Lower sales but demand for shore power solid
Cavotec reported sales of EUR 36m (17% below our estimate) and order intake of EUR 44m (7% above our estimate). The sales shortfall was primarily driven by customer delays in orders with short lead times due increased global uncertainty. Both P&M and Industry contributed to the miss (-18% and -17% vs. ABGSCe). As a result of the lower sales and ramp-up costs ahead of anticipated P&M deliveries in H2’25e, adj. EBIT declined to EUR -0.38m (vs. ABGSCe EUR 3.4m). Moreover, cash flow was also impacted negatively and lease adj. FCF was EUR -1.5m. Despite the lower sales and the uncertain market environment, we find it positive that the P&M order intake was strong, driven by demand for shore power in Europe.
LÄS MER
