (36). The operating result increased to SEK -20m in Q1 2024 from SEK -38m in Q1 2023. The result for the quarter increased to SEK 76m (-8) mainly due to higher finance income from subsidiaries and higher foreign exchange gains. Foreign exchange rates The following foreign exchange rates have been used to translate the Q1 2024 (Q1 2023) results to the presentation currency: • Average rates of SEK/EUR 11.28 (0.7% vs 11.20) and SEK/USD 10.39 have been used to translate the income statements. • End of period rates of SEK/EUR 11.53 (2% vs 11.28) and SEK/USD 10.66 have been used to translate the balance sheet. The Group’s currency exposure is mainly to the US dollar and the euro, from its US and German operations respectively. The Group also has exposure to the Kazakh tenge. Employees At the end of Q1 2024, the number of full-time equivalent employees in the Group was 828 (464), of which 356 (-) related to the US, 402 (388) to Germany, 51 (55) to Kazakhstan and 19 (18) occupied group functions. Sustainability In Q1 2024, Ferronordic continued work to build institutional capacity to measure, report and follow-up on its sustainability targets internally and as required by the CSRD and the ESRS. In October 2023, a Sustainability Committee was instituted on the Board of Directors to supervise Ferronordic’s sustainability strategy and to measure the Group’s progress towards its objectives. Risks and uncertainties Ferronordic is exposed to a number of operational and financial risks. The Group currently operates in the US, Germany and Kazakhstan, which means that the Group has business in two developed markets and in one emerging market. In developed markets, competitive, labour and regulatory pressure can be strong. In an emerging market, the institutional and regulatory frameworks can be unstable. The tax and judicial systems are not always transparent or consistent. Corruption can be a problem. Access to funding can be limited, monetary policy unpredictable and the currency unstable. Counterparty and insurance risks are often greater and instruments to manage such risks are either less effective or more expensive. In its position as a service and sales company, between suppliers and customers, Ferronordic is exposed to both supply and demand disruptions and to changes in macroeconomic activity. For more on risks and uncertainties, please refer to Ferronordic’s annual report. German efficiency enhancement program In Q4 2023, Ferronordic launched an efficiency enhancement program in Germany. The program serves to make Ferronordic’s organisation leaner and more resilient by reducing both horizontal and vertical administrative units, while increasing the efficiency of the productive organisation. Ferronordic has thus reduced the number of regions in its sales area from -5% 0% 5% 10% 15% 20% 25% 30% -200 0 200 400 600 800 1,000 1,200 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Net working capital (SEKm) Net working capital as % of LTM revenue -250 -50 150 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Cash flow from operations LTM (SEKm) Cash flow from operations per quarter (SEKm) 0% 10% 20% 30% 40% 50% Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 0 500 1,000 1,500 2,000 2,500 Property plant and equipment (SEKm) CAPEX LTM/PPE, % ===== SIDA 5 ===== Interim report 1 January – 31 March 2024 5 Net debt and net debt/EBITDA Currency index last 5 quarters (indexed 1 Jan 2023) four to two and has reduced a number of middle management roles. The German management team has been reorganised to include Group Executives with operational functions in the German business, including Group Commercial Director, Group HR Director and Group CEO. Ferronordic has also analysed its cost structure across all functional areas to identify opportunities to reduce costs without negatively impacting – and where possible improving – the productivity of the service and sales areas. One key objective of the program is to increase Ferronordic’s absorption level in Germany, which is how much of its fixed costs are covered by the gross profit from its aftermarket business. Work on the implementation of the program is ongoing. As a result of the cost reduction program, Ferronordic expects to save approx. SEK 60m annually, starting from the end of Q2 2024. Events after the reporting period Other than as mentioned above, there were no significant events after the end of the reporting period. - 250.0 - 150.0 - 50.0 50.0 150.0 250.0 -1,000 -500 0 500 1,000 1,500 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Net debt (SEKm) Net debt / EBITDA (%) 90 95 100 105 110 Q1 2023 Q1 2023 Q3 2023 Q3 2023 Q4 2023 Q1 2024 SEK/EUR SEK/100 KZT SEK/USD ===== SIDA 6 ===== Interim report 1 January – 31 March 2024 6 Segments From Q4 2023 Ferronordic recognises three separate reportable segments: USA, Germany and Central Asia (CA) (see also note 5 on page 17). In the US, trucks and equipment sales include sales of new and used construction equipment from Volvo, Hitachi, Sandvik, Link- Belt Cranes and Bergmann. In Germany, trucks and equipment sales include sales of new Volvo Trucks and Renault Trucks, Sandvik’s mobile crushers and screens, Renault light commercial vehicles and used trucks. In Central Asia (CA), trucks and equipment sales include sales of new and used construction equipment, Sandvik’s mobile crushers and screens, used trucks and attachments. Aftermarket sales include sales of service and parts. Other revenue consists mainly of rental revenue. Contracting services include only revenue from contracting services operations. Currently, there are no contracting services operations. To show the underlying performance of the operating segments, Ferronordic shows unallocated Group costs and assets separately. These are costs that are incurred and assets that are held for the benefit of the Group as a whole. US Germany CA Unallocated Group costs Total SEK m (or as stated) Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 External revenue 699 - 439 548 34 83 1,172 631 Equipment and truck sales 439 - 261 375 19 68 719 443 Aftermarket sales 207 - 162 149 15 15 384 164 Other revenue 53 - 17 23 0 0 69 23 Gross profit 169 - 57 68 6 17 231 85 EBITDA 108 - 4 24 -2 8 -24 -26 86 6 Operating profit 60 - -12 5 -3 7 45 12 Group costs 0 - 0 0 0 0 -24 -26 -24 -26 Operating profit 60 - -12 5 -3 7 -24 -26 21 -14 Finance items (net) 68 22 Profit(loss) before tax 89 8 Result from continued operations 70 7 Gross margin, % 24.1% 12.9% 12.3% 17.1% 20.4% 19.7% 13.4% Operating margin, % 8.6% - -2.7% 0.8% -10.2% 8.7% 1.8% -2.2% 31 March 2024 SEK m US Germany CA Group assets Total Non-current assets 1 636 836 9 7 2 488 Total assets 2 922 1 655 321 178 5 076 31 December 2023 SEK m US Germany CA Group assets Total Non-current assets 1 360 823 9 7 2 199 Total assets 2 412 1 693 308 292 4 705 ===== SIDA 7 ===== Interim report 1 January – 31 March 2024 7 Segment share of revenue, Q1 2024 Segment share of total assets, 31 March 2024 Germany 37% CA 3% US 60% Germany 34% CA 7% US 60% ===== SIDA 8 ===== Interim report 1 January – 31 March 2024 8 USA Unit sales (incl. rental conversion) Revenue by activity Operating profit and operating margin Market and sales US GDP increased by 3.0 % in Q1 2024. Consensus forecasts for GDP growth in 2024 have been raised and range from 1.6-2.7%. Core PCE inflation is down compared to 2023, but inflation remains elevated and interest rate cuts may start only in 2025. Construction spending in March 2024 increased 10% compared to March 2023. Government infrastructure investment program supports demand across the US. Investments in, amongst others, data centers and battery factories area have contributed to increased demand in Ferronordic’s area. The total market for construction equipment in North America has historically been approx. 52,000 to 56,000 units. Ferronordic’s area covers approx. 8% of the total North American market. The market in Ferronordic’s area is estimated to have decreased by 8% in Q1 2024. The decline was driven by a decrease in crawler excavators. The market for articulated haulers, where Volvo CE has a strong position, however increased in Q1 2024. Partly as a result of that, Ferronordic’s sales of machines increased compared to 2023. In Q1 2024, Ferronordic sold 81 new units, 23 used units and 23 units were converted to sales from rental. In the US market, customers buying out rented equipment, referred to as rental conversions, is part of market practice. The service and parts business was also strong in Q1 2024. Parts supply was negatively affected during the pandemic, but availability has now normalised. Revenue and operating result Revenue in Q1 2024 amounted to SEK 699m. The operating result amounted to SEK 60m. The operating margin was 8.6%. In Q1 2024, 63% of revenue was related to sales of new and used equipment and conversions of sales from rental, 30% of revenue was related to aftermarket business, 8% was other sales, mainly related to rental of machines. Cash flows and balance sheet The net working capital at the end of Q1 2024 was SEK 375m, a decrease compared to Q4 2023 as payables increased more than inventory and part of purchased machines went into the rental fleet. As a percentage of full year estimated revenue1, working capital was 13% at the end of the quarter. The operating cash flow in Q1 2024 was SEK 124m. 2024 2023 % 2023 Q1 Q1 change Dec New units 81 47 Conversion from rental, units 23 0 Used units 23 9 Revenue, SEK m 699 308 Gross profit, SEK m 169 82 Operating profit, SEK m 60 25 Gross margin, % 24.1% 26.6% Operating margin, % 8.6% 8.0% Working capital/LTM Revenue, % 13% 17% 1 Based on annualized Q1 2024 revenue. 0 20 40 60 80 100 120 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Units sales (incl rental conversions) 0 100 200 300 400 500 600 700 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Equipment sales Aftermarket sales Other (SEK m) 0% 3% 6% 9% 12% 0 20 40 60 80 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Operating profit (SEK m) Operating margin (%) ===== SIDA 9 ===== Interim report 1 January – 31 March 2024 9 Germany Unit sales Revenue by activity Operating profit and operating margin Market and sales German GDP declined 0.2% in Q1 2024 and forecasts for 2024 have been revised lower, to 0.2-0.3%. Inflation is lower and the ECB may lower the key rate in June. While some indicators, like the IFO business climate index and the PMI manufacturing, turned upwards in the quarter, the general sentiment is negative and business managers are cautious. Based on registrations of new trucks, the total German market for heavy trucks decreased by 5% in Q1 2024. This compares to 45% and 5% market growth in Q3 and Q4 2023 respectively and shows a slowdown in the market. A previous supply constraint has, since mid-2023, shifted to a demand constraint. Increased supply is exerting pressure on margins in the trucks market. New trucks registered in Ferronordic’s sales area decreased by 2% and represented approx. 18% of the total German market. Ferronordic’s new truck sales in units decreased by 36% to 157 units compared to a strong Q1 in 2023. Used vehicle sales grew 27% in units to 109, partly as Ferronordic is actively working to reduce its used stock and rental fleet. Ferronordic has decided to focus on how these businesses can support the sales effort and aftermarket activity in a weaker market. Demand for rental has declined as the supply of both new and used trucks has increased. The aftermarket business however continued to grow in the quarter. Service and parts sales increased 9% on a combination of organic growth and acquisitions. Revenue and operating result Mainly due to lower trucks sales, total revenue in Germany decreased by 20% (20% in EUR) to SEK 439m (548) in Q1 2024. Truck sales decreased by 31%. Aftermarket sales increased by 9%. As a result, aftermarket sales increased by 10pp as a share of revenue to 37%. The gross margin increased to 12.9% (12.3). Selling, general and administrative expenses increased by 8% compared to Q1 2023 to SEK 70m (65) but decreased by 36% compared to Q4 2023. Q4 2023 included restructuring provisions of SEK 23m, related to organisational changes and cost reduction to increase efficiency and resilience in the German business. The operating margin decreased to -2,7% (-0.8). The operating result decreased to SEK -12m (5). Cash flows and balance sheet Cash flows from operating activities were positive at SEK 68m (-1). Working capital increased to SEK 648m from SEK 589m, as payables decreased faster than inventory and receivables increased. As a percentage of revenue, working capital increased to 30% at the end of Q1 2024 compared to 26% at the end of Q4 2023. Investments of SEK 21m mainly related to acquisition of property, plant and equipment completed during the period. 2024 2023 % 2023 Q1 Q1 change FY New units 157 244 -36% 944 Used units 109 86 27% 394 Revenue, SEK m 439 548 -20% 2 271 Gross profit, SEK m 57 68 -16% 253 Operating profit, SEK m -12 5 -363% -72 Gross margin, % 12.9% 12.3% 11.1% Operating margin, % -2.7% 0.8% -3.2% Working capital/LTM Revenue, % 30% 27% 26% 0 50 100 150 200 250 300 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Units sales 0 100 200 300 400 500 600 700 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Equipment sales Aftermarket sales Other (SEK m) -12% -7% -2% -65 -45 -25 -5 15 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Operating profit (SEK m) Operating margin (%) ===== SIDA 10 ===== Interim report 1 January – 31 March 2024 10 Central Asia (CA) Unit sales Revenue by activity Operating profit and operating margin Market and sales The Kazakh market for construction equipment is partly driven by Kazakhstan’s growing role as a regional hub, commodity prices and infrastructure projects. The Kazakh economy grew by 4.2% year-on-year in January-February 2024. IMF’s forecast for 2024 remained unchanged at 3.1%. In 2025, growth is projected to pick up to 5.6% as production capacity in Kazakhstan’s existing oilfields is expected to expand. Inflation continued to decline and reached 8.7% in March. As a result, the National Bank lowered the base rate further by 50bps to 14.75%. The Kazakh government plans to start 873 strategic investment projects worth USD 62bn over the next five years. Despite a strong economy and supportive government investments, the Kazakh market for construction equipment is estimated to have declined by 16% in Q1 2024, partly as a result of changes in the government and floods in the northern parts of the country. Ferronordic’s sales of new machines in units in Q1 2024 decreased to 5. Sales of used construction equipment decreased to 5 units. Average prices on new machines were higher, mainly due to product mix. Aftermarket sales were stable in the quarter. The inventory remains high in Kazakhstan. Ferronordic expects the inventory position to normalise towards the end of 2024. Revenue and operating result Total revenue in Kazakhstan decreased by 60% (60% in local currency) to SEK 34m (83). Equipment sales decreased by 72%, while aftermarket sales decreased by 3%. The gross margin decreased to 17.1% (20.4%) and gross profit decreased to SEK 6m (17). Compared to Q4 2023, total revenue declined 36% but the gross margin increased by 8.2pp. An impairment of SEK 2m on stock negatively impacted the gross margin in Q4 2023. Selling, general and administrative expenses decreased by 26%, mainly as a result of lower revenue and sales bonuses. As a percentage of revenue, these expenses increased to 18.2% (9.9), mainly due to lower revenue. The operating margin decreased to -10.2% (8.6) and the operating result decreased to SEK -3m (7). Cash flows and balance sheet Сash flows from operating activities increased to SEK 6m (-17), mainly due to receipts from sales in prior periods. Working capital amounted to SEK 69m at the end of Q1 2024, compared to SEK 67m at the end of Q4 2023. As a percentage of revenue, working capital was at 29% at the end of Q1 2024, compared to 24% at the end of Q4 2023. 2024 2023 % 2023 Q1 Q1 change FY New units 5 23 -78% 74 Used units 5 12 -58% 54 Revenue, SEK m 34 83 -60% 284 Gross profit, SEK m 6 17 -66% 43 Operating profit, SEK m -3 7 -147% 9 Gross margin, % 17.1% 20.4% 15.0% Operating margin, % -10.2% 8.7% 3.1% Working capital/LTM Revenue, % 29% 17% 24% 0 10 20 30 40 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Units sales -10 10 30 50 70 90 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Equipment sales Aftermarket sales (SEK m) -12% -8% -4% 0% 4% 8% 12% -8 -5 -2 1 4 7 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Operating profit (SEK m) Operating margin (%) ===== SIDA 11 ===== Interim report 1 January – 31 March 2024 11 Condensed consolidated statement of comprehensive income Q1 Q1 FY SEK m 2024 2023 2023 Revenue 1,172 631 2,863 Cost of sales -941 -546 -2,486 Gross profit 231 85 377 Selling expenses -65 -42 -190 General and administrative expenses -154 -57 -319 Other income 12 0 24 Other expenses -3 0 -8 Operating profit 21 -14 -115 Finance income 3 5 31 Finance costs -30 -7 -48 Foreign exchange gains/(-losses) (net) 95 23 -21 Result before income tax 89 8 -153 Income tax -19 -1 46 Result for the period 70 7 -107 Other comprehensive result Items that are or may be reclassified to profit or loss: Foreign currency translation differences for foreign operations 6 6 -35 Other comprehensive result for the period, net of tax 6 6 -35 Total comprehensive result for the period 76 13 -142 Earnings per share Basic earnings per share (SEK) 4.83 0.46 -7.39 Diluted earnings per share (SEK) 4.83 0.46 -7.39 ===== SIDA 12 ===== Interim report 1 January – 31 March 2024 12 Condensed consolidated statement of financial position SEK m 31 Mar 2024 31 Dec 2023 31 Mar 2023 ASSETS Non-current assets Property, plant and equipment 2,099 1,828 557 Intangible assets 257 244 86 Deferred tax assets 131 127 80 Total non-current assets 2,488 2,199 723 Current assets Inventories 1,687 1,443 534 Trade and other receivables 678 630 365 Prepayments 8 6 7 Cash and cash equivalents 217 426 1,574 Total current assets 2,589 2,506 2,480 TOTAL ASSETS 5,076 4,705 3,203 EQUITY AND LIABILITIES Equity Share capital 1 1 1 Additional paid in capital 630 630 630 Translation reserve -16 -22 19 Retained earnings 1,013 1,120 1,229 Result for the period 70 -107 7 TOTAL EQUITY 1,698 1,622 1,886 Non-current liabilities Borrowings 610 671 416 Deferred income 12 14 21 Deferred tax liabilities 297 277 0 Long-term lease liabilities 53 59 38 Total non-current liabilities 972 1,020 476 Current liabilities Borrowings 1,071 1,024 418 Trade and other payables 1,283 997 392 Deferred income 8 8 12 Provisions 18 12 0 Short-term lease liabilities 26 22 20 Total current liabilities 2,406 2,062 842 TOTAL LIABILITIES 3,378 3,083 1,317 TOTAL EQUITY AND LIABILITIES 5,076 4,705 3,203 ===== SIDA 13 ===== Interim report 1 January – 31 March 2024 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 2024 1 630 -22 1,013 1,622 Total comprehensive result for the period Result for the period 0 0 0 70 70 Other comprehensive result Foreign exchange differences 0 0 6 0 6 Total comprehensive result for the period 0 0 6 70 76 Contribution by and distribution to owners Dividends 0 0 0 0 0 Total contributions and distributions 0 0 0 0 0 Balance 31 March 2024 1 630 -16 1,083 1,698 SEK m Share capital Additional paid in capital Translation reserve Retained earnings Total equity Balance 1 January 2023 1 630 13 1,229 1,873 Total comprehensive result for the period Result for the period 0 0 0 7 7 Other comprehensive result Foreign exchange differences 0 0 6 0 6 Total comprehensive result for the period 0 0 6 7 13 Contribution by and distribution to owners Warrant issue 0 0 0 0 0 Total contributions and distributions 0 0 0 0 0 Balance 31 March 2023 1 630 19 1,236 1,886 / ===== SIDA 14 ===== Interim report 1 January – 31 March 2024 14 Condensed consolidated statement of cash flows Q1 Q1 SEK m 2024 2023 Cash flows from operating activities Result before income tax 89 8 Adjustments for: Depreciation and amortisation 65 21 (Gain)/loss from impairment of receivables 1 -1 Profit on disposal of property, plant and equipment 0 0 Finance costs 30 7 Finance income -3 -5 Foreign exchange losses/(gains) (net) -95 -23 Cash flows from operating activities before changes in working capital and provisions 87 6 Change in inventories -178 -69 Change in trade and other receivables -18 -12 Change in prepayments -1 -6 Change in trade and other payables 301 -32 Change in provisions 6 -1 Change in deferred income -2 -5 Cash flows from operating activities before interest and tax paid 195 -119 Income tax paid -43 -4 Interest paid -29 -3 Cash flows from operating activities 124 -126 Cash flows from investing activities Proceeds from sale of property, plant and equipment 0 0 Interest received 3 5 Acquisition of property, plant and equipment -236 -11 Acquisition of intangible assets 0 0 Cash flows from investing activities -233 -6 Cash flows from financing activities Dividends 0 0 Proceeds from borrowings 0 12 Repayment of loans -99 0 Leasing financing paid -6 -7 Cash flows from financing activities -105 5 Net change in cash and cash equivalents -214 -127 Cash and cash equivalents at start of the period 426 1,688 Effect of exchange rate fluctuations on cash and cash equivalents 5 12 Cash and cash equivalents at end of the period 217 1,574 ===== SIDA 15 ===== Interim report 1 January – 31 March 2024 15 Parent company income statement Q1 Q1 FY SEK m 2024 2023 2023 Revenue 6 8 36 Cost of sales -3 -4 -22 Gross profit 2 4 14 Administrative expenses -23 -36 -118 Other income 0 0 21 Other costs 0 -6 0 Operating profit -20 -38 -82 Finance income 39 12 78 Finance costs -10 -1 -7 Foreign exchange gains/(-losses) (net) 80 19 -20 Result before income tax 88 -8 -30 Income tax -12 0 6 Result for the period 76 -8 -24 Total comprehensive result for the period is the same as the Result for the period. ===== SIDA 16 ===== Interim report 1 January – 31 March 2024 16 Parent company balance sheet SEK m 31 Mar 2024 31 Dec 2023 31 Mar 2023 ASSETS Non-current assets Property, plant and equipment 0 0 0 Intangible assets 0 0 0 Financial assets Holdings in group companies 288 288 35 Loans to group companies 56 66 0 Deferred tax assets 6 6 0 Total financial assets 350 360 35 Total non-current assets 351 361 36 Current assets Trade and other receivables 109 47 44 Prepayments 0 0 0 Loans to group companies 1,936 1,784 592 Cash and cash equivalents 146 266 1,466 Total current assets 2,191 2,098 2,102 TOTAL ASSETS 2,541 2,458 2,138 EQUITY AND LIABILITIES Equity Restricted equity Share capital 1 1 1 Unrestricted equity Share premium reserve 640 640 640 Retained earnings 1,283 1,308 1,417 Result for the period 76 -24 -8 TOTAL EQUITY 2,001 1,925 2,050 Non-current liabilities Borrowings 483 455 0 Total non-current liabilities 483 455 0 Current liabilities Trade and other payables 57 78 87 Total current liabilities 57 78 87 TOTAL LIABILITIES 541 534 87 TOTAL EQUITY AND LIABILITIES 2,541 2,458 2,138 ===== SIDA 17 ===== Interim report 1 January – 31 March 2024 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 (only parent company), issued by the Swedish Financial Reporting Board. New or revised standards that come into effect in 2024 or later are not expected to have significant effect on Ferronordic’s financial statements. The same accounting and valuation principles were applied in the preparation of this report as in the preparation of the 2023 annual report (regarding the 2023 financial year). 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 2023 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 Central Asia. The first quarter is typically the weakest for sales of machines as activity in construction projects is constrained during the winter months. On the other hand, the demand in aftermarket (sales of parts and services) is usually strong since many customers use the quiet period to service their machines. Demand is typically stronger and relatively even through the rest of the year. In Germany, seasonal trends are less significant. 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 chief operating decision-maker, who is responsible for allocating resources and assessing the financial performance of the operating segments, has been identified as the Group Executive Management Team. The Group recognises three separate reportable segments: USA, Germany and CA. The segments are partly managed separately due to differences in markets, logistics, supply chains, products, customers and marketing strategies. For each segment, management reviews internal reports on at least a monthly basis. US sales are comprised of new and used construction and other equipment, aftermarket sales, rental, contracting services and other services. Germany’s sales are comprised of new and used trucks, aftermarket sales, rental, mobile crushers and screens and other services. Central Asia (CA), which currently refers to Kazakhstan, has sales comprised of new and used construction and other equipment, mobile crushers and screens, used trucks, aftermarket sales, rental, contracting services and other services. The accounting policies of the segments are the same as described in Note 4 of the annual report 2023. Group overhead costs, such as Group management costs, are allocated between the segments using principles set forth by the CODM. Information regarding the results of each segment is presented on page 6 of this report. The performance of each segment is mainly evaluated based on revenue, gross profit, gross margin, EBITDA, operating profit and operating margin, as included in internal management reports that are reviewed by the Group’s Executive Management Team. The Group had no inter-segment revenues during the periods presented. Information on Group segments is presented in the front part of this report. 6. Contingencies Besides as disclosed in this report, the Group has no material contingencies. The Parent Company has issued a number of guarantees, all as security for the subsidiaries’ obligations vis- à-vis suppliers and financial institutions. 7. 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 2023 annual report. 8. 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. Dilution can potentially follow from the Group’s incentive program for its executive management, which includes warrants. For more information, please refer to Ferronordic’s annual report for 2023. ===== SIDA 18 ===== Interim report 1 January – 31 March 2024 18 Result for the period, SEK m 2024 Q1 2023 Q1 Result attributable to shareholders, SEK m 70 7 Average number of shares during the period before dilution, thousand 14,532 14,532 Earnings per share before dilution, SEK 4.83 0.46 Dilution effect 0 0 Average number of shares during the period after dilution, thousand 14,532 14,532 Earnings per share after dilution, SEK 4.83 0.46 9. Events after the reporting date Information regarding events after the reporting date is set out in the front part of this report (p. 5). ===== SIDA 19 ===== Interim report 1 January – 31 March 2024 19 Signatures The Board of Directors and the Managing Director declare that the report for the first quarter of 2024 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, 16 May 2024 Staffan Jufors Chairman Aurore Belfrage Director Annette Brodin Rampe Director Niklas Florén Director Lars Corneliusson Director and CEO Håkan Eriksson Director This report has not been reviewed by the Company’s auditors ===== SIDA 20 ===== Interim report 1 January – 31 March 2024 20 Key ratios Financial information for individual quarters The financial information below regarding individual quarters during the period 1 January 2022 – 31 March 2024 is collected 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. The company considers these ratios to provide valuable supplementary information for investors and the company’s management as they enable the assessment of relevant trends. Ferronordic’s definitions of these measures may differ from other companies’ definitions of the same terms. These ratios should therefore be seen as a supplement rather than as a replacement for measures defined according to IFRS. As the amounts in the tables below have been rounded off to SEK m, the calculations do not always add up due to rounding. Selected key group ratios Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 SEK m (or as stated) 2022 2022 2022 2022 2023 2023 2023 2023 2024 Revenue 455 402 412 705 631 674 643 915 1,172 Gross profit 53 43 57 97 85 84 75 133 231 Gross margin, % 11.7% 10.6% 13.9% 13.8% 13.4% 12.5% 11.7% 14.5% 19.7% Operating profit -25 -30 300 -13 -14 -10 -28 -62 21 Operating margin, % -5.4% -7.4% -5.0% -1.9% -2.2% -1.5% -4.4% -6.8% 1.8% Result from continuing operations -31 -97 262 49 7 64 -89 -89 70 Result for the period 63 32 366 -21 7 64 -89 -89 70 Result per share, SEK 4.30 2.20 25.20 -1.42 0.46 4.41 -6.16 -6.11 4.83 Working capital/LTM Revenue, % 3% 14% 18% 11% 23% 20% 20% 20% 20% Cash flow from operations -16 39 240 -48 -126 40 -88 147 124 Equity/total assets, % 32% 37% 42% 58% 59% 62% 62% 34% 33% Return on equity, LTM% 35% 22% 35% 30% 26% 23% -2% -6% -2% Return on capital employed, LTM% 31% 23% 31% 11% 11% 11% -1% -3% -2% USA Q1 Q2 Q3 Q4 Q1 Q2 Q3 Dec Q1 SEK m (or as stated) 2022 2022 2022 2022 2023 2023 2023 2023 2024 Revenue - - - - - - - 308 699 Gross profit - - - - - - - 82 169 Gross margin, % - - - - - - - 26.6% 24.1% Operating profit - - - - - - - 25 60 Operating margin, % - - - - - - - 8.0% 8.6% Working capital/LTM Revenue, % - - - - - - - 26% 30% Germany Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 SEK m (or as stated) 2022 2022 2022 2022 2023 2023 2023 2023 2024 Revenue 420 375 359 616 548 595 574 555 439 Gross profit 47 36 49 82 68 73 66 47 57 Gross margin, % 11.2% 9.7% 13.5% 13.4% 12.3% 12.3% 11.5% 8.4% 12.9% Operating profit -7 -7 -5 -2 5 2 -16 -62 -12 Operating margin, % -1.6% -1.8% -1.4% -0.4% 0.8% 0.3% -2.8% -11.1% -2.7% Working capital/LTM Revenue, % 12% 15% 17% 17% 27% 21% 22% 26% 30% ===== SIDA 21 ===== Interim report 1 January – 31 March 2024 21 CA Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 SEK m (or as stated) 2022 2022 2022 2022 2023 2023 2023 2023 2024 Revenue 35 26 53 89 83 80 69 52 34 Gross profit 7 6 9 15 17 11 9 5 6 Gross margin, % 18.6% 23.5% 16.7% 16.5% 20.4% 14.4% 13.7% 8.9% 17.1% Operating profit 3 2 4 5 7 7 0 -6 -3 Operating margin, % 9.7% 9.2% 8.0% 6.1% 8.7% 8.6% 0.4% -10.7% - 10.2% Working capital/LTM Revenue, % 1% 13% 18% -3% 17% 32% 23% 24% 29% Net debt Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 SEK m 2022 2022 2022 2022 2023 2023 2023 2023 2024 Long term borrowings 427 515 340 393 416 70 69 671 610 Long term lease liabilities 88 124 111 43 38 57 51 59 53 Short term borrowings 292 673 989 274 418 437 428 1,024 1,071 Short term lease liabilities 42 59 78 21 20 24 23 22 26 Total Interest bearing liabilities 848 1,370 1,518 731 892 588 571 1,776 1,759 Cash & cash equivalents 593 658 939 1,688 1,574 1,127 950 426 217 Net debt / (cash) 255 712 579 -957 -681 -539 -378 1,349 1,542 Net debt / EBITDA (times) 0.3 0.9 0.5 -3.0 -2.0 -1.5 -18.4 -214.7 21.0 Working capital Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 SEK m 2022 2022 2022 2022 2023 2023 2023 2023 2024 Inventory 1,112 1,346 1,326 460 534 718 699 1,443 1,687 Trade and other receivables 517 993 856 344 365 263 315 630 678 Prepayments 53 116 243 1 7 9 3 6 8 Trade and other payables 1,392 1,415 1,117 573 392 509 470 997 1,283 Deferred income 15 36 33 16 12 9 8 8 8 Provisions 51 86 92 1 0 0 0 12 18 Working capital 225 917 1,184 215 503 472 538 1,063 1,062 Revenue LTM 6,690 6,791 6,610 1,973 2,149 2,422 2,653 5,313 5,314 Working capital / Revenue (%) 3% 14% 18% 11% 23% 20% 20% 20% 20% Capital employed Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 SEK m 2022 2022 2022 2022 2023 2023 2023 2023 2024 Long term interest bearing liabilities 515 638 451 436 455 127 120 730 663 Short term interest bearing liabilities 334 732 1,067 295 438 461 451 1,046 1,096 Shareholder equity 1,086 1,739 2,108 1,873 1,886 1,822 1,750 1,622 1,698 Capital employed 1,935 3,109 3,626 2,604 2,778 2,411 2,322 3,397 3,457 Average capital employed 1,727 2,397 2,738 2,336 2,356 2,760 2,974 3,001 3,117 EBIT 511 514 818 247 257 277 -66 -115 -80 Interest income 27 30 28 2 7 17 25 31 29 Result LTM 538 544 846 249 265 293 -41 -84 -51 Return on capital employed (%) 31% 23% 31% 11% 11% 11% -1% -3% -2% ===== SIDA 22 ===== Interim report 1 January – 31 March 2024 22 Return on equity Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 SEK m 2022 2022 2022 2022 2023 2023 2023 2023 2024 Shareholder equity 1,086 1,739 2,108 1,873 1,886 1,822 1,750 1,622 1,698 Average equity 987 1,315 1,568 1,487 1,486 1,781 1,929 1,748 1,792 Net result LTM 346 291 549 440 384 416 -39 -107 -44 Return on equity (%) 35% 22% 35% 30% 26% 23% -2% -6% -2% Alternative key ratios not defined by IFRS EBITDA: Operating profit activities excluding depreciation, amortisation. Provides a measurement of the result from the ongoing business. In financials before and including 2016, certain write-downs of assets were excluded from EBITDA. 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 number of new units sold during relevant period. Operating profit: Result before financial items and taxes. Provides a measurement of the result from the ongoing business. Operating margin: Operating profit 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 in 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: Adjusted 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). Net income is calculated before dividends to common shareholders but after dividends to preferred shareholders. 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 effective the working capital is used in the business. Abbreviations Approx. Approximately CEO Chief Executive Officer CA Central Asia EUR Euro FY Full year IFRS International Financial Reporting Standards Q1, Q2, Q3, Q4 First, second, third and fourth quarter SEK Swedish krona SEK m Million Swedish krona vs Versus LTM Last twelve months VCE Volvo Construction Equipment 6M, 9M, 12M 6 months, 9 months, 12 months ===== SIDA 23 ===== Interim report 1 January – 31 March 2024 23 This is Ferronordic Ferronordic is a service and sales company in the areas of construction equipment and trucks. It is the dealer for Volvo CE in all or parts of nine states in the United States and also represents Hitachi, Sandvik, Link-Belt Cranes and Bergmann in parts of the same area. Ferronordic is dealer of Volvo Trucks, Renault Trucks and Sandvik mobile crushers in Germany and dealer of Volvo CE and certain other brands in Kazakhstan. Ferronordic began its operations in 2010 and currently has 42 outlets and approx. 800 employees. Ferronordic’s vision is to be the leading service and sales company in its markets. 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 the company’s markets. Mission The company’s mission is to support the growth and leadership of the company’s customers. Values Quality, excellence and respect. Strategic objectives • Leadership in the market for construction equipment and trucks • Aftermarket absorption rate of at least 1.0 x • Expansion into related business areas • Geographic expansion • Industry leading digital service and sales platforms • Expansion and development of contracting services Strategic cornerstones • Customer centricity • Great team • Building on a strong brands • Operational excellence Investment case highlights • Strong brand portfolio • Markets with high potential • Further growth opportunities with attractive returns • Resilient business model based on a robust aftermarket business and a great team • Investment in innovation • Experienced management and strong corporate governance • Providing sustainable business solutions ===== SIDA 24 ===== Interim report 1 January – 31 March 2024 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 disclose pursuant to the EU Market Abuse Regulation and the Swedish Securities Market Act (2007:528). The information was submitted for publication on 16 May 2024 at 07:30 CET. Financial calendar Annual general meeting – 16 May 2024 Interim report April-June 2024 – 15 August 2024 Interim report July-September 2024 – 14 November 2024 Conference call A presentation for investors, analysts and media will be held on 16 May 2024 at 10:00 CET and is accessible at www.ferronordic.com. To participate via teleconference, please register on the link below. https://conference.financialhearings.com/teleconference/?id= 50049704 To participate via webcast, please use the link below. https://ir.financialhearings.com/ferronordic-q1-report-2024 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