<a id="bm-comp-86302abb-905c-4ecf-801b-a7810a02690a" name="bm-comp-86302abb-905c-4ecf-801b-a7810a02690a" class="BMCustomAnchor"></a><table><tr><td bm-component-id="86302abb-905c-4ecf-801b-a7810a02690a" style="vertical-align: top; width:100.000000%;"><ul><li>Orders +7%, sales -11% vs. ABGSCe</li><li>EBIT adj. EUR -3m vs. ABGSCe</li><li>Global uncertainty impacting short-lead-time orders</li></ul></td></tr></table><a id="bm-comp-ee4d05df-ea1d-4872-bf7a-0d518da4d9ac" name="bm-comp-ee4d05df-ea1d-4872-bf7a-0d518da4d9ac" class="BMCustomAnchor"></a><table><tr><td bm-component-id="ee4d05df-ea1d-4872-bf7a-0d518da4d9ac" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Stronger order intake, but lower sales</h3><p>Cavotec reported order intake of EUR 44m (+7% vs. ABGSCe 41m), +10% y-o-y. However, sales came in lower than expected at EUR 36m (-17% vs. ABGSCe 43m), -16% y-o-y. Management writes that increased global economic uncertainty has made customers more cautious, leading to postponed orders with shorter lead times that would typically have been booked and invoiced within the year. EBIT adj. also declined at EUR -0.38m (vs. ABGSCe 3.4m), for a margin of -1% (ABGSCe +8%), mainly driven by the lower sales but also ramp-up costs ahead of major P&M deliveries. In addition, EBIT also included a one-off EUR 0.34 m cost for relocating the registered office to Sweden. FCF lease adj. came in at EUR -1.4m (-15% vs. ABGSCe -1.7m).</p><h3 class="bm-h3">Estimates and outlook</h3><p>On numbers alone, '25e-'27e sales change by -4%, and EBIT adj. changes by SEK -3m. Management remains confident in the company’s long-term growth, citing strong market fundamentals driven by electrification and climate goals. However, they note short-term uncertainty, with customers remaining cautious due to interest rates and tariffs, impacting short-lead-time orders.</p><h3 class="bm-h3">Valuation</h3><p>The share has returned +18% L3M (vs. peer median +38% and OMXSALLS +9%), and is currently trading at 26x-16x '25e-'27e P/E on our pre-report estimates vs. the peer median of 21x-16x. The company is hosting a <a data-bm-trackable="false" href="https://cavotec.events.inderes.com/q2-report-2025/register" target="_blank">conference call</a> at 10:00 CEST.</p></td></tr></table><a id="bm-comp-e13d9eb2-39aa-4f8c-afd3-4f0622325367" name="bm-comp-e13d9eb2-39aa-4f8c-afd3-4f0622325367" class="BMCustomAnchor"></a><table><tr><td bm-component-id="e13d9eb2-39aa-4f8c-afd3-4f0622325367" style="vertical-align: top; width:100.000000%;"><table id="bm-img-d91088ae-2c6e-4a6f-b5d2-ef71f807b06b" class="bm-img-table xslt-img-empty xslt-img-include"><tr><td class="xslt-img-caption">Deviation table</td></tr><tr><td><img bm-img-encrypt="d91088ae-2c6e-4a6f-b5d2-ef71f807b06b" bm-img-original-height="724" bm-img-original-width="649" bm-img-svg="image:image_upload/89323_5e61e418-4cc8-4ae4-8d67-bd1c68f07165.svg" bm-img-width-hint="72.08%" id="bm-id-29a4f243-3498-45e1-9a1e-246d8895f9b0" src="https://abgsc.bluematrix.com/images/image_upload/89323_5e61e418-4cc8-4ae4-8d67-bd1c68f07165_524.png" svg="/nas/web/clients/abgsc/images/image_upload/89323_5e61e418-4cc8-4ae4-8d67-bd1c68f07165.svg" width="524" alt="" title="" /></td></tr><tr><td class="xslt-img-source">Source: ABG Sundal Collier Estimates, Company Data</td></tr></table></td></tr></table>