Kalmar Oyj ($KALMAR)

Esteemed shareholders, dear guests of the Annual General Meeting, I am Jaakko Eskola. I'm Chair of Kalmar's Board of Directors. On my behalf and on behalf of Board of Directors and Kalmar's management, I would like to warm welcome you to Kalmar Corporation's second Annual General Meeting as an independent listed company. And especially, I would like to thank today all of you who have been involved in the company's journey and part in this value creating to all stakeholders during 2025. And before I will go through Kalmar's operations, I would like to present to you Kalmar's Board of Directors current members who are seated here in the front as they were last year as well. I want to thank them for excellent cooperation. Casimir Lindholm, Vice Chair of the Board; Lars Engstrom, Marcus Hedblom [indiscernible] Vesa Laisi, Sari Pohjonen and Emilia Torttila. During 2025, the Board of Directors convened 9 times, and the attendance rate was 100%. The most important task of Kalmar's Board of Directors is to guide the company's strategy. And the aim is to, in the long term, create the conditions for Kalmar to achieve its long-term goals of sustainable and profitable growth. and also to create value for shareholders while taking into account the different expectations of various stakeholders. A new feature of Kalmar's Board work was the decision to establish a temporary technology committee, whose task was to dwell even deeper into identifying and assessing technology and innovation questions while knowing that these things matter and they have significant impact on the company's future competitiveness. And I'm grateful to the entire Board of Directors for their expertise and contribution to the company. And I would like to especially thank the Board member, Teresa Kemppi-Vasama. Teresa, you are now stepping out from the Board of Kalmar, and I want to warmly thank you for your important and valuable work and your input has been valuable during the early stages of the independent company. Thank you. Year 2025 was a year of success for Kalmar. You already heard partially, CEO, who gave comments on that, and I'm sure you'll be hearing more about that today but a few of us were able to predict the global turmoil that we have to navigate in. And during recent weeks, tensions unfortunately, have increased, especially in the Middle East. Kalmar continued to execute the strategy with denomination and demonstrated resilience and agility missed these geopolitical tensions and changing dry ports rules. Our strategic focus was on meeting customer needs, sustainable innovations and growing our service business and also continuous improving of our own operations. The market environment during 2025 was challenging but the overall customer demand remained stable already had geographical reached, especially in Europe and in Asia, the demand was on a good level, and the pro market uncertainty in the North and South America was evident for the most of the year, which contributed to slowing down customer decision-making. The Board of Directors monitored the situation and also visited the United States to families itself with the terminal tractor manufacturing and also to focus on the development of the customer operating environment. Despite of this general uncertainty, we ended the year with good financial result. Sales remained at a stable level over EUR 1.7 billion, and we rate to improve profitability. The comparable EBIT margin was 12.8% compared to 12.6% in 2024. And the received orders grew to EUR 1.8 billion. The good performance has also been reflected in the share price development. And in 2025, the annual total shareholder return for B shares was almost 30%. Kalmar continued to invest in future growth and sustainable innovations. We have significantly increased our efforts in electrification. We started sales of third generation terminal tractors in North America, and we also introduced our next-generation lithium battery technology-based product. And at the same time, we launched move to green resident development corporation project, and that is supported by business Finland with EUR 20 million. In this context, I would also like to say a few words about safety. It is very core and heart of everything we do in Kalmar. The Board of Directors pays as much attention to setting questions as it does to financial performance. Kalmar long-term goal is to ensure that everyone returns home from work safely every day. In order to improve overall occupational safety, Kalmar will continue to develop its existing safety initiatives and also invest in new measures. A key focus is on strengthening the safety culture by increasing awareness and by providing more comprehensive training programs. In addition to innovation, growing our service business remains a cornerstone of our long-term success. Services accounted for 35% of total revenue. The service business was being supported by this growing global installed equipment base with over 70,000 equipment installed and the network of approximately 1,500 service technicians. The business performance development progressed well and through driving excellence initiative, we achieved about EUR 34 million of annual cost efficiency improvement. And these improvements are an important part of Kalmar's profitable growth. I would like to also especially bank or 5,300 Kalmar employees for their commitment and good work. Your contribution has been crucial to the company's success. And today, at the Angel meeting, we will discuss important issues regarding the company's past year but also its future. Amongst other things, we will be reviewing 2025 results, including sustainability reporting. We shall decide on the distribution of profits based on the broad proposal, and we shall also elect the Board members. I'm convinced that Kalmar vision to be the forerunner in sustainable materials handling is clear, and we are ready to move to the next level to support our customers in their decision towards more automated, more electronic and sustainable materials handling. And together, we can continue, Kalmar success story and create value for our shareholders in the long run. And now we arrive at the point where I shall open the Annual General Meeting of Kalmar Corporation, and I propose that as Chair of the meeting in accordance with the organizational document published as an attachment to the notice shall be. As there are no other proposals, so I state that Riikka Rannikko is Chair of this Meeting, I like her to take her seat, please.

Thank you. Good afternoon to all shareholders. Thank you for your confidence. I'm Riikka Rannikko, and I will be chairing this NGL meeting, and I call as Secretary company's Secretary, Ulla Bona, please?

Before we go to actual items, I would like to state a few procedural things. And I promised to go through evaluation instructions right now. And I do wish that, that will not take place. But if ever that will take place, there will be public address system announcing that we get the experts to telling us the instructions but the nearest emergency exits is by the wall and it goes to the railway station market, and we go there according to instructions given. But no more ordinary questions. We have the organizational document, which has been drafted in beforehand and that describes items from 1 to 5, and we shall be supplementing those points during this meeting and at the beginning. And you can also take floor related to them if you have any points you want to make but otherwise, I will not repeat the content of the organizational document. Only saying that if you want to ask all for the matters pertaining to the agenda and questions are most welcome. If you ask for the floor, please first wait for the microphone, there are several microphones here, and then tell your name, if you represent any other shareholder, please indicate gave that as well. As shareholder and also the number of voting slip before start talking. And also welcome all those following this online. Online, you don't have any right to officially participate to can follow this meeting online, and you will also hear the questions through the microphones from this meeting menu. The agent documents will be attached to the minutes and all state that you have the meeting materials that has been distributed to you and I hope that first, you have the agenda, and we shall follow the agenda throughout the meeting unless I announce other things otherwise. And based on this, I propose that we move to item 3. This is the election of the persons to scrutinize the meeting and to supervise the counting of votes. And in the organization document, there is a proposal to have 1 person screens meets and 1 person to supervise the accounting of votes. In the document, the proposal for the person discrete minutes was Katariina Kataja and the person supervised count of votes,, Alexander Lee. And I was informed that Kataja is no longer available and you have the right according to the Sonoma to propose the name Evelina Riemannian Alexander Lebedev here present and are you available?

Yes. Thank you. Any other pools can we agree.

So we elect [indiscernible], Alexander Lebedev at the present to verify the counting of votes. Next item is for recording the legality of the meeting. The notice of the meeting has been published on 13th of February, stock exchange release and on the company's website. At the mean documents have been available according to law. And my understanding is that, therefore, this meeting is legally , this meeting is legally and has a quorum. Any other views. If not, I state that and we shall attach this to the mid. And then number 5, recording the agendas of the meeting and the adoption of the list of votes and this meeting. So shareholders parsing the meta considered those shareholders on the record date and have registered to the meeting and have either voted in advance or you are here present with the voting slips at the meeting venue. We have a list of votes according to the beginning and situation Ulla Bono has kindly promised to explain that to us. At the beginning of the meeting, we have here represented 587 shareholders either voting in advance or here present personally at the meeting venue or through their legal proxy or authorized legal representative. And I state that at the beginning of the meeting, we have a total of 8,820,218 A Series shares and 33,996,000,000 B Series shares, a total of 42,767,040 shares and 12,214,682 votes, which corresponds to about 81% of company's total boats. Thank you for this, and we state this situation to the minutes as it was at the beginning of the meeting. And I would also like to state that Innovatix has said that there are no disturbances at all or issues with the advanced voting or as for identifying people. So we have plenty of advance load, and we will note the advanced votes and empty ballots to the mid. I will not read them out, but I will that for each item, we do have majority. Second thing is supporting proposals made to the meeting. So the summary will be appended to the miss here available and also the summary of advanced votes will be attached to the minutes. And as for the points that were meant subject of the solutions or consider to be in present unchanged at this meeting. And of course, shareholders are here, and we also have Commerce current members of the Board of Directors and the proposed new members here, companies auditors here and top management and technical staff is president and other employees of Kalmar. I think we can agree that they are here present, and that is now adopted. We move to item 6. This is presentation of 2025 financial year. Financial statements Board of Directors report, the audit report and the sustainability reporting assurance providers report. And our company's CEO, Sami Niiranen, will be coming to the stage as the financial statements and also the operations and sustainable program 2025. But after that, we'll take company's auditor and the sustainable reporting or Chris, Sandin, who will present her part that is company's auditor report and also the assurance report on assembly reporting. And after these presentations, I will open discussion and you may ask questions but Sami Niiranen.

Thank you very much. Good afternoon to everybody, and a warm welcome to the Annual General Meeting Kalmar Corporation. My name is Sami Niiranen and I'm the CEO of Kalmar. The main theme today is 2025 performance, innovation, growth and efficiency. To start here, as for the discover, I would like to say that the presentation includes forward-looking statements that are based on present plans, estimates, projections and expectations and are not guarantees of future performance. And then the presentation itself and let us start with our very experienced leadership team. I will go through the team individually, I would like to ask you to stand up when you hear our name. First of all, Sakari Ahdekivi, Chief Financial Officer, Ullo Bono, Counsel, to Brendan, President of Terminal Tractors business Caribe, Marketing and Communications and Kunal Business Activity, Arto Kaskinen, President of Horizontal Transportation, [indiscernible] Services, to be better on strategy, sustainability and technology. [indiscernible] , SVP of Human Resources and Social President of Bruma. Thank you very much. And then summary of performance in 2025. I would like to give you some key figures here. If we look at order intake, first, that was the highlight, they grew by 8% from 2024 amounting to the total of EUR 1.8 billion, stable sales throughout the year. And when we look at the operating profit, EUR 223 million, 12.8% in comparable operating profit margin. In the corresponding figure was 12.6%. And gearing ratio almost on a 0 level. And then our inputs into our strategic pillars for instance, services and maintenance. You can see it also in the services share of sales, 35% and also a strong focus on innovation, electrification. So the Eco portfolio share of sales was 44%. So significant growth from the previous year. Here, this is 2028 organic growth strategy. If we look at the vision, we want to be the pioneer in our industry and equipment services for sustainable materials handling. We've been this for the past 75 years, and we intend to be that also the next 75 years. So we are pioneers, front runners in terms of the culture we represent. If we look at the whole market, related to our sales. So we have a 10% to 15% market share. So there is potential for growth. And in the market, there are very clear growth drivers, mega trends that form our activities, the improvement of productivity, profitability and growth. smart equipment, electrification, low emissions. Some of the megatrends we are working on. Of course, the availability of labor and geopolitical fluctuations have an impact on the market environment. And this is the environment where we operate, and we see in this environment a lot of potential. Of course, there are certain challenges. How do we then react to those challenges? This takes place within our strategy. First of all, sustainable innovations. We invest into robotics, AI electrification. And then services and maintenance growth, it's important to be more customer-oriented service on did we design equipment or easier to maintain and have Karma components within there. So this is the culture change that we are working on. And then thirdly, a strategic pillar is the efficiency of our activities, not for Kalmar but also for end customers. So our customers are more efficient within their operations. So these 3 strategic pillars combined to the base that we have 5,300 members of staff in more than 120 countries near our customer base near our dealers plus the ever-growing market, which I mentioned. And then if we look at a bit more in detail, 2025 and the strategic pillars and what happened there, 3.1% of our sales was directed into research and product development. This is a good figure about the same level as 24. And when we grow in the future more than absolutely speaking, we will invest more. So this is a very important focus of investment. And then EcoSolutions product group, sustainable solutions or maintenance and equipment there almost half derived from that section. And as you heard from the discussion we just had on hold to green program, a 5-year program funded by Business Finland. We are leading this project with 150 partners. So we develop future electrification solutions. This is a very important part of our innovation agenda and road map. And then services business, its share of sales was 35% last year. Spare part sales grew and then connected devices connected to the network where we can see how the devices operate and where they are and who operate them. So almost 17,000 connected devices of the total 70,000 devices that we have and 70,000 pieces of equipment gives us a lot of possibilities for growth. And then thirdly, business performance, efficiency. We have a million EUR 30 million -- EUR 40 million efficiency program and gross efficiency gains of EUR 34 million were already achieved in 2025, and we continue this. And there, Central is acquisition how to lower manufacturing costs. We try to make our structures more efficient and simplified to be more customer-oriented and we develop our processes as well. This is very central. So these 3 strategic pillars are a good basis for future years. And then I mentioned the total market is the division services between services and equipment. So there is a lot of potential in the total market, which is 6 billion of it is services. And we estimate this to grow about 4% per year. So we target more than 5% growth each year. And one driver here is the electrification. And we estimate that it will grow annually by 30%. So low emission and electrification activities are very central here. Now here in this slide, you can see our fantastic equipment devices that we offer to our different customer segments. We have 4 of them. We have harbors and distribution and manufacturing. So different types of deposits to different customer bases and the market decision and different device families are very strong here. And what kind of sales do we do -- we do not only offer equipment, they are combined with these fantastic technologies that we have developed, electrification, digitalization, automization, and those combined to this global service network, maintenance network and the support network that we can offer our customers in spare parts and repair. So we sell solutions to our customers. So this is central. And this is then supported by our service and maintenance network, we have more than 1,000 service technicians in 120 countries. So this figure has grown by about 100 million annually, last year, it was 1,400 service technicians. So we want to be where customers. We have 4 factories in 4 countries: Poland, U.S., China and Malaysia. So this gives us resilience in this current geopolitical environment. We have also for innovation centers in Tampere here in Finland like Jumbo, Sweden, Singapore and in the U.S. So this is the total package available. And I would like to remind you that our partners are very important for the success 1/3 of our sales come from our partners, from the dealers. This is very important. Now this is 1 of my favorite images. So there are certain customer orders that we received last year. As I mentioned in the previous slide, it crystallizes year for customer segments. These are the orders from different segments, from different countries, from different regions and especially we here have sold solutions, not just the equipment itself to the final customers. They are combined with technology, with long-term agreements, including maintenance and service, agreement is very overreaching. We cover the whole value chain and all the ESG part, environment, social teams and good governance. Now if we look at health and safety at work, it's included in the social section there. So we try to work very hard to improve all these different areas. And when we talk about health and safety at work, there we have also expanded the scope. There are 4 pillars. We are not only focusing on health and safety at work. We also take account psychological safety, product safety and mental health. For last year, this was something that we have to improve or we didn't achieve our midterm targets and the long-term vision, i.e., that each employee comes safely from work home in good health. This is our vision. Zero level incident. We didn't achieve that last year, so we have to really make a bigger effort this year for safety. And then in terms of sustainability and some highlights from last year. First of all, the science-based targets initiative has approved Kalmar's climate targets. So we are committed to the 1.5-degree warming scenario. And then CDP gave us an A rating. EcoVadis Gold Medal that includes top 5% of the companies. And also, as mentioned, this Multigreen program where we act as a front runner in terms of electrification. Now if we look at financial side and the figures there, as I mentioned, orders grew by 8% and maintenance, 9% and main services, 7%. And sales grew slightly from EUR 24 million and operating profit was 12.8%. So there, the market environment was very profitable. And then distribution side, distribution logistical centers in the U.S., especially were pretty quiet till last year. So these are the 2 extremes. And then heavy logistics the improvements were made and then manufacturing industry as well. So this is sort of double sided situation from last year. Now if we look at regions, we have 3 main regions. And when we look at the sales and orders, they are exactly the same as here. So no about half came from Europe and Middle both orders and services. And then North and South America, Americas, 34%; and Asia kept on growing 15% was the level with APAC region. So these are the new reporting areas in Kalmar. And Europe has been strong -- already was strong in '24 and continue to be strong in last year. and then Americas, especially North America, improved in the last quarter of last year. However, there are certain uncertainties, the tariffs, et cetera, so they slow down demand in the Americas. And then if we look at orders, we've come up from 2024. As a whole, we are on a different level compared to '22, which was the post pandemic cycle now, we are moving towards 28% in our strategy and we want to grow annually more than 5% over a pre business cycle. This can be seen in our stable orders received delivery times 3 to 12 months of equipment, which gives you an idea of the orders situation. And also sales have been on the same level for the first 12 months. You can see in '23, EUR 12 billion, we have come down from there. As we communicated May '24, we said that markets will be a bit slower. We didn't know about the tariffs then, of course. So new uncertainties have come up. And then on the right-hand side, you can see the operating profit development in the past few years. So we remain clearly under 10% profitability towards EUR 12.8 million fall the way towards 15%, which is the target. And also in '21, the product portfolio was a bit different. So we've taken some smart decisions in that respect. Now if you look at the cash flows, the past and leverage, which is close to 0, which is a good level on the right-hand side. Now we are fully committed at Kalmar to 2028 targets. Here are the most important ones, plus 5% sales growth over the cycle, 15% comparable operating profit margin by 28%, last year 23% ROCE. Now we are moving towards 25%. Sustainability is very important. We have to maintain a strong balance and be able pay our dividends. Now 2026, uncertainties have not disappeared anywhere. We might have more of them. However, our basis is very strong on our operating basis and stuff is excellent and they can manage the situation. So this year and next year, we will really concentrate on our customers. We have to be closer and closer to our customer base. We have to simplify our own activities, find solutions on the basis of our customers, how to create value for our customers. And of course, our advantage are the innovative solutions product leadership technologies and services and maintenance activities. The whole network that we have created during the past decade, so we focus on the 3 strategic pillars also this year. 2026 guidelines, we think that the operating profit margin will be 12.5% this year. And the Board proposes to the annual meeting that dividend is paid EUR 1.1 Class B shares and 1.09 per Class C shares. And earnings per share for 2025 were EUR 2.55. Now finally, our brand promise making every move on. What does it mean for me and my team, it means that in Kalmar every day in every part of the world, we try to create value for all the shareholders, potential shareholders, customers, staff, our partners and the whole society. thank you very much for 2025 to all shareholders. Thank you.

Thank you, Niiranen and for a while, you can leave the stage. And next, we have the auditor and the sustainability end, who will present to us the auditors report and also the assurance report on the sustainability statement.

Thank you very much. Good afternoon to all of you. I'm Kristina Sandin, and I'm the responsible auditor of this company. And I will now go as a summary, the audit and also the assurance report and the sustainability statement for last year. This is a global map and the yellow is the indication for the countries that have been the most difficult base for the group audit Poland, Mailes, China and USA, which were already mentioned as the locations for manufacturing sites. The audit is carried out nearly throughout the entire year. The plan starts in March and that's the audit during the financial year until December and in January, February, we do the actual audit. And we have been involved in all derisk management committee meetings last year and also in the meaning of financial statements of the Board. Our reporting the company includes audit plan and also interim audit findings throughout the year and also a summary of end of year audit. Our report has highlighted 1 key audit matter, and that is valuation of goodwill the same way as we did in 2024. And this auditors report gives our justification why this particular matter is the key matter in our auditing. And the Auditors opinion is here in standard form, and it was given in February 12 this year. And finally, 1 more slide. This is the sustainability assurance report. This is a separate assignment, and this is also a standard form of opinion the same day as the autos report as well. Thank you. Thank you.

And I state that the documents have been presented to the meeting materials. You have a code where you can as a whole. But now it's up to you. I open general discussion. Do you have any questions or take the floor for comments a few persons also following this on behind the screen. So maybe somebody will help if you're behind screen, I can't hear you, but maybe we'll see you maybe someone will help out to indicate that you ask the floor.

I see in the back. Could you please get the microphone to the back Go ahead, shareholders than me. Indeed. Thank you, Chair. I am Damian number, I have 3 questions related to the business. First 1 about something where you say, automation as a service. Have I understood correctly that, that will become a business of its own? Or is that included in the devices or properties of the equipment that you deliver already as it is.

Good question. It is included indeed in our offering. It is not a business of its own but it is a business model of its own. We have launched that. And we try to make automation or development of it and the customers will take that as easy as possible. So it's a flexible model where you have a different, let's say, points during the process and the customer needs to decide on them and also payments are made alongside with it, which are the points to be developed and implemented. And when it is part of our audition road map. It's not a division or business area of its own.

Is there further invoicing related to that?

Well, the objective is, if you think of innovation, sustainable innovations, that's 1 of our strategic cornerstones and the focus on electrification, organization and digitalization, yes, absolutely. These solutions as we launch is to get more revenue indeed.

Thank you. And the second question, spare parts sale. You say 1 of the objectives is the increased market share of spare parts. Does that mean that you have calmer equipment and you have suppliers other sales, not just Karma producing spare parts.

Yes, it means that we had 1 slide capture rate, if you saw that. It is 100% theoretically. And then what is the part that we supply spare parts to our 70,000 equipment, so 31% last year at 30%. So there's potential to improve this. It will never be 100% though. But yes, customers get spare parts through other vendors. Therefore, we have to be very proactive ourselves in operations and to go and approach the clients who have them and sell better spare parts in the future. So proactive selling is very key and the important thing here, and as we sell spare parts, we believe fully in this as we use Kalmar spare parts, Kalmar device equipment, you get the best combination. And that is the case. And of course, we want to convince our customers about this.

Then the third question relates to your order backlog. I saw that in service business, which is about 35% of the entire sales of the company, the order backlog was very low, EUR 135 million. What is the reason for that? Is it very short-term service agreements that you have? Or what is the reason for that low number?

Good remark, well, short term, not short-term agreements, but spare parts sales selling is more cycle because equipment is 3 to 12 months. But the spare parts, we have fantastic distribution centers, and we supply spare parts for that. So therefore, the order book or the backlog in this case is rotating. And what is included, well, we have service agreements and the direction is to have longer service agreements in the future.

Can we then expect that this order backlog will increase.

Well, I can say that's rather stable there has been maybe even more about sales and orders in the business over EUR 600 million last year. So that is the objective. And we try to be as effective as possible to get in the service agreements and invoice everything quickly through the agreements we have. So I look at 2 parameters myself, that is sales and orders plus profitability and then the order books will follow.

And then the next question Go ahead. to increase voting sleep 152.

Well, I was looking at the growth drivers. Typical situation for a Finnish company, you talk about strategy and growth. However, would actually resulted in not the outcome. In '22, that was the last strong year when orders came in very strongly, and sales came down in '23 and it has been come up from that so much. Now I was glad to hear that your growth target is annually. However, what will you do differently this year so that this strategic 5% growth target would be achieved. And then secondly, Certainly, the factory footprint was ideal in the U.S., China, Malaysia. But now when we think about China and Malaysia to some extent, are not so to say, low-cost countries anymore. Have you actively thought about the way you could make this more efficient manufacturing, perhaps a fifth industrial plant.

Yes. First of all, about growth. And if you look at those figures, 8% organic order growth in this market situation is pretty good. Of course, sales then follows when we get the orders. So that's the main thing here. So how to continue in the future? And this year? Services, maintenance are our focus areas. And of course, we try to win market shares also in the equipment side. So potential is there 13% to 14% market share. So there is potential EUR 13 billion to EUR 14 billion. So until '28, we have the strategy and growth is possible. We had a good start last year. Of course, there are these uncertainties, and we very openly communicated this in '22, saying that '22 to '25 will be more even compared to what we had before the pandemic, especially in the U.S. and in the distribution center side. So that has dropped significantly, but we have to be able to increase that, and that will have an impact on sales. Now this factory in print or footprint, I'm pretty satisfied with our 4 factories at the moment. And additionally, we have assembly activities in India, in the U.S. So we, all the time, look at what the global activities are, what would be good after '28 after 2030. And costs are an important part. And if I look at what is going on in China, it's very efficient. I'm very happy with that. Of course, it might not continue forever. So we have to be flexible there. This is 1 focus area. As I mentioned, in this operating model and efficiency, this is 1 important part of the strategy, and it's linked to manufacturing and acquisitions and purchasing.

Any other questions? I don't see any requests for the floor. Thank you very much to the CEO. I will close general debate, and I state the financial statement annual report and also this report and is a stable opening insurance report for financial year 2025. We have presented to the Annual Meeting. They will be attached to the minutes. And we close the item 6, and we move to item # 7.This is adoption of the financial statements, which has heard the auditor, and therefore, we can adopt supported. Any questions or comments related to this item of the agenda? Or can we adopt the financial segments? We can. So annual accounts are now at the update. Slide #8, this is resolution. The profit shown the -- on the balance sheet and payment of dividend, main points on our project on the screen. Also, the CEO mentioned these main points. So ACs, EUR 1.09 per each share and as for be out outstandingly shares EUR 1.10. Second April dividend is the record date and the payment date will be 30th of April. Any comments on this one? That is then adopted. We are sold on the dividend according to proposal made. Item 9, resolution discharge of the members of the Board and the press from liability for financial year '25. This chart level applies to all persons who have observed as members of the Board or CEO during the financial year '25. So they are ages Casamento, has been the Vice Chair from first of April 25 onwards. Tesavember, the Board has been Vice Chair until seventh of March 2025, Alan Extra, Marcus Hedblom, Mr. Lisi, Sara Boden, Dr. Metin and Samina, the CEO. Can we discharge them from liability or anybody asking for the floor? So in that case, we can grant the suction liability for the financial period 2025. Then Item 10, this is consideration of the remuneration report for governing bodies. And last year, the Annual General Meeting adopted reversion policy. And according to that, there has been a draft of this rooms report. And the reverse report 25 has been available since 26th of February 26, and the QR code is also available to you in the materials. We will touch this report to the minutes but I will ask the Board's Personal Regulation Committee, [indiscernible] , will present us this remunerator before we will adopt it. [indiscernible] please.

Chair, dear shareholders, the chair or explain to you that you can find this report in your documents and it follows the reversion policy that was adopted last year. As for the personnel and Remuneration Committee, the task is to make sure that commerce remuneration company's values and support strategy implementation and also drives long-term success. And it's also a competitive and fair. And as for 2025, highlights, you already heard about that. And this company indeed continued the successful performance. Profitability improved, and also the comparable operating profit was 12.8%. And you can read this remuneration report that the share price also continued to increase. It also had linked to remuneration. We did not deviate at all from the renovation policy, which is a good thing to note. So first, remuneration of the Board of Directors. And the remain of the Board consists mainly of annual fees. And since 2025, the was being supplemented with a meeting fee that's paid for each Board or committee meeting. Good to note also that the annual fees, so 40% of them were being paid in Kalmar shares. And the remuneration can be found from this table, and I will not go through the remuneration, maybe draw your attention to that here, again, no deviation from the reversion policy. The task for the Board of Directors is to also to CEO and also the remuneration of the CEO. And first of all, this year remuneration had no changes remuneration of the CEO in Kalmar, as for many other listed companies is based on 3 elements. You have the base salary, we have short term and then long-term remuneration. And as you have a look at 2025, the CEO got generation based on base salary and short-term incentive plan. The CEO started 2024. So therefore, it's not yet eligible for this previous long-term plan in 2025, that year we went through also Kalmar's share-based incentive plan. And first of all, it has not been changed. It is now for 3 years and the performance share plan supports entirely the proposed strategy that you have just heard a few times already today in this event. And at the same time, long-term value creation is there. It also includes sustainability criteria and the went well through sustainability and relevance and importance to the company, and therefore, we now have 20% wet within these indicators. So this long-term incentive program is based on absolute total shareholder return and service revenue growth, and again, growth element is here because it is very, very important for us in the future. We also need to get the services segment on growth path as part of the sales of the company. And also to a lower extent, we also have other indicators related to stability, such as CO2 emission reduction. And also one element here is increasing the share of women in senior and leadership positions.

So this was a brief explanation of the highlights of the rem report. Thank you. Any questions related to report or any requests for the floor? We have the person still on stage. Nobody is asking for the floor. In that case, [indiscernible] than you, You can leave the stage. We already to adopt the remuneration report. And according to Comsat, this is an advisory solution. Nobody is asking for the floor. In that case, we have now adopted the rem report for 2025. Now next, we have 3 items that are related to the Board of Directors. First, item 11, and actually, we will go through 3 items. And we have a proposal related to this by the shareholders lamination Board. So first, the remuneration, then the number and the proposition of the Board. But before we move to these actual items, I will ask to the stage, Chair of the Shareholders' Nomination Board at Helen, who will be presenting to us operations of the Board but also who are the members of the Shareholders of Remuneration Board. So Helen, please take the floor.

Good afternoon to the Annual General Meeting. I'm Hek Hedlin, and I have been in Kalmar, Chair of the Shareholders Nomination Board. And in this antral meeting, I represent 1 of the biggest shareholders of Kalmar, which is Maria. The Innovation Board is responsible for preparing proposals for the media regarding the election and remuneration of the members and also remuneration of the committees. The names Board also is responsible for ensuring that the Board and members have sufficient expertise, knowledge and skills to the opportunity to give sufficient time to perform their duties. And furthermore, the Nomination Board is also responsible for searching successor candidates for the members of the Board of Directors. The Nomination Board consists of 4 members and the members are appointed this way. So the 2 largest owners of class shares have each right to .1 member. It's to lagers B shares have the right to appoint 1 member. And during this past term, the Nomination Board have the follow composition. So that's Belleli from Vipul and Varaldo appointed by that company, me representing Marita, and Investment Director, Timonen, to Mutual Woolton Fund, Varma and also major Director, Mikko Morpol, representing mutual pension fund, I Marine. And in addition, the Chair of the Board, El grain the meetings as an expert and Camerons Bona was the Secretary of the Nomination Board. And mines the measure Board convened 4 times during this term, the task of the emission Board was also a success a candidate for the outgoing Board member, and we used an external consolidated company to do this. And according to the good covenants, the composition of the Board must be diverse, independent and professional in order to be effectively to oversee the company's interest. The members must have sufficient expertise, experience and also time to perform the task. So the Nomination Board assessed that the current Board meets this criteria. However, we want also as for the future of the company to strengthen the Board's -- it's our expertise to support Kalmar's expansion and growth. The automation Board's proposal to the meeting were published end of January 2026. I want to thank you all, and thank you, the Nomination Board for the current term, and I would like to also be half of the entire shareholders domination Board, thank the outgoing board member that is a for an interest of Kalmar, the Board. And next, I would like to kindly ask the Chair of the Board of this annual meeting, [indiscernible] the proposals by the Nomination. So Rikka, please.

Thank you. Thank you, HK Hellen. So now this is Item 11 of the agenda, that is on the mention it's very small print. I can't see the screen myself but do you find this information in the notice and in the meeting materials. So fixed annual fees, and you see there's increase proposed the Board and the Board and members of board, each have their own amounts indicated here. And then committees members, fixed additional fees. You can see that on the screen as well. and also meeting fees are indicated. And according to which country is a physical meeting or online meeting, there are different amounts of euros explained. And so far, so 40% of the fixed annual fee will be paid in company shares, and travel expenses and others will be reimbursed according to the company's policy. Any questions related to this or any comments. In that case, we can decide the remuneration is adopted as proposed. Next item is #12. This is a resolution on the number of the Board of Directors and members. So according to our seat from 5% to 10%. Currently, the number is and the and shareholders Nomination Board proposes 8 members. Any questions or comments in relation to this item? In that case, we adopt that number as proposed gotten. Then item 3, election of the members of the Board of Directors, the mandate will end at the end of next AGM, and the proposed members nominees can be seen here, we elected a solar in from [indiscernible] a new nominee Cartier, as the member of the Board. And you can see [indiscernible] presentation on the screen. She is also here and can briefly present herself to the them to the AMG.

Dear shareholders. My name is [indiscernible] older Science and Engineering and MBA, I have more than 25 years of international experience in industrial companies in technology and pharmaceutical field. I was met Human Resources Director for 5 years. And this month, I started as McGregor's Chief Human Resources Officer. And at [indiscernible] , I was in a leadership role. As a Board member, I bring in strategic experience for strategic human resources, management, management skills and skills development in an international even. Thank you.

Thank you very much, [indiscernible] to embed. So all nominees are here, and we have received their consent, and they are independent from the company and from significant shareholders. There's also a recommendation that order, what we elect as its chair is all customer to inform. Are there any comments or questions on this proposal. The AGM has decided to elect the Board on the basis of the proposal. And then resolution on the remuneration of the auditor and the sustainability reporting assurance provider. This is about the -- and there is a proposal on the basis of the audit and risk management committee's recommendation, they propose that the fees paid in accordance with invoices approved by the company. Are there any comments or questions on this proposal? So decided on the basis of this proposal. Then item 15, election of the auditor and the sustainability reporting assurance provider. According to the same committee, the propose that the auditing firm Ernst & Young be reelected as the company's auditor for the term ending at the close of the 2027 AGM. Ernst & Young has informed the company that Kristina Sandin, APA would serve as the lead auditor if they are elected. And then also for the sustainability assurance provide young East assurance provider and they should be reelected and APA and Kristina Sandin, would be the lead sustainability reporting assurance provider. Are there any comments or questions on this proposal? So confirmed we have resolved to appoint the auditor. And then Item 16, authorizing the Board to decide on repurchase and/or the acceptance split of company's own shares. This is the same content which was adopted in last year's Annual General Meeting on the basis of maximum of million of company shares may be acquired and 952,000 shares and maximum of 400,000 shares. 10% of Series B shares, also a targeted acquisition and acceptors as split is possible. So this is in your documentation, this proposal. Are there any comments or questions? Now the AGM has resolved authorization on the basis of the proposal. And then Item 17, authorizing you decide on the issues of sales as well as the issues of option rights and other special rights entitling to shares, similar content as the previous 1 about 10%, and the content is the same as what was adopted last year. This gives an authorization for targeted issuance on the basis of a significant financial reason. And you can see the proposal here in full, it's also included in your documentation. Are there any comments or questions? Shareholder Tammi would like to ask.

Thank you, Madam Chair. I would like to ask, since you talk about these option programs, does the company at the moment, have a valid auction share program.

My understanding is that now I see shaking of head. So no, we do not have such a program, authorization is usually covering also options and special prevility. So the reserve is there. However, current program is not imposed. Thank you. Any other questions? So we have resolved to authorize this on the basis of proposal. And then Item 18 authorizing the Board to decide on donations. And here, the proposal is that the Board is authorized to decide on a maximum of EUR 200,000 for University Incorporation charity or other similar purposes one or more installments and the Board authorization. Now some conditions are here, and this is similar to the content as we had last year. Are there any comments or questions? We resolved to authorize this on the basis of the proposal. Then finally, Item 19 all the items listed in the notice of the meeting have been addressed. It is noted that the resolutions passed at the general meeting were supported by all shareholders present and voting instructions are included in the minutes. The minutes will be available to shareholders on the company's website no later than 2 weeks from today, a bit earlier at the latest April 14. Thank you very much. I would like to declare the meeting adjourned. It is now 17:10. Thank you very much. Have very nice and a wonderful stream. [Statements in English on this transcript were spoken by an interpreter present on the live call.