First quarter 2026

• Order intake increased 109.0% to EUR 59.7 million (28.6) driven by good demand in Ports & Maritime
• Revenue decreased 15.3% to EUR 32.8 million (38.7)
• Operating result (EBIT) amounted to EUR -2.8 million (0.8) with an operating margin of -8.6% (1.9%)
• Adjusted operating result amounted to EUR -2.8 million (1.0) with an adjusted operating margin of -8.6% (2.6%)
• Result for the period amounted to EUR -4.0 million (0.1)
• Operating cash flow amounted to EUR 0.5 million (5.4)
• Earnings per share, basic and diluted, amounted to EUR -0.037 (0.001)
• Net debt amounted to EUR -8.8 million, unchanged compared with the end of 2025, and the leverage ratio amounted to 1.58x (0.96x)

Key events during the first quarter

• Cost-saving measures to reduce costs by approximately EUR 3 million will be fully implemented in 2026 with some effect in the second half of 2026 and with full effect in early 2027.
• An order, valued at approximately EUR 13 million, signed for the supply of MoorMaster automated vacuum mooring systems for a special application in North America.
• Order signed for shore power systems to be deployed across several ports in southern Italy, valued at approximately EUR 3 million.
• CFO Joakim Wahlquist will leave Cavotec for an assignment outside the Group.

Key events after the end of the period

• No key events have occurred after the end of the period.

Comment from the CEO

We are shaping a stronger Cavotec

Order intake was strong in the first quarter in both our divisions, but revenue and profitability decreased due to the weak market in 2025. During the quarter, we initiated cost-saving measures to reduce costs of approximately EUR 3 million with full effect in early 2027. With these measures, we are shaping a stronger Cavotec and are better equipped to create value as volumes increase.

Throughout 2025, we saw robust customer interest in our electrification solutions, driven by the need to reduce their negative climate impact and increase their operational efficiency. Despite this, Ports & Maritime customers in particular were hesitant to make decisions due to uncertainty about the global situation and economic developments. However, in the first quarter, many customers made decisions and order intake was strong, especially for shore power systems and motorised cable reels for both ports and the mining industry.

Revenue decreased in the quarter due to uncertainty among our customers in 2025 and lower volumes negatively impacted profitability. Although we saw stronger order intake in the quarter, uncertainty regarding the global situation and economic development remains.

Cost reductions of approximately EUR 3 million
In light of the continued uncertainty and the fact that we have a largely project-driven business with long lead time between order and final delivery, we are in a situation where volumes are for some time slightly lower than we had previously planned. As a consequence, we are increasing the intensity and scope of the cost adjustments we initiated already in 2025 in connection with the relocation of the headquarters from Switzerland to Sweden. The cost-saving measures will be fully implemented in 2026 and will reduce costs by approximately EUR 3 million with some effect in the second half of 2026 and with full effect in early 2027. The measures include, among other things, optimisation of the organisational structure and efficiency improvements in IT and administrative systems. The cost of the measures totalling EUR 3 million will be taken on an ongoing basis during 2026 and reported as items affecting comparability starting in the second quarter 2026.

Record order for Ports & Maritime
We have announced several important orders during the quarter. Ports & Maritime signed one of its largest contracts ever with a value of approximately EUR 13 million, equivalent to approximately SEK 140 million. The order includes the delivery of MoorMaster automated vacuum mooring systems for a special application in North America. Deliveries are planned to take place from October 2027 to March 2028. Our MoorMaster systems increase safety, speed up ship handling, reduce emissions and help ports and marine applications increase capacity. With this important order, we strengthen our position as a leading supplier of automated vacuum mooring solutions in North America.

We have also announced an order worth approximately EUR 3 million for shore power systems to be installed in several ports in southern Italy. The systems enable cruise, container and RoRo ships to connect to shore power while at berth. By enabling ships to switch off their diesel generators when in port, the systems contribute to reduced harmful emissions and improved air quality. The order strengthens our position in the Mediterranean market and reflects the growing demand for shore power solutions driven by ports and operators working to reduce emissions and comply with increasingly stringent environmental regulations.

After the end of the quarter, we announced an order with a leading engineering company in India for the supply of fourteen motorised cable and hose reels. The reels are part of the customer’s first project for ship unloaders and will be used for unloading bulk materials such as coal and limestone from vessel to shore. The order demonstrates our ability to deliver reliable and high-performance solutions for demanding industrial applications.

Cash flow and financial position
The operating cash flow and financial position were affected by the sales and profitability development in the quarter. We continue to have a strong focus throughout the organisation on profitability and capital employed, and the cost-saving measures also aim to improve both cash flow and financial position.

Outlook
Cavotec has built a strong market position with long-term customer relationships for over fifty years. Our underlying markets are good, driven by strong market trends such as electrification, automation and safety. With our motivated employees, innovative capabilities and increased operational efficiency, we are shaping a stronger Cavotec and are well equipped to create value as volumes increase.

David Pagels
Chief Executive Officer

Webcasted presentation and telco
CEO David Pagels and CFO Joakim Wahlquist will present the interim report on Friday 24 April at 10:00 am CEST. If you wish to participate via webcast, please use the link https://cavotec.events.inderes.com/q1-report-2026. Via the webcast you may submit written questions. If you wish to participate via teleconference, please register on the link https://events.inderes.com/cavotec/q1-report-2026/dial-in. After registration you will be provided phone numbers and a conference ID to access the conference. You can ask questions verbally via the teleconference. The presentation is in English.

Interim reports on cavotec.com
The full report and previous interim and annual reports are available on https://ir.cavotec.com/financial-reports.

Next report
The second quarter report is published 24 July 2026 at 7:00 am CEST.