Cramo Capital Markets Day CMD 2019 Presentation

CAPITAL MARKETS DAY
12 September 2019
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.
2
TODAY’S SPEAKERS
Leif Gustafsson Aku Rumpunen Martin Holmgren

President & CEO CFO Senior Vice President, Fleet Management
3
AGENDA
12:30 – 13:00 Introduction and Cramo in brief

Leif Gustafsson, President and CEO
13:00 – 14:15 Cramo strategy

Martin Holmgren, SVP Fleet Management
14:15 – 14:30 Q&A

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

Aku Rumpunen, CFO
15:15 – 15:40 Key investment highlights

15:40 – 15:55 Q&A

Aku Rumpunen, CFO
15:55 – 16:00 Wrap-up

4
Business partner,
Your productivity digital innovator and frontrunner.
partner in rental Through reliable products, services and innovative

digital solutions, Cramo is a business partner
and beyond increasing the productivity and work safety of our
customers. We are a frontrunner in our industry.
CRAMO GROUP Sustainability, digitalisation and focus on our people

are at the core of our strategy.
5
CRAMO AT A GLANCE
Company numbers Offering Market
Market growth drivers
~2,700 ~300 1. New build construction and renovation need
2. Increasing penetration
employees depots 3. Infrastructure and development projects
Tools Construction Access Building site 4. Demand of add-on services
equipment equipment facilities 5. Demand from industrial customers
~150,000 ~217,000 rental units #3. European market position

customers ~11,000 digitally connected units 2.4% market share in Europe(1)
Other(4)
Central Europe
20%
Services(3)
6%
22% 4.2%
Scandinavia 2.8%
€634m 57% €634m

Finland and
Eastern Europe Equipment
rental
23% 72%
2014-2019E 2019E-2020E
2019 LTM sales in 11 countries Revenue by segment Expected rental market growth p.a.(2)
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
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
75 18.4
72 73 13.7 17.5
Target 15.6
Target >70 <15t/€m
9.9 9.5 by 2020
Target
<5 by 2020 1
Target 0 0 0
2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018
Customer Care Employee Care Environmental Care Social Care

Most satisfied customers in the industry Zero accidents Zero emissions Top ranking in business ethics
Customer Satisfaction Index LTIR(1) Emissions(2) (t/€m revenue) Legal proceedings
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
VALUE-ADDING BUSINESS MODEL
Customer
NEW BUILD RENOVATION MAINTENANCE OPERATORS
needs
Cramo Source Ensure Distribute Maintain Provide

operations equipment (OEMs) availability & collect & repair add-on services
Revenue Rental Services Accessories / Resale

streams revenue revenue Merchandise of assets
Competitive
advantages
~2,700 employees ~217,000 rental units Effective solutions ~11,000 digitally Multi-channel Sustainable solutions
serve over available in and innovations connected units with business model to enabling and driving
150,000 customers in ~300 depots based on data driven insights ensure customer the sharing economy
11 countries customer needs experience
8
DIVERSE GROUP OF CUSTOMER NEEDS
DRIVING DEMAND
Customer needs Customer mix(1)
Other
New build Renovation
Residential, non-residential, Construction, industrial,
20%
industrial, others public, households
Demand volatiIity: Cyclical Demand volatiIity: Moderate

€632m
(2018)
Maintenance Operators Industrials
Repair, maintain, extend Power, heat & cool, light, dry
23% Construction
industry
Demand volatiIity: Stable Demand volatiIity: Stable 57%
Note: (1) Other consists of public sector, households and other. 9

WIDE RANGE OF PRODUCTS AND SERVICES
OFFERED TO MEET CLIENTS’ DEMAND
10
EUROPEAN PLATFORM WITH 2019 LTM
DENSE DEPOT FOOTPRINT Scandinavia
18.8% 20.0%
EBITA MARGIN ROCE(1)
= Depot 2 118
= Hub COUNTRIES DEPOTS
Finland & Eastern Europe
6
+ 15.1% 11.7%
16 5 EBITA MARGIN ROCE(1)
2
6
4 111
COUNTRIES DEPOTS
2
2 Central Europe
3
4
3 6.5% 4.9%
2 2 EBITA MARGIN ROCE(1)
Example of hub-and-spoke 5
2
structure in Stockholm
2
2 5 73
COUNTRIES DEPOTS
Note: (1) Operative ROCE defined as comparable EBITA to average of tangible assets and net working capital. 11
ECONOMIC VALUE-ADD OF RENTAL MODEL
Illustrative example for Customer benefits Owning vs. renting
Access equipment
Illustrative example for Access equipment
Customer Cramo INVESTMENT PERSPECTIVE 250

Frees up capital and lowers financial risk
> • No capex
200
Purchase • Lowered financial risk
price: 100 80 • Improves cost-effectiveness
150
Net cash flow

Resale 100
OPERATING PERSPECTIVE
value after 6 12 Allows greater focus on the core business
10 years:
• Outsources maintenance
> 50 Cramo break-even
after ~3 years
Customer break-even
• Increases flexibility after ~9.5 years
Annual • Frees up resources 0

R&M cost: 5 4
(50)
AWARENESS PERSPECTIVE
Time Ensures alignment with CSR policies
utilisation: 30% 60% • CO2 emissions significantly reduced (100)
> • Local regulations fulfilled
0 1 2 3 4 5 6 7 8 9 10
Year
• Safety benefits with modern, well-serviced
• We aggregate and match demand and equipment
Cramo economics Customer economics
supply, driving higher fleet utilisation
Note: Illustrative example. 12

THE JOURNEY TO CREATING
TWO INDEPENDENT AND FOCUSED LISTED COMPANIES
Demerger of Adapteo concludes a joint journey… …and now we are right-sizing Cramo to meet tomorrow’s demand
We have developed Cramo and Adapteo to become two Actions taken to right-size our indirect cost base which will be fully
independent and focused businesses in their respective executed during 2019 with full run-rate impact from 1 January
segments 2020
During this journey, we have made significant investments in The actions primarily impact Group support functions as well as
building strong management teams and organisational operations and support functions in countries where Cramo and
capabilities in both companies Adapteo have had overlapping cost structures
Employee benefit
expenses
€3-4m
Targeted run-
rate savings
Other
€10-12m operating
expenses
€7-8m
13
DEMERGER AND ONGOING
RIGHT-SIZING OF CRAMO
PROVIDES FURTHER CLARITY
AND EFFICIENCY GAINS
Reduced complexity
Strengthened and focused management
More efficient and streamlined Cramo
Clearer investment profile
Increased capacity to grow and secure shareholder value
14
KEY INITIATIVES
• Global pricing framework with common governance

Pricing model
• Systematic sales processes review across group

Sales • Key account management implemented
initiatives • Program launched to proactively target smaller
customers
Performance • Systematic KPIs in place to track capital efficiency

management • Depot level continuous performance reviews in place
Hub and
• Network structure simplification program roll-out
spoke
Capability • Systematic trainings to build capabilities

building across functions
15
AGENDA


14:15 – 14:30 Q&A

14:30 – 14:45 Break

Aku Rumpunen, CFO

15:40 – 15:55 Q&A

Aku Rumpunen, CFO
15:55 – 16:00 Wrap-up

16
INTRODUCING
CRAMO NXT STRATEGY 2023
CRAMO NXT
STRATEGY 2023
17
NEW VISION –
MISSION AND VALUES
REMAIN
Your productivity partner

Vision
in rental and beyond
Mission Shared resources simplified
Credibility, creativity,
Values
commitment
18
STRATEGY BUILT ON FOUR
OBJECTIVES AND FOUR ENABLERS
Top-tier Stronghold The digital leader

Leading partner
performance in industrial in the rental
for services
across Group segment industry
Enablers
Clarified operating model Operational & financial Effective Performance

& strengthened process transparency communications management
management
19
Top-tier
THREE FOCUS AREAS FOR

TOP TIER PERFORMANCE
• Systematically lifting performance across

Top-tier countries and network
financial • Roll-out of global pricing framework
performance
• Drive scale through operating model
#1-2 position • Organic growth initiatives

across across markets
relevant • Bolt-on M&A opportunities
markets • Continued strategic M&A growth
• Improved repair and maintenance

Top-tier fleet processes across network
efficiency • Dynamic stock management program
• Data driven fleet optimised supply chain
20
THE RECIPE WORKS
– NOW FOCUS IS ON GERMANY AND FINLAND
Recipe for success applied in Norway being rolled out to Finland and Germany
Norway
Illustrative
• New team
• Systematic sales process improvement
• Adjustments to depot network
Performance development
+12% +2 p.p. +2 p.p.

sales growth EBITDA margin ROCE
2017–18 uplift 2017–18 uplift 2017–18
Germany and Finland

• New team
• Sales efficiency improvements on depot level ongoing
• Adjustments to depot network
• Capability building
21
SYSTEMATICALLY LIFTING
PERFORMANCE ACROSS NETWORK
Key initiatives Illustrative overview of depot profitability considerations
• Global pricing framework with common governance

Pricing model
Profitability (illustrative EBIT margin %)

• Systematic sales processes review across group
Sales • Key account management implemented
initiatives • Program launched to proactively target smaller
customers
Performance • Systematic KPIs in place to track capital efficiency

management • Depot level continuous performance reviews in place
Hub and
• Network structure simplification program roll-out
spoke
Depot
Capability • Systematic trainings to build capabilities
building across functions
22
EUROPE STILL VERY FRAGMENTED, WITH BIG
OPPORTUNITIES FOR NON-ORGANIC GROWTH
+15K
74% €26.4bn Rental
1. Loxam+Ramirent 8.3%
companies
Southern
2. Kiloutou 2.6% Europe Eastern
3. Cramo 2.4% Europe Top 10 players
4. Boels 2.2% concentrate c. 26%
of the market
5. Zeppelin 1.8% SME-sized
Western
local rental Europe
providers
8% Central
18% Europe
Northern
Europe
Top 5 Top 6-10 Remaining European rental

market
+15,000 companies (many family-run groups)
Source: ERA, 3rd party consultant. Note: Based on market data for 2018 and latest available revenue figures. 23
OUR FLEET STRATEGY IS CENTRED AROUND
4 PILLARS TO DRIVE FLEET RETURN AND TIME UTILISATION
Supplier Life cycle

Investment Fleet
strategy and management
strategy optimisation
procurement and divestment
Fleet return(1) Time utilisation(2)
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). 24
CLEAR AND FOCUSED INVESTMENT STRATEGY
DRIVE INCREASE IN PROFITABILITY
The basics of our fleet management strategy Illustrative overview of fleet composition considerations
Reinvestment model 30%

that adjusts for low performing fleet 28%
Capex release 26%
model 24%
Operative ROCE
22%
Growth investments into
20%
high performing fleet and OpCos 18%
16%
14%
12%
Fleet efficiency Lift low performing equipment to average 10%
8%
6%
4%
Total cost 2%
Optimal procurement decisions 0%
of ownership
(2%)
Grow fleet / operations to leverage 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17
Scale
inherent economies of scale
Product categories
Imperative to get the basics right to drive improvement in Optimal capital allocation achieved by shifting investments to high return
fleet return and time utilisation products without compromising on retaining an attractive fleet composition
25
SUPPLIER STRATEGY AND PROCUREMENT
Access equipment
~85% Site huts
45 ~70%
40 Tools Construction
~60% equipment A significant share of our capex
35
~80% spend is made through group
30
negotiated contracts, with the
25 ambition to increase further
20
15
In 2018, ~75% of our capex spend was
managed through centrally negotiated
10
contracts
5
0
Negotiated Total Negotiated Total Negotiated Total Negotiated Total
capex capex capex capex capex capex capex capex
Target for 2020: 95%
spend spend spend spend spend spend spend spend
Capex spend by product group (€m)
26
A SYSTEMATIC WAY TO OPTIMISE TIME UTILISATION
Focus on initiatives to increase fleet available and reduce Positive effects are visible both in time utilisation and cost
operational cost to handle the equipment
100,000 50%
Connects customer demand
with inventory management 85,000 40%
Sales
and fleet • Systematic way of continuously optimise inventories 70,000 30%
with help of the “Carousel”
Feb 15
Feb 16
Feb 17
Feb 18
Dec 14
Aug 15
Dec 15
Aug 16
Dec 16
Aug 17
Dec 17
Aug 18
Dec 18
Apr 15
Oct 15
Apr 16
Oct 16
Apr 17
Oct 17
Apr 18
Oct 18
Jun 15
Jun 16
Jun 17
Jun 18
planning
• Increases availability of equipment with less
inventories, i.e. improve time utilisation
(1)
# of tools, R12M Time utilisation %, R12M
Through focused efforts, we have managed to Average annual decrease

Efficient
processes
decrease the average repair & maintenance cost
per machine by 9% 9% of repair and maintenance
spend 2014–2018
Note: (1) Figures represent tools in Sweden. 27

LIFE CYCLE MANAGEMENT AND DIVESTMENT
Optimal selling point towards the end of the equipment’s Optimising resale value – illustrative example
lifetime, however refurbishment can extend lifetime and returns
Ensures technical lifetime

and resale value of our equipment
Repair &
• Timely maintenance according
maintenance to manufacturers schedules
• Supports positive customer preferences
Optimal selling
Asset value
point
Extends the lifetime of our equipment
Refurbish- • Useful for equipment with limited design
ment development during the past years
• Particularly advantageous for Site huts
Facilitates optimal
fleet age and utilisation Maintenance & repair costs
Divestment • Lowers overall repair and maintenance spend
• Allows for reinvestment into more
Time
up-to-date equipment
28
TOP-TIER FLEET EFFICIENCY THROUGH
DEPOT OPTIMISATION AND DIGITAL INITIATIVES
New operating model for distribution areas Digital initiatives driving fleet efficiency
Rental ~93%
area Depot
depots connected(1)
2
Depot Depot
1 3
~3,200
products displayed in rental portal
Hub
Depot Depot
6 4 ~18,400
Depot customer accounts provided
5
~120%
growth in transactions between H1 2018 and H1 2019
Sales Gross margin Utilisation
By adopting a hub and spoke structure, and optimise flow of

information and products, efficiency and flexibility in operations
are increased
Note: (1) Depots connected online (with possibility to see availabilities and order pick-up or transportation). 29
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
9% • Delivery precision measures
• Carrier sourcing and consolidation
Average annual • Spend management
decrease of repair and
maintenance spend P2P- C-Buy
2014–2018 • Purchase to pay process with less administration
• Volumes consolidated to fewer suppliers
30
Industrials
INDUSTRIAL
LEADER IN
THE NORDICS
STRONGHOLD IN
INDUSTRIAL SEGMENT
Already significant share of revenues from
segments with low correlation to economic cycle
Ambition to grow industrial segment further
31
Industrials
LARGE SHARE OF CRAMO’S BUSINESS SHELTERED

FROM VOLATILITY OF ECONOMIC CYCLE AND REAL ESTATE MARKET
Correlation to economic cycle Typical contract length
Real-estate new build
Construction Real-estate renovation
Infrastructure
Construction of
industrial facilities
Industrial stops
Industrial
Daily maintenance
Daily operations
Contra Independent Follows Short Medium Long

cyclic of cycle cycle
32
Industrials
Customer case
REBUILD AND CAPACITY

EXPANSION OF PULP MILL SCA
ÖSTRAND SUNDSVALL
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
Photo: SCA
Cramo revenue: ~€15m 33

Industrials
ATTRACTIVE INDUSTRIAL
TRACK-RECORD AND PIPELINE
1 3 4
Next Generation Billerud Metsä BPP Äänekoski Automotive industry Leipzig
Grums (Ongoing) (Completed) (Ongoing)
~2,400 ~€24M ~1,500 ~€13M ~2,500 ~€2.5M

RENTAL ITEMS REVENUE RENTAL ITEMS REVENUE RENTAL ITEMS REVENUE
2
~10 ~36 ~12 ~32 ~4-6 ~24
DURATION DURATION DURATION
EMPLOYEES EMPLOYEES EMPLOYEES
(MONTHS) (MONTHS) (MONTHS)
2 5
Northvolt Skellefteå Windmill projects Automotive industry
(Starting up) (Ongoing) Weissach (Ongoing)
~3,000 ~€28M ~1,000 ~€3M ~3,500 ~€10M

1 REVENUE
RENTAL ITEMS REVENUE RENTAL ITEMS RENTAL ITEMS REVENUE
(YEARLY)
4
~3-4 ~70 ~3-4 ~12 ~12-20 ~48
DURATION DURATION DURATION
EMPLOYEES EMPLOYEES EMPLOYEES
(MONTHS) (MONTHS) (MONTHS)
34
Industrials
INDUSTRIAL PLATFORM
TO BE FURTHER DEVELOPED
We aim to increase industrial share to ~30% of
sales by focusing on a set of group initiatives
• Salesforce skill building towards industrial

• Target new industrial segments
• More tailored packages to target customers
• Adjustments to machinery range targeting industrial
~30%
~23%
Industrial share Target

of sales today share
35
Services
CONSISTENTLY CHOSEN AS
PRODUCTIVITY PARTNER
All customers proactively

offered construction- and
industrial-related services
Consistent packaging and

structure of services across
Cramo’s sales and depot network
LEADING
Leading provider and PARTNER
customers’ partner of choice for
on-site logistics services FOR SERVICES
36
Services
SERVICES FOCUSED
ON ADDRESSING
CLIENT’S CONCERNS
Three key customer concerns
that Cramo address
“I believe ~50% time spent is

on effective production today”
€ — Site Manager at construction company Y
Productivity Sustainability Safety

“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
Value creation for our customers with picking up and searching
increased potential for equipment rental equipment”
— Site Manager at construction company X
Note: Quotes unofficially translated and based on internal study. 37

Services
WE HAVE A SUBSTANTIAL REVENUE BASE

WITHIN SERVICES TO GROW FROM
Growth in services revenue
Target
Offer core services more
~30% of sales
efficiently to all customers
22%
Scale and professionalise offering
% of net sales
Leading provider of construction logistics
in Sweden, Finland, Norway and Germany
Customers’ partner of choice

through differentiated services
2019 LTM NXT
38
Services
Customer case
NEW CHILDREN'S HOSPITAL

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
39
Services
SIGNIFICANTLY STRENGTHENED
OUR SERVICE OFFERING
THROUGH ACQUISITION
OF KBS INFRA
• 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
40
Digital
THE DIGITAL LEADER IN

THE RENTAL INDUSTRY
Majority digital customer
interactions
Creating value through

connected fleet and data
Frontrunner for digitally enabled

business models
Digitally streamlined
internal operations
Improved
Increased
customer
productivity with Increased
journey
clear value adds fleet utilisation
and user
for customers
experience
41
Digital
WHERE ARE
WE TODAY?
eCom
Product Viewer App
MyEquip App
42
Digital
CRAMO WILL INCREASE PRODUCTIVITY WITH CLEAR VALUE

ADDS FOR OUR CUSTOMERS THROUGH DIGITALISATION
Simplify and increase Effectivise New digitally enabled

transparency rental spend business models
Tools to facilitate reporting (including Efficiency through customer fleet Driving sharing economy resulting in
financial), access to data, and increase optimisation and fleet planning less cost and increasing sustainability
sustainability
Pooling of resources
Customer journey model
through digital initiatives
Plan Optimise fleet
eCom
Pre-rental Search through AI
Company
Order
Receive
During rental Use
My Return BIM Equipment
Equip Pay
After rental
Share
IoT an important enabler: All construction and access equipment

to be connected by 2021 (c.20,000 units)
43
Digital
WHERE ARE WE HEADING?
WORKING
ONE CRAMO CHANNEL CRAMO MASTER APP
WITH INNOVATION
44
SELECTION OF
2023 TARGETS
#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
AIMING AT THE
30% of revenues from services
NEXT LEVEL
• Enabling value added benefits for customers
while supporting equipment rental
100% of construction and access equipment fleet

connected
• Enabling superior customer experience and productivity
Four new financial targets – to be further

discussed in the financials section
45
AGENDA


14:15 – 14:30 Q&A

14:30 – 14:45 Break

Aku Rumpunen, CFO

15:40 – 15:55 Q&A

Aku Rumpunen, CFO
15:55 – 16:00 Wrap-up

46
AGENDA


14:15 – 14:30 Q&A

14:30 – 14:45 Break

Aku Rumpunen, CFO

15:40 – 15:55 Q&A

Aku Rumpunen, CFO
15:55 – 16:00 Wrap-up

47
AGENDA


14:15 – 14:30 Q&A

14:30 – 14:45 Break

Aku Rumpunen, CFO

15:40 – 15:55 Q&A

Aku Rumpunen, CFO
15:55 – 16:00 Wrap-up

48
HISTORICAL FINANCIAL PERFORMANCE
15.7% 120
15.0% 15.2%
632 634 14.0%
606 13.4% 14.1%
597 14.0%
562 570 95 95 100 99
10.6%
92 12.2%
146 173 179 89
144 8.9% 83 85 87
142 143
10.3%
61 8.2%
50
453 460 459 455

420 427
2014 2015 2016 2017 2018 2019 2014 2015 2016 2017 2018 2019 2014 2015 2016 2017 2018 2019 2014 2015 2016 2017 2018 2019
LTM LTM LTM LTM
Rental Services and other
Sales (€m) Comparable EBITA(1) (€m) Cash flow(2) (€m) Operative ROCE %(3)
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.
49
BUSINESS SEGMENT: SCANDINAVIA
+6.2 p.p. EBITA margin Key business drivers
14.6% 17.5% 19.5% 20.2% 18.8%

12.6% -€5.6m FX
Time utilisation
359 365 379 380 371 361 impact H1 52.9%
2019(1)
52.0%
87 90 87 87 88 86 50.4% 50.5%
47.5%
272 275 291 293 283 275 45.3%
2014 2015 2016 2017 2018 2019 LTM
Rental Services and other EBITA margin %

2014 2015 2016 2017 2018 2019 LTM
Sales and EBITA margin %
ERA Forecon
10.5%
Market growth(4)
16.0% 20.2% 22.7% 22.1% 20.0% 8.5%
13.2%
6.2%
4.2% 3.8% 4.2% 4.3%
336 328 327 328 350 326 2.5%
1.5% 0.9% 1.7%
2014 2015 2016 2017 2018 2019 LTM (0.4%) (0.0%)
Capital employed Operative ROCE % 2014 2015 2016 2017 2018 2019 2019F 2020F
LTM
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). 50
BUSINESS SEGMENT: FINLAND AND EASTERN EUROPE
Key business drivers
16.6% 18.2% 16.0%

13.2% 13.6% 15.1%
Time utilisation
140 145 147 148
123 126 47.1% 47.4%
35 37 36 36 44.6%
29 28 44.1%
94 98 105 108 111 112 39.8%
38.5%
2014 2015 2016 2017 2018 2019 LTM

2014 2015 2016 2017 2018 2019 LTM
9.7% 9.4%
ERA Forecon
7.0% 6.7%
Market growth(3)
15.0% 14.8% 5.2% 4.7% 5.0%
11.4% 12.3% 12.3% 11.7% 4.4% 4.2%
3.4%
136 143 167 189 193 189 3.9% 1.8%
1.1%
2014 2015 2016 2017 2018 2019 LTM
Capital employed Operative ROCE % 2014 2015 2016 2017 2018 2019 2019F 2020F
LTM
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). 51
BUSINESS SEGMENT: CENTRAL EUROPE
Key business drivers
+12.8 p.p. 56.9%

5.6% 6.2% 8.3% 6.5% EBITA 54.4%
margin
Time utilisation
(1.8%)
(6.3%) 114 125
81 79 78 81
49 57
26 25 22 23 35.4%
55 54 56 58 65 68 32.7%
28.4% 30.1%
2014 2015 2016 2017 2018 2019 LTM

2014 2015 2016 2017 2018 2019 LTM
7.8%
Market growth(3)
6.3%
3.7% 4.4% 7.0% 4.9%
(1.2%) 4.2% 4.1% 4.1% 4.1% 4.0%
(4.3%) 3.6%
123 117 117 111 160 168
2014 2015 2016 2017 2018 2019 LTM

2014 2015 2016 2017 2018 2019 2019F 2020F
Capital employed Operative ROCE %
LTM
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). 52
IMPROVING COST RATIO OVER TIME
BUT FURTHER POTENTIAL REMAINS
Build-up of cost components (€m) Cost ratio development (as % of sales)
Impacted by
acquisition of KBS
Impacted
by divestments
554 565
530
35.6% 35.4%
524 522 529 32.4% 32.3% 32.4%
Direct costs 31.5%
204 205 2014 2015 2016 2017 2018 2019 LTM

200 202 193 191
35.9% 35.6% 36.1% 36.6%

34.9% 35.3%
Indirect costs
214 228 232
202 199 213 2014 2015 2016 2017 2018 2019 LTM
21.7% 21.3%
20.8% 20.5% 20.2%
122 121 124 124 122 128 Depreciation 19.2%
2014 2015 2016 2017 2018 2019 LTM

2014 2015 2016 2017 2018 2019 LTM
Direct costs Indirect costs Depreciation
Note: 2014-2018 illustrative for IFRS 16. 53

WE ARE RIGHT-SIZING
CRAMO POST DEMERGER
OF ADAPTEO
Implementation of indirect cost reduction is on track Targeted run-rate cost savings
Performance improvement actions launched in order to right-

size the Group’s cost structure upon demerger of Adapteo and
€10–12m
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:

Estimated timeline for full effect
€7-8m: Other operating expenses
€3-4m: Employee benefit expenses
Year 2020
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
54
CAPEX DEVELOPMENT FOR EQUIPMENT RENTAL
AND MODULAR SPACE
Historically, capex spend for Modular Space has outweighed relative spend for Equipment Rental
EBITDA breakdown Cramo incl. Modular Space Gross capex breakdown Cramo incl. Modular Space
22%
43%
Total Total
~€1,100m ~€1,260m
57%
78%
Equipment Rental Modular Space Equipment Rental Modular Space

Accumulated 2014 – 2018 Accumulated 2014 – 2018
Note: Gross capex including M&A. Capex excluding IFRS 16 assets. 55

DISCRETIONARY CAPEX PROFILE
Fully discretionary capex allowing us to take immediate actions
to right-size fleet for demand swings
2018 capex (€m)
Significant growth capex 14 161

deployed in 2018 made to
44 14
strengthen Cramo
44
104 Fully discretionary
capex, i.e. possible
to postpone for a
time period if there
is a need to
right-size fleet for
104 changing demand
Net reinvestment Expansion Net organic rental capex M&A Other capex Total net capex
Growth capex Growth capex
Note: Repair & maintenance is part of opex. Capex excluding IFRS 16 assets. Illustrative split between net reinvestment and expansion capex. 56
NET CAPEX AND CASH FLOW DEVELOPMENT
Our capex spend year-to-date is reflective of our ability to right-size fleet for changing demand, with higher cash flow in return
€m
219 216 212

207
182 Acquisition
172 161 of KBS
14
119 120 44
8 120 105
102 10
92 93
8 100 99 97
87 92 93
14 12
89
112 104 Discretionary 56

86 104 37
81 capex
71 34
2014 2015 2016 2017 2018 2019 LTM H1 2018 H1 2019
Net organic rental capex M&A Other capex Cash flow(1) EBITDA
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 57
based on illustrative post-IFRS 16 EBITDA. Capex excluding IFRS 16 assets.
CAPITAL
ALLOCATION POLICY
Ensure leverage targets are met,

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

organic opportunities and M&A in
Growth
order to grow the business (net debt to
EBITDA currently ~2.0x)
Policy aimed at
balancing leverage
Return excess Return excess capital to shareholders and growth
capital to through dividends and share buybacks
opportunities with
shareholders to ensure an efficient capital structure
shareholder returns
58
GROWTH
Our target leverage allows for expansion capex, both organic and M&A
Illustration of firepower for inorganic growth
<3.0x
EV ~€525m
2.0x
EBITDA ~€105m
Target leverage Current ND/EBITDA (post-IFRS 16)
…allowing for M&A up to ~€525m in EV and an additional €105m

Our current leverage provides additional headroom of ~€210m…
EBITDA (assuming an acquisition multiple of 5.0x LTM EBITDA)
Note: Based on target valuation of 5.0x LTM EBITDA, and debt of 3.0x. 59
DIVIDEND DEVELOPMENT
Consistently attractive shareholder returns
47%
45%
49%
0.90
0.85
58%
59% 0.75
149%
0.65
45% 0.60
0.55
50%
0.42
n.a. 0.30
0.10
2010 2011 2012 2013 2014 2015 2016 2017 2018
Dividend per share, Cramo incl. Modular Space (€) Payout ratio, Cramo incl. Modular Space (%)
60
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
of tangible assets and net working capital. (3) Excess capital can be distributed through dividends or share repurchases. 61
GUIDANCE FOR 2020
2020
COMPARABLE EBITA
> €75M
62
AGENDA


14:15 – 14:30 Q&A

14:30 – 14:45 Break

Aku Rumpunen, CFO

15:40 – 15:55 Q&A

Aku Rumpunen, CFO
15:55 – 16:00 Wrap-up

63
KEY INVESTMENT HIGHLIGHTS
1 Market with long-term structural growth and robust mid-term outlook
2 Leading European player with an extensive depot network serving our customers
3 Productivity partner driving growth through expanding customer value proposition
4 Industry-leading digital initiatives continue to enhance future competitiveness
5 Focused fleet management strategy to optimise fleet economics
6 Discretionary capex profile and counter-cyclical cash flow generation
Proven strategy execution track record delivering best-in-class shareholder returns with a clear
7 strategy to continue delivering value to our shareholders
64
1
MARKET WITH LONG TERM STRUCTURAL

GROWTH AND ROBUST MID-TERM OUTLOOK
A diversified end-market exposure drives balance between
Equipment rental outgrowing the construction market growth and stability
Index
CAGR Mature markets Developing markets
180
172 5.0%
End-markets
130 4.3%
160
152 3.6%
Share of sales
~70% ~30%
144 3.1% (2018)
140
Construction
rental High Low
125 1.9%
120 penetration
• Robust mid-term growth • Mid to high single-digit

Growth and
outlook growth outlook
volatility • Less amplitude in cycles • Higher amplitude in cycles
100
• Industrial and digital

• Large outsourcing deals
offering enabling growth
80 • Medium demand for
Growth • High demand for rental-
2009 2011 2013 2015 2017 2019 2021 rental-related services
opportunities related services
• Organic and non-organic
• Organic and non-organic
growth opportunities
(1) (1) growth opportunities
Equipment rental Construction Nominal GDP New build Renovation
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. 65
2
LEADING EUROPEAN PLAYER WITH AN EXTENSIVE

DEPOT NETWORK SERVING OUR CUSTOMERS
Leading equipment rental generalist in Europe… Extensive network serving our customers
Revenue €m (2018)(1)
2,195
Scandinavia
18.8% 20.0%
EBITA MARGIN ROCE(2)
689
632 579 473
463 420 420 410
2 118
393 387 339 317 241 COUNTRIES DEPOTS
Finland & Eastern Europe
15.1% 11.7% 5
+
EBITA MARGIN ROCE(2) 16
5
…with a stronghold in the mature Nordic markets 4 111 6

2
COUNTRIES DEPOTS
2 3 2 Market position
2
Central Europe 2
2
~20% ~17% Market share(3)

~9% 6.5% 4.9% 3
3
EBITA MARGIN ROCE(2) 4
2 2
2
5 73 5
# depots 94 25 50 COUNTRIES DEPOTS 2

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
of tangible assets and net working capital. (3) Based on ERA market size figures. 66
3
PRODUCTIVITY PARTNER DRIVING GROWTH THROUGH

EXPANDING CUSTOMER VALUE PROPOSITION
NXT strategy focusing on becoming leading partner for services
Growth in services revenue
€ … Driving rental sales
Core services more Scale and Target ~30%
efficiently offered to all professionalise of sales
customers offering ~22%
of sales … Proximity to customer & understanding
of customer needs
Leading provider of
Customers’ partner of
construction logistics in
Sweden, Finland,
choice through … Tailored offerings
differentiated services
Norway and Germany
Currently NXT
NXT strategy focusing on becoming industrial leader in the Nordics … Higher share of wallet
Growth in industrials revenue
Target new industrial

More tailored Target ~30% … Stronger incentive to invest in customer
packages to target of sales relationship
segments ~23%
customers
of sales
€
… Improved economics for both parties
Adjustments to
Salesforce skill building
machinery range
towards industrial
targeting industrial
… Customer loyalty
Currently NXT
67
4
INDUSTRY-LEADING DIGITAL INITIATIVES CONTINUE TO

ENHANCE FUTURE COMPETITIVENESS
Path to digital leadership Number of connected Access and Construction equipment
100% of
Access and
Construction equipment
20,000
9,800
7,800
6,600
 Data driven fleet optimisation 5,700
4,600
 Connected supply chain
 Seamless customer journey 2014 2015 2016 2017 2018 2021E
 Data transparency
 Intuitive user experience Benefits for the customer Benefits for Cramo
 24/7 access to equipment rental services and  Improved productivity, safety and sustainability  Customer loyalty
solutions  Better usage of resources and assets i.e. reduced  Data gathering for service development
cost  Monitoring fleet status, maintenance, remote
 New business opportunities and business  Focus on core operations trouble shooting and theft protection
models  A smoother workday  Monetisation opportunity
68
5
FOCUSED FLEET MANAGEMENT STRATEGY TO OPTIMISE

FLEET ECONOMICS
The basics of our fleet management strategy
Illustrative overview of fleet composition considerations
Reinvestment model that adjusts for low
performing fleet 30%
Capex release 28%
model 26%
Growth investments into high performing 24%
Operative ROCE
22%
fleet and OpCos
20%
18%
16%
14%
Fleet efficiency Lift low performing equipment to average 12%
10%
8%
6%
Total cost 4%
Optimal procurement decisions 2%
of ownership
0%
Grow fleet / operations to leverage inherent (2%)

Scale
economies of scale 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17
Product categories
Imperative to get the basics right to drive improvement in Optimal capital allocation achieved by shifting investments to high return
fleet return and time utilisation products without compromising on retaining an attractive fleet composition
69
6
DISCRETIONARY
CAPEX PROFILE…
Fully discretionary capex allowing us to take Continuous review and
immediate actions to right-size fleet for demand swings short lead time provides for
H1 2018 and 2019 capex €m
favourable capex dynamics
105
Visibility over capex spend
Other capex 6
Short lead time from

M&A 43 procurement to delivery
Continuous review of capex need,

adjustments made as required
37
5 Fully discretionary
Net organic
rental capex 56 capex, i.e. possible to Low committed capex
postpone for a time
32 period if there is a
need to right-size fleet
for changing demand
H1 2018 H1 2019
Note: Repair & maintenance is part of opex. 70

6
…AND COUNTER-CYCLICAL CASH FLOW GENERATION
Cramo’s cash flow during 2006-2012 Cash generation during 2014 – 2019 LTM(1)
Cumulative cash flow (EBITDA – net capex), €m EBITDA & Cash flow (EBITDA – Net capex) development, €m
200
219 216 212
207
113
55 182
172
2006-08 2009-10 2011-12
Our principles 120
100 99
Downturn Recovery 87 89 92
• Revenue & EBITDA decline • Revenue & EBITDA pick-up

• Hold back on fleet investments, • Strong fleet investments
optimise the cost structure • Cash flow from operations invested
• Strong cash flow generation in fleet & growth opportunities
2014 2015 2016 2017 2018 2019 LTM

Ability to right-size discretionary capex evidences strong ability to EBITDA Illustrative cash flow (EBITDA – net capex)
manage cash flow generation through the cycle
Note: (1) EBITDA illustrative for IFRS 16. Capex excluding IFRS 16 assets. 71
7
PROVEN STRATEGY EXECUTION TRACK-

RECORD DELIVERING BEST-IN-CLASS
SHAREHOLDER RETURNS WITH A CLEAR
STRATEGY TO CONTINUE DELIVERING
VALUE TO OUR SHAREHOLDERS Profitability Double-digit EPS growth
and growth between 2019 and 2023(2)
19.7%
Capital Operative ROCE >15%

efficiency by end of 2023
11.9%
9.8%
Net debt to EBITDA

Leverage
lower than 3.0x
2.6%(1)
(0.9%) Shareholder
return
Dividend payout ratio >50% of EPS(3)
(4.0%)
(11.9%) (29.7%)
Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6
Total shareholder return illustrated Financial targets during the

NXT strategy period
TSR CAGR, L5Y
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
KEY INVESTMENT HIGHLIGHTS
1 Market with long-term structural growth and robust mid-term outlook
2 Leading European player with an extensive depot network serving our customers
3 Productivity partner driving growth through expanding customer value proposition
4 Industry-leading digital initiatives continue to enhance future competitiveness
5 Focused fleet management strategy to optimise fleet economics
6 Discretionary capex profile and counter-cyclical cash flow generation
Proven strategy execution track record delivering best-in-class shareholder returns with a clear
7 strategy to continue delivering value to our shareholders
73
AGENDA


14:15 – 14:30 Q&A

14:30 – 14:45 Break

Aku Rumpunen, CFO

15:40 – 15:55 Q&A

Aku Rumpunen, CFO
15:55 – 16:00 Wrap-up

74
AGENDA


14:15 – 14:30 Q&A

14:30 – 14:45 Break

Aku Rumpunen, CFO

15:40 – 15:55 Q&A

Aku Rumpunen, CFO
15:55 – 16:00 Wrap-up

75

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CAPITAL MARKETS DAY

Leif Gustafsson Aku Rumpunen Martin Holmgren

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

13:00 – 14:15 Cramo strategy

14:15 – 14:30 Q&A

14:30 – 14:45 Break

14:45 – 15:15 Financials

15:15 – 15:40 Key investment highlights

15:40 – 15:55 Q&A

15:55 – 16:00 Wrap-up

partner in rental Through reliable products, services and innovative

CRAMO GROUP Sustainability, digitalisation and focus on our people

~150,000 ~217,000 rental units #3. European market position

€634m 57% €634m

Customer Care Employee Care Environmental Care Social Care

Cramo Source Ensure Distribute Maintain Provide

Revenue Rental Services Accessories / Resale

Customer needs Customer mix(1)

Demand volatiIity: Cyclical Demand volatiIity: Moderate

Demand volatiIity: Stable Demand volatiIity: Stable 57%

Note: (1) Other consists of public sector, households and other. 9

Finland & Eastern Europe

Customer Cramo INVESTMENT PERSPECTIVE 250

Net cash flow

Annual • Frees up resources 0

Note: Illustrative example. 12

Strengthened and focused management

More efficient and streamlined Cramo

Clearer investment profile

Increased capacity to grow and secure shareholder value

• Global pricing framework with common governance

• Systematic sales processes review across group

Performance • Systematic KPIs in place to track capital efficiency

Capability • Systematic trainings to build capabilities

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

13:00 – 14:15 Cramo strategy

14:15 – 14:30 Q&A

14:30 – 14:45 Break

14:45 – 15:15 Financials

15:15 – 15:40 Key investment highlights

15:40 – 15:55 Q&A

15:55 – 16:00 Wrap-up

Your productivity partner

Mission Shared resources simplified

Top-tier Stronghold The digital leader

Clarified operating model Operational & financial Effective Performance

THREE FOCUS AREAS FOR

• Systematically lifting performance across

#1-2 position • Organic growth initiatives

• Improved repair and maintenance

+12% +2 p.p. +2 p.p.

Germany and Finland

• Global pricing framework with common governance

Profitability (illustrative EBIT margin %)

Performance • Systematic KPIs in place to track capital efficiency

Top 5 Top 6-10 Remaining European rental

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

Supplier Life cycle

Fleet return(1) Time utilisation(2)

Reinvestment model 30%

Capex spend by product group (€m)

Through focused efforts, we have managed to Average annual decrease

Note: (1) Figures represent tools in Sweden. 27