KALMAR CORPORATION, INTERIM REPORT JANUARY–SEPTEMBER 2025, 31 OCTOBER 2025 AT 9:00 AM (EET)
Kalmar's interim report January–September 2025: Improved profitability in the quarter
- Record-high comparable operating profit margin of 13.8 percent, supported by Services and improved efficiency
- Global market uncertainty persisted, volatility in the tariff and trade policy landscape dampened decision-making
- Solid performance in Services with both increased orders received and profitability
- Equipment orders received declined from the comparison period by 20 percent, however, showing solid growth year-to-date
- Guidance for 2025 unchanged.
July–September 2025 in brief:
- Orders received decreased by 10 percent and totalled EUR 375 (416) million
- Order book amounted to EUR 961 million (31 Dec 2024: EUR 955 million)
- Sales increased by 3 percent and totalled EUR 436 (425) million
- Eco portfolio1 sales represented 46 (40) percent of consolidated sales and increased by 17 percent, totalling EUR 201 (172) million
- Operating profit was EUR 61 (54) million, representing 13.9 (12.7) percent of sales. The operating profit includes items affecting comparability worth EUR 1 (-4) million
- Comparable operating profit amounted to EUR 60 (57) million representing 13.8 (13.5) percent of sales, an increase of 4 percent
- Cash flow from operations before finance items and taxes totalled EUR 26 (72) million
- Profit for the period amounted to EUR 45 (36) million
- Basic earnings per share was EUR 0.70 (0.56)
- Interest-bearing net debt to EBITDA2 was 0.3x (0.4x).
January–September 2025 in brief:
- Orders received increased by 9 percent and totalled EUR 1,306 (1,193) million
- Order book amounted to EUR 961 million (31 Dec 2024: EUR 955 million)
- Sales decreased by 2 percent and totalled EUR 1,254 (1,280) million
- Eco portfolio sales represented 44 (40) percent of consolidated sales and increased by 8 percent, totalling EUR 555 (516) million
- Operating profit was EUR 160 (136) million, representing 12.8 (10.6) percent of sales. The operating profit includes items affecting comparability worth EUR -3 (-28) million
- Comparable operating profit amounted to EUR 163 (164) million representing 13.0 (12.8) percent of sales, a decrease of 0.5 percent
- Cash flow from operations before finance items and taxes totalled EUR 133 (185) million
- Profit for the period amounted to EUR 118 (101) million
- Basic earnings per share was EUR 1.84 (1.57).3
Guidance for 2025
Kalmar expects its comparable operating profit margin to be above 12 percent in 2025.
President & CEO Sami Niiranen:
The third quarter was marked by a record-high comparable operating profit margin of 13.8 percent, driven by Services and improved efficiency. Despite persistent global market uncertainty, indecisiveness and delayed decision making among some customers, we ensured a solid performance.
The market activity in the quarter was in line with our previous expectations of a slightly softer environment in the second half, especially in the Americas. Orders received decreased to EUR 375 (416) million, reflecting the current environment and differences between the regions and end customer segments. While Services order intake was strong across the service portfolio, the Equipment order intake was impacted by both delayed decision making and timing of larger orders.
While the underlying demand remained mostly stable, it continued to be subdued in the Americas, consistent with the previous quarter. Demand in Europe has been strong, however, the decline in Q3 was explained by timing of larger orders. AMEA4 demand has remained stable. Trade tensions and tariffs continue to create uncertainty, leading to varied regional development as also the data from our connected equipment of our customers' fleets show. However, based on external indicators, the market seems to be more resilient than previously anticipated. In addition, our solid order book provides a strong foundation moving forward.
Our financial performance remained solid. Sales continued to grow to EUR 436 (425) million, resulting in a comparable operating profit of EUR 60.0 million. Cash flow from operations before finance items and taxes amounted to EUR 25.6 million, with our last twelve months cash conversion being at 75 percent. Net debt has decreased by 14 percent during the last twelve months to EUR 84 million and our leverage ratio is at a healthy level of 0.3x. Our Driving Excellence initiative continues to deliver, securing approximately EUR 24 million in annualised gross efficiency improvements in 2025 so far, largely from successful sourcing activities.
During the third quarter, we continued to execute on our strategy for sustainable growth. We secured important orders, reflecting customer trust and satisfaction in our innovative and sustainable portfolio. Key milestones on our sustainability and innovation roadmap included the launch of the 5-year Move2Green program funded by Business Finland, and the commencement of construction for our new test center at our innovation centre in Ljungby, Sweden, which will support the acceleration of our electric and autonomous product development. Our commitment to sustainability was further recognised with an EcoVadis gold medal, placing us in the top 5 percent of all rated companies.
We are also pleased to note the progress in our eco portfolio, with the fully electric share of total equipment orders for the last twelve months (LTM) increasing slightly to 11 percent, reflecting growing customer adoption of our sustainable solutions.
As we look ahead, global market uncertainty, particularly the evolving trade policy landscape, remains a key focus. Our teams worldwide are dedicated to managing this dynamic environment while diligently executing our strategy. Our strategic priorities are clear: we will continue to grow our services business, enhance operational and commercial excellence to drive profitability and invest in sustainable innovations to secure future growth and maintain our competitive edge.
Vision and strategy
Kalmar is a market leader in heavy material handling equipment with deep-rooted foundations in customer proximity, attractive market, experienced and talented people and strong financial profile.
Kalmar’s sales and service network covers over 120 countries, supporting its globally dispersed customer base and extensive installed base of 68,000 machines globally. The company operates mainly through direct sales and a strong global network of dealers. With an assembly-based manufacturing model with four factories and two innovation centers, Kalmar prioritizes building strong and enduring relationships with its material suppliers across the globe. Kalmar’s workforce comprises around 5,200 employees of which 1,400 are service engineers. The company believes that attracting and retaining top talent is essential to being the most valued business partner for its customers and the employer of choice for current and future employees. Kalmar is dedicated to responsible business practices and expects its suppliers and business partners to uphold the same high legal and ethical standards.
The industry is facing several megatrends, which are driving renewal across the whole scene. This generates opportunities for Kalmar to provide solutions and solve the challenges customers face. Some of the key opportunities that Kalmar is prepared to address are:
• Safety
• Productivity
• Decarbonisation and electrification
• Changing logistics landscape
• Labour shortage
• Intelligent operations.
To address these opportunities and to create added customer value Kalmar is focusing on three strategic areas:
• Investing in sustainable innovations in the area of decarbonised and electric equipment, digital solutions and automation
• Growing services and expanding our aftermarket footprint with a focus on harvesting on our vast installed base, improving capture rate, increasing the share of recurring business through service contracts and creating customer lifecycle value through an intelligent service offering
• Driving excellence by improving profitability and cash flow generation via sourcing optimisation and process improvement to fund further investments into R&D and organic growth, and distributing profits to shareholders.
Performance targets
Kalmar's Board of Directors has set the following performance targets for 2028:
Financial targets
- Sales growth of 5 percent p.a. over the cycle;
- Comparable operating profit margin of 15 percent;
- ROCE above 25 percent;
Capital structure and sustainability framework
- Leverage (Net debt to EBITDA) under 2x;
- Dividend payout ratio of 30-50 percent per annum;
- Aligned with SBTi targets with 1.5 °C commitment.5
Corporate information and basis for preparation
Kalmar Corporation was formed as a result of the partial demerger from Cargotec Corporation (“demerger”), which was completed on 30 June 2024. The trading in Kalmar Corporation shares on the main market of Nasdaq Helsinki commenced on 1 July 2024.
Financial information prior to the demerger is presented on a carve-out basis. The carve-out financial statements do not necessarily reflect what the financials would have been had Kalmar operated as an independent consolidated group and had it therefore presented stand-alone consolidated financial information. Further, the carve-out financial information may not be indicative of Kalmar’s future performance. The carve-out reporting principles are described in Note 2. Basis of preparation.
Kalmar’s key figures
| MEUR | Q3/25 | Q3/24 | Change | Q1–Q3/25 | Q1–Q3/24 | Change | 2024 |
| Orders received | 375 | 416 | -10% | 1,306 | 1,193 | 9% | 1,679 |
| Order book, end of period | 961 | 905 | 6% | 961 | 905 | 6% | 955 |
| Sales | 436 | 425 | 3% | 1,254 | 1,280 | -2% | 1,720 |
| Eco portfolio sales | 201 | 172 | 17% | 555 | 516 | 8% | 698 |
| Eco portfolio sales, % of sales | 46% | 40% | 44% | 40% | 41% | ||
| Eco portfolio orders received | 163 | n/a | 575 | n/a | n/a | ||
| Eco portfolio orders received, % of total orders received | 43% | n/a | 44% | n/a | n/a | ||
| Operating profit | 60.7 | 53.9 | 13% | 160.3 | 135.6 | 18% | 174.4 |
| Operating profit, % | 13.9% | 12.7% | 12.8% | 10.6% | 10.1% | ||
| Comparable operating profit | 60.0 | 57.5 | 4% | 162.8 | 163.7 | -1% | 216.8 |
| Comparable operating profit, % | 13.8% | 13.5% | 13.0% | 12.8% | 12.6% | ||
| Profit before taxes | 58.5 | 49.0 | 19% | 153.5 | 136.5 | 12% | 172.5 |
| Cash flow from operations before finance items and taxes | 25.6 | 71.8 | -64% | 132.9 | 184.8 | -28% | 249.1 |
| Profit for the period | 44.7 | 36.2 | 24% | 118.0 | 100.9 | 17% | 127.9 |
| Basic earnings per share, EUR* | 0.70 | 0.56 | 24% | 1.84 | 1.57 | 17% | 1.99 |
| Interest-bearing net debt, end of period | 84 | 98 | -14% | 84 | 98 | -14% | 76 |
| Gearing, % | 12.7% | 16.0% | 12.7% | 16.0% | 11.9% | ||
| Interest-bearing net debt / EBITDA** | 0.3 | 0.4 | 0.3 | 0.4 | 0.3 | ||
| Return on capital employed (ROCE), last 12 months, % *** | 20.8% | 19.3% | 20.8% | 19.3% | 18.7% | ||
| Return on equity (ROE), last 12 months, % | 22.8% | 18.3% | 22.8% | 18.3% | 17.6% | ||
| Personnel, end of period | 5,298 | 5,151 | 3% | 5,298 | 5,151 | 3% | 5,207 |
| * Periods before the listing of Kalmar Corporation on 1 July 2024 are calculated based on the number of shares at the listing moment. | |||||||
| ** Last 12 months’ EBITDA | |||||||
| *** Items affecting comparability deriving mostly from demerger and listing costs had a -1.7 (-3.3) percentage points impact on ROCE in the third quarter and -4.1 percentage points in the full year 2024. | |||||||
Periods prior to the demerger on 30 June 2024 are presented on a carve-out basis. Gearing, % and interest bearing net debt / EBITDA are presented only from 31 December 2024 onwards as the previous periods with carve-out information do not reflect the capital structure and financing of Kalmar Group. Eco portfolio orders received are presented starting from the first quarter of 2025.
Reporting segments’ key figures
Orders received
| MEUR | Q3/25 | Q3/24 | Change | Q1–Q3/25 | Q1–Q3/24 | Change | 2024 |
| Equipment | 228 | 284 | -20% | 854 | 769 | 11% | 1,099 |
| Services | 147 | 132 | 12% | 452 | 424 | 7% | 580 |
| Other | — | 0 | — | 0 | 0 | ||
| Total | 375 | 416 | -10% | 1,306 | 1,193 | 9% | 1,679 |
Order book
| MEUR | 30 Sep 2025 | 30 Jun 2025 | 31 Mar 2025 | 31 Dec 2024 | Change from 31 Dec 2024 |
| Equipment | 829 | 892 | 902 | 831 | 0% |
| Services | 131 | 135 | 136 | 120 | 10% |
| Other | 1 | 1 | 3 | 4 | -65% |
| Total | 961 | 1,029 | 1,041 | 955 | 1% |
Sales
| MEUR | Q3/25 | Q3/24 | Change | Q1–Q3/25 | Q1–Q3/24 | Change | 2024 |
| Equipment, external sales | 286 | 286 | 0% | 813 | 867 | -6% | 1,160 |
| Equipment, internal sales | 0 | 0 | 0 | 1 | 1 | ||
| Services | 150 | 139 | 8% | 439 | 414 | 6% | 560 |
| Other and elimination of internal sales | 0 | 0 | -62% | 2 | -1 | > 100% | 0 |
| Total | 436 | 425 | 3% | 1,254 | 1,280 | -2% | 1,720 |
Kalmar management follows external sales for segments.
Operating profit
| MEUR | Q3/25 | Q3/24 | Change | Q1–Q3/25 | Q1–Q3/24 | Change | 2024 |
| Equipment | 36.7 | 38.9 | -6% | 103.1 | 114.6 | -10% | 139.4 |
| Services | 28.6 | 25.4 | 13% | 79.0 | 72.2 | 9% | 97.8 |
| Other | -4.6 | -10.3 | 55% | -21.7 | -51.2 | 58% | -62.7 |
| Total | 60.7 | 53.9 | 13% | 160.3 | 135.6 | 18% | 174.4 |
Comparable operating profit
| MEUR | Q3/25 | Q3/24 | Change | Q1–Q3/25 | Q1–Q3/24 | Change | 2024 |
| Equipment | 36.3 | 38.9 | -7% | 103.7 | 114.6 | -10% | 150.1 |
| Services | 27.7 | 25.4 | 9% | 79.5 | 72.2 | 10% | 97.8 |
| Other | -4.0 | -6.8 | 42% | -20.4 | -23.0 | 12% | -31.1 |
| Total | 60.0 | 57.5 | 4% | 162.8 | 163.7 | -1% | 216.8 |
Comparable operating profit, %
| Q3/25 | Q3/24 | Change %-points | Q1–Q3/25 | Q1–Q3/24 | Change %-points | 2024 | |
| Equipment | 12.7% | 13.6% | -0.9 | 12.8% | 13.2% | -0.5 | 12.9% |
| Services | 18.5% | 18.3% | 0.2 | 18.1% | 17.4% | 0.7 | 17.5% |
| Other | n/a | n/a | n/a | n/a | n/a | ||
| Total | 13.8% | 13.5% | 0.2 | 13.0% | 12.8% | 0.2 | 12.6% |
In year 2024 income statement items until 1st July 2024 are carve-out based.
Telephone conference for analysts, investors and media
A live international telephone conference for analysts, investors and media will be arranged on the publishing day at 10:00 a.m. EET. The event will be held in English. The report will be presented by the President & CEO Sami Niiranen and CFO Sakari Ahdekivi. The presentation material will be available at www.kalmarglobal.com by the latest 10:00 a.m. EET.
To ask questions, please join the teleconference by registering via the following link: https://events.inderes.com/kalmar/q3-2025/dial-in. After the registration, the conference phone numbers and a conference ID to access the conference will be provided. Questions can be presented during the conference.
The event can also be viewed as a live webcast at https://kalmar.events.inderes.com/q3-2025/. The conference call will be recorded and an on-demand version of the conference will be published at Kalmar’s website later during the day.
Please note that by dialling to the conference call, the participant agrees that personal information such as name and company name will be collected.
For further information, please contact:
Sakari Ahdekivi, CFO, tel. +358 50 400 3557
Carina Geber-Teir, SVP, IR, Marketing and Communications, tel. +358 40 502 4697
Kalmar (Nasdaq Helsinki: KALMAR) is moving goods in critical supply chains around the world, with the vision to be the forerunner in sustainable material handling equipment and services. The company offers a wide range of industry shaping heavy material handling equipment and services to ports and terminals, distribution centres, manufacturing and heavy logistics. Headquartered in Helsinki, Finland, Kalmar operates globally in over 120 countries and employs approximately 5,200 people. In 2024, the company's sales totalled approximately EUR 1.7 billion. www.kalmarglobal.com
1 The eco portfolio includes the equipment and services that are defined to be either aligned with the EU Taxonomy or expected to be aligned in the near future.
2 EBITDA last 12 months.
3 Periods before the listing of Kalmar Corporation on 1 July 2024 are calculated based on the number of shares at the listing moment.
4 AMEA = Asia, Middle-East, Africa
5 Plan following criteria of the Science Based Targets initiative.
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