Translation: Original comment published in Finnish on 7/1/2024 at 8:56 am EEST.

This morning, Kalmar specified its 2024 guidance. The revisions were both expected and welcomed, as the previous guidance referred to Kalmar as if it were still part of Cargotec. 

Lower end of the guidance below 2023 figures

As an independent company, Kalmar is now targeting an EBIT margin of >11% in 2024. The previous guidance was that the comparable EBIT margin was expected to exceed 11% and in the same context it was stated that the guidance was given in line with Cargotec's external reporting in 2023 and that Kalmar's operation as an independent company would have a negative impact of -1 to -2 percentage points on Kalmar's EBIT margin.

Kalmar's comparable EBIT percentage for 2023 excluding Navis and heavy cranes was 13.0%, which is well below the lower bound of the 2024 guidance. This is mainly due to the decline in volumes, as order intake in 2023 was down -18% year-on-year. We will comment on Kalmar's forecasts in our initiation of coverage report, which will be published tomorrow morning at the latest.