Orders received decreased as a result of a strong comparison period to EUR 451 (480) million
Sales grew by 5 percent to EUR 420 (398) million
Eco portfolio1 sales remained on a good level, however order intake for fully electric equipment was modest
Demand remained overall stable in the midst of increased geopolitical uncertainty
Improved overall profitability despite a decrease in the Services segment
Equipment comparable operating profit increased to 12.6 (11.6) percent whereas Services decreased to 16.0 (19.0) percent
Continued good execution of the Driving Excellence initiative
Good operating cash flow and strong balance sheet
January–March 2026 in brief:
Orders received decreased by 6 percent and totalled EUR 451 (480) million
Order book amounted to EUR 1,010 million (31 Dec 2025: EUR 977 million)
Sales increased by 5 percent and totalled EUR 420 (398) million
Eco portfolio sales represented 45 (43) percent of consolidated sales and increased by 10 percent, totalling EUR 187 (170) million
Operating profit was EUR 51 (46) million, representing 12.3 (11.5) percent of sales. The operating profit includes items affecting comparability worth EUR 0 (-2) million.
Comparable operating profit amounted to EUR 52 (48) million representing 12.3 (12.0) percent of sales, an increase of 8 percent
Cash flow from operations before finance items and taxes totalled EUR 67 (85) million
Profit for the period amounted to EUR 39 (34) million
Basic earnings per share was EUR 0.61 (0.53)
Interest-bearing net debt to EBITDA2 was -0.1x (0.1x)
Guidance for 2026 unchanged
Kalmar expects its comparable operating profit margin to be above 12.5 percent in 2026.President & CEO Sami Niiranen:
Kalmar's sales grew and overall profitability improved, but at the same time we faced operational headwinds in our Services segment. While I'm proud of our resilience, there is clearly still room for improvement. We are operating in an attractive market, from a strong financial position, that allows us to navigate an unpredictable world without compromising on our long-term goals.
The market activity in the quarter was in line with our expectations. We saw stable demand comparable to the previous quarters. Despite the increased geopolitical instability, we experienced continued high interest in our sustainable solutions across our core customer segments and regions. The data from our connected equipment also showed stable activity levels.
Our order intake for the first quarter totalled EUR 451 (480) million and continued sequentially on a stable level. The orders received increased in the Americas and the APAC region, but decreased in EMEA. The decline from the strong comparison period can largely be explained in the Equipment segment by the timing of some sizeable orders from our customers in ports and terminals and in the Services segment by a few large service agreements. On a positive note, the distribution end customer market in the US showed a gradual recovery in the first quarter. Our order book remained essentially unchanged.
Our financial performance remained solid. Sales increased by 5 percent or by 10 percent in constant currencies to EUR 420 (398) million. Sales grew in both segments and all market areas. The comparable operating profit of EUR 52 (48) million increased by 8 percent, representing 12.3 (12.0) percent of sales.
Profitability improved in our Equipment segment, but the Service segment's profitability continued to be burdened by tariffs and challenges in the spare parts sales in North America, partly due to the sluggish market activity in the region. However, we are confident in our ability to improve the profitability of our Services business. Our large installed base of 70,000 equipment and global service network of approximately 1,500 service technicians, close to our customers, is an important asset and competitive edge. To address the operational shortfalls, we are implementing cost optimisation actions and have proactively introduced targeted sales growth and strategic pricing actions.
Kalmar's financial position is strong. At the end of March we were net cash positive. ROCE increased to 24.2%. Our cash flow from operations excluding finance items and taxes amounted to EUR 67 million. Our Driving Excellence initiative continued to deliver results. By the end of March, we had achieved annualised gross efficiency improvements of approximately EUR 40 million.
Our eco portfolio sales continued to grow and already accounts for 45 (43) percent of sales. On the fully electric vehicle front the share of total Equipment orders in the last 12 months was 9 (11) percent, hence the pace being below our ambitions. In the coming quarters, we will expand our electric portfolio further. This will increase our competitiveness and meet the customer needs in the different end-markets.
Sustainable growth is driven by our own operations and by deepening strategic cooperations and partnerships with leading players and institutions. In March, we announced a donation of EUR 100,000 to the University of Tampere, to accelerate the development of electrification, automation, artificial intelligence and digitalisation.
Looking ahead. We are maintaining our full year guidance and estimate our comparable operating profit margin to be over 12.5 percent in 2026. Most importantly, we're executing our core strategy by staying close to our customers' evolving needs regardless of the geopolitical weather.Vision and strategy
Kalmar is a market leader in heavy material handling equipment with deep-rooted foundations in customer proximity, attractive market, experienced and talented people and strong financial profile.
Kalmar's sales and service network covers over 120 countries, supporting the company's globally dispersed customer base and extensive installed base of 70,000 machines globally. The company operates mainly through direct sales and a strong global network of dealers. With an assembly-based manufacturing model with four factories and two innovation centres, Kalmar prioritises building strong and enduring relationships with its material suppliers across the globe. Kalmar's workforce comprises approximately 5,300 employees of which approximately 1,500 are service engineers. The company believes that attracting and retaining top talent is essential to being the most valued business partner for its customers and the employer of choice for current and future employees. Kalmar is dedicated to responsible business practices and expects its suppliers and business partners to uphold the same high legal and ethical standards.
The industry is facing several megatrends, which are driving renewal across the whole scene. This generates opportunities for Kalmar to provide solutions and solve the challenges customers face. Some of the key opportunities that Kalmar is prepared to address are:
Safety
Productivity
Decarbonisation and electrification
Changing logistics landscape
Labour shortage
Intelligent operations.
To address these opportunities and to create added customer value, Kalmar is focusing on three strategic areas:
Investing in sustainable innovations in the area of decarbonised and electric equipment, digital solutions and automation
Growing services and expanding our aftermarket footprint with a focus on harvesting on our vast installed base, improving capture rate, increasing the share of recurring business through service contracts and creating customer lifecycle value through an intelligent service offering
Driving excellence by improving profitability and cash flow generation via sourcing optimisation and process improvement to fund further investments into R&D and organic growth, and distributing profits to shareholders.
Performance targets
Kalmar's Board of Directors has set the following performance targets for 2028:
Financial targets
Sales growth of 5 percent p.a. over the cycle;
Comparable operating profit margin of 15 percent;
ROCE above 25 percent;
In 2025, Kalmar achieved sales growth of 1 percent, a comparable operating profit margin of 12.8 percent and ROCE of 23.0 percent.
Capital structure and sustainability framework
Leverage (Net debt to EBITDA) under 2x;
Dividend payout ratio of 30–50 percent per annum;
Aligned with SBTi targets with 1.5 °C commitment.3
Kalmar's key figures
MEUR
Q1/26
Q1/25
Change
2025
Orders received
451
480
-6%
1,817
Order book, end of period
1,010
1,041
-3%
977
Sales
420
398
5%
1,741
Eco portfolio sales
187
170
10%
763
Eco portfolio sales, % of sales
45%
43%
44%
Eco portfolio orders received
171
213
-20%
789
Eco portfolio orders received, % of total orders received
38%
44%
43%
Operating profit
51.5
45.7
13%
220.4
Operating profit, %
12.3%
11.5%
12.7%
Comparable operating profit
51.7
