FORTACO AS AN INVESTMENT

TOGETHER WE SHAPE YOUR INDUSTRY.

Fortaco’s diversified industry exposure provides protection from cyclicality.

A black and white photo of Lars Hellberg in a suit and a map of europe.

BUSINESS REVIEW JANUARY-MARCH 2024

The market demand in Fortaco’s main markets remained soft in the first quarter of the year. Net sales increased by 10 per cent to EUR 105.8 (96.1) million, driven by the successful acquisitions of MauserCABS and Buisard Cabins in autumn 2023.

We are continuing our actions to further increase the efficiency of operations, adjust capacity and improve profitability. The continuing geopolitical uncertainty, combined with the postponement of interest rate cuts by the central banks, are keeping our customers cautious, prolonging sales processes. Customer pipeline looks strong and we are confident that when the market situation improves, we will be in a good position to benefit from the ensuing growth.

Fortaco continues to execute investments e.g. in a steel fabrication capacity in our new factory in Gliwice, expanding a vehicle cabin capacity in the Holic factory, Slovakia, and also operations in Narva, Estonia. We are making our contribution to ensuring Europe has a competitive and future-proof manufacturing industry, and the investments ensure we can maintain our excellent delivery accuracy and have the needed capacity to fulfil our customers’ needs.

We strengthened our financial position by successfully placing a subsequent bond issue in the amount of EUR 25.0 million and by receiving an equity injection of EUR 10 million from the owner. A solid financial position enables us to carry out our expansion strategy, including the target of expanding our geographical footprint beyond Europe and extending our offering to cover new customer segments.

Lars Hellberg in a suit and tie is standing in front of a circle.

Lars Hellberg

President & CEO

Net sales

EBITDA ¹)

Net sales proforma

EBITDA ²)

Personnel ³)

LTIF ⁴)

1) Excluding non-recurring items.

2) Including the full year impact of MauserCABS and Buisard and excluding the impact of marine, energy, and heavy project business. Excluding non-recurring items.

3) Including rental people

4) LTIF – No. of injuries per million working hours.

FORTACO IS THE LEADING STRATEGIC PARTNER TO THE HEAVY OFF-HIGHWAY EQUIPMENT AND MARINE INDUSTRIES

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