rr results q3_2015_en_final

4 NOVEMBER 2015

MAGNUS ROSÉN, PRESIDENT AND CEO JONAS SÖDERKVIST, CFO AND EVP, GROUP FUNCTIONS

Sales up in mixed market conditions, continued pressure on margins

Interim Report January-September 2015

• Group performance

• Segment review

• Market outlook

• Key figures

• Financial position

Agenda

2

Q3/2015: Sales up in mixed market conditions, continued pressure on margins

• Net sales up by 1.0% or by 3.7% at comparable exchange rates • EBITA 24.8 (28.0) MEUR or 15.0% (17.1%) of net sales • EBITA excl. non-recurring items 25.3 (29.9) MEUR or 15.3% (18.3%) of net sales • Non-recurring items included a restructuring provision of 0.5 MEUR in Denmark

• The positive top line development that was observed at the end of the second quarter did not fully materialise in Q3, with weaker than expected performance in both Sweden and Norway

• Profitability was impaired by a higher share of service sales, price pressure and internal reorganisations

• Continued challenging market conditions in Finland and Norway • The Swedish equipment rental market remained strong driven by high activity in all

construction sectors and improving demand in the industrial sector • Improving market situation in Denmark, Poland, the Czech Republic and Slovakia • Stable market situation in the Baltics

Q3/15 key figures

Business performance

Market situation

3

Third-quarter 2015 net sales development was weaker than expected in Sweden and Norway

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Q3 15 reported Q3 15 at comparableexchange rates

CHANGE IN NET SALES Q3 15 NET SALES (MEUR) Q3 15

• Reported sales were up by 1.0% in the third quarter

• Third-quarter net sales grew by 3.7% at comparable exchange rates

• Third-quarter net sales amounted to 165.1 (163.6) MEUR

4

January-September 2015 sales growth supported by higher service sales and deliveries to Solutions projects

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1-9 15 reported 1-9 15 at comparableexchange rates

CHANGE IN NET SALES 1-9 15 NET SALES (MEUR) 1-9 15

• Reported sales were up by 2.7% in January–September 2015

• January–September net sales grew by 5.3% at comparable exchange rates

• January–September net sales amounted to 465.2 (452.9) MEUR

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EBITA MARGIN Q3 15

Third-quarter 2015 EBITA impaired by a higher share of service sales, price pressure and internal reorganisations

EBITA (MEUR) Q3 15

• Third–quarter EBITA margin decreased to 15.0% (17.1%) of net sales

• EBITA margin impaired by a higher share of service sales, price pressure and internal reorganisations

• Third–quarter EBITA amounted to 24.8 (28.0) MEUR

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EBITA MARGIN 1-9 15

January-September 2015 EBITA margin at 10.7% (11.3%)

EBITA (MEUR) 1-9 15

• January–September EBITA margin was 10.7% (11.3%)

• EBITA amounted to 50.0 (51.3) MEUR in January–September

7

Ramirent provides a Total rental solution for the expansion of Södra Cell Värö pulp mill in Sweden

Assignment

Solution

Benefits

• NCC implements the ground preparation work, facilities construction and building construction work

• Pulp production is ongoing during the project. High safety standards to be observed throughout the project

• In Ramirent’s total solution, machines are combined with extensive planning with high focus on safety including risk analyses, safety training and fall protection with Ramirent’s unique GuardLite™system

• Dedicated project manager on site in Värö secures the delivery

Order value EUR 10 million (2015-2016)

• Improved safety though on-site safety centre and training provided for contractor’ and sub contractors’ employees

• Reduction of site costs and lead times in the construction process when a single supplier coordinates

• Flexible availability to machines and services from the on-site logistics centre

8

Ramirent signed LOI with Hartela for outsourcing of equipment and a cooperation agreement in Finland

Letter of intent in brief

• Ramirent has signed a Letter of Intent with Hartela for the outsourcing of equipment, machinery operations and personnel to Ramirent in Finland.

• The companies have also an intention to sign a co-operation agreement whereby Ramirent would rent equipment and provide rental related services to Hartela.

• The aim is to sign the final agreement and start the co-operation by the end of November 2015.

• In 2014, Hartela outsourced its fleet of tower cranes and signed a five-year co-operation agreement with Ramirent in Finland.

9

ROLLING 12 MONTHS EBITA MARGIN EXCL. NON-RECURRING ITEMS (%)

While the efficiency program has been successful in lowering the fixed cost base, the expected margin improvement has not materialised due to: • Less favourable market conditions and price

pressure primarily in Finland and Norway • Slower than planned adoption of the efficiency

measures

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Finland Sweden Norway Denmark Baltics EuropeCentral

Ramirent continues to work with the

efficiency actions:

• Building up Solutions organisation and capabilities

• Common platform system implementation

• Focusing repair and maintenance operations to fewer locations

• Developing pricing management procedures

• Shared Service Centre in Estonia

Margin improvement from efficiency programme taking longer to materialise

10

Segment review

11

HIGHLIGHTS Q3 15

Finland Q3 15: Strong result in challenging market conditions

NET SALES

KEY FIGURES PROFITABILITY

• Strong demand in the Southern parts of Finland

• Scaffolding projects and higher service sales supported growth

• A lower fixed cost base supported profitability

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EBITA-margin (%) ROCE (%) R12

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Finland 7–9/15 7–9/14 Change 1–9/15 1–9/14 Change

Net sales 45.7 43.5 5.1% 117.2 114.1 2.7%

EBITA 9.3 8.3 12.9% 14.6 17.2 −15.2%

% of net sales 20.4% 19.0% 12.5% 15.1%

Capex 6.0 4.9 22.4% 20.0 31.4 −36.3%

Capital employed 121.3 127.7 −5.0%

ROCE (%) 13.7% 17.9%

Personnel (FTE) 442 538 −17.8% 442 538 −17.8%

Customer centres

57 67 −14.9% 57 67 −14.9%

Net sales up by 5.1%

12

HIGHLIGHTS Q3 15

Sweden Q3 15: Sales growth driven by service sales and increasing deliveries to ongoing Solutions projects

NET SALES


• The net sales growth was lower than expected despite a strong market

• High activity in residential and infrastructure construction in the large city areas

• EBITA was negatively impacted by a higher share of service sales and internal restructuring

Net sales up by 3.4% or by 6.2% at

comparable exchange rates

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1) EBITA excluding non-recurring items was EUR 21.1 million or 13.1% in January–September 2015. The settlement of earn-out on DCC, the weather shelter and scaffolding division acquired in 2014, resulted an EUR 3.8 million of non-recurring income in the second quarter of 2015.

Sweden 7–9/15 7–9/14 Change 1–9/15 1–9/14 Change

Net sales 53.8 52.0 3.4% 161.5 146.0 10.6%

EBITA 7.7 8.9 −13.7% 24.91) 19.9 25.6%

% of net sales 14.3% 17.2% 15.4%1) 13.6%

Capex 11.4 13.7 −16.9% 33.7 59.5 −43.4%

Capital employed 190.2 158.0 20.4%

ROCE (%) 17.5% 17.3%

Personnel (FTE) 787 771 2.0% 787 771 2.0%

Customer centres

82 75 9.3% 82 75 9.3%

13

HIGHLIGHTS Q3 15

Norway Q3 15: Lower sales and profitability due to slow activity in building construction and uncertainty in the oil and gas sector

NET SALES


• Slow underlying demand in the building construction sector

• Postponements of new investments in the oil & gas sector impacted negatively on sales and profitability

• EBITA was impaired by continued price pressure, lower Customer Centre sales and increased material and services costs

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Norway 7–9/15 7–9/14 Change 1–9/15 1–9/14 Change

Net sales 29.4 34.0 −13.5% 91.4 101.8 −10.2%

EBITA 2.4 4.0 −40.0% 6.3 10.81) −41.6%

% of net sales 8.2% 11.8% 6.9% 10.6%1)

Capex 5.8 3.8 54.5% 12.9 13.5 −4.5%


ROCE (%) 5.4% 7.9%

Personnel (FTE) 409 410 −0.3% 409 410 −0.3%

Customer centres

43 43 − 43 43 −

1) EBITA excluding non–recurring items was EUR 12.7 million or 12.5% of net sales in January–September 2014. The non–recurring items included EUR 2.2 million of restructuring costs booked in the second half of 2014.

Net sales down by 13.5% or by 4.2% at


14

HIGHLIGHTS Q3 15

Denmark Q3 15: Restructuring measures together with improving demand are producing results

NET SALES


• Growth was supported by high activity in Solutions projects and improving fleet utilisation

• Profitability supported by a lower fixed cost level due to cost savings and synergies from shared functions with Sweden

• Ramirent continued to optimise its customer centre network and a restructuring provision of 0.5 MEUR was booked in the third quarter

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Denmark 7–9/15 7–9/14 Change 1–9/15 1–9/14 Change

Net sales 11.2 10.1 11.1% 31.2 28.7 8.6%

EBITA 0.91) −0.1 n/a −0.21) −3.0 94.0%

% of net sales 8.1%1) −1.2% −0.6%1) −10.4%

Capex 1.9 1.5 26.6% 3.5 3.3 8.3%


ROCE (%) −5.3% −13.8%

Personnel (FTE) 144 151 −4.6% 144 151 −4.6%

Customer centres

14 16 −12.5% 14 16 −12.5%

1) EBITA excluding non–recurring items was EUR 1.4 million or 12.1% of net sales in July–September 2015 and EUR 0.3 million or 0.9% of net sales in January–September 2015. The non–recurring items included a EUR 0.5 million of restructuring provision booked in the third quarter of 2015.

Net sales increased by

11.1%

15

HIGHLIGHTS Q3 15

Europe East Q3 15: Demand for equipment rental was stable in the Baltics

NET SALES

KEY FIGURES PROFITABILITY (THE BALTICS)

• Demand was strongest in Lithuania and Estonia supported by strong construction activity and increased interest towards rental related services

• Healthy price levels and strict cost control supported margins

• Fortrent Group: Demand for rental services in new regions of Russia was increasing in the third quarter 0

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Europe East 7–9/15 7–9/14 Change 1–9/15 1–9/14 Change

Net sales 10.2 10.3 −1.1% 25.3 24.7 2.4%

EBITA 3.3 3.7 −10.5% 5.2 4.6 13.3%

% of net sales 32.4% 35.8% 20.4% 18.5%

Capex 3.4 1.3 157.8% 16.4 8.7 88.4%


ROCE (%) 12.6% 10.3%

Personnel (FTE) 254 241 5.4% 254 241 5.4%

Customer centres

44 42 4.8% 44 42 4.8%

Net sales down by 1.1%

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HIGHLIGHTS Q3 15

Europe Central Q3 15: Market improving and efficiency actions bearing fruit

NET SALES


• Ongoing large power plant and industrial projects fuelled demand for rental equipment and related services in Poland

• In Slovakia and the Czech Republic, sales grew strongly thanks to high underlying demand and internal operational development

• Profitability improved as a result of successful implementation of efficiency actions, internal reorganisation and improving price levels

Net sales up by 8.4% or by 8.3% at


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Europe Central 7–9/15 7–9/14 Change 1–9/15 1–9/14 Change

Net sales 15.4 14.2 8.4% 40.1 39.4 1.9%

EBITA 2.2 1.6 34.3% 2.5 1.2 108.5%

% of net sales 14.0% 11.3% 6.1% 3.0%

Capex 4.1 1.1 278.0% 9.6 6.7 42.5%


ROCE (%) 5.2% 1.7%

Personnel (FTE) 494 473 4.5% 494 473 4.5%

Customer centres 55 59 −6.8% 55 59 −6.8%

17

Market outlook

18

Nordic countries

The Baltics and Europe Central

2015E

Finland -1.0%

Sweden 8.0%

Norway 1.9%

Denmark 3.5%

2015E

Estonia -4.0%

Latvia -6.0%

Lithuania 1.0%

Poland 9.7%

The Czech Republic 4.3%

Slovakia 2.1%

Favourable market conditions in Sweden, Denmark and Europe Central countries

CONSTRUCTION ASSOCIATION'S ESTIMATES ON CONSTRUCTION OUTPUT 2015

RAMIRENT'S EXPECTATIONS ON OVERALL DEMAND BY EQUIPMENT RENTAL MARKET

19

The equipment rental market is expected to grow in all segments except in Norway

EQUIPMENT RENTAL MARKET ESTIMATES FOR 2015

1.7%

1.0%

-1.5%

1.4%

2.6%

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-1%

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1%

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3%

4%

Finland Sweden Norway Denmark Poland

Source: European Rental Association 10/2015 20

Nordic construction order books (incl. Skanska, YIT & Lemminkäinen) increased by 2.4% at comparable exchange rates

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Lemminkäinen YIT

Skanska Change in Net sales (y-o-y), R12 Ramirent

Change in order backlog (y-o-y), Nordic construction

• Third-quarter Nordic construction order books including Skanska, YIT and Lemminkäinen, increased by 2.4% at comparable exchange rates

• Ramirent's rolling 12 months net sales amounted to 625.8 MEUR, up by 3.4% at comparable exchange rates

NORDIC CONSTRUCTION ORDER BOOKS (BEUR AND CHANGE AT COMPARABLE EXCHANGE RATES)

21

Ramirent outlook for full year 2015 unchanged

Ramirent expects the market picture for 2015 to remain mixed, with challenging market conditions especially in Finland and Norway.

We expect full-year 2015 net sales and EBITA margin to be similar to the level of 2014 when measured in local currencies.

22

Key figures

23

107.7 106.2

50.0 53.0

5.8 5.9

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Q3 14 Q3 15

Rental income Ancillary income Income from sold equipment

−1.3%

+5.8%

+1.8%

163.6

-4.4 6.0

165.1

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Q3 14reported

Exchangerates

Underlyingchange

Q3 15reported

Third-quarter net sales were driven by service sales and Solutions projects

NET SALES (MEUR) Q3 15 BREAKDOWN OF NET SALES (MEUR) Q3 15

Ancillary income generated 32.1% (30.6%) of Group

net sales in the third quarter

Service sales and increasing rental

deliveries to Solutions projects

Weaker Swedish and Norwegian krona impacted

negatively on the sales in euros

24

Third-quarter reported EBITA improved (y-o-y) in Finland, Denmark and Europe Central

EBITA BRIDGE (MEUR) Q3 14 – Q3 15

28.0

1.1 −1.2

−1.6 1.0

−0.4 0.6

−2.6

24.8

20

22

24

26

28

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EBITA Q32014

Finland Sweden Norway Denmark Europe East EuropeCentral

Items notallocated to

segments

EBITA Q32015

Sales growth and lower fixed cost

base

Higher share of service sales and

internal restructuring

Lower Customer centre sales, price

pressure and increased material &

services costs

Profitability supported by cost savings

implemented in 2014

Difference in periodisation of

central Group costs in Q3/2014

20.4% 14.3% 8.2% 8.1% 32.4% 14.0%

19.0% 17.2% 11.8% −1.2% 35.8% 11.3%

EBITA margin Q3/2015

EBITA margin Q3/2014

25

15.2% 15.6%

10.9%

-9.1%

22.1%

2.3%

12.6% 14.5%

7.8%

-1.3%

21.0%

7.6%

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Finland Sweden Norway Denmark The Baltics Europe Central

152.8

198.9

142.6

40.6 33.1 54.7

155.8

216.5

125.3

41.8 34.5 53.9

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Rolling 12 months EBITA margin excl. non-recurring items improved in Denmark and Europe Central

Non-recurring items impacting R12 EBITA-margin Q3/2015: 1) EUR 0.5 MEUR restructuring provision was booked in the third quarter of 2015 in Denmark. 2) The settlement of earn-out on DCC, the weather shelter and scaffolding division acquired in 2014, resulted in EUR 3.8 million of non-recurring income in the second quarter of 2015 in Sweden. 3) EUR 1.5 million of restructuring costs and asset write-downs were booked in the fourth quarter of 2014 in Finland. 4) EUR 0.7 million of restructuring costs were booked in the fourth quarter of 2014 in Sweden. 5) EUR 2.2 million of restructuring costs were booked in the second half of the 2014 in Norway. 6) EUR 0.1 million of restructuring costs were booked in the fourth quarter of 2014 in Denmark. 7) EUR 1.1 million of restructuring costs and asset write-downs were booked in the fourth quarter of 2014 in Europe Central.

Q3 14 Q3 15

ROLLING 12 MONTHS NET SALES (MEUR)

ROLLING 12 MONTHS EBITA MARGIN EXCL. NON-RECURRING ITEMS (%)

26

Fleet utilisation improvement driven by increased demand and reduction of non-productive fleet

∗) 𝐸𝑓𝑓𝑖𝑐𝑖𝑒𝑛𝑐𝑦 𝑢𝑡𝑖𝑙𝑖𝑠𝑎𝑡𝑖𝑜𝑛 =𝐴𝑐𝑞𝑢𝑖𝑠𝑖𝑡𝑖𝑜𝑛 𝑣𝑎𝑙𝑢𝑒 𝑜𝑓 𝑟𝑒𝑛𝑡𝑒𝑑 𝑓𝑙𝑒𝑒𝑡

𝐴𝑐𝑞𝑢𝑖𝑠𝑖𝑡𝑖𝑜𝑛 𝑣𝑎𝑙𝑢𝑒 𝑜𝑓 𝑡𝑜𝑡𝑎𝑙 𝑓𝑙𝑒𝑒𝑡∗ 100 %

∗∗) 𝑇𝑜𝑡𝑎𝑙 𝐹𝑙𝑒𝑒𝑡 𝑌𝑖𝑒𝑙𝑑 =𝑅𝑒𝑛𝑡𝑎𝑙 𝑖𝑛𝑐𝑜𝑚𝑒 ∗ 100 %

𝐴𝑐𝑞𝑢𝑖𝑠𝑖𝑡𝑖𝑜𝑛 𝑣𝑎𝑙𝑢𝑒 𝑜𝑓 𝑡𝑜𝑡𝑎𝑙 𝑓𝑙𝑒𝑒𝑡

Focusing repair and maintenance operations to fewer locations

Reduction of non-productive and non-available fleet

Optimising fleet transports

Internal fleet transfers

FLEET MANAGEMENT EFFICIENCY ACTIONS 1-9 15

30%

35%

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65%

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GROUP EFFICIENCY UTILISATION % (ROLLING 3 MONTHS)

GROUP FLEET YIELD % (ROLLING 3 MONTHS)

27

GROSS MARGIN (%) Q3 15

68.8% 67.6%

63.3%

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65%

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75%

Q12013

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Q2 Q3

303.5 293.3

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GROSS PROFIT (MEUR) 1-9 15

Gross margin mainly impacted by a higher share of service sales and increased material and services costs

• Third–quarter gross margin decreased to 63.3% (67.6%)

• January–September gross profit declined to 293.3 (303.5) MEUR or 63.1% (67.0%) of net sales

28

CUSTOMER CENTRES Q3 15 PERSONNEL Q3 15

• Outsourcing of non-core operations and contingency actions reduced personnel in Finland

• In Sweden, the personnel increased due to acquisitions in 2014 and building up the Solutions organisation during 2015

New customer centres opened in Sweden, optimisation of network continued in Finland and Denmark

Group:

2,6581) (2,621)

1) Including personnel in Ramirent Shared Service AS

57 (67)

44 (42)

55 (59)

82 (75)

14 (16)

43 (43)

In 2015, Ramirent has merged or closed several customer centres outside of Southern Finland

In total, Ramirent has 295 (302) customer centres in ten countries

New customer centres opened to meet the strong demand in Sweden

Finland 442

Sweden 787

Norway 409

Denmark 144

Europe East -Baltics 254

Europe Central 494

29

FIXED COSTS (MEUR) AND % OF GROUP NET SALES

Efficiency actions successful in lowering the fixed cost level – rolling 12 months fixed costs down by 3.4 MEUR

• Third-quarter fixed costs 55.3 (58.1) MEUR or 33.5% (35.5%) of net sales

• Employee benefit expenses 36.8 (37.7) MEUR

• Other operating expenses 18.6 (20.4) MEUR

• Rolling 12 months fixed costs 235.6 (239.0) MEUR or 37.6% (38.5%) of net sales

• Rolling 12 months fixed costs excl. non-recurring costs 232.8 (237.2) MEUR or 37.2% (38.2%) of net sales

38.3% 35.5%

33.5%

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Implemented efficiency actions producing results

30

Group's reported rolling 12 months EBITA margin at 10.3% (11.6%)

EBITA MARGIN (ROLLING 12 MONTHS)

11.6%

10.3%

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18%

Q3 14 (R12) Q3 15 (R12)

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Q2 Q3

EBITA-margin (%) EBITA-margin (%) (R12)

• Reported third-quarter EBITA margin decreased to 15.0% (17.1%) of net sales

• Reported rolling 12 months EBITA 64.5 (72.2) MEUR or 10.3% (11.6%) of net sales

EBITA MARGIN (QUARTERLY AND ROLLING 12 MONTHS)

31

Rolling 12 months EBITA excluding non-recurring items was 64.8 MEUR or 10.4 % of net sales

1) Restructuring provision of 1.9 MEUR booked in Norway

2) Restructuring costs and asset write-downs by segment: Finland 1.5 MEUR Sweden 0.7 MEUR Norway 0.2 MEUR Central 1.1 MEUR Denmark 0.6 MEUR

2) Including a EUR 3.8 million non-recurring income due to the settlement of earn-out from weather shelter and scaffolding company DCC acquired in 2014

Q3/2015 R12 EBITA margin excl. non-recurring items was 10.4% (11.9%) of net sales

EBITA (MEUR) Q3 15 ROLLING 12 MONTHS BASIS

72.2 64.5

1.91)

74.0

0.32)

64.8

0

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70

80

Q3/2014 (R12)reported

non-recurring items Q3/2014 (R12) excl.non-recurring items

Q3/2015 (R12)reported

non-recurring items Q3/2015 (R12) excl.non-recurring items

11.6% 11.9% 10.3% 10.4% % of Net sales

32

CASH FLOW AFTER INVESTMENTS (MEUR)

Positive cash flow after investments in the third quarter

• The Group’s cash flow after investments 9.7 (13.7) MEUR in the third quarter and -11.7 (-10.7) MEUR for January–September

• January–September cash flow was affected by earn-out payments in the second quarter connected to the acquisition of the weather shelter and scaffolding company DCC

• Third–quarter cash flow from operations increased by 23.1% to 43.9 (35.7) MEUR

• Third–quarter cash flow from investing activities -34.2 (-21.9) MEUR

34.4

13.7

9.7

-30

-20

-10

0

10

20

30

40

Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015

Q2 Q3

33

GROSS CAPITAL EXPENDITURE (MEUR) AND % OF NET SALES

Based on our cash generation and solid financial position, we continue to invest to achieve sustainable profitable growth

• Third-quarter gross capex increased to 32.2 (23.8) MEUR of which 0.0 (0.1) MEUR related to acquisitions

• Third-quarter investments in machinery and equipment 30.8 (20.4) MEUR

• January–September gross capex decreased to 97.2 (125.6) MEUR of which 0.0 (46.2) MEUR related to acquisitions

• January–September investments in machinery and equipment 91.1 (92.5) MEUR

17.8%

14.6%

19.5%

0%

10%

20%

30%

40%

50%

60%

0

10

20

30

40

50

60

70

80

Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015

Q2 Q3

Gross Capex Share of net sales-%

34

CAPITAL EXPENDITURE BY SEGMENT (MEUR)

Breakdown of capital expenditure by segment

• Committed investments on rental machinery amounted to 9.5 (9.5) MEUR at the end of the third quarter

• In January–September sales value of sold rental machinery and equipment was 15.9 (17.1) MEUR

• Capital expenditure in the comparative period includes the acquisitions of Kurko-Koponen in Finland and weather shelter & scaffolding company DCC as well as a majority ownership stake in Safety Solutions Jonsereds in Sweden

20.0

33.7

12.9

3.5

16.4

9.6

0

10

20

30

40

50

60

70

Finland Sweden Norway Denmark East Central

1-9 14 1-9 15

35

Rolling 12 months return on investment decreased to 11.7% (12.3%) due to lower margins

RETURN ON INVESTMENT % (ROLLING 12 MONTHS)

12.3% 11.7%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

Q3 14 Q3 15

• The Group's invested capital decreased by 1.6% to 595.5 (605.2) MEUR

RETURN ON INVESTMENT % AND INVESTED CAPITAL (MEUR)

17.5%

12.3%

11.7%

0%

5%

10%

15%

20%

25%

0

100

200

300

400

500

600

700

Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015

Q2 Q3

36

13.7%

17.5%

5.4%

-5.3%

12.6%

5.2%

-25%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

Finland Sweden Norway Denmark East Central

Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Q2 15 Q3 15

RETURN ON CAPITAL EMPLOYED % (ROLLING 12 MONTHS)

ROCE improved in all segments except in Finland and Norway

ROCE was positively impacted by increasing

fleet utilisation and growth in service sales

ROCE strengthened mainly as a result of high margins in the Baltics and lower capital employed in

Fortrent Group

Improved margins, reduction of non-

productive fleet and increased service sales contributed positively

to the ROCE ROCE was supported

by higher service sales but remained negative as the margin level is

still low

37

Return on equity was 9.9% (12.0%)

RETURN ON EQUITY % (ROLLING 12 MONTHS)

12.0%

9.9%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

Q3 14 Q3 15

• The Group's total equity amounted to MEUR 305.9 (342.1) at the end of September

• Equity per share was 2.84 (3.17) at the of end of the third quarter

• Rolling 12 months ROE was 9.9% (12.0%) at the end of September

• Financial target: ROE of 18% over a business cycle

ROE % AND TOTAL EQUITY (MEUR)

361 342

306

16.9%

12.0%

9.9%

0%

5%

10%

15%

20%

25%

0

50

100

150

200

250

300

350

400

Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015

Q2 Q3

Target 18%

38

Financial position

39

Continued solid financial position with gearing at 93.6%

EQUITY RATIO (%)

• Due to increased net debt gearing was higher than in the previous year at 93.6% (75.9%)

• Net debt 286.4 (259.7) MEUR at the end of September

• Third-quarter equity ratio decreased to 39.5% (42.8%)

• Total equity amounted to 305.9 (342.1) MEUR at the end the third quarter

GEARING (%)

45.2% 42.8%

39.5%

0%

10%

20%

30%

40%

50%

60%

Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015

Q2 Q3

63.9%

75.9%

93.6%

0%

20%

40%

60%

80%

100%

120%

Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015

Q2 Q3

40

Net debt 286 MEUR, with EBITDA ratio of 1.7x at the end of September

NET DEBT (MEUR)

• With a Net debt to EBITDA of 1.7x (1.5x) at the end of September, Ramirent holds one of the strongest balance sheets in the equipment rental industry

• Net debt increased compared to the previous year amounting to 286.4 (259.7) MEUR

• Net debt increased mainly due to increased operative working capital and higher dividend compared to the previous year

NET DEBT TO EBITDA RATIO

1.2x 1.1x

1.5x

1.7x

0.0

0.5

1.0

1.5

2.0

2.5

Q12012

Q2 Q3 Q4 Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015

Q2 Q3

Target: Below 1.6x at the end of each

fiscal year

230

260

286

0

50

100

150

200

250

300

350

Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015

Q2 Q3

41

Working capital at 7.2% at the end of the third quarter

WORKING CAPITAL (MEUR)

• Third-quarter credit losses and change in the

allowance for bad debt amounted to -0.5 (-1.0) MEUR

• Third-quarter inventories increased to 16.9 (12.0) MEUR

WORKING CAPITAL / ROLLING 12 MONTHS NET SALES

5.6% 5.4% 5.6% 6.4%

7.2%

-6%

-4%

-2%

0%

2%

4%

6%

8%

10%

12%

Q12011

Q2 Q3 Q4 Q12012

Q2 Q3 Q4 Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015

Q2 Q3

-200

-150

-100

-50

0

50

100

150

200

Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015

Q2 Q3

Trade payables and other liabilitiesTrade and other receivablesInventories

• Working capital of rolling 12 months net sales was 7.2% (6.4%) at the end of the third quarter

42

Fixed 54%

Floating 46%

LOAN PORTFOLIO

• Total loan portfolio (interest-bearing liabilities) 289.6 (263.1) MEUR at the end of the third quarter

• Non-current interest-bearing liabilities 186.5 (207.3) MEUR at the end of Q3/15

• Current interest-bearing liabilities 103.1 (55.9) MEUR at the end of Q3/15

• Share of floating interest rates was 46% and share of fixed interest rates was 54% of the total loan portfolio at the end of the third quarter

Ramirent maintains a well-balanced debt structure

Loans from

financial institu-

tions 30%

Bond 34%

Com-mercial papers

36%

INTEREST-BEARING LIABILITIES Q3 15 INTEREST RATES TYPE Q3 15

43

REPAYMENT SCHEDULE OF INTEREST-BEARING LIABILITES (MEUR)

At the end of September 2015, Ramirent had unused committed back–up loan facilities of EUR 127.5 million

• Ramirent had unused committed back-up loan facilities of 127.5 (156.4) MEUR available at the end of the third quarter

• The average interest rate of the loan portfolio including interest rate hedges was 2.4% (2.8%) at the end of September

• In addition to bank facilities, Ramirent is utilising a domestic commercial paper programme of up to 150 MEUR

75

95

100

145

2015 2016 2017 2018 2019 2020

Net debt EUR 286.4 million

EUR 415.0 million in committed credit facilities

44

Pierre Brorsson starts as the new Chief Financial Officer and member of the Executive Management Team as of 1 January 2016. He joins Ramirent from the position as VP, Business Development, Industrial Technique BA at Atlas Copco.

Present CFO Jonas Söderkvist will assume the position as Senior Vice President of segments Sweden and Denmark and member of the Executive Management Team as of 1 January 2016.

New CFO appointed as of 1 January 2016, present CFO becomes SVP of segments Sweden and Denmark

45

Tuesday 1 December 2015 at 9 a.m. – 2.45 p.m. in Stockholm at Operakällaren

The aim of the event is to present Ramirent’s strategy, an update on development programmes and segment activities.

Welcome to Ramirent’s Capital Markets Day 2015 in Stockholm Including site visit to

the Urban Escape project

47

For further information • Magnus Rosén, President and CEO

tel. +358 20 750 2845

• Jonas Söderkvist, CFO tel. +358 20 750 3248

• Franciska Janzon, IR tel. +358 20 750 2859

• www.ramirent.com

48

rr results q3_2015_en_final

Investor Relations