Home icon Kalmar global / Investors / Financials / Debt information
Share: KALMAR.HE39.44

Debt and financing

 

The objective of Kalmar treasury management is to secure sufficient funding for business operations, avoid financial constraint at all times, provide business units with financial services, minimise the costs of financing, manage financial risks (currency, interest rate, liquidity and funding, credit and counterparty risks as well as operational risks) and to provide management with information on the financial position and risk exposures of Kalmar and its business units.

 

Key figures

 

Net debt

Net debt 30 June 2025, MEUR

Loans from financial institutions

250

Lease liabilities

82 

Other interest-bearing liabilities

5

Total interest-bearing liabilities

337

Loans receivable and other interest-bearing assets

-3

Cash and cash equivalents

-243

Total interest-bearing assets

-245

Interest-bearing net debt

91

Equity

618

Gearing

15%


Liquidity

Kalmar's liquidity and funding position is strong. Table below illustrates Kalmar’s liquidity position.

Liquidity 30 June 2025, MEUR

Cash and cash equivalents

243

Committed long-term undrawn revolving credit facility

200

Liquidity reserve

443

Repayments of interest-bearing liabilities in the following 12 months

-23

Liquidity

420

In December 2024, Kalmar signed an agreement for a EUR 150 million Finnish commercial paper program. Kalmar may issue commercial papers with a maturity of less than one year within the facility.

Interest-bearing liabilities

Kalmar held EUR 250 million of loans from financial institutions, EUR 82 million of lease liabilities, and EUR 5 million of other interest-bearing liabilities.

Kalmar Maturity Profile 30 June.jpg

Average interest rate of interest-bearing liabilities excluding on-balance sheet lease liabilities was 3.4%.

Revolving credit facility

In December 2024, Kalmar Corporation entered into a EUR 200 million revolving credit facility with a syndicate of its six relationship banks. The facility has a tenor of five years with two one-year extension options subject to the lender’s approval. The purpose of this facility is to refinance EUR 150 million bilateral revolving credit facilities which would have matured in 2025 and 2027, and general corporate purposes of the group.

Covenants

The financing arrangements contain a financial covenant (net debt to equity), which restricts the capital structure. According to the covenant, Kalmar’s net debt to equity must be retained below 125%.

Credit ratings

Kalmar has not applied for a credit rating from any rating agency.