Cavotec (CCC) Q2 2026 earnings summary

Executive summary

• Order intake grew 11.3% year-over-year to EUR 49.4 million in Q2 2026, with H1 order intake at EUR 109.1 million and a record-high order backlog of EUR 155.8 million, reflecting strong demand in both Ports & Maritime and Industry segments.

• Revenue increased 25.3% year-over-year in Q2 to EUR 44.7 million and 4.2% for H1 to EUR 77.5 million, driven by robust demand in both segments.

• Profitability was negatively impacted by mix effects and delayed deliveries of low-margin shore power projects, resulting in Q2 EBIT of EUR -2.2 million and adjusted EBIT of EUR -1.1 million.

• Cost-saving measures are underway, targeting EUR 3 million in annual savings by early 2027, with EUR 1.1 million in restructuring costs incurred in H1.

• Several significant contracts were secured, including EUR 8 million for newbuild container ships, EUR 7 million for vessel retrofits, and EUR 1.5 million for a cruise terminal in California.

Financial highlights

• Q2 2026 revenue: EUR 44.7 million (+25.3% YoY); H1 2026 revenue: EUR 77.5 million (+4.2% YoY); order intake rose 11.3% YoY to EUR 49.4 million; order backlog reached EUR 155.8 million.

• Q2 EBIT: EUR -2.2 million (margin -5.0%); adjusted EBIT: EUR -1.1 million (margin -2.5%).

• Net profit for Q2: EUR -3.2 million; H1: EUR -7.3 million.

• Net debt increased to EUR -10.9 million; leverage ratio rose to 2.33x.

• Operating cash flow was EUR -1.6 million in Q2 and EUR -1.1 million for H1.

Outlook and guidance

• Management expects improved margins in H2 2026, supported by a strong order backlog and ongoing cost-saving initiatives.

• Revenue growth is expected to continue, driven by robust order intake and long-term contracts extending into 2028 and 2029.

• Full impact of cost savings expected by early 2027, with partial benefits anticipated in H2 2026.

• Preparing for significant deliveries in late 2026 and 2027.

• Underlying markets remain robust, driven by electrification, automation, and safety trends.