Kalmar (KALMAR) Pre-silent call summary

Executive summary

• Record high order intake in Q4 2025, with EUR 511 million in orders and 11% sales growth to EUR 487 million, driven by both equipment and services.

• Full-year 2025 orders grew 8%, outpacing market growth, with stable demand despite global trade tensions and instability.

• Americas led order growth, while EMEA saw a decline due to timing of large orders; APAC remained stable.

• Leadership changes announced: Katri Hokkanen appointed CFO effective by October 2026; President of Services stepping down September 2026.

Trading performance and revenue trends

• Q4 2025 orders rose to EUR 511 million, up from EUR 486 million year-on-year, with sales growing 11% to EUR 487 million.

• Full-year 2025 sales reached EUR 1,741 million, with orders received at EUR 1,817 million.

• Order book at year-end stood at EUR 977 million, up from EUR 955 million.

• Equipment orders boosted by sizable deals; demand in ports and terminals remained good.

• Q1 2026 orders include 16 hybrid straddle carriers for Antwerp.

Profitability and margins

• Operating profit for 2025 was EUR 220 million (12.7% of sales), up from EUR 174 million (10.1%).

• Comparable operating profit margin improved to 12.8% from 12.6% year-on-year.

• Q4 2025 profitability was 12.4%, up from 12.1% in Q4 2024.

• 2026 guidance expects operating profit margin above 12.5%.

• Return on capital employed increased to 23.0% from 18.7%.