FULLTEXT DEL 1 AV 1

Kvartalsrapport Q1 2025

===== SIDA 1 =====

Interim report 1 January – 31 March 2025

Q1 2025: Steady despite uncertainty
Summary of the first quarter, January – March 20251, 2
Group
• Revenue increased by 3% to
SEK 1,206m.
• Gross profit declined by 15%, partly due
to revenue and product mix.
• Selling and administrative costs down,
partly on cost reduction and lower sales
commissions.
• Operating result decreased to SEK 13m,
mainly on lower gross margin.
• Net profit decreased to SEK -150m,
mainly due to exchange rate effects.
• Net debt decreased to SEK 1,826m
compared to Q4 2024.
• Total equity decreased to SEK 1,372m.
USA
• Market declined by 5%.
• New unit sales and conversions from
rental fleet declined by 6%.
• Revenue supported by steady service
and parts sales.
• Total revenue increased by 9% to
SEK 762m.
• Operating result decreased by 21% to
SEK 48m.
• Operating margin of 6.3%.
Germany
• Market declined by 28%.
• New unit sales declined by 6% in units.
• Total revenue decreased by 9% to SEK 402m.
• Service and parts sales stable at -2%.
• Total inventory declined by 59% compared to
Q1 2024.
• Selling and administrative costs declined by
7%.
• Operating result of SEK -9m.
Kazakhstan
• New unit sales increased to 28.
• Total revenue increased by 26% to SEK 42m.
• Operating result increased to SEK 1m.
• Operating margin increased to 3.5%.
• Total inventory declined by 68% compared to
Q1 2024.
3%
Revenue growth
13
Operating profit, SEK m
1.1%
Operating margin
-10.32
Earnings per share, SEK
Selected key group ratios2
SEK m (or as stated)
2025
Q1
2024
Q1 %
2024
FY
Revenue 1,206 1,172 3% 4,720
Gross profit 197 231 -15% 853
Operating profit 13 21 -35% 21
Result for the period -150 70 -314% -89
Earnings per share, SEK3 -10.32 4.83 -314% -6.15
Cash flow from operations 185 124 340
Net debt (cash) 1,826 1,542 1,978

Gross margin, % 16.3% 19.7% -3.4pp 16.5%
Operating margin, % 1.1% 1.8% -0.7pp 0.2%
Working capital/LTM Revenue, % 17% 20% -2.6pp 23%
Equity/total assets, % 30% 33% -3.2pp 30%
Return on capital employed, % 1% -2% 2.3pp 1%
Return on equity, % -20% -2% -17.7pp -6%

1 Comparison with same period in prior year unless stated otherwise. 2 In Q1 2025 certain revenue and cost items have been reclassified, with some
effects on comparable numbers in Q1 2024 for revenue, gross profit, SG&A and other income. For more details on this effect, please refer to the
note on p8. 3 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 to
22.

Interim report 1 January – 31 March 2025

===== SIDA 2 =====

Interim report 1 January – 31 March 2025

Steady despite uncertainty

During the first quarter of 2025, we saw increased uncertainty
in and around our markets. Despite this, our underlying
business remained relatively stable, largely thanks to our
robust service and spare parts business. Our customers in the
US remain optimistic about the future and in Germany we
have taken measures to operate in an uncertain market.

In the US, there is speculation about the effects of new trade
and fiscal policies and the risk of recession. Despite the
increased uncertainty regarding tariffs, the mood among our
customers in the US remains good. The need to repair roads
and bridges remains high. At this point, we have not heard of
any projects being cancelled or postponed. Customer order
books are full and demand for materials and minerals remains
high. However, dealers still have high levels of machines in
inventory and in their rental fleets. During the first quarter,
price competition intensified and pressure on margins
increased. The US construction equipment market declined by
5% during the quarter, but this should be compared to a
strong first quarter in 2024. Our sales of new equipment and
sales from our rental fleet decreased by 6% in units. Revenue
from our rental fleet was negatively affected by a late start to
the season but improved as the season gained momentum.
Service and parts sales were also affected by the late start to
the season but nevertheless increased compared to the same
period in 2024. Overall, sales increased by 9% but the
operating profit decreased by 21% to SEK 48m compared to
the very strong first quarter in 2024. The work to further
develop service and sales processes continued during the
quarter. In April, we launched a new CRM system that will
form the basis for the implementation of our Automatic Lead
Generation system in the US in the future. Investments and
work on branding and marketing continued.

In Germany, the market remains challenging. Economic
growth has been negative for two consecutive years.
Business confidence has recovered somewhat after a new
government was formed and announced plans for major
investments in defence and infrastructure. However, the truck
market decreased by 28% during the quarter. Our sales of
new trucks decreased by 6% in units and we increased our
market share significantly. Although customers are still
cautious about decisions to renew their fleets, they continue to
operate their existing truck fleets. The demand for service
therefore remains strong and we could sell more service
hours and spare parts if we had more technicians. Being able
to meet the demand for service and growing our aftermarket
business is important for improving profitability. Training and
recruiting more technicians are a top priority to us and we are
now beginning to see some results from our efforts, which
bodes well for the future. Following our efforts to make our
balance sheet more efficient, our inventory is 59% lower than
it was at the end of the first quarter in 2024. We have thus
reduced our tied up capital, improved cash flow and reduced
borrowings. Our electric truck rental business continued to
contribute positively during the quarter.
Overall, sales in Germany decreased by 9% to SEK 402m.
The operating profit amounted to SEK -9m. With the cost
reduction program implemented last year, a promising
recruitment campaign for service technicians and a more
balanced inventory position, we are now significantly more
resilient and in a good position to capture future business
opportunities in Germany.

In Kazakhstan, our sales of new machines increased to 28
units. We have also worked to significantly reduce inventory in
Kazakhstan. At the end of the quarter, total inventories in
Kazakhstan were 68% lower than a year ago.
Overall, sales increased to SEK 42m, with a positive
operating profit of SEK 1m.

For the Group, revenues increased by 3% to SEK 1,206m.
The operating profit amounted to SEK 13m. Net profit was
significantly negatively impacted by the strengthening of the
Swedish krona against the euro and the US dollar. The
Group's net debt decreased to SEK 1,826m, mainly due to
exchange rate effects. Equity decreased to SEK 1,372m.

Outlook
Despite the current uncertainty, we remain optimistic about
our US business and the long-term opportunities there.
Demand is supported by a dynamic economy and a significant
need to upgrade the country's infrastructure. We currently
have no information about major infrastructure projects in our
sales area in the US being cancelled or postponed. We see
opportunities to further develop and expand our business in
the US.
The German economy remains weak. We have taken steps
to reduce costs and make our organization and balance sheet
more resilient. We are confident that aftermarket demand will
remain strong and are optimistic about the long-term potential
of the German market as well as the opportunities in e-
mobility and sustainable transport solutions. Recently
announced government spending plans could accelerate a
recovery in Germany.
Kazakhstan represents a minor part of the Group's
operations. We continue to see good opportunities in the
market.

Lars Corneliusson
President and CEO
“The mood in the US remains good "

===== SIDA 3 =====

Interim report 1 January – 31 March 2025

3
Group
Revenue by segment (SEKm)

Operating profit and operating
margin (adjusted*)

EPS and net margin

Revenue
In Q1 2025, the revenue of the Group increased by 3% to SEK 1,206m
(1,172). Sales of equipment and trucks decreased by 4% and service and
parts sales increased by 17%. Other revenue, mainly consisting of rental
sales, decreased by 4%.
Gross profit and operating result
In Q1 2025, the gross margin for the Group decreased to 16.3% (19.7). As a
result of higher revenue but lower gross margin, gross profit decreased by
15% to SEK 197m (231). Starting from Q1 2025, the gross margin was
negatively impacted by a reclassification of productive cost in the US from
administrative expenses to cost of sales. In Q1 2025, the size of the effect
was approximately SEK 47m.
Selling and administrative expenses in Q1 2025 decreased by 11% to
SEK 195m. As a percentage of revenue, selling, general and administrative
expenses decreased in Q1 2025 to 16.2% (18.7). The operating result for Q1
2025 decreased by 35% to SEK 13m (21). The operating margin during the
quarter decreased from 1.8% to 1.1%.
Net income
In Q1 2025, finance costs (net) amounted to SEK -32m (-27). Finance costs
increased mainly on higher debt and primarily to fund the expansion of the
rental fleet in the US business. Foreign exchange effects (net) amounted to
SEK -129m (95) in Q1 2025, mainly as the Swedish krona appreciated
against the US dollar and the euro. The Group has assets denominated in
EUR and USD, which are revalued at the exchange rates of the closing date
of the reporting period.
The result before income tax for Q1 2025 decreased to SEK -148m (89). The
result for Q1 2025 decreased to SEK -150m (70).
Earnings per share
Earnings per share before dilution in Q1 2025 amounted to SEK -10.32
(4.83).
Cash flows
In Q1 2025, cash flows from operating activities increased to SEK 185m
(124). Working capital at the end of Q1 2025 was SEK 825m, a decrease of
SEK 237m compared to the end of Q1 2024 at SEK 1,062m, mainly due to
lower inventories and receivables but also due to higher payables. As a
percentage of revenue, working capital decreased to 17% (23% at the end of
2024) in Q1 2025.

Cash flow from investing activities in Q1 2025 amounted to
SEK -10m (-233).
Financial position
On 31 March 2025, cash and cash equivalents amounted to SEK 232m, a
decrease of SEK 130m compared to the end of 2024. Cash decreased mainly
as a result of repayment of loans.
At the end of Q1 2025, interest-bearing liabilities (including lease liabilities
and effects of IFRS-16) amounted to SEK 2,058m, a decrease of SEK 282m
compared to the end of 2024. The decrease mainly a result of the repayment
of loans but also due to currency translation effects. The net debt decreased
0
200
400
600
800
1,000
1,200
1,400
Q1
2024
Q2
2024
Q3
2024
Q4
2024
Q1
2025
Kazakhstan Germany US
-1%
1%
2%
-10
0
10
20
30
Q1
2024
Q2
2024
Q3
2024
Q4
2024
Q1
2025
Operating profit (SEKm)
Operating margin (%)
-30%
-20%
-10%
0%
10%
-10
-8
-6
-4
-2
0
2
4
Q1
2024
Q2
2024
Q3
2024
Q4
2024
Q1
2025
Earnings per share (SEK)
Net margin (%)

===== SIDA 4 =====

Interim report 1 January – 31 March 2025

Net working capital and as
% of LTM revenue

Operating cash flow per quarter
and over LTM

Property, plant and equipment and
capital expenditures

from SEK 1,978m at the end of Q4 2024 to SEK 1,826m at the end of
Q1 2025, mainly as a result of lower interest-bearing liabilities.
On 31 March 2025, property, plant and equipment (PP&E) amounted to
SEK 2,282m, a slight decrease of SEK 35m from SEK 2,317m at the end of
2024.
On 31 March 2025, equity amounted to SEK 1,372m (1,499), a decrease of
SEK 127m compared to the end of 2024. The decrease was partly a result of
currency translation effects and a negative Group result.
Parent company
In Q1 2025, the revenue of the Parent Company decreased to SEK 0m (6),
mainly due to less equipment trading with subsidiaries but also as royalty from
subsidiaries will not be levied in 2025. Administrative expenses decreased by
24% to SEK 17m (23), mainly due to lower bonus accruals in Q1 2025. The
operating result increased to SEK -17m (-20). The result for the quarter
decreased to SEK -81m (77) mainly due to negative foreign exchange effects.
Foreign exchange rates
The following foreign exchange rates have been used to translate the
Q1 2025 (Q1 2024) results to the presentation currency:
• Average rates of SEK/EUR 11.23 (-0,4% vs 11.28) and SEK/USD 10.68
(3% vs 10.39) have been used to translate the income statements.
• End of period rates of SEK/EUR 10.85 (-5.9% vs 11.53) and
SEK/USD 10.03 (-6% vs 10.66) have been used to translate the balance
sheet.
The Group’s currency exposure is mainly to the US dollar (USD) and the euro
(EUR), from its US and German operations respectively. The Group also has
exposure to the Kazakh tenge (KZT).
Employees
At the end of Q1 2025, the number of full-time equivalent employees in the
Group was 792 (828), of which 371 (356) related to the US, 360 (402) to
Germany, 44 (51) to Kazakhstan and 17 (19) occupied group functions.
Sustainability
In Q1 2025, 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.
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 the US, the new administration has imposed import tariffs
and has discussed introducing further tariffs and other trade restrictions. This
could pose risk to Ferronordic, which depends on importing construction
equipment to the US. 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.
-5%
0%
5%
10%
15%
20%
25%
30%
-200
0
200
400
600
800
1,000
1,200
Q1
2024
Q2
2024
Q3
2024
Q4
2024
Q1
2025
Net working capital (SEKm)
Net working capital as % of LTM revenue
-600
-400
-200
0
200
400
600
800
1,000
Q1
2024
Q2
2024
Q3
2024
Q4
2024
Q1
2025
Cash flow from operations LTM (SEKm)
Cash flow from operations per quarter (SEKm)
0%
10%
20%
30%
40%
50%
Q1
2024
Q2
2024
Q3
2024
Q4
2024
Q1
2025
1,500
2,000
2,500
Property plant and equipment (SEKm)
CAPEX LTM/PPE, %

===== SIDA 5 =====

Interim report 1 January – 31 March 2025

Net debt and net debt/EBITDA

Currency index last 5 quarters
(indexed 1 January 2024)

Events after the reporting period

On March 25 2025, it was announced that Ferronordic's Nomination
Committee has notified the Board of Directors that it intends to propose Lars
Corneliusson as Executive Chairman of the Board at the upcoming Annual
General Meeting on 15 May 2025. Lars Corneliusson has informed
Ferronordic's Board of Directors that he intends to continue as CEO until
further notice but that he wishes to move to the new role provided that the
AGM decides in accordance with the proposal of the Nomination Committee.
In connection with the proposed change, the Board intends to appoint Deputy
CEO Henrik Carlborg as CEO of Ferronordic from 15 May 2025, provided that
the proposal of the Nomination Committee is approved by the AGM.
Ferronordic's current Chairman of the Board, Staffan Jufors, has previously
notified the nomination committee that he will decline re-election.
Furthermore, the Nomination Committee also proposed the election of Peter
Zonabend as a new Board Member. Peter Zonabend is CEO of Arwidsro,
which is the second largest owner in Ferronordic.

Other than as mentioned above, there were no significant events after the end
of the reporting period.

-10.0
-5.0
0.0
5.0
10.0
15.0
20.0
25.0
30.0
-200
300
800
1,300
1,800
Q1
2024
Q2
2024
Q3
2024
Q4
2024
Q1
2025
Net debt (SEKm)
Net debt / EBITDA (%)
85
90
95
100
105
110
115
Q1
2024
Q1
2024
Q2
2024
Q3
2024
Q4
2024
Q1
2025
SEK/EUR SEK/USD
SEK/100 KZT

===== SIDA 6 =====

Interim report 1 January – 31 March 2025

6
Segments

From Q4 2023 Ferronordic recognizes three separate
reportable segments: US, Germany and Kazakhstan (see
also note 5 on page 17). In the US, equipment and truck
sales include sales of new construction equipment from
Volvo, Hitachi, Sandvik, Link-Belt Cranes and Bergmann
and used machines. In Germany, equipment and truck
sales include sales of new Volvo Trucks and Renault
Trucks, Renault light commercial vehicles and used trucks.
In Kazakhstan, equipment and truck sales include sales of
new and used construction equipment, used trucks and
attachments. Service and parts sales are also referred to as
aftermarket sales. Other revenue consists mainly of rental
revenue. To show the underlying performance of the
operating segments, Ferronordic shows unallocated Group
costs and assets separately1. These are costs that are
incurred and assets that are held for the benefit of the
Group as a whole.

US Germany Kazakhstan
Unallocated
Group
costs1 Total
SEK m (or as stated)
Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1
2025 2024 2025 2024 2025 2024 2025 2024 2025 2024
External revenue 762 699 402 439 42 34 1,206 1,172
Equipment and truck sales 434 439 221 261 33 19 689 719
Service and parts sales 283 207 159 162 9 15 451 384
Other revenue 45 53 22 17 - - 66 69
Gross profit 135 169 56 57 6 6 197 231
EBITDA 95 108 13 4 2 -2 -26 -24 83 86
Operating profit 48 60 -9 -12 1 -3 40 45
Group costs - - - - - - -26 -24 -26 -24
Operating profit after group costs 48 60 -9 -12 1 -3 -26 -24 13 21
Finance items (net) -161 68
Profit(loss) before tax -148 89
Result for the period -150 70
Gross margin, % 17.7% 24.1% 13.9% 12.9% 13.9% 17.1% 16.3% 19.7%
Operating margin, % 6.3% 8.6% -2.3% -2.7% 3.5% -10.2% 1.1% 1.8%

31 March 2025

SEK m US Germany Kazakhstan
Group
assets1 Total
Non-current assets 1,792 831 12 - 2,636
Total assets 2,964 1,300 145 150 4,540

31 December 2024

SEK m US Germany Kazakhstan
Group
assets1 Total
Non-current assets 1,760 923 13 - 2,697
Total assets 3,054 1,458 183 246 4,941

===== SIDA 7 =====

Interim report 1 January – 31 March 2025

Segment share of revenue,
Q1 2025

Segment share of total assets,
31 March 2025

31 March 2025

SEK m US Germany Kazakhstan
Group
assets Total
Property, plant and equipment 1,646 631 5 - 2,282
Real Estate 209 222 - - 430
Rental Fleet 1,262 293 - - 1,555
Right-of-use assets 17 40 - - 57
Other PPE 158 76 5 - 240

31 December 2024

SEK m US Germany Kazakhstan
Group
assets Total
Property, plant and equipment 1,600 711 5 - 2,317
Real Estate 227 236 - - 464
Rental Fleet 1,264 336 - - 1,599
Right-of-use assets 19 45 - - 64
Other PPE 90 94 5 - 190

US 63%
Germany 33%
Kazakhstan 4%
US 65%
Germany 29%
Kazakhstan 3%
Group 3%

===== SIDA 8 =====

Interim report 1 January – 31 March 2025

8
Changes in the presentation of the income
statement of the US segment

In the 2025 financial year, certain revenue and cost items
have been reclassified to align the presentation of the
income statement for the US segment to Group reporting
guidelines.
Revenues related to the recharge of certain productive and
administrative costs to customers in the service and parts
business were presented in the same line as productive
and administrative costs in Q1 2024. In Q1 2025, they are
recognized in revenue and productive and administrative
costs. Other productive costs that in Q1 2024 were reported
as administrative costs have in Q1 2025 been reclassified
to cost of sales. Certain administration fees paid by
customers that in Q1 2024 were reported under other
income have in Q1 2025 been reclassified to equipment
sales.

Column Q1 2024 ADJ in the table below shows the effects
that the reclassifications would have on the Q1.2024
income statement and the effects on the year-on-year
comparisons with Q1 2025, if the reclassifications had been
applied in Q1 2024. The reclassifications affect revenue,
gross profit, gross margin, SG&A, other income and
operating margin but has no effect on the operating profit.

The table below shows the effects of the reclassifications on the US segment if applied to Q1 2024

Q1 Q1 Q1 Q1 Y-o-Y Y-o-Y
SEK m 2025 2024 ADJ
2024
ADJ reported adjusted
Revenue 762 699 47 746 9% 2%
Equipment and truck sales 434 439 10 449 -1% -3%
Service and parts sales 283 207 37 244 37% 16%
Other revenue 45 53 53 -15% -15%
Cost of sales -627 -530 -59 -589 18% 6%
Gross profit 135 169 -11 157 -20% -14%
Selling expenses -25 -21 - -21 22% 22%
General and administrative
expenses -72 -99 21 -77 -26% -6%
Other income 12 11 -10 1
Other expenses -1 - -
Operating profit 48 60 - 60 -21% -21%
Gross margin 17.7% 24.1% 21.1%
Operating margin 6.2% 8.6% 8.0%

The table below shows the effects of the reclassifications at the Group level if applied to Q1 2024
Q1 Q1 Q1 Q1 Y-o-Y Y-o-Y
SEK m 2025 2024 ADJ
2024
ADJ reported adjusted
Revenue 1,206 1,172 47 1,220 3% -1%
Equipment and truck sales 689 719 10 729 -4% -5%
Service and parts sales 451 384 37 422 17% 7%
Other revenue 66 69 69 -4% -4%
Cost of sales -1,009 -941 -59 -1,000 7% 1%
Gross profit 197 231 -11 220 -15% -11%
Selling expenses -63 -65 - -65 -3% -3%
General and administrative
expenses -132 -154 21 -133 -14% -1%
Other income 13 12 -10 2
Other expenses -1 -3 -3
Operating profit 13 21 - 21 -37% -37%
Gross margin 16.3% 19.7% 18.0%
Operating margin 1.1% 1.8% 1.7%

===== SIDA 9 =====

Interim report 1 January – 31 March 2025

9
USA
Unit sales (incl. rental conversion)

Revenue by activity (SEKm)

Operating profit and operating margin

Market and sales
In Q1 2025, the new administration made announcements about shifts in US
trade and fiscal policy. A baseline import tariff of 10% was imposed on all
countries. A range of additional tariffs were announced but paused until 9
July. An escalation of trade tensions with China resulted in high bilateral tariffs
until an agreement can be reached. The administration also started to cut
back on government expenses and announced plans for tax cuts. It is unclear
what tariffs will remain or if and when tax cuts may materialize and if spending
cuts will impact previously announced infrastructure spending plans. All
OEMs of construction equipment have parts of their product ranges
manufactured abroad and are likely to be impacted by tariffs. The
administration’s policy changes have contributed to uncertainty in the
American economy. The US economy expanded by 2.0% Y-o-Y but declined
0.3% Q-o-Q, as imports increased ahead of the implementation of tariffs. The
forecasts for US GDP for 2025 have been revised down to 1.6-1.8%.
Ferronordic’s customers however remain relatively upbeat and do not expect
their project pipelines to change. Residential and non-residential construction
spending increased by 2.9% and 3.5% respectively in Q1 2025. Investments
in data and logistics centres continue to contribute to demand in Ferronordic’s
sales area and resource companies remain optimistic. In Q1 2025, the market
for larger construction equipment (GPE segment) in the US declined by 5%.
In Ferronordic’s sales area, the market is estimated to have declined by 8%,
mainly driven by lower sales of wheeled excavators. Ferronordic’s sales of
new machines and conversions from rental fleet decreased by 6% in the GPE
segment. Ferronordic increased its sales of crawler excavators and wheel
loaders in the quarter, partly in fleet deals with lower margins. In Q1 2025,
Ferronordic sold 71 new units, 20 used units and 30 units were converted to
sales from rental. The service and parts business was largely stable.
Revenue and operating result
Revenue in Q1 2025 amounted to SEK 762m with a gross margin of 17.7%.
The operating result amounted to SEK 48m. The operating margin was 6.3%.
In Q1 2025, 57% of revenue was related to sales of new and used equipment
and conversions, 6% was related to rental and 37% to service and parts.
Cash flows and balance sheet
The net working capital at the end of Q1 2025 amounted to SEK 484m, a
decrease from SEK 587m at the end of Q4 2024, mainly as inventory and
receivables decreased. At the end of Q1 2025, working capital was 17% of
revenue from the last 12 months. The operating cash flow in Q1 2025 was
SEK 130m (216).

2025 2024 % 2024
Q1 Q11 change FY
New units 71 81 -12% 277
Conversion from rental, units 30 27 11% 129
Used units 20 19 5% 73
Revenue, SEK m 762 699 9% 2,813
Gross profit, SEK m 135 169 -20% 686
Operating profit, SEK m 48 60 -21% 230
Gross margin, % 17.7% 24.1% 24.4%
Operating margin, % 6.3% 8.6% 8.2%
Working capital/LTM Revenue, % 17% 13% 21%

1In Q1 2025 certain revenue and cost items have been reclassified, with some effects on comparable numbers in Q1 2024 for reve nue, gross profit,
SG&A and other income. For more details on this effect, please refer to the note on p8.
0
20
40
60
80
100
120
Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
Unit Sales Conversion
0
100
200
300
400
500
600
700
800
Q1
2024
Q2
2024
Q3
2024
Q4
2024
Q1
2025
Equipment sales Aftermarket sales
Other
0%
3%
6%
9%
12%
0
20
40
60
80
Q1
2024
Q2
2024
Q3
2024
Q4
2024
Q1
2025
Operating profit (SEK m)
Operating margin (%)

===== SIDA 10 =====

Interim report 1 January – 31 March 2025

10
Germany
Unit sales

Revenue by activity (SEKm)

Operating profit and operating
margin

Market and sales
In Q1 2025, German GDP declined 0.2% Y-o-Y but grew 0.2% Q-o-Q. In full year
2025, growth is expected at 0%. The business sentiment in the German economy is
torn between the prospects of incremental demand from increased fiscal spending on
one side and the negative effects of potential US tariffs on the manufacturing sector
on the other. The newly formed German government has announced plans to invest
EUR 500bn on defence, infrastructure and green transition. Meanwhile, the ECB has
cut interest rates by a further 50bps. The IFO business climate index and the PMI
manufacturing improved slightly in March, but Ferronordic’s customers still remain
cautious and postpone major investment decisions. Based on registrations, the total
German market for heavy trucks declined by 28% in Q1 2025. Tractor trucks sales
declined more than sales of rigid trucks. New trucks registered in Ferronordic’s sales
area decreased by 20% and represented approx. 19% of the total German market.
Some overstocking in the market is still exerting negative pressure on prices.
Ferronordic’s sales of trucks decreased by 6% to 148 and by 15% to SEK 221m in
revenue. Used truck sales in units declined 56% to 48 as Ferronordic reduced the
scale of its used trucks business in 2024. Total inventory declined 59% to SEK 211m
at the end of Q1 2025 from SEK 519m at the end of Q1 2024. Service and parts
sales remained stable in the quarter. Demand for aftermarket services remains
strong. Ferronordic estimates that the Company could sell more service hours and
parts if it had more qualified mechanics.

Revenue and operating result
Total revenue in Germany decreased by 9% to SEK 402m (439) in Q1 2025. Truck
sales decreased by 15%. Service and parts sales decreased by 2% to SEK 159m but
increased as a share of revenue by 3pp to 40%. The gross margin increased by 1pp
to 13.9% (12.9).
Selling, general and administrative expenses decreased by 7% compared to
Q1 2024 to SEK 65m (70) but increased to 16.1% (15.8) as a share of revenue. The
operating margin increased to -2.3% (-2.7). The operating result increased to
SEK -9m (-12).
Cash flows and balance sheet
In Q1 2025, working capital decreased to SEK 268m as inventories and receivables
declined and payables increased. As a percentage of revenue, working capital
decreased to 16% compared to 23% at the end of Q4 2024. Cash flows from
operating activities amounted to SEK 74m (-45) in Q1 2025.

2025 2024 % 2024
Q1 Q1 change FY
New units 148 157 -6% 671
Used units 48 109 -56% 300
Revenue, SEK m 402 439 -9% 1,702
Gross profit, SEK m 56 57 -1% 149
Operating profit, SEK m -9 -12 21% -120
Gross margin, % 13.9% 12.9% 8.7%
Operating margin, % -2.3% -2.7% -7.0%
Working capital/LTM Revenue, % 16% 30% 23%
0
50
100
150
200
250
300
Q1
2024
Q2
2024
Q3
2024
Q4
2024
Q1
2025
Units sales
0
100
200
300
400
500
600
Q1 2024Q2 2024Q3 2024Q4 2024Q1 2025
Equipment sales Aftermarket sales
Other
(SEK m)
-12%
-7%
-2%
-65
-45
-25
-5
15
Q1
2024
Q2
2024
Q3
2024
Q4
2024
Q1
2025
Operating profit (SEK m)
Operating margin (%)

===== SIDA 11 =====

Interim report 1 January – 31 March 2025

11
Kazakhstan
Unit sales

Revenue by activity

Operating profit and operating
margin

Market and sales
Kazakhstan’s GDP grew by 5.8% in Q1 2025. The growth was underpinned by
an 8.7% increase in manufacturing output, a 6.1% expansion in the mining
sector and a 16.9% rise in construction activity. For the full year, the Kazakh
economy is projected to expand by 4.5-4.9%. Inflation picked up speed, rising to
10.7% Y-o-Y in April, up from 10.0% in March. In response, the National Bank
increased its base rate further by 125bps to 16.5%. Lack of funding is a limiting
factor and a problem for Ferronordic’s customers in the construction sector and
mining industry. Government spending rose in Q1 2025, partly driven by an
increase in infrastructure investments (+19.7%). Much government resources
are currently directed towards developing Kazakhstan’s road network. In
Q1 2025, the market for larger construction equipment (GPE segment) in
Kazakhstan grew by an estimated 37%, from a relatively low level in Q1 2024.
Ferronordic continued to reduce its inventory position in Kazakhstan. Sales of
new machines in units increased to 28 (5) in Q1 2025. Sales of used
construction equipment decreased to 3 (5) units. Total inventory declined from
SEK 247m at the end of Q1 2024 to SEK 80m at the end of Q1 2025. Service
and parts sales were lower Y-o-Y and Q-o-Q.

Revenue and operating result
Total revenue in Kazakhstan increased by 26% to SEK 42m (34). Equipment
sales increased by 77%, while service and parts sales decreased by 39%. The
gross margin decreased to 13.9% (17.1). Gross profit was largely unchanged at
SEK 6m (6).

Selling, general and administrative expenses increased by 2%. As a percentage
of revenue, these expenses decreased to 14.8% (18.2) on higher revenue. The
operating result improved SEK 1m (-3), implying an operating margin of 3.5%
(-10.2).
Cash flows and balance sheet
Working capital decreased to SEK 100m at the end of Q1 2025, compared to
SEK 113m at the end of Q4 2024, as inventory and receivables declined more
than payables in the quarter. As a percentage of revenue, working capital was
47% at the end of Q1 2025, compared to 55% at the end of Q4 2024. Сash
flows from operating activities increased to SEK 16m (6).
2025
Q1
2024
Q1
%
change
2024
FY
New units 28 5 460% 52
Used units 3 5 -40% 35
Revenue, SEK m 42 34 26% 205
Gross profit, SEK m 6 6 3% 19
Operating profit, SEK m 1 -3 143% -12
Gross margin, % 13.9% 17.1% 9%
Operating margin adjusted, % 3.5% -10.2% -5.9%
Working capital/LTM Revenue, % 47% 29% 55%
0
10
20
30
40
Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
Units sales
-10
10
30
50
70
90
Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
Equipment sales Aftermarket sales
(SEK m)
-50%
-40%
-30%
-20%
-10%
0%
-20
-15
-10
-5
0
Q1
2024
Q2
2024
Q3
2024
Q4
2024
Q1
2025
Operating profit (SEK m)
Operating margin (%)

===== SIDA 12 =====

Interim report 1 January – 31 March 2025

12
Condensed consolidated statement
of comprehensive income
Q1 Q1 FY
SEK m 2025 2024 2024
Revenue 1,206 1,172 4,720
Cost of sales -1,009 -941 -3,867
Gross profit 197 231 853
Selling expenses -63 -65 -239
General and administrative expenses -132 -154 -587
Other income 13 12 8
Other expenses -1 -3 -14
Operating profit 13 21 21
Finance income 5 3 10
Finance costs -37 -30 -147
Foreign exchange gains/(-losses) (net) -129 95 77
Result before income tax -148 89 -40
Income tax -2 -19 -50
Result for the period -150 70 -89

Other comprehensive result

Items that are or may be reclassified to profit or loss:
Foreign currency translation differences for foreign
operations 23 6 -39

Other comprehensive result for the period, net of tax 23 6 -39
Total comprehensive result for the period -127 76 -128

Earnings per share
Basic earnings per share (SEK) -10.32 4.83 -6.15
Diluted earnings per share (SEK) -10.32 4.83 -6.15

===== SIDA 13 =====

Interim report 1 January – 31 March 2025

13
Condensed consolidated statement of
financial position
SEK m
31 Mar
2025
31 Dec
2024
31 Mar
2024
ASSETS
Non-current assets
Property, plant and equipment 2,282 2,317 2,099
Intangible assets 229 248 257
Deferred tax assets 124 132 131
Total non-current assets 2,636 2,697 2,488
Current assets
Inventories 1,115 1,253 1,687
Trade and other receivables 541 617 678
Prepayments 16 11 8
Cash and cash equivalents 232 363 217
Total current assets 1,904 2,245 2,589
TOTAL ASSETS 4,540 4,941 5,076

EQUITY AND LIABILITIES
Equity
Share capital 1 1 1
Additional paid in capital 635 635 630
Translation reserve -38 -61 -16
Retained earnings 924 1,013 1,013
Result for the period -150 -89 70
TOTAL EQUITY 1,372 1,499 1,698
Non-current liabilities
Borrowings 1,064 958 610
Deferred income 6 7 12
Deferred tax liabilities 257 281 297
Long-term lease liabilities 33 37 53
Total non-current liabilities 1,360 1,283 972
Current liabilities
Borrowings 939 1,318 1,071
Trade and other payables 834 794 1,283
Deferred income 7 11 8
Provisions 5 8 18
Short-term lease liabilities 23 28 26
Total current liabilities 1,808 2,159 2,406
TOTAL LIABILITIES 3,168 3,442 3,378
TOTAL EQUITY AND LIABILITIES 4,540 4,941 5,076

===== SIDA 14 =====

Interim report 1 January – 31 March 2025

14
Condensed consolidated statement of
changes in equity
SEK m
Share
capital
Additional
paid in
capital
Translation
reserve
Retained
earnings
Total
equity
Balance 1 January 2025 1 635 -61 924 1,499
Total comprehensive result for the period
Result for the period - - - -150 -150
Other comprehensive result
Foreign exchange differences - - 23 - 23
Total comprehensive result for the period - - 23 -150 -127
Contribution by and distribution to owners
Dividends - - - - -
Total contributions and distributions - - - - -
Balance 31 March 2025 1 635 -38 774 1,372

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 - - - 70 70
Other comprehensive result
Foreign exchange differences - - 6 - 6
Total comprehensive result for the period - - 6 70 76
Contribution by and distribution to owners
Dividends - - - - -
Total contributions and distributions - - - - -
Balance 31 March 2024 1 630 -16 1,083 1,698

===== SIDA 15 =====

Interim report 1 January – 31 March 2025

15
Condensed consolidated statement of cash flows
Q1 Q1
SEK m 2025 2024
Cash flows from operating activities
Result before income tax -148 89
Adjustments for:
Depreciation and amortization 70 65
(Gain)/loss from impairment of receivables 1 1
Finance costs 37 30
Finance income -5 -3
Foreign exchange losses/(gains) (net) 129 -95
Cash flows from operating activities before changes in working
capital and provisions 83 87
Change in inventories 45 -178
Change in trade and other receivables 25 -18
Change in prepayments -5 -1
Change in trade and other payables 90 301
Change in provisions -3 6
Change in deferred income -3 -2
Cash flows from operating activities before interest and tax paid 232 195
Income tax paid -14 -43
Interest paid -32 -29
Cash flows from operating activities 185 124
Cash flows from investing activities
Interest received 4 3
Acquisition of property, plant and equipment -15 -236
Cash flows from investing activities -10 -233
Cash flows from financing activities
Repayment of loans -286 -99
Leasing financing paid -6 -6
Cash flows from financing activities -292 -105
Net change in cash and cash equivalents -117 -214
Cash and cash equivalents at start of the period 363 426
Effect of exchange rate fluctuations on cash and cash equivalents -13 5
Cash and cash equivalents at end of the period 232 217

===== SIDA 16 =====

Interim report 1 January – 31 March 2025

16
Parent company income statement

Q1 Q1 FY
SEK m 2025 2024 2024
Revenue - 6 3
Cost of sales - -3 -3
Gross profit - 2 -
Administrative expenses -17 -23 -43
Other income - - 1
Other costs - - -
Operating profit -17 -20 -42
Finance income 25 39 141
Finance costs -10 -10 -43
Foreign exchange gains/(-losses) (net) -79 80 97
Result after financial items -81 88 153
Tax allocation reserve - - -31
Result before income tax -81 88 122
Income tax - -12 -26
Result for the period -81 76 96

Total comprehensive result for the period is the same as the Result for the period.

===== SIDA 17 =====

Interim report 1 January – 31 March 2025

17
Parent company balance sheet

SEK m
31 Mar
2025
31 Dec
2024
31 Mar
2024
ASSETS
Non-current assets
Property, plant and equipment - - -
Intangible assets - - -
Financial assets
Holdings in group companies 288 288 288
Loans to group companies 1,905 2,042 56
Deferred tax assets - - 6
Total financial assets 2,193 2,330 350
Total non-current assets 2,193 2,330 351

Current assets
Trade and other receivables 21 22 109
Prepayments - - -
Loans to group companies - - 1,936
Cash and cash equivalents 131 205 146
Total current assets 151 277 2,191
TOTAL ASSETS 2,344 2,557 2,541

EQUITY AND LIABILITIES
Equity
Restricted equity
Share capital 1 1 1
Unrestricted equity
Share premium reserve 640 640 640
Retained earnings 1,380 1,283 1,283
Result for the period -81 96 76
TOTAL EQUITY 1,940 2,020 2,001

Untaxed reserves 31 31 -

Non-current liabilities
Borrowings 332 413 483
Total non-current liabilities 332 413 483

Current liabilities
Trade and other payables 41 37 57
Borrowings - 55
Total current liabilities 41 92 57
TOTAL LIABILITIES 373 506 541
TOTAL EQUITY AND LIABILITIES 2,344 2,557 2,542

===== SIDA 18 =====

Interim report 1 January – 31 March 2025

18
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.

The same accounting and valuation principles were applied in
the preparation of this report as in the preparation of the 2024
annual report (regarding the 2024 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 2024 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 the US and in
Kazakhstan. In the US in the summer months the business
tends to be lower. Rental conversion happens mainly in the 4th
quarter. For Kazakhstan 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 service and parts)
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 recognizes three separate reportable segments: USA,
Germany and Kazakhstan. 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.
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 6 of the annual report 2024. 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
2024 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 2024.

===== SIDA 19 =====

Interim report 1 January – 31 March 2025

Result for the period, SEK m

2025
Q1
2024
Q1
Result attributable to shareholders, SEK m -150 70
Average number of shares during the period before dilution, thousand 14,532 14,532
Earnings per share before dilution, SEK -10.32 4.83
Dilution effect - -
Average number of shares during the period after dilution, thousand 14,532 14,532
Earnings per share after dilution, SEK -10.32 4.83

9. Events after the reporting date
Information regarding events after the reporting date is set out in the front part of this report (p. 6).

===== SIDA 20 =====

Interim report 1 January – 31 March 2025

20
Signatures
The Board of Directors and the Managing Director declare that the report for the first quarter of 2025 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, 15 May 2025

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 21 =====

Interim report 1 January – 31 March 2025

21
Key ratios
Financial information for individual quarters1
The financial information below regarding individual quarters
during the period 1 January 2023 – 31 March 2025 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) 2023 2023 2023 2023 2024 2024 2024 2024 2025
Revenue 631 674 643 915 1,172 1,095 1,141 1,312 1,206
Gross profit 85 84 75 133 231 202 204 216 197
Gross margin, % 13.4% 12.5% 11.7% 14.5% 19.7% 18.4% 17.9% 16.5% 16.3%
Operating profit -14 -10 -28 -62 21 -4 2 2 13
Operating margin, % -2.2% -1.5% -4.4% -6.8% 1.8% -0,3% 0.1% 0.2% 1.1%
Result from continuing operations 7 64 -89 -89 70 -81 -88 9 -150
Result for the period 7 64 -89 -89 70 -81 -88 9 -150
Earnings per share, SEK2 0.46 4.41 -6.16 -6.11 4.83 -5.56 -6.07 0,65 -10.32
Working capital/LTM Revenue, % 23% 20% 20% 20% 20% 21% 22%

23% 17%
Cash flow from operations -126 40 -88 147 124 270 427 -480 185
Equity/total assets, % 59% 62% 62% 34% 33%

33%

31%

30% 30%
Return on equity, LTM% 26% 23% -2% -6% -2% -7% -12% -6% -20%
Return on capital employed, LTM% 11% 11% -1% -3% -2%

-2%

-1%

1% 1%

2before dilution

USA
Q1 Q2 Q3 Dec Q1 Q2 Q3 Q4 Q1
SEK m (or as stated) 2023 2023 2023 2023 2024 2024 2024 2024 2025
Revenue - - - 308 699 707 686 720 762
Gross profit - - - 82 169 156 182 179 135
Gross margin, % - - - 26.6% 24.1% 22.1% 26.5% 24,8% 17.7%
Operating profit - - - 25 60 51 53 65 48
Operating margin, % - - - 8.0% 8.6% 7.3% 7.7% 9% 6.3%
Working capital/LTM Revenue, % - - - 17% 13%1 15%1 19%1 21% 17%
1 Based on annualized revenue for Ferronordic’s US operations calculated as 9m 2024 / 9 x 12

Germany
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
SEK m (or as stated) 2023 2023 2023 2023 2024 2024 2024 2024 2025
Revenue 548 595 574 555 439 332 372 559 402
Gross profit 68 73 66 47 57 38 14 40 56
Gross margin, % 12.3% 12.3% 11.5% 8.4% 12.9% 11.4% 3.7% 7.2% 13.9%
Operating profit 5 2 -16 -62 -12 -27 -40 -41 -9
Operating margin, % 0.8% 0.3% -2.8% -11.1% -2.7% -8.2% -10.7% -7.3% -2.3%
Working capital/LTM Revenue, % 27% 21% 22% 26% 30% 31% 27% 23% 16%

===== SIDA 22 =====

Interim report 1 January – 31 March 2025

Kazahkstan
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
SEK m (or as stated) 2023 2023 2023 2023 2024 2024 2024 2024 2025
Revenue 83 80 69 52 34 56 82 33 42
Gross profit 17 11 9 5 6 8 9 -3 6
Gross margin, % 20.4% 14.4% 13.7% 8.9% 17.1% 13.6% 10.4% -10.5% 13.9%
Operating profit 7 7 - -6 -3 -1 3 -10 1
Operating margin, % 8.7% 8.6% 0.4% -10.7% 10.2% -2.3% 3.1% -30.5% 3.5%
Working capital/LTM Revenue, % 17% 32% 23% 24% 29% 23% 27% 55% 47%

Net debt
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
SEK m 2023 2023 2023 2023 2024 2024 2024 2024 2025
Long term borrowings 416 70 69 671 610 628 999 1,013 1,064
Long term lease liabilities 38 57 51 59 53 49 34 37 33
Short term borrowings 418 437 428 1,024 1,071 1,178 1,080 1,263 939
Short term lease liabilities 20 24 23 22 26 23 40 28 23
Total interest bearing liabilities 892 588 571 1,776 1,759 1,878 2,153

2,340 2,058
Cash & cash equivalents 1,574 1,127 950 426 217 208 360 363 232
Net debt / (cash) -681 -539 -378 1,349 1,542 1,671 1,792 1,978 1,826
Net debt / EBITDA (times) -2.0 -1.5 -18.4 -214.7 21.0 9.4 6.6 5.2 4.8

Working capital

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
SEK m 2023 2023 2023 2023 2024 2024 2024 2024 2025
Inventory 534 718 699 1,443 1,687 1,466 1,363 1,253 1,115
Trade and other receivables 365 263 315 630 678 653 496 617 541
Prepayments 7 9 3 6 8 5 12 11 16
Trade and other payables 392 509 470 997 1,283 1,051 827 794 834
Deferred income 12 9 8 8 8 12 10 11 7
Provisions - - - 12 18 11 10 8 5
Working capital 503 472 538 1,063 1,062 1,049 1,026 1,068 825
Revenue LTM 2,149 2,422 2,653 5,313 5,314 4,938 4,712 4,720 4,754
Working capital / Revenue (%) 23% 20% 20% 20% 20% 21% 22%1 23% 17%

1 Q1-Q3.2024 based on annualized revenue for Ferronordic’s US operations calculated as 9m 2024 / 9 x 12

Capital employed

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
SEK m 2023 2023 2023 2023 2024 2024 2024 2024 2025
Long term interest bearing liabilities 455 127 120 730 663 677 1,033 1,050 1,097
Short term interest bearing liabilities 438 461 451 1,046 1,096 1,201 1,120 1,291 961
Shareholder equity 1,886 1,822 1,750 1,622 1,698 1,627 1,483 1,499 1,372
Capital employed 2,778 2,411 2,322 3,397 3,457 3,505 3,636 3,839 3,430
Average capital employed 2,356 2,760 2,974 3,001 3,117 2,958 2,979 3,618 3,443
EBIT 257 277 -66 -115 -80 -84 -43 21 14
Interest income 7 17 25 31 29 30 15 10 11
Result LTM 265 293 -41 -84 -51 -53 -29 30 25
Return on capital employed (%) 11% 11% -1% -3% -2% -2% -1% 1% 1%

===== SIDA 23 =====

Interim report 1 January – 31 March 2025

23
Return on equity
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
SEK m 2023 2023 2023 2023 2024 2024 2024 2024 2025
Shareholder equity 1,886 1,822 1,750 1,622 1,698 1,627 1,483 1,499 1,372
Average equity 1,486 1,781 1,929 1,748 1,792 1,725 1,617 1,560 1,535
Net result LTM 384 416 -39 -107 -44 -125 -188 -89 -310
Return on equity (%) 26% 23% -2% -6% -2% -7% -12% -6% -20%

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
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
3M, 6M, 9M, 12M 3 months, 6 months, 9 months, 12 months

===== SIDA 24 =====

Interim report 1 January – 31 March 2025

24
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 and Renault Trucks in Germany and dealer of
Volvo CE and certain other brands in Kazakhstan. Ferronordic
began its operations in 2010 and currently has 37 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
• Service and parts 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 sustainable transport
services

Strategic cornerstones
• Customer centricity
• Great team
• Building on a strong brands
• Operational excellence
Investment case highlights
• Robust and scalable business model
• Strong brand portfolio and OEM relationships
• Sustainability integrated part of business model
• Positioned to benefit from trends in
• Electrification
• Infrastructure investment
• Shared asset models
• Poised for organic growth and bolt-on acquisitions
• US - Strong market with growth potential
• Germany - Turnaround that will capture recovery
• Network, brand and product extension opportunities
• Open for strategic M&A
• Experienced management to execute

===== SIDA 25 =====

Interim report 1 January – 31 March 2025

25
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 15 May 2025 at 07:30 CET.
Financial calendar

Annual general meeting 2025 – 15 May 2025
Interim report April – June 2025 – 14 August 2025
Interim report July – September 2025 – 13 November 2025
Conference call
A presentation for investors, analysts and media will be held
on 15 May 2025 at 10:00 CET and is accessible at
www.ferronordic.com.

To participate via teleconference, please register on the link
below.
https://conference.inderes.com/teleconference/?id=50051574

To participate via webcast, please use the link below.
https://ferronordic.events.inderes.com/q1-report-2025

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