<a id="bm-comp-23ac1577-dd2e-4fc2-86eb-203201e10c2e" name="bm-comp-23ac1577-dd2e-4fc2-86eb-203201e10c2e" class="BMCustomAnchor"></a><table><tr><td bm-component-id="23ac1577-dd2e-4fc2-86eb-203201e10c2e" style="vertical-align: top; width:100.000000%;"><ul><li>Sales in line, EBIT adj. EUR +0.5m vs. ABGSCe</li><li>Orders -18% vs. ABGSCe, weighed by timing and customer caution</li><li>Strengthened profitability in Industry</li></ul></td></tr></table><a id="bm-comp-be58d5c5-26a0-43d8-a87e-3a934148fca2" name="bm-comp-be58d5c5-26a0-43d8-a87e-3a934148fca2" class="BMCustomAnchor"></a><table><tr><td bm-component-id="be58d5c5-26a0-43d8-a87e-3a934148fca2" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Q3 results</h3><p>Order intake came in at EUR 36m (-18% vs. ABGSCe 44m), flat y-o-y. Sales came in at EUR 36m (flat vs. ABGSCe 36m, -19% y-o-y). As expected, the company states that the lower volumes in the quarter are primarily due to the long lead times for Ports & Maritime orders, combined with continued customer caution. EBIT adj. was EUR -0.2m (vs. ABGSCe -0.7m). Industry showed signs of improving profitability (EBITDA EUR 3m vs ABGSCe 1m) as a result of the company's cost-saving and efficiency measures implemented in '24. EBIT has been adjusted for non-recurring costs of EUR 0.3m related to the relocation of Cavotec's registered office from Switzerland to Sweden. FCF lease adj. came in at EUR 2.0m (vs. ABGSCe -1.4m).</p><h3 class="bm-h3">Estimates and outlook</h3><p>On numbers alone, '25e-'27e sales change by 0%, and EBIT adj. changes by EUR +0.5m. The company highlights its strong order backlog, noting that most deliveries will begin next year. Management adds that the short-term softness in order intake mainly reflects timing effects in large electrification projects. Despite continued customer uncertainty, it remains confident in the strength of its underlying markets.</p><h3 class="bm-h3">Valuation</h3><p>The share has returned -15% L3M (vs. peer median +6% and OMXSALLS +5%), and is currently trading at 58x-16x '25e-'27e P/E on our pre-report estimates vs. the peer median of 22x-15x. The company is hosting a <a data-bm-trackable="false" href="https://cavotec.events.inderes.com/q3-report-2025" target="_blank">conference call</a> at 10:00 CET.</p></td></tr></table><a id="bm-comp-25575629-1694-46d1-ada1-0223f73aae0e" name="bm-comp-25575629-1694-46d1-ada1-0223f73aae0e" class="BMCustomAnchor"></a><table><tr><td bm-component-id="25575629-1694-46d1-ada1-0223f73aae0e" style="vertical-align: top; width:100.000000%;"><table id="bm-img-c03ba0fd-0bda-452f-ac6e-2cc9c5c1c961" 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="c03ba0fd-0bda-452f-ac6e-2cc9c5c1c961" bm-img-original-height="724" bm-img-original-width="649" bm-img-svg="image:image_upload/91835_1329bd09-78b8-479a-95e2-c13b60feb94d.svg" bm-img-width-hint="72.08%" id="bm-id-29a4f243-3498-45e1-9a1e-246d8895f9b0" src="https://abgsc.bluematrix.com/images/image_upload/91835_1329bd09-78b8-479a-95e2-c13b60feb94d_524.png" svg="/nas/web/clients/abgsc/images/image_upload/91835_1329bd09-78b8-479a-95e2-c13b60feb94d.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>