Kalmar reported a 14% increase in second-quarter sales to EUR 480 million, bolstered by strong demand for electric equipment and services. Despite this growth, order intake remained flat at EUR 449 million as macroeconomic headwinds and geopolitical tensions persisted. Shares rose 4.12% to $39.90 following the announcement.
Q2 2026 Financial Results and Margin Performance
Kalmar’s financial performance for the quarter ending June 30, 2026, reflected a period of resilience amidst global market volatility. The company generated EUR 480 million in sales, marking a 14% increase compared to the same period in 2025.
Profitability, however, faced downward pressure. While comparable operating profit rose 9% year-over-year to EUR 60 million, the margin settled at 12.4%, slightly trailing the year-earlier level. Management identified several factors weighing on these margins, including the cost of electric-vehicle components, rising oil product prices, freight expenses, and the ongoing impact of tariffs. Price adjustments and supply-chain shifts were implemented to mitigate these effects, though the margin compression remains a focal point for the company.
Eco Portfolio Growth and Operational Efficiency
A standout figure in the latest earnings release is the performance of the company’s Eco Portfolio. Sales in this category reached a record EUR 233 million, reflecting a 27% increase and accounting for 48% of total sales. This shift toward electric equipment appears to be a primary driver of the company’s current market standing.
Simultaneously, Kalmar is nearing the completion of its Driving Excellence
program. The initiative, which carries a EUR 50 million efficiency target, is expected to provide delayed benefits that will flow through the second half of 2026 and into 2027. The company’s leverage ratio currently sits at 0x, significantly below its long-term target ceiling of 2.0x, providing a buffer as it navigates current macroeconomic uncertainty.
Market Reaction and Investor Sentiment
Investors responded positively to the results, driving the stock up 4.12% to $39.90. While the share price remains roughly 22% below its 52-week high of $51.15, it sits comfortably above its yearly low of $33.16. The market’s reaction suggests a favorable view of the company’s ability to maintain stable demand and improve services profitability, despite the lack of acceleration in new orders.
The primary concern among analysts remains the flat order intake, which totaled EUR 449 million for the quarter. Total order books stood at approximately EUR 1 billion at the end of June, with last-12-month intake reaching EUR 1.8 billion.
Full-Year Guidance and Future Strategic Outlook
Kalmar has maintained its full-year 2026 guidance, projecting a comparable operating profit margin above 12.5%. Achieving this will require a slight improvement over the second half of the year, as the current margin stands at 12.4%. Management expects demand to remain broadly stable over the next six months but cautioned that geopolitical risks and trade tensions continue to cloud customer decision-making.
Looking further ahead, the company has reiterated its long-term goals for 2028, which include a 15% comparable operating profit margin and a 25% return on capital employed. These strategic objectives are expected to be the subject of further discussion during the company’s capital markets day scheduled for November 2, 2026, in Helsinki.
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