Lamor Corporation Plc | Stock Exchange Release | February 26, 2026 at 09:00:00 EET
Lamor maintained stable profitability in 2025 despite revenue remaining below the comparison period. The company secured nearly EUR 80 million in new orders for the second consecutive year, and operating cash flow remained strong. The most strategically significant milestone was the completion of mechanical installations at the Kilpilahti circular oil production facility in December. At the time of reporting, the company is preparing for the final regulatory inspection after which production ramp-up may be started.
This release is a summary of Lamor's financial report. The complete report is attached to this release as a pdf file. It is also available on the company website at lamor.com/investors.
October-December 2025 in brief
- Revenue was EUR 28.0 million (32.6), a decrease of 14.0%
- EBIT was EUR 2.1 million (1.7) or 7.4% of revenue (5.1%), an increase of 24.6%
- Adjusted EBIT was EUR 2.2 million (2.4) or 7.7% of revenue (7.5%), a decrease of 11.8%
- Net cash flow from operating activities was EUR 11.1 million (32.2)
- Earnings per share (basic) was EUR -0.14 (-0.02)
- Orders received was EUR 12.4 million (15.9), a decrease of 22.1%
January-December 2025 in brief
- Revenue was EUR 90.2 million (114.4), a decrease of 21.1%
- EBIT was EUR 6.2 million (5.3) or 6.9% of revenue (4.6%), an increase of 16.6%
- Adjusted EBIT was EUR 6.5 million (6.4) or 7.3% of revenue (5.6%), an increase of 2.5%
- Net cash flow from operating activities was EUR 13.1 million (16.6)
- Net working capital was EUR 35.9 million (54.8), a decrease of 34.5%
- Earnings per share (basic) was EUR -0.13 (-0.06)
- Orders received was EUR 77.5 million (80.9), a decrease of 4.2%
The figures in brackets refer to the comparison period, which is the same period the previous year, unless otherwise stated.
Fred Larsen, CEO
The most strategically significant event for Lamor in the fourth quarter and the full year 2025 was the completion, at the end of December, of the installation works for the first production line at the Kilpilahti circular oil production facility. Kilpilahti has been the largest investment in our company's history, and we see substantial longer-term value-creation potential for our shareholders in chemical recycling of plastics. Chemical recycling is an essential element in the plastics industry's transition towards a circular economy, and a significant growth market is now emerging around certified circular oil in Europe and globally. We are very pleased to be bringing our own commercial concept to this market, leveraging our global network.
Our most notable commercial successes during the year included several major equipment orders across all our regions, demonstrating Lamor's strong position in the oil spill response market. In our large service projects, the key milestone was the completion of a major phase of the Kuwait project: We were the first company to complete our share of the world's largest soil remediation project, funded by the UN and coordinated by Kuwait Oil Company (KOC). Specifically, we completed the remediation of the areas assigned to our joint venture, KAK-Lamor. This achievement reflects the exceptionally high standard of our technical and project execution capabilities. In December, we agreed with KOC on an 18-month extension under which we will continue the soil remediation work in Kuwait according to the remaining contract value, while also slightly increasing the overall contract value.
Overall, 2025 required Lamor to navigate a challenging operating environment. Supported by persistently elevated geopolitical risks, our equipment orders for environmental protection remained at a historically strong level. Conversely, we have not yet benefited from similar tailwind in the market for large-scale service projects. In total, new orders received in 2025 were almost on par with the previous year, but revenue remained clearly below our targets. The resilience of our operating model is highlighted by the fact that, despite lower revenue, our profitability remained stable for January-December. Operating cash flow also remained at a solid level for the full year, supported by the continued successful release of tied working capital.
It is essential that Lamor's operating model enables the flexible scaling of operations in line with business development under all circumstances. For this reason, in February after period-end, we transitioned to a more efficient global operating model (stock exchange release 13 February 2026), replacing the previous structure based on three market areas. As we continue to sharpen our sales efforts, our target is to fully realise the previously announced approximately EUR 8 million cost savings initiatives of in variable and fixed costs by the end of 2026 (compared with 2024 levels). In addition to other efficiency measures, this will also entail organizational changes across our global operations.
We believe that the actions already taken and those planned are necessary to build a stronger Lamor and to create sustainable value for our customers and shareholders. As a result of these measures, we expect profitability to remain at the previous year's level or, should market conditions recover, to improve.
Key figures
| EUR thousand (unless otherwise noted) | 1-12/2025 | 1-12/2024 | Change % | 1-12/2025 | 1-12/2024 | Change % |
| Revenue | 28,014 | 32,575 | -14.0% | 90,243 | 114,396 | -21.1% |
| EBITDA | 3,324 | 2,709 | 22.7% | 9,478 | 11,587 | -18.2% |
| EBITDA margin % | 11.9% | 8.3% | 10.5% | 10.1% | ||
| Adjusted EBITDA | 3,417 | 3,440 | -0.7% | 9,821 | 12,422 | -20.9% |
| Adjusted EBITDA margin % | 12.2% | 10.6% | 10.9% | 10.9% | ||
| Operating profit or loss (EBIT) | 2,066 | 1,658 | 24.6% | 6,197 | 5,315 | 16.6% |
| Operating profit (EBIT) margin % | 7.4% | 5.1% | 6.9% | 4.6% | ||
| Adjusted operating Profit (EBIT) | 2,159 | 2,449 | -11.8% | 6,545 | 6,385 | 2.5% |
| Adjusted operating Profit (EBIT) margin % | 7.7% | 7.5% | 7.3% | 5.6% | ||
| Profit (loss) for the period | -3,780 | -547 | -3,434 | -1,273 | ||
| Earnings per share, EPS (basic), euros | -0.14 | -0.02 | -0.13 | -0.06 | ||
| Earnings per share, EPS (diluted), euros | -0.14 | -0.02 | -0.13 | -0.06 | ||
| Return on equity (ROE) % | -6.5% | -0.9% | -5.7% | -2.0% | ||
| Return on investment (ROI) % | 1.7% | 1.3% | 5.3% | 4.5% | ||
| Equity ratio % | 35.4% | 37.5% | 35.4% | 37.5% | ||
| Net gearing % | 86.2% | 62.1% | 86.2% | 62.1% | ||
| Net working capital | 35,858 | 54,751 | -34.5% | 35,858 | 54,751 | -34.5% |
| Orders received | 12,360 | 15,875 | -22.1% | 77,513 | 80,938 | -4.2% |
| Order backlog | 65,012 | 88,020 | -26.1% | 65,012 | 88,020 | -26.1% |
| Number of employees at the period end | 552 | 643 | -14.2% | 552 | 643 | -14.2% |
| Number of employees on average | 565 | 620 | -8.9% | 590 | 636 | -7.2% |
Outlook for 2026
Long-term demand in Lamor's addressable markets continues to be supported by the stricter environmental requirements and rising environmental risks, which continue to drive investment in environmental protection, remediation and restoration and circular solutions. Additionally, management views that Lamor's broad offering, strong references and its extensive global network continue to support its long-term growth.
The company sees significant opportunities for equipment sales and mid-sized service contracts across all its markets. In the near term, however, economic uncertainty continues to impact customers' decision-making, and long sales cycles for mid-size and large service projects create uncertainty in the timing of new orders.
In 2026, Lamor is focused on the launch of its first circular oil production line Kilpilahti and the commercialization of the company's concept for chemical recycling of plastic to the emerging European and global circular oil market, where the company sees significant value-creation potential for shareholders. Lamor is currently analyzing optimal ways to commercialize and scale up the circular oil concept with partners utilizing Lamor's global network in 100 countries. The company is also evaluating alternatives for financing further investments in the circular oil business to expand production.
Lamor strongly supports the profitable growth of the company's other business areas in environmental protection, as well as in soil remediation and restoration. At the same time, the company is determinedly enhancing the efficiency of these operations and aims to fully implement the planned efficiency initiatives during the year. To ensure this, Lamor is transitioning to a global operating model that enables flexible scaling of operations in line with business development under all circumstances.
Guidance for 2026
- Revenue is expected to be EUR 80-92 million (2025: EUR 90.2 million)
- Adjusted operating profit is expected to be at or above the previous year's level (2025: EUR 6.5 million)
Assumptions
The company expects both revenue and profitability to be weighed toward the second half of the year. As per the adjusted operating profit, the first half is expected to be around break-even. The company estimates that measures to improve sales, margins and efficiency will clearly support revenue and profitability during the second half. Revenue from the on-going soil remediation project in Kuwait is expected to be at a lower level than in 2025.
The circular oil production ramp up is expected to start during the first quarter, assuming the final inspection by the Finnish Safety and Chemicals Agency (Tukes) is conducted as scheduled. Circular oil production's revenue contribution is expected to gradually increase towards the end of the year as the quality of the circular oil improves and quantities increase.
Long-term financial targets
Lamor's Board of Directors has decided (stock exchange release 26 February 2026) to update the company's long-term targets and elevate profitable growth to its primary strategic priority.
Lamor's key objective is to fully realize the previously announced approximately EUR 8 million in savings in variable and fixed costs by the end of 2026 (compared to the 2024 level). The company's operating model will enable more flexible scaling of operations in line with business development under all circumstances. The company sees significant potential to improve efficiency, and the planned structural reforms are expected to enable this.
New long-term financial targets
The company's long-term financial targets (by the end of 2027) are:
- Profitability: Adjusted operating profit (EBIT) over 14% of revenue
- Dividend policy: Aim to distribute dividends, considering business development
- Capital structure: Suitable for the company's strategy, targets, and project portfolio by maintaining a strong balance sheet
Previous long-term financial targets
The company's long-term financial targets (by the end of 2027) are:
- Revenue: Increase revenue to EUR 170 million by the end of 2027.
- Profitability: Adjusted operating profit (EBIT) over 14% of revenue
- Dividend policy: Aim to distribute dividends, considering business development
- Capital structure: Suitable for the company's strategy, targets, and project portfolio by maintaining a strong balance sheet
Events after the reporting period
On 27 January 2026, the company announced that Fred Larsen had been appointed CEO of Lamor Corporation Plc. The company's former CEO, Johan Grön, transitioned to serve as CEO of Lamor Recycling Oy, leading the recycled plastic-based circular oil business. Additional information is available under the section Personnel and management.
On 13 February 2026, the company announced that Lamor is transitioning to a global operating model, replacing the previous structure based on three market areas. The change aims to consolidate and strengthen global sales and operational leadership and enable agile scaling of operations. Similarly, the composition of the Group Leadership Team was changed as of 13 February 2026. Additional information is available under the section Personnel and management.
On 26 February 2026, the company announced Lamor's Board of Directors has decided to update the company's long-term targets and elevate profitable growth to its primary strategic priority. Additional information is available under the section Long-term financial targets.
Board of Directors' proposal for profit distribution
The parent company's distributable funds on 31 December 2025 were EUR 8,564,572.22 of which net loss for the financial year was EUR -3,752,624.10. The Board of Directors proposes to the Annual General Meeting that no dividend be distributed and that the result for the financial year 2025 be entered in the retained earnings.
Annual General meeting
Lamor's Annual General Meeting is planned to be held on 20 April 2026 starting at 09:00 p.m. EET. Lamor will convene the Annual General Meeting with a separate stock exchange release.
Financial calendar for 2026
Lamor transitions to semiannual reporting during the 2026 reporting period. The Half-Year Financial Report for 2026 will be published on 28 July 2026.
The Annual Report 2025 (including the company overview, Board of Directors' Report and the Financial statements, the Corporate Governance statement, the Remuneration report) will be published on Lamor's website on 30 March 2026, the latest.
The Annual General Meeting is preliminarily scheduled to be held on 20 April 2026. The meeting will later be convened by Lamor's Board of Directors.
Webcast for shareholders, analysts and media
Webcast for shareholders, analysts and media on the results for the financial period January-September 2025 will be arranged on 26 February 2026 at 10:00 a.m. EET. The webcast includes a Q&A session, and participants can ask questions in English and Finnish via the event chat room. The webcast can be followed at https://lamor.events.inderes.com/q4-2025.
A recording of the webcast will be available later at the company's website at lamor.com/investors/reports-and-presentations.
Porvoo, 26 February 2026
Lamor Corporation Plc
Board of Directors
Further enquiries
Lamor Corporation Plc:
Fred Larsen, CEO,
fred.larsen@lamor.com
+358 40 090 6311
Nalle Stenman, CFO,
nalle.stenman@lamor.com
+358 40 566 8918
