Ramirent's Half Year Financial Report 2016

4 AUGUST2016
MAGNUSROSÉN,PRESIDENTANDCEO
PIERREBRORSSON,CFO
Strongsales growth,
comparable EBITA
increased slightly
HalfYearFinancialReport2016

• Group performance
• Segment review
• Market outlook
• Key figures
• Financial position
• Appendices
Agenda
4/8/2016 Half Year Financial Report 20162

3
• Net sales169.4 (159.4)MEURup by 6.3%or
8.2%atcomparable exchangerates
• EBITA16.61) (21.02))MEURor9.8%1)
(13.2%2))ofnet sales
• Comparable EBITA17.5(17.2)MEURor
10.3%(10.8%)ofnetsales
• Grosscapex 60.1 (46.8)MEUR
• Cashflowafter investments-23.7 (-22.3)
MEUR
• EPS0.08 (0.12)EUR
HighlightsQ22016–Atcomparableexchangerates,netsales
increasedinallsegments,exceptforEuropeEast
1) Items affecting comparability included the derecognition of a contingent consideration liability, EUR
0.3 million, and costs of EUR 1.2 million relating to the change of President and CEO.
2) The comparison period included derecognition of a contingent consideration liability, EUR 3.8
million, connected to the acquisition of weather shelter and scaffolding company DCC in 2014

4
• Netsales315.4(300.0)MEURupby5.1%or7.0%
atcomparable exchangerates
• EBITA23.8(25.2)MEURor7.6%(8.4%)of net
sales
• ComparableEBITA24.8(21.3)MEURor7.9%
(7.1%)ofnetsales
• Returnonequity12.6%(11.5%)
• Returnoncapital employed9.0%(9.8%)
• Grosscapex100.5(65.0)MEUR
• Cashflowafterinvestments-30.5(-21.4)MEUR
• EPS0.11(0.12)EUR
• NetdebttoEBITDA2.1x(1.8x)
Highlights H12016:SaleshigherandreportedEBITAslightly
lowercomparedtopreviousyear

• Deepenedcooperationwith
SkanskaMaskinthroughafive-
yearrentalcooperationagreement
• Firstcooperationagreementin
Swedenwassignedin2014
• Theexpanded agreement
improves availabilityofmachines
forbothcompanies’customersin
Sweden.Inconjunctionwiththe
agreement,Ramirentalsosoldits
stockoflargertowercranesin
SwedentoSkanskaMaskin
5
• Ramirent’sfirstframeagreementever
withJMinSweden
• Thethree-yearagreementcovers
mostofRamirent’sproductgroups
andincludesanoptionfor
prolongation
• JMisoneoftheleadingdevelopersof
housingandresidentialareasinthe
Nordicregion
ImportantnewrentalagreementswithlargeNordic
constructioncompanies
• Amulti-yearpartnershipagreement
forYIT’sTriplaproject,whichis
currentlyoneofthelargest
constructionsitesinFinland
• Offeringincludesequipmentrental,
controlsystems,logistics,transport
planningandcontrol,scaffoldingand
weathercovers, planningand
managingtidyoperationsanddust
control,chemicalsmanagementand
providingtrainingservices

Salesgrowthcontinuedinthesecondquarter
SECOND-QUARTERNETSALES(MEUR)
6 4/8/2016 Half Year Financial Report 2016
159.4
169.4
0
20
40
60
80
100
120
140
160
180
200
Q2
2015
Q2
2016
300.0
315.4
0
40
80
120
160
200
240
280
320
360
1-6
2015
1-6
2016
FIRST-HALFNET SALES(MEUR)
Up by 6.3% or 8.2%
at comparable
exchange rates
Up by 5.1% or 7.0%
at comparable
exchange rates

REPORTED EBITAQ2 16 (MEURAND% NETSALES)
21.01)
16.62)
13.2%
9.8%
0%
2%
4%
6%
8%
10%
12%
14%
0
2
4
6
8
10
12
14
16
18
20
22
24
Q2
2015
Q2
2016
ComparableEBITAincreasedslightlyinthesecondquarter
COMPARABLEEBITAQ2 16 (MEURAND% NET SALES)
17.2 17.5
10.8% 10.3%
0%
2%
4%
6%
8%
10%
12%
14%
0
2
4
6
8
10
12
14
16
18
20
22
24
Q2
2015
Q2
2016
1) Includes positive impact from derecognition of a contingent consideration liability of EUR 3.8 million from an acquisition in 2014
2) Includes positive impact from derecognition of a contingent consideration liability of EUR 0.3 million and costs of EUR 1.2 million
relating to the change of the President and CEO

REPORTED EBITAH1 16 (MEURAND% NETSALES)
25.21)
23.82)
8.4%
7.6%
0%
2%
4%
6%
8%
10%
12%
0
2
4
6
8
10
12
14
16
18
20
22
24
26
28
H1
2015
H1
2016
EBITAmargindeclinedslightlyinthefirsthalfoftheyear
COMPARABLEEBITAH116 (MEURAND% NET SALES)
21.3
24.8
7.1%
7.9%
0%
2%
4%
6%
8%
10%
12%
0
2
4
6
8
10
12
14
16
18
20
22
24
26
28
H1
2015
H1
2016
1) Includes positive impact from derecognition of a contingent consideration liability of EUR 3.8 million from an acquisition made in 2014
2) Includes positive impact from derecognition of a contingent consideration liability of EUR 0.3 million and costs of EUR 1.2 million
relating to the change of the President and CEO

Alllong-termfinancialtargetsweremetattheendof
thesecondquarter
*Rolling 12 months net sales growth at comparable exchange rates was above
FY2016 growth target of 4.3% (2.0%-points + 2.3% estimated GDP growth for
2016)
Source: Average of GDP estimates from SEB 6/2016, SHB 6/2016, OP 5/2016 and EC 6/2016

Segmentreview

HIGHLIGHTSQ2 16
Finland:Double-digit salesgrowthandimproved
profitability
NETSALES
KEY FIGURES PROFITABILITY
• InGeneralRental,demand forequipment rentalwas
drivenbyrecoveryinresidentialconstructionand
ongoinglarge non-residential constructionprojects
• InSolutions,strongdemand intheindustrialsector
fuelledsales growth
• EBITA improved based on strongsales growth
0
10
20
30
40
50
Q1
2013
Q2 Q3 Q4 Q1
2014
Q2 Q3 Q4 Q1
2015
Q2 Q3 Q4 Q1
2016
Q2
Net sales up by
15.0%
11
0%
5%
10%
15%
20%
25%
30%
Q1
2013
Q2 Q3 Q4 Q1
2014
Q2 Q3 Q4 Q1
2015
Q2 Q3 Q4 Q1
2016
Q2
EBITA-margin (%) ROCE (%) R12
Finland 4–6/16 4–6/15 Change 1–6/16 1–6/15 Change
Net sales 45.3 39.4 15.0% 83.4 71.5 16.8%
EBITA 6.41) 4.5 42.6% 9.31) 5.3 76.4%
% of net sales 14.0%1) 11.3% 11.1%1) 7.4%
Capital employed 128.0 117.2 9.2%
ROCE (%) 2) 19.4% 12.9%
Personnel (FTE) 508 482 5.4%
Customer
centres
55 59 −6.8%
1) EBITA included the derecognition of a contingent consideration liability. The amount, EUR 0.3
million was recognised in other operating income. Comparable EBITA for the second quarter 2016
was EUR 6.1 million or 13.4% of net sales and for January-June 2016 EUR 9.0 million or 10.8% of net
sales.
2) Rolling 12 months

HIGHLIGHTSQ2 16
Sweden:SalesgrewinallBusinessAreas,EBITAimproved
towardstheendofthequarter
NETSALES
• Salesdeveloped favourablyinallbusiness areas
supportedby highconstructionactivity
• Importantnew agreements signed withJM AB and
Skanska Maskin ABinSweden
• Comparable EBITA was unsatisfactoryand impairedby
relocationofa major HubinStockholm,increased
provisions forcreditlosses andslower thanexpected
realisationofprice increases
0%
5%
10%
15%
20%
25%
Q1
2013
Q2 Q3 Q4 Q1
2014
Q2 Q3 Q4 Q1
2015
Q2 Q3 Q4 Q1
2016
Q2
0
10
20
30
40
50
60
70
Q1
2013
Q2 Q3 Q4 Q1
2014
Q2 Q3 Q4 Q1
2015
Q2 Q3 Q4 Q1
2016
Q2
12
1) The comparison period included derecognition of a contingent consideration liability amounting
EUR 3.8 million. Second-quarter 2015 comparable EBITA was EUR 8.3 million or 14.6% of net sales.
Comparable EBITA in January-June 2015 was EUR 13.4 million or 12.4% of net sales.
Net sales up by
9.3% or by 9.0% at
comparable
exchange rates
Sweden 4–6/16 4–6/15 Change 1–6/16 1–6/15 Change
Net sales 62.1 56.8 9.3% 115.8 107.8 7.4%
EBITA 8.8 12.11) −27.7% 13.2 17.21) −23.6%
% of net sales 14.1% 21.4%1) 11.4% 16.0%1)
ROCE (%) 2) 12.5% 17.9%
Customer
centres
78 80 −2.5%

HIGHLIGHTSQ2 16 NETSALES
• InGeneralRental,sales were supportedby small and
mediumsized constructionprojectsaroundthecountry
• InTemporary Space,activityimproved inthepublicsector
butdue tocontinuedlow demand intheoilandgassector
some excessfleetwas re-allocatedtoSweden
• EBITA decreased mainlyduetolowersales and
profitabilityinTemporary Space
0%
5%
10%
15%
20%
25%
Q1
2013
Q2 Q3 Q4 Q1
2014
Q2 Q3 Q4 Q1
2015
Q2 Q3 Q4 Q1
2016
Q2
0
5
10
15
20
25
30
35
40
45
Q1
2013
Q2 Q3 Q4 Q1
2014
Q2 Q3 Q4 Q1
2015
Q2 Q3 Q4 Q1
2016
Q2
Net sales down by
3.5% but up by
5.1% at comparable
exchange rates
13
Norway:ActivityimprovedinGeneralRentaldespite
weakoverallmarketconditions
Norway 4–6/16 4–6/15 Change 1–6/16 1–6/15 Change
Net sales 29.9 31.0 −3.5% 57.8 62.0 −6.9%
EBITA 1.9 2.9 −34.9% 3.2 3.9 −17.4%
% of net sales 6.3% 9.4% 5.6% 6.3%
Capital employed 128.6 134.1 −4.1%
ROCE (%) 1) 3.0% 6.7%
Personnel (FTE) 398 413 −3.5%
Customer
centres
41 43 −4.7%

HIGHLIGHTSQ2 16
Denmark:Continuedimprovementinsalesandprofit
NETSALES
• InGeneralRental,demand continuedtoimprove
supportedby highactivityinresidential constructionand
renovationespeciallyinthelargecities
• ThecontinuedEBITA improvement was drivenbysales
growthandacontinuedfocuson costcontrol
-25%
-20%
-15%
-10%
-5%
0%
5%
10%
15%
Q1
2013
Q2 Q3 Q4 Q1
2014
Q2 Q3 Q4 Q1
2015
Q2 Q3 Q4 Q1
2016
Q2
Net sales increased
by 1.4% or by 1.1%
at comparable
exchange rates
14
0
2
4
6
8
10
12
14
Q1
2013
Q2 Q3 Q4 Q1
2014
Q2 Q3 Q4 Q1
2015
Q2 Q3 Q4 Q1
2016
Q2
Denmark 4–6/16 4–6/15 Change 1–6/16 1–6/15 Change
Net sales 10.8 10.6 1.4% 21.1 20.0 5.7%
EBITA 0.5 0.3 56.3% 0.9 −1.1 n/a
% of net sales 4.3% 2.8% 4.2% −5.4%
ROCE (%) 1) 6.3% −9.0%
Personnel (FTE) 142 151 −6.0%
Customer
centres
13 15 −13.3%

HIGHLIGHTSQ2 16
EuropeEast:StabledevelopmentinEstonia,price
pressurecontinuedinLatvia
NETSALES(THE BALTICS)
KEY FIGURES PROFITABILITY(THEBALTICS)
• Thedevelopment was stable inEstonia whilesales were
affectedbya lack ofnew large projectsin theLatvianmarket
andincreased competitionintheLithuanianmarket
• EBITA decreased primarilyduetolower sales andprice
pressure intheLatvianmarket
• FortrentGroup:Despite challengingmarket conditions,
profitabilityimproved as a resultofcostreductionmeasures
andprice increases intheRussian market
0
2
4
6
8
10
12
Q1
2013
Q2 Q3 Q4 Q1
2014
Q2 Q3 Q4 Q1
2015
Q2 Q3 Q4 Q1
2016
Q2
Net sales
decreased by
2.1%
-5%
0%
5%
10%
15%
20%
25%
30%
35%
Q1
2013
Q2 Q3 Q4 Q1
2014
Q2 Q3 Q4 Q1
2015
Q2 Q3 Q4 Q1
2016
Q2
Baltics EBITA-margin (%) Baltics ROCE (%) R12
Europe East 4–6/16 4–6/15 Change 1–6/16 1–6/15 Change
Net sales 8.4 8.5 −2.1% 15.0 15.1 −0.5%
EBITA 1.4 1.7 −17.8% 1.3 1.9 −31.3%
% of net sales 17.2% 20.4% 8.5% 12.4%
ROCE (%) 1) 12.1% 13.4%
Customer
centres
44 43 2.3%
Fortrent Group’s second–quarter EBITA amounted to EUR 0.6 (0.3) million. The second–quarter EBITA margin
improved to 8.0% (3.1%) of net sales. The net result was EUR 0.3 (0.2) million of which Ramirent's share was
50%.

HIGHLIGHTSQ2 16
EuropeCentral:StabledemandinPolandbutlower
marketactivityinCzechRepublicandSlovakia
NETSALES
• InGeneralRental,demand pickedupinPoland
• InSolutions,demandwas supportedbyprojectsinthe
Polish industrysector
• LowervolumesintheCzechRepublic andSlovakia
impactednegativelyonEBITA
-25%
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
Q1
2013
Q2 Q3 Q4 Q1
2014
Q2 Q3 Q4 Q1
2015
Q2 Q3 Q4 Q1
2016
Q2
16
0
2
4
6
8
10
12
14
16
18
Q1
2013
Q2 Q3 Q4 Q1
2014
Q2 Q3 Q4 Q1
2015
Q2 Q3 Q4 Q1
2016
Q2
Net sales down by
2.0% or up by 2.6% at
comparable exchange
rates
Europe
Central
4–6/16 4–6/15 Change 1–6/16 1–6/15 Change
Net sales 13.4 13.7 −2.0% 24.7 24.7 0.0%
EBITA 0.7 0.9 −21.7% −0.1 0.3 n/a
% of net sales 5.0% 6.2% −0.4% 1.2%
ROCE (%) 1) 5.0% 4.2%
Customer
centres
56 55 1.8%

Marketoutlook

Ramirentexpectsdemandforequipmentrentaltogrowin
itsmainmarketsinH22016
GDP GROWTH ESTIMATESBY SEGMENTFOR 2016
RAMIRENT'SEXPECTATIONSON OVERALL DEMANDBY EQUIPMENT
RENTAL MARKET
18
Favourable
Stable
Challenging
1.0%
3.6%
1.1% 1.2%
2.6%
3.2%
0%
1%
2%
3%
4%
5%
6%
Finland Sweden Norway Denmark The
Baltics
Europe
Central
5.3%
3.5%
4.1%1)
1.8%
-0.5%
4.3%
-1%
0%
1%
2%
3%
4%
5%
6%
Finland Sweden Norway Denmark The
Baltics
Europe
Central
CONSTRUCTIONVOLUMEGROWTH BY SEGMENTFOR 2016
1) Driven largely by infrastructure construction which is expected to grow by 10.8% while building
construction is estimated to increase by 1.7% in 2016
Source: Euroconstruct 6/2016 and average of GDP estimates from SEB 6/2016, SHB 6/2016, OP 5/2016 and EC 6/2016

Ramirent outlookfor
2016unchanged
In 2016, Ramirent’s net sales in local
currencies and EBITA margin are
expected to increase from the level
in 2015.

Keyfigures

Allsegmentscontributedpositivelytosecond-quarterEBITA
Finland
26.7%
Sweden
36.5%
Norway
17.6%
Denmark
6.3%
Europe East –
Baltics 4.9%
Europe Central
7.9%
NET SALES BY SEGMENT Q2 16
Finland
31.4%
Sweden
45.5%
Norway
9.8%
Denmark
2.4%
Europe East –
Baltics 7.4%
Europe Central
3.5%
• Growing Nordic market
represented 87.2% of Ramirent's
net sales in the second quarter
COMPARABLE EBITA BY SEGMENT Q2 16
• All segments made positive
contributions to the second-quarter
EBITA

11.3%
14.6%
9.4%
2.8%
6.2%
13.4% 14.1%
6.3%
4.3%
15.5%
5.0%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
Finland Sweden Norway Denmark The Baltics Europe Central
Second-quartersalesgrowthaboveGDPgrowthin
Ramirent'slargestsegments
Q2 15 Q2 16
NETSALESGROWTH Q2 16 AT COMPARABLEFX. AND GDP GROWTH ESTIMATES
COMPARABLEEBITAMARGIN(%) Q2 16
9.0%
5.1%
1.1%
2.6%
1.0%
3.6%
1.1% 1.2%
2.6%
3.2%
-2%
2%
6%
10%
Finland Sweden Norway Denmark The Baltics Europe Central
-2.1%
Q2 16 sales
growth at
comparable fx.
GDP growth
FY2016E
15.0%
Source: Average of GDP estimates from SEB 6/2016, SHB 6/2016, OP 5/2016 and EC 6/2016
19.5%

GROSSPROFIT (MEUR)Q2 16
68.8%
66.0%
63.4% 63.1%
40%
45%
50%
55%
60%
65%
70%
75%
Q1
2013
Q2 Q3 Q4 Q1
2014
Q2 Q3 Q4 Q1
2015
Q2 Q3 Q4 Q1
2016
Q2
101.1
106.9
0
20
40
60
80
100
120
Q2 15 Q2 16
GROSSMARGIN(%) Q2 16
• Second–quarter gross margin on par with
previous year despite negative change in
sales mix
• Second-quarter gross profit increased to
106.9 (101.1) MEUR
23
Grossmarginonparwithpreviousyear–effortsto
improvecontrolofmaterialandservicescostscontinue

Reportedsecond-quarterEBITAlowery-o-ymainlydueto
anearn-outsettlementinthecomparisonperiod
EBITABRIDGE(MEUR) Q2 15 – Q2 16
21.0
1.9
-3.4
-1.0 0.2 -0.3 -0.2
-1.6
16.6
0
2
4
6
8
10
12
14
16
18
20
22
24
EBITA Q2
2015
Finland Sweden Norway Denmark Europe East Europe
Central
Items not
allocated to
segments
EBITA Q2
2016
11.3% 21.4% 9.4% 2.8% 20.4% 6.2%
14.0% 14.1% 6.3% 4.3% 17.2% 5.0%
EBITA margin Q2/2015
EBITA margin Q2/2016
Including 3.8 MEUR
derecognition of a
contingent
consideration liability
Strong sales growth
drove result
improvement
Lower sales and
profitability in
Temporary Space
Costs of 1.2 MEUR
relating to the
change of
President and CEO

FIXEDCOSTS (MEUR)AND% OF GROUP NETSALES
Fixedcostsimpactedbyorganisationaldevelopment
costsandone-offitems
• Second-quarter fixed
costs 65.5 (60.0) MEUR or
38.6% (37.6%) of net
sales
• Main items that increased
fixed costs were
relocation of a major hub
in Stockholm, increased
provisions for credit
losses and costs related to
change of President &
CEO (1.2 MEUR)
61.5
58.6 60.0
65.5
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
0
10
20
30
40
50
60
70
80
Q1
2013
Q2 Q3 Q4 Q1
2014
Q2 Q3 Q4 Q1
2015
Q2 Q3 Q4 Q1
2016
Q2

CUSTOMERCENTRESQ2 2016 PERSONNELQ2 2016
Personnelandcustomercentrenetworkattheendofthe
quarter
Group total:
2,760 (2,682)
55
(59)
44
(43)
56
(55)
78
(80)
13
(15)
41
(43)
10.5
6.9
9.2
10.2
0
2
4
6
8
10
12
14
16
Q3 15 Q4 15 Q1 16 Q2 16
WORK SAFETY (ACCIDENTSPER MILLIONWORKINGHOURS)
Total number of
customer centres at
the end of the
second quarter was
287 (295)
Finland
508 (+5%)
Sweden
792 (+2%)
Norway
398 (-4%)
Denmark
142 (-6%)
The Baltics
262 (+2%)
E. Central
497 (+2%)
Group
administration
158
(+37%)
Ramirent started to
disclose accident
frequency in interim
reports as of Q3 2015

EARNINGSPER SHARE
Second-quarterEPSdecreasedto0.08(0.12)
• Net financial items
decreased to -3.0 (-2.1)
MEUR in the second
quarter
• Second-quarter EBT
decreased to 11.1 (16.7)
MEUR
• Effective tax rate for the
Group was 21.2%
(20.5%) in the second
quarter
• Second-quarter result for
the period amounted to
8.8 (13.2) MEUR,
corresponding EPS of
0.08 (0.12)
27
0.11
0.07
0.12
0.08
0.00
0.02
0.04
0.06
0.08
0.10
0.12
0.14
0.16
0.18
0.20
Q1
2013
Q2 Q3 Q4 Q1
2014
Q2 Q3 Q4 Q1
2015
Q2 Q3 Q4 Q1
2016
Q2
(-0.00)

INVESTMENTSINMACHINERYAND EQUIPMENT(MEUR)AND% OF NET SALES
Capitalexpenditureincreasedtosupport organic
growthinallbusinessareas
• Second-quarter gross
capex 60.1 (46.8) MEUR or
35.5% (29.4%) of net sales
• Investments in machinery
and equipment increased
to 54.7 (44.5) MEUR or
32.3% (27.9%) of net sales
• Sales of used equipment
amounted to 6.6 (4.8)
MEUR
• Committed investments on
rental machinery
increased to 41.3 (25.2)
MEUR at the end of the
second quarter
28.0
29.5
44.5
54.7
0%
5%
10%
15%
20%
25%
30%
35%
40%
0
10
20
30
40
50
60
Q1
2013
Q2 Q3 Q4 Q1
2014
Q2 Q3 Q4 Q1
2015
Q2 Q3 Q4 Q1
2016
Q2
Investments in machinery and equipment Share of net sales-%

CASHFLOWAFTER INVESTMENTS(MEUR)
Strongoperativecashflowinthequarter–cashflowafter
investmentsimpactedbyhighercapex
• Second–quarter cash flow
from operations increased
to 35.9 (29.1) MEUR
• Cash flow from investing
activities amounted to
-59.6 (-51.4) MEUR in the
second quarter
• Second-quarter cash flow
after investments was
-23.7 (-22.3) MEUR
• Cash flow after
investments mainly
impacted by higher
second-quarter capital
expenditure
-5.2
-19.4
-22.3
-23.7
-30
-20
-10
0
10
20
30
40
Q1
2013
Q2 Q3 Q4 Q1
2014
Q2 Q3 Q4 Q1
2015
Q2 Q3 Q4 Q1
2016
Q2

Returnoncapitalemployedat9.0%(9.8%)
RETURN ON CAPITAL EMPLOYED%
9.8%
9.0%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
Q2 15 Q2 16
• TheGroup's second-quartercapitalemployed increased
by6.5% to641.5 (602.4) MEUR
RETURN ON CAPITAL EMPLOYED% ANDCAPITAL EMPLOYED(MEUR)
• Second-quarterROCE decreasedto9.0%(9.8%)
15.8%
10.3%
9.8%
9.0%
0%
5%
10%
15%
20%
25%
0
100
200
300
400
500
600
700
Q1
2013
Q2 Q3 Q4 Q1
2014
Q2 Q3 Q4 Q1
2015
Q2 Q3 Q4 Q1
2016
Q2

19.4%
12.5%
3.0%
6.3%
12.7%
5.0%
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
25%
Finland Sweden Norway Denmark The Baltics Central
Q1 15 Q2 15 Q3 15 Q4 15 Q1 16 Q2 16
RETURN ON CAPITAL EMPLOYED% (ROLLING12 MONTHS)
ROCEimprovedy-o-yinFinland,DenmarkandEurope
Central

ReturnonequityaboveRamirent'slong-termfinancial
target
RETURN ON EQUITY%
11.5%
12.6%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
Q2 15 Q2 16
• TheGroup's totalequityamountedto286.5 (303.6) atthe
endofthesecondquarter
• Equityper share was2.66 (2.81) attheofendofthe
second quarter
• Returnonequitywas 12.6% (11.5%), whichwas slightly
above Ramirent's long-termfinancialtargetof12% per
fiscalyear
ROE % ANDTOTAL EQUITY(MEUR)
19.3%
12.1%
11.5%
12.6%
0%
5%
10%
15%
20%
25%
0
50
100
150
200
250
300
350
400
Q1
2013
Q2 Q3 Q4 Q1
2014
Q2 Q3 Q4 Q1
2015
Q2 Q3 Q4 Q1
2016
Q2
32
Financial target:
Return on Equity
of 12% per fiscal
year

Financialposition

NetdebttoEBITDAratioincreasingaccordingtoplanand
remainsbelowlong-termfinancialtarget
NETDEBT (MEUR)
• NetdebttoEBITDA ratiowas 2.1x(1.8x)at theendofthe
second quarter,whichwas below Ramirent’s long-term
financialtargetofmaximum 2.5xattheendofeachfiscal
year
• Netdebtincreased by19.3% and amountedto354.4
(297.1) MEUR
NETDEBT TO EBITDARATIO
1.4x
1.2x
1.6x
1.8x
2.1x
0.0
0.5
1.0
1.5
2.0
2.5
3.0
Q1
2012
Q2 Q3 Q4 Q1
2013
Q2 Q3 Q4 Q1
2014
Q2 Q3 Q4 Q1
2015
Q2 Q3 Q4 Q1
2016
Q2
Financial target:
Net debt to EBITDA
below 2.5x at the
end of each fiscal
year
264.2
273.4
297.1
354.4
0
50
100
150
200
250
300
350
400
Q1
2013
Q2 Q3 Q4 Q1
2014
Q2 Q3 Q4 Q1
2015
Q2 Q3 Q4 Q1
2016
Q2

REPAYMENTSCHEDULEOF INTEREST-BEARINGLIABILITES(MEUR)
Debtmaturitystructurewasprolongedduringthe
secondquarter
• Ramirent had unused
committed back-up loan
facilities of 160.9 (118.1)
MEUR available at the end of
the second quarter
• Second-quarter average
interest rate of the loan
portfolio including interest
rate hedges was 2.2% (2.4%)
• Committed short-term credit
facility of 95 MEUR matures
in the second quarter of 2017
• In addition to bank facilities
and bond, Ramirent is
utilising a domestic
commercial paper
programme of up to 250
MEUR
95
100
145
175
2017 2018 2019 2020 2021
EUR 515.0 million in committed credit facilities
Net debt EUR 354.4 million
(Bond)

Forfurtherinformation

37
Appendix

• Ramirentisa leadingequipmentrental solutionsgroupoperatingin
10countrieswith2015net salesof EUR636million
• Ramirent’smissionistocombinethebestequipment,servicesand
know-howintorentalsolutionsthatsimplifycustomer’sbusiness
• Ramirentservesa broadrange ofcustomersectorsincluding
construction,industry,services,thepublicsectorand households
• Ramirenthad2,757employeesoperatingfrom 287customer
centresattheend ofJune2016
• Ramirentwasfoundedin1955and islistedon theNASDAQHelsinki
(RMR1V)
Ramirent is a leading equipment rental solutions
group serving a large customer base
Russia and Ukraine presence
through JV Fortrent
JV Fehmarnbelt Solutions
Services A/S, with Zeppelin
Rental
NET SALES PERSEGMENT
Q216
NET SALES BY CUSTOMER SECTOR
Q216
NET SALES BY BUSINESS
AREAQ216
Finland
27%
Sweden
37%
Norway
18%
Denmark
6%
Europe East –
Baltics 5%
Europe Central
8%
Construction
50%
Industrial
18%
Services &
Retail 23%
Public
3%
Private
6%
General Rental
63%
Solutions
32%
Temporary
Space 4%

39
Steel nail shop
Rakennusmies
founded
Equipment
rental
business
started
JV in Moscow,
Russia
Enter
Estonia
MBO by key
personnel and
capital investors
Enter
Lithuania
Listed on the
Helsinki Stock
Exchange
Enter
Poland
Enter
Slovakia
19831955 1988 1994 1995 1996 1997 1998 2000 2001 2002 2003 2004 2006 20132008
Acquires Bautas
in Norway
Acquires
Altima in
Sweden
Fortrent JV
with Cramo in
Russia and
Ukraine
Acquired by the
Partek group
and renamed
A-Rakennusmies
Enter Latvia Renamed
Ramirent
Greenfield
entry to
Czech
RepublicJV in Ukraine
and greenfield
entry to
Hungary
Exit
Hungary
2014-2015
Bolt-on
acquisitions
in the
Nordics
More than sixty years of knowledge and experience

Ramirentranks#4amongtheequipmentrental
companiesinEurope
636
0 200 400 600 800 1000
Loxam
Algeco Scotsman
(EMEA)
Cramo
Ramirent
Sarens
Speedy Hire
Kiloutou
HSS Hire
Zeppelin Rental
Liebherr Mietpartner
Net sales 2015 (MEUR) Net sales 2015 (MEUR)
Largest rental companies in Europe Largest rental companies globally
636
0 1000 2000 3000 4000 5000 6000
United Rentals
Ashtead Group
Aggreko
Aktio Corp
Algeco Scotsman
Herz Equipment Rental
Kanamoto
Loxam
Nishio Rent
Nikken Corp.
Cramo
Ramirent
Coates Hire
Sarens
Home Depot Rentals
Blue Line Rental
Maxim Crane
Taiyo Kenki Rental
Kiloutou
Mobile Mini

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
Planning
On-site services
Logistics
Merchandise sale
Rental insurance
Training
Benefits
Lighter balance sheets,
less investments
41
Benefits
Understanding client
requirements helps to
customise product and
service selection and further
improve productivity
Heavy Equipment
Access Equipment
Lifts, Hoists,
Scaffolding, Tower cranes
Modules and site
equipment
Light Equipment
Tools, power and heating
equipment
Integrated
rental Solutions
Benefits
Easy to buy, reduced
number of
subcontractors,
increased focus on the
core business
Ramirent's offering stretches from single equipment
rental to solutions

We continue to pursue sustainable profitable growth
through five strategic focus themes
Customer
facing
Internal

CHARACTERISTICS
• Localbusiness,where
Ramirentprovidesequipment
andservices
• Highergrossmargin,butmust
carryfixedcostsofthe
customercentrenetwork
• Highershareofequipment
rental
• Focusonserviceleveland
efficiency
Half Year Financial Report 2016
CHARACTERISTICS
• Largerprojects,where
Ramirentisinvolvedearlyin
theprocess
• Lowergrossmargin,with
moresubcontractedservices
• Moreserviceintenseandless
employedcapital
• Focusonturn-keysolutions
andknow-how
CHARACTERISTICS
• Longrentalcontracts
• Ramirentprovidesmodules
foraccommodation,offices,
schools&healthcare
• Highmarginsbutcapital
intense
• Stablecashflowprofile
Ramirent targets sustainable profitable growth by
developing the business mix
43 4/8/2016
Business areas with different characteristicsand risk profiles
Share of Group sales

Ramirent targets a business mix that balances growth
opportunities, profitability and risk
GROUP NET SALES SPLIT BY BUSINESS AREA Q2 16
44 Half Year Financial Report 20164/8/2016
Temporary
Space
4%
General Rental
63%
Solutions
32%

Ramirent can generate growth in multiple ways
Ramirent seeks growth from five different sources
New
customer
segments
New
geographies
Bolt-on
acquisitions
Capturing
outsourcing
opportunities in
construction
sector
Increasing
services,
customer
project
coordination
and solutions
Grow with new
customers
Increased share-
of-wallet with
current
customers
Strategic
transactions
45
Capturing
outsourcing
opportunities in
other sectors

80
90
100
110
120
130
2011 2012 2013 2014 2015 2016E
Equipmentrentalmarketssupportedbyincreasing
constructionactivityinmostofRamirentmarkets
CONSTRUCTIONVOLUMEGROWTH BY COUNTRY (INDEX2011 = 100)
Sweden
Slovakia
The Baltics
Norway
Denmark
Poland
Finland
The Czech
Republic
Source: Euroconstruct 6/2016

Second-quarterNordicorderbooksincreasedby15.0%at
comparableexchangerates
NORDICCONSTRUCTIONORDER BOOKS (MEURANDCHANGEAT COMPARABLEEXCHANGERATES)
47
• Second-quarter
Nordic construction
order books including
NCC, Skanska, SRV
Lemminkäinen and
YIT increased by
15.0% at comparable
exchange rates
• At comparable
exchange rates,
Ramirent's rolling 12
months net sales were
up by 6.4% compared
to previous year
-40%
-20%
0%
20%
40%
60%
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
NCC Skanska
SRV YIT
Lemminkäinen Change in Net sales (y-o-y), R12 Ramirent
Change in order backlog (y-o-y), Nordic construction
Q2/08 Q2/09 Q2/10 Q2/11 Q2/12 Q2/13 Q2/14 Q2/15 Q2/16

Strategy summary
The leading and most progressive equipment
rental solutions company
• Annual net sales growth > GDP+2 %-points
• Return on Equity (ROE) 12% per fiscal year
• Net debt/EBITDA < 2.5x at the end of each fiscal year
• Dividend pay-out ratio at least 40% of net profit
More than machines
Open, engaged, and progressive
Sustainable profitable growth

Keyfigures4-6/2016and1-6/2016
KEY FIGURES 4−6/16 4−6/15 Change 1−6/16 1−6/15 Change 1−12/15
(MEUR)
Net sales 169.4 159.4 6.3% 315.4 300.0 5.1% 635.6
EBITDA 42.2 46.0 −8.3% 74.1 74.6 −0.7% 168.1
% of net sales 24.9% 28.9% 23.5% 24.9% 26.4%
Comparable EBITA1) 17.5 17.2 1.8% 24.8 21.3 16.1% 63.4
% of net sales 10.3% 10.8% 7.9% 7.1% 10.0%
EBITA 16.62) 21.03) −21.1% 23.82) 25.23) −5.3% 66.8
% of net sales 9.8%2) 13.2%3)
7.6%2) 8.4%3) 10.5%
EBIT 14.1 18.8 −24.9% 18.9 20.7 −8.7% 57.9
% of net sales 8.3% 11.8% 6.0% 6.9% 9.1%
EBT 11.1 16.7 −33.6% 14.2 16.4 −13.4% 46.9
% of net sales 6.5% 10.4% 4.5% 5.5% 7.4%
Result for the period attributable to the
owners of the parent company
8.8 13.2 −33.2% 11.4 13.1 −13.0% 39.0
Earnings per share (EPS), (basic and
diluted), EUR
0.08 0.12 −33.2% 0.11 0.12 −13.0% 0.36
Gross capital expenditure on non-current
assets
60.1 46.8 28.2% 100.5 65.0 54.7% 139.2
Gross capital expenditure, % of net sales 35.5% 29.4% 31.9% 21.7% 21.9%
Cash flow after investments −23.7 −22.3 −6.3% −30.5 −21.4 −42.5% −6.3
Capital employed at the end of period 641.5 602.4 6.5% 600.5
Return on capital employed (ROCE),%4) 9.0% 9.8% 10.0%
Return on equity (ROE),%4) 12.6% 11.5% 12.1%
Net debt 354.4 297.1 19.3% 280.9
Net debt to EBITDA ratio4) 2.1x 1.8x 20.0% 1.7x
Gearing,% 123.7% 97.9% 88.0%
Equity ratio,% 34.7% 39.0% 41.4%
Personnel at end of period (FTE) 2,757 2,682 2.8% 2,654
1) Ramirent’s performance measure “EBITA excluding non-recurring items” is replaced with “comparable EBITA” as of first quarter of 2016. Comparable EBITA is disclosed to improve comparability between reporting
periods.
2) In the second quarter, items affecting comparability in EBITA included derecognition of a contingent consideration liability, EUR 0.3 million, and costs of EUR 1.2 million relating to the change of President and CEO.
3) The comparison period included derecognition of a contingent consideration liability, EUR 3.8 million, connected to the acquisition of weather shelter and scaffolding company DCC in 2014.

Fixed
49%
Floating
51%
• Total loan portfolio
(interest-bearing
liabilities) 355.1 (298.8)
second quarter
• Second-quarter non-
current interest-bearing
liabilities amounted to
111.9 (187.4) MEUR
• Current interest-bearing
liabilities 243.1 (111.4)
second quarter
Well-balanceddebtportfolio
Bond
28%
Com-
mercial
papers
45%
INTEREST-BEARINGLIABILITIESQ2 16 INTERESTRATES TYPE Q2 16
Loans from
financial
institutions
27%

Ramirent‘s largest shareholders at the end of July
2016
51
LARGESTSHAREHOLDERS31 JULY 2016
Shareholders top-10
Number of
shares
% of
shares
1. Nordstjernan AB 27,513,716 25.31%
2. Oy Julius Tallberg Ab 12,207,229 11.23%
3. Nordea funds 5,561,984 5.12%
4. Ilmarinen Mutual Pension Insurance Company 3,445,154 3.35%
5. Varma Mutual Pension Insurance Company 2,340,865 2.15%
6. Aktia funds 2,055,558 1.89%
7. Ramirent Plc 948,014 0.87%
8. Pensionsförsäkringsaktiebolaget Veritas 600,000 0.55%
9. Föreningen Konstsamfundet R.f 593,500 0.55%
10. The State Pension Fund 532,000 0.49%
Subtotal 10 largest shareholders 57,798,020 51.33%
Other shareholders 52,899,308 48.67%
Total number of shares 108,697,328 100.00%

Ramirent's share price development in 2016
52
INDEX
INDEX(2016=100)
70
80
90
100
110
120
130
04/01/16
11/01/16
18/01/16
25/01/16
01/02/16
08/02/16
15/02/16
22/02/16
29/02/16
07/03/16
14/03/16
21/03/16
28/03/16
04/04/16
11/04/16
18/04/16
25/04/16
02/05/16
09/05/16
16/05/16
23/05/16
30/05/16
06/06/16
13/06/16
20/06/16
27/06/16
04/07/16
11/07/16
18/07/16
25/07/16
01/08/16
Ramirent Plc
OMX Helsinki Mid Cap
OMX Helsinki

Ramirent's Half Year Financial Report 2016

Ramirent's Half Year Financial Report 2016

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