Translation: Original published in Finnish on 9/4/2026 at 8:49 am EEST.

Kalmar announced on Thursday that it plans to simplify its operating model, aiming for approximately 10 MEUR in annual cost savings. One of the key aspects of the reorganization is the merger of two divisions, which primarily concerns an internal restructuring within the Equipment segment. In our view, the measures seem sensible on a preliminary basis, but we are waiting for more detailed information in connection with the Capital Markets Day (CMD) in November. The press release does not cause immediate changes to our forecasts or our view of the company.

Simplifying structures aims to improve efficiency

At the core of the company's plan is the merger of the Terminal Tractors and Horizontal Transportation divisions into a single entity. According to Kalmar, the goal of the strategic measure is to simplify and clarify the governance model, accelerate development, and enhance research and development in the end-customer segments of ports and terminals as well as distribution centers. In addition, it aims to accelerate the development of automation and electrification. This phase of the operating model renewal primarily concerns the internal restructuring of the Equipment segment and has no impact on the external segment-based reporting structure. In addition to those previously announced, the changes will also bring minor adjustments to the structure and size of the company's Leadership Team. Overall, we believe the planned reorganizations seem initially justified from a commercial and product development perspective, among others. However, we await further details promised by the company regarding the planned new operating model in connection with the CMD held on November 2.

The measures aim to achieve annual cost savings of around 10 MEUR

Kalmar stated that the planning of the new operating model will begin immediately and that the changes will require local co-operation negotiations and trade union notification procedures in accordance with the local legislation of each country concerned. The company estimates that the operational model overhaul and other efficiency measures will generate annual cost savings of approximately 10 MEUR, with the full impact realized by the end of 2027. In absolute terms, the scale of direct savings is quite modest relative to Kalmar's size (cf. 2025 adj. EBIT: 223 MEUR), but they provide minor support for margin improvement and the company's journey toward its 2028 financial target (target 2028: adj. EBIT-%: 15% vs. 2025: 12.8%). We estimate that the process will inevitably incur one-off restructuring costs, but the company has not yet disclosed their magnitude. Thus, we will wait for the outcome of the negotiations, and the plans do not have an immediate impact on our estimates.