Lamor Corporation Plc | Stock Exchange Release | October 30, 2025 at 09:10:00 EET
Lamor’s Q3/2025 Interim Report: Solid profitability in January-September
Lamor’s profitability remained solid in January-September despite revenue being below the comparison period, partly supported by efficiency initiatives accelerated during the summer. Similarly, for January–September, new orders overall were at the comparison period’s level and cash flow improved. One significant milestone in the execution of our strategy was the successful inauguration of a new Service Centre in Saudi Arabia, strengthening the company’s competitiveness further in the Middle East. Also, construction of the Kilpilahti concept plant progressed to the installations of the final process equipment after the reporting period.
July–September 2025 in brief
- Revenue was EUR 22.1 million (30.8), a decrease of 28.3%
- EBIT was EUR 1.6 million (2.0) or 7.1% of revenue (6.4%), a decrease of 20.7%
- Adjusted EBIT was EUR 1.6 million (2.1) or 7.4% of revenue (6.7%), a decrease of 21.0%
- Net cash flow from operating activities was EUR +6.2 million (-4.3)
- Earnings per share (basic) was EUR 0.01 (-0.01)
- Orders received was EUR 17.3 million (35.4*), a decrease of 51.2%
January–September 2025 in brief
- Revenue was EUR 62.2 million (81.8), a decrease of 23.9%
- EBIT was EUR 4.1 million (3.7) or 6.6% of revenue (4.5%), an increase of 12.9%
- Adjusted EBIT was EUR 4.4 million (3.9) or 7.0% of revenue (4.8%), an increase of 11.4%
- Net cash flow from operating activities was EUR +2.0 million (-15.6)
- Net working capital was EUR 46.1 million (83.7), a decrease of 44.9%
- Earnings per share (basic) was EUR 0.01 (-0.04)
- Orders received was EUR 65.2 million (65.1*), an increase of 0.1%
The figures in brackets refer to the comparison period, which is the same period the previous year, unless otherwise stated.
*Order intake and the order backlog for the second quarter of 2024 have been adjusted in the Q4/2024 report to reflect the updated order for the NEOM project.
Johan Grön, CEO
During the third quarter, Lamor’s profitability remained solid despite the lower level of revenue, partly supported in by efficiency initiatives accelerated during the summer. Profitability has been supported by equipment deliveries as well as staff reductions carried out during the year, savings in the use of external services, and overall improvements in cost efficiency. While we revised the guidance for this year’s revenue, we remain confident about continued profitability improvement. We have also continued to make good progress in recovering working capital from Kuwait and Bangladesh through determined improvements in invoicing processes, which has supported our operating cash flow.
I am also pleased that Lamor’s new orders during January–September were overall at the same level as last year, despite delays in customer decision-making which affected order intake in the third quarter, particularly for larger projects. Orders for environmental protection solutions have remained strong for an extended period, supported by persistent geopolitical risks, Lamor’s strong brand, and focused sales efforts. The EUR 6 million order received in September from the Indian Coast Guard is only the latest example of this. It is the largest order Lamor has ever secured in India and further strengthens our position in the oil spill response technology market and in upcoming tenders in the region.
As anticipated, Lamor’s revenue in the third quarter was below the comparison period which was impacted by large service projects. Additionally, revenue recognition from the Kuwait soil remediation project has been lower than anticipated this year.
However, we see significant progress beneath the surface. Revenue outside our major service projects has continued to grow rapidly since early 2023. This growth has been driven primarily by the positive momentum in environmental protection business mentioned earlier, but we have also secured strategically important wins in other product lines. One example is our progress in port waste management related MARPOL projects, supported by the successful completion of the Mongla Port project in Bangladesh. In September, we won a new pre-engineering order from China, and the similar pre-engineering project previously won in Kuwait is advancing toward its final report. Pre-engineering projects are a critical first step and strengthen our position in competitive bidding for full-scale projects in these product lines, which we aim to grow systematically based on strong references.
In the Middle East, our ongoing soil remediation project in Kuwait was again recognized in October as the Environmental and Sustainability Project of the Year. The successful execution of this exceptionally large-scale project continues to open opportunities for negotiations on additional projects in Kuwait. Similarly, our position in the region was reinforced by the inauguration in September of our new Service Centre in Saudi Arabia, where we also seek significant growth. The centre is one of the ways to further enhance Lamor’s ability to meet demand across the Middle East and enables local production of solutions, which is increasingly valuable in the current geopolitical climate. Most of the Indian order will also be manufactured locally. Lamor’s global presence is a clear advantage in this regard.
At the Kilpilahti concept plant, which will produce circular oil from recycled plastics, work is now progressing strongly as deliveries of key process equipment from our Italian technology provider began in October, after the reporting period. Yes, we are a few months behind the schedule announced earlier this year, but the most important thing is that we are now in the final installation phase. The plant’s cost estimate was revised upwards due to additional investment decisions aimed at securing and improving the quality of the end product. These investments will deliver significant benefits during production and ramp-up, which will begin in the first quarter of next year. Lamor plays an important role as the market seeks to meet the strong demand for circular oil and increase the recycling of valuable raw materials.
Key figures
| EUR thousand (unless otherwise noted) | 7-9/2025 | 7-9/2024 | Change % | 1-9/2025 | 1-9/2024 | Change % | 1-12/2024 |
| Revenue | 22,070 | 30,793 | -28.3% | 62,229 | 81,821 | -23.9% | 114,396 |
| EBITDA | 2,235 | 3,708 | -39.7% | 6,155 | 8,879 | -30.7% | 11,587 |
| EBITDA margin % | 10.1% | 12.0% | 9.9% | 10.9% | 10.1% | ||
| Adjusted EBITDA | 2,297 | 3,736 | -38.5% | 6,404 | 8,982 | -28.7% | 12,422 |
| Adjusted EBITDA margin % | 10.4% | 12.1% | 10.3% | 11.0% | 10.9% | ||
| Operating profit or loss (EBIT) | 1,562 | 1,971 | -20.7% | 4,131 | 3,658 | 12.9% | 5,315 |
| Operating profit (EBIT) margin % | 7.1% | 6.4% | 6.6% | 4.5% | 4.6% | ||
| Adjusted operating Profit (EBIT) | 1,624 | 2,056 | -21.0% | 4,385 | 3,936 | 11.4% | 6,385 |
| Adjusted operating Profit (EBIT) margin % | 7.4% | 6.7% | 7.0% | 4.8% | 5.6% | ||
| Profit (loss) for the period | 426 | -100 | 346 | -726 | -1,273 | ||
| Earnings per share, EPS (basic), euros | 0,01 | -0.01 | 0,01 | -0.04 | -0.06 | ||
| Earnings per share, EPS (diluted), euros | 0,01 | -0.01 | 0,01 | -0.04 | -0.06 | ||
| Return on equity (ROE) % | 0.7% | -0.2% | 0.6% | -1.1% | -2.0% | ||
| Return on investment (ROI) % | 1.3% | 1.5% | 3.4% | 3.0% | 4.5% | ||
| Equity ratio % | 35.7% | 34.8% | 35.7% | 34.8% | 37.5% | ||
| Net gearing % | 86.8% | 109.1% | 86.8% | 109.1% | 62.1% | ||
| Net working capital | 46,071 | 83,682 | -44.9% | 46,071 | 83,682 | -44.9% | 54,751 |
| Orders received* | 17,291 | 35,411 | -51.2% | 65,153 | 65,063 | 0.1% | 80,938 |
| Order backlog* | 82,588 | 103,460 | -20.2% | 82,588 | 103,460 | -20.2% | 88,020 |
| Number of employees at the period end | 562 | 593 | -5.2% | 562 | 593 | -5.2% | 643 |
| Number of employees on average | 543 | 604 | -10.1% | 596 | 641 | -7.0% | 636 |
*Order intake and the order backlog for the second quarter of 2024 have been adjusted in the Q4/2024 report to reflect the updated order for the NEOM project.
Guidance for 2025 (as updated on 19 September 2025)
- Revenue is expected to decrease compared to the previous year (2024: EUR 114.4 million).
- Adjusted operating profit is expected to increase compared to the previous year (2024: EUR 6.4 million).
Assumptions (updated 30 October 2025)
Revenue for the final quarter is expected to be at or above the comparison period. The guidance is based on the existing order backlog, known tenders and offers submitted, and the management's view on market demand and customer decision-making timeline. The company is currently negotiating several significant equipment sales and medium-sized service contracts in all its market areas. Although elevated geopolitical risks increase customers’ need to invest in preparedness, they have also slowed down customers’ decision-making, especially regarding larger orders.
Revenue from the continuing large service project in Kuwait is expected to be at a lower level than the previous year, while the growth of other revenue outside of large service projects is expected to continue. For plastic recycling no revenue is expected during 2025.
The company estimates that improved margins and strategic efficiency initiatives will support profitability growth.
Events after the reporting period
The company has not had any significant events after the reporting period.
Financial calendar for 2026
In 2026, Lamor will publish financial reports as follows:
- Financial Statements Release 2025: 26 February 2026
- Interim Report Q1/2026 : 30 April 2026
- Half-Year Financial Report 2026: 28 July 2026
- Interim Report Q3/2026: 29 October 2026
The Annual Report 2025 (including the company overview, Board of Directors’ Report and the Financial statements, the Corporate Governance statement, the Remuneration report) will be published on Lamor’s website on 30 March 2026, the latest.
The Annual General Meeting is preliminarily scheduled to be held on 20 April 2026. The meeting will later be convened by Lamor’s Board of Directors.
Webcast for shareholders, analysts and media
Webcast for shareholders, analysts and media on the results for the financial period January–September 2025 will be arranged exceptionally on 31 October 2025 at 10:00 a.m. EET due to management’s business trip. The webcast includes a Q&A session, and participants can ask questions in English and Finnish via the event chat room. The webcast can be followed at https://lamor.events.inderes.com/q3-2025.
A recording of the webcast will be available later at the company’s website at lamor.com/investors/reports-and-presentations.
Porvoo, 30 October 2025
Lamor Corporation Plc
Board of Directors