Kvartalsrapport Q3 2024

Automatiskt nyckeltalsindex

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

Interim report 1 January – 30 September 2024 
 
 
1 
 
 Q3 2024: Strong performance in the US    
Summary of the third quarter, July – September 20241 
Group:  
• 77% revenue increase driven by the 
addition and performance of the US 
operations. 
• Operating result increased to SEK 2m 
(SEK 32m excluding one-off effect of 
impairment of inventory in Germany).  
• Net profit decreased to SEK -88m, partly 
because of exchange rate effects. 
• Net debt of SEK 1,792m after the 
acquisition of the US operations and 
partly driven by expansion of the rental 
fleet in the US. 
• Total equity decreased to SEK 1,483m. 
USA: 
• Slightly weaker but still strong market.  
• Stable revenue on stronger rental 
income and steady service and parts 
sales. 
• Total revenue of SEK 686m. 
• Operating result of SEK 53m. 
• Operating margin of 7.7%. 
Germany:  
• Market declined by 40%.  
• New unit sales decreased by 60% 
against high base in 2023. 
• Total revenue decreased by 35% to 
SEK 372m. 
• Service and parts sales increased by 6% 
• SEK 31m impairment of inventory. 
• Inventory levels start to normalise. 
• Operating result decreased to SEK -40m or 
increased to SEK -9m excluding effect 
impairment of inventory.  
• Cost reduction program shows effects. 
Central Asia (CA):  
• New unit sales increased by 24%.  
• Total revenue increased by 19% to 
SEK 82m. 
• Operating result increased to SEK 3m.  
• Normalisation of inventory makes progress. 
77% 
Revenue growth 
2 
Operating profit, SEK m 
 
0.1% 
Operating margin 
 
-6.07 
Earnings per share, SEK 
 
 
Selected key group ratios 
SEK m (or as stated) 
2024 
Q3 
2023 
Q3 % 
2024 
9M 
2023 
9M 
 
% 
2023  
FY 
Revenue 1,141 643 77% 3,408 1,948 75% 2,863 
Gross profit 204 75 171% 637 244 161% 377 
Operating profit 2 -28 106% 19 -53 135% -115 
Result for the period -88 -89 1% -99 -19 -429% -107 
Earnings per share, SEK2 -6,07 -6,16 1% -6,80 -1,29 -447% -7,39 
Cash flow from operations 427 -88  821 -174  -27 
Net debt (cash) 1,792 -378  1,792 -378  1,349 
              
Gross margin, % 17.9% 11.7% 6.2pp 18.7% 12.5% 6.2pp 13.2% 
Operating margin, % 0.1% -4.4% 4.5pp 0.5% -2.7% 3.3pp -4.0% 
Working capital/LTM Revenue, % 22% 20% 1.5pp 22% 20% 1.5pp 20% 
Equity/total assets, % 31% 62% -30.9pp 31% 62% -30.9pp 34% 
Return on capital employed, % -1% -1% 0.4pp -1% -1% 0.4pp -3% 
Return on equity, % -12% -2% -9.6pp -12% -2% -9.6pp -6% 
 
1 Comparison with same period in prior year unless stated otherwise. 2 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 – 30 September 2024

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

Interim report 1 January – 30 September 2024 
 
 
2 
 
Strong performance in the US  
 
In the third quarter of 2024, we saw continued strong 
contribution from the US, but also improving underlying 
performance in our other business areas. However, we also 
decided to revalue part of our inventories in Germany, leading 
to a lower result for the Group. 
 
The US operations continued to perform well. Total revenue 
was SEK 686m and the operating profit was SEK 53m, 
implying an operating margin of 7.7%. Despite a more 
cautious market before the elections, equipment sales 
remained strong in the quarter. Our new machine sales in 
units were slightly lower but revenue from equipment sales 
was higher than in the second quarter thanks to strong sales 
of larger machines, particularly articulated haulers and drills. 
Service and parts sales were stable quarter-on-quarter.  
In the first nine months of 2024, the market for construction 
equipment was down 10% in North America. This however 
compares to a record strong 2023. The market remains firm 
and activity in the construction sector is high. Favourable 
weather conditions have allowed customers to complete jobs 
earlier than planned and move their fleets to new sites, 
resulting in higher utilisation and stronger demand for 
machines. With the elections now over, we believe that 
projects that have been on-hold may be launched, 
contributing to continued high demand going forward. The US 
Fed cut the funds rate in the quarter. Lower rates should 
support demand and lower our funding costs.     
Our inventory and rental fleet are higher than at the start of 
the year. This is from a low base in 2023 and in line with our 
strategy to take market share in the excavator segment. We 
believe that demand for machinery, in the US in general and 
our sales area in the Midwest in particular, will remain strong 
and see opportunities to improve profitability further by gaining 
market share, increasing machine population and capturing a 
larger share of the service and part sales potential. 
 
In Germany, the market declined by 40% in the third 
quarter and our deliveries of new trucks in units were down by 
60%. Some customers have put fleet renewals on hold due to 
the poor business sentiment in Germany. As a result of weak 
demand and a supply glut, we have seen growing price 
competition. Our efforts to reduce our slow-moving inventory 
in Germany have – in the context of intense price pressure 
and cases of customer order cancellations – led us to 
conclude that we must revalue parts of our inventory. We 
need to reduce our balance sheet to increase the future 
efficiency of our business and, unfortunately, we cannot sell 
some of the trucks in inventory at a positive margin in the 
current market. In the third quarter, we thus recognised an 
impairment of SEK 31m on our stock.   
At the same time, we saw an improvement in the underlying 
performance of the business. Our cost reduction program 
started to show results and our run rate is now in line with our 
annual target. Service and parts sales, which are most crucial 
for profitability in Germany, were higher than last year. 
Demand is high in most of our workshops and we could sell 
more parts and service with more technicians. Our cost 
absorption is below target but has improved as a result of both 
lower costs and higher aftermarket sales. We also saw an 
increase in new orders for future truck deliveries and our 
electric rental business developed well.   
 
With a leaner organisation and balance sheet, we are in 
good position to capture the recovery in the German market, 
which we believe will come.  
Overall, revenue in Germany decreased by 35% to 
SEK 372m. Operating profit decreased to SEK -40m. 
Excluding the one-off effect of the inventory impairment, the 
operating profit improved to SEK -9m.  
    
In Kazakhstan, our sales of new machines, measured in units, 
however increased to 21. We are making progress on 
normalising the inventory in Kazakhstan.  
Total revenue increased to SEK 82m, or 7% of the Group’s 
turnover. The operating result increased to SEK 3m. 
 
For the Group, revenue increased by 77% to SEK 1,141m. 
The operating result amounted to SEK 2m, or SEK 32m 
excluding the one-off effect of the impairment of inventory in 
Germany. The net result was negatively impacted by the 
appreciation of the Swedish krona. The Group's net debt 
increased to SEK 1,792m, mainly as a result of the acquisition 
of the American operations in November 2023 but also due to 
the expansion of the rental fleet in the US throughout 2024.  
 
Outlook 
We are optimistic about our expansion into the US and the 
opportunities we see there. Demand is supported by a 
dynamic economy, a significant need to upgrade the country’s 
infrastructure and extensive federal and state programs for 
infrastructure investment. These programs should support 
demand for construction equipment through the cycle. We 
also expect further large construction projects involving data 
centers, battery plants and logistics hubs in the US Midwest.  
The German economy remains weak. We have taken 
actions to cut costs and make our organisation more resilient. 
We believe in continued strong demand in the service and 
parts business and remain optimistic about the long-term 
potential in the German market and the opportunities in  
e-mobility and sustainable transport solutions.  
Kazakhstan represents a small part of the Group's 
business. We continue to see long-term potential in the 
country. 
 
Lars Corneliusson 
President and CEO 
"We are optimistic about the opportunities in the US"

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

Interim report 1 January – 30 September 2024 
 
3 
Group 
Revenue by segment (SEKm) 
 
 
 
 
 
Operating profit and operating 
margin (adjusted*) 
 
 
 
 
 
EPS and net margin 
  
 
 
 
 
 
 
 
 
 
 
 
 
 Revenue 
In Q3 2024, the revenue of the Group increased by 77% to SEK 1,141m 
(643). Sales of equipment and trucks increased by 32% and service and part 
sales increased by 160%. Other revenue, mainly consisting of rental sales, 
increased by 379%. The increase in sales is mainly related to the addition of 
the US operations from December 2023. Excluding the US operations, total 
revenue decreased by 29% to SEK 188m.   
In 9M 2024, the Group revenue increased by 75% to SEK 3,408m (1,948). 
The sales of trucks and equipment increased by 36% and service and part 
sales increased by 154%, mainly as a result of the Group's acquisition of the 
operations in the USA. 
Gross profit and operating result 
In Q3 2024, the gross margin for the Group increased to 17.9% (11,7). As a 
result of higher revenue and higher gross margin, gross profit increased by 
171% to SEK 204m (75). The gross margin was positively affected by the 
addition of the US business. In Q3 2024, the gross margin was negatively 
impacted by an impairment of inventory of SEK 31m in Germany.  
As a percentage of revenue, selling, general and administrative expenses 
decreased in Q3 2024 to 16.3% (16.8). The operating result for Q3 2024 
increased by 106% to SEK 2m (-28). The operating margin during the quarter 
increased from -4,4% to 0.1%.  
In 9M 2024, the gross margin increased to 18.7% (12.5). As a result of higher 
margin and higher revenue, gross profit increased by 161% to SEK 637m 
(244).  
As a percentage of revenue, selling, general and administrative expenses 
increased in 9M 2024 to 18.2% (16.0). The operating result for 9M 2024 
increased by 135% to SEK 19m (-53). The operating margin increased from  
-2.7% to 0.5%. 
According to IAS 2, inventories should be valued at the lower of cost and net 
realisable value. Due to a supply-demand imbalance in the market, we have 
seen growing price competition and margin pressure throughout Q3 2024. As 
a result, we have decided to impair trucks in our stock for which there is no 
customer order. The effect of the impairment was SEK 31m in Q3 2024. 
Net income 
In Q3 2024, finance costs (net) amounted to SEK -37m (-2). Finance costs 
increased on higher interest rates and increased debt to fund the acquisition 
of the US operations and to expand the rental fleet in the US business. 
Foreign exchange losses (net) amounted to SEK -49m (-84.0) in Q3 2024, 
mainly as the Swedish krona appreciated against the US dollar and the euro.  
The result before income tax for Q3 2024 increased to  
SEK -84m (-115). The result for Q3 2024 remained at the previous year's 
level at SEK -88m (-89).   
  
In 9M 2024, finance costs (net) increased to SEK -103m (-2). Foreign 
exchange gains (net) were SEK 11m (27). The result before income tax for 
9M 2024 decreased by 170% to SEK -74m (-27). The result for 9M 2024 
decreased by 429% to SEK -99m (-19). 
Earnings per share 
Earnings per share before dilution in Q3 2024 amounted to SEK -6.07 (-6,16).  
0
200
400
600
800
1,000
1,200
1,400
Q3
2023
Q4
2023
Q1
2024
Q2
2024
Q3
2024
CA Germany US
-10%
-7%
-4%
-1%
2%
-65
-55
-45
-35
-25
-15
-5
5
15
25
Q3
2023
Q4
2023
Q1
2024
Q2
2024
Q3
2024
Operating profit (SEKm)
Operating margin (%)
-30%
-20%
-10%
0%
10%
-7
-5
-3
-1
1
Q3
2023
Q4
2023
Q1
2024
Q2
2024
Q3
2024
Earnings per share (SEK)
Net margin (%)

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

Interim report 1 January – 30 September 2024 
 
4 
Net working capital and  
% LTM revenue 
 
 
 
 
 
Operating cash flow per quarter 
and over LTM 
 
 
 
 
Property, plant and equipment and 
capital expenditures 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings per share before dilution in 9M 2024 amounted to SEK -6.80 ( -
1,29).  
Cash flows 
In Q3 2024, cash flows from operating activities increased to SEK 427m  
(-88). Working capital at the end of Q3 2024 was SEK 1,026m, a decrease 
compared to the end of Q4 2023 at SEK 1,063m. As a percentage of revenue, 
working capital was 21,8% (20.0% at the end of 2023) in Q3 2024, mainly due 
to lower payables.  
 
Cash flow from investing activities in Q3 2024 amounted to  
SEK -113m (-29). Investments are mainly related to the purchase of new 
equipment for the rental fleet in the US. 
 
In 9M 2024, cash flows from operating activities increased to  
SEK 821m (-174). Higher cash flows were partly a result of lower inventories 
and receivables.  
 
Cash flows from investing activities during 9M 2024 amounted to SEK -520m 
(-103). 
Financial position 
On 30 September 2024, cash and cash equivalents amounted to SEK 360m, 
a decrease of SEK 66m compared to the end of 2023. The cash decreased 
mainly as a result of repayment of loans and purchase of machines to the US 
rental business.  
At the end of Q3 2024, interest-bearing liabilities (including lease liabilities 
and effects of IFRS-16) amounted to SEK 2,153m, an increase of SEK 377m 
compared to the end of 2023. The increase is partly a result of a movement of 
trade payables to interest-bearing liabilities, mainly in the US and mainly 
related to purchase of equipment for the rental fleet. The movement has no 
effect on cash flows. The net debt increased from SEK 1,349m at the end of 
Q4 2023 to SEK 1,792m at the end of Q3 2024. 
On 30 September 2024, property, plant and equipment (PP&E) amounted to 
SEK 2,165m, an increase of SEK 337m from SEK 1,828m at the end of 2023. 
The increase is mainly related to the increase in the US rental fleet. 
On 30 September 2024, equity amounted to SEK 1,483m, a decrease of 
SEK 139m compared to the end of 2023. The decrease was partly a result of 
currency effects. 
Parent company 
In Q3 2024, the revenue of the Parent Company decreased to SEK 2m (8), 
mainly due to less equipment trading with subsidiaries. Administrative 
expenses decreased by 76% to SEK 3m (14), which was mainly due to some 
unusual effects, including the release of bonus accruals and a reserve for 
potential legal claim against the Company. The operating result increased to 
SEK 0m (-4). The result for the quarter increased to SEK -16m (-47) mainly 
due to higher finance income.  
In 9M 2024, the revenue of the Parent company decreased to SEK 10m (28). 
Administrative expenses decreased by 38% to SEK 44m (80). The operating 
result increased to SEK -36m (-56) in 9M 2024. The result for the 9M 2024 
increased to SEK 58m (21). 
Foreign exchange rates 
The following foreign exchange rates have been used to translate the 
Q3 2024 (Q3 2023) results to the presentation currency: 
• Average rates of SEK/EUR 11.41 (-3% vs 11.76) and SEK/USD 10.50 have 
been used to translate the income statements. 
-5%
0%
5%
10%
15%
20%
25%
30%
-200
0
200
400
600
800
1,000
1,200
Q3
2023
Q4
2023
Q1
2024
Q2
2024
Q3
2024
Net working capital (SEKm)
Net working capital as % of LTM revenue
-300
-100
100
300
500
700
900
Q3
2023
Q4
2023
Q1
2024
Q2
2024
Q3
2024
Cash flow from operations LTM (SEKm)
Cash flow from operations per quarter (SEKm)
0%
10%
20%
30%
40%
Q3
2023
Q4
2023
Q1
2024
Q2
2024
Q3
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 – 30 September 2024 
 
5 
 
Net debt and net debt/EBITDA 
 
 
 
 
 
 
 
 
Currency index last 5 quarters 
(indexed 1 July 2023) 
 
• End of period rates of SEK/EUR 11.30 (-1,7% vs 11.49) and 
SEK/USD 10.09 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 Q3 2024, the number of full-time equivalent employees in the 
Group was 801 (502), of which 387 (434) related to Germany, 361 (-) to US, 
41 (56) to Kazakhstan and 12 (12) occupied Group functions. 
Sustainability 
In Q3 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.    
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 incoming administration has discussed raising 
import tariffs. 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 aimed at making 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 
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. As a result of the cost reduction program, 
Ferronordic expects to save approx. SEK 60m annually, starting from 
Q3 2024.      
New financial objectives and dividend policy 
On 1 October 2024, Ferronordic decided on new financial objectives and 
dividend policy for the Group. The new financial objectives take into 
consideration the long-term potential for growth, profitability and cash flows in 
Ferronordic’s current business profile, including its expansion to the US.  
 
Ferronordic’s new financial objectives reflect Ferronordic’s current business 
position and strategic direction in 2024-2029 on an organic1 basis: 
-215.0
-165.0
-115.0
-65.0
-15.0
35.0
85.0
135.0
185.0
235.0
-400
100
600
1,100
1,600
Q3
2023
Q4
2023
Q1
2024
Q2
2024
Q3
2024
Net debt (SEKm) Net debt / EBITDA (%)
90
95
100
105
110
115
Q3
2023
Q3
2023
Q4
2023
Q1
2024
Q2
2024
Q3
2024
SEK/EUR SEK/USD SEK/100 KZT

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

Interim report 1 January – 30 September 2024 
 
6 
• Double the 20242 revenue in its current markets by 2029 
• Operating margin above 6% 
• Net debt/EBITDA below 3 times (over a business cycle) 
 
Ferronordic’s financial objectives are aligned with its strategic objectives: 
• Leadership in the market for construction equipment and trucks 
• Geographic expansion 
• Expansion into related business areas 
• Development of sustainable transport services 
• Industry leading digital service and sales platforms 
• Aftermarket absorption3 rate of at least 1.0 x 
 
The Board has also reviewed Ferronordic’s dividend policy. According to the 
new policy, the ambition for the Company should be to pay at least 50% of net 
income if net debt/EBITDA is less than 1.0, post dividend payment, and to pay 
at least 25% if net debt/EBITDA is more than 1.0. The Board will take several 
factors into account when proposing the level of dividend including legal 
requirements, the articles of association, the Group’s expansion opportunities, 
its financial position and other investment needs. 
1. Ferronordic’s 6M 2024 revenue x 2 is used as a base for growth  
2. Current markets are defined as Ferronordic’s current (Q2 2024) sales area in the US, 
Germany and Kazakhstan. They include expansion to other brands and products and 
expansion of our network in and directly adjacent to our current area  
3. Percentage of fixed costs covered by gross profit from the aftermarket business 
Events after the reporting period 
Other than as mentioned above, there were no significant events after the end 
of the reporting period.

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

Interim report 1 January – 30 September 2024 
 
7 
Segments 
 
From Q4 2023 Ferronordic recognises three separate 
reportable segments: US, Germany and Central Asia (CA) 
(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 Central Asia (CA), 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 
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 
costs1 Total 
SEK m (or as stated) 
 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 
 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 
External revenue  686 - 372 574 82 69     1,141 643 
Equipment and truck sales  336 - 186 396 73 54     594 449 
Service and parts sales  272 - 168 158 9 15     450 173 
Other revenue  78 - 18 20 0 0     96 20 
Gross profit  182 - 14 66 9 9     204 75 
EBITDA  131 - -18 7 3 1 -14 -12 103 -4 
Operating profit  53 - -40 -16 3 0    16 -16 
Group costs  0 - 0 0 0 0 -14 -12 -14 -12 
Operating profit after group costs  53 - -40 -16 3 0 -14 -12 2 -28 
Finance items (net)               -86 -87 
Profit(loss) before tax                -84 -115 
Result for the period              -88 -89  
Gross margin, %   26.5%   3.7% 11.5% 10.4% 13.7%     17.9% 11.7% 
Operating margin, %   7.7% - -10.7% -2.8% 3.1% 0.4%     0.1% -4.4% 
 
   US Germany CA 
Unallocated 
Group  
costs1 Total 
SEK m (or as stated) 
 9M 9M 9M 9M 9M 9M 9M 9M 9M 9M 
 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 
External revenue  2,092 - 1,143 1,717 172 232     3,408 1,948 
Equipment and truck sales  1,131 - 618 1,199 138 186     1,887 1,385 
Service and parts sales  755 - 474 451 34 46     1,264 497 
Other revenue  206 - 51 67 0 0     257 67 
Gross profit  507 - 108 206 22 38     637 244 
EBITDA  370 - -13 53 0 18 -65 -57 292 14 
Operating profit  165 - -79 -10 -2 14   84 4 
Group costs  0 - 0 0 0 0 -65 -57 -65 -57 
Operating profit after group costs  165 - -79 -10 -2 14 -65 -57 19 -53 
Finance items (net)            -93 25 
Profit(loss) before tax             -74 -27 
Result for the period           -99 -19 
Gross margin, %  24.2%  9.5% 12.0% 12.7% 16.4%     18.7% 12.5% 
Operating margin, %  7.9%  -6.9% -0.6% -1.3% 6.2%     0.5% -2.7% 
 
 
 
 
 
1 Both Q3 2024 and Q3 2023 had extraordinary items, including the release of accruals, that lowered the Group costs in the peri ods. The amounts of 
such releases were approximately SEK 7.1m and SEK 6.5m in Q3 2024 and Q3 2023 respectively

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

Interim report 1 January – 30 September 2024 
 
8 
 
 
 
30 September 2024 
 
SEK m US Germany CA 
Group 
assets Total 
Non-current assets 1,682 833 6 7 2,527 
Total assets 2,930 1,516 242 71 4,760 
 
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 
 
 
 
 
 
Segment share of revenue, 
Q3 2024 
 
 
Segment share of total assets, 
30 September 2024 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
US 60%
Germany 33%
CA 7%
US 62%
Germany 32%
CA 5%
Group 1%

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

Interim report 1 January – 30 September 2024 
 
9 
USA  
Unit sales (incl. rental conversion) 
 
 
Revenue by activity (SEKm) 
  
 
Operating profit and operating margin 
 
 
 Market and sales 
US GDP increased by an annualised 2.8% in Q3 2024. Annual headline 
inflation dropped to 2.7% in September. Jobs growth also eased in 
September, leaving more room for lower rates in the future. After the 
elections, market rates however turned higher. Residential and non-
residential construction spending increased by 6.6% and 7.8% respectively in 
9M 2024, compared to 9M 2023. Investments in data centers and battery 
factories have contributed to increased demand in Ferronordic’s area. Federal 
and state programs for infrastructure investment, such as the Bipartisan 
Infrastructure Investment and Jobs Act (IIJA), should continue to support 
demand for machines across the US. 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. In 9M 2024, the market for larger construction equipment (GPE 
segment) in North America declined by 10%. In Ferronordic’s sales area, the 
market is estimated to have decreased by 21%, mainly driven by a decline in 
excavators. Ferronordic’s sales of new machines and conversions in the GPE 
segment in Q3 2024 increased by 2% compared to Q3 2023 and we thus 
gained market share. Sales of Sandvik drills were strong in the quarter. In Q3 
2024, Ferronordic sold 61 new units, 10 used units and 36 units were 
converted to sales from rental. The service and parts business was stable in 
Q3 2024. 
Revenue and operating result 
Revenue in Q3 2024 amounted to SEK 686m, with a gross margin of 26.5%. 
The operating result amounted to SEK 53m. The operating margin was 7.7%. 
In Q3 2024, 49% of revenue was related to sales of new and used equipment 
and conversions, 11% was related to rental and 40% to service and parts.  
Cash flows and balance sheet 
The net working capital at the end of Q3 2024 was SEK 543m, an increase 
compared to Q2 2024 as inventory decreased less than payables. As a 
percentage of full year1 estimated revenue, working capital was 19% at the 
end of Q3 2024. The operating cash flow in Q3 2024 was SEK 337m.  
9M 2024 
In 9M 2024, revenue in the US amounted to SEK 2,092m with a gross margin 
of 24.2%. The operating result amounted to SEK 165m with an operating 
margin of 7.9%. 
 
  2024 2023 % 2024 2023 % 2023 
  Q3 Q3 change 9M 9M change Dec 
New units 61 -  212 -  47 
Conversion from rental, units 36 -  69 -  0 
Used units 10 -  58 -  9 
Revenue, SEK m 686 -  2,092 -  308 
Gross profit, SEK m 182 -  507 -  82 
Operating profit, SEK m 53 -  165 -  25 
Gross margin, % 26.5% -  24.2% -  26.6% 
Operating margin, % 7.7% -  7.9% -  8.0% 
Working capital/LTM Revenue, % 19% -  19% -  17% 
1 Based on annualized 9M 2024 revenue.   
0
20
40
60
80
100
120
Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024
Unit Sales Conversion
0
100
200
300
400
500
600
700
Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024
Equipment sales Aftermarket sales Other
0%
3%
6%
9%
12%
0
20
40
60
80
Q3
2023
Q4
2023
Q1
2024
Q2
2024
Q3
2024
Operating profit (SEK m)
Operating margin (%)

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

Interim report 1 January – 30 September 2024 
 
10 
  Germany 
Unit sales 
 
 
Revenue by activity (SEKm) 
  
 
Operating profit and operating 
margin 
 
 
  Market and sales 
German GDP declined 0.2% in Q3 2024. For the whole 2024, growth is expected 
at 0%. The IFO business climate index and the PMI manufacturing improved 
slightly from September to October. The PMI however continues to point to a deep 
contraction in the manufacturing sector. The business sentiment in the German 
economy in general, and in the automotive sector in particular, is weak. Based on 
registrations of new trucks, the total German market for heavy trucks declined by 
40% in Q3 2024. New trucks registered in Ferronordic’s sales area decreased by 
47% and represented approx. 17% of the total German market. Tractor trucks 
declined more than rigid trucks. Some of Ferronordic’s customers have postponed 
and others have cancelled orders, which has contributed to a higher stock. 
Ferronordic’s sales of trucks in units fell by 60% to 96 compared to a strong Q3 
2023. Used truck sales in units declined 38% to 64 as Ferronordic continued to 
decrease its stock of used trucks and its conventional rental fleet. There is still a 
supply overhang effect from the Covid period. Against the backdrop of a weak 
market, this has led to intensified price competition. As Ferronordic has aimed to 
reduce its inventory in this market context, the Company has decided that it should 
revalue parts of its inventory. A SEK 31m impairment was booked in Q3 2024. 
Service and parts sales however continued to grow in the quarter. Demand for 
aftermarket services remains strong. Ferronordic estimates that it could sell more 
service and parts if it had more technicians.   
 
Revenue and operating result 
Total revenue in Germany decreased by 35% to SEK 372m (574) in Q3 2024. 
Truck sales decreased by 53%. Service and parts sales increased by 6% to 
SEK 168m and as a share of revenue by 18pp to 45%. The gross margin 
decreased to 3.7% (11.5). Excluding the effect of the inventory impairment, the 
gross margin increased to 12%.  
Selling, general and administrative expenses decreased by 27% compared to Q3 
2023 to SEK 60m (82). The operating margin decreased to -10.7% (-2.8). The 
operating result decreased to SEK -40m (-16). Excluding the effect of the inventory 
impairment, the operating result and margin improved to SEK -9m and -2.4%. 
Cash flows and balance sheet 
Cash flows from operating activities amounted to SEK 103m (-88). At the end of 
Q3 2024, working capital was at SEK 462m, which was lower than at year-end 
2023 and Q2 2024. As a percentage of revenue, working capital increased to 27%, 
compared to 26% at the end of Q4 2023. Cash flow from financing activities 
amounted to at SEK -5m (-4). 
9M 2024 
In 9M 2024, revenue in Germany decreased by 33% to SEK 1,143m (1,717) with a 
gross margin of 9.5% (12.0). The operating result amounted to SEK -79m (-10) 
with an operating margin of -6.9% (-0.6). 
  2024 2023 % 2024 2023 % 2023 
  Q3 Q3 change 9M 9M change FY 
New units 96 241 -60% 354 777 -54% 944 
Used units 64 103 -38% 253 278 -9% 394 
Revenue, SEK m 372 574 -35% 1,143 1,717 -33% 2,271 
Gross profit, SEK m 14 66 -79% 108 206 -48% 253 
Operating profit, SEK m -40 -16 -147% -79 -10 -691% -72 
Gross margin, % 3.7% 11.5%  9.5% 12.0%  11.1% 
Operating margin, % -10.7% -2.8%  -6.9% -0.6%  -3.2% 
Working capital/LTM Revenue, % 27% 22%  27% 22%  26% 
0
50
100
150
200
250
300
Q3 2023Q4 2023Q1 2024Q2 2024Q3 2024
Units sales
0
100
200
300
400
500
600
700
Q3 2023Q4 2023Q1 2024Q2 2024Q3 2024
Equipment sales Aftermarket sales Other
-12%
-7%
-2%
-65
-45
-25
-5
15
Q3
2023
Q4
2023
Q1
2024
Q2
2024
Q3
2024
Operating profit (SEK m)
Operating margin (%)

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

Interim report 1 January – 30 September 2024 
 
11 
          Central Asia (CA) 
Unit sales 
 
 
 
Revenue by activity 
 
 
 
Operating profit and operating 
margin 
 
 
 Market and sales 
Kazakhstan's GDP expanded by 4% in 9M 2024 after slowing to 3.2% in 
6M 2024. The IMF forecast for Kazakhstan in 2024 improved to 3.5%. In 2025, 
growth is expected to accelerate to 4.6%, driven by strong budget spending. 
Inflation eased further to 8.3% in September, partly a result of tight monetary 
conditions. In October, the National Bank held its benchmark interest rate 
steady at 14.25%, following a 25 bps cut in September. In August, the Kazakh 
government approved a National Infrastructure Plan until 2029, which includes 
204 projects in energy, transport, digital and water infrastructure sectors worth 
nearly KZT 40trn (USD 82bn). Despite a strong economy and supportive 
government investments, the market for construction equipment remains 
challenging. In Q3 2024, the market is estimated to have grown by 9% but the 
structure of tenders, competition from Chinese equipment and lack of 
customer funding created market hurdles. Ferronordic’s sales of new 
machines in units in Q3 2024 increased to 21, but partly at the expense of 
gross margins. Sales of used construction equipment decreased to 8 units. 
Service and parts sales declined in the quarter as client business activity 
decreased. Ferronordic continues to normalise its inventory position.  
 
Revenue and operating result. 
Total revenue in Kazakhstan increased by 19% to SEK 82m (69). Equipment 
sales increased by 35%, while service and parts sales decreased by 38%. The 
gross margin decreased to 10.4% (13.7) and gross profit was flat SEK 9m (9).    
 
Selling, general and administrative expenses decreased by 23%, partly due to 
currency effects. As a percentage of revenue, these expenses decreased to 
6.5% (10.0), on lower costs and higher revenue. The operating result 
increased to SEK 3m (0), implying an operating margin of 3.1% (0.4).  
Cash flows and balance sheet  
Сash flows from operating activities decreased to SEK 6m (30). Working 
capital increased to SEK 62m, compared to SEK 48m at the end of Q2 2024, 
due to higher receivables and lower payables. As a percentage of revenue, 
working capital was 27% at the end of Q3 2024, compared to 18% at the end 
of Q2 2024.   
9M 2024 
In 9M 2024, new machine sales in units decreased by 35% to 37. Revenue 
decreased by 26% to SEK 172m (232). The gross margin decreased to 12.7% 
(16.4). The operating profit decreased to SEK -2m (14). The operating margin 
declined to -1.3% (6.2). 
 2024 
Q2 
2023 
Q3 
% 
change 
2024 
9M 
2023 
9M 
% 
change 
2023 
FY 
New units 21 17 24% 37 57 -35% 74 
Used units 8 17 -53% 25 46 -46% 54 
Revenue, SEK m 82 69 19% 172 232 -26% 284 
Gross profit, SEK m 9 9 -10% 22 38 -42% 43 
Operating profit, SEK m 3 0 836% -2 14 -115% 9 
Gross margin, % 10.4% 13.7%  12.7% 16.4%  15.0% 
Operating margin adjusted, % 3.1% 0.4%  -1.3% 6.2%  3.1% 
Working capital/LTM Revenue, % 27% 23%  27% 23%  24% 
0
10
20
30
40
Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024
Units sales
-10
10
30
50
70
90
Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024
Equipment sales Aftermarket sales
(SEK m)
-12%
-8%
-4%
0%
4%
8%
12%
-8
-5
-2
1
4
7
Q3
2023
Q4
2023
Q1
2024
Q2
2024
Q3
2024
Operating profit (SEK m)
Operating margin (%)

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

Interim report 1 January – 30 September 2024 
 
12 
Condensed consolidated statement 
of comprehensive income 
  Q3 Q3 9M 9M FY 
SEK m 2024 2023 2024 2023 2023 
Revenue 1,141 643 3,408 1,948 2,863 
Cost of sales -937 -568 -2,771 -1,704 -2,486 
Gross profit 204 75 637 244 377 
Selling expenses -58 -49 -182 -139 -190 
General and administrative expenses -129 -59 -439 -172 -319 
Other income -8 9 19 19 24 
Other expenses -8 -4 -16 -4 -8 
Operating profit 2 -28 19 -53 -115 
Finance income 2 8 7 23 31 
Finance costs -39 -11 -110 -25 -48 
Foreign exchange gains/(-losses) (net) -49 -84 11 27 -21 
Result before income tax  -84 -115 -74 -27 -153 
Income tax -4 26 -25 9 46 
Result for the period -88 -89 -99 -19 -107 
         
Other comprehensive result        
         
Items that are or may be reclassified to profit or loss:        
Foreign currency translation differences for foreign 
operations -20 18 
 
-35 
 
5 -35 
        
Other comprehensive result for the period, net of tax -20 18 
 
-35 
 
5 -35 
Total comprehensive result for the period -108 -72 -134 -14 -142 
         
Earnings per share        
Basic earnings per share (SEK) -6.07 -6.16 -6.80 -1.29 -7.39 
Diluted earnings per share (SEK) -6.07 -6.16 -6.80 -1.29 -7.39

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

Interim report 1 January – 30 September 2024 
 
13 
Condensed consolidated statement of 
financial position 
SEK m 
30 Sept 
2024 
30 Jun 
2024 
31 Dec 
2023 
30 Sept 
2023 
ASSETS        
Non-current assets        
Property, plant and equipment 2,165 2,177 1,828 655 
Intangible assets 234 241 244 88 
Deferred tax assets 128 129 127 109 
Total non-current assets 2,527 2,547 2,199 852 
Current assets  
 
  
 
Inventories 1,363 1,466 1,443 699 
Trade and other receivables 496 653 630 315 
Prepayments 12 5 6 3 
Cash and cash equivalents 360 208 426 950 
Total current assets 2,233 2,331 2,506 1,966 
TOTAL ASSETS 4,760 4,879 4,705 2,819 
   
 
  
 
EQUITY AND LIABILITIES  
 
  
 
Equity  
 
  
 
Share capital 1 1 1 1 
Additional paid in capital 634 630 630 630 
Translation reserve -57 -6 -22 18 
Retained earnings 1,004 1,013 1,120 1,120 
Result for the period -99 -11 -107 -19 
TOTAL EQUITY 1,483 1,627 1,622 1,750 
Non-current liabilities  
 
  
 
Borrowings 999 628 671 69 
Deferred income 5 4 14 18 
Deferred tax liabilities 273 294 277 0 
Long-term lease liabilities 34 49 59 51 
Total non-current liabilities 1,310 976 1,020 138 
Current liabilities  
 
  
 
Borrowings 1,080 1.178 1,024 428 
Trade and other payables 827 1.051 997 470 
Deferred income 10 12 8 8 
Provisions 10 11 12 0 
Short-term lease liabilities 40 23 22 23 
Total current liabilities 1,966 2,276 2,062 930 
TOTAL LIABILITIES 3,277 3,251 3,083 1,068 
TOTAL EQUITY AND LIABILITIES 4,760 4,879 4,705 2,819

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

Interim report 1 January – 30 September 2024 
 
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 2024 1 630 -22 1,013 1,622 
Total comprehensive result for the period           
Result for the period 0 0 0 -99 -99 
Other comprehensive result           
Foreign exchange differences 0 0 -35 0 -35 
Total comprehensive result for the period 0 0 -35 -99 -134 
Contribution by and distribution to owners           
Dividends  0 0 0 0 0 
Other changes in Equity 0 0 0 -9 -9 
Warrant issue 0 4 0 0 4 
Total contributions and distributions 0 4 0 -9 -5 
Balance 30 September 2024 1 634 -57 905 1,483 
 
 
 
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 -19 -19 
Other comprehensive result           
Foreign exchange differences 0 0 5 0 5 
Total comprehensive result for the period 0 0 5 -19 -14 
Contribution by and distribution to owners           
Dividends 0 0 0 -109 -109 
Total contributions and distributions 0 0 0 -109 -109 
Balance 30 September 2023 1 630 18 1,101 1,750

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

Interim report 1 January – 30 September 2024 
 
15 
Condensed consolidated statement of cash flows 
  Q3 Q3 9M 9M 
SEK m 2024 2023 2024 2023 
Cash flows from operating activities       
Result before income tax -84 -115 -75 -27 
Adjustments for:  
 
  
Depreciation and amortization 102 25 274 66 
(Gain)/loss from impairment of receivables 7 2 7 -2 
Profit on disposal of property, plant and equipment 0 
0 0 0 
Finance costs 39 11 110 25 
Finance income 0 -8 -4 -23 
Foreign exchange losses/(gains) (net) 49 84 -11 -27 
Cash flows from operating activities before changes in working 
capital and provisions  113 -2 
 
301 
 
12 
Change in inventories 65 7 93 -226 
Change in trade and other receivables 128 -42 87 40 
Change in prepayments -4 6 -6 -2 
Change in trade and other payables 168 -32 502 46 
Change in provisions -2 0 -2 -1 
Change in deferred income -2 -4 -8 -12 
Cash flows from operating activities before interest and tax paid 466 -67 968 -143 
Income tax paid -1 -13 -44 -18 
Interest paid -37 -7 -103 -12 
Cash flows from operating activities 427 -88 821 -174 
Cash flows from investing activities      
Proceeds from sale of property, plant and equipment -6 0 1 0 
Interest received 2 8 5 24 
Acquisition of property, plant and equipment -109 -38 -527 -127 
Acquisition of intangible assets 0 0 0 0 
Cash flows from investing activities -113 -29 -520 -103 
Cash flows from financing activities      
Dividends 0 0 0 -109 
Proceeds from borrowings 0 0 0 12 
Repayment of loans -133 -1 -329 -360 
Leasing financing paid -6 -3 -20 -10 
Warrant issue 4 0 4 0 
Cash flows from financing activities -135 -4 -346 -468 
Net change in cash and cash equivalents 179 -121 -45 -745 
Cash and cash equivalents at start of the period 207 1,127 426 1,688 
Effect of exchange rate fluctuations on cash and cash equivalents -26 -56 -20 7 
Cash and cash equivalents at end of the period 360 950 360 950

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

Interim report 1 January – 30 September 2024 
 
16 
Parent company income statement 
 
 
  Q3 Q3 9M 9M FY 
SEK m 2024 2023 2024 2023 2023 
Revenue 2 8 10 28 36 
Cost of sales 0 -4 -3 -17 -22 
Gross profit 2 3 7 11 14 
Administrative expenses -3 -14 -44 -80 -118 
Other income 1 7 1 13 21 
Other costs 0 0 0 0 0 
Operating profit 0 -4 -36 -56 -82 
Finance income 38 19 116 49 78 
Finance costs -10 -1 -33 -3 -7 
Foreign exchange gains/(-losses) (net) -44 -61 19 34 -20 
Result before income tax -16 -47 65 25 -30 
Income tax 4 11 -8 -4 6 
Result for the period -12 -36 58 21 -24 
 
 
Total comprehensive result for the period is the same as the Result for the period.

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

Interim report 1 January – 30 September 2024 
 
17 
Parent company balance sheet 
  
SEK m 
30 Sep 
2024 
30 Jun 
2024 
31 Dec 
2023 
 30 Sep                    
2023 
ASSETS        
Non-current assets        
Property, plant and equipment 0 0 0 0 
Intangible assets 0 0 0 0 
Financial assets      
 
Holdings in group companies  288 288 288 288 
Loans to group companies  86 54 66 0 
Deferred tax assets 6 6 6 0 
Total financial assets 380 348 360 288 
Total non-current assets 380 348 360 288 
         
Current assets        
Trade and other receivables 122 44 47 50 
Prepayments  0 0 0 0 
Loans to group companies  1,907 2,077 1,784 867 
Cash and cash equivalents 67 63 266 844 
Total current assets 2,097 2,183 2,097 1,761 
TOTAL ASSETS  2,477 2,532 2,458 2,050 
         
EQUITY AND LIABILITIES        
Equity        
Restricted equity       
Share capital 1 1 1 1 
Unrestricted equity      
 
Share premium reserve  640 640 640 640 
Retained earnings 1.283 1.283 1.308 1.308 
Result for the period 58 71 -24 21 
TOTAL EQUITY  1,982 1,995 1,925 1,970 
         
Non-current liabilities        
Borrowings 458 481 455 0 
Total non-current liabilities 458 481 455 0 
         
Current liabilities        
Trade and other payables 37 55 78 80 
Total current liabilities 37 55 78 80 
TOTAL LIABILITIES  495 536 534 80 
TOTAL EQUITY AND LIABILITIES  2,477 2,532 2,458 2,050

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

Interim report 1 January – 30 September 2024 
 
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. 
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. During the summer US business tends to be lower. 
Rental conversion happens mainly in the 4th quarter. 
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 19 =====

Interim report 1 January – 30 September 2024 
 
19 
 
Result for the period, SEK m 
 
  
2024 
Q3 
2023 
Q3 
2024  
9M 
2023 
9M 
Result attributable to shareholders, SEK m -88 -89 -99 -19 
Average number of shares during the period before dilution, thousand 14,532 14,532 14,532 14,532 
Earnings per share before dilution, SEK -6.07 -6.16 -6.80 -1.29 
Dilution effect 0 0 0  
Average number of shares during the period after dilution, thousand 14,532 14,532 14,532 14,532 
Earnings per share after dilution, SEK -6.07 -6.16 -6.80 -1.29 
 
 
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 20 =====

Interim report 1 January – 30 September 2024 
 
20 
Signatures 
The Board of Directors and the Managing Director declare that the report for the third 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, 14 November 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 been reviewed by the Company’s auditors

===== SIDA 21 =====

Interim report 1 January – 30 September 2024 
 
21 
Key ratios
Financial information for individual quarters 
The financial information below regarding individual quarters 
during the period 1 July 2022 – 30 September 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 
  Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 
SEK m (or as stated) 2022 2022 2023 2023 2023 2023 2024 2024 2024 
Revenue 412 705 631 674 643 915 1,172 1,095 1,141 
Gross profit 57 97 85 84 75 133 231 202 204 
Gross margin, % 13.9% 13.8% 13.4% 12.5% 11.7% 14.5% 19.7% 18.4% 17.9% 
Operating profit 300 -13 -14 -10 -28 -62 21 -4 2 
Operating margin, % -5.0% -1.9% -2.2% -1.5% -4.4% -6.8% 1.8% -0,3% 0.1% 
Result from continuing operations 262 49 7 64 -89 -89 70 
 
-81 
 
-88 
Result for the period 366 -21 7 64 -89 -89 70 -81 -88 
Result per share, SEK 25.20 -1.42 0.46 4.41 -6.16 -6.11 4.83 -5.56 -6.07 
Working capital/LTM Revenue, % 18% 11% 23% 20% 20% 20% 20% 21% 22% 
Cash flow from operations 240 -48 -126 40 -88 147 124 270 427 
Equity/total assets, % 42% 58% 59% 62% 62% 34% 33% 33% 31% 
Return on equity, LTM% 35% 30% 26% 23% -2% -6% -2% -7% -12% 
Return on capital employed, LTM% 31% 11% 11% 11% -1% -3% -2% 
 
-2% 
 
-1% 
 
 
USA 
  Q3 Q4 Q1 Q2 Q3 Dec Q1 Q2 Q3 
SEK m (or as stated) 2022 2022 2023 2023 2023 2023 2024 2024 2024 
Revenue - - - - - 308 699 707 686 
Gross profit - - - - - 82 169 156 182 
Gross margin, % - - - - - 26.6% 24.1% 22.1% 26.5% 
Operating profit - - - - - 25 60 51 53 
Operating margin, % - - - - - 8.0% 8.6% 7.3% 7.7% 
Working capital/LTM Revenue, % - - - - - 17% 13%1 15%1 19%1 
1 Based on annualized revenue for Ferronordic’s US operations  calculated as 9m 2024 / 9 x 12  
 
  
Germany 
  Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 
SEK m (or as stated) 2022 2022 2023 2023 2023 2023 2024 2024 2024 
Revenue 359 616 548 595 574 555 439 332 372 
Gross profit 49 82 68 73 66 47 57 38 14 
Gross margin, % 13.5% 13.4% 12.3% 12.3% 11.5% 8.4% 12.9% 11.4% 3.7% 
Operating profit -5 -2 5 2 -16 -62 -12 -27 -40 
Operating margin, % -1.4% -0.4% 0.8% 0.3% -2.8% -11.1% -2.7% -8.2% -10.7% 
Working capital/LTM Revenue, % 17% 17% 27% 21% 22% 26% 30% 31% 27%

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

Interim report 1 January – 30 September 2024 
 
22 
 
CA 
  Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 
SEK m (or as stated) 2022 2022 2023 2023 2023 2023 2024 2024 2024 
Revenue 53 89 83 80 69 52 34 56 82 
Gross profit 9 15 17 11 9 5 6 8 9 
Gross margin, % 16.7% 16.5% 20.4% 14.4% 13.7% 8.9% 17.1% 13.6% 10.4% 
Operating profit 4 5 7 7 0 -6 -3 -1 3 
Operating margin, % 8.0% 6.1% 8.7% 8.6% 0.4% -10.7% 10.2% -2.3% 3.1% 
Working capital/LTM Revenue, % 18% -3% 17% 32% 23% 24% 29% 23% 27% 
 
 
Net debt 
  Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 
SEK m 2022 2022 2023 2023 2023 2023 2024 2024 2024 
Long term borrowings 340 393 416 70 69 671 610 628 999 
Long term lease liabilities 111 43 38 57 51 59 53 49 34 
Short term borrowings 989 274 418 437 428 1,024 1,071 1,178 1,080 
Short term lease liabilities 78 21 20 24 23 22 26 23 40 
Total interest bearing 
liabilities 1,518 731 892 588 571 1,776 1,759 1,878 2,153 
Cash & cash equivalents 939 1,688 1,574 1,127 950 426 217 208 360 
Net debt / (cash) 579 -957 -681 -539 -378 1,349 1,542 1,671 1,792 
Net debt / EBITDA (times) 0.5 -3.0 -2.0 -1.5 -18.4 -214.7 21.0 9.4 6.6 
 
 
Working capital 
 
  Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 
SEK m 2022 2022 2023 2023 2023 2023 2024 2024 2024 
Inventory 1,326 460 534 718 699 1,443 1,687 1,466 1,363 
Trade and other receivables 856 344 365 263 315 630 678 653 496 
Prepayments 243 1 7 9 3 6 8 5 12 
Trade and other payables 1,117 573 392 509 470 997 1,283 1,051 827 
Deferred income 33 16 12 9 8 8 8 12 10 
Provisions 92 1 0 0 0 12 18 11 10 
Working capital 1,184 215 503 472 538 1,063 1,062 1,049 1,026 
Revenue LTM 6,610 1,973 2,149 2,422 2,653 5,313 5,314 4,938 4,712 
Working capital / Revenue (%) 18% 11% 23% 20% 20% 20% 20% 21% 22%1 
 
1 Based on annualized revenue for Ferronordic’s US operations calculated as 9m 2024 / 9 x 12  
 
Capital employed 
  
  Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 
SEK m 2022 2022 2023 2023 2023 2023 2024 2024 2024 
Long term interest bearing 
liabilities 451 436 455 127 120 730 663 677 1,033 
Short term interest bearing 
liabilities 1,067 295 438 461 451 1,046 1,096 1,201 1,120 
Shareholder equity 2,108 1,873 1,886 1,822 1,750 1,622 1,698 1,627 1,483 
Capital employed 3,626 2,604 2,778 2,411 2,322 3,397 3,457 3,505 3,636 
Average capital employed 2,738 2,336 2,356 2,760 2,974 3,001 3,117 2,958 2,979 
EBIT 818 247 257 277 -66 -115 -80 -84 -43 
Interest income 28 2 7 17 25 31 29 30 15 
Result LTM 846 249 265 293 -41 -84 -51 -53 -29 
Return on capital employed (%) 31% 11% 11% 11% -1% -3% -2% -2% -1%

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

Interim report 1 January – 30 September 2024 
 
23 
Return on equity 
  Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 
SEK m 2022 2022 2023 2023 2023 2023 2024 2024 2024 
Shareholder equity 2,108 1,873 1,886 1,822 1,750 1,622 1,698 1,627 1,483 
Average equity 1,568 1,487 1,486 1,781 1,929 1,748 1,792 1,725 1,617 
Net result LTM 549 440 384 416 -39 -107 -44 -125 -188 
Return on equity (%) 35% 30% 26% 23% -2% -6% -2% -7% -12% 
 
 
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 24 =====

Interim report 1 January – 30 September 2024 
 
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 41 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 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 – 30 September 2024 
 
 
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 14 November 2024 at 07:30 CET. 
Financial calendar 
  
Year-end report January-December 2024 – 20 February 2025 
Annual report 2024 – 11 April 2025 
Interim report January-March 2025 – 15 May 2025 
Conference call 
A presentation for investors, analysts and media will be held 
on 14 November 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=
50049920 
 
To participate via webcast, please use the link below. 
https://ir.financialhearings.com/ferronordic-q3-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