Kalmar: Guidelines unchanged

Translation: Original published in Finnish on 6/17/2025 at 8:10 am EEST.

Yesterday, Kalmar held an analyst and investor call ahead of the Q2 silent period. Based on the comments, there had been no significant change in the situation since the Q1 result, and geopolitical and trade policy tensions are maintaining uncertainty. The company reported that it had implemented tariff-related price increases during the quarter. Kalmar will publish its Q2 results on July 25.

The situation has continued as it was after the Q1 result

The company described that the situation has continued similarly to the comments given in connection with the Q1 result during Q2. Thus, the current geopolitical and trade policy tensions keep uncertainty elevated, but their effects are reflected differently in its various customer segments and geographical areas. In our interpretation, customer uncertainty and slower decision-making have been present especially in the US market. According to the company, the investment cycles of ports and terminals, for example, are typically longer, which means that their procurement processes do not usually change very quickly. Related to this, a positive aspect was also Drewry's raised container throughput forecasts for the current year, which had recovered close to the levels of April, which were under pressure due to tariff announcements (current year growth forecast now +2% vs. April -1%).  

Kalmar also reiterated the message that no far-reaching conclusions should be drawn from the individual orders announced so far for Q2, due to the timing of order announcements and related delays.

Price increases related to tariffs have been implemented

The call did not offer significant news regarding the US markets or tariffs. It reiterated its previous message that in the USA, a significant portion of its revenue comes from terminal tractors manufactured locally, their spare parts and services. For other product areas (including spare parts), the company said it had implemented the price increases (approximately 5–10%) announced in connection with the Q1 result. The price increases mainly concern the US market, while in the rest of the world, the company has only taken more normal pricing measures. Regarding the price increases, the company said that there may be a slight lag in their impact compared to the entry into force of the tariffs, but we do not expect these to have a material impact on the figures.

Based on the call, the guidelines seemed to be largely unchanged compared to the Q1 result, and we therefore do not see the call yesterday having any direct impact on our forecasts.