<a id="bm-comp-a2a3ea70-bcce-4570-b849-69f39d3be1d8" name="bm-comp-a2a3ea70-bcce-4570-b849-69f39d3be1d8" class="BMCustomAnchor"></a><table><tr><td bm-component-id="a2a3ea70-bcce-4570-b849-69f39d3be1d8" style="vertical-align: top; width:100.000000%;"><ul><li>Sales +34% vs EBIT adj. EUR 3.9m vs. ABGSCe 0.7m</li><li>Orders in line vs. ABGSCe, several large orders in the quarter</li><li>Market still cautious, cost saving initiatives in 2026</li></ul></td></tr></table><a id="bm-comp-4f5f10b7-c3e3-4244-b769-76800589cbc4" name="bm-comp-4f5f10b7-c3e3-4244-b769-76800589cbc4" class="BMCustomAnchor"></a><table><tr><td bm-component-id="4f5f10b7-c3e3-4244-b769-76800589cbc4" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Q4 results</h3><p>Cavotec reported strong Q4 results with a beat on all line items. Order intake came in at EUR 48m (in line vs. ABGSCe 48m). Sales came in at EUR 50m (+34% vs. ABGSCe 37m), +9% y-o-y (+11% org.). EBIT adj. was EUR 3.9m (vs. ABGSCe 0.70m), for a margin of +8% (ABGSCe 1.9%). EBIT has been adjusted for a one-off of EUR 0.24m related to the relocation of Cavotec's registered office from Switzerland to Sweden. Industry showed improved margins, with an EBITDA margin of 16% (vs. ABGSCe 4.3%), thanks to the recently implemented change programmes. While, Ports & Maritime reported weaker EBITDA margins y-o-y (12% vs. 18% LY). Cash flow was strong in the quarter and FCF lease adj. came in at EUR 4.4m (vs. ABGSCe -1.4m).</p><h3 class="bm-h3">Estimates and outlook</h3><p>On numbers alone, '25e-'27e sales change by +8%, and EBIT adj. changes by +EUR 3m. While Q4 was a strong quarter, management says the outlook is uncertain and customers remain cautious, so the company has decided to initiate cost savings heading into 2026.</p><h3 class="bm-h3">Valuation</h3><p>The share has returned -15% L3M (vs. peer median +17% and OMXSALLS +11%), and is currently trading at 39x-19x '26e-'27e P/E on our pre-report estimates vs. the peer median of 21x-18x. The company is hosting a <a data-bm-trackable="false" href="https://cavotec.events.inderes.com/q4-report-2025/register" target="_blank">conference call</a> at 10:00 CET.</p></td></tr></table><a id="bm-comp-dea83c14-2188-4942-afa4-dfa5354b0684" name="bm-comp-dea83c14-2188-4942-afa4-dfa5354b0684" class="BMCustomAnchor"></a><table><tr><td bm-component-id="dea83c14-2188-4942-afa4-dfa5354b0684" style="vertical-align: top; width:100.000000%;"><table id="bm-img-908bdfdb-7284-4e18-a98c-23ca84e1727e" 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="908bdfdb-7284-4e18-a98c-23ca84e1727e" bm-img-original-height="724" bm-img-original-width="649" bm-img-svg="image:image_upload/94247_c89352ed-3d79-4327-9db1-395403638eb2.svg" bm-img-width-hint="72.08%" id="bm-id-29a4f243-3498-45e1-9a1e-246d8895f9b0" src="https://abgsc.bluematrix.com/images/image_upload/94247_c89352ed-3d79-4327-9db1-395403638eb2_524.png" svg="/nas/web/clients/abgsc/images/image_upload/94247_c89352ed-3d79-4327-9db1-395403638eb2.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>