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Cavotec SA
Interim / Quarterly Report • Jul 25, 2025
8644_ir_2025-07-25_afdd4091-3f9d-467b-8214-3407351935e8.pdf
Interim / Quarterly Report
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Strong order intake while results impacted by the global economic uncertainty APRIL–JUNE 2025
- Order intake increased 10.1% to EUR 44.4 million (40.3)
- Revenue decreased -16.2% to EUR 35.7 million (42.6)
- EBIT amounted to EUR -0.7 million (2.4) with an EBIT margin of -2.0% (5.5%)
- Adjusted EBIT amounted to EUR -0.4 million (2.4) with an adjusted EBIT margin of -1.1% (5.5%)
- Net result for the period amounted to EUR -1.5 million (0.7)
- Operating cash flow decreased to EUR 0.05 million (5.0)
- Earnings per share, basic and diluted, amounted to EUR -0.014 (0.006)
JANUARY–JUNE 2025
- Order intake decreased -9.0% to EUR 73.0 million (80.2)
- Order backlog increased 5.5% to EUR 124.9 million (118.3)
- Revenue decreased -12.9% to EUR 74.4 million (85.5)
- EBIT amounted to EUR 0.04 million (4.3) with an EBIT margin of 0.1% (5.0%)
- Adjusted EBIT amounted to EUR 0.6 million (4.3) with an adjusted EBIT margin of 0.8% (5.0%)
- Net result for the period amounted to EUR -1.4 million (1.2)
- Operating cash flow improved to EUR 5.4 million (5.0)
- Earnings per share, basic and diluted, amounted to EUR -0.013 (0.011)
- Net debt increased to EUR -15.6 million from EUR -15.3 million at year-end 2024 and the leverage ratio increased to 1.23x from 0.91x
KEY EVENTS DURING THE SECOND QUARTER
• In May 2025, Cavotec Group AB ("CGAB"), which at the time was a wholly owned Swedish subsidiary of Cavotec SA ("CSA"), announced an offer to acquire all shares in CSA in exchange for one ordinary share in CGAB per CSA share, for the purpose of implementing a change of domicile from Switzerland to Sweden. On 30 June 2025, CGAB announced that the offer was successfully completed, entailing that CGAB is the new parent company. As the interim report for the second quarter 2025 refers to the period before completion of the offer, the interim report for this quarter is issued by CSA. The interim report for the third quarter 2025 will be the first report issued by CGAB.
- Shore power order signed with leading global container shipping company worth EUR 8.1 million
- Shore power order signed for Port of Antwerp-Bruges cruise terminal worth EUR 1.55 million
- Next generation radio remote controls launched
• Launch of the MCS Manual Dispenser, supporting the Megawatt Charging System (MCS) for high-power charging applications up to 4.5 M
KEY EVENTS AFTER THE END OF THE SECOND QUARTER
• Contract for a MoorMaster automated mooring system to a container terminal in Morocco worth EUR 5 million
| FINANCIAL SUMMARY | |
|---|---|
| ------------------- | -- |
| EUR 000s | Q225 | Q224 | Change | 6M25 | 6M24 | Change | LTM | 2024 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Order intake | 44,391 | 40,304 | 10.1% | 72,968 | 80,183 | -9.0% | 170,565 | 177,780 | -4.1% |
| Order backlog | 124,859 | 118,312 | 5.5% | 124,859 | 118,312 | 5.5% | 124,859 | 126,390 | -1.2% |
| Revenue | 35,670 | 42,550 | -16.2% | 74,387 | 85,453 | -12.9% | 163,886 | 174,952 | -6.3% |
| EBITDA | 755 | 3,609 | -79.1% | 3,055 | 7,030 | -56.5% | 12,702 | 16,677 | -23.8% |
| EBITDA margin | 2.1% | 8.5% | -6.4pp | 4.1% | 8.2% | -4.1pp | 7.8% | 9.5% | -1.7pp |
| EBITDA, adjusted | 1,094 | 3,609 | -69.7% | 3,636 | 7,030 | -48.3% | 13,530 | 16,924 | -20.1% |
| EBITDA margin, adjusted | 3.1% | 8.5% | -5.4pp | 4.9% | 8.2% | -3.3pp | 8.3% | 9.7% | -1.4pp |
| EBIT (operating result) | (715) | 2,360 | -130.3% | 39 | 4,311 | -99.1% | 6,621 | 10,893 | -39.2% |
| EBIT margin | -2.0% | 5.5% | -7.5pp | 0.1% | 5.0% | -4.9pp | 4.0% | 6.2% | -2.2pp |
| EBIT (operating result), adjusted |
(376) | 2,360 | -115.9% | 620 | 4,311 | -85.6% | 7,449 | 11,139 | -33.1% |
| EBIT margin, adjusted | -1.1% | 5.5% | -6.6pp | 0.8% | 5.0% | -4.2pp | 4.5% | 6.4% | -1.9pp |
| Net profit/loss for the period | (1,466) | 665 | -320.5% | (1,410) | 1,182 | -219.3% | 1,248 | 3,840 | -67.5% |
| Operating cash flow | 51 | 4,960 | -99.0% | 5,436 | 5,009 | 8.5% | 6,653 | 6,226 | 6.9% |
| Basic and diluted EPS, EUR | (0.014) | 0.006 | -333.3% | (0.013) | 0.011 | -218.2% | 0.012 | 0.036 | -66.7% |
| Net debt | (15,572) | (13,686) | 13.8% | (15,572) | (13,686) | 13.8% | (15,572) | (15,257) | 2.1% |
| Equity/assets ratio | 39.8% | 36.3% | 3.5pp | 39.8% | 36.3% | 3.5pp | 39.8% | 40.4% | -0.6pp |
| Leverage ratio | 1.23x | 0.82x | 0.41x | 1.23x | 0.82x | 0.41x | 1.23x | 0.91x | 0.32x |
Successful change of domicile to Sweden
Order intake was strong during the quarter, reflec5ng our solid posi5on in markets driven by the electrifica5on of society. However, the increased global uncertainty has led to greater cau5on among our customers, which has affected our sales of goods and services with shorter delivery 5mes. This has also impacted the profitability for the quarter. During the quarter, we successfully completed the reloca5on of our headquarters from Switzerland to Sweden, which, among other things, brings us closer to our investor base.
Order intake increased 10.1% to EUR 44.4 million, driven by good demand for goods and services in the Ports & Maritime segment. As a result, the order backlog grew 7.4% to EUR 124.9 million compared to the end of the previous quarter. The strong order intake in Ports & Maritime was largely driven by demand for shore power in Europe. Among the larger orders announced during the quarter are a contract worth EUR 8.1 million with a leading global container shipping company, and the order from Equans for the cruise terminal at the Port of Antwerp-Bruges, worth EUR 1.55 million. We are also seeing solid demand for our automated mooring systems and announced in July a contract worth EUR 5 million with a container terminal in Morocco.
Demand driven by customers' efficiency needs
This development is being driven by the strong need to electrify the mariXme sector and thereby reduce emissions. Other factors driving demand include the need for safer workplaces and reduced noise levels in areas such as cruise terminals. Increased efficiency and operaXonal excellence also remain strong driving forces for our customers, not least within the Industry segment. Within the Industry segment, we have increased our customer acXviXes over the year and see new opportuniXes with both new and exisXng customers.
Despite these strong drivers, we see that our customers have been affected by the global economic uncertainty and have postponed some orders with shorter lead Xmes that would have been booked and billed within the year. This impacted our sales, which declined -16.2% during the quarter to EUR 35.7 million. Revenue is also affected by the project-driven character of our business and the fact that we will not begin delivering on the orders Ports & MariXme signed at the end of 2024 unXl the second half of 2025 at the earliest.
Upcoming major deliveries
Profitability was also affected by the lower sales of goods and services with shorter delivery Xmes and the ongoing ramp-up in preparaXon for the upcoming major deliveries in Ports & MariXme. EBIT, adjusted for the cost of relocaXon the headquarters to Sweden, decreased to EUR -0.4 million (2.4). Cash flow as well as our financial posiXon was negaXvely impacted by the performance in the quarter. We are, of course, closely monitoring the sales development and how it affects our profitability and financial posiXon in order to be prepared to take acXon should that be necessary.
Closer to our investor base in Sweden
We have recently successfully completed the relocaXon of our headquarters from Switzerland back to Sweden. Cavotec was founded in Sweden 50 years ago, and a large majority of our investors are based there. With this move, we are now closer to our large and important investor base in Sweden. We have been listed on Nasdaq Stockholm since 2011, but in connecXon with the relocaXon, we carried out a re-lisXng of our shares on 9 July. As a result of now having a Swedish headquarters, we also have a new auditor — Patrik Adolfson from PwC Sweden. We expect that the move will increase our visibility while enabling faster decision-making, more efficient processes, and greater flexibility. In short, it will make us more investor-friendly, more efficient, and help reduce costs.
More product launches in the second half of the year
This spring, we launched our new generaXon of radio remote controls and a new MCS Manual Dispenser. The Dispenser is designed to support our Megawaf Charging System (MCS) for high-power charging applicaXons with up to 4.5 MW of charging power. The products have been well received, and we have more exciXng product launches planned for the second half of the year.
ConXnued strong underlying markets
Our underlying markets remain strong, despite an uncertain global environment, driven by electrificaXon and the need to reduce negaXve climate impact. Our customers, like many others, are however affected by the uncertainty surrounding interest rates and tariffs, which makes them cauXous and hesitant in their purchasing of goods and services with shorter delivery Xmes. With our strong customer relaXonships, afracXve offering, and dedicated employees, I remain confident in our ability to grow profitably and create value.
David Pagels Chief Executive Officer
Financial Review – Group
| EUR 000s | Q225 | Q224 | 6M25 | 6M24 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Ports & | Industry | Group | Ports & | Industry | Group | Ports & | Industry | Group | Ports & | Industry | |
| Maritime | Maritime | Maritime | Maritime | |||||||||
| Revenue | 35,670 | 21,232 | 14,438 | 42,550 | 25,553 | 16,997 | 74,387 | 43,375 | 31,012 | 85,453 | 52,207 | 33,246 |
| Increase/(decrease) | -6,880 | -4,321 | -2,559 | -3,184 | -3,211 | 27 | -11,066 | -8,832 | -2,234 | 192 | -193 | 385 |
| Change | -16.2% | -16.9% | -15.1% | -7.0% | -11.2% | 0.2% | -12.9% | -16.9% | -6.7% | 0.2% | -0.4% | 1.2% |
| Of which | ||||||||||||
| - Volumes and prices | -15.9% | -16.8% | -14.6% | -7.0% | -11.3% | 0.3% | -12.6% | -16.7% | -6.2% | 0.8% | 0.2% | 1.9% |
| - Currency effects | -0.3% | -0.1% | -0.5% | 0.0% | 0.1% | -0.1% | -0.3% | -0.2% | -0.5% | -0.6% | -0.6% | -0.7% |
REVENUE – GROUP AND SEGMENTS – VOLUMES, PRICES, CURRENCY
APRIL-JUNE 2025
Revenue, order intake and order backlog
Revenue decreased -16.2% to EUR 35.7 million (42.6) due to softer sales in both the Ports & Maritime and Industry segments. Currency effects had a negative effect of -0.3% in the quarter.
Order intake increased 10.1% to EUR 44.4 million (40.3), driven by good demand for Ports & Maritime's product and service offerings. The order backlog increased 5.5% to EUR 124.9 million (118.3) and increased 7.4% from the end of the first quarter 2025.
EBIT (operating result) EBIT decreased -130.3% to EUR -0.7 million (2.4) due to lower revenue. The EBIT margin amounted to -2.0% (5.5%).
Adjusted EBIT decreased -115.9% to EUR -0.4 (2.4) million and the adjusted EBIT margin amounted to -1.1% (5.5%). EBIT has been adjusted in the quarter for non-recurring costs of EUR 0.34 million (-) related to the relocation of the registered office from Switzerland to Sweden.
Profit for the period and earnings per share
Net financial income improved to EUR -0.6 million (-0.9). Profit before income tax decreased to EUR -1.2 million (1.5). Income taxes amounted to EUR -0.3 million (-0.8). Profit for the period decreased to EUR -1.5 million (0.7). Earnings per share, basic and diluted, decreased to EUR -0.014 (0.006).
Cash flow
Operating cash flow decreased to EUR 0.05 million (5.0) due to lower profit and higher working capital.
JANUARY-JUNE 2025
Revenue and order intake
Revenue decreased -12.9% to EUR 74.4 million (85.5) due to lower sales in both the Ports & Maritime and Industry segments. Currency effects had a negative impact of -0.3% during the six-month period.
Order intake decreased -9.0% to EUR 73.0 million (80.2), mainly due to the lower order intake in Ports & Maritime in the first quarter. However, the order intake in Ports & Maritime in the first quarter should be seen in the light of the strong order intake during the latter part of the fourth quarter 2024.
EBIT (operating result) EBIT decreased 99.1% to EUR 0.04 million (4.3) and the EBIT margin amounted to 0.1% (5.0%), reflecting lower revenue.
Adjusted EBIT decreased -85.6% to EUR 0.6 million (4.3) and the adjusted EBIT margin amounted to 0.8% (5.0%). EBIT has been adjusted in the six-month period for non-recurring costs of EUR 0.58 (-) million related to relocation of the registered office from Switzerland to Sweden.
Profit for the period and earnings per share
Net financial income improved to EUR -1.0 million (-1.5). Profit before income tax decreased to EUR -0.9 million (2.8). Income taxes amounted to EUR -0.5 million (-1.6). Profit for the period decreased to EUR -1.4 million (1.2). Earnings per share, basic and diluted, amounted to EUR -0.013 (0.011).
Cash flow
Operating cash flow increased to EUR 5.4 million (5.0) due to improved working capital.
Financial position
Net debt increased to EUR -15.6 million from EUR -15.3 million at 31 December 2024 and increased from EUR -11.6 million at 31 March 2025. The leverage ratio, measured as debt-to-adjusted EBITDA LTM, amounted at the end of the quarter to 1.23x, an increase from 0.91x at 31 December 2024 and an increase from 0.74x at 31 March 2025. The equity/assets ratio decreased in the quarter to 39.8% from 40.4% at 31 December 2024 and was unchanged from 31 March 2025.
Employees
At the end of the period, Cavotec had 722 (674) full-time equivalent employees. The increase is mainly due to the recruitment of service engineers.
Group
EUR m EBIT and EBIT margin
Financial Review – Segments
| EUR 000s | Q225 | Q224 | Change | Q125 | Change | Q424 | Change |
|---|---|---|---|---|---|---|---|
| Order intake | |||||||
| Ports & Maritime | 29,318 | 24,512 | 19.6% | 12,011 | 144.1% | 43,644 | -32.8% |
| Industry | 15,073 | 15,792 | -4.6% | 16,566 | -9.0% | 17,810 | -15.4% |
| Group | 44,391 | 40,304 | 10.1% | 28,577 | 55.3% | 61,454 | -27.8% |
| Order backlog | |||||||
| 30 June, 2025 | 30 June, 2024 | Change 31 March, 2025 | Change | 31 December, | Change | ||
| 2024 | |||||||
| Ports & Maritime | 100,116 | 95,339 | 5.0% | 92,161 | 8.6% | 102,293 | -2.1% |
| Industry | 24,743 | 22,973 | 7.7% | 24,089 | 2.7% | 24,097 | 2.7% |
| Group | 124,859 | 118,312 | 5.5% | 116,250 | 7.4% | 126,390 | -1.2% |
ORDER INTAKE AND BACKLOG – SEGMENTS
PORTS & MARITIME
APRIL-JUNE 2025
Revenue, order intake and order backlog
Revenue decreased -16.9% to EUR 21.2 million (25.6), negatively impacted by the increased global uncertainty which has led to greater caution among customers. Currency effects had a negative impact of -0.1%.
Order intake increased 19.6% to EUR 29.3 million (24.5), largely driven by demand for shore power in Europe. The order backlog increased 5.0% to EUR 100.1 million (95.3) and increased 8.6% from EUR 92.2 in the first quarter 2025. In the quarter, an order for shore power systems, valued at EUR 8.1 million, was signed with a leading global container shipping company. The order includes cable management reels and weatherproof enclosures, with deliveries scheduled to begin in the second half of 2026. After the end of the quarter, a EUR 5 million contract was signed with a leading port operator to supply a MoorMaster automated vacuum mooring system to a container terminal in Morocco. Delivery is scheduled for September 2026 and includes a two-year service level agreement.
EBITDA EBITDA decreased -58.2% to EUR 1.1 million (2.7), impacted by the lower revenue, and the EBITDA margin amounted to 5.4% (10.7%).
JANUARY-JUNE 2025
Revenue and order intake
Revenue decreased -16.9% to EUR 43.4 million (52.2). Currency effects had a negative impact of -0.2%.
Order intake decreased -13.5% to EUR 41.3 million (47.8), negatively impacted by the lower order intake in the first quarter. However, the order intake in the first quarter should be seen in the light of the strong order intake during the latter part of the fourth quarter 2024.
EBITDA EBITDA decreased -60.3% to EUR 2.2 million (5.5) and the EBITDA margin amounted to 5.1% (10.6%), negatively impacted by lower revenue.
INDUSTRY
APRIL-JUNE 2025
Revenue, order intake and order backlog
Revenue decreased -15.1% to EUR 14.4 million (17.0), negatively impacted by the increased global uncertainty which has led to greater caution among customers. Currency effects had a negative impact of -0.5%.
Order intake decreased -4.6% to EUR 15.1 million (15.8) while the order backlog increased 7.7% to EUR 24.7 million (23.0) and increased 2.7% from EUR 24.1 million in the first quarter 2025.
EBITDA EBITDA decreased -144% to EUR -0.4 million (0.9) due to lower revenue. The EBITDA margin amounted to -2.7% (5.1%).
JANUARY-JUNE 2025
Revenue and order intake
Revenue decreased -6.7% to EUR 31.0 million (33.2). Currency effects had a negative impact of -0.5%.
Order intake decreased -2.4% to EUR 31.6 million (32.4), mainly due to lower intake in the second quarter.
EBITDA EBITDA decreased -42.6% to EUR 0.9 million (1.5) and the EBITDA margin amounted to 2.8% (4.5%).
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
| EUR 000s | Unaudited three months 30 Jun, 2025 |
Unaudited three months 30 Jun, 2024 |
Unaudited six months 30 Jun, 2025 |
Unaudited six months 30 Jun, 2024 |
Audited year 31 Dec, 2024 |
|---|---|---|---|---|---|
| Revenue from sales of goods and services | 35,670 | 42,550 | 74,387 | 85,453 | 174,952 |
| Other income | 352 | 56 | 652 | 792 | 1,336 |
| Cost of materials | (16,285) | (19,670) | (34,594) | (41,423) | (85,073) |
| Employee benefit costs | (13,482) | (13,113) | (27,263) | (27,266) | (53,428) |
| Operating expenses | (5,500) | (6,214) | (10,127) | (10,527) | (21,109) |
| Gross operating result | 755 | 3,609 | 3,055 | 7,030 | 16,677 |
| Depreciation and amortisation | (596) | (626) | (1,209) | (1,198) | (2,462) |
| Depreciation of right-of-use of leased asset | (874) | (622) | (1,807) | (1,520) | (3,129) |
| Impairment losses | - | - | (193) | ||
| Operating result (EBIT) | (715) | 2,360 | 39 | 4,311 | 10,893 |
| Interest income | 14 | 10 | 16 | 13 | 35 |
| Interest expenses | (569) | (856) | (1,050) | (1,533) | (2,605) |
| Currency exchange differences – net | 109 | (64) | 113 | 12 | (113) |
| Other financial item | - | - | - | - | (4) |
| Profit / (loss) before income tax | (1,161) | 1,451 | (882) | 2,802 | 8,206 |
| Income taxes | (305) | (785) | (528) | (1,620) | (4,366) |
| Profit / (loss) for the period | (1,466) | 665 | (1,410) | 1,182 | 3,840 |
| Other comprehensive income: | |||||
| Remeasurements of post-employment benefit obligations | (4) | (2) | (2) | 5 | (43) |
| Items that will not be reclassified to profit / (loss) | (4) | (2) | (2) | 5 | (43) |
| Currency translation differences | (1,369) | 367 | (1,943) | (49) | (366) |
| Items that will not be subsequently reclassified to profit / (loss) | (1,369) | 367 | (1,943) | (49) | (366) |
| Other comprehensive income for the period, net of tax | (1,373) | 365 | (1,945) | (44) | (409) |
| Total comprehensive income for the period | (2,839) | 1,030 | (3,355) | 1,138 | 3,431 |
| Total comprehensive income attributable to: | |||||
| Equity holders of the Group | (2,839) | 1,030 | (3,355) | 1,138 | 3,431 |
| Non-controlling interest | - | - | - | - | - |
| Total | (2,839) | 1,030 | (3,355) | 1,138 | 3,431 |
| Profit / (loss) attributed to: | |||||
| Equity holders of the Group | (1,466) | 665 | (1,410) | 1,182 | 3,840 |
| Total | (1,466) | 665 | (1,410) | 1,182 | 3,840 |
| Basic and diluted earnings per share attributed to the equity holders of the Group |
(0.014) | 0.006 | (0.013) | 0.011 | 0.036 |
| Average number of shares | 106,696,030 | 106,696,030 | 106,696,030 | 106,696,030 | 106,696,030 |
CONSOLIDATED BALANCE SHEET
| EUR 000s | Unaudited 30 Jun, 2025 |
Unaudited 30 Jun, 2024 |
Audited 31 Dec, 2024 |
|---|---|---|---|
| Assets | |||
| Current assets | |||
| Cash and cash equivalents | 11,688 | 15,803 | 11,597 |
| Trade receivables | 21,867 | 30,823 | 26,163 |
| Contract assets | - | 199 | 830 |
| Tax assets | 2,454 | 489 | 2,451 |
| Other current receivables | 9,897 | 10,777 | 9,899 |
| Inventories | 34,501 | 38,782 | 35,555 |
| Total current assets | 80,407 | 96,875 | 86,495 |
| Non-current assets | |||
| Property, plant and equipment | 5,082 | 5,335 | 5,362 |
| Right-of-use of leased assets | 13,711 | 11,342 | 12,526 |
| Intangible assets | 35,161 | 36,653 | 35,604 |
| Non-current financial assets | 288 | 288 | 288 |
| Deferred tax assets | 6,652 | 7,656 | 6,663 |
| Other non-current receivables | 1,357 | 1,247 | 1,311 |
| Total non-current assets | 62,251 | 62,520 | 61,754 |
| Total assets | 142,658 | 159,394 | 148,249 |
| Equity and Liabilities | |||
| Current liabilities | |||
| Bank overdraft | (1,277) | - | (128) |
| Current lease liabilities | (3,033) | (2,526) | (2,566) |
| Trade payables | (21,143) | (24,652) | (21,900) |
| Contract liabilities | (17,281) | (26,318) | (17,935) |
| Tax liabilities | (2,234) | (4,859) | (2,320) |
| Provision for risk and charges, current | (2,724) | (2,241) | (3,231) |
| Other current liabilities | (11,946) | (10,890) | (12,857) |
| Total current liabilities | (59,638) | (71,485) | (60,937) |
| Non-current liabilities | |||
| Non-current financial liabilities | (11,747) | (17,619) | (13,601) |
| Non-current lease liabilities | (10,950) | (8,964) | (10,160) |
| Deferred tax liabilities | (1,121) | (1,254) | (1,442) |
| Other non-current liabilities | (15) | (31) | (15) |
| Provision for risk and charges, non-current | (1,568) | (1,434) | (1,321) |
| Employee benefit obligation | (899) | (759) | (911) |
| Total non-current liabilities | (26,300) | (30,061) | (27,450) |
| Total liabilities | (85,938) | (101,546) | (88,387) |
| Equity | |||
| Share Capital | (54,130) | (54,130) | (54,130) |
| Reserves | (53,051) | (55,427) | (54,783) |
| Retained earnings | 50,461 | 51,709 | 49,051 |
| Equity attributable to owners of the parent | (56,720) | (57,848) | (59,862) |
| Non-controlling interests | - | - | |
| Total equity | (56,720) | (57,848) | (59,862) |
| Total equity and liabilities | (142,658) | (159,394) | (148,249) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
| EUR 000s | Share Capital |
Reserves | Retained earnings |
Equity related to owners of |
Non controlling |
Total equity |
|---|---|---|---|---|---|---|
| Balance as at 1 January 2024 | (54,130) | (55,323) | 52,891 | the parent (56,562) |
interest - |
(56,562) |
| (Profit) / Loss for the period | - | - | (1,182) | (1,182) | - | (1,182) |
| Currency translation differences | - | 49 | - | 49 | - | 49 |
| Remeasurements of post-employment benefit obligations | - | (5) | - | (5) | - | (5) |
| Total comprehensive income and expenses | - | 44 | (1,182) | (1,138) | - | (1,138) |
| Employees share scheme | - | (148) | - | (148) | - | (148) |
| Transactions with shareholders | - | (148) | - | (148) | - | (148) |
| Balance as at 30 June 2024 | (54,130) | (55,427) | 51,709 | (57,848) | - | (57,848) |
| Unaudited | ||||||
| Balance as at 1 January 2024 | (54,130) | (55,323) | 52,891 | (56,562) | - | (56,562) |
| (Profit) / Loss for the period | - | - | (3,840) | (3,840) | - | (3,840) |
| Currency translation differences | - | 366 | - | 366 | - | 366 |
| Remeasurements of post-employment benefit obligations | - | 43 | - | 43 | - | 43 |
| Total comprehensive income and expenses | - | 409 | (3,840) | (3,431) | - | (3,431) |
| Employees share scheme | - | 131 | - | 131 | - | 131 |
| Transactions with shareholders | - | 131 | - | 131 | - | 131 |
| Balance as at 31 December 2024 | (54,130) | (54,783) | 49,051 | (59,862) | - | (59,862) |
| Balance as at 1 January 2025 | (54,130) | (54,783) | 49,051 | (59,862) | - | (59,862) |
| (Profit) / Loss for the period | - | - | 1,410 | 1,410 | - | 1,410 |
| Currency translation differences | - | 1,943 | - | 1,943 | - | 1,943 |
| Remeasurements of post-employment benefit obligations | - | 2 | - | 2 | - | 2 |
| Total comprehensive income and expenses | - | 1,945 | 1,410 | 3,355 | - | 3,355 |
| Employees share scheme | ||||||
| - | (213) | - | (213) | - | (213) | |
| Transactions with shareholders | - | (213) | - | (213) | - | (213) |
| Balance as at 30 June 2025 | (54,130) | (53,051) | 50,461 | (56,720) | - | (56,720) |
CONSOLIDATED STATEMENT OF CASH FLOWS
| Unaudited | Unaudited | Unaudited | Unaudited | ||
|---|---|---|---|---|---|
| EUR 000s | three months 30 Jun, 2025 |
three months 30 Jun, 2024 |
six months 30 Jun, 2025 |
six months 30 Jun, 2024 |
Audited 31 Dec, 2024 |
| Profit / (loss) for the period | (1,466) | 665 | (1,410) | 1,182 | 3,840 |
| Adjustments for: | |||||
| Net interest expenses | 556 | 846 | 1,034 | 1,521 | 2,570 |
| Current taxes | 293 | 1,011 | 616 | 2,357 | 4,204 |
| Depreciation and amortisation | 595 | 626 | 1,209 | 1,198 | 2,462 |
| Depreciation of right-of-use of leased assets | 874 | 622 | 1,807 | 1,520 | 3,129 |
| Impairment losses | - | - | - | - | 193 |
| Deferred tax | 11 | (225) | (89) | (736) | 163 |
| Provision for risks and charges | (442) | 687 | (766) | 129 | (460) |
| Capital (gain) or loss on assets | - | (1) | (2) | 27 | 14 |
| Other items not involving cash flows | 762 | 129 | 659 | (99) | (271) |
| Interest paid | (553) | (844) | (1,020) | (1,482) | (2,729) |
| Taxes (paid) / received | (457) | (1,985) | (705) | (2,713) | (4,730) |
| 1,639 | 866 | 2,743 | 1,721 | 4,545 | |
| Cash flow before changes in working capital | 173 | 1,531 | 1,333 | 2,902 | 8,385 |
| Impact of changes in working capital: | |||||
| Inventories | 14 | (1,825) | 960 | (1,571) | 1,849 |
| Trade receivables and contract assets | 2,890 | (1) | 5,476 | (230) | 4,651 |
| Other current receivables | 279 | 802 | (12) | (1,456) | (4,934) |
| Trade payables and contract liabilities | (2,024) | 5,956 | (1,411) | 5,697 | (5,437) |
| Other current liabilities | (1,281) | (1,504) | (910) | (333) | 1,713 |
| Impact of changes involving working capital | (121) | 3,429 | 4,103 | (2,106) | (2,158) |
| Net cash inflow / (outflow) from operating activities | 51 | 4,960 | 5,436 | 5,009 | 6,226 |
| Financial activities: | |||||
| Net changes in loans and borrowings | (2,000) | (2,501) | (2,000) | (4,023) | (7,898) |
| Repayment of lease liabilities | (1,103) | (1,167) | (1,602) | (1,501) | (3,136) |
| Net cash inflow / (outflow) from financial activities | (3,103) | (3,668) | (3,602) | (5,524) | (11,034) |
| Investing activities: | |||||
| Investments in property, plant and equipment | (201) | (169) | (353) | (352) | (904) |
| Investments in intangible assets | (181) | (56) | (342) | (58) | (63) |
| (Increase)/Decrease of non-current financial asset | - | - | - | (220) | (220) |
| Disposal of assets | (16) | (3) | (15) | 1,745 | 1,873 |
| Net cash inflow / (outflow) from investing activities | (398) | (229) | (710) | 1,116 | 686 |
| Cash at the beginning of the period | 15,281 | 14,169 | 11,469 | 15,056 | 15,056 |
| Cash flow for the period | (3,450) | 1,063 | 1,124 | 601 | (4,122) |
| Currency exchange differences | (1,420) | 572 | (2,182) | 147 | 535 |
| Cash at the end of the period | 10,411 | 15,803 | 10,411 | 15,803 | 11,469 |
| Cash and cash equivalents | 11,195 | 15,803 | 11,688 | 15,803 | 11,597 |
| Bank overdraft | (784) | - | (1,277) | - | (128) |
| Cash at the end of the period | 10,411 | 15,803 | 10,411 | 15,803 | 11,469 |
NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS
General information
Cavotec is a leading cleantech company that designs and delivers connection and electrification solutions to enable the decarbonisation of ports and industrial applications worldwide. Backed by 50 years of experience, our systems ensure safe, efficient, and sustainable operations for a wide variety of customers and applications worldwide. Our credibility comes from our application expertise, dedication to innovation and world class operations. Our success rests on the core values we live by: Integrity, Accountability, Performance and Teamwork. Cavotec's personnel represent many cultures and provide customers with local support, backed by the Group's global network of engineering expertise.
On 21 May 2025, Cavotec Group AB ("CGAB"), which at the time was a wholly owned Swedish subsidiary of Cavotec SA ("CSA"), announced an offer to acquire all shares in CSA in exchange for one (1) ordinary share in CGAB per CSA share, for the purpose of implementing a change of domicile from Switzerland to Sweden (the "Offer"). On 30 June 2025, CGAB announced that the Offer was successfully completed, entailing that CGAB is the new parent company of the Cavotec group. CGAB was dormant until the completion of the Offer and continues to operate CSA's business without any changes after the completion of the Offer. Trading in CGAB's shares (ISIN: SE0025010887) commenced on Nasdaq Stockholm 9 July 2025 and CSA's shares will be delisted from Nasdaq Stockholm 30 July 2025.
As the interim report for the second quarter 2025 refers to the period before completion of the Offer, Cavotec's interim report for the second quarter 2025 is issued by CSA. The interim report for the third quarter 2025 will be the first report issued by CGAB.
These unaudited Financial Statements have been approved by the Board of Directors for publication on 25 July 2025.
Basis of preparation of Financial Statements
This quarterly report was prepared in accordance with IFRS, applying IAS 34 Interim Financial Reporting. The same accounting and valuation policies were applied in the most recent annual report. The amendments to the standards that became applicable for the current reporting period did not have an impact on Cavotec accounts. The interim financial statements should be read in conjunction with the annual financial statements for the year ended December 2024. The preparation of quarterly financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income, and expenses. Actual results may differ from these estimates.
Segment information
Operating segments have been determined based on the Group Management structure in place and on the management information and used by the Chief Operating Decision Maker (CODM) to make strategic decisions.
The two operating segments are:
a) Ports & Maritime – development, manufacture and service of innovative automation and electrification technologies for the global ports and maritime sectors.
b) Industry – development, manufacture and service of electrification and radio control products for industrial applications, such as cranes, energy, processing and transportation, mining, and tunnelling.
Noteworthy risks and uncertainties
Cavotec's significant risks and uncertainties are divided into three categories: market, credit, and liquidity risks. In these categories, there are both risks due to political and macroeconomic trends and specific risks directly linked to business carried out by the Group. Market risk includes currency and interest rate risk. Credit risk includes the risk of managing our customers and other receivables while liquidity risk includes the management of cash in a diverse, global group. Read more about the risks in the Annual Report 2024.
SEGMENT INFORMATION
| EUR 000s | Ports & Maritime | Industry | Other reconciling items |
Total |
|---|---|---|---|---|
| Unaudited | ||||
| Three months ended 30 June 2025 | ||||
| Revenue from sales of goods and services | 21,232 | 14,438 | - | 35,670 |
| Other income | 162 | 190 | - | 352 |
| Cost of materials and operating expenses | (18,608) | (14,011) | (2,648) | (35,267) |
| before depreciation and amortisation | ||||
| Gross operating result (EBITDA) | 2,786 | 617 | (2,648) | 755 |
| Unaudited | ||||
| Three months ended 30 June 2024 | ||||
| Revenue from sales of goods and services | 25,553 | 16,997 | - | 42,550 |
| Other income | (37) | 93 | - | 56 |
| Cost of materials and operating expenses | (21,268) | (15,280) | (2,449) | (38,997) |
| before depreciation and amortisation | ||||
| Gross operating result (EBITDA) | 4,248 | 1,810 | (2,449) | 3,609 |
| Unaudited Six months ended 30 June 2025 |
||||
| Revenue from sales of goods and services | 43,375 | 31,012 | - | 74,387 |
| Other income | 224 | 428 | - | 652 |
| Cost of materials and operating expenses before depreciation and amortisation |
(38,286) | (28,666) | (5,032) | (71,984) |
| Gross operating result (EBITDA) | 5,313 | 2,774 | (5,032) | 3,055 |
| Unaudited | ||||
| Six months ended 30 June 2024 | ||||
| Revenue from sales of goods and services | 52,207 | 33,246 | - | 85,453 |
| Other income | 412 | 380 | - | 792 |
| Cost of materials and operating expenses before depreciation and amortisation |
(44,603) | (30,577) | (4,035) | (79,215) |
| Gross operating result (EBITDA) | 8,016 | 3,049 | (4,035) | 7,030 |
| Unaudited Year ended 31 December 2024 |
||||
| Revenue from sales of goods and services | 109,925 | 65,027 | - | 174,952 |
| Other income | 687 | 649 | - | 1,336 |
| Cost of materials and operating expenses | ||||
| before depreciation and amortisation | (92,852) | (60,296) | (6,463) | (159,610) |
| Gross operating result (EBITDA) | 17,760 | 5,379 | (6,463) | 16,677 |
DISAGGREGATION OF REVENUE FROM CONTRACTS WITH CUSTOMERS
The Group derives revenue from the transfer of goods and services over time and at a point in time in the following divisions and geographical regions.
| 30 June 2025 | ||||
|---|---|---|---|---|
| EUR 000s | Ports & Maritime | Industry | Total | |
| Revenue from external customer | ||||
| Timing of revenue recognition | ||||
| At a point in time | 40,750 | 31,012 | 71,762 | |
| Over time | 2,625 | - | 2,625 | |
| Total | 43,375 | 31,012 | 74,387 | |
| 30 June 2024 | Ports & Maritime | Industry | Total | |
| EUR 000s | ||||
| Revenue from external customer | ||||
| Timing of revenue recognition | ||||
| At a point in time | 50,910 | 33,246 | 84,156 | |
| Over time | 1,297 | - | 1,297 | |
| Total | 52,207 | 33,246 | 85,453 | |
| 31 December 2024 | Ports & Maritime | Industry | Total | |
| EUR 000s | ||||
| Revenue from external customer | ||||
| Timing of revenue recognition | ||||
| At a point in time | 105,349 | 65,027 | 170,376 | |
| Over time | 4,576 | - | 4,576 | |
| Total | 109,925 | 65,027 | 174,952 | |
| 30 June 2025 | ||||
| EUR 000s | AMER | EMEA | APAC | Total |
| Ports & Maritime | 5,523 | 18,047 | 19,805 | 43,375 |
| Industry | 3,080 | 19,495 | 8,437 | 31,012 |
| Total | 8,603 | 37,542 | 28,242 | 74,387 |
| 30 June 2024 | ||||
| EUR 000s | AMER | EMEA | APAC | Total |
| Ports & Maritime | 10,387 | 12,543 | 29,276 | 52,206 |
| Industry | 3,043 | 23,203 | 7,002 | 33,247 |
| Total | 13,430 | 35,745 | 36,278 | 85,453 |
| 31 December 2024 | AMER | EMEA | APAC | Total |
| EUR 000s | ||||
| Ports & Maritime | 17,406 | 37,300 | 55,219 | 109,925 |
| Industry | 5,915 | 44,234 | 14,878 | 65,027 |
| Total | 23,321 | 81,534 | 70,097 | 174,952 |
PARENT COMPANY – CONDENSED STATEMENT OF COMPREHENSIVE INCOME
| CAVOTEC SA EUR 000s |
Unaudited three months 30 Jun, 2025 |
Unaudited three months 30 Jun, 2024 |
Unaudited six months 30 Jun, 2025 |
Unaudited six months 30 Jun, 2024 |
Audited 31 Dec, 2024 |
|---|---|---|---|---|---|
| Other income | 914 | 1,049 | 1,720 | 1,603 | 2,392 |
| Employee benefit costs | (296) | (843) | (523) | (1,145) | (1,484) |
| Operating expenses | (889) | (612) | (1,581) | (1,158) | (2,502) |
| Operating Result | (271) | (407) | (384) | (700) | (1,594) |
| Interest expenses – net | (579) | (506) | (1,086) | (932) | (6,946) |
| Currency exchange differences – net | (6) | 2 | (4) | 13 | 9 |
| Non-recurring income | - | - | - | - | 10,000 |
| Profit / (Loss) for the period | (856) | (910) | (1,474) | (1,620) | 1,469 |
| Income taxes | (15) | (3) | (17) | (5) | (3) |
| Profit / (Loss) for the period | (871) | (913) | (1,491) | (1,625) | 1,466 |
| Other comprehensive income: | |||||
| Actuarial gain (loss) | - | - | - | - | 21 |
| Total comprehensive income for the period | (871) | (913) | (1,491) | (1,625) | 1,487 |
PARENT COMPANY – CONDENSED BALANCE SHEET
| CAVOTEC SA EUR 000s |
Unaudited 30 Jun, 2025 |
Unaudited 30 Jun, 2024 |
Audited 31 Dec, 2024 |
|---|---|---|---|
| Assets | |||
| Current assets | |||
| Cash and cash equivalents | 59 | 486 | 31 |
| Trade receivables | 1,184 | 1,692 | 2,217 |
| Other current receivables | 1,115 | 1,066 | 58 |
| Total current assets | 2,358 | 3,243 | 2,306 |
| Non-current assets | |||
| Investment in subsidiary companies | 93,412 | 93,365 | 93,365 |
| Intangible assets | 46 | 139 | 92 |
| Other non-current financial liabilities | 288 | 288 | 288 |
| Total non-current assets | 93,746 | 93,791 | 93,745 |
| Total assets | 96,104 | 97,034 | 96,051 |
| Equity and Liabilities | |||
| Current liabilities | |||
| Bank overdraft | (1,277) | - | (128) |
| Trade payables | (8,375) | (2,213) | (7,903) |
| Other current liabilities | (3,621) | (3,433) | (3,789) |
| Total current liabilities | (13,273) | (5,646) | (11,820) |
| Non-current liabilities | |||
| Long-term financial debt | (28,747) | (38,615) | (28,656) |
| Other non-current liabilities | - | (31) | - |
| Total non-current liabilities | (28,747) | (38,646) | (28,656) |
| Total liabilities | (42,020) | (44,291) | (40,475) |
| Total equity | (54,084) | (52,743) | (55,575) |
| Total equity and liabilities | (96,104) | (97,034) | (96,051) |
Other information
Forward looking statement
Some statements in this report are forward-looking, and the actual outcome could be materially different. In addition to the factors explicitly discussed, other factors could have a material effect on the actual outcome. Such factors include, but are not limited to, general business conditions, fluctuations in exchange rates and interest rates, political developments, the impact of competing products and their pricing, product development, commercialization and technological difficulties, interruptions in supply, and major customer credit losses.
Annual General Meeting 2025
The Annual General Meeting 2025 took place 3 June 2025 in Lugano, Switzerland. An Extraordinary General Meeting took place on 16 July 2025 in Lugano, Switzerland. More information is available on https://ir.cavotec.com/general-meetings-cavotec-SA.
Financial calendar
Third quarter report 7 November, 2025 Fourth quarter report 20 February, 2026 Annual and Sustainability Week that begins Report 2025 30 March, 2026
Webcasted presentation and telco
CEO David Pagels and CFO Joakim Wahlquist will present the interim report on Friday 25 July at 10:00 am CEST. If you wish to participate via webcast, please use the link https://cavotec.events.inderes.com/q2-report-2025. 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/q2-report-2025/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/financialreports.
Contact person for analysts and media
Joakim Wahlquist, CFO Phone +41 91 911 4010 Email [email protected]
This is information that Cavotec SA is obliged to make public pursuant to the EU Market Abuse Regulation and the Swedish Securities Market Act. The information was submitted for publication, through the agency of the contact person set out above, at 07:00 am CEST on 25 July 2025.
About Cavotec
Cavotec is a leading cleantech company that designs and delivers connection and electrification solutions to enable the decarbonization of ports and industrial applications. Backed by close to 50 years of experience, our systems ensure safe, efficient and sustainable operations for a wide variety of customers and applications worldwide. To find out more about Cavotec, please visit cavotec.com.
