Cavotec (CCC) Q2 2025 earnings summary

Executive summary

• Headquarters and registered office relocated from Switzerland to Sweden, with relisting on Nasdaq Stockholm completed July 9 and new parent company CGAB effective from July 2025.

• Order intake rose 10.1% year-over-year to EUR 44.4 million in Q2, led by strong demand in ports and maritime, despite increased global uncertainty and customer caution.

• Revenue declined 16.2% year-over-year to EUR 35.7 million due to delayed customer decisions, weaker sales, and global economic uncertainty.

• EBIT and net profit declined; Q2 EBIT at EUR -0.7 million (adjusted EBIT EUR -0.4 million), net result at EUR -1.5 million, and EPS at EUR -0.014.

• Major orders signed in Ports & Maritime, including EUR 8.1 million for shore power, EUR 5 million for mooring systems, and EUR 1.5 million for the Port of Antwerp-Bruges.

Financial highlights

• Q2 order intake up 10.1% to EUR 44.4 million; revenue down 16.2% to EUR 35.7 million; currency effects at -0.3%.

• Q2 EBIT at EUR -0.7 million (margin -2.0%), adjusted EBIT at EUR -0.4 million (margin -1.1%).

• Net result for Q2 at EUR -1.5 million; EPS at EUR -0.014.

• Operating cash flow Q2 at EUR 0.05 million, down from EUR 5.0 million year-over-year.

• Net debt increased to EUR -15.6 million; leverage ratio up to 1.23x from 0.82x in Q2 2024.

Outlook and guidance

• Underlying markets remain robust, supported by electrification and decarbonization trends, but global uncertainty is causing customer caution and delayed short-term orders.

• Major deliveries in Ports & Maritime expected to begin in H2 2025, with additional product launches planned.

• No order cancellations observed; pipeline remains solid, but ongoing macroeconomic uncertainty is being closely monitored.

• Management is monitoring sales and profitability closely and is prepared to take action if necessary.