[PPT] - CAPITAL MARKETS DAY 12 September 2019 DISCLAIMER This presentation PowerPoint Presentation

SLIDE 1

CAPITAL MARKETS DAY

12 September 2019

SLIDE 2

DISCLAIMER

This presentation includes forward-looking statements. The words “believe”, “expect”, “anticipate”, “intend”, “may”, “plan”, “estimate”, “will”, “should”, “could”, “aim”, “target”, “might”, or, in each case, their negative, or any similar expressions identify certain of these forward-looking

statements. Others can be identified from the context in which the statements are made. By their nature, forward-looking statements are

subject to assumptions, risks and uncertainties. Although Cramo believes that the expectations reflected in these forward-looking statements are reasonable, actual results may differ, even materially, from those expressed or implied by these forward-looking statements. Cramo expects presentation participants and readers of this presentation not to place undue reliance on such statements. The information and views contained in this presentation are provided as at the date of this presentation and are subject to change without

notice. Cramo does not undertake any obligation to publicly update or revise forward-looking statements, whether as a result of new

information, future events or otherwise, except to the extent legally required. Viewers are expected to understand that this presentation does not constitute, and should not be construed as, an offer or recommendation to buy, sell or subscribe for Cramo’s securities anywhere in the world or an inducement to enter into any investment activity relating to the

same. No part of this presentation should form the basis of, or be relied on in connection with, any contract or commitment or decision to

invest in Cramo securities whatsoever. Potential investors are instructed to acquaint themselves with Cramo’s annual accounts, interim reports and stock exchange releases as well as other information published by Cramo to form a comprehensive picture of the company and its securities. Cramo publishes inside information according to Market Abuse Regulation (MAR) and the rules of Nasdaq Helsinki.

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SLIDE 3

TODAY’S SPEAKERS

Leif Gustafsson

President & CEO

Aku Rumpunen

CFO

Martin Holmgren

Senior Vice President, Fleet Management

3

SLIDE 4

AGENDA

12:30 – 13:00 Introduction and Cramo in brief

Leif Gustafsson, President and CEO

13:00 – 14:15 Cramo strategy

Leif Gustafsson, President and CEO Martin Holmgren, SVP Fleet Management

14:15 – 14:30 Q&A

Leif Gustafsson, President and CEO Martin Holmgren, SVP Fleet Management

14:30 – 14:45 Break 14:45 – 15:15 Financials

Aku Rumpunen, CFO

15:15 – 15:40 Key investment highlights

Leif Gustafsson, President and CEO

15:40 – 15:55 Q&A

Leif Gustafsson, President and CEO Aku Rumpunen, CFO

15:55 – 16:00 Wrap-up

Leif Gustafsson, President and CEO

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SLIDE 5

5

Your productivity partner in rental and beyond

CRAMO GROUP Business partner, digital innovator and frontrunner.

Through reliable products, services and innovative digital solutions, Cramo is a business partner increasing the productivity and work safety of our

customers. We are a frontrunner in our industry.

Sustainability, digitalisation and focus on our people are at the core of our strategy.

SLIDE 6

4.2% 2.8% 2014-2019E 2019E-2020E

€634m

CRAMO AT A GLANCE

Notes: (1) Based on latest available market data and 2019 LTM revenue. (2) Data based on ERA and Forecon, weighted by Cramo’s sales in respective country. (3) Includes assembly, maintenance and repair, logistics. (4) Includes primarily sale of merchandise and new machinery.

6 Central Europe

20%

Finland and Eastern Europe

23%

Scandinavia

57%

2019 LTM sales in 11 countries

Tools Construction equipment Access equipment Building site facilities

~217,000 rental units ~11,000 digitally connected units Company numbers Offering Market

Equipment rental

72%

Services(3)

22%

€634m

Other(4)

6%

Revenue by segment Expected rental market growth p.a.(2)

Market growth drivers

1. New build construction and renovation need
2. Increasing penetration
3. Infrastructure and development projects
4. Demand of add-on services
5. Demand from industrial customers

~2,700

employees

~300

depots European market position 2.4% market share in Europe(1)

#3.

~150,000

customers

SLIDE 7

CRAMO CARE IS OUR STRATEGY FOR INTEGRATING SUSTAINABILITY INTO OUR BUSINESS

Cramo Care focuses on 4 key areas (customer, employee, environmental and social care) with ambitious targets set within each

Notes: (1) Number of work-related accidents with at least one full day absence / million working hours. (2) CO2e emissions, scope 1 and 2 (relative to sales). A market-based method is used to calculate CO2e emissions from electricity.

7

Target >70

72 73 75 2016 2017 2018

Customer Care

Most satisfied customers in the industry

Customer Satisfaction Index 13.7 9.9 9.5 2016 2017 2018

Employee Care

Zero accidents

LTIR(1) 18.4 17.5 15.6 2016 2017 2018

Environmental Care

Zero emissions

Emissions(2) (t/€m revenue) 1 2016 2017 2018

Social Care

Top ranking in business ethics

Legal proceedings

Target <5 by 2020 Target <15t/€m by 2020 Target 0

SLIDE 8

VALUE-ADDING BUSINESS MODEL

8

NEW BUILD RENOVATION MAINTENANCE OPERATORS

Customer needs

Source equipment (OEMs) Ensure availability Distribute & collect Maintain & repair Provide add-on services

Cramo

perations

Rental revenue Services revenue Accessories / Merchandise Resale

f assets

Revenue streams

~2,700 employees serve over 150,000 customers in 11 countries ~217,000 rental units available in ~300 depots Effective solutions and innovations based on customer needs ~11,000 digitally connected units with data driven insights Multi-channel business model to ensure customer experience Sustainable solutions enabling and driving the sharing economy

Competitive advantages

SLIDE 9

DIVERSE GROUP OF CUSTOMER NEEDS DRIVING DEMAND

New build

Residential, non-residential, industrial, others Demand volatiIity: Cyclical

Maintenance

Repair, maintain, extend Demand volatiIity: Stable

Renovation

Construction, industrial, public, households Demand volatiIity: Moderate

Operators

Power, heat & cool, light, dry Demand volatiIity: Stable

Customer needs Customer mix(1)

Note: (1) Other consists of public sector, households and other.

9

€632m

(2018)

Construction industry

57%

Industrials

23%

Other

20%

SLIDE 10

WIDE RANGE OF PRODUCTS AND SERVICES OFFERED TO MEET CLIENTS’ DEMAND

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SLIDE 11

EUROPEAN PLATFORM WITH DENSE DEPOT FOOTPRINT

11

Note: (1) Operative ROCE defined as comparable EBITA to average of tangible assets and net working capital.

6 6 16 2 5 2 2 3 2 2 4 3 2 2 2 5

+

Scandinavia

18.8%

EBITA MARGIN

20.0%

ROCE(1)

2

COUNTRIES

118

DEPOTS

Central Europe

6.5%

EBITA MARGIN

4.9%

ROCE(1)

5

COUNTRIES

73

DEPOTS

Finland & Eastern Europe

15.1%

EBITA MARGIN

11.7%

ROCE(1)

4

COUNTRIES

111

DEPOTS

= Depot = Hub

Example of hub-and-spoke structure in Stockholm

2019 LTM

SLIDE 12

ECONOMIC VALUE-ADD OF RENTAL MODEL

12

Illustrative example for Access equipment Customer benefits Owning vs. renting

Illustrative example for Access equipment

Note: Illustrative example.

Customer Cramo Purchase price:

100 80

Resale value after 10 years:

6 12

Annual R&M cost:

5 4

Time utilisation:

30% 60%

We aggregate and match demand and

supply, driving higher fleet utilisation

(100) (50) 50 100 150 200 250 1 2 3 4 5 6 7 8 9 10

Cramo break-even after ~3 years

Year Net cash flow

Customer break-even after ~9.5 years

Cramo economics Customer economics Frees up capital and lowers financial risk INVESTMENT PERSPECTIVE

>

No capex
Lowered financial risk
Improves cost-effectiveness

Allows greater focus on the core business OPERATING PERSPECTIVE

>

Outsources maintenance
Increases flexibility
Frees up resources

Ensures alignment with CSR policies AWARENESS PERSPECTIVE

>

CO2 emissions significantly reduced
Local regulations fulfilled
Safety benefits with modern, well-serviced

equipment

SLIDE 13

THE JOURNEY TO CREATING TWO INDEPENDENT AND FOCUSED LISTED COMPANIES

13

Demerger of Adapteo concludes a joint journey… We have developed Cramo and Adapteo to become two independent and focused businesses in their respective segments During this journey, we have made significant investments in building strong management teams and organisational capabilities in both companies …and now we are right-sizing Cramo to meet tomorrow’s demand Actions taken to right-size our indirect cost base which will be fully executed during 2019 with full run-rate impact from 1 January 2020 The actions primarily impact Group support functions as well as

perations and support functions in countries where Cramo and

Adapteo have had overlapping cost structures

Other

perating

expenses

€7-8m

Employee benefit expenses

€3-4m

Targeted run- rate savings

€10-12m

SLIDE 14

DEMERGER AND ONGOING RIGHT-SIZING OF CRAMO PROVIDES FURTHER CLARITY AND EFFICIENCY GAINS

14

Reduced complexity Strengthened and focused management More efficient and streamlined Cramo Clearer investment profile Increased capacity to grow and secure shareholder value

SLIDE 15

KEY INITIATIVES

15

Global pricing framework with common governance

model

Pricing

Systematic sales processes review across group
Key account management implemented
Program launched to proactively target smaller

customers

Sales initiatives

Systematic KPIs in place to track capital efficiency
Depot level continuous performance reviews in place

Performance management

Network structure simplification program roll-out

Hub and spoke

Systematic trainings to build capabilities

across functions

Capability building

SLIDE 16

AGENDA

12:30 – 13:00 Introduction and Cramo in brief

Leif Gustafsson, President and CEO

13:00 – 14:15 Cramo strategy

Leif Gustafsson, President and CEO Martin Holmgren, SVP Fleet Management

14:15 – 14:30 Q&A

Leif Gustafsson, President and CEO Martin Holmgren, SVP Fleet Management

14:30 – 14:45 Break 14:45 – 15:15 Financials

Aku Rumpunen, CFO

15:15 – 15:40 Key investment highlights

Leif Gustafsson, President and CEO

15:40 – 15:55 Q&A

Leif Gustafsson, President and CEO Aku Rumpunen, CFO

15:55 – 16:00 Wrap-up

Leif Gustafsson, President and CEO

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SLIDE 17

INTRODUCING CRAMO NXT STRATEGY 2023

17

CRAMO NXT STRATEGY 2023

SLIDE 18

NEW VISION – MISSION AND VALUES REMAIN

18

Vision Your productivity partner in rental and beyond Values Credibility, creativity, commitment Mission Shared resources simplified

SLIDE 19

STRATEGY BUILT ON FOUR OBJECTIVES AND FOUR ENABLERS

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Leading partner for services The digital leader in the rental industry Stronghold in industrial segment Top-tier performance across Group Enablers

Effective communications Clarified operating model & strengthened process management Operational & financial transparency Performance management

SLIDE 20

THREE FOCUS AREAS FOR TOP TIER PERFORMANCE

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Systematically lifting performance across

countries and network

Roll-out of global pricing framework
Drive scale through operating model

Top-tier financial performance

Organic growth initiatives

across markets

Bolt-on M&A opportunities
Continued strategic M&A growth

#1-2 position across relevant markets

Improved repair and maintenance

processes across network

Dynamic stock management program
Data driven fleet optimised supply chain

Top-tier fleet efficiency

Top-tier

SLIDE 21

THE RECIPE WORKS – NOW FOCUS IS ON GERMANY AND FINLAND

21

Recipe for success applied in Norway being rolled out to Finland and Germany

Performance development

Illustrative

Norway

New team
Systematic sales process improvement
Adjustments to depot network

Germany and Finland

New team
Sales efficiency improvements on depot level ongoing
Adjustments to depot network
Capability building

+12%

sales growth 2017–18

+2 p.p.

EBITDA margin uplift 2017–18

+2 p.p.

ROCE uplift 2017–18

SLIDE 22

SYSTEMATICALLY LIFTING PERFORMANCE ACROSS NETWORK

22

Key initiatives

Global pricing framework with common governance

model

Pricing

Systematic sales processes review across group
Key account management implemented
Program launched to proactively target smaller

customers

Sales initiatives

Systematic KPIs in place to track capital efficiency
Depot level continuous performance reviews in place

Performance management

Network structure simplification program roll-out

Hub and spoke

Systematic trainings to build capabilities

across functions

Capability building

Profitability (illustrative EBIT margin %) Depot

Illustrative overview of depot profitability considerations

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EUROPE STILL VERY FRAGMENTED, WITH BIG OPPORTUNITIES FOR NON-ORGANIC GROWTH

Source: ERA, 3rd party consultant. Note: Based on market data for 2018 and latest available revenue figures.

18% 8% 74%

€26.4bn

Top 5 Top 6-10 Remaining European rental market 1. Loxam+Ramirent 8.3% 2. Kiloutou 2.6% 3. Cramo 2.4% 4. Boels 2.2% 5. Zeppelin 1.8% SME-sized local rental providers

Southern Europe Eastern Europe Western Europe Central Europe Northern Europe

+15K

Rental companies

Top 10 players concentrate c. 26%

f the market

+15,000 companies (many family-run groups)

SLIDE 24

OUR FLEET STRATEGY IS CENTRED AROUND 4 PILLARS TO DRIVE FLEET RETURN AND TIME UTILISATION

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Notes: (1) Calculated as rolling 12 months fleet revenue divided by current fleet purchase price. (2) Days at customer divided by available rent days (365).

Investment strategy Supplier strategy and procurement Life cycle management and divestment Fleet

ptimisation

Fleet return(1) Time utilisation(2)

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25

CLEAR AND FOCUSED INVESTMENT STRATEGY DRIVE INCREASE IN PROFITABILITY

30% 28% 26% 24% 22% 20% 18% 16% 14% 12% 10% 8% 6% 4% 2% 0% (2%) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17

The basics of our fleet management strategy Illustrative overview of fleet composition considerations

Optimal procurement decisions

Total cost

f ownership

Growth investments into high performing fleet and OpCos

Capex release model

Reinvestment model that adjusts for low performing fleet Lift low performing equipment to average

Fleet efficiency Scale

Grow fleet / operations to leverage inherent economies of scale

Imperative to get the basics right to drive improvement in fleet return and time utilisation Optimal capital allocation achieved by shifting investments to high return products without compromising on retaining an attractive fleet composition

Operative ROCE Product categories

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26

SUPPLIER STRATEGY AND PROCUREMENT

Capex spend by product group (€m)

A significant share of our capex spend is made through group negotiated contracts, with the ambition to increase further

In 2018, ~75% of our capex spend was managed through centrally negotiated contracts Target for 2020: 95%

5 10 15 20 25 30 35 40 45

Negotiated capex spend Total capex spend Negotiated capex spend Total capex spend Negotiated capex spend Total capex spend Negotiated capex spend Total capex spend

Tools

~60%

Construction equipment

~80%

Access equipment

~85%

Site huts

~70%

SLIDE 27

A SYSTEMATIC WAY TO OPTIMISE TIME UTILISATION

27

Focus on initiatives to increase fleet available and reduce

perational cost to handle the equipment

Positive effects are visible both in time utilisation and cost

30% 40% 50% 70,000 85,000 100,000 Dec 14 Feb 15 Apr 15 Jun 15 Aug 15 Oct 15 Dec 15 Feb 16 Apr 16 Jun 16 Aug 16 Oct 16 Dec 16 Feb 17 Apr 17 Jun 17 Aug 17 Oct 17 Dec 17 Feb 18 Apr 18 Jun 18 Aug 18 Oct 18 Dec 18 # of tools, R12M Time utilisation %, R12M

Note: (1) Figures represent tools in Sweden.

Connects customer demand with inventory management

Systematic way of continuously optimise inventories

with help of the “Carousel”

Increases availability of equipment with less

inventories, i.e. improve time utilisation

Sales and fleet planning

Through focused efforts, we have managed to decrease the average repair & maintenance cost per machine by 9%

Efficient processes

(1)

9%

Average annual decrease

f repair and maintenance

spend 2014–2018

SLIDE 28

LIFE CYCLE MANAGEMENT AND DIVESTMENT

28

Optimal selling point towards the end of the equipment’s lifetime, however refurbishment can extend lifetime and returns Optimising resale value – illustrative example

Ensures technical lifetime and resale value of our equipment

Timely maintenance according

to manufacturers schedules

Supports positive customer preferences

Repair & maintenance

Extends the lifetime of our equipment

Useful for equipment with limited design

development during the past years

Particularly advantageous for Site huts

Refurbish- ment

Facilitates optimal fleet age and utilisation

Lowers overall repair and maintenance spend
Allows for reinvestment into more

up-to-date equipment

Divestment

Asset value Time Optimal selling point Maintenance & repair costs

SLIDE 29

TOP-TIER FLEET EFFICIENCY THROUGH DEPOT OPTIMISATION AND DIGITAL INITIATIVES

29

Note: (1) Depots connected online (with possibility to see availabilities and order pick-up or transportation).

New operating model for distribution areas Digital initiatives driving fleet efficiency

Sales Depot 2 Depot 5

Hub

Depot 3 Depot 6 Depot 1 Depot 4 Gross margin Utilisation

By adopting a hub and spoke structure, and optimise flow of information and products, efficiency and flexibility in operations are increased

Rental area

~120%

growth in transactions between H1 2018 and H1 2019

~18,400

customer accounts provided

~3,200

products displayed in rental portal

~93%

depots connected(1)

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30

SEVERAL ONGOING GROUP INITIATIVES TO ACHIEVE TOP TIER FLEET EFFICIENCY

Cramo Field

Improved processes for field service technicians
Better planning and accuracy of logging work orders

Carousel

Stock levels based on market demand and outlooks
Improved fleet return and time utilisation

TMS

Delivery precision measures
Carrier sourcing and consolidation
Spend management

P2P- C-Buy

Purchase to pay process with less administration
Volumes consolidated to fewer suppliers

9%

Average annual decrease of repair and maintenance spend 2014–2018

SLIDE 31

31

STRONGHOLD IN INDUSTRIAL SEGMENT

Already significant share of revenues from segments with low correlation to economic cycle Ambition to grow industrial segment further

INDUSTRIAL LEADER IN THE NORDICS

Industrials

SLIDE 32

32

LARGE SHARE OF CRAMO’S BUSINESS SHELTERED FROM VOLATILITY OF ECONOMIC CYCLE AND REAL ESTATE MARKET

Correlation to economic cycle Typical contract length

Construction

Real-estate new build Real-estate renovation Infrastructure

Industrial

Construction of industrial facilities Industrial stops Daily maintenance Daily operations

Contra cyclic Independent

f cycle

Follows cycle Short Medium Long

Industrials

SLIDE 33

REBUILD AND CAPACITY EXPANSION OF PULP MILL SCA ÖSTRAND SUNDSVALL

33

Customer case

Customer: SCA Project size: €750m Project schedule: Finalised in 2018 Cramo delivers:

Site office and locker rooms for 2,150 employees
Restaurant for 250 guests
1,600 access equipment and tools
On-site rental depot
Fuel service
Heating services
Temporary electricity
3-4 Cramo employees on site

Cramo revenue: ~€15m

Industrials

Photo: SCA

SLIDE 34

ATTRACTIVE INDUSTRIAL TRACK-RECORD AND PIPELINE

34

Northvolt Skellefteå (Starting up) 2

~3,000

RENTAL ITEMS

~3-4

EMPLOYEES

~€28M

REVENUE

~70

DURATION (MONTHS)

Next Generation Billerud Grums (Ongoing) 1

~2,400

RENTAL ITEMS

~€24M

REVENUE

~10

EMPLOYEES

~36

DURATION (MONTHS)

1 2

Metsä BPP Äänekoski (Completed)

~1,500

RENTAL ITEMS

~€13M

REVENUE

~12

EMPLOYEES

~32

DURATION (MONTHS)

3 Windmill projects (Ongoing)

~12

DURATION (MONTHS)

~3-4

EMPLOYEES

~1,000

RENTAL ITEMS

~€3M

REVENUE (YEARLY)

3

Industrials

Automotive industry Leipzig (Ongoing)

~2,500

RENTAL ITEMS

~€2.5M

REVENUE

~4-6

EMPLOYEES

~24

DURATION (MONTHS)

4 Automotive industry Weissach (Ongoing)

~48

DURATION (MONTHS)

~12-20

EMPLOYEES

~3,500

RENTAL ITEMS

~€10M

REVENUE

4 5

5

SLIDE 35

INDUSTRIAL PLATFORM TO BE FURTHER DEVELOPED

35

Salesforce skill building towards industrial
Target new industrial segments
More tailored packages to target customers
Adjustments to machinery range targeting industrial

Industrial share

f sales today

Target share

We aim to increase industrial share to ~30% of sales by focusing on a set of group initiatives

~23% ~30%

Industrials

SLIDE 36

LEADING PARTNER FOR SERVICES

CONSISTENTLY CHOSEN AS PRODUCTIVITY PARTNER

36

All customers proactively

ffered construction- and

industrial-related services Consistent packaging and structure of services across Cramo’s sales and depot network Leading provider and customers’ partner of choice for

n-site logistics services

Services

SLIDE 37

SERVICES FOCUSED ON ADDRESSING CLIENT’S CONCERNS

37

Note: Quotes unofficially translated and based on internal study.

“We’ve done the research. Previously we’ve seen that employees use 30% of their time on value-creating tasks. They spend too much time on picking up and searching equipment”

— Site Manager at construction company X

“I believe ~50% time spent is

n effective production today”

— Site Manager at construction company Y

Three key customer concerns that Cramo address

Safety Sustainability Productivity

€

Value creation for our customers with increased potential for equipment rental

Services

SLIDE 38

WE HAVE A SUBSTANTIAL REVENUE BASE WITHIN SERVICES TO GROW FROM

38

Offer core services more efficiently to all customers Scale and professionalise offering Leading provider of construction logistics in Sweden, Finland, Norway and Germany Customers’ partner of choice through differentiated services

2019 LTM NXT

Growth in services revenue

Target ~30% of sales 22%

% of net sales

Services

SLIDE 39

NEW CHILDREN'S HOSPITAL

39

Customer case

Customer: SRV Project size: €170m Project schedule: Q2/2016 – Q2/2018

Cramo delivers:

Construction site logistics
Delivery coordination
Traffic and people flow management
Loading and unloading
Transport to installation area
Site tidiness
Waste management
Safety measurement
Floor and material protection
Heating and dry construction services

Cramo revenue: ~€2.5m

Services

SLIDE 40

SIGNIFICANTLY STRENGTHENED OUR SERVICE OFFERING THROUGH ACQUISITION OF KBS INFRA

40

In 2018, Cramo acquired KBS Infra –

a leading German construction site logistics company

Operates 5 sites in Germany
KBS Infra’s service offering is built around

extensive construction site planning and logistics expertise

Customer base also includes industrial clients
Fleet consists of approximately 7,500 site huts, extensive

amount of on-site electricity equipment and other equipment related to construction site usage

2019 LTM sales amounted to €42m

Services

SLIDE 41

41

Majority digital customer interactions Creating value through connected fleet and data Frontrunner for digitally enabled business models Digitally streamlined internal operations Increased fleet utilisation Improved customer journey and user experience Increased productivity with clear value adds for customers

THE DIGITAL LEADER IN THE RENTAL INDUSTRY

Digital

SLIDE 42

WHERE ARE WE TODAY?

42

eCom

Product Viewer App MyEquip App

Digital

SLIDE 43

CRAMO WILL INCREASE PRODUCTIVITY WITH CLEAR VALUE ADDS FOR OUR CUSTOMERS THROUGH DIGITALISATION

43

Effectivise rental spend

Efficiency through customer fleet

ptimisation and fleet planning

BIM Optimise fleet through AI

IoT an important enabler: All construction and access equipment to be connected by 2021 (c.20,000 units) New digitally enabled business models

Driving sharing economy resulting in less cost and increasing sustainability

Pooling of resources through digital initiatives

Company

Equipment

Tools to facilitate reporting (including financial), access to data, and increase sustainability

Simplify and increase transparency

eCom My Equip

Plan Search Order Receive Use Return Pay Share Pre-rental During rental After rental Customer journey model

Digital

SLIDE 44

WHERE ARE WE HEADING?

44

ONE CRAMO CHANNEL WORKING WITH INNOVATION CRAMO MASTER APP

Digital

SLIDE 45

AIMING AT THE NEXT LEVEL SELECTION OF 2023 TARGETS

45

#1–2 position in each local market of relevance

Cramo’s position as a leading European

equipment rental player strengthened further

30% of revenues from industrial segments

Sheltering Cramo’s business from economic cycle swings

30% of revenues from services

Enabling value added benefits for customers

while supporting equipment rental

Four new financial targets – to be further discussed in the financials section 100% of construction and access equipment fleet connected

Enabling superior customer experience and productivity

SLIDE 46

AGENDA

12:30 – 13:00 Introduction and Cramo in brief

Leif Gustafsson, President and CEO

13:00 – 14:15 Cramo strategy

Leif Gustafsson, President and CEO Martin Holmgren, SVP Fleet Management

14:15 – 14:30 Q&A

Leif Gustafsson, President and CEO Martin Holmgren, SVP Fleet Management

14:30 – 14:45 Break 14:45 – 15:15 Financials

Aku Rumpunen, CFO

15:15 – 15:40 Key investment highlights

Leif Gustafsson, President and CEO

15:40 – 15:55 Q&A

Leif Gustafsson, President and CEO Aku Rumpunen, CFO

15:55 – 16:00 Wrap-up

Leif Gustafsson, President and CEO

46

SLIDE 47

AGENDA

12:30 – 13:00 Introduction and Cramo in brief

Leif Gustafsson, President and CEO

13:00 – 14:15 Cramo strategy

Leif Gustafsson, President and CEO Martin Holmgren, SVP Fleet Management

14:15 – 14:30 Q&A

Leif Gustafsson, President and CEO Martin Holmgren, SVP Fleet Management

14:30 – 14:45 Break 14:45 – 15:15 Financials

Aku Rumpunen, CFO

15:15 – 15:40 Key investment highlights

Leif Gustafsson, President and CEO

15:40 – 15:55 Q&A

Leif Gustafsson, President and CEO Aku Rumpunen, CFO

15:55 – 16:00 Wrap-up

Leif Gustafsson, President and CEO

47

SLIDE 48

AGENDA

12:30 – 13:00 Introduction and Cramo in brief

Leif Gustafsson, President and CEO

13:00 – 14:15 Cramo strategy

Leif Gustafsson, President and CEO Martin Holmgren, SVP Fleet Management

14:15 – 14:30 Q&A

Leif Gustafsson, President and CEO Martin Holmgren, SVP Fleet Management

14:30 – 14:45 Break 14:45 – 15:15 Financials

Aku Rumpunen, CFO

15:15 – 15:40 Key investment highlights

Leif Gustafsson, President and CEO

15:40 – 15:55 Q&A

Leif Gustafsson, President and CEO Aku Rumpunen, CFO

15:55 – 16:00 Wrap-up

Leif Gustafsson, President and CEO

48

SLIDE 49

HISTORICAL FINANCIAL PERFORMANCE

49

Notes: Historical financials illustrative including IFRS 16. (1) Comparable earnings before interest, tax and amortisation. 2014-2018 historicals illustrative for IFRS 16. (2) Calculated as illustrative IFRS 16 EBITDA less net capex excluding M&A and IFRS 16 assets. (3) Defined as comparable EBITA to average of tangible assets and net working capital. 2014-2018 illustrative for IFRS 16.

8.2% 10.3% 14.0% 15.2% 14.1% 12.2%

2014 2015 2016 2017 2018 2019 LTM

Operative ROCE %(3) Cash flow(2) (€m)

87 89 92 100 99 120

2014 2015 2016 2017 2018 2019 LTM

Comparable EBITA(1) (€m)

50 61 83 95 95 85 8.9% 10.6% 14.0% 15.7%15.0% 13.4%

2014 2015 2016 2017 2018 2019 LTM

Sales (€m)

420 427 453 460 459 455 142 143 144 146 173 179 562 570 597 606 632 634

2014 2015 2016 2017 2018 2019 LTM Rental Services and other

SLIDE 50

336 328 327 328 350 326 13.2% 16.0% 20.2% 22.7% 22.1% 20.0%

2014 2015 2016 2017 2018 2019 LTM Capital employed Operative ROCE %

Market growth(4)

BUSINESS SEGMENT: SCANDINAVIA

50

Sales and EBITA margin % Capital employed(2) and operative ROCE(3)

Notes: 2014-2018 historical financials illustrative for IFRS 16 impact. (1) H1 2019 sales amounted to €173.5m, compared to €183.5m the year prior. In local currencies, the decline was 2.4% compared to 5.4% in consolidation currency. (2) Excluding goodwill and intangible assets. (3) Operative ROCE defined as comparable EBITA to average of tangible assets and net working

capital. (4) Data sourced from ERA and Forecon. Weighted by Cramo sales in respective country (for 2019F and 2020F 2019 LTM sales are used).

Time utilisation

ERA Forecon

272 275 291 293 283 275 87 90 87 87 88 86 359 365 379 380 371 361 12.6% 14.6% 17.5% 19.5% 20.2% 18.8%

2014 2015 2016 2017 2018 2019 LTM Rental Services and other EBITA margin %

€5.6m FX

impact H1 2019(1)

Key business drivers

45.3% 47.5% 50.4% 50.5% 52.9% 52.0%

2014 2015 2016 2017 2018 2019 LTM

1.5% 4.2% 8.5% 6.2% 0.9% 2.5% 4.2% 4.3% 10.5% 3.8% 1.7% (0.4%) (0.0%)

2014 2015 2016 2017 2018 2019 LTM 2019F 2020F

+6.2 p.p. EBITA margin

SLIDE 51

Market growth(3)

BUSINESS SEGMENT: FINLAND AND EASTERN EUROPE

51

Capital employed(1) and operative ROCE(2)

Notes: 2014-2018 historical financials illustrative for IFRS 16 impact. (1) Excluding goodwill and intangible assets. (2) Operative ROCE defined as comparable EBITA to average of tangible assets and net working capital. (3) Data sourced from ERA and Forecon. Weighted by Cramo sales in respective country (for 2019F and 2020F 2019 LTM sales are used).

Time utilisation

ERA Forecon

Key business drivers

94 98 105 108 111 112 29 28 35 37 36 36 123 126 140 145 147 148 13.2% 13.6% 16.6% 18.2% 16.0% 15.1%

2014 2015 2016 2017 2018 2019 LTM Rental Services and other EBITA margin %

136 143 167 189 193 189 11.4% 12.3% 15.0% 14.8% 12.3% 11.7%

2014 2015 2016 2017 2018 2019 LTM Capital employed Operative ROCE %

38.5% 39.8% 44.1% 44.6% 47.1% 47.4%

2014 2015 2016 2017 2018 2019 LTM

3.4% 7.0% 9.7% 4.4% 5.2% 4.7% 4.2% 5.0% 9.4% 6.7% 3.9% 1.1% 1.8%

2014 2015 2016 2017 2018 2019 LTM 2019F 2020F

Sales and EBITA margin %

SLIDE 52

Market growth(3)

BUSINESS SEGMENT: CENTRAL EUROPE

52

55 54 56 58 65 68 26 25 22 23 49 57 81 79 78 81 114 125 (6.3%) (1.8%) 5.6% 6.2% 8.3% 6.5%

2014 2015 2016 2017 2018 2019 LTM Rental Services and other EBITA margin %

123 117 117 111 160 168 (4.3%) (1.2%) 3.7% 4.4% 7.0% 4.9%

2014 2015 2016 2017 2018 2019 LTM Capital employed Operative ROCE %

Capital employed(1) and operative ROCE(2)

Notes: 2014-2018 historical financials illustrative for IFRS 16 impact. (1) Excluding goodwill and intangible assets. (2) Operative ROCE defined as comparable EBITA to average of tangible assets and net working capital. (3) Data sourced from ERA. Weighted by Cramo sales in respective country (for 2019F and 2020F 2019 LTM sales are used).

Time utilisation Key business drivers

28.4% 30.1% 32.7% 35.4% 54.4% 56.9%

2014 2015 2016 2017 2018 2019 LTM

6.3% 3.6% 7.8% 4.2% 4.1% 4.1% 4.1% 4.0%

2014 2015 2016 2017 2018 2019 LTM 2019F 2020F

Sales and EBITA margin %

+12.8 p.p. EBITA margin

SLIDE 53

122 121 124 124 122 128 202 199 213 214 228 232 200 202 193 191 204 205 524 522 530 529 554 565

2014 2015 2016 2017 2018 2019 LTM

IMPROVING COST RATIO OVER TIME BUT FURTHER POTENTIAL REMAINS

53

Note: 2014-2018 illustrative for IFRS 16.

Build-up of cost components (€m) Cost ratio development (as % of sales)

Impacted by divestments Impacted by acquisition of KBS

Indirect costs Direct costs

Direct costs Indirect costs Depreciation

Depreciation

35.6% 35.4% 32.4% 31.5% 32.3% 32.4%

2014 2015 2016 2017 2018 2019 LTM

35.9% 34.9% 35.6% 35.3% 36.1% 36.6%

2014 2015 2016 2017 2018 2019 LTM

21.7% 21.3% 20.8% 20.5% 19.2% 20.2%

2014 2015 2016 2017 2018 2019 LTM

SLIDE 54

WE ARE RIGHT-SIZING CRAMO POST DEMERGER OF ADAPTEO

54

Targeted run-rate cost savings

€10–12m

Estimated timeline for full effect

Year 2020

Implementation of indirect cost reduction is on track Performance improvement actions launched in order to right- size the Group’s cost structure upon demerger of Adapteo and invest into our future. Streamlining our cost base will enable us to further invest into strategic focus areas Costs are taken out in the following areas: €7-8m: Other operating expenses €3-4m: Employee benefit expenses Run-rate cost savings should be fully implemented by 1 of Jan 2020 Financial year 2020 will be the first year benefiting from the €10-12m overhead cost reductions

SLIDE 55

CAPEX DEVELOPMENT FOR EQUIPMENT RENTAL AND MODULAR SPACE

55

EBITDA breakdown Cramo incl. Modular Space Gross capex breakdown Cramo incl. Modular Space Historically, capex spend for Modular Space has outweighed relative spend for Equipment Rental

57% 43%

Equipment Rental Modular Space Accumulated 2014 – 2018 Accumulated 2014 – 2018

Note: Gross capex including M&A. Capex excluding IFRS 16 assets.

78% 22%

Total ~€1,100m Total ~€1,260m Equipment Rental Modular Space

SLIDE 56

Significant growth capex deployed in 2018 made to strengthen Cramo

DISCRETIONARY CAPEX PROFILE

56

Fully discretionary capex allowing us to take immediate actions to right-size fleet for demand swings

Note: Repair & maintenance is part of opex. Capex excluding IFRS 16 assets. Illustrative split between net reinvestment and expansion capex.

Fully discretionary capex, i.e. possible to postpone for a time period if there is a need to right-size fleet for changing demand

Growth capex

2018 capex (€m)

Growth capex

104 104 44 14 44 14 161 Net reinvestment Expansion Net organic rental capex M&A Other capex Total net capex

SLIDE 57

71 86 104 112 104 81 44 14 8 10 8 14 12 92 102 119 120 161 93 105 37 87 89 92 100 99 120 34 56 172 182 207 219 216 212 97 93 2014 2015 2016 2017 2018 2019 LTM H1 2018 H1 2019

NET CAPEX AND CASH FLOW DEVELOPMENT

57

Our capex spend year-to-date is reflective of our ability to right-size fleet for changing demand, with higher cash flow in return

Note: EBITDA illustrative for IFRS 16. Repair and maintenance is recognised in operating expenses. Other capex includes M&A unless expressed separately. (1) Excluding M&A. Calculated based on illustrative post-IFRS 16 EBITDA. Capex excluding IFRS 16 assets.

€m

Discretionary capex Acquisition

f KBS

Net organic rental capex M&A Other capex Cash flow(1) EBITDA

SLIDE 58

CAPITAL ALLOCATION POLICY

58

Policy aimed at balancing leverage and growth

pportunities with

shareholder returns

Ensure leverage targets are met, supporting the business with a sufficient and well-balanced debt portfolio Secure balance sheet and leverage Allocate capital to value-accretive

rganic opportunities and M&A in
rder to grow the business (net debt to

EBITDA currently ~2.0x) Growth Return excess capital to shareholders through dividends and share buybacks to ensure an efficient capital structure Return excess capital to shareholders

SLIDE 59

GROWTH

59

Note: Based on target valuation of 5.0x LTM EBITDA, and debt of 3.0x.

Our target leverage allows for expansion capex, both organic and M&A Illustration of firepower for inorganic growth

Our current leverage provides additional headroom of ~€210m… …allowing for M&A up to ~€525m in EV and an additional €105m EBITDA (assuming an acquisition multiple of 5.0x LTM EBITDA)

EV ~€525m EBITDA ~€105m

<3.0x 2.0x Target leverage Current ND/EBITDA (post-IFRS 16)

SLIDE 60

0.10 0.30 0.42 0.60 0.55 0.65 0.75 0.85 0.90

2010 2011 2012 2013 2014 2015 2016 2017 2018

DIVIDEND DEVELOPMENT

60

n.a. 45% 59% 149% 58% 49% 45% 47% 50%

Dividend per share, Cramo incl. Modular Space (€) Payout ratio, Cramo incl. Modular Space (%)

Consistently attractive shareholder returns

SLIDE 61

61

FINANCIAL TARGETS

New financial targets to reflect new company profile and future strategy Profitability and growth Double-digit EPS growth between 2019 and 2023(1) Capital efficiency Operative ROCE(2) >15% by end of 2023 Leverage Net debt to EBITDA lower than 3.0x Shareholder return Dividend payout ratio >50% of EPS(3)

Notes: (1) CAGR. Comparable EPS. (2) Excluding goodwill and intangible assets. Operative ROCE defined as comparable EBITA to average

f tangible assets and net working capital. (3) Excess capital can be distributed through dividends or share repurchases.

SLIDE 62

GUIDANCE FOR 2020

62

2020 COMPARABLE EBITA > €75M

SLIDE 63

AGENDA

12:30 – 13:00 Introduction and Cramo in brief

Leif Gustafsson, President and CEO

13:00 – 14:15 Cramo strategy

Leif Gustafsson, President and CEO Martin Holmgren, SVP Fleet Management

14:15 – 14:30 Q&A

Leif Gustafsson, President and CEO Martin Holmgren, SVP Fleet Management

14:30 – 14:45 Break 14:45 – 15:15 Financials

Aku Rumpunen, CFO

15:15 – 15:40 Key investment highlights

Leif Gustafsson, President and CEO

15:40 – 15:55 Q&A

Leif Gustafsson, President and CEO Aku Rumpunen, CFO

15:55 – 16:00 Wrap-up

Leif Gustafsson, President and CEO

63

SLIDE 64

KEY INVESTMENT HIGHLIGHTS

64

1

Market with long-term structural growth and robust mid-term outlook

3

Productivity partner driving growth through expanding customer value proposition

5

Focused fleet management strategy to optimise fleet economics

7

Proven strategy execution track record delivering best-in-class shareholder returns with a clear strategy to continue delivering value to our shareholders

2

Leading European player with an extensive depot network serving our customers

4

Industry-leading digital initiatives continue to enhance future competitiveness

6

Discretionary capex profile and counter-cyclical cash flow generation

SLIDE 65

Nominal GDP 80 100 120 140 160 180 2009 2011 2013 2015 2017 2019 2021

MARKET WITH LONG TERM STRUCTURAL GROWTH AND ROBUST MID-TERM OUTLOOK

65

1

Source: ERA Market Reports, Forecon, EIU, Euroconstruct. Note: (1) In Cramo’s geographic markets. Data for Sweden, Finland and Norway are based on average between ERA and Forecon (starting 2013/2014 depending on data availability). No historical data available for Austria and Czech Republic beyond 2013; 2013 figures applied as base numbers for years before.

Equipment rental outgrowing the construction market A diversified end-market exposure drives balance between growth and stability

Developing markets

Mature markets

End-markets Share of sales (2018) Construction rental penetration Growth and volatility Growth

pportunities

~70% High

Robust mid-term growth
utlook
Less amplitude in cycles
Industrial and digital
ffering enabling growth
High demand for rental-

related services

Organic and non-organic

growth opportunities ~30% Low

Large outsourcing deals
Medium demand for

rental-related services

Organic and non-organic

growth opportunities

Mid to high single-digit

growth outlook

Higher amplitude in cycles

Equipment rental(1) Construction(1)

Index

CAGR 5.0% 3.1% 172 144 3.6% 152 1.9% 125 New build Renovation 4.3% 130

SLIDE 66

LEADING EUROPEAN PLAYER WITH AN EXTENSIVE DEPOT NETWORK SERVING OUR CUSTOMERS

66

2

Notes: (1) Revenue for European operations where applicable. Based on company information and International Rental News. (2) Operative ROCE defined as comparable EBITA to average

f tangible assets and net working capital. (3) Based on ERA market size figures.

2,195 689 632 579 473 463 420 420 410 393 387 339 317 241

Leading equipment rental generalist in Europe… Extensive network serving our customers …with a stronghold in the mature Nordic markets

# depots 94 25 50

2

Market position Market share(3)

2 3

Revenue €m (2018)(1)

6 5 16 2 5 2 2 3 2 2 4 3 2 2 2 5

+

Scandinavia

18.8%

EBITA MARGIN

20.0%

ROCE(2)

2

COUNTRIES

118

DEPOTS

Central Europe

6.5%

EBITA MARGIN

4.9%

ROCE(2)

5

COUNTRIES

73

DEPOTS

Finland & Eastern Europe

15.1%

EBITA MARGIN

11.7%

ROCE(2)

4

COUNTRIES

111

DEPOTS

2

~20% ~9% ~17%

SLIDE 67

PRODUCTIVITY PARTNER DRIVING GROWTH THROUGH EXPANDING CUSTOMER VALUE PROPOSITION

67

3

Currently NXT Currently NXT

NXT strategy focusing on becoming leading partner for services

Core services more efficiently offered to all customers Scale and professionalise

ffering

Leading provider of construction logistics in Sweden, Finland, Norway and Germany Customers’ partner of choice through differentiated services

NXT strategy focusing on becoming industrial leader in the Nordics

Target new industrial segments More tailored packages to target customers Salesforce skill building towards industrial Adjustments to machinery range targeting industrial

Growth in services revenue

Target ~30%

f sales

~22%

f sales

Growth in industrials revenue

Target ~30%

f sales

~23%

f sales

… Proximity to customer & understanding

f customer needs

… Tailored offerings … Higher share of wallet … Stronger incentive to invest in customer relationship … Improved economics for both parties … Driving rental sales … Customer loyalty €

€

SLIDE 68

INDUSTRY-LEADING DIGITAL INITIATIVES CONTINUE TO ENHANCE FUTURE COMPETITIVENESS

68

4

 Data driven fleet optimisation  Connected supply chain  Seamless customer journey  Data transparency  Intuitive user experience  24/7 access to equipment rental services and solutions  New business opportunities and business models

Path to digital leadership Number of connected Access and Construction equipment

Improved productivity, safety and sustainability
Better usage of resources and assets i.e. reduced

cost

Focus on core operations
A smoother workday

Benefits for the customer

Customer loyalty
Data gathering for service development
Monitoring fleet status, maintenance, remote

trouble shooting and theft protection

Monetisation opportunity

Benefits for Cramo

4,600 5,700 6,600 7,800 9,800 20,000 2014 2015 2016 2017 2018 2021E 100% of Access and Construction equipment

SLIDE 69

FOCUSED FLEET MANAGEMENT STRATEGY TO OPTIMISE FLEET ECONOMICS

69

The basics of our fleet management strategy

Optimal procurement decisions Total cost

f ownership

Growth investments into high performing fleet and OpCos Capex release model Reinvestment model that adjusts for low performing fleet Lift low performing equipment to average Fleet efficiency Scale Grow fleet / operations to leverage inherent economies of scale Imperative to get the basics right to drive improvement in fleet return and time utilisation

5

30% 28% 26% 24% 22% 20% 18% 16% 14% 12% 10% 8% 6% 4% 2% 0% (2%) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17

Illustrative overview of fleet composition considerations

Optimal capital allocation achieved by shifting investments to high return products without compromising on retaining an attractive fleet composition

Operative ROCE Product categories

SLIDE 70

56 32 43 6 5 105 37 H1 2018 H1 2019

Continuous review and short lead time provides for favourable capex dynamics

DISCRETIONARY CAPEX PROFILE…

Note: Repair & maintenance is part of opex.

Visibility over capex spend Short lead time from procurement to delivery Continuous review of capex need, adjustments made as required Low committed capex

70

6

Fully discretionary capex allowing us to take immediate actions to right-size fleet for demand swings

H1 2018 and 2019 capex €m

M&A Net organic rental capex Fully discretionary capex, i.e. possible to postpone for a time period if there is a need to right-size fleet for changing demand Other capex

SLIDE 71

172 182 207 219 216 212 87 89 92 100 99 120 2014 2015 2016 2017 2018 2019 LTM 55 200 113 2006-08 2009-10 2011-12

…AND COUNTER-CYCLICAL CASH FLOW GENERATION

Cash generation during 2014 – 2019 LTM(1)

EBITDA & Cash flow (EBITDA – Net capex) development, €m

Our principles Downturn

Revenue & EBITDA decline
Hold back on fleet investments,
ptimise the cost structure
Strong cash flow generation

Recovery

Revenue & EBITDA pick-up
Strong fleet investments
Cash flow from operations invested

in fleet & growth opportunities

Ability to right-size discretionary capex evidences strong ability to manage cash flow generation through the cycle

Note: (1) EBITDA illustrative for IFRS 16. Capex excluding IFRS 16 assets.

71

6

Cramo’s cash flow during 2006-2012

Cumulative cash flow (EBITDA – net capex), €m EBITDA Illustrative cash flow (EBITDA – net capex)

SLIDE 72

19.7% 11.9% 9.8% (0.9%) (4.0%) (11.9%) (29.7%)

PROVEN STRATEGY EXECUTION TRACK- RECORD DELIVERING BEST-IN-CLASS SHAREHOLDER RETURNS WITH A CLEAR STRATEGY TO CONTINUE DELIVERING VALUE TO OUR SHAREHOLDERS

Notes: (1) Average excluding Cramo and peer 6. Data 29 Aug 2014 – 31 Aug 2019, including dividends. (2) CAGR. Comparable EPS. (3) Excess capital can be distributed through dividends or share repurchases.

72

7

Profitability and growth

Double-digit EPS growth between 2019 and 2023(2)

Capital efficiency

Operative ROCE >15% by end of 2023

Leverage

Net debt to EBITDA lower than 3.0x

Shareholder return

Dividend payout ratio >50% of EPS(3) Financial targets during the NXT strategy period

Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6

2.6%(1)

Total shareholder return illustrated

TSR CAGR, L5Y

SLIDE 73

KEY INVESTMENT HIGHLIGHTS

73

1

Market with long-term structural growth and robust mid-term outlook

3

Productivity partner driving growth through expanding customer value proposition

5

Focused fleet management strategy to optimise fleet economics

7

Proven strategy execution track record delivering best-in-class shareholder returns with a clear strategy to continue delivering value to our shareholders

2

Leading European player with an extensive depot network serving our customers

4

Industry-leading digital initiatives continue to enhance future competitiveness

6

Discretionary capex profile and counter-cyclical cash flow generation

SLIDE 74

AGENDA

12:30 – 13:00 Introduction and Cramo in brief

Leif Gustafsson, President and CEO

13:00 – 14:15 Cramo strategy

Leif Gustafsson, President and CEO Martin Holmgren, SVP Fleet Management

14:15 – 14:30 Q&A

Leif Gustafsson, President and CEO Martin Holmgren, SVP Fleet Management

14:30 – 14:45 Break 14:45 – 15:15 Financials

Aku Rumpunen, CFO

15:15 – 15:40 Key investment highlights

Leif Gustafsson, President and CEO

15:40 – 15:55 Q&A

Leif Gustafsson, President and CEO Aku Rumpunen, CFO

15:55 – 16:00 Wrap-up

Leif Gustafsson, President and CEO

74

SLIDE 75

AGENDA

12:30 – 13:00 Introduction and Cramo in brief

Leif Gustafsson, President and CEO

13:00 – 14:15 Cramo strategy

Leif Gustafsson, President and CEO Martin Holmgren, SVP Fleet Management

14:15 – 14:30 Q&A

Leif Gustafsson, President and CEO Martin Holmgren, SVP Fleet Management

14:30 – 14:45 Break 14:45 – 15:15 Financials

Aku Rumpunen, CFO

15:15 – 15:40 Key investment highlights

Leif Gustafsson, President and CEO

15:40 – 15:55 Q&A

Leif Gustafsson, President and CEO Aku Rumpunen, CFO

15:55 – 16:00 Wrap-up

Leif Gustafsson, President and CEO

75