Q1 Interim report January–March 2015

SALES GROWTH FROM INCREASING SERVICE BUSINESS 7 May 2015 Magnus Rosén, President and CEO Jonas Söderkvist, CFO and EVP Corporate Functions

© 2015 Ramirent

Agenda Group performance Segment review Market outlook Key figures Financial position Company overview Appendix

© 2015 2014 Ramirent

2

Q1/2015: Sales growth from increasing service business Key figures Q1/2015 Net sales increased by 2.2% or by 5.4% at comparable exchange rates EBITA 4.1 (7.1) MEUR or 2.9% (5.2%) of net sales ROI % on a rolling 12 months basis was 12.9% (13.9%) Cash flow after investments improved to 0.9 (-5.1) MEUR Net debt to EBITDA ratio 1.4x (1.2x)

Business performance In the first quarter net sales grew in Sweden, Finland and Baltics EBITA margin decreased due to • A higher share of service sales • Start-up costs in Solutions projects, • Reorganisation of repair & maintenance operations • Price pressure

Market situation In Sweden, strong demand from residential and infrastructure construction Challenging market conditions and price pressure continued in Finland and Norway In Denmark and Baltics market activity was balanced Improving activity in Europe Central equipment rental markets

© 2015 Ramirent

3

Interim report January–March 2015 l 7 May 2015

Despite a tough market in two of our key countries, Group net sales increased in the first quarter Change in net sales Q1/2015

Net sales (MEUR) Q1/2015

7%

160

6%

140 120

5%

100

4%

80

3%

5.4%

2% 1% 0%

60

137.5

140.6

Q1/2014 reported

Q1/2015 reported

40 2.2%

Q1/2015 reported

20 Q1/2015 at comparable exchange rates

0

First-quarter net sales grew by 5.4% at comparable exchange rates

First-quarter net sales 140.6 (137.5) MEUR

Reported sales were up by 2.2% compared to the previous year

Sales growth was strongest in Sweden supported by demand from the residential and infrastructure construction

© 2015 Ramirent 4 Interim report January–March 2015 l 7 May 2015

First-quarter EBITA below last year's level EBITA (MEUR) Q1/2015

EBITA margin Q1/2015 10%

10

9%

9

8%

8

7%

7

6%

6

5%

5

4%

4

3%

3

2%

5.2% 2.9%

1% 0%

Q1/2014

Q1/2015

First–quarter EBITA amounted to 4.1 (7.1) MEUR or 2.9% (5.2%) of net sales

7.1 4.1

2 1 0

Q1/2014

Q1/2015

EBITA decreased due to • start-up costs in large Solutions projects • reorganisation of maintenance and repair operations • price pressure in Finland and Norway

© 2015 Ramirent 5 Interim report January–March 2015 l 7 May 2015

First-quarter rolling 12 months ROI % weakened compared to the previous year Return on invested capital % (rolling 12 months)

Return on equity % (rolling 12 months)

18%

18%

16%

16%

14%

14%

12%

12%

10%

10%

8%

8%

13.9%

6%

12.9%

6%

4%

4%

2%

2%

0%

Q1/2014

Q1/2015

On a rolling 12 months basis, Return on invested capital (ROI) was 12.9% (13.9%) in the first quarter

0%

13.6% 9.7%

Q1/2014

Q1/2015

On a rolling 12 months basis, Return on equity (ROE) was 9.7% (13.6%) in the first quarter

© 2014 Ramirent 6 Interim report January–March 2015 l 7 May 2015

Ramirent received large order for a total rental solution to the Urban Escape project in Stockholm CHALLENGE Order value: EUR 40 million (2015-2018)

Complex construction project comprising offices, hotels, commercial and other premises Project will be carried out with ongoing commerce in the middle of Stockholm Large number of suppliers on the site

SOLUTION & BENEFITS Easy access to equipment & services through customer centre on-site Equipment including lifts, hoists, scaffolding and fall protection equipment as well as power & heating from single point of contact

URBAN ESCAPE construction

Ramirent project team working with safety and logistics planning

project in Stockholm

© 2015 Ramirent 7 Interim report January–March 2015 l 7 May 2015

Update on efficiency improvement actions Area

SALES AND PRICING

Steps implemented in 2014

• New sales organisational model for Solutions and Customer Centre Sales in Sweden, Denmark, Norway

• Centralising repair and maintenance to a few locations in the Nordic countries FLEET MANAGEMENT AND SOURCING

• Organisational changes related to Solutions and Customer Centre organisation continued

• Centralising of repair and maintenance continued

• Compliance in usage of approved suppliers increased

• Reduction of non-profitable fleet

• The number of Group-wide supplier agreements increased

• Supply Chain Management development continued

• New rental system live in Sweden, Denmark and Norway COMMON PLATFORM AND OTHER

Actions in Q1/2015

• Integration of back-office functions between Denmark and Sweden

• New management structure • Shared Service Centre established in Estonia

• Personnel reductions due to restructuring

© 2015 Ramirent 8 Interim report January–March 2015 l 7 May 2015

Shared Service Centre established in Estonia Shared Service Centre (SSC) objectives 1. Efficient production of financial services combining activities to be performed by a condensed Finance organisation 2. Realise synergies of harmonised processes in accordance with Ramirent’s strategy of operating a common business platform 3. Increase focus on business controlling and customers on country level 4. Sequenced roll-out schedule: Denmark as the first user; to be followed by other Nordic countries during 2015

© 2014 Ramirent

9

Group performance Segment review Market outlook Key figures Financial position Company overview Appendix © 2015 2014 Ramirent

10

Finland Q1/2015: Price pressure due to slow underlying demand in construction and industry sectors Highlights Q1/2015

Net sales (MEUR)

Strong performance in Southern Finland, supported by favourable demand in small and medium sized projects Profitability burdened by price pressure and handling costs related to an increased number of small and medium sized projects

Key figures

50 45 40 35 30 25 20 15 10 5 0

35.1

Q1 2013

Net sales up by 1.3%

32.0

31.6

Q2

Q3

Q4

Q1 2014

Q2

Q3

Q4

Q1 2015

Q2

Q3

Q4

Q1 2015

Profitability 30% 25%

KEY FIGURES Net sales EBITA % of net sales Capex Capital employed ROCE (%) Personnel (FTE) Customer centres

1–3/15

1–3/14

Change

1–12/14

32.0

31.6

1.3%

152.8

20%

0.8

2.9

−72.4%

20.81)

15%

13.6%1)

2.5%

9.3%

4.1

4.2

−2.6%

35.8

113.0

122.4

−7.7%

124.4

5%

14.7%

20.7%

15.6%

519

−6.2%

0%

487

497

62

70

−11.4%

66

10%

Q1 2013

Q2

Q3

Q4

Q1 2014

EBITA-margin (%)

1) EBITA excluding non–recurring items was EUR 22.3 million or 14.6% in January– December 2014. The non–recurring items included EUR 1.5 million of restructuring costs and asset write-downs booked in the fourth quarter of 2014.

ROCE (%) R12

© 2015 Ramirent 11 Interim report January–March 2015 l 7 May 2015

Sweden Q1/2015: Sales growth supported by large Solutions projects Net sales up by Highlights Q1/2015

12.4% or by 19.1% at comparable exchange rates

Net sales (MEUR) 60

In Stockholm and Gothenburg areas, residential and infrastructure construction fuelled demand

50

Profitability strengthened mainly as a result of strong sales growth and increased fleet utilisation

20

51.0

50.3

45.4

40 30

10 0 Q1 2013

Key figures

Q2

Q3

Q4

Q1 2014

Q2

Q3

Q4

Q1 2015

Q2

Q3

Q4

Q1 2015

Profitability 30% 25%

KEY FIGURES Net sales EBITA % of net sales Capex Capital employed ROCE (%) Personnel (FTE) Customer centres

1–3/15

1–3/14

Change

1–12/14

51.0

45.4

12.4%

201.0

5.1

4.2

21.3%

29.41)

10.0%

9.3%

3.9

9.9

−60.1%

67.3

157.4

160.6

−2.0%

155.0

16.9%

18.6%

760

666

14.1%

759

80

74

8.1%

77

14.6%1)

16.9%

20% 15% 10% 5% 0% Q1 2013

Q2

Q3

Q4

Q1 2014

EBITA-margin (%)

1) EBITA excluding non–recurring items was EUR 30.1 million or 14.9% of net sales in January–December 2014. The non–recurring items included EUR 0.7 million restructuring costs booked in the fourth quarter of 2014.

ROCE (%) R12

© 2015 Ramirent 12 Interim report January–March 2015 l 7 May 2015

Norway Q1/2015: Price pressure and costs from reorganising operations burdened profitability Highlights Q1/2015

Net sales down by 8.7% or by 4.5% at comparable exchange rates

Net sales (MEUR)

Net sales impacted negatively by slow start to the year especially in the building construction sector Price pressure burdened profitability Reorganisation of maintenance and repair operations increased services and transportation costs

45 40 35 30 25 20 15 10 5 0

38.1 34.0

Q1 2013

Key figures

Q2

Q3

Q4

Q1 2014

31.0

Q2

Q3

Q4

Q1 2015

Q2

Q3

Q4

Q1 2015

Profitability 30%

KEY FIGURES Net sales EBITA % of net sales

1–3/15

1–3/14

Change

1–12/14

25%

31.0

34.0

−8.7%

135.7

20%

1.0

2.6

-60.8%

14.01)

3.3%

7.6%

10.3%1)

15% 10%

2.6

4.9

−47.7%

14.2

Capital employed

126.1

143.8

−12.3%

125.5

ROCE (%)

7.8%

11.7%

405

432

−6.3%

388

43

43

−

43

Capex

Personnel (FTE) Customer centres

9.2%

5% 0% Q1 2013

Q2

Q3

Q4

Q1 2014

EBITA-margin (%)

1) EBITA excluding non–recurring items was EUR 16.2 million or 11.9% of net sales in January–December 2014. The non–recurring items included EUR 2.2 million of restructuring costs booked in the second half of the 2014.

ROCE (%) R12

© 2015 Ramirent 13 Interim report January–March 2015 l 7 May 2015

Denmark Q1/2015: Good progress in solutions projects Highlights Q1/2015

Net sales (MEUR)

Net sales down by 2.3%

14 12

Good progress of several Solutions projects supported sales in the first quarter

10

9.6

9.1

9.4

8 6

Continued price pressure and weak performance in western Denmark had a negative impact on the profit level

4 2 0 Q1 2013

Key figures

Q2

Q3

Q4

Q1 2014

Q2

Q3

Q4

Q1 2015

Profitability 5% 0% 1–3/15

1–3/14

Change

1–12/14

9.4

9.6

−2.3%

39.4

-5%

−1.4

−1.1

−23.7%

−3.91)

-10%

−14.8%

−11.7%

Capital expenditure

0.9

0.1

n/a

3.6

Capital employed

25.0

26.5

−5.8%

25.4

−16.7%

−14.6%

142

162

−12.2%

147

15

16

−6.3%

16

KEY FIGURES Net sales EBITA % of net sales

ROCE (%) Personnel (FTE) Customer centres

−10.0%1)

−14.9%

Q1 2013

Q2

Q3

Q4

Q1 2014

Q2

Q3

Q4

Q1 2015

-15% -20% -25% -30% EBITA-margin (%)

1) EBITA excluding non–recurring items was EUR −3.8 million or −9.6% of net sales in January–December 2014. The non–recurring items included EUR 0.1 million restructuring costs that were booked in the fourth quarter of 2014.

ROCE (%) R12

© 2015 Ramirent 14 Interim report January–March 2015 l 7 May 2015

Europe East Q1/2015: Strong performance in the Baltics continued Highlights Q1/2015

Net sales (MEUR)

Net sales up by 5.9%

12 In the Baltics, sales increased supported by favourable demand from small and medium sized customers. Good activity in the building construction sector continued in all Baltic countries

10

Fortrent's EBITA improved as a result of successful cost savings, improved pricing and the good result in the new markets

2

Key figures

8 6

6.6

6.2 5.2

4

0 Q1 2013

Q2

Q3

Q4

Q1 2014

Q2

Q3

Q4

Q1 2015

Q2

Q3

Q4

Q1 2015

Profitability 35%

KEY FIGURES

1–3/15

1–3/14

Change

1–12/14

30% 25%

Net sales

6.6

6.2

5.9%

33.9

EBITA

0.1

−0.1

n/a

6.7

1.9%

−1.8%

Capex

3.8

2.7

40.4%

10.6

Capital employed

46.0

60.0

−23.2%

46.6

10%

13.2%

8.9%

11.3%

5%

242

239

1.5%

240

0%

43

42

2.4%

42

-5%

% of net sales

ROCE (%) Personnel (FTE) Customer centres

19.6%

20% 15%

Q1 2013

Q2

Q3

Q4

Q1 2014

Baltia EBITA-margin (%) Baltics EBITA margin (%)

1) The first-quarter EBITA margin in Europe East excluding the non-taxable capital gain of EUR 10.1 million from the formation of Fortrent was 9.1 %

Baltia R12 BalticsROCE ROCE(%) (%) R12

© 2015 Ramirent 15 Interim report January–March 2015 l 7 May 2015

Europe Central Q1/2015: Profitability improved based on higher fleet utilisation rates and strict cost control Highlights Q1/2015

Net sales (MEUR)

In Poland sales decreased, despite new projects especially in the energy sector, as the comparative period includes a large industrial project that ended 2014 Strong demand for equipment rental in the Czech Republic and Slovakia Fleet utilisation rates improved due to new projects, reduction of unprofitable fleet and improved supply chain management

Key figures

KEY FIGURES

1–3/15

1–3/14

Change

1–12/14

Net sales

11.0

11.8

−6.9%

53.2

−0.6

−1.2

53.7%

1.71)

−5.1%

−10.2%

Capex

2.3

1.6

45.9%

7.8

Capital employed

59.0

64.3

−8.3%

58.5

3.7%

0.4%

481

474

1.4%

477

58

57

1.8%

58

ROCE (%) Personnel (FTE) Customer centres

18 16 14 12 10 8 6 4 2 0

11.8

11.0

Q1 2013

Q2

Q3

Q4

Q1 2014

11.0

Q2

Q3

Q4

Q1 2015

Profitability

EBITA % of net sales

Net sales down by 6.9% or by 6.6% at comparable exchange rates

3.2%1)

2.6%

30% 25% 20% 15% 10% 5% 0% -5% -10% -15% -20% -25%

Q1 2013

Q2

Q3

Q4

Q1 2014

EBITA-margin (%)

Q2

Q3

Q4

Q1 2015

ROCE (%) R12

1) EBITA excluding non–recurring items was EUR 2.8 million or 5.3% of net sales in 16 January–December 2014. The non–recurring items included EUR 1.1 million of restructuring © 2015 Ramirent Interim report January–March 2015 l 7 May 2015 costs and asset write-downs booked in the fourth quarter of 2014.

Group performance Segment review Market outlook Key figures Financial position Company overview Appendix

© 2015 2014 Ramirent

17

Strongest construction output growth expected in Sweden in 2015 Construction association’s estimates on construction output 2015

Ramirent’s expectation on overall demand by equipment rental market 2015

Nordic countries 2015E Finland

-0.5%

Sweden

8.0%

Norway

3.7%

Denmark

-1.9%

Baltics and Europe Central 2015E Estonia

-4.0%

Latvia

-4.0%

Lithuania

1.0%

Poland

7.1%

The Czech Republic

2.5%

Slovakia

1.8%

Sources: Confederation of Finnish Construction Industries (RT) 3/2015, Swedish Construction Federation(BI) 3/2015, Prognosesenteret 3/2015, Danish Construction Industry (DB) 2/2015 and Euroconstruct 12/2014

© 2015 Ramirent 18 Interim report January–March 2015 l 7 May 2015

Nordic construction order books increased by 4.2% at comparable exchange rates in the first quarter Nordic construction companies order books (at comparable exchange rates) billion 60%

16 14

40%

12 10

20%

8 0%

6 4

-20%

2 0

Q1 Q2 2007

Q3

Q4

Q1 Q2 2008

Q3

Q4

Q1 Q2 2009

Q3

Q4

Q1 Q2 2010

Q3

Q4

Q1 Q2 2011

Q3

Q4 Q1 Q2 Q3 2012

Q4 Q1 Q2 2013

Q3

Q4 Q1 Q2 Q3 2014

Q4

Q1 2015

NCC

Skanska

Veidekke

YIT*

Lemminkäinen

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

First-quarter Nordic construction order books including Skanska, NCC, YIT, Veidekke and Lemminkäinen increased by 4.2% at comparable exchange rates Ramirent's rolling 12 months net sales were down by 2.4% in the first quarter

-40%

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

© 2015 Ramirent 19 Interim report January–March 2015 l 7 May 2015

Ramirent outlook for full year 2015 unchanged Ramirent expects the market picture for 2015 to remain mixed, with challenging market conditions in especially 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.

Group performance Segment review Market outlook Key figures Financial position Company overview Appendix

© 2015 2014 Ramirent

Profitability remained at unsatisfactory level in our main operating segments Finland

Sweden

Rolling 12 months net Sales (MEUR)

148.5 153.2

149.5

Baltics

Central

132.7

100.0 50.0 0.0

Rolling 12 months EBITA margin excl. non-recurring items (%)

Denmark

202.4 206.6

200.0 150.0

Norway

Finland

Sweden

Norway

32.0 34.3

Denmark

The Baltics

25% 20% 15%

17.0% 13.2%

16.5% 15.0%

10%

58.1

44.4 39.1

-5%

Europe Central

20.8% 18.3% 13.1% 11.0% 6.6% 3.9%

5% 0%

52.4

Finland

Sweden

Norway

Denmark

The Baltics

Europe Central

-5.5%

-10%

-10.4%

Q1/2014

Q1/2015

Non-recurring items in 2014: Finland: EUR 1.5 million of restructuring costs and asset write-downs were booked in the fourth quarter of 2014 Sweden: EUR 0.7 million of restructuring costs were booked in the fourth quarter of 2014 Norway: EUR 2.2 million of restructuring costs were booked in the second half of the 2014 Denmark: EUR 0.1 million of restructuring costs were booked in the fourth quarter of 2014 Europe Central:EUR 1.1 million of restructuring costs and asset write-downs were booked in the fourth quarter of 2014

© 2014 Ramirent 22 Interim report January–March 2015 l 7 May 2015

Service business is increasing Net sales (MEUR)

Breakdown of net sales (MEUR)

160

160

140

-4.5

140

7.5

120

60

100 140.6

137.5

40

45.3

47.8

40 Q1/2014 reported

Exchange rates

Underlying change

Q1/2015 reported

Weak Swedish and Norwegian krona impacted negatively on the net sales in euros Increasing service business will be a key to generate sustainable profitable growth

5.4%

80 1.0%

60

20 0

5.2

120

100 80

5.5

−5.6%

86.7

87.6

Q1/2014

Q1/2015

20 0

Income from sold equipment Ancillary income Rental income

© 2015 Ramirent 23 Interim report January–March 2015 l 7 May 2015

First-quarter gross margin was negatively impacted by sales mix and higher materials and services costs Gross profit (MEUR) Q1/2015

Gross margin Q1/2015 100%

140 120

80%

100 60%

40%

80 60 67.4%

62.3%

20%

0%

40

92.7

87.6

Q1/2014

Q1/2015

20

Q1/2014

Q1/2015

First–quarter gross margin was 87.6 (92.7) MEUR or 62.3% (67.4%) of net sales

0

First-quarter gross margin was negatively impacted by a higher share of service sales, start-up costs in Solutions projects, reorganisation of maintenance and repair operations and price pressure

© 2015 Ramirent 24 Interim report January–March 2015 l 7 May 2015

Personnel reduction in Finland, Norway and Denmark Customer centres

Personnel (FTE)

334 302

301 Europe Central 481

Europe East Baltic 242

Finland 487

Group: 2,608 (2,529)

Denmark 142

Sweden 760

Norway 405

Q1 Q2 2013 Finland

Sweden

Q3

Q4

Norway

Q1 Q2 2014

Denmark

Q3

Europe East -Baltics

Q4

Q1

Europe Central

8 customer centres were closed in Finland and

First-quarter employee benefit expenses

6 new ones were opened in Sweden

amounted to 37.8 (37.1) MEUR

© 2015 Ramirent 25 Interim report January–March 2015 l 7 May 2015

Rolling 12 months fixed costs decreased by EUR 10.5 compared to the previous year as a result of costs savings Fixed costs (MEUR) and % of Group net sales 80

50% 44.3 %

70

43.1 %

42.4 %

65.9 60.9

60

59.6

40% 35%

50

30%

40

25% 20%

30

15%

20

10%

10 0

45%

5%

Q1 2013

Q2

Q3

Q4

Q1 2014

Q2

Q3

Q4

Q1 2015

0%

First-quarter fixed costs 59.6 (60.9) MEUR • Employee benefit expenses 37.8 (37.1) MEUR • Other operating expenses 21.9 (23.8) MEUR

Rolling 12 months fixed costs 237.0 (247.5) MEUR or 38.4% (39.2%) of net sales Rolling 12 months fixed costs excl. nonrecurring costs 232.7 MEUR or 37.7% of net sales

© 2015 Ramirent 26 Interim report January–March 2015 l 7 May 2015

Group's rolling 12 months EBITA margin at 10.2% EBITA margin

EBITA margin quarterly 20%

18%

18%

14.8 %

12%

12%

10% 8%

10%

7.6 %

8.7 %

5.2 %

4% 12.1%

4%

2% 10.2%

12.1 % 10.2 %

6%

8%

2.7 % 2.9 %

0% -2% -4%

2% 0%

13.3 %

14%

14%

6%

15.4 %

16%

16%

-6% Q1/2014 (R12)

Q1/2015 (R12)

Rolling 12 months EBITA 62.8 (76.6) MEUR or 10.2% (12.1%) of net sales

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2011 2012 2013 2014 2015

R12 EBITA-%

EBITA-%

First-quarter EBITA margin was negatively impacted by a higher share of service sales, start-up costs in Solutions projects, reorganisation of maintenance and repair operations and price pressure

© 2015 Ramirent 27 Interim report January–March 2015 l 7 May 2015

Rolling 12 months EBITA excluding non-recurring items was 68.5 MEUR or 11.1 % of net sales EBITA (MEUR) Q1/2015 rolling 12 months basis 90.0 80.0

76.6

3.41)

80.0 5.72)

70.0

68.5

62.8

60.0

2) Non-recurring items 5.7 MEUR including restructuring and asset write-downs 2) Restructuring and asset write-downs by segment: Norway 2.2 MEUR Finland 1.5 MEUR Central 1.1 MEUR Sweden 0.7 MEUR Denmark 0.1 MEUR

50.0 40.0 30.0 20.0 10.0 0.0

1) Non-recurring items: -the loss from disposal Hungary 1.9 MEUR -1.5 MEUR restructuring costs in Denmark

Q1/2014 (R12) reported

12.1%

non-recurring items

Q1/2014 (R12) excl. nonrecurring items

12.7%

Q1/2015 (R12) reported

10.2%

non-recurring items

Q1/2015 (R12) excl. nonrecurring items

11.1%

Q1/2015 EBITA (R12) excl. non-recurring items was 68.5 (80.0) MEUR or 11.1% (12.7%) of net sales

EBITA margin

© 2015 Ramirent 28 Interim report January–March 2015 l 7 May 2015

Internal development work to improve margins in all segments continues Rolling 12 months EBITA margin excl. non-recurring items by segment (%) 20

20.8

18% 15 13.2

15.0

10 10%

11.0 11.1

5

6.6

0 -5

Target = 17%

-10.4

Finland

Sweden

Norway

Group EBITA targeted to reach 17% …

Denmark

Baltics

Europe Central

Group

…by delivering at least 18% EBITA margin on segment level

© 2015 Ramirent 29 Interim report January–March 2015 l 7 May 2015

We held back investments due to market uncertainty in two of our key countries Gross capital expenditure (MEUR) and % of net sales 60%

80 70

50%

60 40%

50

30%

40 30

21.2%

20

32.4

17.0%

20% 12.9%

23.4 18.1

10 0

Q1 2013

Q2

Q3

Q4

Gross Capex

Q1 2014

Q2

Q3

Q4

Q1 2015

10%

First-quarter gross capex 18.1 (23.4) MEUR of which 0.0 (0.0) MEUR related to acquisitions Gross capex 12.9% (17.0%) of net sales in the first quarter Second-quarter 2014 gross capex included 46.0 MEUR of acquisitions

0%

Share of net sales-%

© 2015 Ramirent 30 Interim report January–March 2015 l 7 May 2015

Selective fleet investments and reduction of unprofitable fleet Investments in the fleet

Capital expenditure by segment (MEUR) Q1/15

2.3

Central

First-quarter investments in machinery and equipment 15.9 (22.0) MEUR Committed investments on rental machinery amounted to 42.7 (23.3) MEUR at the end of the first quarter Sales value of sold rental machinery and equipment was 5.2 (5.5) MEUR in the first quarter

Q1/14

1.6 3.8

East

2.7 0.9

Denmark

0.1 2.6

Norway

4.9 3.9

Sweden

9.9 4.1

Finland

4.2

0

2

4

6

8

10

12

© 2015 Ramirent 31 Interim report January–March 2015 l 7 May 2015

Cash conversion improved due to strong operative cash flow in the first quarter Cash flow after investments (MEUR)

80

40

-10

80% 60%

40

19

40%

20

10 0

100%

60

30 20

Cash conversion (MEUR and %)

20% 0%

1 Q1 Q2 2013 -5

Q3

Q4

Q1 Q2 2014

Q3

Q4

Q1

-5

-20

-40%

-40 -60

-30

-20%

-20

-80

-60% EBITDA (MEUR) Cashflow after investments (MEUR) Cash Conversion

-80% -100%

The Group’s cash flow from operating activities increased to 18.3 (11.4) MEUR in the first quarter

Group's first-quarter cash conversion improved to

First-quarter cash flow from investing activities was

3.2% (-16.0%)

−17.4 (−16.4) MEUR

© 2015 Ramirent 32 Interim report January–March 2015 l 7 May 2015

Return on investment at 12.9% at the end of the first quarter Return on investment % (rolling 12 months) ROI % and Invested capital MEUR 18%

700

16%

600

14%

500

12%

6%

18.9%

508

20%

545 520

15% 13.9% 12.9%

13.9%

300

12.9%

4%

10%

9.3%

200 5%

100

2% 0%

565 19.6%

400

10% 8%

25%

654

0 Q1/2014

Q1/2015

Q1 Q2 2011

Q3

Q4

Q1 2012

Q2

Q3 Q4

Q1 Q2 2013

Q3 Q4

Q1 Q2 Q3 2014

Q4

Q1 2015

0%

Rolling 12 months ROI at the end of March 2015 was 12.9% (13.9%)

The Group's invested capital decreased to 520.3

Return on investment decreased compared year-

(545.1) MEUR in the first quarter

on-year mainly due to lower profit generation

© 2015 Ramirent 33 Interim report January–March 2015 l 7 May 2015

Highest ROCE % in Sweden supported by margin improvement in Q1/2015 Return on capital employed % (rolling 12 months) 25% 20% 15%

20.7%

18.6% 14.7%

16.9%

13.2%

11.7%

8.9%

7.8%

10% 5%

0.4%

0%

3.7%

-5% -10% -15% -20% -25%

Q1/14 Q4/14

Finland

Q2/14 Q1/15

Sweden

Q3/14 -14.6% Norway

-16.7%

Denmark

East

Central

How we are improving ROCE %?

Ramirent publishes ROCE % by operating segment as of Q1/2015

Pricing Growing service business Strict cost control Focus on fleet utilisation Working capital management

© 2015 Ramirent 34 Interim report January–March 2015 l 7 May 2015

Return on equity at 9.7% Return on equity % (rolling 12 months) ROE % and Total equity (MEUR) 18%

400

16%

350 300

12%

250

10%

6%

330

20.7%

20%

305 291 16.9%

15%

9.7%

150

13.6% 9.7%

6.3%

100

0 Q1/2014

Q1/2015

10% 5% 0%

50

2%

Target 18%

13.6%

200

4%

0%

342 316

14%

8%

25%

Q1 2011

Q2

Q3

Q4

Q1 2012

Q2

Q3

Q4

Q1 2013

Q2

Q3

Q4

Q1 Q2 2014

Q3

Q4

Q1

-5%

The Group's total equity amounted to MEUR 291.1

Financial target: ROE of 18% over a

(330.3) at the end of March

business cycle

Equity per share was 2.70 (3.07) at the of end of March

© 2015 Ramirent 35 Interim report January–March 2015 l 7 May 2015

Group performance Segment review Market outlook Key figures Financial position Company overview Appendix

© 2015 2014 Ramirent

36

Net debt to EBITDA ratio below the long-term financial target now for 14 consecutive quarters Net debt (MEUR)

Net debt to EBITDA ratio

300

2.5

250

220.3

226.2

212.0

200

2.0

Target max. 1.6x

1.5

1.4x

1.4x

150

1.2x

1.0

100

1.0x

0.5

50 0

1.2x

Q1 Q2 2013

Q3

Q4

Q1 Q2 2014

Q3

Q4

Q1 2015

0.0

Q1 2011

Q2

Q3

Q4

Q1 2012

Q2

Q3

Q4

Q1 2013

Q2

Q3

Q4

Q1 2014

Q2

Q3

Q4

Q1 2015

Net debt to EBITDA 1.4x (1.2x) at the end of Net debt increased compared to the previous

March, which was below Ramirent's long-term

year amounting to 226.2 (212.0) MEUR

financial target of maximum 1.6x at the end of each fiscal year

© 2015 Ramirent 37 Interim report January–March 2015 l 7 May 2015

Equity ratio at 38.6% and gearing at 77.7% Equity ratio (%)

Gearing (%)

60%

90% 77.7%

80%

50%

43.8%

38.6%

40% 38.2%

70% 64.5%

64.2%

60% 50%

30%

40%

20%

30% 20%

10%

10% 0%

Q1 Q2 2013

Q3

Q4

Q1 Q2 2014

Q3

Q4

Q1 2015

First-quarter equity ratio decreased to 38.6% (43.8%) Total equity amounted to 291.1 (330.3) MEUR at the end the first quarter

0%

Q1 Q2 2013

Q3

Q4

Q1 Q2 2014

Q3

Q4

Q1 2015

Gearing increased to 77.7% (64.2%) Net debt 226.2 (212.0) MEUR at the end of March 2015

© 2015 Ramirent 38 Interim report January–March 2015 l 7 May 2015

Negative working capital mainly due to recognition of the 2014 dividend as a liability Working capital (MEUR)

Working capital / Rolling 12 months net sales

200

12.0%

150

10.0%

100 115.4

108.7

108.6

50

8.0% 6.0%

5.9% 5.2%

0 -50

15.3

Q1 2013

19.8

12.6

Q2

-143.3

Q3

Q4

Q1 2014

Q2

Q3

Q4

-136.6

Q1 2015

4.0% 2.0%

-141.0

0.0%

-100

-2.0%

-150

Trade payables and other liabilities

-200

Trade and other receivables

-4.0%

Inventories

-6.0%

First-quarter credit losses and change in the allowance for bad debt amounted to -0.8 (-1.5) MEUR First-quarter inventories increased to 19.8 (12.6) MEUR due to purchased equipment not yet taken into rental use

Q1 Q2 2010

Q3

Q4

Q1 Q2 2011

Q3

Q4

Q1 Q2 2012

Q3

Q4

Q1 Q2 2013

Q3

Q4

Q1 Q2 2014

Q3

Q4

Q1 2015

-1.1% -1.8% -2.4%

-2.0%

Working capital of rolling 12 months net sales was -2.0% (-2.4%) at the end of March 2015 Dividend of 43.1 (39.9) MEUR was paid in April 2015

© 2015 Ramirent 39 Interim report January–March 2015 l 7 May 2015

At the end of March 2015, Ramirent had unused committed back–up loan facilities of EUR 189.0 million Repayment schedule of interest-bearing liabilities (MEUR) EUR 415.0 million in committed credit facilities

145

Net debt EUR 226.2 million

100 Senior unsecured bond

75 2016

2017

The average interest rate of the loan portfolio including interest rate hedges was 3.0% (3.8%) at the end of the March In addition to bank facilities, Ramirent is utilising a domestic commercial paper program of up to EUR 150 million

95

2015

Ramirent had unused committed backup loan facilities of MEUR 189.0 (202.1) available at the end of the first quarter

2018

2019

2020

© 2015 Ramirent 40 Interim report January–March 2015 l 7 May 2015

The AGM authorised the Board to decide at its discretion to distribute an additional dividend of max. EUR 0.60 per share Earnings Per Share and Dividend Per Share 1.00

1.00

0.60

0.90 0.80

The AGM 2015 authorised the Board to decide at its discretion on the payment of an additional dividend up to the amount of EUR 0.60 per share

0.70 0.59

0.60

0.50

0.50

0.41

0.40

0.34

0.30 0.20

0.25

0.37 0.30

0.28

0.40

0.13

0.10 0.00

2010

2011

2012 EPS

2013 DPS

An ordinary dividend of EUR 0.40 (0.37) per share was paid on 10 April 2015

2014

The authorisation is valid until the Annual General Meeting 2016 At times when cash generation is above the level likely to be required to support growth, the Board will consider paying higher than ordinary dividends

© 2015 Ramirent 41 Interim report January–March 2015 l 7 May 2015

Two of our long-term financial targets were met in the first quarter of 2015 STATED OBJECTIVES Element

Measure

Target level

1-3/2015

18% p.a. over a business cycle

9.7%

Profit generation

ROE

Leverage and risk

Net Debt / EBITDA ratio

Below 1.6x at the end of each fiscal year

1.4x

Dividend

Dividend pay-out ratio

At least 40% of Net profit

132% of 2014 net profit

© 2015 Ramirent 42 Interim report January–March 2015 l 7 May 2015

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

Group performance Segment review Market outlook Key figures Financial position Company overview Appendix

© 2015 2014 Ramirent

44

Ramirent is a generalist equipment rental and service company Definition of Ramirent's business and strategic choices How

Ramirent is a generalist rental company, with an extensive customer centre network enabling customer proximity while managing through decentralised operations

What

Ramirent’s business offering stretches from single products to managing the entire fleet capacity at a customer site

Who

Ramirent’s diverse customer base includes construction, industry, services, the public sector and private households

Concept

Offering

Customers

Where

Geographic presence

Home market Europe with focus on the Baltic Rim

301 customer centres in 10 countries

2,608 employees serving 200,000 customers with 200,000 rental items

MEUR 614 of sales (2014)

© 2015 Ramirent 45 Interim report January–March 2015 l 7 May 2015

Our strategic choices

Vision To be the leading and most progressive equipment rental solutions company in Europe, setting the benchmark for industry performance and customer service Mission We simplify business by delivering Dynamic Rental SolutionsTM Values Open Engaged Progressive Brand promise More than Machines

© 2015 Ramirent 46 Interim report January–March 2015 l 7 May 2015

Strong market position in core Baltic Rim markets Sales per segment 1-3/2015 Europe Central 8%

Europe East Baltics 5%

Finland 23%

Denmark 7%

Norway #1

Finland #1

43 customer centres

62 customer centres

Norway 22%

Sweden 36%

Sweden #2

80 customer centres

Europe East –Baltics #2 43 customer centres

Denmark #1

15 customer centres

Sales per customers 1-3/2015 Services & Retail 13 %

Public Private 2% 4%

Europe Central

(PL+CZ+SL)

#1

58 customer centres

Russia and Fehmarnbelt Ukraine presence Solutions Services A/S, JV through JV Fortrent with Zeppelin Rental

Industrial 17%

Construction 66%

Current state close to target of 40% non-construction dependent sales © 2015 Ramirent 47 Interim report January–March 2015 l 7 May 2015

One of the leading equipment rental companies both in Europe (#3) and globally (#10) Largest rental companies in Europe

Largest rental companies globally

Net sales 2014 (MEUR)

Net sales 2014 (MEUR)

Loxam*

United Rentals

Cramo

Aggreko*

614

Ramirent

Ashtead Group*

Algeco Scotsman*

Algeco Scotsman* Herz Equipment Rental*

Kiloutou* Sarens*

Aktio Corp*

Speedy Hire*

Loxam*

LiebherrMietpartner* Mediaco Levage* Zeppelin Rental*

Coates Hire* Cramo

614

Ramirent 0

200

400

600

800

1000

0

*Net sales in 2013

1000 2000 3000 4000 5000 6000

*Net sales in 2013

Event

/

Name of presentor

© 2015 Ramirent 48 Interim report January–March 2015 l 7 May 2015

Our offering SERVICES

MACHINERY AND EQUIPMENT

ACCESS EQUIPMENT

MODULE AND SITE EQUIPMENT

PLANNING

ON-SITE SERVICES

LOGISTICS

RENTAL INSURANCE

TRAINING

ACCESSORIES

HEAVY MACHINERY

LIGHT EQUIPMENT

SOLUTION AREAS

Ramirent SpaceSolveTM

Ramirent SafeSolveTM

Ramirent EcoSolveTM

Ramirent PowerSolveTM

Ramirent ClimateSolveTM

Ramirent AccessSolveTM

Ramirent TotalSolveTM

49 Interim report January–March 2015 l 7 May 2015

Ramirent combines the best equipment, services and knowhow into integrated rental solutions Equipment 8%

32%

21%

39%

Heavy Equipment Access Equipment

Lifts, Hoists, Scaffolding, Tower cranes

Modules and site equipment Light Equipment

Services

• Construction • Planning • On-site services • Logistics • Merchandise sale • Rental insurance • Training

Tools, power and heating equipment

• Mining • Paper • Power generation

Integrated Solutions

• Oil & Gas • Shipyards • Retail & Service • Public sector • Households

Share of Group rental income (1-3/2015)

Benefits Lighter balance sheets, less investments

Rental Business and Sector Knowledge

Benefits More uptime in core operations due to less downtime in equipment, less maintenance costs, right choice of equipment improves efficiency, less product liability risk

Benefits Understanding customer requirements helps to customise product selection and further improve productivity

Benefits Easy to buy, reduced number of subcontractors, increased focus on the core business

© 2015 Ramirent 50 Interim report January–March 2015 l 7 May 2015

We are committed to our long-term strategic objectives to achieve sustainable profitable growth improvement agenda More More More More More

Customer first through NextRamirent

Proactive Competent Conscious Safe & Green Efficient

Products

Realised synergies of scale and scope while maintaining local accountability

Through a diversified business portfolio

Sustainable profitable growth One company

Geographies

Agility in managing business

Customers Competences

Leading and most profitable general rental company in markets where present, growing in selected growth pockets

© 2014 Ramirent 51 Interim report January–March 2015 l 7 May 2015

The five components of Ramirent's growth strategy

1

2

Increased market share

Extended customer value proposition

3

4 Increased penetration

5 Increased footprint

M&A

New customer segments Growth within current business

Increasing services and integrated solutions

Outsourcing opportunities

Acquisitions, joint ventures and other transactions

New geographies

© 2015 Ramirent 52 Interim report January–March 2015 l 7 May 2015

Room for rental penetration to further increase in the Nordic countries

3.5%

2.0%

Average penetration in Europe: 1.5%

1.7%

LOW

1.5%

MEDIUM

HIGH

Equipment rental penetration 2014E (%)

Rental penetration (%)* Sweden

Norway

Finland

Denmark

Source: European Rental Association 11/2014; Rental Turnover / Total construction output

© 2015 Ramirent 53 Interim report January–March 2015 l 7 May 2015

Ramirent has a proven track record in outsourcing deals and M&A transactions Basis for Norwegian business

Basis for Swedish and Danish business

Expansion to the Czech Republic, bolt-on acquisitions in Finland and Sweden

Entry into Slovakia Acquisitions and outsourcings mainly in the Nordic countries

Entry into oil & gas industry in Norway (Rogaland Planbygg)

Divestments of formwork business in Finland and the Hungarian operations

Fortrent JV with Cramo in Russia & Ukraine

Altima AB

Bautas AS

(tower cranes)

(outsourcing) DCC

(outsourcing)

2002

2003

2004

2005

Acquisitions in Sweden, Poland and Hungary

M&A critera

Complimentary product ranges or related services

2006

2007

2008

2009

2010

Acquisitions in the Nordic countries Extending geography to "white spots"

2011

2012

2013

(outsourcing)

2014

Nine acquisitions and three outsourcings Strengthening links to new customer segments"

Outsourcing of customer's in-house fleets

Targets mid-size companies mainly

© 2015 Ramirent 54 Interim report January–March 2015 l 7 May 2015

Ramirent's Financial Business Model: Three complimentary drivers of value creation Cash Flow

Organic Growth • •

Volumes Upselling

Operating Leverage • • • • •

Pricing Fleet management Sourcing Cost structure Quality of earnings

Financial Leverage

Capital Expenditure

• • • • •

Cash conversion Capex Working capital Dividend Capital Structure

Dividend pay-out ratio: at least 40% of net profit

Net debt/ EBITDA target of below 1.6x (at y/e) Target EBITA margin of 17%

ROE target of 18% over the cycle

© 2015 Ramirent 55 Interim report January–March 2015 l 7 May 2015

Fleet management potential realised at different levels Fleet management activities

Goals

KPIs Efficiency utilisation* (%) R3 months

Optimising fleet maintenance strategy Resourcing and repair & maintenance locations

Customer service level Total costs

Efficient logistics

Optimising workshop processes

Nonavailable fleet

Total Fleet Yield** (%) R3 months

Capital efficiency

Balanced fleet age structure

∗) 𝐸𝐸𝐸𝐸𝐸𝐸𝐸𝐸𝐸𝐸𝐸𝐸𝐸𝐸𝐸𝐸𝐸𝐸𝐸𝐸 𝑢𝑢𝑢𝑢𝑢𝑢𝑢𝑢𝑢𝑢𝑢𝑢𝑢𝑢𝑢𝑢𝑢𝑢𝑢𝑢𝑢𝑢 =

𝐴𝐴𝐴𝐴𝐴𝐴𝐴𝐴𝐴𝐴𝐴𝐴𝐴𝐴𝐴𝐴𝐴𝐴𝐴𝐴𝐴𝐴 𝑣𝑣𝑣𝑣𝑣𝑣𝑣𝑣𝑣𝑣 𝑜𝑜𝑜𝑜 𝑟𝑟𝑟𝑟𝑟𝑟𝑟𝑟𝑟𝑟𝑟𝑟 𝑓𝑓𝑓𝑓𝑓𝑓𝑓𝑓𝑓𝑓 ∗ 100 % 𝐴𝐴𝐴𝐴𝐴𝐴𝐴𝐴𝐴𝐴𝐴𝐴𝐴𝐴𝐴𝐴𝐴𝐴𝐴𝐴𝐴𝐴 𝑣𝑣𝑣𝑣𝑣𝑣𝑣𝑣𝑣𝑣 𝑜𝑜𝑜𝑜 𝑡𝑡𝑡𝑡𝑡𝑡𝑡𝑡𝑡𝑡 𝑓𝑓𝑓𝑓𝑓𝑓𝑓𝑓𝑓𝑓

∗∗) 𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇 𝐹𝐹𝐹𝐹𝐹𝐹𝐹𝐹𝐹𝐹 𝑌𝑌𝑌𝑌𝑌𝑌𝑌𝑌𝑌𝑌 =

𝑅𝑅𝑅𝑅𝑅𝑅𝑅𝑅𝑅𝑅𝑅𝑅 𝑖𝑖𝑖𝑖𝑖𝑖𝑖𝑖𝑖𝑖𝑖𝑖 ∗ 100 % 𝐴𝐴𝐴𝐴𝐴𝐴𝐴𝐴𝐴𝐴𝐴𝐴𝐴𝐴𝐴𝐴𝐴𝐴𝐴𝐴𝐴𝐴 𝑣𝑣𝑣𝑣𝑣𝑣𝑣𝑣𝑣𝑣 𝑜𝑜𝑜𝑜 𝑡𝑡𝑡𝑡𝑡𝑡𝑡𝑡𝑡𝑡 𝑓𝑓𝑓𝑓𝑓𝑓𝑓𝑓𝑓𝑓

© 2015 Ramirent 56 Interim report January–March 2015 l 7 May 2015

Largest shareholders at the end of March 2015 Number of shares

% of share capital

1. Nordstjernan AB

30,393,716

27.96%

2. Oy Julius Tallberg Ab

12,207,229

11.23%

3. Nordea funds

5,288,187

4.87%

4. Ilmarinen Mutual Pension Insurance Company

3,945,154

3.63%

5. Varma Mutual Pension Insurance Company

3,640,865

3.35%

6. Aktia funds

2,092,733

1.93%

7. Veritas

975,182

0.90%

8. Ramirent Plc

960,649

0.88%

9. Oslo Pensjonsforsikring As

800,000

0.74%

10. Skandinaviska Enskilda Banken

777,605

0.71%

47,623,008

43.81%

108,697,328

100.00%

Largest shareholders March 31, 2015

Market Cap EUR 712.1 million Shareholders March 31, 2015 16%

Other shareholders Total

30%

8% 13% 31%

2%

Private companies Public sector organizations Households Non-profit organizations Foreigners Finance and insurance companies

Trading information Listing: NASDAX Helsinki Date of listing: April 30, 1998 Segment: Mid Cap Sector: Industrials Trading code: RMR1V © 2015 Ramirent 57 Interim report January–March 2015 l 7 May 2015

How will we deliver on our financial targets and create shareholder value? Company highlights

Stated objectives

Attractive market - structural growth drivers and cyclical recovery potential Number 1 position - market leader in 7/10 countries Strong platform - above industry average profitability, balanced risk level and increasing operational excellence Growth potential - 5 point growth strategy to capitalise on strong position Financial strength – industry leading cash generation and leverage potential to finance growth, drive ROE and increase dividends

 Return on equity of 18% over a business cycle  YE net debt to EBITDA of below 1.6x  Dividend pay-out ratio of at least 40% of net profit  EBITA margin of 17%

Proven management track record – experienced management has reshaped the company since 2008

© 2015 Ramirent 58 Interim report January–March 2015 l 7 May 2015

Group performance Segment review Market outlook Key figures Financial position Company overview Appendix

© 2014 Ramirent

59

Consolidated statement of income CONSOLIDATED STATEMENT OF INCOME (EUR 1,000) Rental income Ancillary income Sales of equipment NET SALES Other operating income

1–3/15

1–3/14

1–12/14

87,605 47,757 5,214 140,575 668

86,724 45,293 5,521 137,538 349

395,341 193,481 24,714 613,536 2,290

Materials and services Employee benefit expenses Other operating expenses Share of result in associates and joint ventures Depreciation, amortisation and impairment charges EBIT

−52,938 −37,772 −21,881 −49 −26,640 1,963

−44,857 −37,129 −23,792 −429 −26,303 5,376

−209,162 −150,305 −88,003 −486 −109,728 58,143

Financial income Financial expenses Total financial income and expenses EBT Income taxes RESULT FOR THE PERIOD

5,021 −7,199 −2,178 −215 49 −166

2,095 −4,252 −2,157 3,220 −660 2,559

11,292 −26,974 −15,683 42,460 −10,370 32,090

Result for the period attributable to: Shareholders of the parent company Non-controlling interest TOTAL

−27 −139 −166

2,559 − 2,559

32,632 −542 32,090

Earnings per share (EPS) on parent company shareholders’ share of result Basic, EUR Diluted, EUR

−0.00 −0.00

0.02 0.02

0.30 0.30 © 2014 Ramirent 60 Interim report January–March 2015 l 7 May 2015

Consolidated statement of financial position 31/3/2015

31/3/2014

31/12/2014

141,767 46,076 402,443 8,717 17,171 143 483 616,801

124,690 38,108 427,841 15,003 20,261 519 815 627,236

139,780 46,720 406,001 5,278 17,666 139 605 616,189

CURRENT ASSETS Inventories Trade and other receivables Current tax assets Cash and cash equivalents TOTAL CURRENT ASSETS

19,838 108,686 6,264 3,066 137,854

12,561 108,577 3,252 2,784 127,173

12,431 109,370 2,775 3,129 127,705

TOTAL ASSETS

754,655

754,409

743,894

CONSOLIDATED STATEMENT OF FINANCIAL POSITION (EUR 1,000) ASSETS NON–CURRENT ASSETS Goodwill Other intangible assets Property, plant and equipment Investments in associates and joint ventures Non–current loan receivables Available–for–sale investments Deferred tax assets TOTAL NON–CURRENT ASSETS

© 2014 Ramirent 61 Interim report January–March 2015 l 7 May 2015

Consolidated statement of financial position (cont.) CONSOLIDATED STATEMENT OF FINANCIAL POSITION

31/3/2015

31/3/2014

31/12/2014

(EUR 1,000) EQUITY AND LIABILITIES EQUITY Share capital

25,000

25,000

25,000

−897

−1,291

−976

Invested unrestricted equity fund

113,862

113,767

113,767

Retained earnings from previous years

152,607

190,263

153,876

Revaluation fund

−27

2,559

32,632

290,545

330,298

324,299

543

−

693

291,088

330,298

324,992

Deferred tax liabilities

51,497

53,833

50,798

Pension obligations

18,041

14,087

17,491

Result for the period Equity attributable to the parent company shareholders

Non-controlling interest

TOTAL EQUITY

NON–CURRENT LIABILITIES

Non–current provisions Non–current interest–bearing liabilities Other non–current liabilities TOTAL NON–CURRENT LIABILITIES

2,188

1,186

2,371

188,013

206,721

206,685

19,582

−

19,890

279,321

275,827

297,236

140,954

136,582

92,798

995

525

1,455

CURRENT LIABILITIES Trade payables and other liabilities Current provisions

1,060

3,136

3,899

Current interest–bearing liabilities

Current tax liabilities

41,237

8,042

23,514

TOTAL CURRENT LIABILITIES

184,246

148,285

121,666

TOTAL LIABILITIES

463,567

424,112

418,902

TOTAL EQUITY AND LIABILITIES

754,655

754,409

743,894

© 2014 Ramirent 62 Interim report January–March 2015 l 7 May 2015

Key financial figures 1–3/15

1–3/14

1–12/14

Net sales, EUR million

140.6

137.5

613.5

Change in net sales, %

2.2%

−10.0%

−5.2%

28.6

31.7

167.9

20.3%

23.0%

27.4%

4.1

7.1

65.8

2.9%

5.2%

10.7%

2.0

5.4

58.1

1.4%

3.9%

9.5%

−0.2

3.2

42.5

−0.2%

2.3%

6.9%

KEY FINANCIAL FIGURES (MEUR)

EBITDA, EUR million % of net sales EBITA, EUR million % net sales EBIT, EUR million % of net sales EBT, EUR million % of net sales Result for the period attributable to the owners of the parent company, EUR million % of net sales

Gross capital expenditure, EUR million % of net sales Invested capital, EUR million, end of period Return on invested capital (ROI), %

−0.0

2.6

32.6

−0.0%

1.9%

5.3%

18.1

23.4

144.6

12.9%

17.0%

23.6%

520.3

545.1

555.2

12.9%

13.9%

12.2%

Return on equity (ROE), %1)

9.7%

13.6%

9.4%

Interest–bearing debt, EUR million

229.2

214.8

230.2

Net debt, EUR million

226.2

212.0

227.1

1.4x

1.2x

1.4x

Gearing, %

77.7%

64.2%

69.9%

Equity ratio, %

38.6%

43.8%

43.7%

Personnel, average during reporting period

2,593

2,536

2,566

Personnel, at end of reporting period

2,608

2,529

2,576

1)

Net debt to EBITDA ratio1)

1) The figures are calculated on a rolling twelve month basis © 2014 Ramirent 63 Interim report January–March 2015 l 7 May 2015

Consolidated cash flow statement

CONSOLIDATED CASH FLOW STATEMENT (EUR 1,000)

1–3/15

1–3/14

1–12/14

−215

3,220

42,460

26,640 2,117 2,178 108 30,828

26,303 2,612 2,157 4,090 38,380

109,728 17,136 15,683 −6,140 178,867

−949 −7,150 4,591 27,320

2,029 −644 −24,191 15,574

−2,150 −1,472 −12,302 162,942

−3,742 63 −5,340 18,303

−157 − −4,059 11,358

−10,418 620 −12,646 140,499

CASH FLOW FROM OPERATING ACTIVITIES EBT Adjustments Depreciation, amortisation and impairment charges Adjustment for proceeds from sale of used rental equipment Financial income and expenses Other adjustments Cash flow from operating activities before change in working capital Change in working capital Change in trade and other receivables Change in inventories Change in non–interest–bearing liabilities Cash flow from operating activities before interest and taxes Interest paid Interest received Income tax paid NET CASH FLOW FROM OPERATING ACTIVITIES

© 2014 Ramirent 64 Interim report January–March 2015 l 7 May 2015

Consolidated cash flow statement (cont.) CONSOLIDATED CASH FLOW STATEMENT

1–3/15

1–3/14

1–12/14

−

−

−29,872

CASH FLOW FROM INVESTING ACTIVITIES Acquisition of businesses and subsidiaries, net of cash Investments in associates and joint ventures Investment in tangible non–current asset (rental equipment) Investment in other tangible non–current assets Investment in intangible non–current assets

−736

−

−

−15,791

−20,658

−88,902

−429

−86

−504

−1,039

−1,320

−9,680

109

5,632

7,713

Proceeds from sale of tangible and intangible non–current assets (excluding used rental equipment) Loan receivables, increase, decrease and other changes NET CASH FLOW FROM INVESTING ACTIVITIES

495

−

2,594

−17,391

−16,432

−118,651

CASH FLOW FROM FINANCING ACTIVITIES Dividends paid Borrowings and repayments of current debt (net) Borrowings of non–current debt Repayments of non–current debt NET CASH FLOW FROM FINANCING ACTIVITIES

−

−

−39,858

17,704

6,009

22,686

−

−

2,651

−18,679

−

−6,047

−975

6,009

−20,567

−63

935

1,281

3,129

1,849

1,849

−

−

−

NET CHANGE IN CASH AND CASH EQUIVALENTS DURING THE FINANCIAL YEAR

Cash at the beginning of the period Translation differences Change in cash Cash at the end of the period

−63

935

1,281

3,066

2,784

3,129

© 2014 Ramirent 65 Interim report January–March 2015 l 7 May 2015

Net sales NET SALES (MEUR) FINLAND - Net sales (external) - Inter–segment sales SWEDEN - Net sales (external) - Inter–segment sales NORWAY - Net sales (external) - Inter–segment sales DENMARK - Net sales (external) - Inter–segment sales EUROPE EAST - Net sales (external) - Inter–segment sales EUROPE CENTRAL - Net sales (external) - Inter–segment sales Elimination of sales between segments GROUP NET SALES

1–3/15

1–3/14

1–12/14

32.0 0.0

31.5 0.2

151.9 0.9

50.8 0.2

45.3 0.1

200.4 0.7

30.9 0.1

33.4 0.6

135.1 0.6

9.3 0.0

9.6 −

39.4 −

6.6 0.0

6.2 0.0

33.8 0.1

11.0 0.0 −0.4 140.6

11.6 0.2 −1.1 137.5

52.9 0.3 −2.4 613.5

© 2014 Ramirent 66 Interim report January–March 2015 l 7 May 2015

EBITA

EBITA (MEUR and % of net sales) FINLAND % of net sales SWEDEN % of net sales NORWAY % of net sales DENMARK % of net sales EUROPE EAST % of net sales EUROPE CENTRAL % of net sales Net items not allocated to segments GROUP EBITA % of net sales

1–3/15

1–3/14

1–12/14

0.8 2.5% 5.1 10.0% 1.0 3.3% −1.4 −14.8% 0.1 1.9% −0.6 −5.1% −1.0 4.1 2.9%

2.9 9.3% 4.2 9.3% 2.6 7.6% −1.1 −11.7% −0.1 −1.8% −1.2 −10.2% −0.2 7.1 5.2%

20.8 13.6% 29.4 14.6% 14.0 10.3% −3.9 −10.0% 6.7 19.6% 1.7 3.2% −2.8 65.8 10.7%

© 2014 Ramirent 67 Interim report January–March 2015 l 7 May 2015

Non-recurring items impacting EBITA by segment

Non-recurring items impacting EBITA

1–3/15

1–3/14

1–12/14

(MEUR) FINLAND

−

−

−1.51)

SWEDEN

−

−

−0.72)

NORWAY

−

−

−2.23)

DENMARK

−

−

−0.14)

EUROPE EAST

−

−

−

EUROPE CENTRAL

−

−

−1.15)

Unallocated items and eliminations

−

−

−

TOTAL

−

−

−5.7

1) EUR 1.5 million of restructuring costs and asset write-downs were booked in the fourth quarter of 2014 2) EUR 0.7 million of restructuring costs were booked in the fourth quarter of 2014 3) EUR 2.2 million of restructuring costs were booked in the second half of the 2014 4) EUR 0.1 million of restructuring costs were booked in the fourth quarter of 2014 5) EUR 1.1 million of restructuring costs and asset write-downs were booked in the fourth quarter of 2014

© 2014 Ramirent 68 Interim report January–March 2015 l 7 May 2015

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