Third quarter 2025

• Order intake increased 0.5% to EUR 36.3 million (36.1)
• Revenue decreased 18.8% to EUR 35.8 million (44.1)
• Operating result (EBIT) amounted to EUR -0.5 million (3.0) with an operating margin of -1.4% (6.8%)
• Adjusted operating result amounted to EUR -0.2 million (3.0) with an adjusted operating margin of -0.6% (6.8%)
• Result for the period amounted to EUR -1.7 million (1.0)
• Operating cash flow improved to EUR 2.8 million (-1.1)
• Earnings per share, basic and diluted, amounted to EUR -0.016 (0.010)

January–September 2025
• Order intake decreased 5.8% to EUR 109.6 million (116.3)
• Revenue decreased 14.9% to EUR 110.2 million (129.5)
• Operating result (EBIT) amounted to EUR -0.5 million (7.3) with an operating margin of -0.4% (5.6%)
• Adjusted operating result amounted to EUR 0.4 million (7.3) with an adjusted operating margin of 0.4% (5.6%)
• Result for the period amounted to EUR -3.1 million (2.2)
• Operating cash flow improved to EUR 6.5 million (3.9)
• Earnings per share, basic and diluted, amounted to EUR -0.029 (0.021)
• Net debt decreased to EUR -13.3 million from EUR -15.3 million at year-end 2024 while the leverage ratio increased to 1.44x from 0.91x

Key events during the third quarter
• The Swedish company Cavotec Group AB became the parent company of Cavotec Group following a share-for-share exchange offer and the change of domicile from Switzerland to Sweden. Following the exchange offer, a merger has been implemented where the remaining shareholders of Cavotec SA have received one ordinary share in Cavotec Group AB for each share in Cavotec SA. The number of shares is thereafter 106,696,030.

Key events after the end of the third quarter
• Order signed to deliver the first shore power systems to the Maldives.
• Orders for shore power systems with a total value of EUR 9.35 million signed with leading global container shipping company.
• First major contract signed with Australian Civmec for the supply of a motorised cable reel.

Comment from the CEO

Higher order backlog driven by demand for shore power and MoorMaster systems

Order intake was in line with the same period last year after a strong second quarter, driven by good demand for our shore power solutions and MoorMaster automatic mooring systems. Our order backlog amounts to EUR 125.8 million where growth is driven by customers’ need to electrify industrial applications, reduce greenhouse gas emissions and increase efficiency.

We also see in this quarter that the sales are affected by continued uncertainty among our customers. At the same time, we are affected by the fact that the Ports & Maritime segment in particular is a project-driven business with long delivery times. Over the past ten months, we have won many significant orders in Ports & Maritime, where the majority of deliveries will not take place until next year. Lower volumes in the quarter, due to Ports & Maritime's long delivery times and continued caution among customers, have led to us reporting a loss after tax in the quarter.

Strong demand for shore power solutions
In Ports & Maritime, we have seen strong demand in 2025, especially for shore power solutions, and continued robust demand for MoorMaster systems. Demand for shore power solutions is driven by the need to reduce greenhouse gas emissions in the marine sector, and MoorMaster systems contribute to safer working environments and increased efficiency in ports.

After the end of the quarter, we have communicated several significant orders for shore power systems. Two orders, with a total value of EUR 9.35 million, include shore power for new built and existing container vessels. The customer is a leading global container shipping company that earlier this year signed an order for EUR 8.1 million for shore power. It is a good mark of our delivery capacity and product quality when a leading player in the industry gives us increased confidence. A large part of the latest order involves retrofitting our shore power systems on existing vessels. This means that we will install our solutions on the vessels when they are in operation between Asia, America and Europe. These are undoubtedly challenging projects that require a lot of logistics and technical know-how. We are proud to have this competence and experience. Deliveries will continue throughout 2026.

The second agreement we have communicated involves delivering the first shore power systems in the Maldives. We expect the systems to become an important reference in the region and may create opportunities for more projects in nearby areas and in South Asia. We will begin deliveries in the first quarter of 2026.

Improved profitability in Industry
In the Industry segment, delivery times are shorter and we saw a slight increase in sales from the same quarter last year. Profitability also improved, which primarily reflects the cost-saving and efficiency measures we implemented in 2024.

Our work within Industry to increase our market presence and attract new customers has led to more opportunities for us that we are very hopeful about. In Industry, the business consists of many smaller, but recurring orders, which balances Ports & Maritime's project-driven business.

We have after the end of the quarter announced an order with construction and engineering company Civmec for a motorised cable reel for installation in Port Hedland, Western Australia – one of the world’s largest iron ore export ports. This is a significant agreement as it is our first major collaboration with Civmec and strengthens our presence in Australia’s mining and bulk handling sector. Delivery is scheduled for the third quarter of 2026.

Cash flow impacted by advance payments
During the quarter, cash flow was affected by a high level of capital tied up in work in progress and inventory in preparation for upcoming major deliveries, primarily of shore power systems. Despite this, cash flow was strong as a result of advance payments related to shore power orders.

Strategic review
During the year, we have conducted a thorough review of our markets, our operations and future opportunities. This has resulted in a clear direction and provides us with a good basis for our priorities and where our opportunities lie. This is not least important when we are allocating resources and making decisions about future investments in, for example, product development and customised solutions. Already last year, we initiated increased investments in product development, which has led to a number of new launches. With this thorough strategic review, we can make even more informed decisions and choose the right path.

Strong underlying markets
We see continued uncertainty among our customers while our underlying markets remain strong, driven by the need to reduce greenhouse gas emissions, improve port environments and increase customer efficiency. I am confident in Cavotec's ability to create long-term value thanks to our 50 years of industry experience, strong offering, long-standing customer relationships and professional employees.

David Pagels
Chief Executive Officer

Webcasted presentation and telco
CEO David Pagels and CFO Joakim Wahlquist will present the interim report on Friday 7 November at 10:00 am CET. If you wish to participate via webcast, please use the link https://cavotec.events.inderes.com/q3-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/q3-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 year-end and fourth quarter report 2025 is published 20 February 2026 at 7:00 am CET.