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Ramirent Q2 2015 Earnings Report

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Q2 Interim report January–June 2015 PERFORMANCE IMPROVING DUE TO HIGHER DEMAND AND EFFICIENCY ACTIONS 6 August 2015 Magnus Rosén, President and CEO Jonas Söderkvist, CFO and EVP Corporate Functions © 2015 Ramirent


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Agenda Group performance Segment review Market outlook Key figures Financial position Company overview Appendix 2


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Q2/2015: Performance improving due to higher demand and efficiency actions Key figures Q2/2015 Net sales up by 5.0% or by 6.9% at comparable exchange rates EBITA 21.0 (16.2) MEUR or 13.2% (10.7%) of net sales EBITA excl. non-recurring items improved by 6.7% to 17.2 (16.2) MEUR and was 10.8% (10.7%) of net sales Profit for the period 13.2 (7.1) MEUR and EPS 0.12 (0.07) up by 84.2% ROI % on a rolling 12 months basis improved to 12.3% (11.9%) Business performance Second-quarter sales grew in all segments except Norway, where demand was hampered by lower demand from building construction and cautiousness in the oil and gas sector Higher demand improved topline especially towards the end of the quarter Performance improving from implemented efficiency actions in particular the centralising of maintenance and repair operations, reduction of non-productive fleet and from establishing a shared service centre for financial services Market situation In Sweden, strong demand from residential and infrastructure construction Challenging market conditions in Finland and Norway continued Demand in the Danish equipment rental market picked up Balanced market activity in the Baltics Improving demand in Europe Central supported by construction of roads, industrial buildings and power plants © 2015 Ramirent 3 Interim report January–June 2015 l 6 August 2015


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Sales growth supported by improved market activity and good progress in Solutions projects Change in net sales Q2/2015 Net sales (MEUR) Q2/2015 8% 180 7% 160 6% 140 120 5% 100 4% 6.9% 3% 2% 80 151.8 159.4 Q2/2014 reported Q2/2015 reported 60 5.0% 40 1% 20 0% 0 Q2/2015 reported Q2/2015 at comparable exchange rates Second-quarter net sales grew by 6.9% at comparable exchange rates Reported sales were up by 5.0% compared to the previous year Second-quarter net sales 159.4 (151.8) MEUR Sales growth was strongest in Sweden supported by large Solutions projects © 2015 Ramirent 4 Interim report January–June 2015 l 6 August 2015


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Profits improving as a result of increased demand and efficiency actions EBITA (MEUR) Q2/2015 EBITA margin Q2/2015 14% 22 20 12% 18 16 10% 14 8% 6% 12 13.2% 10.8% 10.7% 4% 21.0 10 8 17.2 16.2 6 4 2% 2 0% Q2/2014 Q2/2015 Q2/2015 excl. non-recurring items Second–quarter EBITA amounted to 21.0 (16.2) MEUR or 13.2% (10.7%) of net sales EBITA was positively impacted by the settlement of earn-out in the weather shelter and scaffolding company DCC acquired in 2014, resulting in EUR 3.8 million of non-recurring income in the second quarter 0 Q2/2014 Q2/2015 Q2/2015 excl. non-recurring items Second-quarter EBITA improved by 30.2% or by 6.4% excluding non-recurring items compared to the previous year Group EBITA was supported by increase in Customer Centre sales, progress in Solutions projects as well as good fixed cost control Performance improving from implemented efficiency actions in particular the centralising of maintenance and repair operations, reduction of non-productive fleet and from establishing a shared service centre for financial services © 2015 Ramirent 5 Interim report January–June 2015 l 6 August 2015


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Second-quarter ROI improved as a result of higher margins 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% 6% 11.9% 12.3% 6% 4% Q2/2014 Q2/2015 2% 0% 11.5% 4% 2% 12.1%* 0% Q2/2014 Q2/2015 On a rolling 12 months basis ROI improved to 12.3% (11.9%) ROI was supported by a higher share of service sales, improved margins and reduction of nonproductive fleet On a rolling 12 months basis, Return on equity (ROE) was 11.5% (12.1%*) at the end of the second quarter *Tax rate in the period July 2013 to June 2014 was artificially low due to changes in tax rates in the end of 2013 © 2015 Ramirent 6 Interim report January–June 2015 l 6 August 2015


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Ramirent signed a nationwide lift rental agreement with Statoil in Norway Ramirent signed a nationwide four-year frame agreement with Statoil in Norway for the rental of lifts According to the agreement, Ramirent will supply lifts to be used for modification and maintenance work at Statoil's onshore facilities in Norway The agreement extends Ramirent’s offer to the Oil & Gas industry to also cover access equipment © 2015 Ramirent 7 Interim report January–June 2015 l 6 August 2015


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Ramirent and NCC Roads explore possibilities for closer cooperation in road and traffic safety Ramirent and NCC Roads signed a Letter of Intent to explore possibilities for closer cooperation in road and traffic safety in all Nordic countries Ramirent’s network of 200 customer centres in the Nordic region provides good synergies in working together with NCC Roads © 2015 Ramirent 8 Interim report January–June 2015 l 6 August 2015


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Our efficiency programme and work on the improvement agenda NextRamirent proceeded EXAMPLES OF INITIATIVES H1/2015 • • Developing Solutions sales and Customer Centre sales organisations Building centres of excellence in Solutions sales Sales performance management • • Developing pricing management procedures New management structure • Participation in Tekniksprånget (Technology Lead) internship programme run by IVA (Ingenjörsvetenskapsakademien) Introducing Ramirent management trainee programme • More proactive More competent More conscious • • More safe and green More efficient • • • • • Successful introduction of fall protection brand GuardLite™ in Sweden and Norway LoI signed with NCC Roads to explore cooperation possibilities in road & traffic safety Centralising repair and maintenance operations Reducing non-productive and non-available fleet Shared Service Centre in Estonia eProcurement system implemented © 2015 Ramirent 9 Interim report January–June 2015 l 6 August 2015


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Group performance Segment review Market outlook Key figures Financial position Company overview Appendix 10


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Finland Q2/2015: Price pressure and slow underlying demand except in Southern Finland Highlights Q2/2015 50 45 40 35 30 25 20 15 10 5 0 Demand in the Finnish market was sluggish, except for Southern Finland where demand for rental equipment was supported by ongoing construction activity EBITA margin was impaired by price pressure and a higher share of services income compared to last year Q2 39.4 39.0 36.4 Q1 2013 Key figures Key figures Net sales up by 1.0% Net sales (MEUR) Q3 Q4 Q1 2014 Q2 Q3 Q4 Q3 Q4 Q1 2015 Q2 Profitability 4–6/15 4–6/14 Change 1–6/15 1–6/14 Change Net sales 39.4 39.0 1.0% 71.5 70.6 1.1% EBITA % of net sales 4.5 6.0 −25.7% 5.3 8.9 −41.1% 11.3% 15.4% 7.4% 12.7% 9.9 22.3 14.0 26.5 −47.1% 117.2 127.0 −7.7% 12.9% 19.9% 482 532 30% Capex Capital employed ROCE (%) Personnel (FTE) Customer centres −55.6% 59 68 25% 20% 15% 10% 5% −9.4% −13.2% 0% Q1 2013 Q2 Q3 Q4 Q1 Q2 2014 EBITA-margin (%) Q1 Q2 2015 ROCE (%) R12 © 2015 Ramirent 11 Interim report January–June 2015 l 6 August 2015


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Sweden Q2/2015: Sales growth driven by high construction activity Highlights Q2/2015 Net sales up by 16.6% or by 20.0% at comparable exchange rates Net sales (MEUR) 60 Sales growth was supported by high construction activity, progress in Solutions projects and the acquisition of weather shelter and scaffolding company DCC 56.8 53.1 48.7 50 40 30 EBITA improved due to higher sales, price levels and fleet utilisation rates 20 10 EBITA includes a non-recurring income of 3.8 MEUR from the settlement of earn-out in the acquisition of the company DCC 0 Q1 2013 Q2 Q3 Q4 Q1 2014 Q2 Q3 Q4 Q1 2015 Q2 Q1 Q2 2014 Q3 Q4 Q1 Q2 2015 Profitability Key figures 30% Key figures 4–6/15 4–6/14 Change 1–6/15 1–6/14 Change 56.8 48.7 16.6% 107.8 94.1 14.6% 12.11) 6.7 80.7% 17.21) 10.9 57.9% 21.4%1) 13.8% 16.0%1) 11.6% 18.4 35.9 22.3 45.8 −51.3% 187.7 167.5 12.0% 17.9% 16.7% 776 764 1.6% 80 74 8.1% 25% Net sales EBITA % of net sales Capex Capital employed ROCE (%) Personnel (FTE) Customer centres −48.9% 20% 15% 10% 5% 0% Q1 2013 Q2 Q3 Q4 EBITA-margin (%) 1) EBITA excluding non-recurring items was EUR 8.3 million or 14.6% of net sales in April–June 2015 and EUR 13.4 million or 12.4% in January–June 2015. The settlement of earn-out in the weather shelter and scaffolding company DCC acquired in 2014, resulted in EUR 3.8 million non-recurring income in Q2 2015. ROCE (%) R12 © 2015 Ramirent 12 Interim report January–June 2015 l 6 August 2015


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Norway Q2/2015: Lower demand from building construction sector and continued price pressure Highlights Q2/2015 Net sales (MEUR) 45 40 35 30 25 20 15 10 5 0 Net sales were hampered by lower demand from building construction, which was not offset by demand from infrastructure construction Profitability affected negatively by lower net sales and continued price pressure 38.8 33.8 Q1 2013 Key figures Key figures Net sales EBITA % of net sales Net sales down by 8.4% or by 4.4% at comparable exchange rates Q2 Q3 Q4 Q1 2014 31.0 Q2 Q3 Q4 Q1 2015 Q2 Q1 Q2 2014 Q3 Q4 Q1 Q2 2015 Profitability 4–6/15 4–6/14 Change 1–6/15 1–6/14 Change 31.0 33.8 −8.4% 62.0 67.8 −8.6% 2.9 4.2 −31.3% 3.9 6.8 −42.5% 9.4% 12.5% 6.3% 10.0% 4.5 4.8 25% 20% 15% 7.0 9.7 −27.3% Capital employed 134.1 138.9 −3.5% ROCE (%) 6.7% 9.5% Personnel (FTE) 413 449 −8.2% Customer centres 43 43 − Capex −6.6% 30% 10% 5% 0% Q1 2013 Q2 Q3 Q4 EBITA-margin (%) ROCE (%) R12 © 2015 Ramirent 13 Interim report January–June 2015 l 6 August 2015


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Denmark Q2/2015: Cost reduction measures are showing results Highlights Q2/2015 Net sales increased by 17.2% Net sales (MEUR) 14 Demand driven by Solutions projects mainly in the public sector and strong construction activity in the Copenhagen area 11.2 12 10.6 9.1 10 8 Profitability supported by lower fixed cost level compared to the previous year 6 4 Development of the Danish organisation and customer centre network will continue in 2015 to improve profitability Key figures 2 0 Q1 2013 Q2 Q3 Q4 Q1 2014 Q2 Q3 Q4 Q1 2015 Q2 Profitability 5% Key figures 4–6/15 4–6/14 Change 1–6/15 1–6/14 Change 10.6 9.1 17.2% 20.0 18.7 7.2% 0.3 −1.7 n/a −1.1 −2.9 62.0% 2.8% −19.1% −5.4% −15.3% 0.7 1.7 0% Net sales EBITA % of net sales Q1 2013 Q2 Q3 Q4 Q1 Q2 2014 Q3 Q4 Q1 Q2 2015 -10% 1.6 1.7 −7.7% Capital employed 26.6 25.8 3.2% ROCE (%) −9.0% −20.8% Personnel (FTE) 151 136 11.0% Customer centres 15 16 −6.3% Capex −60.4% -5% -15% -20% -25% -30% EBITA-margin (%) ROCE (%) R12 © 2015 Ramirent 14 Interim report January–June 2015 l 6 August 2015


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Europe East Q2/2015: Continued strong profitability in the Baltics Highlights Q2/2015 Net sales up by 4.1% Net sales (MEUR) 12 Baltics: - Sales increase was driven by demand from building construction and rental related services - Strict fixed cost control was maintained by a lean and effective organisational structure Fortrent: Higher prices and contingency measures implemented in the previous year supported EBITA 10 8.5 8.2 7.6 8 6 4 2 0 Q1 2013 Q2 Q3 Q4 Q1 2014 Q2 Q3 Q4 Q1 2015 Q2 Q1 Q2 2014 Q3 Q4 Q1 Q2 2015 Profitability Key figures 35% Key figures 4–6/15 4–6/14 Change 1–6/15 1–6/14 Change Net sales 8.5 8.2 4.1% 15.1 14.4 4.9% EBITA % of net sales 1.7 1.0 76.7% 1.9 0.9 113.6% 20.4% 12.1% 12.4% 6.1% 9.3 4.7 13.0 7.4 76.0% 52.2 63.5 −17.8% 13.4% 10.0% 257 233 10.3% 43 42 2.4% 30% Capex Capital employed ROCE (%) Personnel (FTE) Customer centres 96.2% 25% 20% 15% 10% 5% 0% Q1 2013 Q2 Q3 Q4 EBITA-margin (%) in the Baltics ROCE (%) R12 in the Baltics © 2015 Ramirent 15 Interim report January–June 2015 l 6 August 2015


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Europe Central Q2/2015: Increasing demand and improving profitability Highlights Q2/2015 Net sales (MEUR) 18 16 14 12 10 8 6 4 2 0 In Poland, demand was supported by increased construction activity and several power plant projects The comparative period included a large industrial project in Slovenia In Czech republic and Slovakia, demand was fuelled by road as well as warehouse and logistics projects 4–6/14 Change 1–6/15 1–6/14 Change Net sales 13.7 13.3 2.7% 24.7 25.2 −1.8% EBITA % of net sales 0.9 0.8 9.7% 0.3 −0.4 n/a 6.2% 5.8% 1.2% −1.7% 3.2 4.0 5.5 5.6 −2.7% 51.3 58.7 −12.7% 4.2% 1.1% 489 482 1.4% 55 58 −5.2% Capital employed ROCE (%) Personnel (FTE) Customer centres Q2 13.7 13.3 Q3 Q4 Q1 2014 Q2 Q3 Q4 Q3 Q4 Q1 2015 Q2 Profitability 4–6/15 Capex 14.1 Q1 2013 Key figures Key figures Net sales up by 2.7% or by 1.4% at comparable exchange rates −22.0% 30% 25% 20% 15% 10% 5% 0% -5% -10% -15% -20% -25% Q1 2013 Q2 Q3 Q4 Q1 Q2 2014 EBITA-margin (%) Q1 Q2 2015 ROCE (%) R12 © 2015 Ramirent 16 Interim report January–June 2015 l 6 August 2015


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Group performance Segment review Market outlook Key figures Financial position Company overview Appendix 17


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Favourable market conditions in Sweden, Denmark and Europe Central countries Construction association’s estimates on construction output 2015 Ramirent’s expectation on overall demand by equipment rental market 2015 Nordic countries 2015E Finland 0.0% Sweden 5.0% Norway 2.6% Denmark 1.2% Baltics and Europe Central 2015E Estonia -4.0% Latvia -6.0% Lithuania 1.0% Poland 9.7% The Czech Republic 4.3% Slovakia 2.1% © 2015 Ramirent Source: Euroconstruct 6/2015 18 Interim report January–June 2015 l 6 August 2015


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Several sectors growing in Nordic construction Change in construction output by sector in the Nordics 2015 vs. 2014 billion EUR 50 2.6% 45 40 35 +4.9% 5.0% 0.0% 30 1.2% -1.1% -0.4% 25 +2.4% 20 +4.7% +0.1% 15 10 +0.2% +0.2% +3.6% +10.4% +1.0% +0.7% 5 0 Finland Sweden Residential construction Norway Non-residential construction Denmark Infrastructure construction Total Nordic construction market is expected to grow by 2.3% in 2015 © 2015 Ramirent Source: Euroconstruct 6/2015 19 Interim report January–June 2015 l 6 August 2015


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Second-quarter Nordic construction order books increased by 1.3% at comparable exchange rates Nordic construction companies order books (at comparable exchange rates) billion 14 60% 12 40% 10 20% 8 6 0% 4 -20% 2 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2007 2008 2009 2010 2011 2012 Q4 Q1 Q2 2013 Q3 Q4 Q1 Q2 Q3 2014 Q4 Q1 Q2 2015 -40% NCC Lemminkäinen Change in Net sales (y-o-y), R12 Ramirent Ramirent's rolling 12 months net sales amounted to 624.2 MEUR, up by 2.7% at comparable exchange rates Skanska YIT Second-quarter Nordic construction order books including Skanska, NCC, YIT and Lemminkäinen increased by 1.3% at comparable exchange rates Change in order backlog (y-o-y), Nordic construction © 2015 Ramirent 20 Interim report January–June 2015 l 6 August 2015


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


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


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Rolling 12 months EBITA excl. non-recurring items improved in Denmark, the Baltics and Central Europe Finland Sweden Rolling 12 months net Sales (MEUR) Denmark Baltics Central 214.7 198.0 200.0 150.0 Norway 151.1 153.6 144.5 129.9 100.0 42.3 40.7 50.0 57.3 32.6 34.6 52.7 0.0 Rolling 12 months EBITA margin excl. non-recurring items (%) Finland Sweden Norway Denmark The Baltics 25% 20% 15% Europe Central 22.1% 18.8% 16.7% 15.4%15.1% 12.1% 11.0%10.2% 10% 6.7% 4.7% 5% 0% -5% Finland Sweden Norway Denmark The Baltics Europe Central -5.0% -10% -9.8% Q2/2014 Q2/2015 Non-recurring items impacting R12 EBITA-margin Q2/2015: Sweden: Q2/2015 includes 3.8 MEUR non-recurring income from the settlement of earn-out in the weather shelter and scaffolding company DCC acquired in 2014 Sweden: 0.7 MEUR of restructuring costs were booked in Q4 2014 Finland: 1.5 MEUR of restructuring costs and asset write-downs were booked in Q4 2014 Norway: 2.2 MEUR of restructuring costs were booked in H2 2014 Denmark: 0.1 MEUR of restructuring costs were booked in Q4 of 2014 © 2015 Ramirent Europe Central: 1.1 MEUR of restructuring costs and asset write-downs were booked in Q4 2014 23 Interim report January–June 2015 l 6 August 2015


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Second-quarter net sales were driven by increased service income Net sales (MEUR) Breakdown of net sales (MEUR) 180 180 160 -2.8 140 160 10.4 140 120 120 100 80 159.4 151.8 60 4.7 −18.0% 54.9 +14.6% 5.8 47.9 100 80 40 20 0 +1.7% 60 Q2/2014 reported Exchange rates Underlying change Q2/2015 reported Second-quarter sales up by 5.0% or by 6.9% at comparable exchange rates Weaker Swedish and Norwegian krona impacted negatively on the net sales in euros Net sales were driven by increasing service income and advancing large solutions projects Share of ancillary income of Group sales was 34.4% (31.5%) in the second quarter 40 98.1 99.8 Q2/2014 Q2/2015 20 0 Income from sold equipment Ancillary income Rental income © 2015 Ramirent 24 Interim report January–June 2015 l 6 August 2015


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Fleet utilisation improvement driven by increased demand and reduction of non-productive fleet Fleet management efficiency actions 1-6/2015 Group efficiency utilisation* (%) R3 months Centralising repair & maintenance locations Reduction of non-productive and non-available fleet Group total fleet yield** (%) R3 months Optimising fleet transports Internal fleet transfers ∗)


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Efforts to improve gross margin continued Gross profit (MEUR) Q2/2015 Gross margin Q2/2015 120 80% 70% 68.8% 66.0% 63.4% 100 60% 80 50% 40% 60 30% 40 20% 10% 101.1 87.6 20 0% Q1 Q2 2013 Q3 Q4 Q1 Q2 2014 Q3 Q4 Q1 Q2 2015 Second–quarter gross profit improved compared to the first quarter and amounted to 101.1 (87.6) MEUR or 63.4% (62.3%) 0 Q1/2015 Q2/2015 Gross margin was impacted by a higher share of service sales, transportation costs, increased rental expenses due to outsourced operations and price pressure especially in Finland and Norway © 2015 Ramirent 26 Interim report January–June 2015 l 6 August 2015


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Optimisation of the customer centre network continued Customer centres 325 Personnel (FTE) 301 295 Europe Central 489 Finland 482 Group: 2,6821) (2,651) Baltics 257 Denmark 151 Sweden 776 Norway 413 Q1 2013 Finland Q2 Q3 Sweden Q4 Norway Q1 2014 Q2 Denmark Q3 Q4 Q1 2015 Europe East -Baltics Q2 Europe Central In Finland and Europe Central, Ramirent closed and merged customer centres in the second quarter of 2015 1) Including personnel in Ramirent Shared Service AS Outsourcing of non-core operations and contingency actions reduced personnel in Finland and Norway compared to the previous year In Sweden, the personnel increased due to acquisitions in 2014, however, mitigated by further streamlining of the organisation © 2015 Ramirent 27 Interim report January–June 2015 l 6 August 2015


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Fixed costs well under control – strong basis for operating leverage Fixed costs (MEUR) and % of Group net sales 80 50% 45% 70 38.6% 38.3% 37.6% 60.0 60 58.6 61.5 40% 35% 50 30% 40 25% 20% 30 15% 20 10% 10 5% 0 0% Q1 2013 Q2 Q3 Q4 Q1 2014 Q2 Q3 Q4 Q1 2015 Q2 Second-quarter fixed costs 60.0 (58.6) MEUR • Employee benefit expenses 37.6 (37.5) MEUR • Other operating expenses 22.4 (21.2) MEUR Rolling 12 months fixed costs 238.4 (244.6) MEUR or 38.2% (39.3%) of net sales Rolling 12 months fixed costs excl. nonrecurring costs 234.1(243.1) MEUR or 37.5% (39.0%) of net sales © 2015 Ramirent 28 Interim report January–June 2015 l 6 August 2015


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Group's reported rolling 12 months EBITA margin at 10.8% EBITA margin (rolling 12 months) EBITA margin (quarterly and R12) 18% 18% 16% 16% 15.4% 14.6% 14% 12% 14.1% 14% 12% 13.2% 14.1% 11.3% 10.8% 11.0% 10% 10% 8% 8% 10.7% 6% 11.3% 10.8% 8.8% 6% 4% 4% 2% 2% 0% Q2/2014 (R12) Q2/2015 (R12) 0% Q1 Q2 2011 Q3 Q4 Q1 Q2 2012 Q3 EBITA-margin (%) Reported rolling 12 months EBITA 67.7 (70.1) MEUR or 10.8% (11.3%) of net sales Q4 Q1 2013 Q2 Q3 Q4 Q1 Q2 2014 Q3 Q4 Q1 Q2 2015 EBITA-margin (%) (R12) Reported second-quarter EBITA margin improved to 13.2% (10.7%) of net sales © 2015 Ramirent 29 Interim report January–June 2015 l 6 August 2015


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Rolling 12 months EBITA excluding non-recurring items was 69.5 MEUR or 11.1 % of net sales EBITA (MEUR) Q2/2015 rolling 12 months basis 80.0 70.0 70.1 3.41) 73.5 67.7 1.82) 69.5 2) Restructuring and asset write-downs by segment: 60.0 Norway 2.2 MEUR Finland 1.5 MEUR Central 1.1 MEUR Sweden 0.7 MEUR Denmark 0.1 MEUR 50.0 40.0 2) Including a EUR 3.8 million non-recurring income due to the settlement of earn-out from weather shelter and scaffolding company DCC acquired in 2014 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 Q2/2014 (R12) reported 11.3% non-recurring items Q2/2014 (R12) excl. nonrecurring items 11.8% Q2/2015 (R12) reported 10.8% non-recurring items Q2/2015 (R12) excl. nonrecurring items 11.1% Q2/2015 EBITA (R12) excl. non-recurring items was 69.5 (73.5) MEUR or 11.1% (11.8%) of net sales EBITA margin © 2015 Ramirent 30 Interim report January–June 2015 l 6 August 2015


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Ramirent is continuing to focus on improving the profitability level through the efficiency programme Rolling 12 months EBITA margin excl. non-recurring items by segment (%) Target = 17% 22.1 20 18% 15 15.1 12.1 10% 10 10.2 11.1 5 6.7 0 -5.0 -5 Finland Sweden Norway Denmark Baltics Europe Central Group © 2015 Ramirent 31 Interim report January–June 2015 l 6 August 2015


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Selective fleet investments to strengthen our offering Gross capital expenditure (MEUR) and % of net sales 80 60% 78.3 70 50% 51.6% 60 40% 50 46.8 40 30% Second-quarter gross capex 46.8 (78.3) MEUR of which 0.0 (46.0) MEUR related to acquisitions Second-quarter investments in machinery and equipment 44.5 (50.1) MEUR 29.4% 30 20% 30.0 20 18.7% 10% 10 0 0% Q1 2013 Q2 Q3 Q4 Q1 2014 Gross Capex Q2 Q3 Q4 Q1 2015 Q2 First-half gross capex decreased to 65.0 (101.8) MEUR of which 0.0 (46.0) related to acquisitions First-half investments in machinery and equipment 60.4 (72.1) MEUR Share of net sales-% © 2015 Ramirent 32 Interim report January–June 2015 l 6 August 2015


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Capital expenditures focused on Sweden Investments in the fleet Capital expenditure by segment (MEUR) 5.5 H1/2015 5.6 Central H1/2014 Committed investments on rental machinery amounted to 25.2 (17.0) MEUR at the end of the second quarter 13.0 East Sales value of sold rental machinery and equipment was 4.7 (5.8) MEUR in the second quarter 7.4 1.6 Denmark Capital expenditure in the comparative period includes the acquisitions of KurkoKoponen in Finland and weather shelter company DCC as well as ownership stake in Safety Solutions Jonsereds in Sweden 1.7 7.0 Norway 9.7 22.3 Sweden 45.8 14.0 Finland 26.5 0 10 20 30 40 50 © 2015 Ramirent 33 Interim report January–June 2015 l 6 August 2015


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Cash flow after investments decreased slightly compared to the previous year Cash flow after investments (MEUR) Cash conversion (MEUR and %) 80 40 100% 80% 60 30 60% 40 20 40% 20 10 20% 0% 0 -10 -20 Q1 Q2 Q3 2013 -5.2 Q4 Q1 Q2 2014 Q3 Q4 Q1 Q2 2015 -20% -20 -40% -40 -19.4 -22.3 -30 -60 -80 The Group’s cash flow after investments -22.3 (-19.4) MEUR in the second quarter Second-quarter cash flow was affected by earn-out payments connected to the acquisition of the weather shelter and scaffolding company DCC -60% EBITDA (MEUR) Cashflow after investments (MEUR) Cash Conversion -80% -100% The Group's first-half cash flow from operations 47.4 (51.1) MEUR First-half cash flow after investments improved to -21.4 (-24.5) MEUR © 2015 Ramirent 34 Interim report January–June 2015 l 6 August 2015


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Rolling 12 months return on investment improved to 12.3% Return on investment % (rolling 12 months) ROI % and Invested capital MEUR 700 18% 25% 602 600 14% 611 19.0% 16% 19.2% 611 602 20% 500 12% 12.3% 11.9% 8% 6% 15% 400 10% 300 11.9% 12.3% 10% 200 4% 5% 100 2% 0 0% Q2/2014 Q2/2015 Rolling 12 months ROI at the end of June 2015 was 12.3% (11.9%) Return on investment improved due to a higher share of service sales, improved margins and reduction of non-productive fleet Q1 2012 Q2 Q3 Q4 Q1 Q2 2013 Q3 Q4 Q1 Q2 Q3 2014 Q4 Q1 Q2 2015 0% The Group's invested capital decreased to 602.4 (610.5) MEUR in the second quarter © 2015 Ramirent 35 Interim report January–June 2015 l 6 August 2015


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ROCE improved in all segments except Finland and Norway where challenging market conditions continue Return on capital employed % (rolling 12 months) 25% 20% 17.9% 15% 13.4% 12.9% 10% 6.7% 4.2% 5% 0% -5% -10% -9.0% -15% -20% Q1/14 -25% Finland Sweden Q2/14 Q3/14 Norway In Sweden, ROCE was positively impacted by a higher service sales and improved margins In Europe East, ROCE strengthened mainly as a result of improved margins in the Baltics In Europe Central, improved margins and reduction of non-productive fleet contributed positively to the ROCE Q4/14 Denmark Q1/15 East Q2/15 Central How we are improving ROCE %? Pricing Growing service business Strict cost control Focus on fleet utilisation Working capital management © 2015 Ramirent 36 Interim report January–June 2015 l 6 August 2015


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Return on equity at 11.5% Return on equity % (rolling 12 months) ROE % and Total equity (MEUR) 18% 400 16% 350 14% 300 12% 25% 344 325 19.3% 319 19.0% 304 250 15% 12.1% 11.5% 10% 200 8% 6% 20% Target 18% 12.1%* 10% 150 11.5% 4% 5% 100 2% 0% 0 0% 50 Q2/2014 Q2/2015 Q1 2012 Q2 Q3 Q4 Q1 Q2 2013 Q3 Q4 Q1 Q2 2014 Q3 Q4 Q1 Q2 -5% Rolling 12 months ROE was 11.5% The Group's total equity amounted to MEUR 303.6 (12.1%*) at the end of June 2015 (324.7) at the end of June 2015 Financial target: ROE of 18% over a Equity per share was 2.81 (3.00) at the of end of business cycle the second quarter 2015 *Tax rate in the period July 2013 to June 2014 was artificially low due to changes in tax rates in the end of 2013 © 2015 Ramirent 37 Interim report January–June 2015 l 6 August 2015


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Group performance Segment review Market outlook Key figures Financial position Company overview Appendix 38


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Strong balance sheet with Net debt to EBITDA ratio of 1.8x at the end of the second quarter Net debt (MEUR) Net debt to EBITDA ratio 350 2.5 300 Target: Below 1.6x at the end of each fiscal year 297.1 273.4 264.2 2.0 250 1.8x 1.6x 1.5 200 1.4x 1.2x 150 1.0 100 0.5 50 0 Q1 Q2 2013 Q3 Q4 Q1 Q2 2014 Q3 Q4 Q1 Q2 2015 0.0 Q1 2012 Q2 Q3 Q4 Q1 2013 Q2 Q3 Q4 Q1 2014 Q2 Q3 Q4 Q1 2015 Q2 Net debt increased compared to the previous Net debt to EBITDA 1.8x (1.6x) at the end of June year amounting to 297.1 (273.4) MEUR 2015 Second-quarter net debt was impacted by 43.1 Ramirent holds one of the strongest balance MEUR in dividend payment in April sheets in the equipment rental industry © 2015 Ramirent 39 Interim report January–June 2015 l 6 August 2015


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Gearing was above previous year's level due to increased net debt Equity ratio (%) Gearing (%) 60% 120% 50% 100% 43.1% 40.3% 40% 39.0% 97.9% 84.2% 76.8% 80% 30% 60% 20% 40% 10% 20% 0% Q1 Q2 2013 Q3 Q4 Q1 Q2 2014 Q3 Q4 Q1 Q2 2015 0% Q1 Q2 2013 Q3 Q4 Q1 Q2 2014 Q3 Q4 Q1 Q2 2015 Second-quarter equity ratio decreased to 39.0% Due to increased net debt gearing was higher than (40.3%) in the previous year at 97.9% (84.2%) Total equity amounted to 303.6 (324.7) MEUR at the Net debt 297.1 (273.4) MEUR at the end of June end the second quarter 2015 © 2015 Ramirent 40 Interim report January–June 2015 l 6 August 2015


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Working capital at 7.1% at the end of the second quarter Working capital (MEUR) Working capital / Rolling 12 months net sales 200 12.0% 150 10.0% 100 128.7 118.7 115.6 50 0 -50 8.0% 7.2% 7.1% 6.0% 15.0 Q1 Q2 2013 -98.2 18.4 13.2 Q3 Q4 Q1 Q2 Q3 2014 -100.0 Q4 Q1 Q2 2015 -92.9 4.6% 4.0% 2.0% 0.0% -100 6.4% 5.4% Q1 2011 Q2 Q3 Q4 Q1 2012 Q2 Q3 Q4 Q1 2013 Q2 Q3 Q4 Q1 2014 Q2 Q3 Q4 Q1 2015 Q2 -2.0% -150 Trade payables and other liabilities -200 Trade and other receivables -4.0% Inventories -6.0% Second-quarter credit losses and change in the Working capital of rolling 12 months net sales was allowance for bad debt amounted to -1.2 (0.0) MEUR 7.1% (4.6%) at the end of the second quarter Second-quarter inventories increased to 18.4 (13.2) Dividend of 43.1 (39.9) MEUR was paid in April MEUR 2015 © 2015 Ramirent 41 Interim report January–June 2015 l 6 August 2015


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At the end of June 2015, Ramirent had unused committed back–up loan facilities of EUR 118.1 million Repayment schedule of interest-bearing liabilities (MEUR) EUR 415.0 million in committed credit facilities 145 Net debt EUR 297.1 million 100 Senior unsecured bond 95 75 2015 2016 2017 2018 2019 2020 Ramirent had unused committed back-up loan facilities of 118.1 (140.6) MEUR available at the end of the second quarter The average interest rate of the loan portfolio including interest rate hedges was 2.4% (2.9%) at the end of the second quarter In addition to bank facilities, Ramirent is utilising a domestic commercial paper program of up to 150 MEUR © 2015 Ramirent 42 Interim report January–June 2015 l 6 August 2015


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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 43 Interim report January–June 2015 l 6 August 2015


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Ramirent’s long-term financial targets STATED OBJECTIVES Element Measure Target level 1-6/2015 18% p.a. over a business cycle 11.5% Profit generation ROE Leverage and risk Net Debt / EBITDA ratio Below 1.6x at the end of each fiscal year 1.8x Dividend Dividend pay-out ratio At least 40% of Net profit 132% of 2014 net profit © 2015 Ramirent 44 Interim report January–June 2015 l 6 August 2015


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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


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Group performance Segment review Market outlook Key figures Financial position Company overview Appendix 46


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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 Customers Ramirent’s diverse customer base includes construction, industry, services, the public sector and private households Where Home market Europe with focus on the Baltic Rim Concept Offering Geographic presence 295 customer centres in 10 countries 2,682 employees serving 200,000 customers with 200,000 rental items MEUR 614 of sales (full-year 2014) © 2015 Ramirent 47 Interim report January–June 2015 l 6 August 2015


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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 48 Interim report January–June 2015 l 6 August 2015


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Strong market position in core Baltic Rim markets Sales per segment 1-6/2015 Europe Central 8% Europe East Baltics 5% Finland 24% Denmark 7% Norway #1 Finland #1 43 customer centres 59 customer centres Norway 21% Sweden 36% Sweden #2 80 customer centres Europe East –Baltics #2 Sales per customers 1-6/2015 43 customer centres Services & Retail 15 % Denmark #3 15 customer centres PublicOther Private 2% 4% 2% Europe Central (PL+CZ+SL) Construction 60% #1 55 customer centres Russia and Fehmarnbelt Ukraine presence Solutions Services A/S, JV through JV Fortrent with Zeppelin Rental Industrial 18% Group sales generated from non-construction sectors on a par with the target of 40% © 2015 Ramirent 49 Interim report January–June 2015 l 6 August 2015


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One of the leading equipment rental companies both in Europe (#4) and globally (#14) Top 10 rental companies in Europe Net sales 2014 (MEUR) Top 15 rental companies globally Net sales 2014 (MEUR) United Rentals Loxam Ashtead Group Cramo Algeco Scotsman Algeco Scotsman (EMEA) Aktio Corp Herz Equipment Rental 614 Ramirent Kanamoto Kiloutou Coates Hire Loxam Speedy Hire Nishio Rent Select Plant Hire Nikken Corp HSS Hire Cramo Sarens Zeppelin Rental 614 Ramirent Sarens (Europe) Kiloutou 0 200 400 600 800 1000 0 1000 2000 3000 © 2015 Ramirent 4000 5000 50 Interim report January–June 2015 l 6 August 2015


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Our offering SERVICES MACHINERY AND EQUIPMENT PLANNING LOGISTICS ACCESS EQUIPMENT MODULE AND SITE EQUIPMENT ON-SITE SERVICES RENTAL INSURANCE TRAINING ACCESSORIES HEAVY MACHINERY LIGHT EQUIPMENT SOLUTION AREAS Ramirent SpaceSolveTM Ramirent SafeSolveTM Ramirent EcoSolveTM Ramirent PowerSolveTM Ramirent ClimateSolveTM Ramirent AccessSolveTM Ramirent TotalSolveTM 51 Interim report January–June 2015 l 6 August 2015


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Ramirent combines the best equipment, services and knowhow into integrated rental solutions Equipment 9% Heavy Equipment Access Equipment 32% 21% 37% Lifts, Hoists, Scaffolding, Tower cranes Modules and site equipment Light Equipment Services • Construction • Planning • On-site services • Logistics • Accessories • 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 (1-6/2015) 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 52 Interim report January–June 2015 l 6 August 2015


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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 53 Interim report January–June 2015 l 6 August 2015


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The five components of Ramirent's growth strategy 1 2 Increased market share 3 Extended customer value proposition 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 54 Interim report January–June 2015 l 6 August 2015


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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 55 Interim report January–June 2015 l 6 August 2015


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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 56 Interim report January–June 2015 l 6 August 2015


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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 57 Interim report January–June 2015 l 6 August 2015


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Largest shareholders at the end of June 2015 Number of shares % of share capital 1. Nordstjernan AB 30,393,716 27.96% 2. Oy Julius Tallberg Ab 12,207,229 Market Cap EUR 705.7 million 11.23% Largest shareholders June 30, 2015 Shareholders June 30, 2015 16% 32% 8% 12% 2% 3. Nordea funds 5,056,420 4.65% 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 2,290,658 2.11% 7. Ramirent Plc 970,649 0.88% 8. Oslo Pensjonsforsikring As 800,000 0.74% 9. Föreningen Konstamsamfundet 593,500 0.55% 10. Valtion eläkerahasto 532,000 0.49% 48,277,137 44.41% 108,697,328 100.00% 31% Private companies Public sector organizations Households Non-profit organizations Foreigners Other shareholders Total 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 58 Interim report January–June 2015 l 6 August 2015


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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 59 Interim report January–June 2015 l 6 August 2015


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Group performance Segment review Market outlook Key figures Financial position Company overview Appendix 60


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Consolidated statement of income 4–6/15 4–6/14 1–6/15 1–6/14 1–12/14 Rental income 99,834 98,146 187,439 184,870 395,341 Ancillary income 54,881 47,886 102,638 93,178 193,481 4,719 5,755 9,933 11,276 24,714 159,435 151,786 300,010 289,324 613,536 4,765 804 5,433 1,153 2,290 Materials and services −58,334 −51,563 −111,273 −96,420 −209,162 Employee benefit expenses −37,608 −37,468 −75,380 −74,597 −150,305 Other operating expenses −22,357 −21,178 −44,238 −44,971 −88,003 CONSOLIDATED STATEMENT OF INCOME (EUR 1,000) Sales of equipment NET SALES Other operating income Share of result in associates and joint ventures Depreciation, amortisation and impairment charges EBIT 108 −152 58 −582 −486 −27,253 −28,009 −53,893 −54,312 −109,728 18,755 14,219 20,718 19,595 58,143 3,005 2,076 8,026 4,171 11,292 Financial expenses −5,108 −7,148 −12,307 −11,399 −26,974 Total financial income and expenses −2,103 −5,072 −4,280 −7,229 −15,683 EBT 16,652 9,147 16,437 12,367 42,460 Income taxes −3,410 −2,145 −3,361 −2,805 −10,370 RESULT FOR THE PERIOD 13,243 7,002 13,077 9,562 32,090 13,166 7,147 13,139 9,707 32,632 77 −145 −62 −145 −542 13,243 7,002 13,077 9,562 32,090 Basic, EUR 0.12 0.07 0.12 0.09 0.30 Diluted, EUR 0.12 0.07 0.12 0.09 0.30 Financial income Result for the period attributable to: Shareholders of the parent company Non-controlling interest TOTAL Earnings per share (EPS) on parent company shareholders’ share of result © 2015 Ramirent 61 Interim report January–June 2015 l 6 August 2015


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Consolidated statement of financial position 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 CURRENT ASSETS Inventories Trade and other receivables Current tax assets Cash and cash equivalents TOTAL CURRENT ASSETS TOTAL ASSETS 30/6/2015 30/6/2014 31/12/2014 141,952 45,495 420,476 8,877 16,416 142 619 633,977 140,529 45,745 438,805 16,314 19,261 147 677 661,477 139,780 46,720 406,001 5,278 17,666 139 605 616,189 18,400 118,732 6,588 1,728 145,449 779,426 13,247 115,576 3,026 12,356 144,205 805,682 12,431 109,370 2,775 3,129 127,705 743,894 © 2015 Ramirent 62 Interim report January–June 2015 l 6 August 2015


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Consolidated statement of financial position (cont.) CONSOLIDATED STATEMENT OF FINANCIAL POSITION 30/6/2015 30/6/2014 31/12/2014 25,000 25,000 25,000 EQUITY AND LIABILITIES EQUITY Share capital −864 −1,559 −976 Invested unrestricted equity fund 113,862 113,767 113,767 Retained earnings from previous years 152,109 176,707 153,876 13,139 9,707 32,632 303,246 323,622 324,299 Revaluation fund Result for the period Equity attributable to the parent company shareholders Non-controlling interest 316 1,103 693 303,562 324,725 324,992 Deferred tax liabilities 49,910 53,928 50,798 Pension obligations 18,547 14,031 17,491 TOTAL EQUITY NON–CURRENT LIABILITIES Non–current provisions Non–current interest–bearing liabilities Other non–current liabilities TOTAL NON–CURRENT LIABILITIES 1,594 1,189 2,371 187,433 203,907 206,685 9,355 24,355 19,890 266,839 297,412 297,236 92,870 99,988 92,798 1,108 447 1,455 CURRENT LIABILITIES Trade payables and other liabilities Current provisions Current tax liabilities 3,652 1,290 3,899 Current interest–bearing liabilities 111,395 81,820 23,514 TOTAL CURRENT LIABILITIES 209,025 183,546 121,666 TOTAL LIABILITIES 475,864 480,957 418,902 TOTAL EQUITY AND LIABILITIES 779,426 805,682 743,894 © 2015 Ramirent 63 Interim report January–June 2015 l 6 August 2015


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Key financial figures KEY FINANCIAL FIGURES 4–6/15 4–6/14 1–6/15 1–6/14 1–12/14 Net sales, EUR million 159.4 151.8 300.0 289.3 613.5 Change in net sales, % 5.0% −5.6% 3.7% −7.7% −5.2% 46.0 42.2 74.6 73.9 167.9 28.9% 27.8% 24.9% 25.5% 27.4% 21.0 16.2 25.2 23.3 65.8 13.2% 10.7% 8.4% 8.0% 10.7% 18.8 14.2 20.7 19.6 58.1 11.8% 9.4% 6.9% 6.8% 9.5% 16.7 9.1 16.4 12.4 42.5 10.4% 6.0% 5.5% 4.3% 6.9% (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 13.2 7.1 13.1 9.7 32.6 8.3% 4.7% 4.4% 3.4% 5.3% 46.8 78.3 65.0 101.8 144.6 29.4% 51.6% 21.7% 35.2% 23.6% 602.4 610.5 555.2 12.3% 11.9% 12.2% 11.5% 12.1% 9.4% Interest–bearing debt, EUR million 298.8 285.7 230.2 Net debt, EUR million 297.1 273.4 227.1 1.8x 1.6x 1.4x Gearing, % 97.9% 84.2% 69.9% Equity ratio, % 39.0% 40.3% 43.7% Personnel, average during reporting period 2,620 2,553 2,566 Personnel, at end of reporting period 2,682 2,651 2,576 % of net sales Gross capital expenditure, EUR million % of net sales Invested capital, EUR million, end of period Return on invested capital (ROI), % 1) Return on equity (ROE), %1) Net debt to EBITDA ratio1) 1) The figures are calculated on a rolling twelve month basis © 2015 Ramirent 64 Interim report January–June 2015 l 6 August 2015


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Consolidated cash flow statement CONSOLIDATED CASH FLOW STATEMENT 4–6/15 4–6/14 1–6/15 1–6/14 1–12/14 16,652 9,147 16,437 12,367 42,460 27,253 28,009 53,893 54,312 109,728 Adjustment for proceeds from sale of used rental equipment 1,613 8,258 3,730 10,870 17,136 Financial income and expenses 2,103 5,072 4,280 7,229 15,683 −6,150 −3,071 −6,042 1,018 −6,140 41,470 47,415 72,298 85,796 178,867 −11,536 −4,044 −12,485 −2,015 −2,150 Change in inventories 1,250 −893 −5,900 −1,537 −1,472 Change in non–interest–bearing liabilities 4,879 6,892 9,470 −17,299 −12,302 Cash flow from operating activities before interest and taxes 36,064 49,370 63,384 64,944 162,942 Interest paid −2,855 −7,688 −6,597 −7,845 −10,418 291 703 354 703 620 Income tax paid −4,379 −2,601 −9,719 −6,660 −12,646 NET CASH FLOW FROM OPERATING ACTIVITIES 29,120 39,784 47,423 51,141 140,499 (EUR 1,000) CASH FLOW FROM OPERATING ACTIVITIES EBT Adjustments Depreciation, amortisation and impairment charges Other adjustments Cash flow from operating activities before change in working capital Change in working capital Change in trade and other receivables Interest received © 2015 Ramirent 65 Interim report January–June 2015 l 6 August 2015


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Consolidated cash flow statement (continued) CONSOLIDATED CASH FLOW STATEMENT 4–6/15 4–6/14 1–6/15 1–6/14 1–12/14 −6,200 −27,272 −6,200 −27,272 −29,872 − − −736 − − −44,452 −32,109 −60,243 −52,767 −88,902 −582 −493 −1,011 −578 −504 −1,760 −2,138 −2,798 −3,459 −9,680 77 1,850 186 7,482 7,713 750 − 750 − − (EUR 1,000) 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 Proceeds from sale of tangible and intangible non–current assets (excluding used rental equipment) Proceeds from sales of other investments Loan receivables, increase, decrease and other changes NET CASH FLOW FROM INVESTING ACTIVITIES 755 1,000 1,250 1,000 2,594 −51,411 −59,163 −68,802 −75,594 −118,651 CASH FLOW FROM FINANCING ACTIVITIES −43,095 -39,858 −43,095 −39,858 −39,858 Changes in ownership interests in subsidiaries -5,475 − −5,475 − − Borrowings and repayments of current debt (net) 70,177 74,053 87,880 80,063 22,686 - - - - 2,651 Dividends paid Borrowings of non–current debt Repayments of non–current debt NET CASH FLOW FROM FINANCING ACTIVITIES −654 −5,245 −19,332 −5,245 −6,047 20,953 28,950 19,978 34,960 −20,567 −1,338 9,572 −1,401 10,507 1,281 3,066 2,784 3,129 1,849 1,849 − − − − − −1,338 9,572 −1,401 10,507 1,281 1,728 12,356 1,728 12,356 3,129 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 © 2015 Ramirent 66 Interim report January–June 2015 l 6 August 2015


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Net sales NET SALES 4–6/15 4–6/14 1–6/15 1–6/14 1–12/14 - Net sales (external) 39.3 38.7 71.3 70.2 151.9 - Inter–segment sales 0.1 0.3 0.1 0.5 0.9 - Net sales (external) 56.4 48.5 107.2 93.8 200.4 - Inter–segment sales 0.3 0.2 0.6 0.2 0.7 - Net sales (external) 30.9 33.9 61.8 67.3 135.1 - Inter–segment sales 0.1 −0.1 0.2 0.5 0.6 - Net sales (external) 10.6 9.1 20.0 18.7 39.4 - Inter–segment sales 0.0 − 0.0 − − - Net sales (external) 8.5 8.2 15.1 14.4 33.8 - Inter–segment sales 0.0 0.0 0.0 0.0 0.1 - Net sales (external) 13.7 13.3 24.7 24.9 52.9 - Inter–segment sales 0.0 0.0 0.0 0.3 0.3 −0.6 −0.4 −1.0 −1.5 −2.4 159.4 151.8 300.0 289.3 613.5 (MEUR) FINLAND SWEDEN NORWAY DENMARK EUROPE EAST EUROPE CENTRAL Elimination of sales between segments GROUP NET SALES © 2015 Ramirent 67 Interim report January–June 2015 l 6 August 2015


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EBITA EBITA 4–6/15 4–6/14 1–6/15 1–6/14 1–12/14 4.5 6.0 5.3 8.9 20.8 11.3% 15.4% 7.4% 12.7% 13.6% 12.1 6.7 17.2 10.9 29.4 21.4% 13.8% 16.0% 11.6% 14.6% 2.9 4.2 3.9 6.8 14.0 9.4% 12.5% 6.3% 10.0% 10.3% 0.3 −1.7 −1.1 −2.9 −3.9 2.8% −19.1% −5.4% −15.3% −10.0% 1.7 1.0 1.9 0.9 6.7 20.4% 12.1% 12.4% 6.1% 19.6% 0.9 0.8 0.3 −0.4 1.7 6.2% 5.8% 1.2% −1.7% 3.2% Net items not allocated to segments −1.4 −0.8 −2.3 −1.0 −2.8 GROUP EBITA 21.0 16.2 25.2 23.3 65.8 13.2% 10.7% 8.4% 8.0% 10.7% (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 % of net sales © 2015 Ramirent 68 Interim report January–June 2015 l 6 August 2015


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Non-recurring items impacting EBITA by segment Non-recurring items impacting EBITA 1–6/15 1–6/14 1–12/14 FINLAND − − −1.52) SWEDEN 3.81) − −0.73) NORWAY − − −2.24) DENMARK − − −0.15) EUROPE EAST − − − EUROPE CENTRAL − − 1) The settlement of earn-out on DCC, the weather shelter and scaffolding division acquired in 2014, resulted in EUR 3.8 million of nonrecurring income in the second quarter of 2015 −1.16) (MEUR) Unallocated items and eliminations TOTAL − − − 3.8 − −5.7 2) EUR 1.5 million of restructuring costs and asset write-downs were booked in the fourth quarter of 2014 3) EUR 0.7 million of restructuring costs were booked in the fourth quarter of 2014 4) EUR 2.2 million of restructuring costs were booked in the second half of the 2014 5) EUR 0.1 million of restructuring costs were booked in the fourth quarter of 2014 6) EUR 1.1 million of restructuring costs and asset write-downs were booked in the fourth quarter of 2014 © 2015 Ramirent 69 Interim report January–June 2015 l 6 August 2015


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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


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