Cambi (CAMBI) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenue reached NOK 245 million, up 5% year-over-year, with EBITDA at NOK 28 million, reflecting seasonal margin pressure in the Solutions segment.

• Full-year revenue was NOK 1,068 million, more than doubling since 2022 and up 3% from 2024, but gross margin declined to 49% from 55% in 2024.

• Strong operating cash flow of NOK 136 million in Q4 and a robust balance sheet with no long-term debt.

• Order backlog remained above NOK 1 billion at year-end, though down from NOK 1.2 billion at 2024 year-end and more diversified.

• Board proposes a two-step dividend payout: NOK 0.30 per share in May, with a potential second payment in autumn.

Financial highlights

• Q4 gross margin was 52%, down from 58% in Q4 2024, but improved sequentially in 2025.

• Full-year EBITDA was NOK 159 million (15% margin), down 30% from NOK 226 million (22%) in 2024.

• Operating expenses rose to NOK 369 million in 2025, reflecting organizational buildup and closure of the soil facility.

• Cash and cash equivalents at year-end were NOK 288 million.

• Dividend payout in Q4 totaled NOK 72 million.

Outlook and guidance

• 2026 financial results expected to be weaker than 2025 due to order delays, but long-term growth expectations are maintained.

• Near-term growth drivers are strongest in the UK and Norway, with regulatory tightening and methane control standards supporting demand.

• Diversification of backlog and investments in new markets (India, France, Germany, Saudi Arabia) support future growth.

• The two-step dividend approach balances shareholder returns with prudent liquidity management.