* Sales EUR 60m vs ABGSCe, EBIT adj. EUR -2.8m vs. ABGSCe 2.5m * Strong order intake, with several large orders in the end of the quarter * Market still cautious, cost saving of EUR 3m introduced
Q1 results
Cavotec reported mixed Q1 results with a strong order intake, while missing on top-line and earnings. Order intake came in at EUR 59.7m (vs. ABGSCe 37m, 109% y-o-y), for a R12m book to bill of 1.2. The order beat was expected as they had pre-announced several large orders after we released our Q1 preview. Sales came in at EUR 32.8m (-25% vs. ABGSCe 44m), -15% y-o-y (of which roughly -2% FX). EBIT adj. was EUR -2.8m (vs. ABGSCe EUR 2.5m), for a margin of -8.6% (ABGSCe 5.7%). Industry showed deteriorating sales and margins, with an EBIT margin of 6%% (vs. ABGSCe 11.2%, 13% in Q4'25). Ports & Maritime reported weaker sales and EBIT (sales -26% and adj. EBIT -208% y-o-y). The company is introducing a cost savings program of EUR 3m, with full effect in early 2027.
Estimates and outlook
On numbers alone, '26e-'28e sales is lowered by 7-6%, and EBIT adj. decreases by approx. EUR 2-9m. Q1 was a soft quarter, and while the strong order intake is encouraging, management says the outlook remains uncertain with customer caution persisting.
Valuation The share has been strong into the numbers, +42% L30D (vs. OMXSALLS +9%), and is currently trading at 48x-21x '26e-'27e P/E on our pre-report estimates vs. the peer median of 20x-19x. The company is hosting a conference call at 10:00 CET.