Fourth quarter 2025
- Order intake decreased 22.1% to EUR 47.9 million (61.5)
- Revenue increased 9.1% to EUR 49.5 million (45.4)
- Operating result (EBIT) increased 1.2% to EUR 3.6 million (3.6) with an operating margin of 7.3% (7.9%)
- Adjusted operating result amounted to EUR 3.9 million (3.8) with an adjusted operating margin of 7.8% (8.4%)
- Result for the period increased 3.1% to EUR 1.7 million (1.6)
- Operating cash flow increased 161% to EUR 6.0 million (2.3)
- Earnings per share, basic and diluted, increased 6.7% to EUR 0.020 (0.016)
Full year 2025
- Order intake decreased 11.4% to EUR 157.5 million (177.8)
- Revenue decreased 8.7% to EUR 159.7 million (175.0)
- Operating result (EBIT) declined 71% to EUR 3.2 million (10.9) with an operating margin of 2.0% (6.2%)
- Adjusted operating result amounted to EUR 4.3 million (11.1) with an adjusted operating margin of 2.7% (6.4%)
- Result for the period decreased to EUR -1.4 million (3.8)
- Operating cash flow increased 103% to EUR 12.6 million (6.2)
- Earnings per share, basic and diluted, declined to EUR -0.013 (0.036)
- Net debt decreased to EUR -8.8 million from EUR -15.3 million at year-end 2024 and the leverage ratio was 0.96x compared with 0.91x.
- The Board of Directors proposes that no dividend be paid to shareholders for the 2025 financial year
Key events during the fourth quarter
- Order signed to deliver the first shore power systems to the Maldives.
- Orders for shore power systems with a total value of EUR 9.4 million signed with leading global container shipping company.
- First major contracts signed with Australian Civmec for the supply of motorised cable reels.
- Order signed for MoorMaster-systems to Denmark worth about EUR 2 million.
- Order signed for the supply of cable and hose reels to one of Morocco's largest companies.
Key events after the end of the year
• No key events after the end of the year.
Comment from the CEO
Cost-saving measures to increase efficiency and profitability
During the fourth quarter, sales growth was healthy, cash flow increased strongly and we strengthened our financial position. However, we see that customers remain cautious and for the full year 2025 we report a negative result. In light of this, we have decided to initiate cost-saving measures in 2026 to build a stronger Cavotec. The activities and related costs will be presented in the first quarter report on April 24.
We have during the year seen robust interest from our customers in our electrification solutions. The interest is driven by customers' need to reduce their greenhouse gas emissions and their negative climate impact. Demand is also driven by customers' need to increase their operational efficiency. However, despite this, our customers are waiting with their decisions due to uncertainty about the global situation and economic developments. During the last quarter of the year, we have seen this caution reinforced in various customer groups, mainly within Ports & Maritime.
Our business is largely project-driven with long lead times from order to final delivery. We are now in a situation where the volumes for a period are slightly lower than what we previously planned for. This means that we must increase the intensity of reducing costs. The move of the head office back to Sweden last year was part of creating higher efficiency and with the continued cost adjustments we are building a stronger Cavotec. With a lower cost base, we are well positioned to create value when customers' willingness to invest returns.
Significant contracts signed in the quarter
During the quarter, we have presented several significant contracts that demonstrate the strength of our offering. In the previous report, we reported on an order with a total value of EUR 9.4 million, including shore power systems for newbuild and existing container vessels. The customer - a leading global container shipping company - has signed orders during the year totalling EUR 17.5 million. We also reported on an order for the first shore power systems to the Maldives. These systems will become an important reference in the region and may create opportunities for more projects in nearby areas and in South Asia.
During the quarter, we strengthened our relationship with TAKRAF by signing an order for cable and hose reel systems to be delivered to one of Morocco's largest companies that processes and produces phosphate and sulfur. The order strengthens our positions in the growing mining and minerals sector in North Africa and in the bulk materials handling market.
We have also announced another order from Australian construction and engineering company Civmec for the supply of a motorised cable reels and hose reels to Port Hedland in Western Australia - one of the world's largest iron ore export ports. Receiving another order from the same customer reflects the confidence our customers have in Cavotec's technology and proven expertise in demanding industrial environments.
We announced an order worth approximately EUR 2 million from Danish ferry operator Molslinjen for our automated vacuum mooring technology MoorMaster NxG. The systems will be delivered to the ports of Odden and Aarhus and support the operation of high-capacity battery-powered catamarans on one of Denmark's busiest ferry routes. This strengthens our partnership with our long-standing customer Molslinjen.
Strengthened financial position
Cash flow and capital employed are focus areas in our organisation. It is pleasing to see how successful this work has been during the year. Cash flow increased by 103% in 2025 to EUR 12.6 million due to lower capital employed. The financial position was strengthened by a reduction in net debt of EUR 6.5 million to EUR 8.8 million.
Long-term value creation
2025 has been a significant year for us. We have deepened our relationships with existing customers and won new customers. We have moved our registered office and head office back to Sweden, which together with increased cost-saving measures will help reduce our costs and increase efficiency. We have conducted a strategic review of our entire operations, which has given us good insights into future opportunities and priorities. We have also celebrated 50 years as a leading innovator in a technology-driven industry. All in all, this makes me confident in Cavotec's ability to create sustainable, long-term value.
David Pagels
Chief Executive Officer
Webcasted presentation and telco
CEO David Pagels and CFO Joakim Wahlquist will present the interim report on Friday 20 February at 10:00 am CET. If you wish to participate via webcast, please use the link https://cavotec.events.inderes.com/q4-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/q4-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 first quarter report is published 24 April 2026 at 7:00 am CEST.
Contacts
Joakim Wahlquist
CFO
Telephone: +46 8 556 522 00
Email: joakim.wahlquist@cavotec.com
About Cavotec
Cavotec is a leading engineering company that designs and delivers connection and electrification solutions to enable the decarbonisation of ports and industrial applications. Backed by over 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. The information was submitted for publication, through the agency of the contact persons set out above, at 2026-02-20 07:00 CET.
