Cambi (CAMBI) Q3 2026 earnings summary

Executive summary

• Q3 revenue was NOK 269.0 million, up 5% YoY; EBITDA was NOK 45.2 million, while net profit declined to NOK 28.0 million from NOK 38.8 million.

• Order intake was NOK 346 million and backlog reached NOK 1,556 million, up 41% YoY and its highest level since Q1 2024.

• Five projects advanced in delivery; one THP system entered operation and four installations were completed.

• Grønn Vekst returned to profitability, and three contracts were secured in Egypt, Ireland and Norway.

Financial highlights

• Q3 revenue was NOK 269.0 million versus NOK 256.8 million YoY; gross profit was NOK 132 million versus NOK 127 million.

• EBITDA was NOK 45.2 million versus NOK 41.8 million; operating profit was NOK 41.1 million versus NOK 38.3 million.

• Net financial items were -NOK 6 million versus +NOK 1 million YoY; net profit was NOK 28.0 million versus NOK 38.8 million.

• YTD Q3 revenue was NOK 712.6 million versus NOK 823.6 million; EBITDA was NOK 94.0 million versus NOK 130.6 million, and net profit was NOK 52.9 million versus NOK 132.4 million.

• Q3 operating cash flow was -NOK 29.5 million, mainly reflecting a NOK 61.1 million negative change in project accruals; 9M operating cash flow was +NOK 122 million.

Outlook and guidance

• Backlog delivery profile: 13% expected in Q4 2026, 32% in 2027 and 55% in 2028 and beyond.

• Conversion depends on customer site readiness; two engineering projects await notice to proceed, and 38% of backlog is conditional.

• Near-term UK opportunities include AMP8 THP upgrades, services and equipment tenders; EU wastewater rules are driving assessment of technologies to support energy neutrality.

• Backlog supports higher future activity, with organizational capacity investment underway; timing of new contract awards remains difficult to predict.