- The presentation summarizes Husqvarna's Q2 2014 results, noting strong demand across forest and garden segments but decreasing growth rates. Operating income for the group was up 35% and the net debt to equity ratio improved. - Husqvarna announced a new brand-driven organization to be implemented in January 2015 in order to better focus on customer needs and drive further differentiation in its business models. Key brands will become separate divisions. - An accelerated improvement program aims to achieve a 10% operating margin by 2015 and has supported results improvement through cost reductions and prioritized product sales.

1. Q2 2014 Results presentation

2. Summary Q2 2014
2
• Strong second quarter and first half year for forest and garden
– All in all continued strong demand, however, decreasing growth rates
– Favorable April weather in Europe vs. last year
– Challenging spring and early summer conditions in North America
• Accelerated Improvement Program strongly supports results improvement
– Direct material cost reductions
– Sales in prioritized product areas
– Turn around U.S.
• Continued profitable growth for Construction
• Operating income for the Group up 35% to SEK 1,384m (1,022)
• Net debt/equity ratio improved to 0.60 (0.75)
• New brand driven organization
effective as of January 1, 2015

3. 3
Financial highlights, Group
Q2 2014
• Sales increased 7% (FX adjusted)
+ Higher for all business areas
• EBIT rose 35%, margin improved 2.5pp
+ Volume increase
+ Reduction of direct material costs
+ Improved productivity
• Improved solvency ratios
SEKm
Q2
2014
Q2
2013
As
reported Adjusted
1
Jan-Jun
2014
Jan-Jun
2013
As
reported Adjusted
1
LTM
2
FY
2013
Net sales, Group 11,045 10,227 8 7 20,730 19,251 8 7 31,786 30,307
Gross margin 31.1 28.3 - - 28.9 26.8 - - 27.5 26.5
EBIT 1,384 1,022 35 34 2,287 1,710 34 33 2,185 1,608
EBIT margin, % 12.5 10.0 - - 11.0 8.9 - - 6.9 5.3
1
Adjusted for currency translation effects and items affecting comparability. 2
Last 12 months.
% change, Q2 % change, H1

4. 4
Europe & Asia/Pacific
Q2 2014
• Sales increased 10% (FX adjusted)
+ Growth in select product priority areas
+ Dealer channel
+ Favorable weather conditions
• EBIT rose 38% and margin improved 3.6pp
+ Higher volume and favorable mix
+ Reduction of direct material costs
+ Improved productivity
+ FX impact SEK +30m
SEKm
Q2
2014
Q2
2013
As
reported Adjusted
1
Jan-Jun
2014
Jan-Jun
2013
As
reported Adjusted
1
LTM
2
FY
2013
Net sales 5,767 5,148 12 10 10,101 9,233 9 8 15,604 14,736
EBIT 1,101 800 38 36 1,770 1,350 31 29 1,908 1,488
EBIT margin, % 19.1 15.5 - - 17.5 14.6 - - 12.2 10.1
1
Adjusted for currency translation effects and items affecting comparability. 2
Last 12 months.
% change, Q2 % change, 6M

5. 5
Americas
Q2 2014
• Sales increased 4% (FX adjusted)
+ Double digit growth in dealer channel
– Slowdown in retail channel following
- relatively high ingoing inventory stock levels
- unfavorable weather first half of quarter in N.A.
• Continued profitability improvement
+ Direct material cost reductions
+ Improved productivity
+ Product and sales channel mix
– FX headwind SEK -26m
SEKm
Q2
2014
Q2
2013
As
reported Adjusted
1
Jan-Jun
2014
Jan-Jun
2013
As
reported Adjusted
1
LTM
2
FY
2013
Net sales 4,393 4,264 3 4 8,962 8,497 5 6 13,036 12,571
EBIT 220 156 41 43 438 298 47 51 170 30
EBIT margin, % 5.0 3.7 - - 4.9 3.5 - - 1.3 0.2
1
Adjusted for currency translation effects and items affecting comparability. 2
Last 12 months.
% change, Q2 % change, 6M

6. 6
Construction
Q2 2014
• Sales increased 8% (FX adjusted)
+ Positive development in all regions
+ Continued strong growth in Brazil
+ New product range for HF products, Prime™,
now introduced in North America
• Strong EBIT and margin development
+ Volume increase
+ Fixed cost leverage
– FX headwind SEK -8m
SEKm
Q2
2014
Q2
2013
As
reported Adjusted
1
Jan-Jun
2014
Jan-Jun
2013
As
reported Adjusted
1
LTM
2
FY
2013
Net sales 885 815 8 8 1,667 1,521 10 9 3,146 3,000
EBIT 121 100 21 21 198 146 36 36 329 277
EBIT margin, % 13.7 12.3 - - 11.9 9.6 - - 10.5 9.2
1
Adjusted for currency translation effects and items affecting comparability. 2
Last 12 months.
% change, Q2 % change, 6M

7. 7
Consolidated income statement
SEKm
Q2
2014
Q2
2013
Jan-Jun
2014
Jan-Jun
2013
FY
2013
Net sales 11,045 10,227 20,730 19,251 30,307
Cost of goods sold -7,609 -7,333 -14,742 -14,085 -22,288
Gross operating income 3,436 2,894 5,988 5,166 8,019
Margin, % 31.1 28.3 28.9 26.8 26.5
Selling expense -1,714 -1,550 -3,038 -2,819 -5,148
Administrative expense -351 -322 -676 -633 -1,260
Other operating income/expense 13 0 13 -4 -3
Operating income
1
1,384 1,022 2,287 1,710 1,608
Margin, % 12.5 10.0 11.0 8.9 5.3
Financial items, net -110 -106 -206 -192 -428
Income after financial items 1,274 916 2,081 1,518 1,180
Margin, % 11.5 9.0 10.0 7.9 3.9
Income tax -299 -255 -490 -390 -264
Income for the period 975 661 1,591 1,128 916
Basic earnings per share, SEK 1.70 1.15 2.77 1.96 1.60
Diluted earnings per share, SEK 1.70 1.15 2.77 1.96 1.60
1
Of which depreciation, amortization and
impairment
-238 -243 -469 -490 -978

8. Gross margin development
8LTM = Last twelve months
30.3%
29.5%
27.0%
28.9%
27.7% 27.8%
26.7%
28.7%
27.7%
25.2% 25.2%
28.3%
26.3%
25.1%
26.3%
31.1%
20%
23%
26%
29%
32%
20%
25%
30%
35%
40%
Q32010
Q42010
Q12011
Q22011
Q32011
Q42011
Q12012
Q22012
Q32012
Q42012
Q12013
Q22013
Q32013
Q42013
Q12014
Q22014
LTMQuarter
Gross profit margin, % Q
Gross profit margin, % LTM

9. 9
Consolidated balance sheet
SEKm
30 Jun
2014
30 Jun
2013
Non-current assets 15,018 14,420
Inventories 6,945 6,678
Trade receivables 6,457 6,467
Other current assets 716 823
Liquid funds 2,330 1,940
Total assets 31,466 30,328
Total equity 12,576 11,614
Interest-bearing liabilities 8,525 9,209
Pension liabilities 1,408 1,464
Provisions 2,412 2,372
Trade payables 3,686 2,903
Other current liabilities 2,859 2,766
Total equity and liabilities 31,466 30,328

10. 10
Operating cash flow
2014 YTD vs. 2013 YTD: Improvement in operating cash flow
driven mainly by the higher result
-4,000
-3,000
-2,000
-1,000
0
1,000
2,000
3,000
Q1 Q2 Q3 Q4
SEKm
2014
2013
2012
2011

11. 11
Net debt and equity
0.00
0.30
0.60
0.90
1.20
1.50
1.80
2.10
2.40
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
2010Q2
2010Q3
2010Q4
2011Q1
2011Q2
2011Q3
2011Q4
2012Q1
2012Q2
2012Q3
2012Q4
2013Q1
2013Q2
2013Q3
2013Q4
2014Q1
2014Q2
Net Debt / EquitySEKm
Net debt
Equity
Net debt / equity

12. 12
Key figures
Q2
2014
Q2
2013
Jan-Jun
2014
Jan-Jun
2013
FY
2013
Net sales, SEKm 11,045 10,227 20,730 19,251 30,307
Gross margin, % 31 28 29 27 27
Operating income, SEKm 1,384 1,022 2,287 1,710 1,608
Operating margin, % 12.5 10.0 11.0 8.9 5.3
Working capital, SEKm 6,431 7,179 6,431 7,179 4,885
Return on capital employed, % - - 10.6 5.9 7.7
Return on equity, % - - 11.8 6.5 8.1
Earnings per share, SEK 1.70 1.15 2.77 1.96 1.60
Capital-turnover rate, times - - 1.7 1.5 1.6
Operating cash flow, SEKm 2,282 1,915 322 129 1,813
Net debt/equity ratio - - 0.60 0.75 0.58
Capital expenditure, SEKm 295 232 588 435 1,078
Average number of employees 16,128 14,773 15,714 15,164 14,156

13. Summary Q2 2014
13
• Strong second quarter and first half year for forest and garden
– All in all continued strong demand, however, decreasing growth rates
– Favorable April weather in Europe vs. last year
– Challenging spring and early summer conditions in North America
• Accelerated Improvement Program strongly supports results improvement
• Continued profitable growth for Construction
• Operating income for the Group up 35% to SEK 1,384m (1,022)
• Net debt/equity ratio improved to 0.60 (0.75)
• New brand driven organization effective as of January 1, 2015
• From a demand perspective the third
quarter may be more challenging in terms
of comparison with prior year, as 2013
benefitted from a favorable garden season

14. 1. Focus on core brands and profit pools
2. Dealer and retail business model differentiation
3. Further measures to turn-around U.S.
4. Operational Excellence
5. Emerging markets growth
Accelerated improvement program for 10% margin
– Finalized 2015 with full impact 2016
14
Core brands
Product leadership positions
Profit pools
P&A

15. New organization – why
• To reach the full potential of our market leadership, we see a need to take
further steps to differentiate our business models.
• Competitiveness depends on ability to drive and respond to customer needs. In
our situation, we see that the brands distinctly represents the different business
models.
• A brand based organization will in our case
– Be the vehicle to focus on distinct and different end customers with different needs
– Further develop the brand equity and recognition. Construction is a good example of
this.
• The Accelerated Improvement Program (AIP)
will remain a top priority. It will be
governed by a PMO set-up
reporting directly to the CEO.
15

16. The four divisions as of January 1, 2015
Husqvarna
• 52% of Group sales
• Dealer channel centric
• Professionals and
demanding consumers
Gardena
• 13% of Group sales
• Retail channel centric
• ”Must have” position
in mobile watering
Consumer Brands
• 25% of Group sales
• Cost efficiency and
scale
Three differentiated Global divisions for
forest and garden operations
Construction
unchanged
Construction
• 10% of Group sales
• Division remains as is,
not impacted by the
organizational change
• Professional customers
in global construction
and stone industries

17. Husqvarna Group as of Jan. 1, 2015
Sofia AxelssonPer Ericson
Olle Wallén
Ulf Liljedahl Pär Åström
Henric Andersson
Kai Wärn, President & CEO
Legal Affairs Technology Office
Finance, IT, IR Business Development
Group
Operations
Valentin
Dahlhaus
Consumer
Brands
Alan
Shaw
Construction
Anders
Ströby
Husqvarna
Pavel
Hajman
Gardena
Sascha
Menges
People & Org, Comms. Branding & Marketing
= Divisions in external
segment reporting
= to capture Group
synergies
Program Office AIP Francesco Franzé
Strategic sales Frida Norrbom Sams
17

18. Capital Market Day; September 25, 2014
1818
• Program starts at 10:00, concludes with dinner
• Location; Huskvarna, Sweden
• Topics will include
– Accelerated Improvement Program
– Direction 2020
– New organization
• Product event
• Register at www.husqvarnagroup.com/en/cmd-2014

19. www.husqvarnagroup.com
19

20. Factors affecting forward-looking statements
20
This presentation contains forward-looking statements that reflect management’s current
views with respect to certain future events and potential financial performance. Although
Husqvarna believes that the expectations reflected in such forward looking statements are
reasonable, no assurance can be given that such expectations will prove to have been
correct. Accordingly, results could differ materially from those set out in the forward-looking
statements as a result of various factors.
Important factors that may cause such a difference for Husqvarna include, but are not
limited to: (i) the macroeconomic development, (ii) change in the competitive climate and
(iii) change in interest rate level.
This presentation does not imply that Husqvarna has undertaken to revise these forward-
looking statements, beyond what is required by applicable law or applicable stock
exchange regulations if and when circumstances arise that will lead to changes compared
to the date when these statements were provided.