Kalmar (KALMAR) Pre-silent call summary

Executive summary

• Record-high comparable operating profit margin of 13.8% in Q3 2025, driven by strong Services, improved efficiencies, and solid equipment performance.

• Services orders increased by 12% year-over-year in Q3, while Equipment orders declined by 20% due to timing and delayed decisions.

• Order backlog increased by about EUR 100 million over the last 12 months, supporting future deliveries.

• Market sentiment remains stable across regions, with no major changes in demand or competitive dynamics.

• Outlook for 2025 remains unchanged, targeting a comparable operating profit margin above 12%.

Trading performance and revenue trends

• Orders received in Q3 2025 totaled 1,792 MEUR LTM, with sales at 1,694 MEUR.

• Europe saw an 11% YTD increase in order intake despite a Q3 decline; Americas grew 17% YTD, and AMEA remained stable.

• Services orders grew 12% year-on-year in Q3, while equipment orders declined by 20%.

• Q4 saw a higher number of order releases, including significant and large orders in both equipment and services.

• No seasonality in order intake; timing of large orders drives quarterly fluctuations.

Profitability and margins

• Comparable operating profit margin reached 13.8% in Q3 2025, up 0.3 percentage points year-over-year.

• Comparable operating profit margin on an LTM basis was 12.7%.

• Gross profit margin stood at 26.6% for the last twelve months.

• Return on capital employed was 20.8%, with a cash conversion rate of 75%.

• Service margins were exceptionally high in Q3, driven by strong commercial performance and volume growth.