April - June 2025
- Order intake increased 10.1% to EUR 44.4 million (40.3)
- Revenue decreased -16.2% to EUR 35.7 million (42.6)
- EBIT amounted to EUR -0.7 million (2.4) with an EBIT margin of -2.0% (5.5%)
- Adjusted EBIT amounted to EUR -0.4 million (2.4) with an adjusted EBIT margin of -1.1% (5.5%)
- Net result for the period amounted to EUR -1.5 million (0.7)
- Operating cash flow decreased to EUR 0.05 million (5.0)
- Earnings per share, basic and diluted, amounted to EUR -0.014 (0.006)
January - June 2025
• Order intake decreased -9.0% to EUR 73.0 million (80.2)
• Order backlog increased 5.5% to EUR 124.9 million (118.3)
• Revenue decreased -12.9% to EUR 74.4 million (85.5)
• EBIT amounted to EUR 0.04 million (4.3) with an EBIT margin of 0.1% (5.0%)
• Adjusted EBIT amounted to EUR 0.6 million (4.3) with an adjusted EBIT margin of 0.8% (5.0%)
• Net result for the period amounted to EUR -1.4 million (1.2)
• Operating cash flow improved to EUR 5.4 million (5.0)
• Earnings per share, basic and diluted, amounted to EUR -0.013 (0.011)
• Net debt increased to EUR -15.6 million from EUR -15.3 million at year-end 2024 and the leverage ratio increased to 1.23x from 0.91x
Key events during the second quarter
• In May 2025, Cavotec Group AB ("CGAB"), which at the time was a wholly owned Swedish subsidiary of Cavotec SA ("CSA"), announced an offer to acquire all shares in CSA in exchange for one ordinary share in CGAB per CSA share, for the purpose of implementing a change of domicile from Switzerland to Sweden. On 30 June 2025, CGAB announced that the offer was successfully completed, entailing that CGAB is the new parent company. As the interim report for the second quarter 2025 refers to the period before completion of the offer, the interim report for this quarter is issued by CSA. The interim report for the third quarter 2025 will be the first report issued by CGAB.
• Shore power order signed with leading global container shipping company worth EUR 8.1 million
• Shore power order signed for Port of Antwerp-Bruges cruise terminal worth EUR 1.55 million
• Next generation radio remote controls launched
• Launch of the MCS Manual Dispenser, supporting the Megawatt Charging System (MCS) for high-power charging applications up to 4.5 M
Key events after the end of the second quarter
• Contract for a MoorMaster automated mooring system to a container terminal in Morocco worth EUR 5 million
Comment from the CEO
Successful change of domicile to Sweden
Order intake was strong during the quarter, reflecting our solid position in markets driven by the electrification of society. However, the increased global uncertainty has led to greater caution among our customers, which has affected our sales of goods and services with shorter delivery times. This has also impacted the profitability for the quarter. During the quarter, we successfully completed the relocation of our headquarters from Switzerland to Sweden, which, among other things, brings us closer to our investor base.
Order intake increased 10.1% to EUR 44.4 million, driven by good demand for goods and services in the Ports & Maritime segment. As a result, the order backlog grew 7.4% to EUR 124.9 million compared to the end of the previous quarter. The strong order intake in Ports & Maritime was largely driven by demand for shore power in Europe. Among the larger orders announced during the quarter are a contract worth EUR 8.1 million with a leading global container shipping company, and the order from Equans for the cruise terminal at the Port of Antwerp-Bruges, worth EUR 1.55 million. We are also seeing solid demand for our automated mooring systems and announced in July a contract worth EUR 5 million with a container terminal in Morocco.
Demand driven by customers' efficiency needs
This development is being driven by the strong need to electrify the maritime sector and thereby reduce emissions. Other factors driving demand include the need for safer workplaces and reduced noise levels in areas such as cruise terminals. Increased efficiency and operational excellence also remain strong driving forces for our customers, not least within the Industry segment. Within the Industry segment, we have increased our customer activities over the year and see new opportunities with both new and existing customers.
Despite these strong drivers, we see that our customers have been affected by the global economic uncertainty and have postponed some orders with shorter lead times that would have been booked and billed within the year. This impacted our sales, which declined -16.2% during the quarter to EUR 35.7 million. Revenue is also affected by the project-driven character of our business and the fact that we will not begin delivering on the orders Ports & Maritime signed at the end of 2024 until the second half of 2025 at the earliest.
Upcoming major deliveries
Profitability was also affected by the lower sales of goods and services with shorter delivery times and the ongoing ramp-up in preparation for the upcoming major deliveries in Ports & Maritime. EBIT, adjusted for the cost of relocation the headquarters to Sweden, decreased to EUR -0.4 million (2.4). Cash flow as well as our financial position was negatively impacted by the performance in the quarter. We are, of course, closely monitoring the sales development and how it affects our profitability and financial position in order to be prepared to take action should that be necessary.
Closer to our investor base in Sweden
We have recently successfully completed the relocation of our headquarters from Switzerland back to Sweden. Cavotec was founded in Sweden 50 years ago, and a large majority of our investors are based there. With this move, we are now closer to our large and important investor base in Sweden. We have been listed on Nasdaq Stockholm since 2011, but in connection with the relocation, we carried out a re-listing of our shares on 9 July. As a result of now having a Swedish headquarters, we also have a new auditor - Patrik Adolfson from PwC Sweden. We expect that the move will increase our visibility while enabling faster decision-making, more efficient processes, and greater flexibility. In short, it will make us more investor-friendly, more efficient, and help reduce costs.
More product launches in the second half of the year
This spring, we launched our new generation of radio remote controls and a new MCS Manual Dispenser. The Dispenser is designed to support our Megawatt Charging System (MCS) for high-power charging applications with up to 4.5 MW of charging power. The products have been well received, and we have more exciting product launches planned for the second half of the year.
Continued strong underlying markets
Our underlying markets remain strong, despite an uncertain global environment, driven by electrification and the need to reduce negative climate impact. Our customers, like many others, are however affected by the uncertainty surrounding interest rates and tariffs, which makes them cautious and hesitant in their purchasing of goods and services with shorter delivery times. With our strong customer relationships, attractive offering, and dedicated employees, I remain confident in our ability to grow profitably and create value.
David Pagels
Chief Executive Officer
Webcasted presentation and telco
CEO David Pagels and CFO Joakim Wahlquist will present the interim report on Friday 25 July at 10:00 am CEST. If you wish to participate via webcast, please use the link
https://cavotec.events.inderes.com/q2-report-2025. Via the webcast you may submit written questions. If you wish to participate via teleconference, please register on the link https://events.inderes.com/cavotec/q2-report-2025/dial-in. After registration you will be provided phone numbers and a conference ID to access the conference. You can ask questions verbally via the teleconference. The presentation is in English.
Interim reports on cavotec.com
The full report and previous interim and annual reports are available on https://ir.cavotec.com/financial-reports.
Next report
The third quarter report 2025 is published 7 November at 7:00 am CET.
Contacts
For further details please contact:
Joakim Wahlquist
CFO
Telephone: +46 70 403 47 86
Email: joakim.wahlquist@cavotec.com
About Cavotec
Cavotec is a leading cleantech company that designs and delivers connection and electrification solutions to enable the decarbonisation of ports and industrial applications. Backed by 50 years of experience, our systems ensure safe, efficient and sustainable operations for a wide variety of customers and applications worldwide. To find out more about Cavotec, visit cavotec.com.
This information is information that Cavotec is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact persons set out above, at 2025-07-25 07:00 CEST.
