Interim report 1 January – 31 March, 2006

Kari KallioPresident and CEO

09/06/2008 Interim report Q1 2006 2

Contents

Ramirent in brief

Interim report Q1 2006

Market and outlook 2006

Appendices– Historical financial data– Ten largest shareholders

09/06/2008 Interim report Q1 2006 3

Ramirent Group in brief

The leading company in Northern and Eastern Europe in machinery and equipment rentals for construction and industry

A full range of equipment, from small tools to massive tower cranes

Operating in twelve countries through more than 270 local outlets with 2.700 employees

EUR 389 million in net sales (2005)

Listed on Helsinki Stock Exchange since 1998

09/06/2008 Interim report Q1 2006 4

Finland Sweden Norway Denmark Europe

Purchases

Product lines

Rental outlet network

Marketing

Ramirent Group’s operating structure

09/06/2008 Interim report Q1 2006 5

Rental outlet network

Local equipment

Outlet

Local equipment

Outlet

Local equipment

Outlet

Local equipment

Outlet

Local equipment

Outlet

Machinery and equipment pooling

Group machinery & equipment

09/06/2008 Interim report Q1 2006 6

Strong geographical presence

2702.678389Total

18979656Europe

11720042Denmark

136548101Norway

238576105Sweden

19055885Finland

Market position

Number of outlets

Number of employees

Net sales (MEUR)

1-12/2005

09/06/2008 Interim report Q1 2006 7

European competition 2004/2005 sales of rental operations, MEUR (Source: European Rental News, June 2005)

0 100 200 300 400

GL Events

HSS Hire Service Group

Algeco

Ashtead Plant Hire (A-Plant)

Select Plant Hire Company

Speedy Hire Centres

RK

Ramirent

Loxam

Hewden Stuart

Market leader in the Nordic countries and in Eastern and Central Europe

09/06/2008 Interim report Q1 2006 8

Annual sales growth since 1998

0

50

100

150

200

250

300

350

400

1998 1999 2000 2001 2002 2003 2004 2005

Start of growth strategy

Acquisition of Bautas

Acquisition of Altima

MEUR European growth strategy

09/06/2008 Interim report Q1 2006 9

Interim report Q1 2006 – highlightsStrong growth of the net sales – Growing market and increased penetration in all our countries– Heavy investments during 2005 increased our own capacity– High rate of utilisation – Benefits of our strong market position

Significantly improved profit margins – Increased net sales – Improved profitability in all countries, especially in Sweden– Improved efficiency by control of the fixed costs

09/06/2008 Interim report Q1 2006 10

Income statement

3,9901,2201,464Financial income

1.350.090.59Earnings per share (EPS), non-diluted, EUR1.340.090.59Earnings per share (EPS), diluted, EUR

35,5112,35415,770NET PROFIT FOR THE PERIOD-13,144-883-3,617Income taxes

48,6553,23719,387PROFIT BEFORE TAXES-11,290-2,883-2,854Financial expenses

55,9554,90020,777OPERATING PROFIT-72,974-16,234-20,330Other operating expenses-51,166-11,660-13,878Depreciation

-112,025-25,490-29,737Employee benefit expenses-98,658-19,777-26,112Materials and services

390,77878,061110,834TOTAL1,8024225,729Other operating income

388,97677,639105,105Net sales1-12/051-3/20051-3/2006(EUR 1,000)

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Balance sheet, Assets

464,289409,832479,757TOTAL ASSETS

89,32675,69691,242CURRENT ASSETS, TOTAL1,3204,1721,273Cash and cash equivalents

72,72657,55974,619Trade and other receivables15,28013,96515,350Inventories

CURRENT ASSETS

374,964334,136388,515NON-CURRENT ASSETS, TOTAL1,4213,3941,280Deferred tax assets

414415415Available-for-sale financial assets1,3897371,213Other intangible assets

73,21167,59373,060Goodwill298,529261,997312,547Tangible assets

NON-CURRENT ASSETS

31.12.200531.3.200531.3.2006(EUR 1,000)

09/06/2008 Interim report Q1 2006 12

Balance sheet, Equity and liabilities

464,289409,832479,757TOTAL EQUITY AND LIABILITIES

267,295244,536266,370LIABILITIES, TOTAL

92,16978,26198,325CURRENT LIABILITIES, TOTAL 21,35223,02420,139Interest-bearing current liabilities

000Provisions70,81755,23778,186Trade payables and other liabilities

CURRENT LIABILITIES

175,126166,275168,045NON-CURRENT LIABILITIES, TOTAL 146,121149,367138,684Interest-bearing non-current liabilities

7,5302,8047,655Pension obligations21,47514,10421,706Deferred tax liabilities

NON-CURRENT LIABILITIES

196,994165,296213,387EQUITY, TOTAL8219464Minority interest

196,912165,102213,324PARENT COMPANY SHAREHOLDERS’ EQUITY62,68335,24877,673Retained earnings

122,788118,719124,116Share premium account11,44111,13511,534Share capital

EQUITY

31.12.200531.3.200531.3.2006(EUR 1,000)

09/06/2008 Interim report Q1 2006 13

Key figures

29.029.139.4Gross investments, % of net sales

112.622.641.4

Gross investments in non-current assets (EUR million)

2,6782,3772,694Personnel, end of period2,6142,3592,686Personnel, average

42.5%40.4%44.5%Equity ratio, %84.3%101.8%73.8%Gearing, %17.2%11.4%21.4%

Return on invested capital (ROI), %

349.6343.7354.9Invested capital (EUR million), end of period

166.2168.2157.6Net debt, (EUR million)167.5172.4158.8

Interest-bearing debt, (EUR million)

1-12/051-3/051-3/06

09/06/2008 Interim report Q1 2006 14

Quarterly net sales 2004 – 2006 (MEUR)

61.3

80.5 84.390.2

77.6

95.1103.3

113.0105.1

0.0

20.0

40.0

60.0

80.0

100.0

120.0

Q1 Q2 Q3 Q4

Net sales 2004 Net sales 2005 Net sales 2006

MEUR

09/06/2008 Interim report Q1 2006 15

Quarterly EBIT 2004 – 2006 (%)(excluding extra-ordinary profits)

3.9 %6.3 %

16.8 %

12.6 %

6.3%

13.9%

20.4%

14.8%14.6%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

Q1 Q2 Q3 Q4

EBIT 2004 EBIT 2005 EBIT 2006

09/06/2008 Interim report Q1 2006 16

Net sales per segment, Q1 2005 & 2006

Finland20%

Sweden30%

Norway28%

Denmark11%

Europe11% Finland

20%

Sweden27%

Norway28%

Denmark10%

Europe15%

Q1 2005 Q1 2006

09/06/2008 Interim report Q1 2006 17

EBIT per segment, Q1 2005 & 2006

Finland36%

Sweden13%

Norway38%

Denmark2%

Europe11% Finland

22%

Sweden24%Norway

34%

Denmark5%

Europe15%

Q1 2005 Q1 2006

09/06/2008 Interim report Q1 2006 18

Net sales per segment, quarterly (MEUR) (excluding extra ordinary profits)

15.6

23.522.0

8.2 8.5

21.5

26.724.3

10.712.0

24.7 24.826.0

11.3

16.9

23.0

28.5

12.5

19.020.7

10.2

15.5

30.229.229.9

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

Finland Sweden Norway Denmark RamirentEurope

1-3/05 4-6/05 7-9/05 10-12/05 1-3/06

MEUR

09/06/2008 Interim report Q1 2006 19

EBIT per segment, quarterly (%)

13 %

3 %

10 %

1 %

7 %

21 %

8 %

19 %

8 %

18 %

32 %

12 %

16 %14 %

19 %

16 %

25 %

19 %

14 %12 %13 %

25 %

18 %

13 %

7 %

0 %

5 %

10 %

15 %

20 %

25 %

30 %

35 %

Finland Sweden Norway Denmark RamirentEurope

1-3/05 4-6/05 7-9/05 10-12/05 1-3/06

MEUR

09/06/2008 Interim report Q1 2006 20

Finland

The growth of all construction markets was unexpectedly high during Q1On the shipyards the volume of orders was very goodGood control of the fixed costsWe have a strong position on the marketPositive market forecasts for the rest of the year

76.9%

32.7%

Change

13.1%

2.0

15.6

1-3/05

17.5%EBIT-margin

3.6EBIT

20.7Net sales

1-3/06MEUR

09/06/2008 Interim report Q1 2006 21

Sweden

Strong construction market development in SwedenGood control of the fixed costs after rearrangement of the organisation during 2005Heavy investments in new product groups (lifts) Good development in Stockholm areaPositive market outlook for the rest of the year

461.9%

27.4%

Change

3.0%

0.7

23.5

1-3/05

13.0%EBIT-margin

3.9EBIT 1)

29.9Net sales

1-3/06MEUR

1) Excluding non-recurring profit amounting to 5.4 MEUR realized in Q1 2006 from divestment of properties

09/06/2008 Interim report Q1 2006 22

Norway

Strong development of the construction marketGood control of the fixed costsHigh utilisation rateGood weather conditions for our product ranges during Q1Positive market outlook for the rest of the year

169.7%

32.9%

Change

9.5%

2.1

22.0

1-3/05

19.4%EBIT-margin

5.7EBIT

29.2Net sales

1-3/06MEUR

09/06/2008 Interim report Q1 2006 23

Denmark

High market activities during Q1Closing down one of the loss making product lines ongoing -improves the profit level in DenmarkRe-renting increased due to the lack of capacity – negative impact on the profit levelStable market situation for the rest of the year

656.0%

24.6%

Change

1.2%

0.1

8.2

1-3/05

7.4%EBIT-margin

0.8EBIT

10.2Net sales

1-3/06MEUR

09/06/2008 Interim report Q1 2006 24

Ramirent Europe

High level of market activities in all of our European countriesPenetration is increasing Very high utilisation rateWe have a very strong position on the marketPositive market outlook for the rest of the year

298.7%

81.9%

Change

7.1%

0.6

8.5

1-3/05

15.5%EBIT-margin

2.4EBIT

15.5Net sales

1-3/06MEUR

09/06/2008 Interim report Q1 2006 25

Subscription of shares– Based on the 2002A and 2002B option rights, 30,200 new

Ramirent shares were subscribed on 8 May, 2006. The subscription price was, according to the terms of the options programme, 5.98 euros per share. The corresponding EUR 12,986 increase in the share capital is expected to be entered in the Trade Register on 15 May, 2006. After the increase the share capital is EUR 11,547,223.87 and the number of shares is 26,854,009

Events after the review period

09/06/2008 Interim report Q1 2006 26

Economic benefits of renting instead of owning the equipment

Outsourcing of non-core activities is a trend

Relatively low general penetration level enhances growth

Several factors drive and stimulate the consolidation– Economic benefits favour larger size (scale, financial strength,

efficiency, risk exposure)– Market is very fragmented– OEM’s interest to secure their access to end customer

Machinery and equipment rental market is a growth market

09/06/2008 Interim report Q1 2006 27

Source Euroconstruct Nov 2005

Construction market in Europe

09/06/2008 Interim report Q1 2006 28

Source Euroconstruct Nov 2005

Market development in Ramirent countries

5,6%5,7%5,7%5,5%12 361Czechia

5,0%7,0%7,0%9,0%40 000(Russia)

6 800Moscow + St. Petersburg

10,0%10,0%10,0%18,0%5 000Ukraine

10,0%10,0%15,0%17,0%1 800Estonia

10,0%10,0%18,0%19,0%1 400Latvia

10,0%10,0%12,0%13,0%1 700Lithuania

13,0%12,1%6,7%4,4%11 300Hungary

8,2%7,2%8,9%6,3%20 000Poland

48 000Europe

1,7%2,8%1,5%1,7%22 832Denmark

-0,3%-0,2%1,4%5,1%23 941Norway

2,2%4,2%4,9%6,4%20 161Sweden

-0,8%-0,8%2,9%4,3%20 140Finland

2008F2007F2006F2005F2004

(MEUR)Construction volumes

09/06/2008 Interim report Q1 2006 29

Machinery sold directly to rental companies as percentage of total machinery sales (Source: International Rental News/Kaplan)

0% 20% 40% 60% 80% 100%

Europe (ex. UK) 2010E

Europe (ex. UK)

Poland

Baltics

Finland

Norway

Denmark

Sweden

UK

Penetration of machinery rental services in Europe

09/06/2008 Interim report Q1 2006 30

Outlook 2006The construction market is expected to be on a high level in all of our markets during the rest of the year

The utilisation rate during Q1 was unexpectedly high – there is a risk of lack of capacity during the high season

Risk for higher re-renting with lower margins

The fixed costs are under control

The growth of the net sales will be on a good level, however thegrowth for the rest of the year is expected to be on a lower level than during the Q1 (+35.4%)

The profit before taxes is expected to grow clearly from the previous year due to the higher efficiency of the local outlets

Ramirent Oyj

P.O.BOX 31Tapulikaupungintie 37

FI-00751 Helsinki+358 20 750 200

www.ramirent.com

09/06/2008 Interim report Q1 2006 32

Net sales and EBIT-%

0

50

100

150

200

250

300

350

400

450

1998 1999 2000 2001 2002 2003 2004 20050%

5%

10%

15%

20%

25%

30%

Net sales EBIT (%)

MEUR

09/06/2008 Interim report Q1 2006 33

Capital expenditures

0

20

40

60

80

100

120

140

160

180

1998 1999 2000 2001 2002 2003 2004 20050%

20%

40%

60%

80%

100%

120%

Capital expenditures Capital expenditures / Net sales (%)

MEUR

09/06/2008 Interim report Q1 2006 34

Invested capital and ROI

0

50

100

150

200

250

300

350

400

1998 1999 2000 2001 2002 2003 2004 20050%

5%

10%

15%

20%

25%

30%

35%

Invested capital ROI (%)

MEUR

09/06/2008 Interim report Q1 2006 35

Net debt and gearing

0

20

40

60

80

100

120

140

160

180

1998 1999 2000 2001 2002 2003 2004 20050 %

20 %

40 %

60 %

80 %

100 %

120 %

140 %

160 %

180 %

Net debt Gearing (%)

MEUR

09/06/2008 Interim report Q1 2006 36

Equity and equity ratio

0

50

100

150

200

250

300

1998 1999 2000 2001 2002 2003 2004 20050%

10%

20%

30%

40%

50%

60%

Equity Equity ratio (%)

MEUR

09/06/2008 Interim report Q1 2006 37

Dividends and payout ratio

0,0

2,0

4,0

6,0

8,0

10,0

12,0

14,0

16,0

18,0

1998 1999 2000 2001 2002 2003 2004 20050%

10%

20%

30%

40%

50%

60%

70%

80%

90%

Dividends Payout ratio (%)

MEUR

09/06/2008 Interim report Q1 2006 38

Ten largest shareholders on 31 March, 2006

100.00 %26 823 809Total

21.13 %5 669 064Other shareholders

33.09 %8 876 197Nominee-registered shareholders

0.70 %188 904Varma Mutual Pension Insurance Company

0.71 %190 600OP-Suomi Kasvu Sijoitusrahasto

0.75 %200 000EQ Pikkujättiläiset/EQ Rahastoyhtiö Oy

0.83 %222 300FIM Fenno Sijoitusrahasto

1.01 %271 248Fondita Nordic Small Cap Placfond

1.39 %371 586Odin Forvaltnings AS

1.66 %445 900Ilmarinen Mutual Pension Insurance Company

1.93 %517 940Odin Norden

10.09 %2 707 800Oy Julius Tallberg Ab

26.70 %7 162 270Nordstjernan AB

and votesSharesShareholder

% of shares