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Cambi (CAMBI) investor relations material
Cambi Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q3 2025 revenue was NOK 257 million, down from NOK 277 million year-over-year, with EBITDA at NOK 42 million, a 39% decrease from last year.
Order intake surged to NOK 422 million, driven by major contracts and the CNP Cycles acquisition, raising the order backlog above NOK 1.1 billion.
Positive operating cash flow from milestone payments enabled an additional dividend of NOK 0.45 per share, totaling NOK 0.75 per share for 2025.
The acquisition of CNP Cycles strengthens the product portfolio and market position in Germany and Europe.
Grønn Vekst secured a major biosolids contract, further expanding the order backlog.
Financial highlights
Gross margin for Q3 was 49%, down from 57% last year, impacted by revenue mix and currency effects.
Operating expenses decreased to NOK 85 million from NOK 90 million year-over-year, reflecting stabilized cost levels and discontinued soil retail operations.
Cash and cash equivalents rose to NOK 224 million, mainly from milestone payments.
No long-term debt on the balance sheet; robust financial position maintained.
Net profit for Q3 2025 was NOK 38.8 million, compared to NOK 42.7 million in Q3 2024.
Outlook and guidance
Order backlog of NOK 1.1 billion provides activity coverage for the rest of 2025 and into 2026.
About 20% of backlog expected to convert in Q4 2025, 40% in 2026, and the rest in 2027 and beyond.
Operating profit for 2026 is expected to be lower than 2025, but long-term growth expectations are maintained.
Regulatory trends in Europe and the U.K. (Urban Wastewater Directive, AMP8 cycle) support future demand.
High activity in Europe and new market establishments in France, Germany, India, and Saudi Arabia.
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