FULLTEXT DEL 1 AV 1
Kvartalsrapport Q1 2025
===== SIDA 1 =====
INTERIM REPORT JANUARY–MARCH 2025 Q1
Strengthened financial position and results that reflect the project-driven business JANUARY–MARCH 2025 • Order intake decreased -28.3% to EUR 28.6 million (39.9) • Order backlog decreased -3.6% to EUR 116.3 million (120.5) • Revenue decreased -9.8% to EUR 38.7 million (42.9) • EBIT decreased -61.4% to EUR 0.8 million (2.0) and the EBIT margin amounted to 1.9% (4.5%) • Adjusted EBIT decreased -48.9% to EUR 1.0 million (2.0) with an adjusted EBIT margin of 2.6% (4.5%) • Net result for the period decreased -89.2% to EUR 0.06 million (0.5) • Operating cash flow increased to EUR 5.4 million (0.05) • Earnings per share, basic and diluted, amounted to EUR 0.001 (0.005) • Net debt decreased to EUR -11.6 million from EUR -15.3 million at 31 December 2024 and the leverage ratio improved to 0.74x from 0.91x KEY EVENTS DURING THE FIRST QUARTER • New members of Cavotec Management Team appointed; Jonathan Eriksson appointed Head of Industry Division, Nicklas Vedin appointed Head of Ports & Maritime Division. Patrick Mares, in Group Management since 2019, appointed Product Management and Chief Technology Officer KEY EVENTS AFTER THE END OF THE FIRST QUARTER • 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 MW FINANCIAL SUMMARY EUR 000s Q125 Q124 Change LTM 2024 Change Order intake 28,577 39,880 -28.3% 166,477 177,780 -6.4% Order backlog 116,250 120,543 -3.6% 116,250 126,390 -8.0% Revenue 38,717 42,903 -9.8% 170,766 174,952 -2.4% EBITDA 2,300 3,420 -32.7% 15,557 16,677 -6.7% EBITDA margin 5.9% 8.0% -2.1pp 9.1% 9.5% -0.4pp EBITDA, adjusted 2,542 3,420 -25.7% 16,046 16,924 -5.2% EBITDA margin, adjusted 6.6% 8.0% -1.4pp 9.4% 9.7% -0.3pp EBIT (operating result) 754 1,951 -61.4% 9,696 10,893 -11.0% EBIT margin 1.9% 4.5% -2.6pp 5.7% 6.2% -0.5pp EBIT (operating result), adjusted 996 1,951 -48.9% 10,184 11,139 -8.6% EBIT margin, adjusted 2.6% 4.5% -1.9pp 6.0% 6.4% -0.4pp Net profit/(loss) for the period 56 517 -89.2% 3,379 3,840 -12.0% Operating cash flow 5,385 49 10,890% 11,562 6,226 85.7% Basic and diluted EPS, EUR 0.001 0.005 -80.0% 0.032 0.036 -11.1% Net debt (11,570) (17,269) -33.0% (11,570) (15,257) -24.2% Equity/assets ratio 39.8% 36.2% 3.6pp 39.8% 40.4% -0.6pp Leverage ratio 0.74x 1.09x -0.35x 0.74x 0.91x -0.17x
===== SIDA 2 =====
Q1 2025 | Interim Report January–March 2025
● cavotec.com 2
Comment from the CEO A fundamentally strong business in an uncertain environment This quarter reflects our project-driven business, where revenue and earnings may fluctuate between quarters depending on which projects we invoice. We are seeing an increasingly uncertain global environment, while our business remains fundamentally strong with solid demand, and we have continued to strengthen our financial position during the quarter. The order intake should be viewed in the context of the strong order intake at the end of the previous quarter. We began 2025 by announcing several large European shore power orders signed at the end of 2024. These orders have a total value of EUR 17.5 million and include deliveries to ports in the Mediterranean and a global shipping company. We also announced an order for an automated mooring system for the Port of Dublin, which will be the first installation in Ireland. Additionally, we reported an order for 1,000 spring cable reels for electric vehicle charging stations for Qwello in Europe. All these orders demonstrate that our business is driven by the strong megatrend of electrifying society and reducing emissions. These orders should also be viewed in the light of the decrease in order intake by -28.3% to EUR 28.6 million in the first quarter. Since our business is largely project-driven, both revenue and earnings can fluctuate between quarters. Ports & Maritime reports a weak first quarter, which should be compared to the same quarter last year when they recorded significant revenue from deliveries of shore power systems to container vessels. These contracts were signed in 2022 and highlight the long lead times in our business. Deliveries of the orders signed at the end of 2024 will begin in the second half of 2025. Our investment in services, which we initiated just over a year ago, is a way to untap the potential of our large installed base and thereby balance the fluctuations from the large projects, particularly in Ports & Maritime. Improved performance in Industry Profitability was, of course, negatively impacted during the quarter by the lower revenue in Ports & Maritime. At the same time, the performance in Industry had a positive effect, with both increased revenue and improved profitability. We are now beginning to see the effects of the margin-enhancing measures we introduced last year and expect continued improvements throughout the year. It is also gratifying to see that our focus on cash flow and working capital is clearly reflected in this quarter. Operating cash flow improved to EUR 5.4 million (0.05) and net debt decreased EUR 3.7 million from the end of last year. Well received new products We have continuously strengthened our financial position, which, among other things, enabled us to increase our investments in product development last year. This has now led to the launch of the next generation of radio remote controls and our new MCS Manual Dispenser a couple of weeks ago. Our radio remote controls offer unmatched flexibility, reliability, and ergonomic comfort. We believe that these new systems are set to redefine operator control in demanding industrial environments. The MCS Manual
Dispenser is designed to support our Megawatt Charging System (MCS) for high-power charging applications with up to 4.5 MW of charging power. It is efficiently powering electric heavy-duty vehicles, construction machinery, e-trucks, and vessels. It is promising to see the interest customers already are showing. We have several new products scheduled for launch in 2025, and we expect these to generate the same strong interest among our customers. Low exposure to trade tariffs During the recent turbulent period, we have received questions about how we are affected by potential trade tariffs. Last year, about 50% of our revenue was generated by European customers and 40% from the Asia-Pacific region. Approximately 10% of our revenue is generated in North America, the majority of which comes from the US. Most of these revenues relate to our service offering, which is provided locally by our local service organisation. Therefore, our conclusion is that our exposure to potential trade tariffs between the US and Europe is quite low. Should it become necessary, we can fairly quickly start production in the US, as we are an assembly-based operation. We also demonstrated last year our ability to quickly get started in a new geography through the establishment of a new assembly unit in India. Strong momentum As we have previously mentioned, we have a partly new Cavotec Management Team in place and an organisation that makes us more agile and facilitates the realisation of synergies and efficient ways of working. There is strong momentum in the organisation, and even though we are seeing increasing global uncertainty, we operate in solid underlying markets, driven by the need to electrify society and reduce emissions. This makes me confident in our ability to grow profitably and create value. David Pagels Chief Executive Officer
===== SIDA 3 =====
Q1 2025 | Interim Report January–March 2025
3 ● cavotec.com
Financial Review – Group REVENUE – GROUP AND SEGMENTS – VOLUMES, PRICES, CURRENCY EUR 000s Q125 Q124 LTM 2024 Group Ports & Maritime Industry Group Ports & Maritime Industry Group Ports & Maritime Industry Group Ports & Maritime Industry Revenue 38,717 22,143 16,574 42,903 26,653 16,250 170,766 105,415 65,351 174,952 109,925 65,027 Increase/(decrease) -4,186 -4,510 324 3,375 3,016 359 -4,186 -4,510 324 -5,782 -4,764 -1,018 Change -9.8% -16.9% 2.0% 8.5% 12.8% 2.3% -2.4% -4.1% 0.5% -3.2% -4.2% -1.5% Of which - Volumes and prices -10,7% -18.2% 1.7% 9.7% 14.0% 3.6% -3.2% -5.1% 0.1% -3.0% -4.0% -1.3% - Currency effects 0.9% 1.3% 0.3% -1.2% -1.2% -1.3% 0.8% 1.0% 0.4% -0.2% -0.2% -0.2%
JANUARY–MARCH 2025 Revenue and order backlog Revenue decreased -9.8% to EUR 38.7 million (42.9). The decrease relates to Ports & Maritime which had significant deliveries of shore power solutions in the first quarter 2024. Currency effects had a positive impact on total revenue of 0.9 % in the quarter. Order intake decreased -28.3% to EUR 28.6 million (39.9), following a strong order intake of EUR 61.5 million in the previous quarter. Order backlog decreased -3.6% to EUR 116.3 million (120.5). EBIT (operating result) EBIT decreased -61.4% to EUR 0.8 million (2.0) and the EBIT margin amounted to 1.9% (4.5%). The decline is a consequence of the fluctuation of revenue in Ports & Maritime between quarters. Adjusted EBIT decreased -48.9% to EUR 1.0 (2.0) million and the adjusted EBIT margin amounted to 2.6% (4.5%). EBIT has been adjusted for non-recurring costs related to the investigation of potentially relocating the registered office from Switzerland to Sweden. Profit for the period and earnings per share Net financial income improved to EUR -0.5 million (-0.7). Profit before income tax amounted to EUR 0.3 million (1.4). Income taxes amounted to EUR 0.2 million (0.8). Profit for the period decreased -89.2% to EUR 0.06 million (0.5). Earnings per share, basic and diluted, amounted to EUR 0.001 (0.005). Cash flow Operating cash flow increased to EUR 5.4 million (0.05), impacted by improvements in working capital. Financial position Net debt decreased to EUR -11.6 million from EUR -15.3 million at 31 December 2024. Net debt amounted to EUR -17.3 million at 31 March 2024. The leverage ratio, measured as debt-to-adjusted EBITA LTM, amounted in the quarter to 0.74x compared to 0.91x at the end of 2024 and 1.09x at 31 March 2024. The equity/assets ratio amounted to 39.8% compared with 40.4% at 31 December 2024 and increased from 36.2% at 31 March 2024. Employees At the end of the quarter, Cavotec had 708 (664) full-time equivalent employees.
===== SIDA 4 =====
Q1 2025 | Interim Report January–March 2025
4 ● cavotec.com
Financial Review – Segments ORDER INTAKE AND BACKLOG – SEGMENTS EUR 000s Q125 Q124 Change Q424 Change Order intake Ports & Maritime 12,011 23,260 -48.4% 43,644 -72.5% Industry 16,566 16,620 -0.3% 17,810 -7.0% Group 28,577 39,880 -28.3% 61,454 -53.5% Order backlog 31 March, 2025 31 March, 2024 Change 31 Dec, 2024 Change Ports & Maritime 92,161 96,373 -4.4% 102,293 -9.9% Industry 24,089 24,170 -0.3% 24,097 -0.0% Group 116,250 120,543 -3.6% 126,390 -8.0% PORTS & MARITIME JANUARY–MARCH 2025 Revenue, order intake and order backlog Revenue decreased -16.9% to EUR 22.1 million (26.7) and relates to the significant deliveries of shore power solutions in the first quarter 2024. Currency effects had a positive impact of 1.3%. Order intake decreased -48.4% to EUR 12.0 million (23.3) following a strong order intake of EUR 43.6 million in the previous quarter. The order backlog decreased -4.4% to EUR 92.2 million (96.4) in the quarter. EBITDA EBITDA decreased -62.7% to EUR 1.1 million (2.8) and the EBITDA margin decreased to 4.7% (10.5%) as a consequence of the lower revenue in the quarter.
- 10 20 30 40 50 60
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Group EBIT and EBIT marginEUR m
EBIT margin, %
EBIT, EUR million Ports & Maritime Industry
0510152025303540
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0%5%10%15%20%
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Ports & Maritime EBITDA and EBITDA marginEUR m
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===== SIDA 5 =====
Q1 2025 | Interim Report January–March 2025
5 ● cavotec.com
INDUSTRY JANUARY–MARCH 2025 Revenue, order intake and order backlog Revenue increased 2.0% to EUR 16.6 million (16.3). Currency effects had a positive impact of 0.3%. Order intake amounted to EUR 16.6 million (16.6) and the order backlog amounted to EUR 24.1 million (24.2) in the quarter. EBITDA EBITDA increased 116.7% to EUR 1.3 million (0.6) and the EBITDA margin improved 3.6 percentage points to 7.5% (3.9%) due to margin-enhancing measures initiated in 2024.
EBITDA, EUR million EBITDA margin, %
0%1%2%3%4%5%6%7%8%
00,511,52
Q123Q223Q323Q423Q124Q224Q324Q424Q125
Industry EBITDA and EBITDA marginEUR m
05101520
Q123Q223Q323Q423Q124Q224Q324Q424Q125
Industry RevenueEUR m
===== SIDA 6 =====
Q1 2025 | Interim Report January–March 2025
6 ● cavotec.com
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
EUR 000s Unaudited 31 March, 2025 Unaudited 31 March, 2024 Audited year 31 Dec, 2024 Revenue from sales of goods and services 38,717 42,903 174,952 Other income 300 736 1,336 Cost of materials (18,309) (21,753) (85,073) Employee benefit costs (13,781) (14,153) (53,428) Operating expenses (4,627) (4,313) (21,109) Gross operating result 2,300 3,420 16,677 Depreciation and amortisation (613) (572) (2,462) Depreciation of right-of-use of leased asset (933) (897) (3,129) Impairment losses - - (193) Operating result (EBIT) 754 1,951 10,893 Interest income 2 2 35 Interest expenses (480) (677) (2,605) Currency exchange differences – net 3 76 (113) Other financial item - - (4) Profit / (loss) before income tax 279 1,352 8,206 Income taxes (223) (835) (4,366) Profit / (loss) for the period 56 517 3,840 Other comprehensive income: Remeasurements of post-employment benefit obligations 2 7 (43) Items that will not be reclassified to profit or loss 2 7 (43) Currency translation differences (574) (416) (366) Items that may be subsequently reclassified to profit / (loss) (574) (416) (366) Other comprehensive income for the period, net of tax (572) (409) (409) Total comprehensive income for the period (516) 108 3,431 Total comprehensive income attributable to: Equity holders of the Group (516) 108 3,431 Non-controlling interest - - Total (516) 108 3,431 Profit / (loss) attributed to: Equity holders of the Group 56 517 3,840 Total 56 517 3,840 Basic and diluted earnings per share attributed to the equity holders of the Group 0.001 0.005 0.036 Average number of shares 106,696,030 106,696,030 106,696,030
===== SIDA 7 =====
Q1 2025 | Interim Report January–March 2025
7 ● cavotec.com
CONSOLIDATED BALANCE SHEET EUR 000s Unaudited 31 March, 2025 Audited 31 Dec, 2024 Assets Current assets Cash and cash equivalents 15,774 11,597 Trade receivables 24,510 26,163 Contract assets - 830 Tax assets 2,716 2,451 Other current receivables 10,179 9,899 Inventories 34,528 35,555 Total current assets 87,707 86,495 Non-current assets Property, plant and equipment 5,264 5,362 Right-of-use of leased assets 12,220 12,526 Intangible assets 35,356 35,604 Non-current financial assets 288 288 Deferred tax assets 6,727 6,663 Other non-current receivables 1,485 1,311 Total non-current assets 61,340 61,754 Total assets 149,047 148,249 Equity and Liabilities Current liabilities Bank overdraft (493) (128) Current lease liabilities (2,975) (2,566) Trade payables (21,737) (21,900) Contract liabilities (18,711) (17,935) Tax liabilities (2,660) (2,320) Provision for risk and charges, current (2,979) (3,231) Other current liabilities (13,227) (12,857) Total current liabilities (62,782) (60,937) Non-current liabilities Non-current financial liabilities (13,717) (13,601) Non-current lease liabilities (9,876) (10,160) Deferred tax liabilities (1,177) (1,442) Other non-current liabilities (15) (15) Provision for risk and charges, non-current (1,227) (1,321) Employee benefit obligation (907) (911) Total non-current liabilities (26,919) (27,450) Total liabilities (89,701) (88,387) Equity Share Capital (54,130) (54,130) Reserves (54,211) (54,783) Retained earnings 48,995 49,051 Equity attributable to owners of the parent (59,346) (59,862) Non-controlling interests - - Total equity (59,346) (59,862) Total equity and liabilities (149,047) (148,249)
===== SIDA 8 =====
Q1 2025 | Interim Report January–March 2025
8 ● cavotec.com
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY EUR 000s Share Capital Reserves Retained earnings Equity related to owners of the parent Non- controlling interest Total equity
Balance as at 1 January 2024 (54,130) (55,323) 52,891 (56,562) - (56,562) (Profit) / Loss for the period - - (517) (517) - (517) Currency translation differences - 416 - 416 - 416 Remeasurements of post-employment benefit obligations - (7) - (7) - (7) Total comprehensive income and expenses - 409 (517) (108) - (108) Employees share scheme - (77) - (77) - (77) Transactions with shareholders - (77) - (77) - (77) Balance as at 31 March 2024 (54,130) (54,991) 52,374 (56,747) - (56,747) Audited 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) Unaudited Balance as at 1 January 2025 (54,130) (54,783) 49,051 (59,862) - (59,862) (Profit) / Loss for the period - - (56) (56) - (56) Currency translation differences - 574 - 574 - 574 Remeasurements of post-employment benefit obligations - (2) - (2) - (2) Total comprehensive income and expenses - 572 (56) 516 - 516 Balance as at 31 March 2025 (54,130) (54 211) 48,995 (59,346) - (59 346)
===== SIDA 9 =====
Q1 2025 | Interim Report January–March 2025
9 ● cavotec.com
CONSOLIDATED STATEMENT OF CASH FLOWS EUR 000s Unaudited 31 March, 2025 Unaudited 31 March, 2024 Audited 31 Dec, 2024 Profit / (loss) for the period 56 517 3,840 Adjustments for: Net interest expenses 478 675 2,570 Current taxes 323 1,346 4,204 Depreciation and amortization 613 572 2,462 Depreciation of right-of-use of leased assets 933 897 3,129 Impairment losses - - 193 Deferred tax (100) (511) 163 Provision for risks and charges (324) (558) (460) Capital (gain) or loss on assets (2) 28 14 Other items not involving cash flows (102) (228) (271) Interest paid (467) (638) (2,729) Taxes (paid) / received (248) (728) (4,730) 1,104 855 4,545 Cash flow before changes in working capital 1,160 1,372 8,385 Impact of changes in working capital: Inventories 946 254 1,849 Trade receivables and contract assets 2,586 (230) 4,651 Other current receivables (291) (2,259) (4,934) Trade payables and contract liabilities 613 (259) (5,437) Other current liabilities 371 1,171 1,713 Impact of changes involving working capital 4,225 (1,323) (2,158) Net cash inflow / (outflow) from operating activities 5,385 49 6,226 Financial activities: Increase of equity capital - - - Net changes in loans and borrowings - (1,522) (7,898) Repayment of lease liabilities (499) (334) (3,136) Net cash inflow / (outflow) from financial activities (499) (1,856) (11,034) Investing activities: Investments in property, plant and equipment (152) (182) (904) Investments in intangible assets (161) (1) (63) (Increase)/Decrease of non-current financial asset - (220) (220) Disposal of assets 1 1,749 1,873 Net cash inflow / (outflow) from investing activities (312) 1,346 686 Cash at the beginning of the period 11,469 15,056 15,056 Cash flow for the period 4,574 (461) (4,122) Currency exchange differences (762) (426) 535 Cash at the end of the period 15,281 14,169 11,469 Cash and cash equivalent 15,774 14,169 11,597 Bank overdraft (493) - (128) Cash at the end of the period 15,281 14,169 11,469
===== SIDA 10 =====
Q1 2025 | Interim Report January–March 2025
10 ● cavotec.com
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. Cavotec SA, the Parent company, is a limited liability company incorporated and domiciled in Switzerland. Cavotec SA is listed on Nasdaq Stockholm in the Mid Cap segment. These unaudited Financial Statements have been approved by the Board of Directors for publication on 25 April 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 in 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.
===== SIDA 11 =====
Q1 2025 | Interim Report January–March 2025
11 ● cavotec.com
SEGMENT INFORMATION EUR 000s Ports & Maritime Industry Other reconciling items Total Unaudited Three months ended 31 March 2025
Revenue from sales of goods and services 22,143 16,574 - 38,717 Other income 62 238 - 300 Cost of materials and operating expenses before depreciation and amortization (19,678) (14,655) (2,384) (36,717) Gross Operating Result (EBITDA) 2,527 2,157 (2,384) 2,300 Unaudited Three months ended 31 March 2024
Revenue from sales of goods and services 26,653 16,250 - 42,903 Other income 449 287 - 736 Cost of materials and operating expenses before depreciation and amortization (23,334) (15,299) (1,586) (40,219) Gross Operating Result (EBITDA) 3,768 1,238 (1,586) 3,420 Audited 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 amortization (92,852) (60,296) (6,463) (159,610) Gross Operating Result (EBITDA) 17,760 5,379 (6,463) 16,677
===== SIDA 12 =====
Q1 2025 | Interim Report January–March 2025
12 ● cavotec.com
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. 31 March 2025 EUR 000s Ports & Maritime Industry Total Revenue from external customer Timing of revenue recognition At a point in time 20,846 16,574 37,420 Over time 1,297 - 1,297 Total 22,143 16,574 38,717 31 March 2024 EUR 000s Ports & Maritime Industry Total Revenue from external customer Timing of revenue recognition At a point in time 25,945 16,250 42,195 Over time 708 - 708 Total 26,653 16,250 42,903 31 December 2024 EUR 000s Ports & Maritime Industry Total 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 31 March 2025 EUR 000s AMER EMEA APAC Total Ports & Maritime 4,323 9,326 8,494 22,143 Industry 1,545 10,658 4,371 16,574 Total 5,868 19,984 12,865 38,717 31 March 2024 EUR 000s AMER EMEA APAC Total Ports & Maritime 6,233 3,704 16,716 26,653 Industry 1,433 11,803 3,014 16,250 Total 7,666 15,507 19,730 42,903 31 December 2024 EUR 000s AMER EMEA APAC Total 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
===== SIDA 13 =====
Q1 2025 | Interim Report January–March 2025
13 ● cavotec.com
PARENT COMPANY – STATEMENT OF COMPREHENSIVE INCOME CAVOTEC SA EUR 000s Unaudited three months 31 Mar, 2025 Unaudited 31 Mar, 2024 Unaudited year 31 Dec, 2024 Other income 806 554 2,392 Employee benefit costs (227) (301) (1,484) Operating expenses (692) (547) (2,502) Operating Result (113) (294) (1,594) Interest expenses – net (507) (427) (6,946) Currency exchange differences – net 3 12 9 Non-recurring income - - 10,000 Profit / (Loss) for the period (617) (709) 1,469 Income taxes (3) (3) (3) Profit / (Loss) for the period (620) (712) 1,466 Other comprehensive income: Actuarial gain (loss) - - 21 Total comprehensive income for the period (620) (712) 1,487 PARENT COMPANY – BALANCE SHEET CAVOTEC SA EUR 000s Unaudited 31 Mar, 2025 Unaudited 31 Dec, 2024 Assets Current assets Cash and cash equivalents 32 31 Trade receivables 1,125 2,217 Other current receivables 875 58 Total current assets 2,032 2,306 Non-current assets Investment in subsidiary companies 93,365 93,365 Intangible assets 69 92 Other non-current financial liabilities 288 288 Total non-current assets 93,722 93,745 Total assets 95,754 96,051 Equity and Liabilities Current liabilities Bank overdraft (493) (128) Trade payables (8,013) (7,903) Other current liabilities (3,821) (3,789) Total current liabilities (12,327) (11,820) Non-current liabilities Long-term financial debt (28,472) (28,656) Other non-current liabilities - Total non-current liabilities (28,472) (28,656) Total liabilities (40,799) (40,475) Total equity (54,955) (55,575) Total equity and liabilities (95,754) (96,051)
===== SIDA 14 =====
Q1 2025 | Interim Report January–March 2025
14 ● cavotec.com
Other informationForward 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, commercialisation and technological difficulties, interruptions in supply, and major customer credit losses. Changes in Cavotec Management Team On 29 January 2025, Cavotec announced the appointment of Jonathan Eriksson as Senior Vice President, Head of Industry Division and Nicklas Vedin as Senior Vice President, Head of Ports & Maritime Division. Patrick Mares, in Group Management since 2019, was appointed Senior Vice President, Product Management and Chief Technology Officer. Other members of the Cavotec Management Team are, as before, Patrick Baudin, responsible for the service operations, Jörgen Ohlsson, head of global operations, Vanessa Tisci, Chief Legal & Human Resources Officer and Joakim Wahlquist, Chief Financial Officer. Annual General Meeting 2025 The Annual General Meeting 2025 will take place on 3 June 2025 in Lugano, Switzerland.
Financial calendar Second quarter report 25 July, 2025 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 April at 10:00 am CEST. If you wish to participate via webcast, please use the link https://cavotec.events.inderes.com/q1-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/q1-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/financial-reports. Contact person for analysts and media Joakim Wahlquist, CFO Phone +41 91 911 4010 Email investor@cavotec.com This is information that Cavotec SA is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 07:00 am CEST on 25 April 2025. About Cavotec Cavotec is a leading cleantech company that designs and delivers connection and electrification solutions to enable the decarbonisation of ports and industrial applications. Backed by 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.