Lamor (LAMOR) Q4 2025 earnings summary

Executive summary

• Stable profitability maintained in 2025 despite a 21.1% revenue decline to EUR 90.2 million, supported by equipment deliveries and efficiency initiatives.

• Efficiency program delivered EUR 2 million in savings in 2025, targeting EUR 8 million by 2026, with a new global operating model for agility and cost savings.

• Major achievements include completion of the world's largest soil remediation project and significant progress in the Kilpilahti circular oil facility.

• Nearly EUR 80 million in new orders secured for the second consecutive year.

• Solid operational cash flow achieved through working capital reduction.

Financial highlights

• Full-year 2025 revenue: EUR 90.2 million (down 21.1% year-over-year); adjusted EBIT: EUR 6.5 million (7.3% margin); Q4 revenue: EUR 28.0 million.

• Net cash flow from operating activities: EUR 13.1 million; investments totaled EUR 21.4 million, mainly for Kilpilahti.

• Equity ratio at 35.4%; net gearing at 86.2%.

• Order intake for 2025: EUR 77.5 million; order backlog at year-end: EUR 65.0 million.

• Net working capital reduced by 34.5% to EUR 35.9 million.

Outlook and guidance

• 2026 revenue expected at EUR 80–92 million; adjusted operating profit expected at or above 2025 level, with profitability and revenue weighted toward H2.

• Efficiency program to deliver full EUR 8 million savings by 2026.

• Circular oil production at Kilpilahti to start in Q1 2026, ramping up through the year.

• Guidance assumes some new project wins but is more conservative due to market and regulatory conditions.

• Long-term target: adjusted EBIT over 14% of revenue by end of 2027; dividend policy remains to distribute as business allows.