Kalmar's interim report January–March 2026: Steady sales growth amidst Services headwinds

KALMAR CORPORATION, STOCK EXCHANGE RELEASE, 5 MAY 2026 AT 9:00 AM (EEST)

Kalmar's interim report January–March 2026: Steady sales growth amidst Services headwinds

• Orders received decreased as a result of a strong comparison period to EUR 451 (480) million
• Sales grew by 5 percent to EUR 420 (398) million
• Eco portfolio¹ sales remained on a good level, however order intake for fully electric equipment was modest
• Demand remained overall stable in the midst of increased geopolitical uncertainty
• Improved overall profitability despite a decrease in the Services segment
• Equipment comparable operating profit increased to 12.6 (11.6) percent whereas Services decreased to 16.0 (19.0) percent
• Continued good execution of the Driving Excellence initiative
• Good operating cash flow and strong balance sheet

January–March 2026 in brief:

• Orders received decreased by 6 percent and totalled EUR 451 (480) million
• Order book amounted to EUR 1,010 million (31 Dec 2025: EUR 977 million)
• Sales increased by 5 percent and totalled EUR 420 (398) million
• Eco portfolio sales represented 45 (43) percent of consolidated sales and increased by 10 percent, totalling EUR 187 (170) million
• Operating profit was EUR 51 (46) million, representing 12.3 (11.5) percent of sales. The operating profit includes items affecting comparability worth EUR 0 (-2) million.
• Comparable operating profit amounted to EUR 52 (48) million representing 12.3 (12.0) percent of sales, an increase of 8 percent
• Cash flow from operations before finance items and taxes totalled EUR 67 (85) million
• Profit for the period amounted to EUR 39 (34) million
• Basic earnings per share was EUR 0.61 (0.53)
• Interest-bearing net debt to EBITDA² was -0.1x (0.1x)

Guidance for 2026 unchanged

Kalmar expects its comparable operating profit margin to be above 12.5 percent in 2026.

President & CEO Sami Niiranen: 

Kalmar's sales grew and overall profitability improved, but at the same time we faced operational headwinds in our Services segment. While I’m proud of our resilience, there is clearly still room for improvement. We are operating in an attractive market, from a strong financial position, that allows us to navigate an unpredictable world without compromising on our long-term goals.

The market activity in the quarter was in line with our expectations. We saw stable demand comparable to the previous quarters. Despite the increased geopolitical instability, we experienced continued high interest in our sustainable solutions across our core customer segments and regions. The data from our connected equipment also showed stable activity levels.

Our order intake for the first quarter totalled EUR 451 (480) million and continued sequentially on a stable level. The orders received increased in the Americas and the APAC region, but decreased in EMEA. The decline from the strong comparison period can largely be explained in the Equipment segment by the timing of some sizeable orders from our customers in ports and terminals and in the Services segment by a few large service agreements. On a positive note, the distribution end customer market in the US showed a gradual recovery in the first quarter. Our order book remained essentially unchanged.

Our financial performance remained solid. Sales increased by 5 percent or by 10 percent in constant currencies to EUR 420 (398) million. Sales grew in both segments and all market areas. The comparable operating profit of EUR 52 (48) million increased by 8 percent, representing 12.3 (12.0) percent of sales.

Profitability improved in our Equipment segment, but the Service segment’s profitability continued to be burdened by tariffs and challenges in the spare parts sales in North America, partly due to the sluggish market activity in the region. However, we are confident in our ability to improve the profitability of our Services business. Our large installed base of 70,000 equipment and global service network of approximately 1,500 service technicians, close to our customers, is an important asset and competitive edge. To address the operational shortfalls, we are implementing cost optimisation actions and have proactively introduced targeted sales growth and strategic pricing actions.

Kalmar’s financial position is strong. At the end of March we were net cash positive. ROCE increased to 24.2%. Our cash flow from operations excluding finance items and taxes amounted to EUR 67 million. Our Driving Excellence initiative continued to deliver results. By the end of March, we had achieved annualised gross efficiency improvements of approximately EUR 40 million.

Our eco portfolio sales continued to grow and already accounts for 45 (43) percent of sales. On the fully electric vehicle front the share of total Equipment orders in the last 12 months was 9 (11) percent, hence the pace being below our ambitions. In the coming quarters, we will expand our electric portfolio further. This will increase our competitiveness and meet the customer needs in the different end-markets.

Sustainable growth is driven by our own operations and by deepening strategic cooperations and partnerships with leading players and institutions. In March, we announced a donation of EUR 100,000 to the University of Tampere, to accelerate the development of electrification, automation, artificial intelligence and digitalisation.

Looking ahead. We are maintaining our full year guidance and estimate our comparable operating profit margin to be over 12.5 percent in 2026. Most importantly, we’re executing our core strategy by staying close to our customers' evolving needs regardless of the geopolitical weather.

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 the company’s globally dispersed customer base and extensive installed base of 70,000 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 centres, Kalmar prioritises building strong and enduring relationships with its material suppliers across the globe. Kalmar’s workforce comprises approximately 5,300 employees of which approximately 1,500 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;
  

In 2025, Kalmar achieved sales growth of 1 percent, a comparable operating profit margin of 12.8 percent and ROCE of 23.0 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.³
  
  

Kalmar’s key figures

MEUR	Q1/26	Q1/25	Change	2025
Orders received	451	480	-6%	1,817
Order book, end of period	1,010	1,041	-3%	977
Sales	420	398	5%	1,741
Eco portfolio sales	187	170	10%	763
Eco portfolio sales, % of sales	45%	43%		44%
Eco portfolio orders received	171	213	-20%	789
Eco portfolio orders received, % of total orders received	38%	44%		43%
Operating profit	51.5	45.7	13%	220.4
Operating profit, %	12.3%	11.5%		12.7%
Comparable operating profit	51.7	48.0	8%	223.3
Comparable operating profit, %	12.3%	12.0%		12.8%
Profit before taxes	50.1	43.4	15%	211.2
Cash flow from operations before finance items and taxes	67.0	85.4	-22%	245.7
Profit for the period	39.3	34.1	15%	163.3
Basic earnings per share, EUR	0.61	0.53	15%	2.55
Interest-bearing net debt, end of period	-36	23	<-100%	5
Gearing, %	-5.2%	3.8%		0.7%
Interest-bearing net debt / EBITDA*	-0.1	0.1		0.0
Return on capital employed (ROCE), last 12 months, % **	24.2%	18.4%		23.0%
Return on equity (ROE), last 12 months, %	25.9%	17.4%		24.1%
Personnel, end of period	5,290	5,201	2%	5,300

* Last 12 months’ EBITDA
** Items affecting comparability had a -0.1 (-3.6) percentage points impact on ROCE in the first quarter.

Reporting segments’ key figures

Orders received

MEUR	Q1/26	Q1/25	Change	2025
Equipment	302	322	-6%	1,199
Services	149	158	-6%	618
Other	-	-		-
Total	451	480	-6%	1,817

Order book

MEUR	31 Mar 26	31 Dec 25	Change from 31 Dec 2025
Equipment	873	840	4%
Services	137	135	2%
Other	-	1	-100%
Total	1,010	977	3%

Sales

MEUR	Q1/26	Q1/25	Change	2025
Equipment, external sales	271	252	7%	1,137
Equipment, internal sales	0	-		1
Services	148	145	2%	602
Other and elimination of internal sales	1	1	9%	2
Total	420	398	5%	1,741

Kalmar management follows external sales for segments.

Operating profit

MEUR	Q1/26	Q1/25	Change	2025
Equipment	34.1	28.2	21%	147.1
Services	23.6	26.2	-10%	105.3
Other	-6.2	-8.7	28%	-31.9
Total	51.5	45.7	13%	220.4

Comparable operating profit

MEUR	Q1/26	Q1/25	Change	2025
Equipment	34.1	29.1	17%	147.7
Services	23.6	27.5	-14%	105.9
Other	-6.1	-8.7	31%	-30.3
Total	51.7	48.0	8%	223.3

Comparable operating profit, %

	Q1/26	Q1/25	Change %-points	2025
Equipment	12.6%	11.6%	1.0	13.0%
Services	16.0%	19.0%	-3.0	17.6%
Other	n/a	n/a		n/a
Total	12.3%	12.0%	0.3	12.8%

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. EEST. The event will be held in English. The report will be presented by President & CEO Sami Niiranen and CFO Sakari Ahdekivi. The presentation material will be available at www.kalmarglobal.com/investors/ by 10:00 a.m. EEST.

To ask questions, please join the teleconference by registering via the following link: https://events.inderes.com/kalmar/q1-2026/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/q1-2026. 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:

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 5,300 people. In 2025, 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 Plan following criteria of the Science Based Targets initiative.

Attachment

• Kalmar interim report January-March 2026