Ramirent's Half Year Financial Report 2016

4 AUGUST 2016

MAGNUS ROSÉN, PRESIDENT AND CEO PIERRE BRORSSON, CFO

Strong sales growth, comparable EBITA increased slightly

Half Year Financial Report 2016

• Group performance

• Segment review

• Market outlook

• Key figures

• Financial position

• Appendices

Agenda

4/8/2016 Half Year Financial Report 2016 2

3

• Net sales 169.4 (159.4) MEUR up by 6.3% or 8.2% at comparable exchange rates

• EBITA 16.61) (21.02)) MEUR or 9.8%1) (13.2%2)) of net sales

• Comparable EBITA 17.5 (17.2) MEUR or 10.3% (10.8%) of net sales

• Gross capex 60.1 (46.8) MEUR

• Cash flow after investments -23.7 (-22.3) MEUR

• EPS 0.08 (0.12) EUR

Highlights Q2 2016 – At comparable exchange rates, net sales increased in all segments, except for Europe East

4/8/2016 Half Year Financial Report 2016

1) Items affecting comparability included the derecognition of a contingent consideration liability, EUR 0.3 million, and costs of EUR 1.2 million relating to the change of President and CEO. 2) The comparison period included derecognition of a contingent consideration liability, EUR 3.8 million, connected to the acquisition of weather shelter and scaffolding company DCC in 2014

4

• Net sales 315.4 (300.0) MEUR up by 5.1% or 7.0% at comparable exchange rates

• EBITA 23.8 (25.2) MEUR or 7.6% (8.4%) of net sales

• Comparable EBITA 24.8 (21.3) MEUR or 7.9% (7.1%) of net sales

• Return on equity 12.6% (11.5%)

• Return on capital employed 9.0% (9.8%)

• Gross capex 100.5 (65.0) MEUR

• Cash flow after investments -30.5 (-21.4) MEUR

• EPS 0.11 (0.12) EUR

• Net debt to EBITDA 2.1x (1.8x)

Highlights H1 2016: Sales higher and reported EBITA slightly lower compared to previous year


• Deepened cooperation with Skanska Maskin through a five-year rental cooperation agreement

• First cooperation agreement in Sweden was signed in 2014

• The expanded agreement improves availability of machines for both companies’ customers in Sweden. In conjunction with the agreement, Ramirent also sold its stock of larger tower cranes in Sweden to Skanska Maskin

5

• Ramirent’s first frame agreement ever with JM in Sweden

• The three-year agreement covers most of Ramirent’s product groups and includes an option for prolongation

• JM is one of the leading developers of housing and residential areas in the Nordic region

Important new rental agreements with large Nordic construction companies


• A multi-year partnership agreement for YIT’s Tripla project, which is currently one of the largest construction sites in Finland

• Offering includes equipment rental, control systems, logistics, transport planning and control, scaffolding and weather covers, planning and managing tidy operations and dust control, chemicals management and providing training services

Sales growth continued in the second quarter

SECOND-QUARTER NET SALES (MEUR)

6 4/8/2016 Half Year Financial Report 2016

159.4 169.4

0

20

40

60

80

100

120

140

160

180

200

Q22015

Q22016

300.0 315.4

0

40

80

120

160

200

240

280

320

360

1-62015

1-62016

FIRST-HALF NET SALES (MEUR)

Up by 6.3% or 8.2% at comparable exchange rates

Up by 5.1% or 7.0% at comparable exchange rates

REPORTED EBITA Q2 16 (MEUR AND % NET SALES)

21.01)

16.62)

13.2%

9.8%

0%

2%

4%

6%

8%

10%

12%

14%

0

2

4

6

8

10

12

14

16

18

20

22

24

Q22015

Q22016

Comparable EBITA increased slightly in the second quarter


COMPARABLE EBITA Q2 16 (MEUR AND % NET SALES)

17.2 17.5

10.8% 10.3%

0%

2%

4%

6%

8%

10%

12%

14%

0

2

4

6

8

10

12

14

16

18

20

22

24

Q22015

Q22016

1) Includes positive impact from derecognition of a contingent consideration liability of EUR 3.8 million from an acquisition in 2014 2) Includes positive impact from derecognition of a contingent consideration liability of EUR 0.3 million and costs of EUR 1.2 million relating to the change of the President and CEO


REPORTED EBITA H1 16 (MEUR AND % NET SALES)

25.21) 23.82)

8.4%

7.6%

0%

2%

4%

6%

8%

10%

12%

0

2

4

6

8

10

12

14

16

18

20

22

24

26

28

H12015

H12016

EBITA margin declined slightly in the first half of the year

COMPARABLE EBITA H1 16 (MEUR AND % NET SALES)

21.3

24.8

7.1%

7.9%

0%

2%

4%

6%

8%

10%

12%

0

2

4

6

8

10

12

14

16

18

20

22

24

26

28

H12015

H12016

1) Includes positive impact from derecognition of a contingent consideration liability of EUR 3.8 million from an acquisition made in 2014 2) Includes positive impact from derecognition of a contingent consideration liability of EUR 0.3 million and costs of EUR 1.2 million relating to the change of the President and CEO

All long-term financial targets were met at the end of the second quarter


*Rolling 12 months net sales growth at comparable exchange rates was above FY2016 growth target of 4.3% (2.0%-points + 2.3% estimated GDP growth for 2016)

Source: Average of GDP estimates from SEB 6/2016, SHB 6/2016, OP 5/2016 and EC 6/2016


Segment review

HIGHLIGHTS Q2 16

Finland: Double-digit sales growth and improved profitability

NET SALES

KEY FIGURES PROFITABILITY

• In General Rental, demand for equipment rental was driven by recovery in residential construction and ongoing large non-residential construction projects

• In Solutions, strong demand in the industrial sector fuelled sales growth

• EBITA improved based on strong sales growth

0

10

20

30

40

50

Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015

Q2 Q3 Q4 Q12016

Q2

Net sales up by 15.0%

11

0%

5%

10%

15%

20%

25%

30%

Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015

Q2 Q3 Q4 Q12016

Q2

EBITA-margin (%) ROCE (%) R12


Finland 4–6/16 4–6/15 Change 1–6/16 1–6/15 Change

Net sales 45.3 39.4 15.0% 83.4 71.5 16.8%

EBITA 6.41) 4.5 42.6% 9.31) 5.3 76.4%

% of net sales 14.0%1) 11.3% 11.1%1) 7.4%

Capital employed 128.0 117.2 9.2%

ROCE (%) 2) 19.4% 12.9%

Personnel (FTE) 508 482 5.4%

Customer centres

55 59 −6.8%

1) EBITA included the derecognition of a contingent consideration liability. The amount, EUR 0.3 million was recognised in other operating income. Comparable EBITA for the second quarter 2016 was EUR 6.1 million or 13.4% of net sales and for January-June 2016 EUR 9.0 million or 10.8% of net sales. 2) Rolling 12 months

HIGHLIGHTS Q2 16

Sweden: Sales grew in all Business Areas, EBITA improved towards the end of the quarter

NET SALES


• Sales developed favourably in all business areas supported by high construction activity

• Important new agreements signed with JM AB and Skanska Maskin AB in Sweden

• Comparable EBITA was unsatisfactory and impaired by relocation of a major Hub in Stockholm, increased provisions for credit losses and slower than expected realisation of price increases

0%

5%

10%

15%

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25%

Q12013

Q2 Q3 Q4 Q12014

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Q2 Q3 Q4 Q12016

Q2


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70

Q12013

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Q2

12

1) The comparison period included derecognition of a contingent consideration liability amounting EUR 3.8 million. Second-quarter 2015 comparable EBITA was EUR 8.3 million or 14.6% of net sales. Comparable EBITA in January-June 2015 was EUR 13.4 million or 12.4% of net sales. 2) Rolling 12 months 4/8/2016 Half Year Financial Report 2016

Net sales up by 9.3% or by 9.0% at

comparable exchange rates

Sweden 4–6/16 4–6/15 Change 1–6/16 1–6/15 Change

Net sales 62.1 56.8 9.3% 115.8 107.8 7.4%

EBITA 8.8 12.11) −27.7% 13.2 17.21) −23.6%

% of net sales 14.1% 21.4%1) 11.4% 16.0%1)


ROCE (%) 2) 12.5% 17.9%


Customer centres

78 80 −2.5%

HIGHLIGHTS Q2 16 NET SALES


• In General Rental, sales were supported by small and medium sized construction projects around the country

• In Temporary Space, activity improved in the public sector but due to continued low demand in the oil and gas sector some excess fleet was re-allocated to Sweden

• EBITA decreased mainly due to lower sales and profitability in Temporary Space

0%

5%

10%

15%

20%

25%

Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015

Q2 Q3 Q4 Q12016

Q2


05

1015202530354045

Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015

Q2 Q3 Q4 Q12016

Q2

Net sales down by 3.5% but up by

5.1% at comparable exchange rates

13

1) Rolling 12 months


Norway: Activity improved in General Rental despite weak overall market conditions

Norway 4–6/16 4–6/15 Change 1–6/16 1–6/15 Change

Net sales 29.9 31.0 −3.5% 57.8 62.0 −6.9%

EBITA 1.9 2.9 −34.9% 3.2 3.9 −17.4%

% of net sales 6.3% 9.4% 5.6% 6.3%

Capital employed 128.6 134.1 −4.1%

ROCE (%) 1) 3.0% 6.7%

Personnel (FTE) 398 413 −3.5%

Customer centres

41 43 −4.7%

HIGHLIGHTS Q2 16

Denmark: Continued improvement in sales and profit

NET SALES


• In General Rental, demand continued to improve supported by high activity in residential construction and renovation especially in the large cities

• The continued EBITA improvement was driven by sales growth and a continued focus on cost control

-25%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015

Q2 Q3 Q4 Q12016

Q2


Net sales increased by 1.4% or by 1.1%

at comparable exchange rates

14



0

2

4

6

8

10

12

14

Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015

Q2 Q3 Q4 Q12016

Q2

Denmark 4–6/16 4–6/15 Change 1–6/16 1–6/15 Change

Net sales 10.8 10.6 1.4% 21.1 20.0 5.7%

EBITA 0.5 0.3 56.3% 0.9 −1.1 n/a

% of net sales 4.3% 2.8% 4.2% −5.4%


ROCE (%) 1) 6.3% −9.0%

Personnel (FTE) 142 151 −6.0%

Customer centres

13 15 −13.3%

HIGHLIGHTS Q2 16

Europe East: Stable development in Estonia, price pressure continued in Latvia

NET SALES (THE BALTICS)

KEY FIGURES PROFITABILITY (THE BALTICS)

• The development was stable in Estonia while sales were affected by a lack of new large projects in the Latvian market and increased competition in the Lithuanian market

• EBITA decreased primarily due to lower sales and price pressure in the Latvian market

• Fortrent Group: Despite challenging market conditions, profitability improved as a result of cost reduction measures and price increases in the Russian market

0

2

4

6

8

10

12

Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015

Q2 Q3 Q4 Q12016

Q2

Net sales decreased by

2.1%

-5%

0%

5%

10%

15%

20%

25%

30%

35%

Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015

Q2 Q3 Q4 Q12016

Q2

Baltics EBITA-margin (%) Baltics ROCE (%) R12



Europe East 4–6/16 4–6/15 Change 1–6/16 1–6/15 Change

Net sales 8.4 8.5 −2.1% 15.0 15.1 −0.5%

EBITA 1.4 1.7 −17.8% 1.3 1.9 −31.3%

% of net sales 17.2% 20.4% 8.5% 12.4%


ROCE (%) 1) 12.1% 13.4%


Customer centres

44 43 2.3%

Fortrent Group’s second–quarter EBITA amounted to EUR 0.6 (0.3) million. The second–quarter EBITA margin improved to 8.0% (3.1%) of net sales. The net result was EUR 0.3 (0.2) million of which Ramirent's share was 50%.

HIGHLIGHTS Q2 16

Europe Central: Stable demand in Poland but lower market activity in Czech Republic and Slovakia

NET SALES


• In General Rental, demand picked up in Poland

• In Solutions, demand was supported by projects in the Polish industry sector

• Lower volumes in the Czech Republic and Slovakia impacted negatively on EBITA

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

-5%0%5%

10%15%20%

Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015

Q2 Q3 Q4 Q12016

Q2


16

02468

1012141618

Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015

Q2 Q3 Q4 Q12016

Q2


Net sales down by 2.0% or up by 2.6% at comparable exchange

rates


Europe

Central 4–6/16 4–6/15 Change 1–6/16 1–6/15 Change

Net sales 13.4 13.7 −2.0% 24.7 24.7 0.0%

EBITA 0.7 0.9 −21.7% −0.1 0.3 n/a

% of net sales 5.0% 6.2% −0.4% 1.2%


ROCE (%) 1) 5.0% 4.2%


Customer centres

56 55 1.8%


Market outlook

Ramirent expects demand for equipment rental to grow in its main markets in H2 2016

GDP GROWTH ESTIMATES BY SEGMENT FOR 2016 RAMIRENT'S EXPECTATIONS ON OVERALL DEMAND BY EQUIPMENT RENTAL MARKET

18

Favourable

Stable

Challenging


1.0%

3.6%

1.1% 1.2%

2.6% 3.2%

0%

1%

2%

3%

4%

5%

6%

Finland Sweden Norway Denmark TheBaltics

EuropeCentral

5.3%

3.5% 4.1%1)

1.8%

-0.5%

4.3%

-1%

0%

1%

2%

3%

4%

5%

6%

Finland Sweden Norway Denmark TheBaltics

EuropeCentral

CONSTRUCTION VOLUME GROWTH BY SEGMENT FOR 2016

1) Driven largely by infrastructure construction which is expected to grow by 10.8% while building construction is estimated to increase by 1.7% in 2016

Source: Euroconstruct 6/2016 and average of GDP estimates from SEB 6/2016, SHB 6/2016, OP 5/2016 and EC 6/2016

Ramirent outlook for 2016 unchanged


In 2016, Ramirent’s net sales in local currencies and EBITA margin are expected to increase from the level in 2015.


Key figures

All segments contributed positively to second-quarter EBITA


Finland 26.7%

Sweden 36.5%

Norway 17.6%

Denmark 6.3%

Europe East –Baltics 4.9%

Europe Central 7.9%

NET SALES BY SEGMENT Q2 16

Finland 31.4%

Sweden 45.5%

Norway 9.8%

Denmark 2.4%

Europe East –Baltics 7.4%

Europe Central 3.5%

• Growing Nordic market represented 87.2% of Ramirent's net sales in the second quarter

COMPARABLE EBITA BY SEGMENT Q2 16

• All segments made positive contributions to the second-quarter EBITA

11.3%

14.6%

9.4%

2.8%

6.2%

13.4% 14.1%

6.3%

4.3%

15.5%

5.0%

0%2%4%6%8%

10%12%14%16%18%20%

Finland Sweden Norway Denmark The Baltics Europe Central

Second-quarter sales growth above GDP growth in Ramirent's largest segments

Q2 15 Q2 16

NET SALES GROWTH Q2 16 AT COMPARABLE FX. AND GDP GROWTH ESTIMATES

COMPARABLE EBITA MARGIN (%) Q2 16


9.0%

5.1%

1.1%

2.6%

1.0%

3.6%

1.1% 1.2%

2.6% 3.2%

-2%

2%

6%

10%

Finland Sweden Norway Denmark The Baltics Europe Central-2.1%

Q2 16 sales growth at comparable fx.

GDP growth FY2016E

15.0%

Source: Average of GDP estimates from SEB 6/2016, SHB 6/2016, OP 5/2016 and EC 6/2016

19.5%

GROSS PROFIT (MEUR) Q2 16

68.8%

66.0%

63.4% 63.1%

40%

45%

50%

55%

60%

65%

70%

75%

Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015

Q2 Q3 Q4 Q12016

Q2

101.1 106.9

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20

40

60

80

100

120

Q2 15 Q2 16

GROSS MARGIN (%) Q2 16

• Second–quarter gross margin on par with previous year despite negative change in sales mix

• Second-quarter gross profit increased to 106.9 (101.1) MEUR

23

Gross margin on par with previous year – efforts to improve control of material and services costs continue


Reported second-quarter EBITA lower y-o-y mainly due to an earn-out settlement in the comparison period

EBITA BRIDGE (MEUR) Q2 15 – Q2 16

21.0

1.9 -3.4

-1.0 0.2 -0.3 -0.2 -1.6

16.6

0

2

4

6

8

10

12

14

16

18

20

22

24

EBITA Q22015

Finland Sweden Norway Denmark Europe East EuropeCentral

Items notallocated to

segments

EBITA Q22016

11.3% 21.4% 9.4% 2.8% 20.4% 6.2%

14.0% 14.1% 6.3% 4.3% 17.2% 5.0%

EBITA margin Q2/2015

EBITA margin Q2/2016


Including 3.8 MEUR derecognition of a

contingent consideration liability

Strong sales growth drove result

improvement Lower sales and profitability in

Temporary Space

Costs of 1.2 MEUR relating to the

change of President and CEO

FIXED COSTS (MEUR) AND % OF GROUP NET SALES

Fixed costs impacted by organisational development costs and one-off items

• Second-quarter fixed costs 65.5 (60.0) MEUR or 38.6% (37.6%) of net sales

• Main items that increased fixed costs were relocation of a major hub in Stockholm, increased provisions for credit losses and costs related to change of President & CEO (1.2 MEUR)

61.5 58.6 60.0

65.5

0%

5%

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20%

25%

30%

35%

40%

45%

50%

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50

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80

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Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015

Q2 Q3 Q4 Q12016

Q2


CUSTOMER CENTRES Q2 2016 PERSONNEL Q2 2016

Personnel and customer centre network at the end of the quarter

Group total: 2,760 (2,682)

55 (59)

44 (43)

56 (55)

78 (80)

13 (15)

41 (43)


10.5

6.9

9.2 10.2

0

2

4

6

8

10

12

14

16

Q3 15 Q4 15 Q1 16 Q2 16

WORK SAFETY (ACCIDENTS PER MILLION WORKING HOURS)

Total number of customer centres at

the end of the second quarter was

287 (295)

Finland 508 (+5%)

Sweden 792 (+2%)

Norway 398 (-4%)

Denmark 142 (-6%)

The Baltics 262 (+2%)

E. Central 497 (+2%)

Group administration

158 (+37%)

Ramirent started to disclose accident frequency in interim reports as of Q3 2015

EARNINGS PER SHARE

Second-quarter EPS decreased to 0.08 (0.12)

• Net financial items decreased to -3.0 (-2.1) MEUR in the second quarter

• Second-quarter EBT decreased to 11.1 (16.7) MEUR

• Effective tax rate for the Group was 21.2% (20.5%) in the second quarter

• Second-quarter result for the period amounted to 8.8 (13.2) MEUR, corresponding EPS of 0.08 (0.12)

27

0.11

0.07

0.12

0.08

0.00

0.02

0.04

0.06

0.08

0.10

0.12

0.14

0.16

0.18

0.20

Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015

Q2 Q3 Q4 Q12016

Q2


(-0.00)

INVESTMENTS IN MACHINERY AND EQUIPMENT (MEUR) AND % OF NET SALES

Capital expenditure increased to support organic growth in all business areas

• Second-quarter gross capex 60.1 (46.8) MEUR or 35.5% (29.4%) of net sales

• Investments in machinery and equipment increased to 54.7 (44.5) MEUR or 32.3% (27.9%) of net sales

• Sales of used equipment amounted to 6.6 (4.8) MEUR

• Committed investments on rental machinery increased to 41.3 (25.2) MEUR at the end of the second quarter


28.0 29.5

44.5

54.7

0%

5%

10%

15%

20%

25%

30%

35%

40%

0

10

20

30

40

50

60

Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015

Q2 Q3 Q4 Q12016

Q2

Investments in machinery and equipment Share of net sales-%

CASH FLOW AFTER INVESTMENTS (MEUR)

Strong operative cash flow in the quarter – cash flow after investments impacted by higher capex

• Second–quarter cash flow from operations increased to 35.9 (29.1) MEUR

• Cash flow from investing activities amounted to -59.6 (-51.4) MEUR in the second quarter

• Second-quarter cash flow after investments was -23.7 (-22.3) MEUR

• Cash flow after investments mainly impacted by higher second-quarter capital expenditure

-5.2

-19.4 -22.3

-23.7

-30

-20

-10

0

10

20

30

40

Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015

Q2 Q3 Q4 Q12016

Q2


Return on capital employed at 9.0% (9.8%)

RETURN ON CAPITAL EMPLOYED %

9.8% 9.0%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

Q2 15 Q2 16

• The Group's second-quarter capital employed increased by 6.5% to 641.5 (602.4) MEUR

RETURN ON CAPITAL EMPLOYED % AND CAPITAL EMPLOYED (MEUR)


• Second-quarter ROCE decreased to 9.0% (9.8%)

15.8%

10.3% 9.8%

9.0%

0%

5%

10%

15%

20%

25%

0

100

200

300

400

500

600

700

Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015

Q2 Q3 Q4 Q12016

Q2

19.4%

12.5%

3.0%

6.3%

12.7%

5.0%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

Finland Sweden Norway Denmark The Baltics Central

Q1 15 Q2 15 Q3 15 Q4 15 Q1 16 Q2 16

RETURN ON CAPITAL EMPLOYED % (ROLLING 12 MONTHS)

ROCE improved y-o-y in Finland, Denmark and Europe Central


Return on equity above Ramirent's long-term financial target

RETURN ON EQUITY %

11.5%

12.6%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

Q2 15 Q2 16

• The Group's total equity amounted to 286.5 (303.6) at the end of the second quarter

• Equity per share was 2.66 (2.81) at the of end of the second quarter

• Return on equity was 12.6% (11.5%), which was slightly above Ramirent's long-term financial target of 12% per fiscal year

ROE % AND TOTAL EQUITY (MEUR)

19.3%

12.1%

11.5%

12.6%

0%

5%

10%

15%

20%

25%

0

50

100

150

200

250

300

350

400

Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015

Q2 Q3 Q4 Q12016

Q2

32

Financial target: Return on Equity of 12% per fiscal

year



Financial position

Net debt to EBITDA ratio increasing according to plan and remains below long-term financial target

NET DEBT (MEUR)

• Net debt to EBITDA ratio was 2.1x (1.8x) at the end of the second quarter, which was below Ramirent’s long-term financial target of maximum 2.5x at the end of each fiscal year

• Net debt increased by 19.3% and amounted to 354.4 (297.1) MEUR

NET DEBT TO EBITDA RATIO


1.4x 1.2x

1.6x

1.8x

2.1x

0.0

0.5

1.0

1.5

2.0

2.5

3.0

Q12012

Q2 Q3 Q4 Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015

Q2 Q3 Q4 Q12016

Q2

Financial target: Net debt to EBITDA

below 2.5x at the end of each fiscal

year

264.2 273.4

297.1

354.4

0

50

100

150

200

250

300

350

400

Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015

Q2 Q3 Q4 Q12016

Q2

REPAYMENT SCHEDULE OF INTEREST-BEARING LIABILITES (MEUR)

Debt maturity structure was prolonged during the second quarter

• Ramirent had unused committed back-up loan facilities of 160.9 (118.1) MEUR available at the end of the second quarter

• Second-quarter average interest rate of the loan portfolio including interest rate hedges was 2.2% (2.4%)

• Committed short-term credit facility of 95 MEUR matures in the second quarter of 2017

• In addition to bank facilities and bond, Ramirent is utilising a domestic commercial paper programme of up to 250 MEUR


95

100

145

175

2017 2018 2019 2020 2021

EUR 515.0 million in committed credit facilities

Net debt EUR 354.4 million

(Bond)

For further information


37

Appendix


• Ramirent is a leading equipment rental solutions group operating in 10 countries with 2015 net sales of EUR 636 million

• Ramirent’s mission is to combine the best equipment, services and know-how into rental solutions that simplify customer’s business

• Ramirent serves a broad range of customer sectors including construction, industry, services, the public sector and households

• Ramirent had 2,757 employees operating from 287 customer centres at the end of June 2016

• Ramirent was founded in 1955 and is listed on the NASDAQ Helsinki (RMR1V)

Ramirent is a leading equipment rental solutions group serving a large customer base

Russia and Ukraine presence through JV Fortrent

JV Fehmarnbelt Solutions Services A/S, with Zeppelin Rental

NET SALES PER SEGMENT Q2 16

NET SALES BY CUSTOMER SECTOR Q2 16

NET SALES BY BUSINESS AREA Q2 16

Finland 27%

Sweden 37%

Norway 18%

Denmark 6%

Europe East –Baltics 5%

Europe Central 8%

Construction 50%

Industrial 18%

Services & Retail 23%

Public 3%

Private 6%

General Rental 63%

Solutions 32%

Temporary Space 4%


39

Steel nail shop Rakennusmies founded

Equipment rental business started

JV in Moscow, Russia

Enter Estonia

MBO by key personnel and capital investors

Enter Lithuania

Listed on the Helsinki Stock Exchange

Enter Poland

Enter Slovakia

1983 1955 1988 1994 1995 1996 1997 1998 2000 2001 2002 2003 2004 2006 2013 2008

Acquires Bautas in Norway

Acquires Altima in Sweden

Fortrent JV with Cramo in Russia and Ukraine

Acquired by the Partek group and renamed A-Rakennusmies

Enter Latvia Renamed Ramirent

Greenfield entry to Czech Republic JV in Ukraine

and greenfield entry to Hungary

Exit Hungary

2014-2015

Bolt-on acquisitions

in the Nordics

More than sixty years of knowledge and experience



Ramirent ranks # 4 among the equipment rental companies in Europe

636

0 200 400 600 800 1000

Loxam

Algeco Scotsman(EMEA)

Cramo

Ramirent

Sarens

Speedy Hire

Kiloutou

HSS Hire

Zeppelin Rental

Liebherr Mietpartner

Net sales 2015 (MEUR) Net sales 2015 (MEUR)

Largest rental companies in Europe Largest rental companies globally

636

0 1000 2000 3000 4000 5000 6000

United Rentals

Ashtead Group

Aggreko

Aktio Corp

Algeco Scotsman

Herz Equipment Rental

Kanamoto

Loxam

Nishio Rent

Nikken Corp.

Cramo

Ramirent

Coates Hire

Sarens

Home Depot Rentals

Blue Line Rental

Maxim Crane

Taiyo Kenki Rental

Kiloutou

Mobile Mini

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

Planning

On-site services

Logistics

Merchandise sale

Rental insurance

Training

Benefits Lighter balance sheets, less investments

41

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

Heavy Equipment

Access Equipment Lifts, Hoists,

Scaffolding, Tower cranes

Modules and site equipment

Light Equipment Tools, power and heating

equipment

Integrated rental Solutions

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

Ramirent's offering stretches from single equipment rental to solutions


We continue to pursue sustainable profitable growth through five strategic focus themes

Customer facing

Internal


CHARACTERISTICS

• Local business, where Ramirent provides equipment and services

• Higher gross margin, but must carry fixed costs of the customer centre network

• Higher share of equipment rental

• Focus on service level and efficiency

Half Year Financial Report 2016

CHARACTERISTICS

• Larger projects, where Ramirent is involved early in the process

• Lower gross margin, with more subcontracted services

• More service intense and less employed capital

• Focus on turn-key solutions and know-how

CHARACTERISTICS

• Long rental contracts

• Ramirent provides modules for accommodation, offices, schools & health care

• High margins but capital intense

• Stable cash flow profile

Ramirent targets sustainable profitable growth by developing the business mix

43 4/8/2016

Business areas with different characteristics and risk profiles

Share of Group sales

Ramirent targets a business mix that balances growth opportunities, profitability and risk

GROUP NET SALES SPLIT BY BUSINESS AREA Q2 16

44 Half Year Financial Report 2016 4/8/2016

Temporary Space

4%

General Rental 63%

Solutions 32%

Ramirent can generate growth in multiple ways

Ramirent seeks growth from five different sources

New customer segments

New geographies

Bolt-on acquisitions

Capturing outsourcing opportunities in construction sector

Increasing services, customer project coordination and solutions

Grow with new customers

Increased share-of-wallet with current customers

Strategic transactions

45

Capturing outsourcing opportunities in other sectors



80

90

100

110

120

130

2011 2012 2013 2014 2015 2016E

Equipment rental markets supported by increasing construction activity in most of Ramirent markets

CONSTRUCTION VOLUME GROWTH BY COUNTRY (INDEX 2011 = 100)

Sweden

Slovakia

The Baltics

Norway

Denmark

Poland

Finland The Czech Republic

Source: Euroconstruct 6/2016

http://www.theodora.com/flags

http://www.theodora.com/flags

Second-quarter Nordic order books increased by 15.0% at comparable exchange rates

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

47

• Second-quarter Nordic construction order books including NCC, Skanska, SRV Lemminkäinen and YIT increased by 15.0% at comparable exchange rates

• At comparable exchange rates, Ramirent's rolling 12 months net sales were up by 6.4% compared to previous year

-40%

-20%

0%

20%

40%

60%

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

NCC Skanska

SRV YIT

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

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

Q2/08 Q2/09 Q2/10 Q2/11 Q2/12 Q2/13 Q2/14 Q2/15 Q2/16


Strategy summary

The leading and most progressive equipment rental solutions company

• Annual net sales growth > GDP+2 %-points • Return on Equity (ROE) 12% per fiscal year • Net debt/EBITDA < 2.5x at the end of each fiscal year • Dividend pay-out ratio at least 40% of net profit

More than machines

Open, engaged, and progressive

Sustainable profitable growth


Key figures 4-6/2016 and 1-6/2016


KEY FIGURES 4−6/16 4−6/15 Change 1−6/16 1−6/15 Change 1−12/15

(MEUR)

Net sales 169.4 159.4 6.3% 315.4 300.0 5.1% 635.6

EBITDA 42.2 46.0 −8.3% 74.1 74.6 −0.7% 168.1

% of net sales 24.9% 28.9% 23.5% 24.9% 26.4%

Comparable EBITA1) 17.5 17.2 1.8% 24.8 21.3 16.1% 63.4

% of net sales 10.3% 10.8% 7.9% 7.1% 10.0%

EBITA 16.62) 21.03) −21.1% 23.82) 25.23) −5.3% 66.8

% of net sales 9.8%2) 13.2%3) 7.6%2) 8.4%3) 10.5%

EBIT 14.1 18.8 −24.9% 18.9 20.7 −8.7% 57.9

% of net sales 8.3% 11.8% 6.0% 6.9% 9.1%

EBT 11.1 16.7 −33.6% 14.2 16.4 −13.4% 46.9

% of net sales 6.5% 10.4% 4.5% 5.5% 7.4%

Result for the period attributable to the owners of the parent company

8.8 13.2 −33.2% 11.4 13.1 −13.0% 39.0

Earnings per share (EPS), (basic and diluted), EUR

0.08 0.12 −33.2% 0.11 0.12 −13.0% 0.36

Gross capital expenditure on non-current assets

60.1 46.8 28.2% 100.5 65.0 54.7% 139.2

Gross capital expenditure, % of net sales 35.5% 29.4% 31.9% 21.7% 21.9%

Cash flow after investments −23.7 −22.3 −6.3% −30.5 −21.4 −42.5% −6.3

Capital employed at the end of period 641.5 602.4 6.5% 600.5

Return on capital employed (ROCE),%4) 9.0% 9.8% 10.0%

Return on equity (ROE),%4) 12.6% 11.5% 12.1%

Net debt 354.4 297.1 19.3% 280.9

Net debt to EBITDA ratio4) 2.1x 1.8x 20.0% 1.7x

Gearing,% 123.7% 97.9% 88.0%

Equity ratio,% 34.7% 39.0% 41.4%

Personnel at end of period (FTE) 2,757 2,682 2.8% 2,654

1) Ramirent’s performance measure “EBITA excluding non-recurring items” is replaced with “comparable EBITA” as of first quarter of 2016. Comparable EBITA is disclosed to improve comparability between reporting

periods.

2) In the second quarter, items affecting comparability in EBITA included derecognition of a contingent consideration liability, EUR 0.3 million, and costs of EUR 1.2 million relating to the change of President and CEO.

3) The comparison period included derecognition of a contingent consideration liability, EUR 3.8 million, connected to the acquisition of weather shelter and scaffolding company DCC in 2014.


Fixed 49%

Floating 51%

• Total loan portfolio (interest-bearing liabilities) 355.1 (298.8) MEUR at the end of the second quarter

• Second-quarter non-current interest-bearing liabilities amounted to 111.9 (187.4) MEUR

• Current interest-bearing liabilities 243.1 (111.4) MEUR at the end of the second quarter

Well-balanced debt portfolio

Bond 28%

Com-mercial papers

45%

INTEREST-BEARING LIABILITIES Q2 16 INTEREST RATES TYPE Q2 16


Loans from financial institutions 27%

Ramirent‘s largest shareholders at the end of July 2016

51

LARGEST SHAREHOLDERS 31 JULY 2016

Shareholders top-10 Number of

shares % of

shares

1. Nordstjernan AB 27,513,716 25.31%

2. Oy Julius Tallberg Ab 12,207,229 11.23%

3. Nordea funds 5,561,984 5.12%

4. Ilmarinen Mutual Pension Insurance Company 3,445,154 3.35%

5. Varma Mutual Pension Insurance Company 2,340,865 2.15%

6. Aktia funds 2,055,558 1.89%

7. Ramirent Plc 948,014 0.87%

8. Pensionsförsäkringsaktiebolaget Veritas 600,000 0.55%

9. Föreningen Konstsamfundet R.f 593,500 0.55%

10. The State Pension Fund 532,000 0.49%

Subtotal 10 largest shareholders 57,798,020 51.33%

Other shareholders 52,899,308 48.67%

Total number of shares 108,697,328 100.00%


Ramirent's share price development in 2016

52

INDEX


INDEX (2016=100)

70

80

90

100

110

120

130

04

/01

/16

11

/01

/16

18

/01

/16

25

/01

/16

01

/02

/16

08

/02

/16

15

/02

/16

22

/02

/16

29

/02

/16

07

/03

/16

14

/03

/16

21

/03

/16

28

/03

/16

04

/04

/16

11

/04

/16

18

/04

/16

25

/04

/16

02

/05

/16

09

/05

/16

16

/05

/16

23

/05

/16

30

/05

/16

06

/06

/16

13

/06

/16

20

/06

/16

27

/06

/16

04

/07

/16

11

/07

/16

18

/07

/16

25

/07

/16

01

/08

/16

Ramirent Plc

OMX Helsinki Mid Cap

OMX Helsinki

Investor Relations

Ramirent's Half Year Financial Report 2016