Cambi (CAMBI) Q2 2026 earnings summary

Executive summary

• Strong operating cash flow of NOK 156 million in Q2, supported by milestone payments and robust order intake across multiple regions.

• Order backlog increased to NOK 1.5 billion, driven by major contract wins in Norway, India, and New Zealand.

• Revenue and EBITDA declined year-over-year due to project mix, timing, and large contracts nearing completion.

• Dividend of NOK 0.30 per share paid in May, with potential for additional dividends.

Financial highlights

• Q2 revenue was NOK 265 million, down 22% from NOK 342 million last year.

• EBITDA was NOK 26 million (10% margin), down from NOK 75 million (22% margin) last year.

• Gross margin was 44%, compared to 49% last year.

• Net profit was NOK 18.4 million, with profit before tax at NOK 23 million.

• Order intake surged to NOK 554 million, up from NOK 102 million last year.

Outlook and guidance

• Order backlog provides good visibility, but 2026 operating profit expected to be lower than 2025.

• Long-term growth outlook remains positive, with continued opportunities in the U.K., India, and new markets.

• Near-term commercial activity remains strongest in the UK, with ongoing asset investment cycles.