Kalmar (KALMAR) Pre-silent call summary

Executive summary

• Sales grew 5% year-over-year to EUR 451 million in Q1, with 10% growth in constant currencies, despite a decrease in orders received due to a strong comparison period.

• Profitability improved overall, with strong operating cash flow and a robust balance sheet.

• Demand remained stable across customer segments, though geopolitical instability and trade tensions present ongoing risks.

Trading performance and revenue trends

• Orders received in Q1 2026 were EUR 451 million, down 6% year-over-year, with the order book at EUR 1,010 million, down 3%.

• Sales increased in all regions: EMEA up 7%, Americas up 2%, and APAC up 9%.

• Equipment segment sales grew 7%, Services segment sales grew 2%, with Services accounting for 35% of total sales.

• Americas and APAC saw order intake growth, while EMEA declined due to timing of large prior-year orders.

• Fully electric order intake was soft in Q1, but notable electric equipment orders were secured in Brazil, Sweden, and the Netherlands in Q2.

Profitability and margins

• Equipment segment profitability reached 12.6%, while Services segment profitability was 16%, impacted by weaker demand for parts in North America, tariffs, and FX.

• Overall profitability improved despite operational shortfalls in services.

• Guidance for 2026 is for a comparable operating profit margin above 12.5%.