Cambi (CAMBI) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue reached NOK 342 million, up 12% year-over-year, driven by strong project activity and milestone payments, marking an all-time high.

• EBITDA was NOK 75 million, down 8% from last year due to higher operating expenses and a less favorable revenue mix.

• Net profit for Q2 2025 was NOK 90 million, up from NOK 58 million in Q2 2024, aided by unrealized FX gains.

• Order backlog at quarter-end was NOK 938 million, providing visibility into 2026 but highlighting the need for new contract awards.

• Acquisition of a 51% stake in CNP Cycles expands the technology portfolio and market position in Germany.

Financial highlights

• Gross margin for Q2 was 49%, down from 53% last year, impacted by project mix and FX rates.

• Operating expenses rose to NOK 94 million, reflecting organizational investments and higher payroll costs.

• Cash and cash equivalents stood at NOK 156 million at quarter-end, up from the previous quarter.

• No long-term debt; company remains debt-free with a robust balance sheet.

• Net financial items were NOK +35 million, mainly from unrealized FX gains.

Outlook and guidance

• Backlog secures activity through 2025 and into 2026, but limited new orders may cause a revenue dip in 2026.

• Board authorized to declare up to NOK 0.70 per share in additional dividends, contingent on project milestones and liquidity.

• Focus shifts to project execution and new contract signings, with global demand for sustainable sludge treatment solutions remaining strong.

• Exploring US-based manufacturing to reduce tariff exposure and comply with "Buy America" provisions.