Kalmar (KALMAR) Q4 2025 earnings summary

Executive summary

• Achieved record order intake in Q4 2025, with full-year orders up 8% to EUR 1,817 million, driven by large equipment deals and strong service contracts.

• Sales grew 11% in Q4 to EUR 487 million, with full-year sales up 1% to EUR 1,741 million, supported by both Equipment and Services segments.

• Comparable operating profit for 2025 was EUR 223.3 million (12.8% margin), up 3% year-over-year, with Q4 profit at EUR 60.5 million (12.4% margin).

• Strong cash flow and efficiency improvements achieved through the Driving Excellence initiative.

• Board proposes a dividend of EUR 1.10 per class B share and EUR 1.09 per class A share for 2025.

Financial highlights

• Orders received for FY25 totaled EUR 1,817 million, up 8% year-over-year; order book at year-end was EUR 977 million, up 2%.

• Full-year profit for the period was EUR 163 million, up 28% year-over-year; basic EPS was EUR 2.55.

• Operating cash flow before finance items and taxes reached EUR 246 million for the year; cash conversion at 89%.

• Leverage ratio (net debt/EBITDA) at 0.0x; gearing at 0.7%.

• Return on capital employed (ROCE) at 23.0%; gross margin for the year at 26.2%.

Outlook and guidance

• Comparable operating profit margin expected above 12.5% of sales for 2026.

• Market demand for the next six months anticipated to remain stable, with ongoing geopolitical and trade uncertainties.

• External forecasts (IMF, Drewry, Oxford Economics) indicate global GDP growth at 3.3% for 2025-2026 and container throughput growth at 3.2% CAGR from 2024-2028.