12.11.2025

Steady as she goes at Kalmar

Finnish reachstacker and straddle crane manufacturer Kalmar has reported a mixed third quarter.

Year to Date

Total Revenues Total revenues for the nine months to the end of September were two percent lower than this time last year at €1.25 billion.
This was made up as follows:
New equipment sales: €813 million (-6%)
Services €439 million +6%
Total 1.25 billion (-2%)

Order intake
Europe - €601 +11%
Americas - €398 +17%
Asia Pacific-€307 -0%
Total- €1.3 billion +9%

Order book/backlog at the end of Septemner was €961 million +1%

Net Debt at the end or September was €84 million, down 14 percent on the year.

Third Quarter

Total Revenues €436 million - 0%
This was made up as follows:
New equipment sales: €286 million - 0%
Services €150 million +8%
Total €436 million - 0%

Chief executive Sami Niiranen said: “The third quarter was marked by a record high comparable operating profit margin, driven by Services and improved efficiency. Despite persistent global market uncertainty, indecisiveness and delayed decision making among some customers, we ensured a solid performance.”

“The market activity in the quarter was in line with our previous expectations of a slightly softer environment in the second half, especially in the Americas. Orders received declined, reflecting the current environment and differences between the regions and end customer segments. While Services order intake was strong across the service portfolio, the Equipment order intake was impacted by both delayed decision making and timing of larger orders.”

“While the underlying demand remained mostly stable, it continued to be subdued in the Americas, consistent with the previous quarter. Demand in Europe has been strong, however, the decline in Q3 was explained by timing of larger orders. Trade tensions and tariffs continue to create uncertainty, leading to varied regional development as also the data from our connected equipment of our customers' fleets show. However, based on external indicators, the market seems to be more resilient than previously anticipated. In addition, our solid order book provides a strong foundation moving forward.”

We are also pleased to note the progress in our eco portfolio, with the fully electric share of total equipment orders for the last 12 months increasing slightly to 11%, reflecting growing customer adoption of our sustainable solutions.”

Vertikal Comment

This is Kalmar’s first nine months free of Cargotec, with the freedom to manage the company as a standalone business. All in all, it looks like a good start, given all the challenges the market faces.

We will watch the progress in 2026 with interest.