Ramirent Q2 2015 Interim Report: Performance improving due to higher demand and efficiency actions

1. © 2015 Ramirent
PERFORMANCE
IMPROVING DUE TO
HIGHER DEMAND AND
EFFICIENCY ACTIONS
6 August 2015
Magnus Rosén, President and CEO
Jonas Söderkvist, CFO and EVP Corporate Functions
Q2
Interim report January–June 2015

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

3. © 2015 Ramirent 3
Q2/2015: Performance improving due to higher
demand and efficiency actions
Key figures Q2/2015
Business performance
Market situation
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%)
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
Interim report January–June 2015 l 6 August 2015
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

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

5. © 2015 Ramirent 5
Profits improving as a result of increased demand and
efficiency actions
10.7%
13.2%
10.8%
0%
2%
4%
6%
8%
10%
12%
14%
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
EBITA margin Q2/2015 EBITA (MEUR) Q2/2015
16.2
21.0
17.2
0
2
4
6
8
10
12
14
16
18
20
22
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
Interim report January–June 2015 l 6 August 2015

6. © 2015 Ramirent 6
Interim report January–June 2015 l 6 August 2015
Second-quarter ROI improved as a result of higher
margins
Return on invested capital % (rolling 12 months) Return on equity % (rolling 12 months)
11.9% 12.3%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
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 non-
productive fleet
On a rolling 12 months basis, Return on equity
(ROE) was 11.5% (12.1%*) at the end of the
second quarter
12.1%* 11.5%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
Q2/2014 Q2/2015
*Tax rate in the period July 2013 to June 2014 was artificially low due to changes in
tax rates in the end of 2013

7. © 2015 Ramirent 7
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
Interim report January–June 2015 l 6 August 2015

8. © 2015 Ramirent 8
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
Interim report January–June 2015 l 6 August 2015

9. © 2015 Ramirent 9
Our efficiency programme and work on the
improvement agenda NextRamirent proceeded
Interim report January–June 2015 l 6 August 2015
More proactive
More competent
More conscious
More safe and green
More efficient
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
• 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

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

11. © 2015 Ramirent 11
Finland Q2/2015: Price pressure and slow underlying
demand except in Southern Finland
Net sales (MEUR)Highlights Q2/2015
36.4
39.0 39.4
0
5
10
15
20
25
30
35
40
45
50
Q1
2013
Q2 Q3 Q4 Q1
2014
Q2 Q3 Q4 Q1
2015
Q2
ProfitabilityKey figures
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
Net sales up
by 1.0%
0%
5%
10%
15%
20%
25%
30%
Q1
2013
Q2 Q3 Q4 Q1
2014
Q2 Q3 Q4 Q1
2015
Q2
EBITA-margin (%) ROCE (%) R12
Interim report January–June 2015 l 6 August 2015
Key figures 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 4.5 6.0 −25.7% 5.3 8.9 −41.1%
% of net
sales
11.3% 15.4% 7.4% 12.7%
Capex 9.9 22.3 −55.6% 14.0 26.5 −47.1%
Capital
employed
117.2 127.0 −7.7%
ROCE (%) 12.9% 19.9%
Personnel
(FTE)
482 532 −9.4%
Customer
centres
59 68 −13.2%

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

13. © 2015 Ramirent 13
Norway Q2/2015: Lower demand from building
construction sector and continued price pressure
Net sales (MEUR)Highlights Q2/2015
38.8
33.8
31.0
0
5
10
15
20
25
30
35
40
45
Q1
2013
Q2 Q3 Q4 Q1
2014
Q2 Q3 Q4 Q1
2015
Q2
Key figures
Net sales down by
8.4% or by 4.4% at
comparable
exchange rates
Profitability
0%
5%
10%
15%
20%
25%
30%
Q1
2013
Q2 Q3 Q4 Q1
2014
Q2 Q3 Q4 Q1
2015
Q2
EBITA-margin (%) ROCE (%) R12
Interim report January–June 2015 l 6 August 2015
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
Key figures 4–6/15 4–6/14 Change 1–6/15 1–6/14 Change
Net sales 31.0 33.8 −8.4% 62.0 67.8 −8.6%
EBITA 2.9 4.2 −31.3% 3.9 6.8 −42.5%
% of net
sales
9.4% 12.5% 6.3% 10.0%
Capex 4.5 4.8 −6.6% 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 −

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

15. © 2015 Ramirent 15
Europe East Q2/2015: Continued strong profitability
in the Baltics
Net sales (MEUR)Highlights Q2/2015
7.6
8.2 8.5
0
2
4
6
8
10
12
Q1
2013
Q2 Q3 Q4 Q1
2014
Q2 Q3 Q4 Q1
2015
Q2
Key figures
Net sales
up by
4.1%
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
Profitability
Interim report January–June 2015 l 6 August 2015
0%
5%
10%
15%
20%
25%
30%
35%
Q1
2013
Q2 Q3 Q4 Q1
2014
Q2 Q3 Q4 Q1
2015
Q2
EBITA-margin (%) in the Baltics ROCE (%) R12 in the Baltics
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 1.7 1.0 76.7% 1.9 0.9 113.6%
% of net
sales
20.4% 12.1% 12.4% 6.1%
Capex 9.3 4.7 96.2% 13.0 7.4 76.0%
Capital
employed
52.2 63.5 −17.8%
ROCE (%) 13.4% 10.0%
Personnel
(FTE)
257 233 10.3%
Customer
centres
43 42 2.4%

16. © 2015 Ramirent 16
Europe Central Q2/2015: Increasing demand and
improving profitability
Net sales (MEUR)Highlights Q2/2015
14.1 13.3 13.7
0
2
4
6
8
10
12
14
16
18
Q1
2013
Q2 Q3 Q4 Q1
2014
Q2 Q3 Q4 Q1
2015
Q2
Key figures
Net sales up by
2.7% or by 1.4% at
comparable
exchange rates
Profitability
-25%
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
25%
30%
Q1
2013
Q2 Q3 Q4 Q1
2014
Q2 Q3 Q4 Q1
2015
Q2
EBITA-margin (%) ROCE (%) R12
Interim report January–June 2015 l 6 August 2015
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
Key figures 4–6/15 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 0.9 0.8 9.7% 0.3 −0.4 n/a
% of net
sales
6.2% 5.8% 1.2% −1.7%
Capex 3.2 4.0 −22.0% 5.5 5.6 −2.7%
Capital
employed
51.3 58.7 −12.7%
ROCE (%) 4.2% 1.1%
Personnel
(FTE)
489 482 1.4%
Customer
centres
55 58 −5.2%

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

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

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

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

21. 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.
Ramirent outlook for
full year 2015 unchanged

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

23. © 2015 Ramirent 23
Finland Sweden Norway Denmark Baltics Central
Rolling12
months
netSales
(MEUR)
Rolling12months
EBITAmarginexcl.
non-recurring
items
(%)
Q2/2014 Q2/2015
Rolling 12 months EBITA excl. non-recurring items
improved in Denmark, the Baltics and Central Europe
16.7%
15.4%
11.0%
-9.8%
18.8%
4.7%
12.1%
15.1%
10.2%
-5.0%
22.1%
6.7%
-10%
-5%
0%
5%
10%
15%
20%
25%
Finland Sweden Norway Denmark The Baltics Europe Central
151.1
198.0
144.5
42.3
32.6
57.3
153.6
214.7
129.9
40.7 34.6
52.7
0.0
50.0
100.0
150.0
200.0
Finland Sweden Norway Denmark The Baltics Europe Central
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
Europe Central: 1.1 MEUR of restructuring costs and asset write-downs were booked in Q4 2014
Interim report January–June 2015 l 6 August 2015

24. © 2015 Ramirent 24
Second-quarter net sales were driven by increased
service income
Net sales (MEUR) Breakdown of net sales (MEUR)
98.1 99.8
47.9
54.9
5.8
4.7
0
20
40
60
80
100
120
140
160
180
Q2/2014 Q2/2015
Income from sold equipment
Ancillary income
Rental income
+1.7%
+14.6%
−18.0%
151.8
-2.8 10.4
159.4
0
20
40
60
80
100
120
140
160
180
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
Interim report January–June 2015 l 6 August 2015

25. © 2015 Ramirent 25
Interim report January–June 2015 l 6 August 2015
Fleet utilisation improvement driven by increased
demand and reduction of non-productive fleet
Group efficiency utilisation* (%) R3 months
Group total fleet yield** (%) R3 months
Centralising
repair & maintenance locations
Optimising fleet transports
Internal fleet transfers
Fleet management efficiency actions
1-6/2015
Reduction of non-productive and
non-available fleet
∗) 𝐸𝑓𝑓𝑖𝑐𝑖𝑒𝑛𝑐𝑦 𝑢𝑡𝑖𝑙𝑖𝑠𝑎𝑡𝑖𝑜𝑛 =
𝐴𝑐𝑞𝑢𝑖𝑠𝑖𝑡𝑖𝑜𝑛 𝑣𝑎𝑙𝑢𝑒 𝑜𝑓 𝑟𝑒𝑛𝑡𝑒𝑑 𝑓𝑙𝑒𝑒𝑡
𝐴𝑐𝑞𝑢𝑖𝑠𝑖𝑡𝑖𝑜𝑛 𝑣𝑎𝑙𝑢𝑒 𝑜𝑓 𝑡𝑜𝑡𝑎𝑙 𝑓𝑙𝑒𝑒𝑡
∗ 100 % ∗∗) 𝑇𝑜𝑡𝑎𝑙 𝐹𝑙𝑒𝑒𝑡 𝑌𝑖𝑒𝑙𝑑 =
𝑅𝑒𝑛𝑡𝑎𝑙 𝑖𝑛𝑐𝑜𝑚𝑒 ∗ 100 %
𝐴𝑐𝑞𝑢𝑖𝑠𝑖𝑡𝑖𝑜𝑛 𝑣𝑎𝑙𝑢𝑒 𝑜𝑓 𝑡𝑜𝑡𝑎𝑙 𝑓𝑙𝑒𝑒𝑡

26. © 2015 Ramirent 26
Efforts to improve gross margin continued
Second–quarter gross profit improved compared
to the first quarter and amounted to 101.1
(87.6) MEUR or 63.4% (62.3%)
Gross margin Q2/2015 Gross profit (MEUR) Q2/2015
87.6
101.1
0
20
40
60
80
100
120
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
Interim report January–June 2015 l 6 August 2015
68.8%
66.0%
63.4%
0%
10%
20%
30%
40%
50%
60%
70%
80%
Q1
2013
Q2 Q3 Q4 Q1
2014
Q2 Q3 Q4 Q1
2015
Q2

27. © 2015 Ramirent 27
Optimisation of the customer centre network
continued
Customer centres Personnel (FTE)
Q1
2013
Q2 Q3 Q4 Q1
2014
Q2 Q3 Q4 Q1
2015
Q2
Finland Sweden Norway Denmark Europe East -Baltics Europe Central
In Finland and Europe Central, Ramirent closed
and merged customer centres in the second
quarter of 2015
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
Finland
482
Sweden
776
Norway
413
Denmark
151
Baltics 257
Europe
Central
489
Group:
2,6821)
(2,651)
Interim report January–June 2015 l 6 August 2015
295301
325
1) Including personnel in Ramirent Shared Service AS

28. © 2015 Ramirent 28
Fixed costs well under control – strong basis for
operating leverage
Fixed costs (MEUR) and % of Group net sales
61.5 58.6 60.0
38.3% 38.6%
37.6%
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
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. non-
recurring costs
234.1(243.1)
MEUR or 37.5%
(39.0%) of net
sales
Interim report January–June 2015 l 6 August 2015

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

30. © 2015 Ramirent 30
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
1) Non-recurring items:
-the loss from disposal
Hungary 1.9 MEUR
-1.5 MEUR restructuring
costs in Denmark
2) Restructuring and
asset write-downs by
segment:
Norway 2.2 MEUR
Finland 1.5 MEUR
Central 1.1 MEUR
Sweden 0.7 MEUR
Denmark 0.1 MEUR
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
Q2/2015 EBITA (R12)
excl. non-recurring items
was 69.5 (73.5) MEUR or
11.1% (11.8%) of net
sales
11.3% 11.8% 10.8% EBITA margin11.1%
70.1
67.7
3.41) 73.5
1.82) 69.5
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
Q2/2014 (R12)
reported
non-recurring
items
Q2/2014 (R12)
excl. non-
recurring items
Q2/2015 (R12)
reported
non-recurring
items
Q2/2015 (R12)
excl. non-
recurring items
Interim report January–June 2015 l 6 August 2015

31. © 2015 Ramirent 31
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 (%)
12.1
15.1
10.2
-5.0
22.1
6.7
11.1
-5
0
5
10
15
20
Finland Sweden Norway Denmark Baltics Europe
Central
Group
18%
10%
Target = 17%
Interim report January–June 2015 l 6 August 2015

32. © 2015 Ramirent 32
Selective fleet investments to strengthen our offering
Gross capital expenditure (MEUR) and % of net sales
30.0
78.3
46.8
18.7%
51.6%
29.4%
0%
10%
20%
30%
40%
50%
60%
0
10
20
30
40
50
60
70
80
Q1
2013
Q2 Q3 Q4 Q1
2014
Q2 Q3 Q4 Q1
2015
Q2
Gross Capex Share of net sales-%
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
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
Interim report January–June 2015 l 6 August 2015

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

34. © 2015 Ramirent 34
Cash flow after investments decreased slightly compared
to the previous year
Cash flow after investments (MEUR) Cash conversion (MEUR and %)
-5.2
-19.4
-22.3
-30
-20
-10
0
10
20
30
40
Q1
2013
Q2 Q3 Q4 Q1
2014
Q2 Q3 Q4 Q1
2015
Q2
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
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
-100%
-80%
-60%
-40%
-20%
0%
20%
40%
60%
80%
100%
-80
-60
-40
-20
20
40
60
80
EBITDA (MEUR)
Cashflow after investments (MEUR)
Cash Conversion
Interim report January–June 2015 l 6 August 2015

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

36. © 2015 Ramirent 36
ROCE improved in all segments except Finland and
Norway where challenging market conditions
continue
12.9%
17.9%
6.7%
-9.0%
13.4%
4.2%
-25%
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
25%
Finland Sweden Norway Denmark East Central
Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15
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
How we are improving ROCE %?
Pricing
Growing service business
Strict cost control
Focus on fleet utilisation
Working capital management
Return on capital employed % (rolling 12 months)
Interim report January–June 2015 l 6 August 2015

37. © 2015 Ramirent 37
Return on equity at 11.5%
Return on equity % (rolling 12 months) ROE % and Total equity (MEUR)
12.1%* 11.5%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
Q2/2014 Q2/2015
319
344
325
30419.0%
19.3%
12.1%
11.5%
-5%
0%
5%
10%
15%
20%
25%
0
50
100
150
200
250
300
350
400
Q1
2012
Q2 Q3 Q4 Q1
2013
Q2 Q3 Q4 Q1
2014
Q2 Q3 Q4 Q1 Q2
Rolling 12 months ROE was 11.5%
(12.1%*) at the end of June 2015
Financial target: ROE of 18% over a
business cycle
The Group's total equity amounted to MEUR 303.6
(324.7) at the end of June 2015
Equity per share was 2.81 (3.00) at the of end of
the second quarter 2015
Target
18%
Interim report January–June 2015 l 6 August 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

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

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

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

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

42. © 2015 Ramirent 42
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)
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
Net debt EUR 297.1 million
EUR 415.0 million in committed credit facilities
Senior unsecured bond
Interim report January–June 2015 l 6 August 2015
75
95
100
145
2015 2016 2017 2018 2019 2020

43. © 2015 Ramirent 43
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
0.13
0.41
0.59
0.50
0.30
0.25
0.28
0.34
0.37
0.00
0.10
0.20
0.30
0.40
0.50
0.60
0.70
0.80
0.90
1.00
2010 2011 2012 2013 2014
EPS DPS
An ordinary
dividend of EUR
0.40 (0.37) per
share was paid on
10 April 2015
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
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
1.00
0.40
0.60
Interim report January–June 2015 l 6 August 2015

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

45. 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

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

47. © 2015 Ramirent
Ramirent is a generalist equipment rental
and service company
47
Where
Geographic
presence
Home market Europe with focus on the Baltic Rim
How
Concept
Ramirent is a generalist rental company, with an extensive
customer centre network enabling customer proximity while
managing through decentralised operations
What
Offering
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
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)
Definition of Ramirent's business and strategic choices
Interim report January–June 2015 l 6 August 2015

48. © 2015 Ramirent 48
Vision
To be the leading and most progressive
equipment rental solutions company in
Europe, setting the benchmark for industry
performance and customer service
Values
Open
Engaged
Progressive
Mission
We simplify business by delivering
Dynamic Rental SolutionsTM
Brand promise
More than Machines
Our strategic choices
Interim report January–June 2015 l 6 August 2015

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

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

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

52. © 2015 Ramirent 52
Equipment Services
Rental Business and
Sector Knowledge
Benefits
Lighter balance
sheets, less
investments
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
Heavy Equipment
Access Equipment
Lifts, Hoists,
Scaffolding, Tower cranes
Modules and site
equipment
Light Equipment
Tools, power and heating
equipment
• Planning
• On-site services
• Logistics
• Accessories
• Rental insurance
• Training
• Construction
• Mining
• Paper
• Power generation
• Oil & Gas
• Shipyards
• Retail & Service
• Public sector
• Households
Integrated
Solutions
Benefits
Easy to buy,
reduced number of
subcontractors,
increased focus on
the core business
Ramirent combines the best equipment, services and
knowhow into integrated rental solutions
9%
32%
21%
37%
Share of Group
rental income
(1-6/2015)
Interim report January–June 2015 l 6 August 2015

53. © 2014 Ramirent 53
Through a
diversified
business
portfolio
One
company
Sustainable
profitable
growth
Agility in
managing
business
We are committed to our long-term strategic objectives
to achieve sustainable profitable growth
Customer
first through
NextRamirent
Realised synergies
of scale and scope
while maintaining
local accountability
More Proactive
More Competent
More Conscious
More Safe & Green
More Efficient
Leading and most profitable general
rental company in markets where
present, growing in selected growth
pockets
Geographies
Customers
Competences
Products
improvement agenda
Interim report January–June 2015 l 6 August 2015

54. © 2015 Ramirent 54
Increased
market share
Growth within
current
business
Extended
customer value
proposition
Increasing
services and
integrated
solutions
Increased
penetration
Outsourcing
opportunities
Increased
footprint
New
customer
segments
New
geographies
M&A
Acquisitions,
joint ventures
and other
transactions
1 2 3 4 5
The five components of Ramirent's growth strategy
Interim report January–June 2015 l 6 August 2015

55. © 2015 Ramirent 55
Room for rental penetration to further
increase in the Nordic countries
Equipment rental penetration 2014E (%)
3.5%
2.0%
1.5%
1.7%
Rental penetration (%)*
Sweden Norway Finland Denmark
Source: European Rental Association 11/2014; Rental Turnover / Total construction output HIGHMEDIUMLOW
Average penetration in Europe: 1.5%
Interim report January–June 2015 l 6 August 2015

56. © 2015 Ramirent 56
Ramirent has a proven track record in outsourcing
deals and M&A transactions
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
M&A
critera
Complimentary
product ranges or
related services
Extending
geography to
"white spots"
Strengthening links
to new customer
segments"
Outsourcing of
customer's in-house
fleets
Targets mid-size
companies
mainly
Bautas AS
(outsourcing)
Altima AB
(outsourcing)
Basis for
Norwegian
business
Basis for Swedish
and Danish
business
Acquisitions in
Sweden, Poland
and Hungary
Expansion to the
Czech Republic,
bolt-on
acquisitions in
Finland and
Sweden
Acquisitions in
the Nordic
countries
Entry into
Slovakia
Acquisitions and
outsourcings
mainly in the
Nordic countries
Nine acquisitions
and three
outsourcings
Entry into oil &
gas industry in
Norway
(Rogaland
Planbygg)
Divestments of
formwork
business in
Finland and the
Hungarian
operations
DCC
(outsourcing)
(tower cranes)
Fortrent JV with
Cramo in Russia
& Ukraine
Interim report January–June 2015 l 6 August 2015

57. © 2015 Ramirent 57
Ramirent's Financial Business Model:
Three complimentary drivers of value creation
• Volumes
• Upselling
• Pricing
• Fleet management
• Sourcing
• Cost structure
• Quality of earnings
• Cash conversion
• Capex
• Working capital
• Dividend
• Capital Structure
Organic Growth Operating Leverage Financial Leverage
Cash Flow
Target EBITA margin of
17%
Net debt/ EBITDA
target of below 1.6x (at y/e)
Capital
Expenditure
ROE target of 18% over the cycle
Dividend
pay-out ratio:
at least 40%
of net profit
Interim report January–June 2015 l 6 August 2015

58. © 2015 Ramirent 58
Market Cap EUR 705.7 million
Trading information
Listing: NASDAX Helsinki
Date of listing: April 30, 1998
Segment: Mid Cap
Sector: Industrials
Trading code: RMR1V
16%
8%
12%
2%
31%
32%
Private companies
Public sector organizations
Households
Non-profit organizations
Foreigners
Finance and insurance companies
Shareholders June 30, 2015
Largest shareholders
June 30, 2015
Number of
shares
% of
share
capital
1. Nordstjernan AB 30,393,716 27.96%
2. Oy Julius Tallberg Ab 12,207,229 11.23%
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%
Other shareholders 48,277,137 44.41%
Total 108,697,328 100.00%
Largest shareholders at the end of June
2015
Interim report January–June 2015 l 6 August 2015

59. © 2015 Ramirent
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
Proven management track record –
experienced management has reshaped
the company since 2008
59
 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%
How will we deliver on our financial targets
and create shareholder value?
Company highlights Stated objectives
Interim report January–June 2015 l 6 August 2015

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

61. © 2015 Ramirent 61
Interim report January–June 2015 l 6 August 2015
Consolidated statement of income
CONSOLIDATED STATEMENT OF INCOME 4–6/15 4–6/14 1–6/15 1–6/14 1–12/14
(EUR 1,000)
Rental income 99,834 98,146 187,439 184,870 395,341
Ancillary income 54,881 47,886 102,638 93,178 193,481
Sales of equipment 4,719 5,755 9,933 11,276 24,714
NET SALES 159,435 151,786 300,010 289,324 613,536
Other operating income 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
Share of result in associates and joint ventures 108 −152 58 −582 −486
Depreciation, amortisation and impairment charges −27,253 −28,009 −53,893 −54,312 −109,728
EBIT 18,755 14,219 20,718 19,595 58,143
Financial income 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
Result for the period attributable to:
Shareholders of the parent company 13,166 7,147 13,139 9,707 32,632
Non-controlling interest 77 −145 −62 −145 −542
TOTAL 13,243 7,002 13,077 9,562 32,090
Earnings per share (EPS) on parent company shareholders’ share of result
Basic, EUR 0.12 0.07 0.12 0.09 0.30
Diluted, EUR 0.12 0.07 0.12 0.09 0.30

62. © 2015 Ramirent 62
Consolidated statement of financial position
Interim report January–June 2015 l 6 August 2015
CONSOLIDATED STATEMENT OF FINANCIAL POSITION 30/6/2015 30/6/2014 31/12/2014
(EUR 1,000)
ASSETS
NON–CURRENT ASSETS
Goodwill 141,952 140,529 139,780
Other intangible assets 45,495 45,745 46,720
Property, plant and equipment 420,476 438,805 406,001
Investments in associates and joint ventures 8,877 16,314 5,278
Non–current loan receivables 16,416 19,261 17,666
Available–for–sale investments 142 147 139
Deferred tax assets 619 677 605
TOTAL NON–CURRENT ASSETS 633,977 661,477 616,189
CURRENT ASSETS
Inventories 18,400 13,247 12,431
Trade and other receivables 118,732 115,576 109,370
Current tax assets 6,588 3,026 2,775
Cash and cash equivalents 1,728 12,356 3,129
TOTAL CURRENT ASSETS 145,449 144,205 127,705
TOTAL ASSETS 779,426 805,682 743,894

63. © 2015 Ramirent 63
Interim report January–June 2015 l 6 August 2015
Consolidated statement of financial position (cont.)
CONSOLIDATED STATEMENT OF FINANCIAL POSITION 30/6/2015 30/6/2014 31/12/2014
EQUITY AND LIABILITIES
EQUITY
Share capital 25,000 25,000 25,000
Revaluation fund −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
Result for the period 13,139 9,707 32,632
Equity attributable to the parent company shareholders 303,246 323,622 324,299
Non-controlling interest 316 1,103 693
TOTAL EQUITY 303,562 324,725 324,992
NON–CURRENT LIABILITIES
Deferred tax liabilities 49,910 53,928 50,798
Pension obligations 18,547 14,031 17,491
Non–current provisions 1,594 1,189 2,371
Non–current interest–bearing liabilities 187,433 203,907 206,685
Other non–current liabilities 9,355 24,355 19,890
TOTAL NON–CURRENT LIABILITIES 266,839 297,412 297,236
CURRENT LIABILITIES
Trade payables and other liabilities 92,870 99,988 92,798
Current provisions 1,108 447 1,455
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

64. © 2015 Ramirent 64
Interim report January–June 2015 l 6 August 2015
Key financial figures
KEY FINANCIAL FIGURES 4–6/15 4–6/14 1–6/15 1–6/14 1–12/14
(MEUR)
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%
EBITDA, EUR million 46.0 42.2 74.6 73.9 167.9
% of net sales 28.9% 27.8% 24.9% 25.5% 27.4%
EBITA, EUR million 21.0 16.2 25.2 23.3 65.8
% net sales 13.2% 10.7% 8.4% 8.0% 10.7%
EBIT, EUR million 18.8 14.2 20.7 19.6 58.1
% of net sales 11.8% 9.4% 6.9% 6.8% 9.5%
EBT, EUR million 16.7 9.1 16.4 12.4 42.5
% of net sales 10.4% 6.0% 5.5% 4.3% 6.9%
Result for the period attributable to the owners of the
parent company, EUR million 13.2 7.1 13.1 9.7 32.6
% of net sales 8.3% 4.7% 4.4% 3.4% 5.3%
Gross capital expenditure, EUR million 46.8 78.3 65.0 101.8 144.6
% of net sales 29.4% 51.6% 21.7% 35.2% 23.6%
Invested capital, EUR million, end of period 602.4 610.5 555.2
Return on invested capital (ROI), %1) 12.3% 11.9% 12.2%
Return on equity (ROE), %1) 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
Net debt to EBITDA ratio1) 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
1) The figures are calculated on a rolling twelve month basis

65. © 2015 Ramirent 65
Interim report January–June 2015 l 6 August 2015
Consolidated cash flow statement
CONSOLIDATED CASH FLOW STATEMENT 4–6/15 4–6/14 1–6/15 1–6/14 1–12/14
(EUR 1,000)
CASH FLOW FROM OPERATING ACTIVITIES
EBT 16,652 9,147 16,437 12,367 42,460
Adjustments
Depreciation, amortisation and impairment charges 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
Other adjustments −6,150 −3,071 −6,042 1,018 −6,140
Cash flow from operating activities before change in working capital 41,470 47,415 72,298 85,796 178,867
Change in working capital
Change in trade and other receivables −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
Interest received 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

66. © 2015 Ramirent 66
Interim report January–June 2015 l 6 August 2015
Consolidated cash flow statement (continued)
CONSOLIDATED CASH FLOW STATEMENT 4–6/15 4–6/14 1–6/15 1–6/14 1–12/14
(EUR 1,000)
CASH FLOW FROM INVESTING ACTIVITIES
Acquisition of businesses and subsidiaries, net of cash −6,200 −27,272 −6,200 −27,272 −29,872
Investments in associates and joint ventures − − −736 − −
Investment in tangible non–current asset (rental equipment) −44,452 −32,109 −60,243 −52,767 −88,902
Investment in other tangible non–current assets −582 −493 −1,011 −578 −504
Investment in intangible non–current assets −1,760 −2,138 −2,798 −3,459 −9,680
Proceeds from sale of tangible and intangible non–current assets
(excluding used rental equipment) 77 1,850 186 7,482 7,713
Proceeds from sales of other investments 750 − 750 − −
Loan receivables, increase, decrease and other changes 755 1,000 1,250 1,000 2,594
NET CASH FLOW FROM INVESTING ACTIVITIES −51,411 −59,163 −68,802 −75,594 −118,651
CASH FLOW FROM FINANCING ACTIVITIES
Dividends paid −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
Borrowings of non–current debt - - - - 2,651
Repayments of non–current debt −654 −5,245 −19,332 −5,245 −6,047
NET CASH FLOW FROM FINANCING ACTIVITIES 20,953 28,950 19,978 34,960 −20,567
NET CHANGE IN CASH AND CASH EQUIVALENTS
DURING THE FINANCIAL YEAR −1,338 9,572 −1,401 10,507 1,281
Cash at the beginning of the period 3,066 2,784 3,129 1,849 1,849
Translation differences − − − − −
Change in cash −1,338 9,572 −1,401 10,507 1,281
Cash at the end of the period 1,728 12,356 1,728 12,356 3,129

67. © 2015 Ramirent 67
Interim report January–June 2015 l 6 August 2015
Net sales
NET SALES 4–6/15 4–6/14 1–6/15 1–6/14 1–12/14
(MEUR)
FINLAND
- 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
SWEDEN
- 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
NORWAY
- 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
DENMARK
- Net sales (external) 10.6 9.1 20.0 18.7 39.4
- Inter–segment sales 0.0 − 0.0 − −
EUROPE EAST
- 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
EUROPE CENTRAL
- 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
Elimination of sales between segments −0.6 −0.4 −1.0 −1.5 −2.4
GROUP NET SALES 159.4 151.8 300.0 289.3 613.5

68. © 2015 Ramirent 68
Interim report January–June 2015 l 6 August 2015
EBITA
EBITA 4–6/15 4–6/14 1–6/15 1–6/14 1–12/14
(MEUR and % of net sales)
FINLAND 4.5 6.0 5.3 8.9 20.8
% of net sales 11.3% 15.4% 7.4% 12.7% 13.6%
SWEDEN 12.1 6.7 17.2 10.9 29.4
% of net sales 21.4% 13.8% 16.0% 11.6% 14.6%
NORWAY 2.9 4.2 3.9 6.8 14.0
% of net sales 9.4% 12.5% 6.3% 10.0% 10.3%
DENMARK 0.3 −1.7 −1.1 −2.9 −3.9
% of net sales 2.8% −19.1% −5.4% −15.3% −10.0%
EUROPE EAST 1.7 1.0 1.9 0.9 6.7
% of net sales 20.4% 12.1% 12.4% 6.1% 19.6%
EUROPE CENTRAL 0.9 0.8 0.3 −0.4 1.7
% of net sales 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
% of net sales 13.2% 10.7% 8.4% 8.0% 10.7%

69. © 2015 Ramirent 69
Non-recurring items impacting EBITA by segment
Non-recurring items
impacting EBITA 1–6/15 1–6/14 1–12/14
(MEUR)
FINLAND − − −1.52)
SWEDEN 3.81) − −0.73)
NORWAY − − −2.24)
DENMARK − − −0.15)
EUROPE EAST − − −
EUROPE CENTRAL − − −1.16)
Unallocated items and
eliminations
− − −
TOTAL 3.8 − −5.7
1) The settlement of earn-out on
DCC, the weather shelter and
scaffolding division acquired in 2014,
resulted in EUR 3.8 million of non-
recurring income in the second
quarter of 2015
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
Interim report January–June 2015 l 6 August 2015

70. 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