Lamor (LAMOR) Q2 2025 earnings summary

Executive summary

• Q2 saw a 49% year-over-year increase in new orders, totaling €20.3 million, with strategic wins in Africa, South America, and Europe, and the largest-ever African order secured.

• Profitability in H1 exceeded the previous year, despite revenue being below expectations due to project timing and lower revenue recognition from large projects, notably in Kuwait.

• Strategic expansion continued with a new service center in Saudi Arabia and the completion of the MARPOL project in Bangladesh.

• Efficiency initiatives accelerated, targeting €8 million in annualized savings by end-2026 compared to 2024.

• Market demand for environmental protection technology remains robust, though global economic volatility and geopolitical risks are impacting decisions on larger projects.

Financial highlights

• Q2 2025 revenue was €21.1 million, down 22.1% year-over-year; H1 2025 revenue was €40.2 million, down 21.3%.

• Adjusted EBIT for H1 was €2.8 million (6.9% margin), up 46.9% year-over-year; Q2 EBIT was €1.0 million (4.9% margin).

• Order intake in Q2 reached €20.3 million, up 49% year-over-year; H1 order intake was €47.9 million, up 61%.

• Order backlog at end of Q2 was €86 million, with €50 million expected to be delivered in 2024.

• Net cash flow from operations in H1 was -€4.3 million, improved from -€11.3 million year-over-year; investments totaled €9.8 million, mainly for Kilpilahti.

Outlook and guidance

• Full-year 2025 guidance unchanged: revenue and adjusted operating profit expected to increase versus 2024, with Q3 expected to be weak and a strong Q4 required to meet targets.

• Revenue is projected to be below the comparison period in Q3 but to exceed it in Q4; no revenue expected from plastic recycling in 2025.

• Focus is on securing new orders in H2 and accelerating efficiency initiatives targeting €8 million in annualized savings by end-2026.

• Long-term targets by 2027: revenue €170 million, adjusted EBIT margin above 14%.