Kalmar's interim report January–September 2026: Resilient third quarter with strong orders and robust cash generation

KALMAR CORPORATION, STOCK EXCHANGE RELEASE, 29 OCTOBER 2026 AT 9:00 AM (EET)

Kalmar's interim report January–September 2026: Resilient third quarter with strong orders and robust cash generation

• Orders received grew by 22 percent to EUR 458 (375) million
• Sales was on the level of the comparison period, EUR 433 (436) million as growth in the Services compensated a modest decline in Equipment sales
• Eco portfolio share¹ of sales decreased to 43 (46) percent; however, eco portfolio order intake and orders for fully electric equipment increased
• Market demand remained stable, recovery in the Equipment segment in North America continued
• Comparable operating profit margin was 13.0 (13.8) percent while comparable operating profit decreased by 6 percent from a strong comparison period
• Continued good execution of the Driving Excellence initiative
• Strong operating cash flow and balance sheet
  
  

July–September 2026 in brief:

• Orders received increased by 22 percent and totalled EUR 458 (375) million
• Order book amounted to EUR 1,004 million (31 Dec 2025: EUR 977 million)
• Sales decreased by 1 percent and totalled EUR 433 (436) million
• Eco portfolio sales represented 43 (46) percent of consolidated sales and decreased by 7 percent, totalling EUR 187 (201) million
• Operating profit was EUR 52 (61) million, representing 12.0 (13.9) percent of sales. The operating profit includes items affecting comparability worth EUR -4 (1) million.
• Comparable operating profit amounted to EUR 56 (60) million representing 13.0 (13.8) percent of sales, a decrease of 6 percent
• Cash flow from operations before finance items and taxes totalled EUR 82 (26) million
• Profit for the period amounted to EUR 39 (45) million
• Basic earnings per share was EUR 0.60 (0.70)
• Interest-bearing net debt to EBITDA² was -0.1x (0.3x)

January–September 2026 in brief:

• Orders received increased by 4 percent and totalled EUR 1,358 (1,306) million
• Order book amounted to EUR 1,004 million (31 Dec 2025: EUR 977 million)
• Sales increased by 6 percent and totalled EUR 1,332 (1,254) million
• Eco portfolio sales represented 46 (44) percent of consolidated sales and increased by 9 percent, totalling EUR 607 (555) million
• Operating profit was EUR 162 (160) million, representing 12.1 (12.8) percent of sales. The operating profit includes items affecting comparability worth EUR -6 (-3) million
• Comparable operating profit amounted to EUR 168 (163) million representing 12.6 (13.0) percent of sales, an increase of 3 percent
• Cash flow from operations before finance items and taxes totalled EUR 230 (133) million
• Profit for the period amounted to EUR 122 (118) million
• Basic earnings per share was EUR 1.90 (1.84)
  
  

Guidance for 2026 unchanged

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

President & CEO Sami Niiranen:

During the third quarter of 2026, Kalmar delivered a resilient performance highlighted by good order momentum and robust cash generation. Despite persistent trade tensions and broad geopolitical uncertainty, market demand remained steady. Orders received reached EUR 458 million, matching recent quarters and reflecting a 22 percent increase year on year. This growth was primarily driven by the Equipment segment across North America, bringing our total order book to EUR 1,004 million.

The transformation of our portfolio towards more sustainable solutions continued. In our eco portfolio, orders received grew by 32 percent year on year, representing now almost half of total order intake.

Quarterly sales held steady at EUR 433 million, as growth in the Services segment compensated for a modest decline in Equipment sales. Comparable operating profit reached EUR 56.4 million, representing a 6 percent year-on-year drop against a strong prior-year comparison, while the comparable operating profit margin expanded sequentially to 13.0 percent.

Our Driving Excellence initiative has delivered results. By the end of September, we had secured a run rate of approximately EUR 54 million in annualised gross efficiency improvements – this is already more than the EUR 50 million target we set for year-end 2026. Also cash generation continued strong. In the third quarter, cash flow from operations before finance items and taxes was EUR 82 million, and cash conversion for the last 12 months was 121 percent. Return on capital employed on a last-twelve-months basis was 22.4 percent, and our balance sheet is in excellent shape.

A key highlight of the quarter was the opening of our fully automated Test Centre in Ljungby, Sweden. This industry-first facility is specifically designed for material handling equipment, enabling us to test the entire lifecycle of both our Electric Vehicle and diesel product lines under extreme conditions to strengthen product reliability and shorten time-to-market.

Our Equipment segment’s sales in the third quarter amounted to EUR 281 million. The segment’s profitability continued to be stable with comparable operating profit margin at 12.6 percent.

The Services segment continued to gradually improve in the third quarter with sales of EUR 153 million and a comparable operating profit margin of 17.6 percent, higher than in the past three quarters. Services’ orders received were on the same level as in the previous quarters in 2026. We remain focused on expanding services and growing recurring revenue, which are key to achieving our long-term targets.

Despite geopolitical uncertainty, our fundamentals remain strong. We have a strong order book, a growing eco portfolio, long-standing customer relationships, and a resilient team. We expect total market demand for the next six months to remain approximately at a similar level as in the previous quarters.

While order intake and customer demand across key regions have remained solid, we saw some delivery delays in APAC. Continued macroeconomic disruption to freight, transit routes, and component supply could extend these delays. We are actively mitigating the risk through proactive sourcing, flexible manufacturing, and our Driving Excellence efficiency program.

We confirm our guidance for 2026 unchanged: we expect our comparable operating profit margin to be above 12.5 percent for the full year.

We look forward to sharing further insights into our strategy, business development, and growth opportunities at our upcoming Capital Markets Day on 2 November.

Finally, I would like to express my sincere thanks to our employees across the globe. Your commitment, hard work, and dedication to customer value creation are the driving force behind Kalmar’s performance.

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

* Last 12 months’ EBITDA
** Items affecting comparability had a -0.6 (-1.7) percentage points impact on ROCE in the third quarter.

Reporting segments’ key figures

Orders received

Order book

Sales

Kalmar management follows external sales for segments.

Operating profit

Comparable operating profit

Comparable operating profit, %

Telephone conference for analysts, investors and media

A live international telephone conference for analysts, investors and media will be arranged on the publishing day, 29 October, at 10:00 a.m. EET. The event will be held in English. The report will be presented by President & CEO Sami Niiranen and CFO Katri Hokkanen. The presentation material will be available at www.kalmarglobal.com/investors/ by 10:00 a.m. EET.

To ask questions, please join the teleconference by registering via the following link: https://events.inderes.com/kalmar/q3-2026/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/q3-2026. 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