Cambi (CAMBI) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenue reached NOK 245 million, up 5% year-over-year, with EBITDA at NOK 28 million, reflecting seasonal margin pressure in the Solutions segment.

• Full-year revenue was NOK 1,068 million, more than doubling since 2022 and up 3% from 2024, while annual EBITDA declined 30% to NOK 159 million.

• Strong operating cash flow of NOK 136 million in Q4 and a robust balance sheet with no long-term debt.

• Order backlog remained above NOK 1 billion, with diversification into services, spare parts, and biosolids handling.

• Board proposes a two-step dividend payout: NOK 0.30 per share in May and a potential second payment in autumn.

Financial highlights

• Q4 gross margin was 52%, down from 58% year-over-year but improved sequentially in 2025.

• Full-year EBITDA was NOK 159 million (15% margin), down from NOK 226 million (22%) in 2024.

• Operating expenses rose to NOK 369 million in 2025, reflecting organizational buildup and closure of the soil facility.

• Cash and cash equivalents at year-end were NOK 288 million.

• Dividend of NOK 72 million paid in Q4 after key project milestones.

Outlook and guidance

• 2026 financial results expected to be weaker than 2025 due to order delays, but long-term growth expectations maintained.

• Near-term growth drivers are strongest in the UK and Norway, with regulatory tightening and methane control standards.

• Continued investment in new markets (India, France, Germany, Saudi Arabia) to support future growth.