Lamor (LAMOR) Q1 2026 earnings summary

Executive summary

• Revenue and operating profit for January–March 2026 were lower year-over-year, as anticipated, with both expected to be weighted toward the second half of the year.

• Transitioned to a new global operating model and advanced a cost-savings program targeting €8 million in annualized savings by end of 2026.

• Order intake and backlog declined due to long sales cycles and postponed customer investments amid a challenging macroeconomic and geopolitical environment.

• Strategic focus on ramping up the Kilpilahti circular oil plant, the largest investment in company history, with production expected to start by end of June.

Financial highlights

• Revenue was €14.3 million, down 24.9% from €19.0 million year-over-year.

• EBIT was -€0.4 million (vs. €1.6 million), and adjusted EBIT was -€0.3 million (vs. €1.7 million).

• EBITDA margin fell to 2.1% from 12.1% year-over-year; adjusted EBITDA margin was 3.0% (vs. 12.7%).

• Net cash flow from operating activities improved to -€0.7 million from -€5.6 million.

• Orders received were €8.3 million (vs. €27.6 million), and order backlog was €60.4 million (vs. €98.9 million).

Outlook and guidance

• Revenue for 2026 is expected to be €80–92 million, with adjusted operating profit at or above the previous year's level.

• Both revenue and profitability are expected to be weighted toward the second half of the year, with adjusted operating profit near zero in H1 and improving in H2.

• Ramp-up of circular oil production at Kilpilahti is expected by end of June, with gradual revenue contribution.