Kalmar (KALMAR) Q1 2026 earnings summary

Executive summary

• Sales grew 5% year-over-year to EUR 420 million, with 10% growth in constant currencies and stable demand despite geopolitical uncertainty.

• Comparable operating profit increased 8% to EUR 52 million (12.3% margin), with margin improvement driven by equipment growth and efficiency gains.

• Orders received declined 6% year-over-year to EUR 451 million due to a strong comparison period and timing of large orders.

• Eco portfolio sales rose 10% to EUR 187 million, now 45% of total sales.

• Services segment faced operational headwinds, especially in North America, while Equipment segment profitability increased.

Financial highlights

• Equipment sales up 7% year-over-year to EUR 271 million; services sales up 2% to EUR 148 million.

• Comparable operating profit margin at 12.3%, up 0.3 percentage points year-over-year.

• Operating cash flow strong at EUR 67 million in Q1.

• Leverage ratio negative at -0.1x net debt/EBITDA, gearing at -5.2% before dividend payout.

• Cash conversion for the last 12 months at 80%.

Outlook and guidance

• Guidance for 2026 unchanged: comparable operating profit margin expected above 12.5%.

• Market demand expected to remain stable over the next six months, with geopolitical risks and macroeconomic uncertainty noted.

• Manufacturing and retail growth forecasts for 2026 slightly revised upward.