Lamor (LAMOR) Q3 2025 earnings summary

Executive summary

• Profitability remained solid in Q3 and the first nine months of 2025, supported by equipment deliveries, efficiency initiatives, and cost reductions, despite a significant year-over-year revenue decline.

• Cash flow improved due to focused efforts on reducing working capital.

• Strategic progress included the final installation phase of the Kilpilahti circular oil plant and the inauguration of a new service center in Saudi Arabia, with major projects in Bangladesh and India.

• Strong demand for environmental protection services, with order intake year-to-date matching or exceeding the previous year.

Financial highlights

• Q3 2025 revenue was EUR 22.1 million, down 28.3% year-over-year; nine-month revenue EUR 62.2 million, down 23.9%.

• Adjusted EBIT for Q3 2025 was EUR 1.6 million (7.4% margin), and for the first nine months EUR 4.4 million, up from EUR 3.9 million year-over-year.

• Net cash flow from operations in Q3 2025 was EUR 6.2 million; year-to-date EUR 2.0 million, a turnaround from negative figures last year.

• Investments for the first nine months totaled EUR 13.6 million, mainly for the Kilpilahti plant.

• Orders received in Q3 fell 51.2% year-over-year, but for the nine months matched the prior year.

Outlook and guidance

• Revenue for 2025 is expected to decrease compared to 2024, but adjusted operating profit is expected to increase.

• Q4 revenue is expected at or above the prior year, with profitability supported by improved margins and efficiency initiatives targeting EUR 8 million annual savings by end of 2026.

• No revenue expected from plastic recycling in 2025.

• Long-term targets include EUR 170 million revenue and over 14% adjusted EBIT margin by 2027.