Kalmar's half-year report January-June 2026: Strong sales growth and cash flow in the second quarter
KALMAR CORPORATION, STOCK EXCHANGE RELEASE, 22 JULY 2026 AT 1:00 PM (EEST)
Kalmar's half-year report January–June 2026: Strong sales growth and cash flow in the second quarter
- Orders received were in line with the comparison period at EUR 449 (450) million despite fewer sizeable orders than in the second quarter last year
- Sales grew by 14 percent to EUR 480 (420) million
- Eco portfolio1 sales grew by 27 percent to EUR 233 (184) million, improvement in order intake for fully electric equipment
- Market demand remained relatively stable
- Comparable operating profit increased, sequentially improved performance in the Services segment
- Continued good execution of the Driving Excellence initiative
- Strong operating cash flow and balance sheet
April–June 2026 in brief:
- Orders received remained stable at EUR 449 (450) million
- Order book amounted to EUR 986 million (31 Dec 2025: EUR 977 million)
- Sales increased by 14 percent and totalled EUR 480 (420) million
- Eco portfolio sales represented 48 (44) percent of consolidated sales and increased by 27 percent, totalling EUR 233 (184) million
- Operating profit was EUR 58 (54) million, representing 12.2 (12.8) percent of sales. The operating profit includes items affecting comparability worth EUR -1 (-1) million.
- Comparable operating profit amounted to EUR 60 (55) million representing 12.4 (13.1) percent of sales, an increase of 9 percent
- Cash flow from operations before finance items and taxes totalled EUR 82 (22) million
- Profit for the period amounted to EUR 44 (39) million
- Basic earnings per share was EUR 0.69 (0.61)
- Interest-bearing net debt to EBITDA2 was 0.0x (0.4x)
January–June 2026 in brief:
- Orders received decreased by 3 percent and totalled EUR 899 (931) million
- Order book amounted to EUR 986 million (31 Dec 2025: EUR 977 million)
- Sales increased by 10 percent and totalled EUR 899 (818) million
- Eco portfolio sales represented 47 (43) percent of consolidated sales and increased by 19 percent, totalling EUR 419 (353) million
- Operating profit was EUR 110 (100) million, representing 12.2 (12.2) percent of sales. The operating profit includes items affecting comparability worth EUR -1 (-3) million.
- Comparable operating profit amounted to EUR 111 (103) million representing 12.4 (12.6) percent of sales, an increase of 8 percent
- Cash flow from operations before finance items and taxes totalled EUR 149 (107) million
- Profit for the period amounted to EUR 83 (73) million
- Basic earnings per share was EUR 1.30 (1.14)
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 growth was strong in the second quarter of 2026. Despite continued trade tensions and geopolitical uncertainty we maintained a steady performance across both segments and in the different regions.
Orders received in the quarter were essentially in line with the comparison period at EUR 449 million, a resilient result given that the prior year included several sizeable orders in EMEA. We saw encouraging momentum in the Americas, where order intake grew significantly compared to a year ago, now representing 39 percent of total orders. This reflects the continued gradual recovery in the second quarter in the distribution end-market in North America.
Overall, customer demand has been remarkably resilient in these times, remaining relatively stable across different customer segments.
The order book stood at EUR 986 million at the end of the quarter providing a solid foundation going into the second half.
Sales in the second quarter grew by 14 percent to EUR 480 million. Both the Equipment and Services segments contributed to this growth. Profitability held up well in absolute terms, with comparable operating profit increasing by 9 percent to EUR 60 million, representing a margin of 12.4 percent. The improvement was driven mainly by higher volumes. While tariffs continued to weigh modestly on margins, we were largely able to mitigate their impact through active pricing management and the efficiency gains embedded through our Driving Excellence programme. We continue to focus on actions related to margin improvement.
The transformation of our portfolio towards more sustainable solutions continued to accelerate. Eco portfolio sales in the second quarter reached EUR 233 million, up 27 percent year on year, and now represent 48 percent of our consolidated sales. During the quarter, we secured a number of notable fully electric equipment orders. This shows that our investment in electrification is resonating with customers across geographies and segments.
On the innovation front, we launched the fully electric TT7 EV terminal tractor for the European market during the quarter, and we also celebrated the first anniversary of our Move2Green programme, our strategic five-year R&D initiative focused on electrification, data-enabled services and circularity, co-funded by Business Finland.
Our Driving Excellence initiative continued to deliver. By the end of the second quarter, we had secured a run rate of approximately EUR 49 million in annualised gross efficiency improvements – near the EUR 50 million target we have set for year-end 2026. Cash generation was notably strong. Cash flow from operations before finance items and taxes was EUR 82 million in the second quarter alone. Return on capital employed on a last-twelve-months basis improved to 24.1 percent and our balance sheet is in excellent shape.
Looking at our two segments, Equipment delivered second-quarter sales of EUR 321 million and a comparable operating profit margin of 12.4 percent. The comparable operating profit improvement in the quarter reflects higher volumes and successful mitigation of tariff impacts, even if the margin remained somewhat below prior levels due to product mix and some cost headwinds.
The Services segment showed an encouraging early recovery in the second quarter with sales of EUR 158 million and a comparable operating profit margin of 17.0 percent, an improvement over both Q1 2026 and Q2 2025. Services orders in the quarter reflected some timing differences versus the comparison period, which included a few large projects. We remain focused on growing services, improving spare part capture rates, and building recurring revenue — all of which are key levers for reaching our long-term targets.
Looking ahead, we continue to carefully monitor global trade and geopolitical uncertainty. Despite this volatility, our fundamentals remain strong, backed by a solid order book, a growing eco portfolio, long-standing customer relationships, and a resilient team. We expect total market demand for the next six months to remain approximately at a similar level as in the previous quarters.
We confirm our guidance for 2026 unchanged: we expect our comparable operating profit margin to be above 12.5 percent for the full year.
I would also like to welcome Tamara de Gruyter, who will join Kalmar as President of Services in September. I look forward to the energy and experience she will bring as we continue to grow this essential part of our business.
Finally, I want to thank our employees around the world. Your dedication is what makes Kalmar's performance possible.
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 | Q2/26 | Q2/25 | Change | Q1-Q2/26 | Q1-Q2/25 | Change | 2025 |
| Orders received | 449 | 450 | 0% | 899 | 931 | -3% | 1,817 |
| Order book, end of period | 986 | 1,029 | -4% | 986 | 1,029 | -4% | 977 |
| Sales | 480 | 420 | 14% | 899 | 818 | 10% | 1,741 |
| Eco portfolio sales | 233 | 184 | 27% | 419 | 353 | 19% | 763 |
| Eco portfolio sales, % of sales | 48% | 44% | 47% | 43% | 44% | ||
| Eco portfolio orders received | 180 | 199 | -10% | 351 | 412 | -15% | 789 |
| Eco portfolio orders received, % of total orders received | 40% | 44% | 39% | 44% | 43% | ||
| Operating profit | 58.3 | 53.9 | 8% | 109.8 | 99.6 | 10% | 220.4 |
| Operating profit, % | 12.2% | 12.8% | 12.2% | 12.2% | 12.7% | ||
| Comparable operating profit | 59.6 | 54.9 | 9% | 111.3 | 102.9 | 8% | 223.3 |
| Comparable operating profit, % | 12.4% | 13.1% | 12.4% | 12.6% | 12.8% | ||
| Profit before taxes | 55.6 | 51.7 | 8% | 105.7 | 95.0 | 11% | 211.2 |
| Cash flow from operations before finance items and taxes | 81.8 | 21.9 | >100% | 148.8 | 107.3 | 39% | 245.7 |
| Profit for the period | 44.1 | 39.2 | 12% | 83.4 | 73.3 | 14% | 163.3 |
| Basic earnings per share, EUR | 0.69 | 0.61 | 12% | 1.30 | 1.14 | 14% | 2.55 |
| Interest-bearing net debt, end of period | 13 | 91 | -86% | 13 | 91 | -86% | 5 |
| Gearing, % | 1.8% | 14.8% | 1.8% | 14.8% | 0.7% | ||
| Interest-bearing net debt / EBITDA* | 0.0 | 0.4 | 0.0 | 0.4 | 0.0 | ||
| Return on capital employed (ROCE), last 12 months, % ** | 24.1% | 20.7% | 24.1% | 20.7% | 23.0% | ||
| Return on equity (ROE), last 12 months, % | 25.9% | 22.9% | 25.9% | 22.9% | 24.1% | ||
| Personnel, end of period | 5,405 | 5,309 | 2% | 5,405 | 5,309 | 2% | 5,300 |
* Last 12 months’ EBITDA
** Items affecting comparability had a -0.1 (-2.2) percentage points impact on ROCE in the second quarter.
Reporting segments’ key figures
Orders received
| MEUR | Q2/26 | Q2/25 | Change | Q1-Q2/26 | Q1-Q2/25 | Change | 2025 |
| Equipment | 306 | 304 | 1% | 608 | 626 | -3% | 1,199 |
| Services | 143 | 146 | -3% | 291 | 304 | -4% | 618 |
| Other | - | - | - | - | - | ||
| Total | 449 | 450 | 0% | 899 | 931 | -3% | 1,817 |
Order book
| MEUR | 30 Jun 26 | 31 Mar 26 | 31 Dec 25 | Change from 31 Dec 2025 |
| Equipment | 864 | 873 | 840 | 3% |
| Services | 122 | 137 | 135 | -10% |
| Other | - | - | 1 | -100% |
| Total | 986 | 1,010 | 977 | 1% |
Sales
| MEUR | Q2/26 | Q2/25 | Change | Q1-Q2/26 | Q1-Q2/25 | Change | 2025 |
| Equipment, external sales | 321 | 275 | 17% | 592 | 527 | 12% | 1,137 |
| Equipment, internal sales | 0 | 0 | 0 | 0 | 1 | ||
| Services | 158 | 144 | 10% | 306 | 289 | 6% | 602 |
| Other and elimination of internal sales | 0 | 1 | <-100% | 1 | 2 | -29% | 2 |
| Total | 480 | 420 | 14 % | 899 | 818 | 10% | 1,741 |
Kalmar management follows external sales for segments.
Operating profit
| MEUR | Q2/26 | Q2/25 | Change | Q1-Q2/26 | Q1-Q2/25 | Change | 2025 |
| Equipment | 39.5 | 38.1 | 3% | 73.5 | 66.4 | 11% | 147.1 |
| Services | 26.8 | 24.2 | 11% | 50.4 | 50.4 | 0% | 105.3 |
| Other | -7.9 | -8.4 | 6% | -14.1 | -17.1 | 17% | -31.9 |
| Total | 58.3 | 53.9 | 8% | 109.8 | 99.6 | 10% | 220.4 |
Comparable operating profit
| Q2/26 | Q2/25 | Change | Q1-Q2/26 | Q1-Q2/25 | Change | 2025 | |
| Equipment | 39.9 | 38.3 | 4% | 74.0 | 67.4 | 10% | 147.7 |
| Services | 26.9 | 24.3 | 11% | 50.6 | 51.9 | -2% | 105.9 |
| Other | -7.2 | -7.7 | 6% | -13.3 | -16.4 | 19% | -30.3 |
| Total | 59.6 | 54.9 | 9% | 111.3 | 102.9 | 8% | 223.3 |
Comparable operating profit, %
| Q2/26 | Q2/25 | Change %-points | Q1-Q2/26 | Q1-Q2/25 | Change %-points | 2025 | |
| Equipment | 12.4% | 13.9% | -1.5 | 12.5% | 12.8% | -0.3 | 13.0% |
| Services | 17.0% | 16.9% | 0.2 | 16.5% | 17.9% | -1.4 | 17.6% |
| Other | n/a | n/a | n/a | n/a | n/a | ||
| Total | 12.4% | 13.1% | -0.6 | 12.4% | 12.6% | -0.2 | 12.8% |
Telephone conference for analysts, investors and media
A live international telephone conference for analysts, investors and media will be arranged on the publishing day, 22 July, at 3:00 p.m. EEST. The event will be held in English. The report will be presented by President & CEO Sami Niiranen and CFO Sakari Ahdekivi. The presentation material will be available at www.kalmarglobal.com/investors/ by 3:00 p.m. EEST.
To ask questions, please join the teleconference by registering via the following link: https://events.inderes.com/kalmar/q2-2026/dial-in. After the registration, the conference phone numbers and a conference ID to access the conference will be provided. Questions can be presented during the conference.
The event can also be viewed as a live webcast at https://kalmar.events.inderes.com/q2-2026. The conference call will be recorded, and an on-demand version of the conference will be published at Kalmar’s website later during the day.
Please note that by dialling to the conference call, the participant agrees that personal information such as name and company name will be collected.
For further information, please contact:
Carina Geber-Teir, SVP, IR, Marketing and Communications, tel. +358 40 502 4697
Kalmar (Nasdaq Helsinki: KALMAR) is moving goods in critical supply chains around the world, with the vision to be the forerunner in sustainable material handling equipment and services. The company offers a wide range of industry shaping heavy material handling equipment and services to ports and terminals, distribution centres, manufacturing and heavy logistics. Headquartered in Helsinki, Finland, Kalmar operates globally in over 120 countries and employs approximately 5,300 people. In 2025, the company's sales totalled approximately EUR 1.7 billion. www.kalmarglobal.com
1 The eco portfolio includes the equipment and services that are defined to be either aligned with the EU Taxonomy or expected to be aligned in the near future.
2 EBITDA last 12 months.
3 Plan following criteria of the Science Based Targets initiative
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