<a id="bm-comp-a9b414e7-edcc-442a-93d6-b30fb5d88910" name="bm-comp-a9b414e7-edcc-442a-93d6-b30fb5d88910" class="BMCustomAnchor"></a><table><tr><td bm-component-id="a9b414e7-edcc-442a-93d6-b30fb5d88910" style="vertical-align: top; width:100.000000%;"><ul><li>Sales EUR 60m vs ABGSCe, EBIT adj. EUR -2.8m vs. ABGSCe 2.5m</li><li>Strong order intake, with several large orders in the end of the quarter</li><li>Market still cautious, cost saving of EUR 3m introduced</li></ul></td></tr></table><a id="bm-comp-1aa5f9c7-8ca0-405d-a76a-36fd7ecd065a" name="bm-comp-1aa5f9c7-8ca0-405d-a76a-36fd7ecd065a" class="BMCustomAnchor"></a><table><tr><td bm-component-id="1aa5f9c7-8ca0-405d-a76a-36fd7ecd065a" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Q1 results</h3><p>Cavotec reported mixed Q1 results with a strong order intake, while missing on top-line and earnings. Order intake came in at EUR 59.7m (vs. ABGSCe 37m, 109% y-o-y), for a R12m book to bill of 1.2. The order beat was expected as they had pre-announced several large orders after we released our Q1 preview. Sales came in at EUR 32.8m (-25% vs. ABGSCe 44m), -15% y-o-y (of which roughly -2% FX). EBIT adj. was EUR -2.8m (vs. ABGSCe EUR 2.5m), for a margin of -8.6% (ABGSCe 5.7%). Industry showed deteriorating sales and margins, with an EBIT margin of 6%% (vs. ABGSCe 11.2%, 13% in Q4'25). Ports & Maritime reported weaker sales and EBIT (sales -26% and adj. EBIT -208% y-o-y). The company is introducing a cost savings program of EUR 3m, with full effect in early 2027.</p><h3 class="bm-h3">Estimates and outlook</h3><p>On numbers alone, '26e-'28e sales is lowered by 7-6%, and EBIT adj. decreases by approx. EUR 2-9m. Q1 was a soft quarter, and while the strong order intake is encouraging, management says the outlook remains uncertain with customer caution persisting.</p><h3 class="bm-h3">Valuation</h3><p>The share has been strong into the numbers, +42% L30D (vs. OMXSALLS +9%), and is currently trading at 48x-21x '26e-'27e P/E on our pre-report estimates vs. the peer median of 20x-19x. The company is hosting a <a data-bm-trackable="false" href="https://cavotec.events.inderes.com/q1-report-2026" target="_blank">conference call</a> at 10:00 CET.</p></td></tr></table><a id="bm-comp-ebfb0f31-bcef-45c2-b01a-7643456ee099" name="bm-comp-ebfb0f31-bcef-45c2-b01a-7643456ee099" class="BMCustomAnchor"></a><table><tr><td bm-component-id="ebfb0f31-bcef-45c2-b01a-7643456ee099" style="vertical-align: top; width:100.000000%;"><table id="bm-img-20582756-b5eb-4b13-b42f-28bff1622fe0" 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="20582756-b5eb-4b13-b42f-28bff1622fe0" bm-img-original-height="579" bm-img-original-width="526" bm-img-svg="image:image_upload/95601_971d1ba5-d782-4656-99ab-31a7faf2e81c.svg" bm-img-width-hint="72.35%" id="bm-id-20582756-b5eb-4b13-b42f-28bff1622fe0" src="https://abgsc.bluematrix.com/images/image_upload/95601_971d1ba5-d782-4656-99ab-31a7faf2e81c_526.png" svg="/nas/web/clients/abgsc/images/image_upload/95601_971d1ba5-d782-4656-99ab-31a7faf2e81c.svg" width="526" alt="" title="" /></td></tr><tr><td class="xslt-img-source">Source: ABG Sundal Collier estimates, company data</td></tr></table></td></tr></table>