<p><a id="bm-comp-22e3ee12-b14f-4994-8e4e-275d40f1c98a" class="BMCustomAnchor" name="bm-comp-22e3ee12-b14f-4994-8e4e-275d40f1c98a"></a></p> <table> <tbody> <tr> <td style="vertical-align: top; width: 100.000000%;"> <ul> <li>Another strong quarter for P&M orders</li> <li>Sales EUR 44.7m, adj. EBIT -1.1m</li> <li>Improved market outlook</li> </ul> </td> </tr> </tbody> </table> <p><a id="bm-comp-4dd7d716-d05e-4da4-bcd6-22baf919e527" class="BMCustomAnchor" name="bm-comp-4dd7d716-d05e-4da4-bcd6-22baf919e527"></a></p> <table> <tbody> <tr> <td style="vertical-align: top; width: 100.000000%;"> <h3 class="bm-h3">Q2 results</h3> <p><span style="color: #ff0000;">(Republished with correct adjusted Q2'26 EBIT)</span>. Cavotec reported a sequentially better Q2 results with a strong order intake and sales while missing on earnings. Order intake came in at EUR 49.4m (36% vs. ABGSCe 36.3m, 11% y-o-y), for a R12m book to bill of 1.2. Strong order beat as expected, driven by two large shore power orders (~EUR 15m in total) announced after the publication of our preview, where EUR 7m is expected to be delivered in 2026. Sales came in at EUR 44.7m (20% vs. ABGSCe 37.2m), 25.3% y-o-y (organic at 24.6%). Adj. EBIT was EUR -1.1m (vs. ABGSCe EUR 3.5m), for a margin of -2.5% (ABGSCe 9.3%). Sales beat driven by Ports & Maritime, while adj. EBIT miss vs ABGSCe driven by mix effects of delayed deliveries of low-margin shore power projects in the same division.</p> <h3 class="bm-h3">Estimates and outlook</h3> <p>Q2 is sequentially better on top-line, and while the strong order momentum from Q1 is sustained, profitability continues to trail. Improved outlook comments from management, stating that "underlying markets are healthy".</p> <h3 class="bm-h3">Valuation</h3> <p>The share has been strong into the numbers, +12% L10D (vs. OMXSALLS 1%), and is currently trading at 24x-10x '26e-'27e EV/EBIT adj. on our pre-report estimates vs. the peer median of 16x-14x. The company is hosting a <a href="https://cavotec.events.inderes.com/q2-report-2026" target="_blank" rel="noopener" data-bm-trackable="false">conference call</a> at 10:00 CET.</p> </td> </tr> </tbody> </table> <p><a id="bm-comp-9d23b39d-2b78-4061-93e7-1b57a0844c1a" class="BMCustomAnchor" name="bm-comp-9d23b39d-2b78-4061-93e7-1b57a0844c1a"></a></p> <table> <tbody> <tr> <td style="vertical-align: top; width: 100.000000%;"> <table id="bm-img-1232850d-7b91-4ce9-acd3-21af7b5ed98d" class="bm-img-table xslt-img-empty xslt-img-include"> <tbody> <tr> <td class="xslt-img-caption">Deviation table</td> </tr> <tr> <td><img src="/link/41b9f6ca5273464891f30181921547e1.aspx" alt="" width="526" height="566" /></td> </tr> <tr> <td class="xslt-img-source">Source: ABG Sundal Collier estimates, company data</td> </tr> </tbody> </table> </td> </tr> </tbody> </table>