Lamor (LAMOR) Q4 2025 earnings summary

Executive summary

• Stable profitability was maintained in 2025 despite a 21.1% revenue decline to EUR 90.2 million, supported by efficiency initiatives and equipment deliveries.

• Efficiency program delivered EUR 2 million in savings in 2025, targeting EUR 8 million by 2026, with a new global operating model introduced for agility and cost savings.

• Circular oil business in Kilpilahti is nearing commercial production, with the first line to start by end of Q1 2026 and ramp-up pending regulatory approval.

• Major phase of the Kuwait soil remediation project completed, with contract extended to 2027.

• Focus remains on profitable growth and maintaining profitability regardless of revenue fluctuations.

Financial highlights

• 2025 revenue was EUR 90.2 million (down from 114.4 million), with adjusted EBIT of EUR 6.5 million (7.3% margin), and Q4 revenue at EUR 28.0 million.

• Net cash flow from operating activities for 2025 was EUR 13.1 million; investments totaled EUR 21.4 million, mainly for Kilpilahti.

• Order intake for 2025 was EUR 77.5 million, with year-end order backlog at EUR 65.0 million.

• Equipment sales increased to EUR 46.5 million, while services declined to EUR 43.7 million.

• Net loss for 2025 was EUR -3.4 million; EPS (basic): EUR -0.13.

Outlook and guidance

• 2026 revenue guidance is EUR 80–92 million, with adjusted operating profit expected at or above 2025 level, and profitability weighted toward H2.

• Efficiency program to deliver full EUR 8 million savings by 2026.

• Kilpilahti to contribute a few million EUR in revenue in H2 2026; limited EBIT and cash flow impact in first year.

• Guidance assumes some new project wins but is more conservative than previous years.

• Long-term target: adjusted EBIT over 14% of revenue by end of 2027.