Q3 2018 PRESENTATION 26 th October 2018 Leif Gustafsson, CEO Aku - PowerPoint PPT Presentation

Q3 2018 PRESENTATION 26 th October 2018 Leif Gustafsson, CEO Aku Rumpunen, CFO

Q3 2018 Highlights • Organic sales growth of 6.3% was supported by both business divisions • Comparable EBITA improved by 3.5% to EUR 41.6 (40.2) million with a margin of 21.0% (20.9%) driven by Modular Space, ER Scandinavia and ER Central Europe segments • Modular Space organic rental sales grew by 13.8% and EBITA improved by 16.6% • On 4 October 2018, the Swedish Competition Authority approved Cramo’s acquisition of the Nordic Modular Group • An outcome of the previously announced strategic assessment of Modular Space is likely to result in a separation of the Equipment Rental and Modular Space business divisions, which may include a demerger and separate listing of Cramo Adapteo during 2019 2

FINANCIAL TARGET REALISATION EQUIPMENT RENTAL MODULAR SPACE Organic** rental sales growth (y-o-y) Organic** sales growth (y-o-y) 15.7 % 15.0 % 15% 14.2 % 10.2 % 20% 7.8 % 15% 9.5 % 9.3 % 10% 6.1 % 7.0 % 4.0 % 3.5 % 10% 3.0 % 5% 10.0 % 5% 3.2 % 3.7 % 0% 0% Q2/17 Q3/17 Q4/17 Q1/18 Q2/18 Q3/18 Q2/17 Q3/17 Q4/17 Q1/18 Q2/18 Q3/18 Organic rental sales growth (YTD) Target 2017-20 Organic sales growth (YTD) Market 2017* Market 2018* Comparable ROCE Comparable ROCE 20% 14.9 % 14.7 % 12.8 % 20% 12.5 % 11.8 % 12.1 % 9.7 % 15% 15% 10.1 % 10% 14.5 % 10% 5% 5% 0% 0% Q2/15 Q3/15 Q4/15 Q1/16 Q2/16 Q3/16 Q4/16 Q1/17 Q2/17 Q3/17 Q4/17 Q1/18 Q2/18 Q3/18 Q2/15 Q3/15 Q4/15 Q1/16 Q2/16 Q3/16 Q4/16 Q1/17 Q2/17 Q3/17 Q4/17 Q1/18 Q2/18 Q3/18 Comparable ROCE Target 2017-20 Comparable ROCE Target 2017-20 * Target to grow faster than market. Market growth according to ERA (European Rental Association) in the markets where Cramo is present ** Organic sales growth excludes the impact of acquisitions, divestments and exchange rate changes and IFRS changes 3

BUSINESS SEGMENTS 4 4

EQUIPMENT RENTAL: SCANDINAVIA GOOD PERFORMANCE WITH ALL-TIME-HIGH RETURN ON CAPITAL EMPLOYED Sales Q3/17 vs Q3/18 Organic growth +4.6%* vs LY 100 -3.6 0.0 3.9 -6.5 120 Sales 0.0 80 93.2 100 92.3 86.9 EUR million 60 Sales (EUR million) 80 93.2 -6.7% 86.9 40 60 40 20 20 0 Q3/17 Acquisitions Divestments Organic FX-changes IFRS 15 Q3/18 0 growth impact Q3/16 Q4/16 Q1/17 Q2/17 Q3/17 Q4/17 Q1/18 Q2/18 Q3/18 • The slowdown of residential construction growth in the Comparable EBITA and ROCE 25 Comparable EBITA (EUR million) Stockholm area had no material impact on third quarter sales in 24% 19.0 19.0 18.9 Sweden, which increased by 3.2% in local currency 22% 20 Comparable ROCE 20% 15 • In Norway, sales developed positively driven by good demand, 15.3 % 18% 19.3 % -0.4% increased utilisation rates and large projects 16% 10 18.0 % 14% 5 • Profitability improved due to increased organic sales and good 12% cost control 10% 0 Q3/16 Q4/16 Q1/17 Q2/17 Q3/17 Q4/17 Q1/18 Q2/18 Q3/18 • According to Forecon, equipment rental market is expected to Comparable EBITA Comparable ROCE grow by 1% in 2019 in Sweden All figures exclude IACs and are presented as comparable key figures ER Scandinavia has operations in Sweden and Norway with capital 5 * Organic growth reported in local currencies employed of MEUR 381 at the end of Q3 2018.

EQUIPMENT RENTAL: FINLAND AND EASTERN EUROPE PROFITABILITY NEGATIVELY IMPACTED BY LOWER SALES IN FINLAND Sales Q3/17 vs Q3/18 Organic growth -0.6%* vs LY 50 45 Sales -0.5 -0.2 0.0 0.0 45 0.0 40 39.0 38.6 38.3 40 35 35 30 EUR million Sales (EUR million) 30 25 20 25 39.0 38.3 -2.0% 15 20 10 15 5 10 0 5 Q3/17 AcquisitionsDivestments Organic FX-changes IFRS 15 Q3/18 0 growth impact Q3/16 Q4/16 Q1/17 Q2/17 Q3/17 Q4/17 Q1/18 Q2/18 Q3/18 • Comparable EBITA and ROCE Organic sales decreased by 0.6% in Q3 driven by Comparable EBITA (EUR million) 14 20% Finland, where sales declined by 5.3% mainly followed 12 10.6 Comparable ROCE by lower price levels, fierce competition and large 15% 10 10.6 8.4 projects included in comparison period 8 13.3 % 10% 6 11.2 % 9.9 % • Profitability increased strongly in Poland and Lithuania -21.0% 4 5% due to higher sales and good cost control. In Estonia, 2 profitability was also strong during the third quarter. 0 0% Q3/16 Q4/16 Q1/17 Q2/17 Q3/17 Q4/17 Q1/18 Q2/18 Q3/18 • Market situation continues to be positive Comparable EBITA Comparable ROCE ER Finland and Eastern Europe has operations in four countries with All figures exclude IACs and are presented as comparable key figures 6 capital employed of MEUR 193 at the end of Q3 2018. * Organic growth reported in local currencies

EQUIPMENT RENTAL: CENTRAL EUROPE POSITIVE ORGANIC SALES DEVELOPMENT IN THE THIRD QUARTER – PROFITABILITY INCREASED IN ALL COUNTRIES Organic growth Sales Q3/17 vs Q3/18 +2.5%* vs LY 40 Sales 40 0.6 0.0 35 0.0 Organic rental 11.1 0.0 33.7 35 growth 30 +0.7%* vs LY EUR million 30 25 Sales (EUR million) 23.7 25 20 21.9 33.7 15 20 21.9 +53.5% 10 15 5 10 0 5 Q3/17 Acquisitions Divestments Organic FX-changes IFRS 15 Q3/18 growth impact 0 Q3/16 Q4/16 Q1/17 Q2/17 Q3/17 Q4/17 Q1/18 Q2/18 Q3/18 • Strong sales growth supported by KBS Infra acquisition (EUR 11.1 5.7 % Comparable EBITA and ROCE million impact) as well strong rental sales in all other countries apart Comparable EBITA (EUR million) 6 5.0 % 7% 5 from Germany, where rental sales decreased. Comparable ROCE 4 5% 5.6 3 • 3.8 Segments organic sales increased by 2.5% mainly driven by the Czech 2 3% 3.3 +67.6% Republic. 1 1% 0 2.8 % -1 • In Q3, profitability increased in all countries, including Germany. KBS -1% -2 Infra contributed positively to segment’s profit and profitability. The -3 -3% performance of Germany has still not reached targets – actions to Q3/16 Q4/16 Q1/17 Q2/17 Q3/17 Q4/17 Q1/18 Q2/18 Q3/18 improve profitability will be continued. Comparable EBITA Comparable ROCE All figures exclude IACs and are presented as comparable key figures ER Central Europe has operations in five countries with capital 7 * Organic growth reported in local currencies employed of MEUR 151 at the end of Q3 2018.

MODULAR SPACE GOOD PERFORMANCE IMPROVEMENT CONTINUED Sales Q3/17 vs Q3/18 Organic growth Sales 50 +20.2%** vs LY 50 45 -1.3 7.3 39.4 -4.5 45 38.0 40 Sales (EUR million) 40 0.0 0.0 35 30.3 35 EUR million 16.1 30 16.5 30 25 11.5 25 20 20 39.4 38.0 +3.9% 15 15 +13.8%* 23.3 10 21.4 10 18.8 5 5 0 0 Q3/17 Acquisitions Divestments Organic FX-changes IFRS 15 Q3/18 Q3/16 Q4/16 Q1/17 Q2/17 Q3/17 Q4/17 Q1/18 Q2/18 Q3/18 growth impact Other sales Rental sales Sales • Third quarter sales increased by 3.9% compared to last year Comparable EBITA and ROCE (7.7% in local currencies). Organic rental sales growth was Comparable EBITA (EUR million) 12 19% 9.8 13.8% and organic total sales growth 20.2%. 10 17% Comparable ROCE 8.4 7.5 8 15% • The adoption of the IFRS 15 standard and due to earlier +16.6% 10.1 % 13% 9.7 % 6 revenue recognition decreased third quarter sales by EUR 11% 11.8 % 4.5 million compared to previous year. 4 9% 2 7% • Third quarter EBITA increased by 16.6%. Sweden, Denmark 0 5% and Germany contributed the most of EBITA growth Q3/16 Q4/16 Q1/17 Q2/17 Q3/17 Q4/17 Q1/18 Q2/18 Q3/18 compared to LY. Comparable EBITA Comparable ROCE All figures exclude IACs and are presented as comparable key figures 8 Modular Space has operations in seven countries with * Organic rental sales growth (y-o-y) in local currencies capital employed over MEUR 348 at the end of Q3 2018. ** Organic growth reported in local currencies

NORDIC MODULAR GROUP ACQUISITION RATIONALE STRENGHTENING OUR POSITION IN THE NORDIC MODULAR SPACE INDUSTRY Strengthen our modular space market position in the Nordics with adequate size and cost efficiency to attract top-tier investors Form a versatile modular space group with inhouse R&D, design and manufacturing to expand the semi-permanent sales business Penetrate the short-term/long-term rental business with optimised and differentiated solutions towards targeted customer segments Establish a strong platform with capacity to grow the rental and sales business in Central Europe, both organically and through acquisitions Increase modular space concept awareness and business transparency driving long-term value creation – Be a true shaper of the industry NewCo presence 9

NORDIC MODULAR GROUP IN BRIEF BUSINESS OVERVIEW KEY FINANCIALS 2017 81 Net sales (M€) 17 (20.5%) EBITA (M€) CUSTOMER SEGMENTS Daycare Office Accommodation School 93% 1% 4% OFFICE NETWORK 7 sales offices in 4 countries PERSONNEL 3% 230 people External sales by offering External sales by customer segment Companies & Other KEY FACTS Contract other assignm. Founded in 1956, NMG conducts 18% Operates through three main subsidiaries – <25% 36% development, manufacture, sale and rental 1% Flexator, Temporent, and Nordic Modular Rental modules ~6000 of relocatable buildings for professional Leasing >75% Module customers in the Nordic countries 46% Rental prod. Municipalities 10