===== SIDA 1 ===== Year-end report January 1 – December 31, 2025 1 Q4 2025: Improved profitability and operating result Summary of the fourth quarter, October – December 20251 Group • Revenue decreased by 10% to SEK 1,211m. • Gross profit increased by 12%. • SG&A increased by 1%. • Operating result increased to SEK 31m despite one-off costs of SEK 23m. • Net finance costs decreased by 24% to SEK 26m. • Net profit improved to SEK 15m despite further foreign exchange losses of SEK 18m. • Net debt decreased to SEK 1,616m. USA • Market in our territory increased by 16%. • Revenue increased by 7% to SEK 811m (16% in USD). • Gross margin was stable. • Operating profit increased to SEK 73m with an operating margin of 9.0%. Germany • Truck market increased by 13%. • Revenue decreased by 36% to SEK 360m (-34% in EUR). • Service and parts sales decreased by 3% (flat in EUR). • Gross margin was 4.5pp higher. • SG&A decreased by 2% despite one-off costs of SEK 20m (+1% in EUR). • Operating result increased to SEK -29m with an operating margin of -8%. • Working capital decreased by 72%. Kazakhstan • Revenue increased by 24% to SEK 40m. • Operating profit increased to SEK -3m including one-off costs of SEK 3m. • Inventory declined by 55%. -10% Revenue 31 Operating profit, SEK m 2.6% Operating margin 1.04 Earnings per share, SEK Selected key group ratios2 SEK m (or as stated) 2025 Q4 2024 Q4 % 2025 12M 2024 12M % Revenue 1,211 1,347 -10% 4,566 4,880 -6% Gross profit 214 191 12% 792 778 2% Operating profit 31 2 1,388% 77 21 272% Result for the period 15 9 60% -199 -89 -122% Earnings per share, SEK3 1.04 0.65 60% -13.66 -6.15 -122% Cash flow from operations -41 -480 701 340 Net debt (cash) 1,616 1,978 1,616 1,978 Gross margin, % 17.7% 14.2% 3.5pp 17.3% 15.9% 1.4pp Operating margin, % 2.6% 0.2% 2.4pp 1.7% 0.4% 1.3pp Working capital/LTM Revenue, % 15% 23% -8.1pp 15% 23% -8.1pp Equity/total assets, % 33% 30% 2.4pp 33% 30% 2.4pp Return on capital employed, % 2% 1% 1.7pp 2% 1% 1.7pp Return on equity, % -14% -6% -8.4pp -14% -6% -8.4pp 1 Comparison with same period in prior year unless stated otherwise. 2 Starting from Q1 2025, certain revenue and cost items were reclassified, with some effects on comparable numbers for revenue, gross profit, SG&A and other income. For more details on this effect, please refer to p. 9. 3 Before dilution. All amounts are stated in millions of SEK unless stated otherwise. Rounding differences when summing up can occur with +/ - SEK 1m. In cases where an underlying number is rounded off to SEK 0m, this is written as 0. Definitions and purposes of the key ratios are presented on p. 22 to 24. Year-end report January 1 – December 31, 2025 ===== SIDA 2 ===== Year-end report January 1 – December 31, 2025 2 Improved profitability and operating result During Q4 2025, we continued our work to further strengthen our customer relations and improve profitability across the Ferronordic Group. Sales held up well in the quarter in view of the continued depreciation of the dollar. Operating profit increased to SEK 31m, or SEK 54m excluding one-off costs, as compared with SEK 19m excluding one-off costs in Q4 2024. Finance costs were 24% lower than a year ago. Net debt to EBITDA decreased further to 3.4x (5.2x). Our company is stronger today than a year ago. I want to thank our employees for a strong finish to 2025. In the US, demand remained strong. The market for GPE machines in our territory grew by 16% and machine utilization remained high. At the same time, competition remains intense, and pricing increases are gradual as manufacturers and dealers seek to offset higher costs related to tariffs and the weaker dollar. Against this backdrop, our US business delivered a very strong quarter. Sales amounted to SEK 811m, corresponding to an increase of 7% in kronor and 16% in dollars, largely driven by strong sales of new machines and sales of machines from the rental fleet. Aftermarket sales and rental revenue also held up well for the season, and utilization in the rental fleet continued to improve compared to Q4 2024. The underlying margins were in line with previous quarters, while the gross margin in the quarter was positively affected by an accounting timing effect related to the translation of local accounts to Group reporting. Gross profit increased by 10% in kronor and 18% in dollars. Costs remained well controlled, resulting in an operating profit of SEK 73m, 13% higher than Q4 2024 and 72% higher than the previous quarter. We continue to develop our US operations with a focus on gaining market shares and increasing aftermarket penetration. During the quarter, we progressed the implementation of our new CRM system and advanced the relaunch of our automatic lead generator. After the end of the quarter, we completed the acquisition of Housby Heavy in Iowa, representing the first step towards further geographic expansion in the US. Housby corresponds to approximately 10% of our US sales and is now integrated as a branch in the US operations. Over time, we expect Housby to reach profitability and return on invested capital levels in line with our other US branches. In Germany, demand for trucks remained weak, although the market continued to show signs of gradual recovery during the quarter. Customers continue to operate their fleets, supporting long- term replacement demand. Our truck sales were significantly lower than in Q4 2024, while margins improved, as the comparative quarter was negatively affected by the impairments made in that quarter. Aftermarket sales developed weaker than expected and were largely flat in comparison with both Q4 2024 and Q3 2025. We continue to face a shortage of technicians at some larger workshops, and newly hired technicians have not yet reached the productivity levels of more experienced colleagues. Technician utilization varies between branches, and in certain branches we need to increase workshop activity. We remain confident in our ability to grow aftermarket sales over time, supported by the new service organization introduced during 2025, which places greater responsibility on workshop managers and strengthens local accountability for branch profitability. To increase our resilience and improve our profitability also in a weak market environment, we implemented additional cost-saving measures during the quarter. These are expected to result in annual savings of SEK 16-17m but also resulted in one-off costs of SEK 17m in the quarter. We also recognized impairments on doubtful receivables of SEK 3m. Operating profit excluding one-off costs amounted to SEK -9m, as compared with SEK -28m excluding one-off costs in Q4 2024. Results remain well below the potential we see and are working towards in Germany. Inventories and accounts receivable declined further. Working capital decreased to 7% of revenue. In Kazakhstan, we continued to clear the remaining older machines from inventory, further improving the inventory mix. Machine sales increased compared with Q4 2024 but remained at a low level. Margins were also weaker, partly due to impairments of the limited number of older machines remaining at the end of the quarter. Aftermarket sales were stable with good margins. Operating profit excluding one-off costs amounted to SEK 0m, as compared with SEK -6m excluding one-off costs in Q4 2024. In view of the negative result for the financial year 2025, the Board recommends that no dividend be paid. Outlook We remain optimistic about our US operations despite ongoing uncertainty related to tariffs and currency developments. Customers maintain solid order books, and activity in the infrastructure sector is expected to remain high, driven by the need to maintain and develop road networks and other public infrastructure. Investments related to data centers continue to support demand. Overall, we see good opportunities for further development and expansion of the US business. In Germany, we expect market recovery to continue, partly driven by the growing need to renew truck fleets. Demand for service and parts is expected to remain relatively strong. Improving new trucks sales are expected to gradually support increased demand for service and parts. We have further reduced our cost base but still maintain an organization capable of meeting increased demand and larger volumes. We remain optimistic about the potential of the German business. In Kazakhstan, we also see signs of recovery, especially in mining and road construction. With new management and a leaner balance sheet, we see good opportunities to increase both sales and profitability going forward. Henrik Carlborg President and CEO “Demand remains strong in the US." ===== SIDA 3 ===== Year-end report January 1 – December 31, 2025 3 Group Revenue by segment (SEKm) Operating profit and operating margin EPS and net margin Revenue In Q4 2025, the revenue of the Group decreased by 10% to SEK 1,211m (1,347). Sales of equipment and trucks decreased by 15% while service and parts sales decreased by 5%. Rental revenue increased by 4%, driven by improved rental utilization in the US. In 12M 2025, the Group revenue decreased by 6% to SEK 4,566m (4,880). Sales of equipment and trucks decreased by 12%, while service and parts sales decreased by 1% to 1,792m (1,819). Rental revenue increased by 8%. Gross profit and operating profit In Q4 2025, the gross margin for the Group increased to 17.7% (14.2). Gross profit increased by 12% to SEK 214m (191). This development reflects several underlying effects. The revenue contribution from the US, where margins are higher, was greater in Q4 2025 than in Q4 2024. Product and revenue mix was also different. Further, in Q4 2024, the Group posted impairments of inventory in Germany and Kazakhstan, which reduced gross margin for the Group in the comparative period. Starting from Q1 2025, the gross margin and gross profit were negatively impacted by a reclassification of productive costs in the US from administrative expenses to cost of sales. The reclassification has no impact on operating profit. Previous periods are now reported on the same basis to facilitate comparison of performance over time. In Q4 2024, the effect of reclassification of productive costs was approximately SEK 25m. For more details on this reclassification, please refer to p. 9 of this report. In Q4 2025, selling and administrative expenses increased by 1% to SEK 181m (180). As a percentage of revenue, these expenses increased to 15.0% (13.4). The operating profit for Q4 2025 increased to SEK 31m (2). The operating margin during Q4 2025 increased from 0.2% to 2.6%. In 12M 2025, the gross margin increased to 17.3% (15.9). Gross profit increased by 2% to SEK 792m (778). In 12M 2024, the effect of the reclassification of productive costs in the US operations was approximately SEK 75m (for more details on this effect, please refer to p. 9). In 12M 2025, selling and administrative expenses decreased by 4% to SEK 724m (751). As a percentage of revenue, selling, general and administrative expenses in 12M 2025 remained stable at 15.8% (15.4). Operating profit for 12M 2025 increased by 272% to SEK 77m (21). The operating margin during 2025 increased from 0.4% to 1.7%. Net income In Q4 2025, finance costs (net) decreased by 24% to SEK -26m (-34), mainly because of lower borrowings, and partly because of repayments, as well as lower interest rates. Foreign exchange effects (net) amounted to SEK -18m (66) in Q4 2025, mainly because the US dollar depreciated further against the Swedish krona. The Group has assets denominated in US dollars and euro, which are revalued at the exchange rates of the closing date of the reporting period. The result before income tax for Q4 2025 decreased to SEK -12m (34). The result for Q4 2025 increased to SEK 15m (9). Finance costs (net) in 12M 2025 decreased by 16% to SEK -116m (-138). Foreign exchange losses (net) amounted to SEK -185m (77). The result before income tax for 12M 2025 decreased to SEK -224m (-40). The result for 12M 2025 decreased to SEK -199m (-89). 0 200 400 600 800 1,000 1,200 1,400 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Kazakhstan Germany US -1% 1% 2% 3% 4% -10 0 10 20 30 40 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Operating profit (SEKm) Operating margin (%) -30% -20% -10% 0% 10% -10 -8 -6 -4 -2 0 2 4 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Earnings per share (SEK) Net margin (%) ===== SIDA 4 ===== Year-end report January 1 – December 31, 2025 4 Net working capital and as % of LTM revenue Operating cash flow per quarter and over LTM Property, plant and equipment and capital expenditures Earnings per share Earnings per share before dilution in Q4 2025 amounted to SEK 1.04 (0.65). Earnings per share before dilution in 12M 2025 amounted to SEK -13.66 (-6.15). Cash flows Most of the Group’s inventory and rental fleet equipment are initially funded by payables. If the equipment remains on balance sheet after the payable days, the equipment is typically moved into a so-called floor plan funding arrangement. This move is a non-cash transaction. Sometimes, equipment is moved from inventory in working capital to the rental fleet in property, plant and equipment. Such a move would typically also be a non-cash transaction. The floor plan funding is typically repaid when the equipment is sold to a third party. The Group’s rental fleet is classified as property, plant and equipment (PP&E). In the German segment, additions and disposals of rental assets are presented within cash flow from investing activities, as the rental fleet is mainly held for longer-term rental to customers and the rental fleet is sold mainly at the end of its useful life. Accordingly, the cash flow from investing activities comprises the cash effects of purchases and disposals of the German rental fleet and other PP&E items. In the US segment, rental customers can opt to buy out their rental equipment after a certain rental period (referred to as conversion of rental equipment or sale from rental fleet). Cash changes related to such transactions are included in changes in working capital and thus in cash flow from operating activities. Cash flows from operating activities during Q4 2025 increased to SEK -41m (-480). Working capital at the end of Q4 2025 was SEK 664m, a decrease of SEK 404m compared to SEK 1,068m at the end of 2024, mainly due to lower inventories and receivables. As a percentage of revenue, working capital decreased to 15% (23% at the end of 2024). Cash flow from investing activities in Q4 2025 amounted to SEK -22m (553). In 12M 2025, cash flows from operating activities increased to SEK 701m (340). The higher cash flows were partly a result of lower inventories and lower trade receivables. Cash flows from investing activities during 12M 2025 amounted to SEK -16m (33). Financial position On 31 December 2025, cash and cash equivalents amounted to SEK 153m, a decrease of SEK 210m compared to the end of 2024. Cash decreased mainly as a result of repayment of loans. At the end of Q4 2025, interest-bearing liabilities (including lease liabilities and effects of IFRS-16) amounted to SEK 1,770m, a decrease of SEK 571m from SEK 2 340m at the end of 2024. The decrease was mainly a result of the repayment of loans but was also due to currency translation effects. The net debt decreased from SEK 1,978m at the end of Q4 2024 to SEK 1,616m at the end of Q4 2025, primarily because of lower interest-bearing liabilities. On 31 December 2025, PP&E amounted to SEK 2,136m, a decrease of SEK 181m from SEK 2,317m at the end of 2024, partly due to currency translation effects. On 31 December 2025, equity amounted to SEK 1,306m (1,499), a decrease of SEK 192m compared to the end of 2024. -5% 0% 5% 10% 15% 20% 25% 30% -200 0 200 400 600 800 1,000 1,200 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Net working capital (SEKm) Net working capital as % of LTM revenue -500 -300 -100 100 300 500 700 900 1,100 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Cash flow from operations LTM (SEKm) Cash flow from operations per quarter (SEKm) -10% 0% 10% 20% 30% 40% 50% Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 1,500 2,000 2,500 Property plant and equipment (SEKm) CAPEX LTM/PPE, % ===== SIDA 5 ===== Year-end report January 1 – December 31, 2025 5 Net debt and net debt/EBITDA Currency index last 5 quarters (indexed 1 October 2024) Parent company In Q4 2025, the revenue of the Parent Company was SEK 0m (-7), as the Parent Company no longer sells equipment to, or charges royalty from subsidiaries. Administrative expenses increased to SEK 21m (0), but mainly due to one-off effects in Q4 2024 including the release of bonus accruals and the release of a reserve for a potential legal claim against the Company. Operating profit decreased to SEK -20m (-6). The result for Q4 2025 increased to SEK 39m (37), as negative foreign exchange effects were offset by the release of a tax allocation reserve and by group contributions received. In 12M 2025, the revenue of the Parent Company decreased to SEK 0m (3) for the reasons mentioned above. Administrative expenses increased by 34% to SEK 58m (43). Operating profit decreased to SEK -58m (-42) in 12M 2025. The result for 12M 2025 decreased to SEK -106m (96), mainly due to negative foreign exchange effects. Foreign exchange rates The following foreign exchange rates have been used to translate the 12M 2025 (12M 2024) results to the presentation currency: • Average rates of SEK/EUR 11.07 (-3.2% vs 11.43) and SEK/USD 9.82 (-7.1% vs 10.57) have been used to translate the income statements. • End of period rates of SEK/EUR 10.82 (-5.8% vs 11.49) and SEK/USD 9.20 (-16.3% vs 11.00) 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 2025, the number of full-time equivalent employees in the Group was 793 (794), of which 358 (363) related to the US, 329 (370) to Germany, 38 (44) to Kazakhstan and 13 (17) occupied group functions. Sustainability In Q4 2025, Ferronordic continued its 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. Events during the period In November, the loans from Nordea to the Group were refinanced in full with a new 3-year USD 90m facility from JPMorgan Chase. Risks and uncertainties Ferronordic is exposed to several 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, labor and regulatory pressure can be strong. In the US, the administration has imposed tariffs and has discussed introducing further tariffs and other trade restrictions. The US dollar has also been volatile in over recent periods. This could pose risks to Ferronordic since its US operations rely on imported machines and spare parts. 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 0.0 5.0 10.0 15.0 20.0 25.0 30.0 0 500 1,000 1,500 2,000 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Net debt (SEKm) Net debt / EBITDA (%) 85 95 105 115 125 135 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 SEK/EUR SEK/USD SEK/100 KZT ===== SIDA 6 ===== Year-end report January 1 – December 31, 2025 6 supply and demand disruptions and to changes in macroeconomic activity. For more on risks and uncertainties, please refer to Ferronordic’s annual report. Events after the reporting period Subsequent to the reporting date, Ferronordic’s US subsidiary, Rudd Equipment Company, has acquired certain assets of Housby Heavy Equipment, a dealer for Volvo Construction Equipment in the state of Iowa, United States. The transaction is structured as an asset acquisition, whereby Rudd acquired selected assets used in Housby’s equipment dealership, primarily machines held in inventory and spare parts. The purchase price for the acquired assets amounted to USD 17.7m at closing. The transaction will be primarily debt financed. No real estate, receivables, liabilities or corporate support functions are included in the transaction. The transaction was closed on January 30, 2026. The transaction constitutes a non-adjusting event after the reporting period and has therefore not been reflected in the Group’s interim financial statements. ===== SIDA 7 ===== Year-end report January 1 – December 31, 2025 7 Segments As of Q4 2023 Ferronordic recognizes three separate reportable segments: US, Germany and Kazakhstan (see also note 5 on p. 19). In the US, equipment and truck sales include sales of new construction equipment mainly from Volvo, Hitachi, Sandvik, Link-Belt Cranes and Bergmann, and used machines. In Germany, equipment and truck sales include sales of new Volvo Trucks and Renault Trucks, Renault light commercial vehicles and used trucks. In Kazakhstan, equipment and truck sales include sales of new and used construction equipment, used trucks and attachments. Service and parts sales are also referred to as aftermarket sales. To show the underlying performance of the operating segments, Ferronordic shows unallocated Group costs and assets separately1. These are costs that are incurred and assets that are held for the benefit of the Group as a whole. US Germany Kazakhstan Unallocated Group costs1 Total SEK m (or as stated) Q4 Q4 Q4 Q4 Q4 Q4 Q4 Q4 Q4 Q4 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 External revenue 811 755 360 559 40 33 1,211 1,347 Equipment and truck sales 459 393 192 383 30 21 681 797 Service and parts sales 281 299 147 151 10 12 438 461 Rental and other revenue 71 64 21 25 - - 92 88 Gross profit 169 154 42 40 3 -3 214 191 EBITDAS 145 130 15 -18 -2 -9 -10 -12 148 90 Operating profit 73 65 -29 -41 -3 -10 42 14 Group costs1 0 0 0 0 0 0 -10 -12 -10 -12 Operating profit after group costs 73 65 -29 -41 -3 -10 -10 -12 31 2 Finance items (net) -26 -34 Foreign exchange (gain/loss) -18 66 Profit(loss) before tax -12 34 Result for the period 15 9 Gross margin, % 20.9% 20.4% 11.7% 7.2% 7.5% -10.5% 17.7% 14.2% Operating margin, % 9.0% 8.6% -8.0% -7.3% -6.6% -30.5% 2.6% 0.2% US Germany Kazakhstan Unallocated Group costs1 Total SEK m (or as stated) 12M 12M 12M 12M 12M 12M 12M 12M 12M 12M 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 External revenue 2,946 2,973 1,486 1,702 134 205 4,566 4,880 Equipment and truck sales 1,516 1,553 792 1,001 86 159 2,395 2,713 Service and parts sales 1,135 1,149 610 625 47 46 1,792 1,819 Rental and other revenue 294 272 84 76 - - 378 347 Gross profit 564 611 204 149 23 19 791 778 EBITDA 479 500 57 -31 8 -9 -65 -77 480 383 Operating profit 190 230 -52 -120 5 -12 142 97 Group costs1 0 0 0 0 0 0 -65 -77 -65 -77 Operating profit after group costs 190 230 -52 -120 5 -12 -65 -77 77 21 Finance items (net) -116 -137 Foreign exchange (gain/loss) -185 77 Profit(loss) before tax -224 -40 Result for the period -199 -89 Gross margin, % 19.1% 20.5% 13.7% 8.7% 17.5% 9.0% 17.3% 15.9% Operating margin, % 6.4% 7.7% -3.5% -7.0% 3.6% -5.9% 1.7% 0.4% ===== SIDA 8 ===== Year-end report January 1 – December 31, 2025 8 31 December 2025 SEK m US Germany Kazakhstan Group assets1 Total Non-current assets 1,657 807 13 22 2,499 Total assets 2,678 1,057 148 111 3,994 31 December 2024 SEK m US Germany Kazakhstan Group assets1 Total Non-current assets 1,760 923 13 - 2,697 Total assets 3,054 1,458 183 246 4,941 Segment share of revenue, Q4 2025 Segment share of total assets, 31 December 2025 31 December 2025 SEK m US Germany Kazakhstan Group assets Total Property, plant and equipment 1,523 607 6 - 2,136 Real Estate 185 218 - - 403 Rental Fleet 1,223 296 - - 1,519 Right-of-use assets 11 56 2 - 69 Other PPE 104 37 4 - 145 31 December 2024 SEK m US Germany Kazakhstan Group assets Total Property, plant and equipment 1,600 711 5 - 2,317 Real Estate 227 236 - - 464 Rental Fleet 1,264 336 - - 1,599 Right-of-use assets 19 45 - - 64 Other PPE 90 94 5 - 190 US 67% Germany 30% Kazakhstan 3% US 67% Germany 26% Kazakhstan 4% Group 3% ===== SIDA 9 ===== Year-end report January 1 – December 31, 2025 9 Changes in the presentation of the income statement of the US segment In the 2025 financial year, certain revenue and cost items have been reclassified to align the presentation of the income statement for the US segment to Group reporting guidelines. In Q4 2024, revenues related to the recharge of certain cost of sales and SG&A to customers in the service and parts business were presented in the same line as the corresponding costs. In Q4 2025, these revenues are recognized in revenue and the corresponding cost in cost of sales and SG&A. Other cost of sales that in Q4 2024 were reported as SG&A have in Q4 2025 been reclassified to cost of sales. Certain administration fees paid by customers that in Q4 2024 were reported under other income have in Q4 2025 been reclassified to equipment sales. Column Q4 2024 ADJ in the table below shows the effects of the reclassifications on the Q4 2024 income statement, compared to how the result was presented in the Q4 2024 report, and the effects on the year-on-year comparisons with Q4 2025. Column FY ADJ shows the effects of the reclassifications on the full year 2024 income statement, compared to how the result was presented in the 2024 annual report. The reclassifications affect revenue, gross profit, gross margin, SG&A, other income and operating margin, but have no effect on the operating profit. The table below shows the US segment’s Q4 2024 and FY 2024 results before and after the reclassifications, as well as the differences due to the change in presentation. Q4 Q4 Q4 Q4 Y-o-Y Y-o-Y FY FY FY SEK m 2025 2024 ADJ 2024 ADJ reported adjusted 2024 ADJ 2024 ADJ Revenue 811 720 35 755 13% 7% 2,813 161 2,973 Equipment and truck sales 459 419 -26 393 10% 17% 1,550 3 1,553 Service and parts sales 281 236 62 299 19% -6% 991 157 1,149 Rental revenue 71 65 -1 64 9% 11% 272 - 272 Cost of sales -642 -541 -60 -601 19% 7% -2,127 -236 -2,362 Gross profit 169 179 -25 154 -5% -10% 686 -75 611 Selling expenses -28 -22 -10 -32 26% -13% -82 -25 -107 General and administrative expenses -70 -97 34 -63 -28% 12% -379 99 -280 Other income 3 6 1 6 -50% -50% 8 2 10 Other expenses -2 -1 - -1 50% 50% -3 - -3 Operating profit 73 65 - 65 12% 12% 230 - 230 Gross margin 20.9% 24.8% 20.4% 24.4% 20.5% Operating margin 9.0% 9.0% 8.6% 8.2% 7.7% The table below shows the Group’s Q4 2024 and FY 2024 results before and after the reclassifications, as well as the differences due to the change in presentation. Q4 Q4 Q4 Q4 Y-o-Y Y-o-Y FY FY FY SEK m 2025 2024 ADJ 2024 ADJ reported adjusted 2024 ADJ 2024 ADJ Revenue 1,211 1,312 35 1,347 -8% -10% 4,720 161 4,880 Equipment and truck sales 681 824 -26 797 -17% -15% 2,710 3 2,713 Service and parts sales 438 399 62 461 10% -5% 1,662 157 1,819 Rental revenue 92 90 -1 88 2% 4% 347 0 347 Cost of sales -997 -1,096 -60 -1,156 9% 14% -3,867 -236 -4,102 Gross profit 214 216 -25 191 -1% 12% 853 -75 778 Selling expenses -65 -57 -10 -67 13% -3% -239 -25 -264 General and administrative expenses -117 -147 34 -113 -21% 3% -587 98 -489 Other income 0 -11 1 -10 - - 8 2 10 Other expenses -2 2 2 -200% -200% -14 0 -14 Operating profit 31 2 0 2 1,471% 1,471% 21 0 21 Gross margin 17.7% 16.5% 14.2% 18.1% 15.9% Operating margin 2.6% 0.2% 0.2% 0.4% 0.4% ===== SIDA 10 ===== Year-end report January 1 – December 31, 2025 10 USA Unit sales incl. rental conversion Revenue by activity (SEKm) Operating profit and operating margin Market and sales Demand remained strong in Q4 2025. The market for larger machines (GPE segment) in Ferronordic’s sales area increased by 16% in Q4 2025 and 9% in FY 2025. Activity among customers, many of which operate in areas directly or indirectly related to infrastructure projects, remains high. Construction of datacenters and related infrastructure also contributes to business activity. Continued tax breaks for investments should support capex plans and help customers make decisions on fleet renewals and rental conversions. The weaker dollar and tariffs are exerting pressure on margins amidst intensifying competition. Ferronordic does not currently expect to be affected more than its competitors. During Q4 2025, Ferronordic sold 68 new units, 48 units were sold from the rental fleet, and 28 units were sold as used. The service and parts business was stable in dollar terms. Rental fleet utilization declined in line with normal seasonality compared to Q3 2025 but was higher than last year. A high utilization indicates that our customers need machines, and it increases the potential for profitable sales from the rental fleet in the future. The rental fleet decreased while equipment inventory increased compared to Q3 2025. Revenue and operating result Revenue in Q4 2025 increased by 7% to SEK 811m (755) (16% in USD) with a gross margin of 20.9%1 (20.4). Equipment sales increased by 17% (26% in USD), while service and parts sales decreased by 6% (+1% in USD), and rental sales increased by 11% (20% in USD). Selling, general and administrative expenses increased by 3% compared to Q4 2024 to SEK 98m (95). As a percentage of revenue, SG&A decreased to 12.0% (12.5). Operating profit increased by 13% to SEK 73m (65) (21% in USD). The operating margin increased to 9.0% (8.6). EBITDA, which excludes depreciation costs related to rental sales, increased by 12% (20% in USD) to SEK 145m. The gap between operating profit and EBITDA should typically decrease when machine sales from the rental fleet (conversions) picks up. Cash flows and balance sheet Working capital at the end of Q4 2025 amounted to SEK 520m, compared to SEK 358m at the end of Q3 2025. The increase primarily reflects increased receivables related to the strong equipment sales at the end of the year. At the end of Q4 2025, working capital corresponded to 18% of revenue for the last 12 months, compared to 12% at the end of Q3 2025. Cash flows from operating activities in Q4 2025 amounted to SEK -54m (-455). 12M 2025 In 12M 2025, revenue decreased by 1% to SEK 2,946m (2,973) with a gross margin of 19.1% (20.5). In USD, revenue increased by 3%. Operating profit decreased by 17% to SEK 190m (230). The operating margin decreased to 6.4% (7.7%). In USD, operating profit decreased by 14%. 2025 2024 % 2025 2024 % Q4 Q41 change 12M 12M change New units 68 65 5% 234 277 -16% Conversion from rental, units 48 53 -9% 136 129 5% Used units 28 22 27% 90 73 23% Revenue, SEK m 811 755 7% 2,946 2,973 -1% Gross profit, SEK m 169 154 10% 564 611 -7% Operating profit, SEK m 73 65 13% 190 230 -17% Gross margin, % 20.9% 20.4% 19.1% 20.5% Operating margin, % 9.0% 8.6% 6.4% 7.7% Working capital/LTM Revenue, % 18% 21% 18% 21% 1 Starting from Q1 2025 certain revenue and cost items were reclassified, with some effects on comparable numbers in for revenue, gross profit, SG&A and other income. For more details on this effect, please refer to p. 9. 0 20 40 60 80 100 120 Q4 2024 Q1 2025Q2 2025Q3 2025 Q4 2025 Unit Sales Conversion 0 200 400 600 800 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Equipment sales Aftermarket sales Other 0% 3% 6% 9% 12% 0 20 40 60 80 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Operating profit (SEK m) Operating margin (%) ===== SIDA 11 ===== Year-end report January 1 – December 31, 2025 11 Germany Unit sales Revenue by activity Operating profit and operating margin Market and sales While demand for trucks remained weak, the market continued to show signs of gradual recovery, with new trucks registrations in Germany increasing by 13% in Q4 2025. In Ferronordic’s sales territory, registrations increased by 8% Y-o-Y and represented approx. 18% of the total German market. Customers remain cautious about renewing their fleets but continue to operate and maintain their trucks, which supports demand for service and parts. Ferronordic’s new trucks sales, however, decreased by 63% to 116 units, mainly reflecting a strong quarter in Q4 2024. Service and parts sales declined by 3% (flat in EUR). Ferronordic continues to experience shortages of technicians at certain larger workshops, while newly recruited technicians have not yet reached the productivity levels of more experienced colleagues. Demand also varies between workshops, and utilization needs to be improved in certain locations. Inventories continued to decline and amounted to SEK 156m at the end of Q4 2025. Ferronordic continued to reduce its rental fleet and lowered receivables by 29% compared with the previous quarter. Overall, working capital declined by 72% during 2025 to SEK 108m. To improve its cost position and increase profitability even if a market recovery is slow, Ferronordic continued to cut administrative costs during 2025. Revenue and operating result Revenue in Q4 2025 decreased by 36% to SEK 360m (559) with a gross margin of 11.7% (7.2). In EUR, revenue decreased by 34%. Note that the gross margin in Q4 2024 was negatively affected by a SEK 13m impairment of trucks in inventory. Truck sales decreased by 50%, while service and parts sales decreased by 3%, and rental sales decreased by 16%. Selling, general and administrative expenses decreased by 2% compared to Q4 2024 to SEK 67m (68). Note that this amount includes one-off costs in the amount of SEK 20m related to restructuring, the closing of the corporate office in Frankfurt, and impairment of doubtful receivables. Including these one-off items, SG&A as a percentage of revenue increased to 18.6% (12.2). Despite this, the operating result increased to SEK -29m (-41). The operating margin decreased to -8.0% (-7.3). Cash flows and balance sheet Working capital at the end of Q4 2025 amounted to SEK 108m, compared to SEK 132m at the end of Q3 2025. The decrease mainly reflects a decrease in inventories and receivables. Working capital corresponded to 7% of revenue for the last 12 months, compared to 6% at the end of Q3 2025. Cash flows from operating activities in Q4 2025 amounted to SEK 5m (123). 12M 2025 In 12M 2025, revenue decreased by 13% to SEK 1,486m (1,702) with a gross margin of 13.7% (8.7). In EUR, revenue decreased by 11%. The operating result improved by 56% to SEK -52m (-120). The operating margin improved to -3.5% (-7.0). 2025 2024 % 2025 2024 % Q4 Q4 change 12M 12M change New units 116 317 -63% 544 671 -19% Used units 44 47 -6% 174 300 -42% Revenue, SEK m 360 559 -36% 1,486 1,702 -13% Gross profit, SEK m 42 40 4% 204 149 37% Operating profit, SEK m -29 -41 30% -52 -120 56% Gross margin, % 11.7% 7.2% 13.7% 8.7% Operating margin, % -8.0% -7.3% -3.5% -7.0% Working capital/LTM Revenue, % 7% 23% 7% 23% 0 50 100 150 200 250 300 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Units sales 0 100 200 300 400 500 600 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Equipment sales Aftermarket sales Other (SEK m) -12% -7% -2% 3% -45 -25 -5 15 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Operating profit (SEK m) Operating margin (%) ===== SIDA 12 ===== Year-end report January 1 – December 31, 2025 12 Kazakhstan Unit sales Revenue by activity Operating profit and operating margin Market and sales Demand for equipment, parts and service showed signs of improvement during the quarter, supported by increasing activity in the mining sector and continued infrastructure investments. Ferronordic estimates that the market for larger machines (GPE segment) increased by 30% during the quarter. During the quarter, Ferronordic continued its focus on selling out machines and parts that have been in inventory for a longer period. As a result, inventories declined from SEK 107m at the end of 2024 to SEK 48m at the end of 2025. Equipment sales in Q4 2025 were stronger than in Q3 2025 and Q4 2024. However, margins were lower, reflecting discounted sales of older machines. Service and parts sales amounted to SEK 10m (12). The operating result for the quarter was negatively affected by a SEK 3m impairment of machines in inventory and other assets. Revenue and operating result Revenue in Q4 2025 increased by 24% to SEK 40m (33) with a gross margin of 7.5% (-10.5). The gross margin in Q4 2025 was negatively affected by a SEK 3m impairment of machines in inventory. The gross margin in Q4 2024 was negatively affected by a similar impairment of SEK 4m. Equipment sales increased by 42%, while service and parts sales decreased by 9%. Selling, general and administrative expenses decreased by 18% compared to Q4 2024 to SEK 6m (8). SG&A as a percentage of revenue decreased to 15.8% (24.0). The operating result improved to SEK -3m (-10). The operating margin increased to -6.6% (-30.5). Cash flows and balance sheet Working capital at the end of Q4 2025 amounted to SEK 73m, compared with SEK 86m at the end of Q3 2025. The decrease was mainly a result of decreased inventories and increased payables. Working capital corresponded to 55% of revenue for the last 12 months, compared to 68% at the end of Q3 2025. Сash flows from operating activities amounted to SEK 19m (-69). 12M 2025 In 12M 2025, revenue decreased by 35% to SEK 134m (205) with a gross margin of 17.5% (9.0). The operating result improved to SEK 5m (-12). The operating margin improved to 3.6% (-5.9). 2025 Q4 2024 Q4 % change 2025 12M 2024 12M % change New units 9 15 -40% 49 52 -6% Used units 4 10 -60% 14 35 -60% Revenue, SEK m 40 33 24% 134 205 -35% Gross profit, SEK m 3 -3 188% 23 19 27% Operating profit, SEK m -3 -10 73% 5 -12 139% Gross margin, % 7.5% -10.5% 17.5% 9% Operating margin, % -6.6% -30.5% 3.6% -5.9% Working capital/LTM Revenue, % 55% 55% 55% 55% 0 10 20 30 40 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Units sales -10 10 30 50 70 90 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Equipment sales Aftermarket sales (SEK m) -40% -30% -20% -10% 0% 10% 20% 30% -10 -5 0 5 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Operating profit (SEK m) Operating margin (%) ===== SIDA 13 ===== Year-end report January 1 – December 31, 2025 13 Condensed consolidated statement of comprehensive income Q4 Q4 12M 12M SEK m 2025 20241 2025 20241 Revenue 1,211 1,347 4,566 4,880 Cost of sales -997 -1,156 -3,774 -4,102 Gross profit 214 191 792 778 Selling expenses -65 -67 -253 -264 General and administrative expenses -117 -113 -470 -489 Other income 0 -10 17 10 Other expenses -2 2 -8 -14 Operating profit 31 2 77 21 Finance income 2 3 9 10 Finance costs -28 -37 -125 -147 Foreign exchange gains/(-losses) (net) -18 66 -185 77 Result before income tax -12 34 -224 -40 Income tax 28 -25 25 -50 Result for the period 15 9 -199 -89 Other comprehensive result Items that are or may be reclassified to profit or loss: Foreign currency translation differences for foreign operations -3 -4 6 -39 Other comprehensive result for the period, net of tax -3 -4 6 -39 Total comprehensive result for the period 12 5 -193 -128 Earnings per share Basic earnings per share (SEK) 1.04 0.65 -13.66 -6.15 Diluted earnings per share (SEK) 1.04 0.65 -13.66 -6.15 1 Prior-year figures have been restated due to a reclassification of certain revenue and cost items. The reclassification had no impact on operating profit or net income. For more details on this effect, please refer to p. 9. ===== SIDA 14 ===== Year-end report January 1 – December 31, 2025 14 Condensed consolidated statement of financial position SEK m 31 Dec 2025 30 Sep 2025 31 Dec 2024 ASSETS Non-current assets Property, plant and equipment 2,136 2,312 2,317 Intangible assets 216 221 248 Deferred tax assets 147 127 132 Total non-current assets 2,499 2,661 2,697 Current assets Inventories 878 856 1,253 Trade and other receivables 447 327 617 Prepayments 17 11 11 Cash and cash equivalents 153 163 363 Total current assets 1,495 1,357 2,245 TOTAL ASSETS 3,994 4,017 4,941 EQUITY AND LIABILITIES Equity Share capital 1 1 1 Additional paid in capital 635 635 635 Translation reserve -55 -52 -61 Retained earnings 924 924 1,013 Result for the period -199 -214 -89 TOTAL EQUITY 1,306 1,294 1,499 Non-current liabilities Borrowings 916 752 958 Deferred income 4 6 7 Deferred tax liabilities 236 242 281 Long-term lease liabilities 52 29 37 Total non-current liabilities 1,208 1,029 1,283 Current liabilities Borrowings 771 1,005 1,318 Trade and other payables 663 665 794 Deferred income 5 5 11 Provisions 9 1 8 Short-term lease liabilities 31 19 28 Total current liabilities 1,480 1,694 2,159 TOTAL LIABILITIES 2,688 2,723 3,442 TOTAL EQUITY AND LIABILITIES 3,994 4,017 4,941 ===== SIDA 15 ===== Year-end report January 1 – December 31, 2025 15 Condensed consolidated statement of changes in equity SEK m Share capital Additional paid in capital Translation reserve Retained earnings Total equity Balance 1 January 2025 1 635 -61 924 1,499 Total comprehensive result for the period Result for the period - - - -199 -199 Other comprehensive result Foreign exchange differences - - 6 - 6 Total comprehensive result for the period - - 6 -199 -193 Contribution by and distribution to owners Dividends - - - - - Other changes in Equity - - - - - Warrant issue - - - - - Total contributions and distributions - - - - - Balance 31 December 2025 1 635 -55 725 1,306 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 - - - -89 -89 Other comprehensive result Foreign exchange differences - - -39 - -39 Total comprehensive result for the period - - -39 -89 -128 Contribution by and distribution to owners Dividends - - - - - Other changes in Equity - - - - - Warrant issue - 5 - - 5 Total contributions and distributions - 5 - - 5 Balance 31 December 2024 1 635 -61 924 1,499 ===== SIDA 16 ===== Year-end report January 1 – December 31, 2025 16 Condensed consolidated statement of cash flows Q4 Q4 12M 12M SEK m 2025 2024 2025 2024 Cash flows from operating activities Result before income tax -12 34 -224 -40 Adjustments for: Depreciation and amortization 117 88 402 362 (Gain)/loss from impairment of receivables 1 2 6 9 Loss/(profit) on disposal of property, plant and equipment -13 - 2 - Finance costs 28 38 125 149 Finance income -1 -1 -9 -4 Foreign exchange losses/(gains) (net) 18 -65 185 -77 Cash flows from operating activities before changes in working capital and provisions 138 97 486 399 Change in inventories -44 178 216 271 Change in trade and other receivables -156 -37 42 41 Change in prepayments -7 -8 -7 -5 Change in trade and other payables 16 -667 57 -165 Change in provisions 8 -2 2 -4 Change in deferred income -1 3 -7 -5 Cash flows from operating activities before interest and tax paid -45 -436 788 533 Income tax paid 2 -19 -1 -63 Interest paid 2 -26 -86 -129 Cash flows from operating activities -41 -480 701 340 Cash flows from investing activities Proceeds from sale of property, plant and equipment 3 88 44 89 Interest received 7 3 16 8 Acquisition of property, plant and equipment -32 462 -75 -65 Cash flows from investing activities -22 553 -16 33 Cash flows from financing activities Proceeds from borrowings 479 127 500 127 Repayment of loans -393 -235 -1,312 -564 Leasing financing paid -17 -9 -39 -30 Warrant issue - 1 - 5 Cash flows from financing activities 69 -116 -851 -462 Net change in cash and cash equivalents 6 -44 -165 -89 Cash and cash equivalents at start of the period 163 361 363 426 Effect of exchange rate fluctuations on cash and cash equivalents -16 45 -44 25 Cash and cash equivalents at end of the period 153 363 153 363 ===== SIDA 17 ===== Year-end report January 1 – December 31, 2025 17 Parent company income statement Q4 Q4 12M 12M SEK m 2025 2024 2025 2024 Revenue - -7 - 3 Cost of sales - - - -3 Gross profit - -7 - - Administrative expenses -21 - -58 -43 Other income - - - 1 Other costs 1 - - - Operating profit -20 -6 -58 -42 Finance income 22 25 87 141 Finance costs -2 -10 -22 -43 Foreign exchange gains/(-losses) (net) -36 78 -188 97 Result after financial items -37 88 -182 153 Tax allocation reserve 31 -31 31 -31 Group contributions 23 - 23 - Result before income tax 18 57 -128 122 Income tax 21 -20 21 -26 Result for the period 39 37 -106 96 Total comprehensive result for the period is the same as the Result for the period. ===== SIDA 18 ===== Year-end report January 1 – December 31, 2025 18 Parent company balance sheet SEK m 31 Dec 2025 30 Sep 2025 31 Dec 2024 ASSETS Non-current assets Financial assets Holdings in group companies 288 288 288 Loans to group companies 1,246 1,821 2,042 Deferred tax assets 21 - - Total financial assets 1,555 2,109 2,330 Total non-current assets 1,555 2,109 2,330 Current assets Trade and other receivables 5 14 22 Receivables from group companies 23 Prepayments 16 2 - Loans to group companies 255 - - Cash and cash equivalents 91 33 205 Total current assets 390 49 227 TOTAL ASSETS 1,945 2,158 2,557 EQUITY AND LIABILITIES Equity Restricted equity Share capital 1 1 1 Unrestricted equity Share premium reserve 640 640 640 Retained earnings 1,380 1,380 1,283 Result for the period -106 -145 96 TOTAL EQUITY 1,914 1,875 2,020 Untaxed reserves 0 31 31 Non-current liabilities Borrowings 0 118 413 Total non-current liabilities 0 118 413 Current liabilities Trade and other payables 30 39 37 Borrowings 0 94 55 Total current liabilities 30 133 92 TOTAL LIABILITIES 30 251 506 TOTAL EQUITY AND LIABILITIES 1,945 2,158 2,557 ===== SIDA 19 ===== Year-end report January 1 – December 31, 2025 19 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 Sustainability and Financial Reporting Standard Board. The same accounting and valuation principles were applied in the preparation of this report as in the preparation of the 2024 annual report (regarding the 2024 financial year). 2. Determination of fair values The basis for the determination of fair value of financial assets and liabilities is disclosed in note 5 in the 2024 annual report. The fair values of the Group’s financial assets and liabilities approximate their respective carrying amounts. 3. Seasonal variations Ferronordic’s revenue and earnings are affected by seasonal variations in the construction industry in the US and in Kazakhstan. In the US, business tends to be lower in the summer months. Rental conversion happens mainly in the 4th quarter. For Kazakhstan, the first quarter is typically the weakest for sales of machines as activity in construction projects is constrained during the winter months. On the other hand, the demand in aftermarket (sales of service and parts) is usually strong since many customers use the quiet period to service their machines. Demand is typically stronger and relatively even through the rest of the year. In Germany, seasonal trends are less significant. 4. Ferronordic AB (publ) Ferronordic AB (publ) and its subsidiaries are sometimes referred to as the Group or Ferronordic. Ferronordic AB (publ) is also sometimes referred to as the Company. Any mentioning of the Board is a reference to the Board of Directors of Ferronordic AB (publ). 5. Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision- maker (CODM). The chief operating decision-maker, who is responsible for allocating resources and assessing the financial performance of the operating segments, has been identified as the Group Executive Management Team. The Group recognizes three separate reportable segments: USA, Germany and Kazakhstan. The segments are partly managed separately due to differences in markets, logistics, supply chains, products, customers and marketing strategies. For each segment, management reviews internal reports on at least a monthly basis. US sales are comprised of new and used construction and other equipment, aftermarket sales, rental and other services. Germany’s sales are comprised of new and used trucks, aftermarket sales, rental and other services. Kazakhstan’s sales are comprised of new and used construction and other equipment, used trucks, aftermarket sales, rental and other services. The accounting policies of the segments are the same as described in Note 6 of the annual report 2024. Group overhead costs, such as Group management costs, are allocated between the segments using principles set forth by the CODM. Information regarding the results of each segment is presented on page 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 The Parent Company has issued a number of pledged assets, all as security for obligations vis-à-vis suppliers and financial institutions. For more details, please refer to note 26 of the annual report 2024. 7. Related party transactions There have been no significant changes in the relationships or transactions with related parties for the Group or the Parent Company compared with the information disclosed in the 2024 annual report. 8. Earnings per share The calculation of earnings per share is based on the result attributable to the shareholders and is thus calculated as the result for the period divided by the average number of shares outstanding. The Group’s warrant program expired out of the money in December 2025. As a result, no dilution effect arises. For more information, please refer to Ferronordic’s annual report for 2024. ===== SIDA 20 ===== Year-end report January 1 – December 31, 2025 20 Result for the period, SEK m 2025 Q4 2024 Q4 2025 12M 2024 12M Result attributable to shareholders, SEK m 15 9 -199 -89 Average number of shares during the period before dilution, thousand 14,532 14,532 14,532 14,532 Earnings per share before dilution, SEK 1.04 0.65 -13.66 -6.15 Dilution effect - - - - Average number of shares during the period after dilution, thousand 14,532 14,532 14,532 14,532 Earnings per share after dilution, SEK 1.04 0.65 -13.66 -6.15 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 21 ===== Year-end report January 1 – December 31, 2025 21 Signatures The Board of Directors and the Managing Director declare that the report for the fourth quarter of 2025 provides a true and fair overview of the Group’s and the Parent Company’s operations, financial position and performance, and describes material risks and uncertainties facing the parent company and the companies in the Group. Stockholm, February 12, 2026 Lars Corneliusson Chairman Aurore Belfrage Director Annette Brodin Rampe Director Niklas Florén Director Håkan Eriksson Director Peter Zonabend Director Henrik Carlborg Managing Director This report has not been reviewed by the Company’s auditors ===== SIDA 22 ===== Year-end report January 1 – December 31, 2025 22 Key ratios Financial information for individual quarters The financial information below regarding individual quarters during the period October 1, 2023 – December 31, 2025, is collected from Ferronordic’s interim reports for the relevant quarters. Key ratios Certain key ratios in Ferronordic’s interim reports are not defined according to IFRS. The Company considers these ratios to provide valuable supplementary information for investors and the company’s management as they enable the assessment of relevant trends. Ferronordic’s definitions of these measures may differ from other companies’ definitions of the same terms. These ratios should therefore be seen as a supplement rather than as a replacement for measures defined according to IFRS. As the amounts in the tables below have been rounded off to SEK m, the calculations do not always add up due to rounding. Selected key group ratios Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 SEK m (or as stated) 2023 20242 20242 20242 20242 2025 2025 2025 2025 Revenue 915 1,246 1,115 1,171 1,347 1,206 1,088 1,060 1,211 Gross profit 133 219 185 181 191 197 177 203 214 Gross margin, % 14.5% 17.6% 16.6% 15.5% 14.2% 16.3% 16.3% 19.1% 17.7% Operating profit -62 21 -4 2 2 13 -5 37 31 Operating margin, % -6.8% 1.8% -0.3% 0.1% 0.2% 1.1% -0.4% 3.5% 2.6% Result for the period -89 70 -81 -88 9 -150 -51 -13 15 Earnings per share, SEK1 -6.11 4.83 -5.56 -6.07 0.65 -10.32 -3.51 -0.87 1.04 Working capital/LTM Revenue, % 20% 20% 21% 22% 23% 17% 12% 10% 15% Cash flow from operations 147 124 270 427 -480 185 262 295 -41 Equity/total assets, % 34% 33% 33% 31% 30% 30% 31% 32% 33% Return on equity, LTM% -6% -2% -7% -12% -6% -20% -19% -15% -14% Return on capital employed, LTM% -3% -2% -2% -1% 1% 1% 1% 2% 2% 1 Before dilution. 2 Prior-year figures have been restated due to a reclassification of certain revenue and cost items. However, this had no impact on operating profit or net income. For more details, please refer to p. 9. USA Dec Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 SEK m (or as stated) 2023 20242 20242 20242 20242 2025 2025 2025 2025 Revenue 308 773 727 716 755 762 695 677 811 Gross profit 82 156 140 159 154 135 121 139 169 Gross margin, % 26.6% 20.2% 19.2% 22.2% 20.4% 17.7% 17.3% 20.5% 20.9% Operating profit 25 60 51 53 65 48 26 43 73 Operating margin, % 8.0% 7.8% 7.1% 7.4% 8.6% 6.3% 3.8% 6.3% 9.0% Working capital/LTM Revenue, % 17% 13%1 15%1 19%1 21% 17% 14% 12% 18% 1 Based on annualized revenue for Ferronordic’s US operations calculated as 9m 2024 / 9 x 12. 2 Prior-year figures have been restated due to a reclassification of certain revenue and cost items. However, this had no impact on operating profit or net income. For more details, please refer to p. 9. Germany Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 SEK m (or as stated) 2023 2024 2024 2024 2024 2025 2025 2025 2025 Revenue 555 439 332 372 559 402 366 358 360 Gross profit 47 57 38 14 40 56 50 56 42 Gross margin, % 8.4% 12.9% 11.4% 3.7% 7.2% 13.9% 13.7% 15.6% 11.7% Operating profit -62 -12 -27 -40 -41 -9 -13 -1 -29 Operating margin, % -11.1% -2.7% -8.2% -10.7% -7.3% -2.3% -3.5% -0.4% -8.0% Working capital/LTM Revenue, % 26% 30% 31% 27% 23% 16% 9% 6% 7% ===== SIDA 23 ===== Year-end report January 1 – December 31, 2025 23 Kazakhstan Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 SEK m (or as stated) 2023 2024 2024 2024 2024 2025 2025 2025 2025 Revenue 52 34 56 82 33 42 26 25 40 Gross profit 5 6 8 9 -3 6 6 8 3 Gross margin, % 8.9% 17.1% 13.6% 10.4% -10.5% 13.9% 24.0% 33.3% 7.5% Operating profit -6 -3 -1 3 -10 1 -1 7 -3 Operating margin, % -10.7% 10.2% -2.3% 3.1% -30.5% 3.5% -3.6% 27.8% -6.6% Working capital/LTM Revenue, % 24% 29% 18% 27% 55% 47% 49% 68% 55% Net debt Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 SEK m 2023 2024 2024 2024 2024 2025 2025 2025 2025 Long term borrowings 671 610 628 999 958 1,064 833 752 916 Long term lease liabilities 59 53 49 34 37 33 33 29 52 Short term borrowings 1,024 1,071 1,178 1,080 1,318 939 978 1,005 771 Short term lease liabilities 22 26 23 40 28 23 21 19 31 Total interest bearing liabilities 1,776 1,759 1,878 2,153 2,340 2,058 1,864 1,804 1,770 Cash & cash equivalents 426 217 208 360 363 232 185 163 153 Net debt / (cash) 1,349 1,542 1,671 1,792 1,978 1,826 1,679 1,641 1,616 Net debt / EBITDA (times) -214.7 21.0 9.4 6.6 5.2 4.8 4.5 3.9 3.4 Working capital Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 SEK m 2023 2024 2024 2024 2024 2025 2025 2025 2025 Inventory 1,443 1,687 1,466 1,363 1,253 1,115 967 856 878 Trade and other receivables 630 678 653 496 617 541 409 327 447 Prepayments 6 8 5 12 11 16 16 11 17 Trade and other payables 997 1,283 1,051 827 794 834 758 665 663 Deferred income 8 8 12 10 11 7 5 5 5 Provisions 12 18 11 10 8 5 4 1 9 Working capital 1,063 1,062 1,049 1,026 1,068 825 625 523 664 Revenue LTM 5,313 5,314 4,994 4,712 4,720 4,754 4,839 5,074 4,766 Working capital / Revenue (%) 20% 20% 21% 22%1 23% 17% 12% 10% 15% 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 2023 2024 2024 2024 2024 2025 2025 2025 2025 Long term interest bearing liabilities 730 663 677 1,033 1,050 1,097 866 781 968 Short term interest bearing liabilities 1,046 1,096 1,201 1,120 1,291 961 998 1,023 802 Shareholder equity 1,622 1,698 1,627 1,483 1,499 1,372 1,302 1,294 1,306 Capital employed 3,397 3,457 3,505 3,636 3,839 3,430 3,166 3,098 3,076 Average capital employed 3,001 3,117 2,958 2,979 3,618 3,443 3,336 3,367 3,458 EBIT -115 -80 -84 -43 21 14 13 48 77 Interest income 31 29 30 15 10 11 11 10 9 Result LTM -84 -51 -53 -29 30 25 24 58 86 Return on capital employed (%) -3% -2% -2% -1% 1% 1% 1% 2% 2% ===== SIDA 24 ===== Year-end report January 1 – December 31, 2025 24 Return on equity Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 SEK m 2023 2024 2024 2024 2024 2025 2025 2025 2025 Shareholder equity 1,622 1,698 1,627 1,483 1,499 1,372 1,302 1,294 1,306 Average equity 1,748 1,792 1,725 1,617 1,560 1,535 1,464 1,389 1,403 Net result LTM -107 -44 -125 -188 -89 -310 -280 -204 -199 Return on equity (%) -6% -2% -11% -12% -6% -20% -19% -15% -14% Alternative key ratios not defined by IFRS EBITDA: Operating profit activities excluding depreciation, amortization. Provides a measurement of the result from the ongoing business. In financials before and including 2016, certain write-downs of assets were excluded from EBITDA. EBITDA margin: EBITDA in relation to revenue. Relevant key ratio in evaluating the Group’s value creation. Net debt / (Net cash): Interest-bearing liabilities (including lease liabilities) less cash and cash equivalents. Provides a measurement for the Group’s net debt position. Net debt / EBITDA: Net debt / (net cash) in relation to EBITDA for the last twelve months. Shows to what extent EBITDA covers net debt. Used to evaluate financial risk. New units sold: Number of new machines and trucks sold. Used to measure and compare number of new units sold during relevant period. Operating profit: Result before financial items and taxes. Provides a measurement of the result from the ongoing business. Operating margin: Operating profit in relation to revenue. Relevant key ratio in evaluating the Group’s value creation. Revenue growth: Growth in revenue compared to the same period last year, expressed in percentage. Used for comparison of growth between periods as well as comparisons with the market as a whole and with the company’s competitors. Gross margin: Gross profit in relation to revenue. Provides a measurement of the contribution from the ongoing business. Capital employed: Total equity and interest-bearing liabilities. Shows the capital invested in the Group’s business. Return on capital employed: Adjusted EBIT plus financial income (for the last twelve months) in relation to capital employed (average during the last twelve months). Shows how effectively the capital employed is used. Return on equity: Net income (for the last twelve months) in relation to shareholders’ equity (average during the last twelve months). Net income is calculated before dividends to common shareholders but after dividends to preferred shareholders. Working capital: Current assets excluding cash and cash equivalents, less non-interest bearing current liabilities. Shows the amount of working capital tied up in the ongoing business. Working capital/Revenue: Working capital in relation to revenue during the last twelve months. Shows how effective the working capital is used in the business. Abbreviations Approx. Approximately CEO Chief Executive Officer EUR Euro FY Full year IFRS International Financial Reporting Standards Q1, Q2, Q3, Q4 First, second, third and fourth quarter SG&A Selling expenses, general and administrative cost 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 25 ===== Year-end report January 1 – December 31, 2025 25 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 ten states in the United States and represents Hitachi, Sandvik, and Link-Belt 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 40 branches 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 its markets. Mission The company’s mission is to support the leadership and growth hip of its 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 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 26 ===== Year-end report January 1 – December 31, 2025 26 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 make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out below, at 07:30 CEST on February 12, 2026. Financial calendar Annual report 2025 – April 2, 2026 Interim report January – March 2026 – May 13, 2026 Annual general meeting 2026 – May 13, 2026 Conference call A presentation for investors, analysts and media will be held on February 12, 2026, at 10:00 CET and is accessible at www.ferronordic.com. To participate via teleconference, please register on the link below. https://events.inderes.com/ferronordic/q4-report-2025/dial-in To participate via webcast, please use the link below. https://ferronordic.events.inderes.com/q4-report-2025 Contact 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