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Kalmar’s financial statements review January–December 2025: Continued successful performance in 2025 with record order intake and solid sales growth in the fourth quarter

Kalmar Corporation

Fri, February 13, 2026 at 4:00 PM GMT+9 13 min read

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Kalmar Corporation

KALMAR CORPORATION, STOCK EXCHANGE RELEASE, 13 FEBRUARY 2026, AT 9.00 AM (EET)

Kalmar’s financial statements review January–December 2025: Continued successful performance in 2025 with record order intake and solid sales growth in the fourth quarter

Orders received increased to a record of EUR 511 (486) million boosted by a few, sizeable equipment orders in the quarter

Strong sales growth by 11 percent to EUR 487 (440) million

Demand remained overall stable despite market uncertainty and trade tensions

Comparable operating profit improved to EUR 60.5 (53.1) million, and was 12.4 (12.1) percentage of sales

Approximately EUR 34 million of annualised gross efficiency improvements have been secured with the Driving Excellence initiative

Operating cash flow increased 76 percent to MEUR 112.8 (64.2), positively impacted by inventory reductions

The Board of Directors proposes to the Annual General Meeting that a dividend of EUR 1.09 (0.99) for each class A shares and EUR 1.10 (1.00) for each class B shares outstanding be paid for the financial year 2025

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

The figures in this financial statements review are based on Kalmar Corporation’s audited 2025 financial statements.

October–December 2025 in brief:

Orders received increased by 5 percent and totalled EUR 511 (486) million

Order book amounted to EUR 977 million (31 Dec 2024: EUR 955 million)

Sales increased by 11 percent and totalled EUR 487 (440) million

Eco portfolio1 sales represented 43 (41) percent of consolidated sales and increased by 14 percent, totalling EUR 209 (182) million

Operating profit was EUR 60 (39) million, representing 12.3 (8.8) percent of sales. The operating profit includes items affecting comparability worth EUR 0 (-14) million

Comparable operating profit amounted to EUR 61 (53) million representing 12.4 (12.1) percent of sales, an increase of 14 percent

Cash flow from operations before finance items and taxes totalled EUR 113 (64) million

Profit for the period amounted to EUR 45 (27) million

Basic earnings per share was EUR 0.71 (0.42)

Interest-bearing net debt to EBITDA2 was 0.0x (0.3x).  

January–December 2025 in brief:

Orders received increased by 8 percent and totalled EUR 1,817 (1,679) million

Order book amounted to EUR 977 million (31 Dec 2024: EUR 955 million)

Sales increased by 1 percent and totalled EUR 1,741 (1,720) million

Eco portfolio sales represented 44 (41) percent of consolidated sales and increased by 9 percent, totalling EUR 763 (698) million

Operating profit was EUR 220 (174) million, representing 12.7 (10.1) percent of sales. The operating profit includes items affecting comparability worth EUR -3 (-42) million

Comparable operating profit amounted to EUR 223 (217) million representing 12.8 (12.6) percent of sales, an increase of 3.0 percent

Cash flow from operations before finance items and taxes totalled EUR 246 (249) million

Profit for the period amounted to EUR 163 (128) million

Basic earnings per share was EUR 2.55 (1.99).3  
  

 






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Guidance for 2026

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

President & CEO Sami Niiranen:

2025 was a year of continued successful performance for Kalmar. It was also a year of geopolitical turmoil and trade tensions. In these challenging circumstances Kalmar showed resilience in improving profitability while driving industry-leading sustainable innovations. We can look back on a year where our ability to adapt rapidly to new conditions, focus on becoming a service driven company, and a drive to continuously foster innovation were instrumental. These efforts led to strong order growth, stable sales, and improved profitability.

The fourth quarter was a strong finish to the year with record order intake and solid sales growth. The order intake in the fourth quarter reached EUR 511 (486) million, an increase of 5 percent boosted by a few sizeable equipment orders. Due to the good development of orders received, our order book increased to EUR 977 (955) million.

Sales grew by 11 percent to EUR 487 (440) million. Comparable operating profit was EUR 60.5 (53.1) million, driven by higher volumes and successful cost management. Comparable profit margin was at 12.4 (12.1) percent in the quarter. Our balance sheet has been further strengthened. At the end of 2025 our interest-bearing net debt totalled EUR 5 (76) million. The leverage ratio was 0.0 (0.3), well below our long-term goal of a maximum of 2x, ensuring good financial flexibility. Within the Driving Excellence initiative we achieved approximately EUR 34 million in annualised gross efficiency improvements by the end of the fourth quarter.

The macroeconomic environment has remained uncertain throughout the quarter. Despite this, the overall demand for Kalmar’s products and services remained relatively stable compared to the previous quarter. The order intake increased in the Americas, decreased in EMEA and was basically unchanged in APAC. It is especially encouraging to see that the Services order intake and sales continued to develop favourably across all different regions. Our growing global installed base of 70,000 equipment serves as a great foundation for our journey towards a services driven company.

During the year we also continued to invest in future-proofing our business with several partnership announcements and product launches. Within electrification several important milestones were achieved in the fourth quarter. We launched a comprehensive new range of DC charging solutions in partnership with Kempower and SINEXCEL and introduced a next-generation lithium-ion (Li-ion) battery solution for our electric straddle carrier. The demand for low and zero-carbon products is evidenced by our eco portfolio sales which increased to 43 (41) percent of total sales in the quarter.

Looking at 2026, we guide our comparable operating profit margin to be above 12.5 percent. We expect geopolitical challenges and trade tensions to continue, which creates uncertainty to some extent in our business environment also in 2026. However, we remain committed to our strategic priorities and driving sustainable growth by leading the industry with innovations towards automation and electrification, expanding our Services business and presence, and pursuing operational excellence to ensure long-term value creation.

To all 5,300 Kalmar colleagues and partners, thank you for making every move count and for creating value for all stakeholders in 2025. I would also like to extend my thanks to our customers and shareholders for continued trust and support in Kalmar.

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 its 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 centers, Kalmar prioritizes building strong and enduring relationships with its material suppliers across the globe. Kalmar’s workforce comprises around 5,300 employees of which around 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.4  

Corporate information and basis for preparation

Kalmar Corporation was formed as a result of the partial demerger from Cargotec Corporation (“demerger”), which was completed on 30 June 2024. The trading in Kalmar Corporation shares on the main market of Nasdaq Helsinki commenced on 1 July 2024.

Financial information prior to the demerger is presented on a carve-out basis. The carve-out financial statements do not necessarily reflect what the financials would have been had Kalmar operated as an independent consolidated group and had it therefore presented stand-alone consolidated financial information. Further, the carve-out financial information may not be indicative of Kalmar’s future performance. The carve-out reporting principles are described in Note 2. Basis of preparation.

Kalmar’s key figures

Periods prior to the demerger on 30 June 2024 are presented on a carve-out basis. Eco portfolio orders received are presented starting from the first quarter of 2025.

Reporting segments’ key figures

Orders received

Order book

Sales

| MEUR | Q4/25 | Q4/24 | Change | 2025 | 2024 | Change | | Equipment, external sales | 324 | 293 | 11% | 1,137 | 1,160 | -2% | | Equipment, internal sales | 0 | 0 | | 1 | 1 | | | Services | 163 | 146 | 11% | 602 | 560 | 7% | | Other and elimination of internal sales | 0 | 0 | < -100% | 2 | 0 | > 100% | | Total | 487 | 440 | 11% | 1,741 | 1,720 | 1% |

Kalmar management follows external sales for segments.

Operating profit

Comparable operating profit

| MEUR | Q4/25 | Q4/24 | Change | 2025 | 2024 | Change | | Equipment | 44.1 | 35.5 | 24% | 147.7 | 150.1 | -2% | | Services | 26.4 | 25.7 | 3% | 105.9 | 97.8 | 8% | | Other | -9.9 | -8.1 | -23% | -30.3 | -31.1 | 3% | | Total | 60.5 | 53.1 | 14% | 223.3 | 216.8 | 3% |

Comparable operating profit, %

In the year 2024 income statement items until 1st July 2024 are carve-out based.

Telephone conference for analysts, investors and media

A live international telephone conference for analysts, investors and media will be arranged on the publishing day at 10:00 a.m. EET. The event will be held in English. The report will be presented by the President & CEO Sami Niiranen and CFO Sakari Ahdekivi. The presentation material will be available at by the latest 10:00 a.m. EET.

To ask questions, please join the teleconference by registering via the following link: 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 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:
Sakari Ahdekivi, CFO, tel. +358 50 400 3557
Carina Geber-Teir, SVP, IR, Marketing & Communications, tel. +358 40 502 4697

About Kalmar
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 Periods before the listing of Kalmar Corporation on 1 July 2024 are calculated based on the number of shares at the listing moment.

4 Plan following criteria of the Science Based Targets initiative.

Attachment

Kalmar financial statements review 2025

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