Cambi (CAMBI) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue was NOK 257 million, down from NOK 277 million year-over-year, with EBITDA at NOK 42 million, a 39% decrease from last year and net profit at NOK 38.8 million.

• Order intake surged to NOK 422 million, driven by a major Groen Vex contract and the CNP Cycles acquisition, raising the order backlog to NOK 1.1 billion.

• Positive operating cash flow enabled an additional dividend of NOK 0.45 per share, totaling NOK 0.75 per share for the year, about 80% of 2024 profit.

• The acquisition of CNP Cycles (51% stake) strengthens the product portfolio and market position in Germany and Europe.

• Delivered on budget for ongoing construction projects, with positive cash flow from milestone payments.

Financial highlights

• Gross margin for Q3 was 49%, down from 57% last year, impacted by revenue mix and currency effects.

• Operating expenses decreased to NOK 85 million from NOK 90 million year-over-year, reflecting stabilized cost levels and discontinued soil retail operations.

• Cash and cash equivalents rose to NOK 224 million, mainly from milestone payments.

• No debt on the balance sheet; robust financial position maintained.

• EBITDA margin was 16% in Q3 2025, compared to 25% in Q3 2024.

Outlook and guidance

• Order backlog of NOK 1.1 billion provides activity coverage for the rest of 2025 and into 2026.

• About 20% of backlog expected to convert in Q4 2025, 40% in 2026, and the rest in 2027 and beyond; over 30% scheduled for 2028 or later.

• Operating profit for 2026 is expected to be lower than 2025, but long-term growth expectations are maintained.

• Regulatory trends in Europe and the U.K. (Urban Wastewater Directive, AMP8 cycle) support future demand.

• New contracts are needed to maintain activity beyond current backlog.