Kvartalsrapport Q4 2024

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

Year-end report 1 January – 31 December 2024 
 
 
1 
 
 Q4 2024: Continued strength in US  
Summary of the fourth quarter, October – December 20241 
Group:  
• 43% revenue increase driven by the 
addition and growth in the US operations. 
• Operating result increased to SEK 2m 
(SEK 19m excluding effects of impairment 
of inventory in Germany and 
Kazakhstan).  
• Net profit increased to SEK 9m, partly 
because of exchange rate effects. 
• Net debt of SEK 1,978m after the 
acquisition of the US operations and 
partly driven by expansion of the rental 
fleet in the US. 
• Total equity decreased to SEK 1,499m. 
USA: 
• Market increased 2% on strong base.  
• Stable revenue on stronger 
conversion of rental fleet and steady 
service and parts sales. 
• Total revenue of SEK 720m. 
• Operating result of SEK 65m. 
• Operating margin of 9.0%. 
Germany:  
• Market declined by 14%.  
• New unit sales increased by 90%. 
• Total revenue increased by 1% to 
SEK 559m. 
• Service and parts sales declined by 4%. 
• SEK 13m impairment of inventory. 
• New truck inventory decreased 47% in Q4 
2024. 
• Operating result of SEK -41m or SEK -28m 
excluding effect of impairment of inventory.  
• Cost reduction program shows results. 
Central Asia (CA):  
• New unit sales were unchanged at 15.  
• Total revenue decreased by 38% to 
SEK 33m. 
• Operating result decreased to SEK -10m.  
• Inventory impairment of SEK 4m. 
43% 
Revenue growth 
2 
Operating profit, SEK m 
 
0.2% 
Operating margin 
 
0,65 
Earnings per share, SEK 
 
 
Selected key group ratios  
SEK m (or as stated) 
2024 
Q4 
2023 
Q4 % 
2024 
12M 
2023 
12M 
 
% 
Revenue 1,312 915 43% 4,720 2,863 65% 
Gross profit 216 133 62% 853 377 126% 
Operating profit 2 -62 104% 21 -115 118% 
Result for the period 9 -89 111% -89 -107 17% 
Earnings per share, SEK2 0.65 -6.11 111% -6.15 -7.39 17% 
Cash flow from operations -480 147  340 -27  
Net debt (cash) 1,978 1,349  1,978 1,349  
           
Gross margin, % 16.5% 14.5% 1.9pp 18.1% 13.2% 4.9pp 
Operating margin, % 0.2% -6.8% 6.9pp 0.4% -4.0% 4.5pp 
Working capital/LTM Revenue, % 23% 20% 2.6pp 23% 20% 2.6pp 
Equity/total assets, % 30% 34% -4.1pp 30% 34% -4.1pp 
Return on capital employed, % 1% -3% 3.6pp 1% -3% 3.6pp 
Return on equity, % -6% -6% 0.4pp -6% -6% 0.4pp 
 
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. 
 
 
Year-end report 1 January – 31 December 2024

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

Year-end report 1 January – 31 December 2024 
 
 
2 
 
US strength continues  
 
In the fourth quarter of 2024 we saw continued strong 
performance in the US with good margin development and 
cash generation. In Germany and Kazakhstan, we continued 
to reduce our balance sheet position to create a robust 
platform for profitable growth going forward.  
 
The US market sentiment is generally good. Customers are 
optimistic and expect activity in construction and natural 
resources to increase. Dealers however hold elevated levels 
of machines in inventories and rental fleets. In the fourth 
quarter, the market for construction equipment in North 
America was largely unchanged from a very strong 2023. Our 
machines sales overall grew by 22% and we thus continued to 
gain market share. Our total revenue in the US in the fourth 
quarter was SEK 720m with an operating profit of SEK 65m, 
implying a strong operating margin of 9.0%. We also saw 
good cash generation. Service and parts sales were stable 
quarter-on-quarter. Inventory and rental fleet at the end of 
2024 were higher than at the end of 2023. This is in line with 
our strategy to take market share in the important articulated 
hauler and excavator segments. Over time, we see potential 
to grow market share further and expand the machine 
population for our service and parts business. We also see 
potential to improve profitability by capturing a larger share of 
service and parts sales. We have initiated numerous projects 
during the year to this end, including further digitalization and 
development of our CRM, automatic lead generation and 
improved branding and marketing. We see potential for further 
expansion in the US when the time and opportunity is right.  
 
In Germany, the market sentiment remained subdued. 
Economic activity dropped in the quarter and the German 
economy declined for a second consecutive year in 2024. The 
market for trucks declined by 14% in the quarter. Despite 
weak demand, OEMs and dealers continued to push trucks 
into the market, resulting in further price pressure. Our 
deliveries of new trucks, in units, almost doubled during the 
quarter on a combination of continued efforts to clear out old 
stock and strong order intake of new trucks in the previous 
quarter. We gained significant market share and decreased 
stock, but at the expense of low or negative margins. Given 
the current market conditions, we recognized impairment of 
another SEK 13m on our remaining stock. The new truck 
inventory level at the end of the quarter was SEK 166m, 
compared to 406m 2023. Service and parts sales were stable. 
Demand for repair and maintenance is high, but we struggle 
to find skilled technicians for the right locations and positions. 
This is a key focus area for 2025, and we have launched 
several initiatives to address the issue, including attracting 
technicians from around the world to Germany. On a positive 
note, our electric rental business continues to develop well, 
and our cost reduction program continues to show results. 
Our cost run rate is now in line with target.  
Overall, revenue in Germany increased by 1% to 
SEK 559m. The operating result, including impairment, was  
SEK -41m. This is of course disappointing. With a leaner 
organization and a balanced inventory position, however, we 
are more resilient and in a good position to leverage on the 
organization that we have built so far. 
 
In Kazakhstan, our sales of new machines, measured in units, 
was unchanged at 15. We also gave up margins to clear out 
old inventory and recognized an impairment of SEK 4m. Our 
total inventory in Kazakhstan at year-end amounted to 
SEK 107m compared to SEK 229m at the end of 2023. In 
Kazakhstan we are now also in a stronger position to capture 
opportunities in a growing market. 
Total revenue decreased to SEK 33m, or 2.5% of the 
Group’s turnover. The operating result was SEK -10m. 
 
For the Group, revenue increased by 43% to SEK 1,312m. 
The operating result amounted to SEK 2m, or SEK 19m 
excluding the effect of the impairment of inventory in Germany 
and Kazakhstan. The net result was positively impacted by 
the depreciation of the Swedish krona. The Group's net debt 
increased to SEK 1,978m, 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 
and currency effects. Given the negative net result for 2024, 
the Board recommends that no dividend is paid.   
 
Outlook 
We are optimistic about our expansion into the US and the 
business opportunities we see. Demand is supported by a 
dynamic economy and a significant need to upgrade the 
country’s infrastructure. While the new administration has 
paused many government initiatives, federal and state 
infrastructure programs are expected to continue to support 
demand. We also expect further large construction projects 
involving data centers and logistics hubs in the US Midwest.  
The German economy remains weak. We have taken actions 
to cut costs and make our organization and balance sheet 
more resilient. We are confident that demand in the service 
and parts business will remain strong and are 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 opportunities in the market.  
 
Lars Corneliusson 
President and CEO 
We are optimistic about the opportunities in the US"

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

Year-end report 1 January – 31 December 2024 
 
3 
Group 
Revenue by segment (SEKm) 
 
 
 
 
 
Operating profit and operating 
margin (adjusted*) 
 
 
 
 
 
EPS and net margin 
  
 
 
 
 
 
 
 
 
 
 Revenue 
In Q4 2024, the revenue of the Group increased by 43% to SEK 1,312m 
(915). Sales of equipment and trucks increased by 31% and service and parts 
sales increased by 59%. Other revenue, mainly consisting of rental sales, 
increased by 162%. The increase in sales was mainly related to the addition 
of the US operations from 1 December 2023. Excluding the US operations, 
total revenue decreased by 3% to SEK 592m.   
In 12M 2024, the Group revenue increased by 65% to SEK 4,720m (2,863). 
The sales of trucks and equipment increased by 35% and service and parts 
sales increased by 122%, mainly as a result of the Group's acquisition of the 
operations in the US in November 2023. 
Gross profit and operating result 
In Q4 2024, the gross margin for the Group increased to 16.5% (14.5). As a 
result of higher revenue and higher gross margin, gross profit increased by 
62% to SEK 216m (133). The gross margin was positively affected by the 
addition of the US business. In Q4 2024, the gross margin was negatively 
impacted by an impairment of inventory of SEK 13m in Germany and SEK 4m 
in Kazakhstan.  
As a percentage of revenue, selling, general and administrative expenses 
decreased in Q4 2024 to 15.6% (21.5). The operating result for Q4 2024 
increased by 104% to SEK 2m (-62). The operating margin during the quarter 
increased from -6.8% to 0.2%.  
In 12M 2024, the gross margin increased to 18.1% (13.2). As a result of 
higher margin and higher revenue, gross profit increased by 126% to 
SEK 853m (377).  
As a percentage of revenue, selling, general and administrative expenses 
decreased in 12M 2024 to 17.5% (17.8). The operating result for 12M 2024 
increased by 118% to SEK 21m (-115). The operating margin increased from 
-4.0% to 0.4%. 
Inventories are measured at the lower of cost and net realizable value. If the 
estimated net realizable value is lower than cost, a write down of inventories 
is made (IAS 2). Due to a supply-demand imbalance in the market for trucks 
in Germany, Ferronordic saw a growing price competition and margin 
pressure throughout 2024. Meanwhile, Ferronordic has seen weak demand 
for some of its older stock in Kazakhstan. As a result, the Company decided 
to recognize an impairment on trucks in Germany and machines in 
Kazakhstan for which there are no customer orders. The effect of the 
impairment was SEK 13m and SEK 4m in Germany and Kazakhstan 
respectively in Q4 2024. In 12M 2024 the effect of the impairment was SEK 
44m in Germany and SEK 4m in Kazakhstan. 
Net income 
In Q4 2024, finance costs (net) amounted to SEK -34m (-15). 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 gains (net) amounted to SEK 66m (-49.0) in Q4 2024, 
mainly as the Swedish krona depreciated against the US dollar and the euro.  
The result before income tax for Q4 2024 increased to SEK 34m (-126). The 
result for Q4 2024 increased to SEK 9m (-89).   
  
In 12M 2024, finance costs (net) increased to SEK -138m (-17). Foreign 
exchange gains (net) were SEK 77m (-21). The result before income tax for 
0
200
400
600
800
1,000
1,200
1,400
Q4
2023
Q1
2024
Q2
2024
Q3
2024
Q4
2024
CA Germany US
-10%
-7%
-4%
-1%
2%
-65
-55
-45
-35
-25
-15
-5
5
15
25
Q4
2023
Q1
2024
Q2
2024
Q3
2024
Q4
2024
Operating profit (SEKm)
Operating margin (%)
-30%
-20%
-10%
0%
10%
-7
-5
-3
-1
1
Q4
2023
Q1
2024
Q2
2024
Q3
2024
Q4
2024
Earnings per share (SEK)
Net margin (%)

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

Year-end report 1 January – 31 December 2024 
 
4 
 
 
 
Net working capital and  
% LTM revenue 
 
 
 
 
 
Operating cash flow per quarter 
and over LTM 
 
 
 
 
Property, plant and equipment and 
capital expenditures 
 
 
 
 
 
 
 
 
 
12M 2024 increased by 74% to SEK -40m (-153). The result for 12M 2024 
increased by 17% to SEK -89m (-107). 
Earnings per share 
Earnings per share before dilution in Q4 2024 amounted to SEK 0,65 (-6,11).  
Earnings per share before dilution in 12M 2024 amounted to SEK -6.15  
(-7,39).  
Cash flows 
In Q4 2024, cash flows from operating activities decreased to SEK -480m  
(147). Working capital at the end of Q4 2024 was SEK 1,068m, largely 
unchanged compared to the end of Q4 2023 at SEK 1,063m. As a percentage 
of revenue, working capital increased to 23% (20.0% at the end of 2023) in 
Q4 2024, mainly due to lower payables.  
 
Cash flow from investing activities in Q4 2024 amounted to  
SEK 553m (-1,112). The investment in 2023 was related to the acquisition of 
the US business. 
 
In 12M 2024, cash flows from operating activities increased to  
SEK 340m (-27). Higher cash flows were partly a result of lower inventories 
and receivables.  
 
Cash flows from investing activities during 12M 2024 amounted to SEK 33m 
(-1,215). Investments in 2023 were mainly related to the acquisition of the US 
business. 
Financial position 
On 31 December 2024, cash and cash equivalents amounted to SEK 363m, a 
decrease of SEK 63m compared to the end of 2023. Cash decreased mainly 
as a result of repayment of loans and purchase of machines to the US rental 
business.  
At the end of Q4 2024, interest-bearing liabilities (including lease liabilities 
and effects of IFRS-16) amounted to SEK 2,340m, an increase of SEK 565m 
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 financing of equipment for the rental fleet. The movement from 
trade payables to interest-bearing liabilities has no effect on cash flows. The 
net debt increased from SEK 1,349m at the end of Q4 2023 to SEK 1,978m at 
the end of Q4 2024, mainly as a result of the expansion of the rental fleet in 
the US. 
On 31 December 2024, property, plant and equipment (PP&E) amounted to 
SEK 2,317m, an increase of SEK 489m from SEK 1,828m at the end of 2023. 
The increase is mainly related to the expansion of the US rental fleet. 
On 31 December 2024, equity amounted to SEK 1,499m, a decrease of 
SEK 123m compared to the end of 2023. The decrease was partly a result of 
a negative Group result. 
Parent company 
In Q4 2024, the revenue of the Parent Company decreased to SEK -7m (9), 
mainly due to less equipment trading with subsidiaries but also as royalty that 
had been accrued from subsidiaries was reversed in the quarter. 
Administrative expenses decreased by 100% to SEK 0m (38), partly due to 
the release of bonus accruals. The operating result increased to SEK -6m  
(-26). The result for the quarter increased to SEK 37m (-45) mainly due to 
higher finance income and positive foreign exchange effects.  
In 12M 2024, the revenue of the Parent company decreased to SEK 3m (36). 
Administrative expenses decreased by 63% to SEK 43m (118). The operating 
-5%
0%
5%
10%
15%
20%
25%
30%
-200
0
200
400
600
800
1,000
1,200
Q4
2023
Q1
2024
Q2
2024
Q3
2024
Q4
2024
Net working capital (SEKm)
Net working capital as % of LTM revenue
-600
-400
-200
0
200
400
600
800
1,000
Q4
2023
Q1
2024
Q2
2024
Q3
2024
Q4
2024
Cash flow from operations LTM (SEKm)
Cash flow from operations per quarter (SEKm)
0%
10%
20%
30%
40%
Q4
2023
Q1
2024
Q2
2024
Q3
2024
Q4
2024
0
500
1,000
1,500
2,000
2,500
Property plant and equipment (SEKm)
CAPEX LTM/PPE, %

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

Year-end report 1 January – 31 December 2024 
 
5 
 
 
 
 
 
 
Net debt and net debt/EBITDA 
 
 
 
 
 
 
 
Currency index last 5 quarters 
(indexed 1 October 2023) 
 
result increased to SEK -42m (-82) in 12M 2024. The result for 12M 2024 
increased to SEK 96m (-24), partly due to positive foreign exchange effects. 
Foreign exchange rates 
The following foreign exchange rates have been used to translate the 
Q4 2024 (Q4 2023) results to the presentation currency: 
• Average rates of SEK/EUR 11.43 (-0,5% vs 11.48) and SEK/USD 10.57    
(-1,1% vs 10,69) have been used to translate the income statements. 
• End of period rates of SEK/EUR 11.49 (3,5% vs 11.10) and 
SEK/USD 11,00 (9,5% vs 10.04) 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 Q4 2024, the number of full-time equivalent employees in the 
Group was 794 (827), of which 370 (399) related to Germany, 363 (355) to 
USA, 44 (54) to Kazakhstan and 17 (19) occupied Group functions. 
Sustainability 
In Q4 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 new administration has discussed raising import 
tariffs and introducing other trade restrictions. This could pose risk to 
Ferronordic, which depends on importing 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. 
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, 
-215.0
-165.0
-115.0
-65.0
-15.0
35.0
85.0
135.0
185.0
235.0
-1,000
-500
0
500
1,000
1,500
2,000
Q4
2023
Q1
2024
Q2
2024
Q3
2024
Q4
2024
Net debt (SEKm)
Net debt / EBITDA (%)
90
95
100
105
110
115
Q4
2023
Q4
2023
Q1
2024
Q2
2024
Q3
2024
Q4
2024
SEK/EUR SEK/USD SEK/100 KZT

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

Year-end report 1 January – 31 December 2024 
 
6 
Ferronordic expects to save approx. SEK 60m annually, starting from 
Q3 2024.      
Events after the reporting period 
Other than as mentioned above, there were no significant events after the end 
of the reporting period.

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

Year-end report 1 January – 31 December 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 Total2 
SEK m (or as stated) 
Q4 Q4 Q4 Q4 Q4 Q4 Q4 Q4 Q4 Q4 
2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 
External revenue 720 308 559 555 33 52     1,312 915 
Equipment and truck sales 419 212 383 379 21 39     824 630 
Service and parts sales 236 80 151 157 12 14     399 251 
Other revenue 65 15 25 19 0 0     90 34 
Gross profit 179 82 40 47 -3 5     216 133 
EBITDA 130 39 -18 -35 -9 -5 -12 -19 90 -20 
Operating profit 65 25 -41 -62 -10 -6    14 -43 
Group costs 0 0 0 0 0 0 -12 -19 -12 -19 
Operating profit after group costs 65 25 -41 -62 -10 -6 -12 -19 2 -62 
Finance items (net)            32 -64 
Profit(loss) before tax             34 -126 
Result for the period            9 -89 
Gross margin, % 24.8% 26.6% 7.2% 8.4% -10.5% 8.9%     16.5% 14.5% 
Operating margin, % 9.0% 8.0% -7.3% -11.1% -30.5% -10.7%     0.2% -6.8% 
 
 US Germany CA 
Unallocated 
Group  
costs1 Total2 
SEK m (or as stated) 
12M 12M 12M 12M 12M 12M 12M 12M 12M 12M 
2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 
External revenue 2,813 308 1,702 2,271 205 284     4,720 2,863 
Equipment and truck sales 1,550 212 1,001 1,578 159 224     2,710 2,015 
Service and parts sales 991 80 625 608 46 60     1,662 748 
Other revenue 272 15 76 85 0 0     347 101 
Gross profit 686 82 149 253 19 43     853 377 
EBITDA 500 39 -31 18 -9 13 -77 -76 383 -7 
Operating profit 230 25 -120 -72 -12 9   97 -38 
Group costs 0 0 0 0 0 0 -77 -76 -77 -76 
Operating profit after group costs 230 25 -120 -72 -12 9 -77 -76 21 -115 
Finance items (net)           -61 -39 
Profit(loss) before tax            -40 -153 
Result for the period           -89 -107 
Gross margin, % 24.4% 26.6% 8.7% 11.1% 9.0% 15.0%     18.1% 13.2% 
Operating margin, % 8.2% 8.0% -7.0% -3.2% -5.9% 3.1%   0.4% -4.0% 
 
 
1 Q4 2024 had extraordinary items, including the release of accruals, that lowered the Group costs in the periods. The amounts of such releases 
were approximately SEK 6,3m in Q4 2024.  
2 As a result of weaker demand for some of Ferronordic’s products, the Company decided to revalue parts of its inventory in Ger many and 
Kazakhstan in 3Q and 4Q 2024. In Q4 2024, the effect of the impairment was SEK 13m in Germany and SEK 4m in Kazakhstan. In 12M 2024, the 
effect of the impairment was SEK 44m in Germany and SEK 4m in Kazakhstan.

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

Year-end report 1 January – 31 December 2024 
 
8 
31 December 2024 
 
SEK m US Germany CA 
Group 
assets Total 
Non-current assets 1,760 923 13 0 2,697 
Total assets 3,054 1,458 183 246 4,941 
 
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, 
Q4 2024 
 
 
Segment share of total assets, 
31 December 2024 
 
 
 
 
 
 
31 December 2024 
 
SEK m US Germany CA 
Group 
assets Total 
Property, plant and equipment 1,600 711 5 0 2,317 
Real Estate 227 236 0 0 464 
Rental Fleet 1,264 336 0 0 1,599 
Right-of-use assets 19 45 0 0 64 
Other PPE 90 94 5 0 190 
 
31 December 2023 
 
SEK m US Germany CA 
Group 
assets Total 
Property, plant and equipment 1,201 618 8 1 1,828 
Real Estate 205 224 0 0 429 
Rental Fleet 874 246 0 0 1,120 
Right-of-use assets 15 66 0 0 81 
Other PPE 107 82 8 1 198 
 
 
  
US 55%
Germany 43%
CA 2%
US 62%
Germany 29%
CA 4%
Group 5%

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

Year-end report 1 January – 31 December 2024 
 
9 
USA  
Unit sales (incl. rental conversion) 
 
 
Revenue by activity (SEKm) 
  
 
Operating profit and operating margin 
 
 
 Market and sales 
The US economy continued to expand in Q4 2024, as GDP increased by an 
annualised 2.5%. Residential and non-residential construction spending 
increased by 6.1% and 3.0% respectively in December 2024. Investments in 
data and logistics centres have contributed to increased demand in 
Ferronordic’s area but resource companies are also turning more optimistic 
about future prospects. Given uncertainty on policy from the new 
administration, the range of forecasts for economic growth in 2025 is between 
1.5% and 2.7%. Many government investment programs have been 
temporarily paused but the need for infrastructure investment in the US has 
previously been a matter of bipartisan consensus. Dealers have accumulated 
stock during 2024 and there are some signs of growing price competition. In 
Q4 2024, the market for larger construction equipment (GPE segment) in 
North America was flat (+1%) compared to Q4 2023. In Ferronordic’s sales 
area, the market is estimated to have decreased by 6%, mainly driven by a 
decline in excavators. Ferronordic’s sales of new machines and conversions 
from rental fleet however increased by 22% compared to Q4 2023 in the GPE 
segment and the Company thus gained market share. Ferronordic increased 
its sales of excavators and wheel loaders in the quarter. In Q4 2024, 
Ferronordic sold 65 new units, 22 used units and 53 units were converted to 
sales from rental. The service and parts business was stable in Q4 2024. 
Revenue and operating result 
Revenue in Q4 2024 amounted to SEK 720m, with a gross margin of 24.8%. 
The operating result amounted to SEK 65m. The operating margin was 9.0%. 
In Q4 2024, 58% of revenue was related to sales of new and used equipment 
and conversions, 9% was related to rental and 33% to service and parts.  
Cash flows and balance sheet 
The net working capital at the end of Q4 2024 was SEK 587m, an increase 
compared to SEK 469m in Q4 2023 as inventory increased more than 
payables. As a percentage of full year revenue, working capital was 21% at 
the end of Q4 2024. The operating cash flow in Q4 2024 was SEK -455m.  
12M 2024 
In 12M 2024, revenue in the US amounted to SEK 2,813m with a gross 
margin of 24.4%. The operating result amounted to SEK 230m with an 
operating margin of 8.2%. 
 
  2024 2023 % 2024 2023 % 
  Q4 Q4 change 12M 12M change 
New units 65 47 n/a 277 47 n/a 
Conversion from rental, units 53 5 n/a 122 5 n/a 
Used units 22 4 n/a 80 4 n/a 
Revenue, SEK m 720 308 n/a 2,813 308 n/a 
Gross profit, SEK m 179 82 n/a 686 82 n/a 
Operating profit, SEK m 65 25 n/a 230 25 n/a 
Gross margin, % 24.8% 26.6%  24.4% 26.6%  
Operating margin, % 9% 8%  8.2% 8%  
Working capital/LTM Revenue, % 21% 17%  21% 17%  
  
0
20
40
60
80
100
120
140
Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Unit Sales Conversion
0
100
200
300
400
500
600
700
Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Equipment sales Aftermarket sales Other
0%
3%
6%
9%
12%
0
20
40
60
80
Q4
2023
Q1
2024
Q2
2024
Q3
2024
Q4
2024
Operating profit (SEK m)
Operating margin (%)

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

Year-end report 1 January – 31 December 2024 
 
10 
  Germany 
Unit sales 
 
 
Revenue by activity (SEKm) 
  
 
Operating profit and operating 
margin 
 
 
  Market and sales 
German GDP declined 0.2% in Q4 2024 and by the same 0.2% in full year 2024. In 
2025, growth is expected at 0%. The IFO business climate index and the PMI 
manufacturing declined in December. The PMI points 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 14% in Q4 2024 and by 
13% in full year 2024. Tractor trucks declined but rigid trucks increased. New trucks 
registered in Ferronordic’s sales area decreased by 8% in Q4 2024 and represented 
approx. 19% of the total German market. Manufacturers and dealers have however 
pushed trucks into the market despite weak demand, which has resulted in price 
competition and margin compression. Ferronordic continued to reduce its old stock at 
low and sometimes negative margins. In addition, Ferronordic also saw strong truck 
deliveries of orders taken in Q3 2024. Ferronordic’s sales of trucks in units increased 
by 90% to 317, compared to 167 in Q4 2023 and 96 in Q3 2024. Used truck sales in 
units declined 59% to 47 as Ferronordic continued to decrease its stock of used 
trucks and its conventional rental fleet. Given the current market conditions, 
Ferronordic has recognized an impairment of another SEK 13m on its remaining 
inventory of trucks. Total inventory declined to SEK 262m in Q4 2024 from SEK 
574m in Q4 2023. Service and parts sales remained stable in the quarter. Demand 
for aftermarket services remains strong but Ferronordic experiences a lack of 
mechanics on the market for some of its workshops.    
 
Revenue and operating result 
Total revenue in Germany increased by 1% to SEK 559m (555) in Q4 2024. Truck 
sales increased by 1%. Service and parts sales decreased by 4% to SEK 151m and 
as a share of revenue by 1pp to 27%. The gross margin decreased to 7.2% (8.4). 
Excluding the effect of the inventory impairment, the gross margin increased to 9.6%.  
Selling, general and administrative expenses decreased by 37% compared to Q4 
2023 to SEK 68m (108). The operating margin increased to -7.3% (-11.1). The 
operating result increased to SEK -41m (-62). Excluding the effect of the inventory 
impairment, the operating result and margin improved to SEK -28m and -5.0%. 
Cash flows and balance sheet 
Cash flows from operating activities amounted to SEK 123m (68). Inventories 
declined more than payables and at the end of Q4 2024, working capital was at 
SEK 392m, or SEK 198m lower than in Q4 2023. As a percentage of revenue, 
working capital decreased to 23% compared to 26% at the end of Q4 2023. 
12M 2024 
In 12M 2024, revenue in Germany decreased by 25% to SEK 1,702m (2,271) with a 
gross margin of 8.7% (11.1). The operating result amounted to SEK -120m (-72) with 
an operating margin of -7.0% (-3.2). 
  2024 2023 % 2024 2023 % 
  Q4 Q4 change 12M 12M change 
New units 317 167 90% 671 944 -29% 
Used units 47 116 -59% 300 394 -24% 
Revenue, SEK m 559 555 1% 1,702 2,271 -25% 
Gross profit, SEK m 40 47 -13% 149 253 -41% 
Operating profit, SEK m -41 -62 34% -120 -72 -67% 
Gross margin, % 7.2% 8.4%  8.7% 11.1%  
Operating margin, % -7.3% -11.1%  -7.0% -3.2%  
Working capital/LTM Revenue, % 23% 26%  23% 26%  
0
50
100
150
200
250
300
Q4 2023Q1 2024Q2 2024Q3 2024Q4 2024
Units sales
0
100
200
300
400
500
600
700
Q4 2023Q1 2024Q2 2024Q3 2024Q4 2024
Equipment sales Aftermarket sales Other
(SEK m)
-12%
-7%
-2%
-65
-45
-25
-5
15
Q4
2023
Q1
2024
Q2
2024
Q3
2024
Q4
2024
Operating profit (SEK m)
Operating margin (%)

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

Year-end report 1 January – 31 December 2024 
 
11 
          Central Asia (CA) 
Unit sales 
 
 
 
Revenue by activity 
 
 
 
Operating profit and operating 
margin 
 
 
 Market and sales 
Kazakhstan's GDP expanded by 4.8% in 2024 despite a decline in oil 
production. Strong growth was recorded in agriculture and construction. Inflation 
slowed down from 9.8% in 2023 to 8.6% in 2024. By the end of 2024, the 
Kazakh tenge however lost approx. 15% of its value against the US dollar, 
reflecting the depreciation of the Russian ruble and lower oil prices. As a result, 
the National Bank increased its base rate in December by 100 bps to 15.25%. 
High financing costs and poor access to funding is a limiting factor in the 
Kazakh market for construction equipment. In Q4 2024, the market for larger 
construction equipment (GPE segment) in Kazakhstan grew by 78% from a low 
Q4 2023. In 2024, the market increased by 35% compared to 2023.    
Ferronordic’s sales of new machines in units in Q4 2024 remained unchanged 
at 15 (15). Sales of used construction equipment increased to 10 (8) units. 
Ferronordic continued to reduce its inventory position and sold machines at low 
or negative margins in the quarter. Given the age and current market conditions 
for some of Ferronordic’s residual machines at year-end, a SEK 4m impairment 
was recognized. Total inventory declined to SEK 107m in Q4 2024 from 
SEK 229m in Q4 2023. Service and parts sales recovered from Q3 2024 but 
were lower than in Q4 2023.  
 
Revenue and operating result. 
Total revenue in Kazakhstan decreased by 38% to SEK 33m (52). Equipment 
sales decreased by 45%, while service and parts sales decreased by 16%. The 
gross margin decreased to -10.5% (8.9) and gross profit declined to  
SEK -3m (5).    
 
Selling, general and administrative expenses decreased by 2%. As a 
percentage of revenue, these expenses increased to 24% (15.3) on lower 
revenue. The operating result decreased to SEK -10m (-6), implying an 
operating margin of -30.5% (-10.7).  
Cash flows and balance sheet  
Сash flows from operating activities decreased to SEK -69m (23) as payables 
were settled at the end of the quarter. Working capital increased to SEK 113m, 
compared to SEK 67m at the end of Q3 2024, mainly due to lower payables and 
largely unchanged receivables. As a percentage of revenue, working capital 
was 55% at the end of Q4 2024, compared to 27% at the end of Q3 2024.   
12M 2024 
In 12M 2024, new machine sales in units decreased by 28% to 52. Revenue 
decreased by 28% to SEK 205m (284). The gross margin decreased to 9.0% 
(15.0). The operating profit decreased to SEK -12m (9). The operating margin 
declined to -5.9% (3.1). 
 2024 
Q4 
2023 
Q4 
% 
change 
2024 
12M 
2023 
12M 
% 
change 
New units 15 15 0% 52 72 -28% 
Used units 10 8 25% 35 54 -35% 
Revenue, SEK m 33 52 -38% 205 284 -28% 
Gross profit, SEK m -3 5 -174% 19 43 -57% 
Operating profit, SEK m -10 -6 -77% -12 9 -239% 
Gross margin, % -10.5% 8.9%  9% 15%  
Operating margin adjusted, % -30.5% -10.7%  -5.9% 3.1%  
Working capital/LTM Revenue, % 55% 24%  55% 24%  
0
10
20
30
40
Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Units sales
-10
10
30
50
70
90
Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Equipment sales Aftermarket sales
(SEK m)
-30%
-26%
-22%
-18%
-14%
-10%
-6%
-2%
2%
-10
-7
-4
-1
2
Q4
2023
Q1
2024
Q2
2024
Q3
2024
Q4
2024
Operating profit (SEK m)
Operating margin (%)

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

Year-end report 1 January – 31 December 2024 
 
12 
Condensed consolidated statement 
of comprehensive income 
  Q4 Q4 12M 12M 
SEK m 2024 2023 2024 2023 
Revenue 1,312 915 4,720 2,863 
Cost of sales -1,096 -782 -3,867 -2,486 
Gross profit 216 133 853 377 
Selling expenses -57 -50 -239 -190 
General and administrative expenses -147 -147 -587 -319 
Other income -11 5 8 24 
Other expenses 2 -3 -14 -8 
Operating profit 2 -62 21 -115 
Finance income 3 8 10 31 
Finance costs -37 -23 -147 -48 
Foreign exchange gains/(-losses) (net) 66 -49 77 -21 
Result before income tax  34 -126 -40 -153 
Income tax -25 37 -50 46 
Result for the period 9 -89 -89 -107 
       
Other comprehensive result      
       
Items that are or may be reclassified to profit or loss:      
Foreign currency translation differences for foreign 
operations -4 -40 -39 -35 
       
Other comprehensive result for the period, net of tax -4 -40 -39 -35 
Total comprehensive result for the period 5 -128 -128 -142 
       
Earnings per share      
Basic earnings per share (SEK) 0.65 -6.11 -6.15 -7.39 
Diluted earnings per share (SEK) 0.65 -6.11 -6.15 -7.39

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

Year-end report 1 January – 31 December 2024 
 
13 
Condensed consolidated statement of 
financial position 
SEK m 
31 Dec 
2024 
30 Sep 
2024 
31 Dec 
2023 
ASSETS      
Non-current assets      
Property, plant and equipment 2,317 2,165 1,828 
Intangible assets 248 234 244 
Deferred tax assets 132 129 127 
Total non-current assets 2,697 2,528 2,199 
Current assets  
 
  
Inventories 1,253 1,363 1,443 
Trade and other receivables 617 496 630 
Prepayments 11 12 6 
Cash and cash equivalents 363 360 426 
Total current assets 2,245 2,233 2,506 
TOTAL ASSETS 4,941 4,760 4,705 
   
 
  
EQUITY AND LIABILITIES  
 
  
Equity  
 
  
Share capital 1 1 1 
Additional paid in capital 635 634 630 
Translation reserve -61 -57 -22 
Retained earnings 1,013 1,004 1,120 
Result for the period -89 -99 -107 
TOTAL EQUITY 1,499 1,483 1,622 
Non-current liabilities  
 
  
Borrowings 1,013 999 671 
Deferred income 7 5 14 
Deferred tax liabilities 281 273 277 
Long-term lease liabilities 37 34 59 
Total non-current liabilities 1,338 1,310 1,020 
Current liabilities  
 
  
Borrowings 1,263 1,080 1,024 
Trade and other payables 794 827 997 
Deferred income 11 10 8 
Provisions 8 10 12 
Short-term lease liabilities 28 40 22 
Total current liabilities 2,104 1,966 2,062 
TOTAL LIABILITIES 3,442 3,277 3,083 
TOTAL EQUITY AND LIABILITIES 4,941 4,760 4,705

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

Year-end report 1 January – 31 December 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 -89 -89 
Other comprehensive result           
Foreign exchange differences 0 0 -39 0 -39 
Total comprehensive result for the period 0 0 -39 -89 -128 
Contribution by and distribution to owners           
Dividends  0 0 0 0 0 
Other changes in Equity 0 0 0 0 0 
Warrant issue 0 5 0 0 5 
Total contributions and distributions 0 5 0 0 5 
Balance 31 December 2024 1 635 -61 924 1,499 
 
 
 
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 -107 -107 
Other comprehensive result           
Foreign exchange differences 0 0 -35 0 -35 
Total comprehensive result for the period 0 0 -35 -107 -142 
Contribution by and distribution to owners           
Dividends 0 0 0 -109 -109 
Total contributions and distributions 0 0 0 -109 -109 
Balance 31 December 2023 1 630 -22 1,013 1,622

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

Year-end report 1 January – 31 December 2024 
 
15 
Condensed consolidated statement of cash flows 
  Q4 Q4 12M 12M 
SEK m 2024 2023 2024 2023 
Cash flows from operating activities       
Result before income tax 34 -126 -40 -153 
Adjustments for:     
Depreciation and amortization 88 42 362 109 
(Gain)/loss from impairment of receivables 2 1 9 -1 
Profit on disposal of property, plant and equipment 0 0 0 0 
Finance costs 38 23 149 48 
Finance income -1 -8 -4 -31 
Foreign exchange losses/(gains) (net) -65 49 -77 21 
Cash flows from operating activities before changes in working 
capital and provisions  97 -19 399 -7 
Change in inventories 178 -108 271 -335 
Change in trade and other receivables -37 -91 41 -50 
Change in prepayments -8 -1 -5 -4 
Change in trade and other payables -667 363 -165 409 
Change in provisions -2 12 -4 12 
Change in deferred income 3 -4 -5 -16 
Cash flows from operating activities before interest and tax paid -436 152 533 8 
Income tax paid -19 12 -63 -6 
Interest paid -26 -17 -129 -29 
Cash flows from operating activities -480 147 340 -27 
Cash flows from investing activities     
Proceeds from sale of property, plant and equipment 88 0 89 0 
Interest received 3 4 8 27 
Acquisition of property, plant and equipment 462 -22 -65 -149 
Acquisition of business 0 -1,093 0 -1,093 
Acquisition of intangible assets 0 0 0 0 
Cash flows from investing activities 553 -1,112 33 -1,215 
Cash flows from financing activities     
Dividends 0 0 0 -109 
Proceeds from borrowings 127 455 127 467 
Repayment of loans -235 -2 -564 -362 
Leasing financing paid -9 -6 -30 -17 
Warrant issue 1 0 5 0 
Cash flows from financing activities -116 447 -462 -21 
Net change in cash and cash equivalents -44 -518 -89 -1,263 
Cash and cash equivalents at start of the period 361 950 426 1,688 
Effect of exchange rate fluctuations on cash and cash equivalents 45 -6 25 1 
Cash and cash equivalents at end of the period 363 426 363 426

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

Year-end report 1 January – 31 December 2024 
 
16 
Parent company income statement 
 
 
  Q4 Q4 12M 12M 
SEK m 2024 2023 2024 2023 
Revenue -7 9 3 36 
Cost of sales 0 -5 -3 -22 
Gross profit -7 3 0 14 
Administrative expenses 0 -38 -43 -118 
Other income 0 8 1 21 
Other costs 0 0 0 0 
Operating profit -6 -26 -42 -82 
Finance income 25 29 141 78 
Finance costs -10 -4 -43 -7 
Foreign exchange gains/(-losses) (net) 78 -54 97 -20 
Result after financial items 88 -55 153 -30 
Tax allocation reserve -31 0 -31 0 
Result before income tax 57 -55 122 -30 
Income tax -20 10 -26 6 
Result for the period 37 -45 96 -24 
 
 
Total comprehensive result for the period is the same as the Result for the period.

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

Year-end report 1 January – 31 December 2024 
 
17 
Parent company balance sheet 
  
SEK m 
31 Dec 
2024 
30 Sep 
2024 
31 Dec 
2023 
ASSETS      
Non-current assets      
Property, plant and equipment 0 0 0 
Intangible assets 0 0 0 
Financial assets      
Holdings in group companies  288 288 288 
Loans to group companies  2,042 86 66 
Deferred tax assets 0 6 6 
Total financial assets 2,330 380 360 
Total non-current assets 2,330 380 360 
       
Current assets      
Trade and other receivables 22 122 47 
Prepayments  0 0 0 
Loans to group companies  0 1,907 1,784 
Cash and cash equivalents 205 67 266 
Total current assets 227 2,097 2,097 
TOTAL ASSETS  2,557 2,477 2,458 
       
EQUITY AND LIABILITIES      
Equity      
Restricted equity      
Share capital 1 1 1 
Unrestricted equity      
Share premium reserve  640 640 640 
Retained earnings 1,283 1,283 1,308 
Result for the period 96 58 -24 
TOTAL EQUITY  2,020 1,982 1,925 
       
Non-current liabilities      
Appropriations 31 0 0 
Borrowings 468 458 455 
Total non-current liabilities 500 458 455 
       
Current liabilities      
Trade and other payables 37 37 78 
Total current liabilities 37 37 78 
TOTAL LIABILITIES  537 495 534 
TOTAL EQUITY AND LIABILITIES  2,557 2,477 2,458

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

Year-end report 1 January – 31 December 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. 
 
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 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. 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 7 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 =====

Year-end report 1 January – 31 December 2024 
 
19 
 
Result for the period, SEK m 
 
  
2024 
Q4 
2023 
Q4 
2024  
12M 
2023 
12M 
Result attributable to shareholders, SEK m 9 -89 -89 -107 
Average number of shares during the period before dilution, thousand 14,532 14,532 14,532 14,532 
Earnings per share before dilution, SEK 0.65 -6.11 -6.15 -7.39 
Dilution effect 0 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 0.65 -6.11 -6.15 -7.39 
 
 
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 =====

Year-end report 1 January – 31 December 2024 
 
20 
Signatures 
The Board of Directors and the Managing Director declare that the report for the fourth 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, 20 February 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 =====

Year-end report 1 January – 31 December 2024 
 
21 
Key ratios
Financial information for individual quarters 
The financial information below regarding individual quarters 
during the period 1 October 2022 – 31 December 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 
  Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 
SEK m (or as stated) 2022 2023 2023 2023 2023 2024 2024 2024 2024 
Revenue 705 631 674 643 915 1,172 1,095 1,141 1,312 
Gross profit 97 85 84 75 133 231 202 204 216 
Gross margin, % 13.8% 13.4% 12.5% 11.7% 14.5% 19.7% 18.4% 17.9% 16.5% 
Operating profit -13 -14 -10 -28 -62 21 -4 2 2 
Operating margin, % -1.9% -2.2% -1.5% -4.4% -6.8% 1.8% -0,3% 0.1% 0.2% 
Result from continuing operations 49 7 64 -89 -89 70 -81 -88 9 
Result for the period -21 7 64 -89 -89 70 -81 -88 9 
Earnings per share, SEK1 -1.42 0.46 4.41 -6.16 -6.11 4.83 -5.56 -6.07 0,65 
Working capital/LTM Revenue, % 11% 23% 20% 20% 20% 20% 21% 22% 
 
23% 
Cash flow from operations -48 -126 40 -88 147 124 270 427 -480 
Equity/total assets, % 58% 59% 62% 62% 34% 33% 
 
33% 
 
31% 
 
30% 
Return on equity, LTM% 30% 26% 23% -2% -6% -2% -7% -12% -6% 
Return on capital employed, LTM% 11% 11% 11% -1% -3% -2% 
 
-2% 
 
-1% 
 
1% 
 
1before dilution 
 
 
USA 
  Q4 Q1 Q2 Q3 Dec Q1 Q2 Q3 Q4 
SEK m (or as stated) 2022 2023 2023 2023 2023 2024 2024 2024 2024 
Revenue - - - - 308 699 707 686 720 
Gross profit - - - - 82 169 156 182 179 
Gross margin, % - - - - 26.6% 24.1% 22.1% 26.5% 24,8% 
Operating profit - - - - 25 60 51 53 65 
Operating margin, % - - - - 8.0% 8.6% 7.3% 7.7% 9% 
Working capital/LTM Revenue, % - - - - 17% 13%1 15%1 19%1 21% 
1 Based on annualized revenue for Ferronordic’s US operations  calculated as 9m 2024 / 9 x 12  
 
  
Germany 
  Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 
SEK m (or as stated) 2022 2023 2023 2023 2023 2024 2024 2024 2024 
Revenue 616 548 595 574 555 439 332 372 559 
Gross profit 82 68 73 66 47 57 38 14 40 
Gross margin, % 13.4% 12.3% 12.3% 11.5% 8.4% 12.9% 11.4% 3.7% 7.2% 
Operating profit -2 5 2 -16 -62 -12 -27 -40 -41 
Operating margin, % -0.4% 0.8% 0.3% -2.8% -11.1% -2.7% -8.2% -10.7% -7.3% 
Working capital/LTM Revenue, % 17% 27% 21% 22% 26% 30% 31% 27% 23%

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

Year-end report 1 January – 31 December 2024 
 
22 
 
CA 
  Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 
SEK m (or as stated) 2022 2023 2023 2023 2023 2024 2024 2024 2024 
Revenue 89 83 80 69 52 34 56 82 33 
Gross profit 15 17 11 9 5 6 8 9 -3 
Gross margin, % 16.5% 20.4% 14.4% 13.7% 8.9% 17.1% 13.6% 10.4% -10.5% 
Operating profit 5 7 7 0 -6 -3 -1 3 -10 
Operating margin, % 6.1% 8.7% 8.6% 0.4% -10.7% 10.2% -2.3% 3.1% -30.5% 
Working capital/LTM Revenue, % -3% 17% 32% 23% 24% 29% 23% 27% 55% 
 
 
Net debt 
  Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 
SEK m 2022 2023 2023 2023 2023 2024 2024 2024 2024 
Long term borrowings 393 416 70 69 671 610 628 999 1,013 
Long term lease liabilities 43 38 57 51 59 53 49 34 37 
Short term borrowings 274 418 437 428 1,024 1,071 1,178 1,080 1,263 
Short term lease liabilities 21 20 24 23 22 26 23 40 28 
Total interest bearing liabilities 731 892 588 571 1,776 1,759 1,878 2,153 
 
2,340 
Cash & cash equivalents 1,688 1,574 1,127 950 426 217 208 360 363 
Net debt / (cash) -957 -681 -539 -378 1,349 1,542 1,671 1,792 1,978 
Net debt / EBITDA (times) -3.0 -2.0 -1.5 -18.4 -214.7 21.0 9.4 6.6 5.2 
 
Working capital 
  Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 
SEK m 2022 2023 2023 2023 2023 2024 2024 2024 2024 
Inventory 460 534 718 699 1,443 1,687 1,466 1,363 1,253 
Trade and other receivables 344 365 263 315 630 678 653 496 617 
Prepayments 1 7 9 3 6 8 5 12 11 
Trade and other payables 573 392 509 470 997 1,283 1,051 827 794 
Deferred income 16 12 9 8 8 8 12 10 11 
Provisions 1 0 0 0 12 18 11 10 8 
Working capital 215 503 472 538 1,063 1,062 1,049 1,026 1,068 
Revenue LTM 1,973 2,149 2,422 2,653 5,313 5,314 4,938 4,712 4.720 
Working capital / Revenue (%) 11% 23% 20% 20% 20% 20% 21% 22%1 23% 
 
1 Q1-Q3.2024 based on annualized revenue for Ferronordic’s US operations calculated as 9m 2024 / 9 x 12   
 
Capital employed  
  Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 
SEK m 2022 2023 2023 2023 2023 2024 2024 2024 2024 
Long term interest bearing liabilities 436 455 127 120 730 663 677 1,033 1,050 
Short term interest bearing liabilities 295 438 461 451 1,046 1,096 1,201 1,120 1,291 
Shareholder equity 1,873 1,886 1,822 1,750 1,622 1,698 1,627 1,483 1,499 
Capital employed 2,604 2,778 2,411 2,322 3,397 3,457 3,505 3,636 3,839 
Average capital employed 2,336 2,356 2,760 2,974 3,001 3,117 2,958 2,979 3,618 
EBIT 247 257 277 -66 -115 -80 -84 -43 21 
Interest income 2 7 17 25 31 29 30 15 10 
Result LTM 249 265 293 -41 -84 -51 -53 -29 30 
Return on capital employed (%) 11% 11% 11% -1% -3% -2% -2% -1% 1%

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

Year-end report 1 January – 31 December 2024 
 
23 
Return on equity 
  Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 
SEK m 2022 2023 2023 2023 2023 2024 2024 2024 2024 
Shareholder equity 1,873 1,886 1,822 1,750 1,622 1,698 1,627 1,483 1,499 
Average equity 1487 1,486 1,781 1,929 1,748 1,792 1,725 1,617 1,560 
Net result LTM 440 384 416 -39 -107 -44 -125 -188 -89 
Return on equity (%) 30% 26% 23% -2% -6% -2% -7% -12% -6% 
 
 
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 =====

Year-end report 1 January – 31 December 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 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 =====

Year-end report 1 January – 31 December 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 20 February 2025 at 07:30 CET. 
Financial calendar 
  
Annual report 2024 – 11 April 2025 
Interim report January – March 2025 – 15 May 2025 
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 20 February 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=5007843 
 
To participate via webcast, please use the link below. 
https://ferronordic.events.inderes.com/q4-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