Cambi (CAMBI) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2026 was NOK 179 million, down 21% year-over-year as several large construction contracts neared completion.

• EBITDA improved to NOK 23 million from NOK 14 million in Q1 2025, driven by margin gains in the Solutions segment.

• Order intake surged to NOK 348 million, with 90% from the Technology segment, and order backlog remained strong at NOK 1,190 million.

• The Annual General Meeting approved a NOK 0.30 per share dividend and authorized additional dividends based on 2025 results.

Financial highlights

• Revenue declined 21% year-over-year to NOK 179 million, reflecting contract completion timing.

• Gross margin reached a record 62%, up from 47% in Q1 2025, due to favorable revenue mix.

• EBITDA margin was 13%, with operating expenses down to NOK 88 million.

• Net profit was NOK 6.5 million, up from NOK 3.9 million in Q1 2025.

• Operating cash flow was NOK -4 million, impacted by exchange rate fluctuations.

Outlook and guidance

• Near-term activity is strongest in the UK and Norway, with UK utilities expected to remain active in solids treatment modernization.

• Operating profit for 2026 is expected to be lower than 2025, but long-term growth outlook remains positive.

• Additional dividends will depend on project milestones and capital needs.