FULLTEXT DEL 1 AV 1
Kvartalsrapport Q1 2026
===== SIDA 1 =====
INTERIM REPORT JANUARY–MARCH 2026 Q1
Strong order intake but lower revenue and profitability after weak market in 2025 – cost-saving measures initiated First quarter 2026 • Order intake increased 109.0% to EUR 59.7 million (28.6) driven by good demand in Ports & Maritime • Revenue decreased 15.3% to EUR 32.8 million (38.7) • Operating result (EBIT) amounted to EUR -2.8 million (0.8) with an operating margin of -8.6% (1.9%) • Adjusted operating result amounted to EUR -2.8 million (1.0) with an adjusted operating margin of -8.6% (2.6%) • Result for the period amounted to EUR -4.0 million (0.1) • Operating cash flow amounted to EUR 0.5 million (5.4) • Earnings per share, basic and diluted, amounted to EUR -0.037 (0.001) • Net debt amounted to EUR -8.8 million, unchanged compared with the end of 2025, and the leverage ratio amounted to 1.58x (0.96x) Key events during the first quarter • Cost-saving measures to reduce costs by approximately EUR 3 million will be fully implemented in 2026 with some effect in the second half of 2026 and with full effect in early 2027. • An order, valued at approximately EUR 13 million, signed for the supply of MoorMaster automated vacuum mooring systems for a special application in North America. • Order signed for shore power systems to be deployed across several ports in southern Italy, valued at approximately EUR 3 million. • CFO Joakim Wahlquist will leave Cavotec for an assignment outside the Group. Key events after the end of the period • No key events have occurred after the end of the period.
Financial summary First quarter Full year EUR thousands 2026 2025 Change LTM 2025 Change Order intake 59,728 28,577 109.0% 188,648 157,497 19.8% Order backlog 151,099 116,250 30.0% 151,099 124,181 21.7% Revenue 32,810 38,717 -15.3% 153,827 159,734 -3.7% EBITDA -1,304 2,300 -156.7% 5,567 9,171 -39.3% EBITDA margin -4.0% 5.9% -9.9pp 3.6% 5.7% -2.1pp EBITDA, adjusted -1,304 2,542 -151.3% 6,420 10,266 -37.5% EBITDA margin, adjusted -4.0% 6.6% -10.6pp 4.2% 6.4% -2.2pp Operating result (EBIT) -2,835 754 -476.0% -429 3,160 -113.6% Operating margin (EBIT margin) -8.6% 1.9% -10.5pp -0.3% 2.0% -2.3pp Operating result (EBIT), adjusted -2,835 996 -384.6% 424 4,255 -90.0% Operating margin (EBIT margin), adjusted -8.6% 2.6% -11.2pp 0.3% 2.7% -2.4pp Net profit/loss for the period -3,999 56 -7241.1% -5,448 -1,393 291.1% Operating cash flow 518 5,385 -90.4% 7,690 12,557 -38.8% Basic and diluted EPS, EUR -0.037 0.001 -3800.0% -0.051 -0.013 292.3% Net debt -8,779 -11,570 -24.1% -8,779 -8,788 -0.1% Leverage ratio 1.58x 0.74x 0.84x 1.58x 0.96x 0.62x
===== SIDA 2 =====
Q1 2026 | Interim Report January–March 2026
● cavotec.com 2
Comment from the CEO We are shaping a stronger Cavotec Order intake was strong in the first quarter in both our divisions, but revenue and profitability decreased due to the weak market in 2025. During the quarter, we initiated cost-saving measures to reduce costs of approximately EUR 3 million with full effect in early 2027. With these measures, we are shaping a stronger Cavotec and are better equipped to create value as volumes increase. Throughout 2025, we saw robust customer interest in our electrification solutions, driven by the need to reduce their negative climate impact and increase their operational efficiency. Despite this, Ports & Maritime customers in particular were hesitant to make decisions due to uncertainty about the global situation and economic developments. However, in the first quarter, many customers made decisions and order intake was strong, especially for shore power systems and motorised cable reels for both ports and the mining industry. Revenue decreased in the quarter due to uncertainty among our customers in 2025 and lower volumes negatively impacted profitability. Although we saw stronger order intake in the quarter, uncertainty regarding the global situation and economic development remains. Cost reductions of approximately EUR 3 million In light of the continued uncertainty and the fact that we have a largely project-driven business with long lead time between order and final delivery, we are in a situation where volumes are for some time slightly lower than we had previously planned. As a consequence, we are increasing the intensity and scope of the cost adjustments we initiated already in 2025 in connection with the relocation of the headquarters from Switzerland to Sweden. The cost-saving measures will be fully implemented in 2026 and will reduce costs by approximately EUR 3 million with some effect in the second half of 2026 and with full effect in early 2027. The measures include, among other things, optimisation of the organisational structure and efficiency improvements in IT and administrative systems. The cost of the measures totalling EUR 3 million will be taken on an ongoing basis during 2026 and reported as items affecting comparability starting in the second quarter 2026. Record order for Ports & Maritime We have announced several important orders during the quarter. Ports & Maritime signed one of its largest contracts ever with a value of approximately EUR 13 million, equivalent to approximately SEK 140 million. The order includes the delivery of MoorMaster automated vacuum mooring systems for a special application in North America. Deliveries are planned to take place from October 2027 to March 2028. Our MoorMaster systems increase safety, speed up ship handling, reduce emissions and help ports and marine applications increase capacity. With this important order, we strengthen our position as a leading
supplier of automated vacuum mooring solutions in North America. We have also announced an order worth approximately EUR 3 million for shore power systems to be installed in several ports in southern Italy. The systems enable cruise, container and RoRo ships to connect to shore power while at berth. By enabling ships to switch off their diesel generators when in port, the systems contribute to reduced harmful emissions and improved air quality. The order strengthens our position in the Mediterranean market and reflects the growing demand for shore power solutions driven by ports and operators working to reduce emissions and comply with increasingly stringent environmental regulations. After the end of the quarter, we announced an order with a leading engineering company in India for the supply of fourteen motorised cable and hose reels. The reels are part of the customer’s first project for ship unloaders and will be used for unloading bulk materials such as coal and limestone from vessel to shore. The order demonstrates our ability to deliver reliable and high-performance solutions for demanding industrial applications. Cash flow and financial position The operating cash flow and financial position were affected by the sales and profitability development in the quarter. We continue to have a strong focus throughout the organisation on profitability and capital employed, and the cost-saving measures also aim to improve both cash flow and financial position. Outlook Cavotec has built a strong market position with long-term customer relationships for over fifty years. Our underlying markets are good, driven by strong market trends such as electrification, automation and safety. With our motivated employees, innovative capabilities and increased operational efficiency, we are shaping a stronger Cavotec and are well equipped to create value as volumes increase. David Pagels Chief Executive Officer
===== SIDA 3 =====
Q1 2026 | Interim Report January–March 2026
3 ● cavotec.com
Financial Review – Group Revenue by volume, prices and currency effects EUR thousands First quarter 2026 First quarter 2025 LTM 2026 2025 Group Ports & Maritime Industry Group Ports & Maritime Industry Group Ports & Maritime Industry Group Ports & Maritime Industry Revenue 32,810 16,461 16,349 38,717 22,143 16,574 153,827 85,508 68,319 159,734 91,194 68,540 Increase/decrease -5,907 -5,682 -225 -4,186 -4,510 324 -5,907 -5,686 -221 -15,218 -18,731 3,513 Change -15.3% -25.7% -1.4% -9.8% -16.9% 2.0% -3.7% -6.2% -0.3% -8.7% -17.0% 5.4% Of which - Volumes and prices -12.9% -22.6% -1.4% -10.7% -18.2% 1.7% -3.8% -5.9% 0.8% -7.1% -15.4% 6.9% - Currency effects -2.4% -3.1% 0.0% 0.9% 1.3% 0.3% 0.1% -0.3% -1.1% -1.6% -1.6% -1.5% First quarter 2026 Order intake, order backlog and revenue Order intake increased 109.0% to EUR 59.7 million (28.6) with healthy growth in both Ports & Maritime and Industry. In Ports & Maritime, the increase was mainly driven by good demand for shore power solutions in Europe and motorised cable reels in Asia and Europe. In Industry, order intake was primarily driven by good demand for motorised cable reels to the mining industry in Northern Europe as well as services. Following the increase in order intake, order backlog grew 30.0% to EUR 151.1 million (116.3) and increased 21.7% from EUR 124.2 million at the end of the fourth quarter 2025. Revenue decreased 15.3% to EUR 32.8 million (38.7), mainly reflecting the slower order intake in Ports & Maritime last year caused by uncertainty and cautious approach among customers in 2025. Currency effects had a negative impact of 2.4% in the quarter. EBIT (operating result) EBIT decreased to EUR -2.8 million (0.8) and the EBIT margin decreased 10.5 percentage points to -8.6% (1.9%) due to lower volumes in Ports & Maritime. Industry had a positive impact on EBIT and profitability in the quarter. Profit for the period and earnings per share Net financial income improved to EUR -0.4 million (-0.5). Profit before income tax amounted to EUR -3.3 million (0.3). Income taxes amounted to EUR -0.7 million (-0.2). The tax level is explained by the geographical distribution of taxable profit and by the fact that no tax effect has been recognised for tax losses carried forward. Result for the period decreased to EUR -4.0 million (0.0). Earnings per share, basic and diluted, decreased to EUR -0.037 (0.001). Cash flow Operating cash flow decreased 90.4% to EUR 0.5 million (5.4) due to lower revenue and profitability. Financial position Net debt amounted to EUR -8.8 million, unchanged compared with the end of 2025. The leverage ratio, measured as debt-to-adjusted EBITDA LTM, amounted to 1.58x in the quarter compared to 0.96x at the end of 2025. The equity/assets ratio decreased to 33.6% at the end of quarter from 35.7% at 31 December 2025.
- 10 20 30 40 50 60
Q124Q224Q324Q424Q125Q225Q325Q425Q126
Revenue EUR m
Ports & Maritime Industry
EBIT margin, %
EBIT, EUR million
-10%-5%0%5%10%
-3-2-101234
Q124Q224Q324Q424Q125Q225Q325Q425Q126
EBIT and EBIT marginEUR m
===== SIDA 4 =====
Q1 2026 | Interim Report January–March 2026
4 ● cavotec.com
Financial Review – Segments Order intake and order backlog EUR thousands Q1 2026 Q1 2025 Change Q4 2025 Change Order intake Ports & Maritime 41,231 12,011 243.3% 29,262 40.9% Industry 18,497 16,566 11.7% 18,638 -0.8% Group 59,728 28,577 109.0% 47,900 24.7% Order backlog 31 March 2026 31 March 2025 Change 31 Dec 2025 Change Ports & Maritime 128,645 92,161 39.6% 103,877 23.8% Industry 22,454 24,089 -6.8% 20,304 10.6% Group 151,099 116,250 30.0% 124,181 21.7% PORTS & MARITIME First quarter 2026 Order intake, order backlog and revenue Order intake increased 243.3% to EUR 41.2 million (12.0), mainly driven by good demand for shore power solutions in Europe and motorised cable reels in Asia and Europe. Due to the strong increase in order intake, order backlog increased 39.6% to EUR 128.6 million (92.2) and increased 23.8% from EUR 103.9 million in the fourth quarter 2025. Revenue decreased 25.7% to EUR 16.5 million (22.1), reflecting the slower order intake last year caused by uncertainty and cautious approach among customers in 2025. Currency effects had a negative impact of 3.1% in the quarter. In the quarter, Cavotec signed an order valued at approximately EUR 13 million for the supply of MoorMaster automated vacuum mooring systems for a special application in North America. Deliveries are scheduled between October 2027 and March 2028. Cavotec also announced an order valued at approximately EUR 3 million for shore power systems to be deployed across several ports in southern Italy. EBITDA EBITDA decreased to EUR -2.1 million (1.0) and the EBITDA margin decreased 17.7 percentage points to -12.9% (4.7%) due to the lower volumes in the quarter. The gross operating result (EBITDA) is reported including allocation of costs related to headquarters.
EBITDA, EUR million
EBITDA margin, %
05101520253035
Q124Q224Q324Q424Q125Q225Q325Q425Q126
Ports & Maritime RevenueEUR m
-14%-9%-4%1%6%11%16%
-3-2-1012345
Q124Q224Q324Q424Q125Q225Q325Q425Q126
Ports & Maritime EBITDA and EBITDA marginEUR m
===== SIDA 5 =====
Q1 2026 | Interim Report January–March 2026
5 ● cavotec.com
INDUSTRY First quarter 2026 Order intake, order backlog and revenue Order intake increased 11.7% to EUR 18.5 million (16.6), mainly driven by good demand for motorised cable reels to the mining industry in Europe as well as services. Order backlog decreased 6.8% to EUR 22.5 million (24.1) in the quarter and increased 10.6% from EUR 20.3 million in the fourth quarter 2025. Revenue decreased 1.4% to EUR 16.3 million (16.6). Currency effects did not impact revenue in the quarter. EBITDA EBITDA amounted to EUR 0.8 million (1.3) and the EBITDA margin declined 2.5 percentage points to 5.0% (7.5%). Gross operating result (EBITDA) is reported including allocation of costs related to headquarters.
EBITDA, EUR million
EBITDA margin, %
0510152025
Q124Q224Q324Q424Q125Q225Q325Q425Q126
Industry RevenueEUR m
-4%-2%0%2%4%6%8%10%12%14%
-1
0
1
2
3
Q124Q224Q324Q424Q125Q225Q325Q425Q126
Industry EBITDA and EBITDA marginEUR m
===== SIDA 6 =====
Q1 2026 | Interim Report January–March 2026
6 ● cavotec.com
Significant events after the end of the period No key events have occurred after the end of the period. Employees At the end of the period, Cavotec had 732 (708) full-time equivalent employees. On 23 March 2026, Cavotec announced that CFO Joakim Wahlquist has decided to leave the company for an assignment outside the Group. The recruitment process for a successor has been initiated. Joakim Wahlquist will remain in his role until a replacement is appointed or the latest until September 2026, to ensure an effective handover. Cost-saving measures Cost-saving measures have been initiated and will be fully implemented in 2026. The measures will reduce costs by approximately EUR 3 million with some effect in the second half of 2026 and with full effect in early 2027. The measures include, among other things, optimisation of the organisational structure and efficiency improvements in IT and administrative systems. The cost of the measures totalling EUR 3 million will be taken on an ongoing basis during 2026 and reported as items affecting comparability starting in the second quarter 2026. Parent company Net sales of the Parent Company amounted to SEK 61.4 million during the quarter and primarily relate to recharged central costs within the Group. Personnel expenses amounted to SEK 25.3 million and consist of costs for Group functions, which as of 1 January are employed by Cavotec Group AB in Sweden. Other external expenses amounted to SEK 19.6 million and are largely attributable to management fees, with the remaining part relating to various other expenses. The most significant item in the Parent Company’s balance sheet is participation in Group companies, amounting to SEK 1,721 million. Intercompany receivables (SEK 66.6 million) and liabilities (SEK 73.6 million) also constitute significant items. Risks and uncertainties There are several strategic, operational and financial risks and uncertainties that could impact the Group’s financial results and position. Most of these can be managed by internal procedures, although some are governed by external factors to a greater extent. Macroeconomic factors such as growth, general economic conditions, price increases, population growth, inflation, interest rates, political uncertainty and changes in political or regulatory conditions may adversely affect Cavotec’s results of operations, as well as demand for Cavotec’s products and systems. Cavotec may be unable to retain or improve its position in a competitive market. Cavotec is also subject to risks related to product and technology development as well as exposed to risks related to supply of components and goods. Cavotec is also subject to risks related to regulatory compliance as well as tax risks and changes in tax legislation. For a more detailed description of the risks and uncertainties for the Group and the Parent Company, refer to Cavotec Group AB 2025 Annual Report. Cavotec works actively to monitor and continuously evaluate sustainability-related risk and their impact on the Group’s operations and earnings. As part of this governance, the Cavotec Management Team is following up compliance among subsidiaries regarding, for example, the Code of Conduct and work-related injuries.
===== SIDA 7 =====
Q1 2026 | Interim Report January–March 2026
7 ● cavotec.com
Consolidated income statement First quarter Full year EUR thousands 2026 2025 2025 Net sales 32,810 38,717 159,734 Other operating income 66 300 1,479 Raw materials and consumables -15,421 -18,309 -77,861 Other external expenses -4,637 -4,563 -20,067 Personnel expenses -14,122 -13,845 -54,114 Depreciation, amortisation and impairment1 -1,531 -1,546 -6,011 Operating result (EBIT) -2,835 754 3,160 Financial Income 66 114 511 Financial Expenses -515 -589 -2,356 Result from financial items -449 -475 -1,845 Result after financial items -3,284 279 1,315 Income taxes -715 -223 -2,708 Result for the period -3,999 56 -1,393 Attributable to: Parent company shareholders -3,999 56 -1,393 Basic and diluted earnings per share -0.037 0.001 -0.013 Statements of comprehensive income First quarter Full year EUR thousands 2026 2025 2025 Result for the period -3,999 56 -1,393 Actuarial gains or losses -2 2 6 Tax related to actuarial gains or losses 0 0 -1 Items that will not be reclassified to result -2 2 5 Currency translation differences 461 -574 -2,699 Items that may be subsequently reclassified to result 461 -574 -2,699 Other comprehensive income 459 -572 -2,694 Total comprehensive income -3,540 -516 -4,087 Attributed to: Parent company shareholders -3,999 56 -1,393 1 Of the total amount, depreciation of right-of-use assets related to leased assets amounted to -938 TEUR (-933) in the quarter.
===== SIDA 8 =====
Q1 2026 | Interim Report January–March 2026
8 ● cavotec.com
Consolidated balance sheet EUR thousands 31 March 2026 31 March 2025 31 Dec 2025 Assets Fixed assets Intangible fixed assets 34,801 35,356 34,978 Right-of-use assets 12,909 12,220 13,365 Tangible fixed assets 4,772 5,264 4,929 Financial assets 288 288 288 Deferred tax assets 4,207 4,081 4,023 Other long-term receivables 1,089 1,485 1,208 Total fixed assets 58,066 58,694 58,791 Current assets Inventories 37,579 33,624 31,099 Accounts receivable 23,407 24,510 31,367 Contract assets 746 0 730 Other receivables 507 789 619 Current tax assets 1,553 2,716 1,723 Prepaid expenses and accrued income 9,953 9,390 8,474 Cash and cash equivalents 14,870 15,774 14,914 Total current assets 88,615 86,803 88,926 Total assets 146,681 145,497 147,717 Equity and liabilities Equity Share capital 96 96 96 Reserves 103,636 104,695 103,062 Retained earnings -54,441 -48,995 -50,443 Equity attributable to owners of the parent company 49,291 55,796 52,715 Total equity 49,291 55,796 52,715 Long-term liabilities Provisions for pensions and similar obligations 883 907 874 Other provisions 1,401 1,227 1,259 Loans from credit institutions 9,843 13,717 9,811 Lease liabilities 9,953 9,876 10,378 Deferred tax liabilities 2,046 1,177 2,025 Other long-term liabilities 38 15 36 Total long-term liabilities 24,164 26,919 24,383 Current liabilities Other provisions 2,169 2,979 1,877 Lease liabilities 3,696 2,975 3,324 Advances from customers 31,936 18,711 29,503 Accounts payable 22,036 21,737 21,452 Bank overdrafts 0 493 0 Tax liabilities 1,294 2,660 1,749 Other liabilities 855 1,409 1,667 Accrued expenses and deferred income 11,240 11,818 11,047 Total current liabilities 73,226 62,782 70,619 Total liabilities 97,390 89,701 95,002 Total equity and liabilities 146,681 145,497 147,717
===== SIDA 9 =====
Q1 2026 | Interim Report January–March 2026
9 ● cavotec.com
Consolidated statement of changes in equity EUR thousands Share capital Reserves1 Retained earnings Total equity Balance 1 January 2025 96 105,267 -49,051 56,312 Result for the period 0 0 56 56 Currency translation differences 0 -574 0 -574 Actuarial gains or losses 0 2 0 2 Total comprehensive income and expenses 0 -572 56 -516 Employees share scheme 0 0 0 0 Transactions with shareholders 0 0 0 0 Balance 31 March 2025 96 104,695 -48,995 55,796 Balance 1 January 2025 96 105,267 -49,051 56,312 Result for the period 0 0 -1,393 -1,393 Currency translation differences 0 -2,699 0 -2,699 Actuarial gains or losses 0 5 0 5 Total comprehensive income and expenses 0 -2,694 -1,393 -4,087 Employees share scheme 0 490 0 490 Transactions with shareholders 0 490 0 490 Balance 31 December 2025 96 103,063 -50,444 52,715 Balance 1 January 2026 96 103,063 -50,444 52,715 Result for the period 0 0 -3,999 -3,999 Currency translation differences 0 461 0 461 Actuarial gains or losses 0 -2 0 -2 Total comprehensive income and expenses 0 459 -3,999 -3,540 Employees share scheme 0 116 0 116 Transactions with shareholders 0 116 0 116 Balance 31 March 2026 96 103,638 -54,443 49,291 1 Reserves include 124,638 TEUR (124,638) in the share premium reserve, currency translation differences of -21,487 TEUR (-19,823), and other reserves of 487 TEUR (-120).
===== SIDA 10 =====
Q1 2026 | Interim Report January–March 2026
10 ● cavotec.com
Consolidated statement of cash flows EUR thousands First quarter Full year 2026 2025 2025 Result for the period -3,999 56 -1,393 Adjustments for: Net interest expenses 358 478 1,911 Current taxes 794 323 3,284 Depreciation, amortisation and impairment 1,530 1,546 6,011 Deferred tax -79 -100 -576 Provisions 611 -324 -2,358 Capital gain/losses on fixed assets -2 -2 -3 Other items not involving cash flow -17 -102 391 Interest received/paid -358 -467 -1,899 Taxes paid -834 -248 -1,826 Total adjustments 2,003 1,104 4,935 Cash flow before change in working capital -1,996 1,160 3,542 Impact of changes in working capital Inventories -6,535 946 2,506 Accounts receivable and contract assets 8,486 2,586 -6,314 Other receivables -1,274 -291 445 Accounts payable 434 -163 178 Advances from customers 2,242 776 12,198 Other liabilities -839 371 2 Impact of changes involving working capital 2,514 4,225 9,015 Net cash inflow/outflow from operating activities 518 5,385 12,557 Investing activities Investments in tangible fixed assets -79 -152 -756 Investments in intangible assets -94 -161 -918 Increase/decrease of non-current financial assets 0 0 0 Disposal of assets 2 1 4 Net cash inflow/outflow from investing activities -171 -312 -1,670 Financial activities Proceeds of loans and borrowings 0 365 5,456 Repayment of loans and borrowings 0 0 -9,584 Repayment of lease liabilities -489 -499 -3,020 Net cash inflow/outflow from financial activities -489 -134 -7,148 Cash at the beginning of the period 14,914 11,597 11,597 Cash flow for the period -142 4,939 3,739 Effects of exchange rate changes on cash and cash equivalents 98 -762 -422 Cash at the end of the period 14,870 15,774 14,914
===== SIDA 11 =====
Q1 2026 | Interim Report January–March 2026
11 ● cavotec.com
Notes to the consolidated interim financial statements General information Cavotec is a leading engineering company that designs and delivers connection and electrification solutions to enable the decarbonisation of ports and industrial applications worldwide. Cavotec Group AB (publ), Corp. Reg. No. 559525-5877, registered office is in Stockholm, Sweden. The address of the head office is Vasagatan 11, SE-111 20 Stockholm, Sweden. Cavotec Group AB (publ) is listed on Nasdaq Stockholm in the mid cap segment. This interim report should be read in conjunction with the annual report for the financial year 2025 of Cavotec Group AB. The annual report includes further information regarding the redomiciliation of the groups parent company from Switzerland to Sweden. Basis of preparation of Financial Statements This interim report has been prepared in accordance with IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act. Cavotec’s consolidated financial statements are prepared in accordance with International Financial Reporting Standards (IFRS) as endorsed by the European Union, the Swedish Annual Accounts Act and the Swedish Financial Reporting Board’s standard RFR 1 Supplementary Accounting Rules for Groups. The same accounting and valuation policies as described in the most recent annual report have been applied in the preparation of this interim report. The Parent Company’s financial statements are prepared in accordance with the Swedish Annual Accounts Act and the Swedish Financial Reporting Board’s standard RFR 2 Accounting for Legal Entities. The same accounting and valuation policies as described in the most recent annual report have been applied in the preparation of this interim report. The total figures in the tables and calculations do not always add up due to rounding differences. Segment information Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating Decision Maker. The Chief Operating Decision Maker is responsible for allocating resources and assessing the performance of the operating segments. This function has been identified as the CEO. An operating segment is a part of the Group that conducts operations that earn revenue and incur costs, and for which discrete financial information is available. The Group is categorised into segments based on the internal structure of its business operations, which means that there are two operating segments: the Ports & Maritime and Industry divisions. Ports & Maritime develops, assemblies, manufactures, installs and services automation and electrification technologies for ports and the maritime sector. Industry develops, assemblies, manufactures, installs and services electrification and radio control products for industrial applications, such as cranes, energy, processing and transportation, mining, and tunnelling. The same accounting policies are used in the segments as for the Group, except for leases in accordance with IFRS 16. Leasing according to IFRS 16 was not allocated on the division level. Consequently, the divisions’ leases are reported as if they were operating leases. Cavotec presents revenue and earnings before interest, tax, depreciation and amortisation (EBITDA) as well as the operating result (EBIT) per segment. The performance of the operating segments is assessed using both the gross operating result (EBITDA) and the operating result (EBIT). Related party transactions Cavotec Group AB is the legal parent of the Group. The Group has conducted business transactions with a major customer, where a member of Cavotec’s Board also holds senior executive responsibilities. Sales to this customer in the first quarter 2026 amounted to EUR 0.4 million (1.1). Transactions have been conducted on market terms, with prices and conditions corresponding to those applied in comparable transactions with independent third parties. Standard credit terms apply, no collateral has been given or received, and no impairments have been recognised. All related party transactions are made on pricing based on arm’s length principal.
===== SIDA 12 =====
Q1 2026 | Interim Report January–March 2026
12 ● cavotec.com
Introduction and effect of new and revised IFRS 2026 None of the published standards and interpretations that are mandatory for the Group’s financial year 2026 are assessed to have any significant impact on the Group’s financial statements. Further information is provided in the Group’s annual report for the financial year 2025. Introduction and effect of new and revised IFRS 2027 or later The effect on the Group’s financial statements from standards and interpretations that are mandatory for the Group’s financial year 2027 or later remains to be assessed. An assessment of the potential impact of IFRS 18 “Presentation and Disclosure in Financial Statements” is currently in progress. Given the scope of the new standard, its adoption will result in changes to the presentation and disclosure of the financial statements. Additional details will be disclosed upon completion of the evaluation. Further information is provided in the Group’s annual report for the financial year 2025.
===== SIDA 13 =====
Q1 2026 | Interim Report January–March 2026
13 ● cavotec.com
Segment information Gross operating result (EBITDA) is reported excluding allocation of costs related to headquarters. First quarter 2026 EUR thousands Ports & Maritime Industry Other reconciling items Total Net sales 16,461 16,349 32,810 Other operating income 0 66 66 Raw materials and consumables, other external expenses and personnel expenses -17,299 -14,847 -2,034 -34,180 Gross operating result (EBITDA) -838 1,568 -2,034 -1,304 Depreciation and amortisation -937 -594 -1,531 Impairments 0 Operating result (EBIT) -1,775 974 -2,034 -2,835 First quarter 2025 EUR thousands Ports & Maritime Industry Other reconciling items Total Net sales 22,143 16,574 0 38,717 Other operating income 62 238 0 300 Raw materials and consumables, other external expenses and personnel expenses -19,678 -14,655 -2,384 -36,717 Gross operating result (EBITDA) 2,527 2,157 -2,384 2,300 Depreciation and amortisation -890 -656 0 -1,546 Impairments 0 0 0 0 Operating result (EBIT) 1,637 1,501 -2,384 754 Full year 2025 EUR thousands Ports & Maritime Industry Other reconciling items Total Net sales 91,194 68,540 0 159,734 Other operating income 872 607 0 1,479 Raw materials and consumables, other external expenses and personnel expenses -82,346 -60,296 -9,400 -152,042 Gross operating result (EBITDA) 9,720 8,851 -9,400 9,171 Depreciation and amortisation -3,380 -2,631 0 -6,011 Impairments 0 0 0 0 Operating result (EBIT) 6,340 6,220 -9,400 3,160
===== SIDA 14 =====
Q1 2026 | Interim Report January–March 2026
14 ● 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 2026 EUR thousands Ports & Maritime Industry Total Revenue from external customers Timing of revenue recognition At a point in time 15,267 16,349 31,616 Over time 1,194 0 1,194 Total 16,461 16,349 32,810 31 March 2025 EUR thousands Ports & Maritime Industry Total Revenue from external customers Timing of revenue recognition At a point in time 20,846 16,574 37,420 Over time 1,297 0 1,297 Total 22,143 16,574 38,717 31 December 2025 EUR thousands Ports & Maritime Industry Total Revenue from external customers Timing of revenue recognition At a point in time 87,038 68,540 149,637 Over time 4,156 0 10,097 Total 91,194 68,540 159,734 31 March 2026 EUR thousands Americas Europe, Middle East, Africa Asia Pacific Total Ports & Maritime 1,882 10,966 3,613 16,461 Industry 1,536 10,744 4,069 16,349 Total 3,418 21,710 7,682 32,810 31 March 2025 EUR thousands Americas Europe, Middle East, Africa Asia Pacific 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 December 2025 EUR thousands Americas Europe, Middle East, Africa Asia Pacific Total Ports & Maritime 9,091 47,570 34,533 91,194 Industry 5,822 40,654 22,064 68,540 Total 14,913 88,224 56,597 159,734
===== SIDA 15 =====
Q1 2026 | Interim Report January–March 2026
15 ● cavotec.com
Financial instruments EUR thousands 31 March 2026 31 March 2025 31 Dec 2025 Financial assets at amortised cost Accounts receivable and contract assets 24,153 17,919 24,510 Cash and cash equivalents 14,870 16,972 15,774 Total 39,023 34,891 40,284 Financial liabilities at amortised cost Interest-bearing borrowings 10,000 10,000 14,493 Accounts payable 22,036 20,145 21,737 Other liabilities 13,484 12,162 12,851 Total 45,520 42,307 49,081 The carrying amount is the same as the fair value.
===== SIDA 16 =====
Q1 2026 | Interim Report January–March 2026
16 ● cavotec.com
Parent company The Parent Company, Cavotec Group AB (publ), was incorporated in March 2025. As a result, no comparative information is presented for the income statement for the first quarter of 2025. Comparative information is, however, presented for the balance sheet as at 31 December 2025. For further information regarding the redomiciliation of the Group’s Parent Company, reference is made to the annual report for the financial year 2025. The Parent Company’s financial statements are prepared in accordance with the Swedish Annual Accounts Act and the Swedish Financial Reporting Board’s standard RFR 2 Accounting for Legal Entities. The accounting policies applied by the Parent Company are consistent with those described in the annual report for the financial year 2025. Statement of comprehensive income SEK thousands First quarter Full year 2026 2025 Net sales 61,362 6,353 Personnel expenses -25,275 -12,704 Other external expenses -19,615 -14,135 Operating result 16,472 -20,486 Other interest income and similar income items 831 0 Interest expenses and similar expense items -946 -107 Result from financial items -115 -107 Result after financial items 16,357 -20,593 Income tax 0 0 Deferred tax 3,939 3 Result for the period 20,296 -20,590 Other comprehensive income 0 0 Total comprehensive income for the period 20,296 -20,590
===== SIDA 17 =====
Q1 2026 | Interim Report January–March 2026
17 ● cavotec.com
Balance sheet SEK thousands 31 March 2026 31 Dec 2025 Assets Fixed assets Participations in group companies 1,720,760 1,720,760 Deferred tax assets 3,984 45 Total fixed assets 1,724,744 1,720,805 Current assets Intercompany receivables 66,612 4,283 Other receivables 2,511 1,550 Prepaid expenses and accrued income 6,231 3,340 Cash and cash equivalents 4,965 1,247 Total current assets 80,319 10,420 Total assets 1,805,063 1,731,225 Equity and liabilities Equity Restricted equity Share capital 1,067 1,067 Non-restricted equity Share premium reserve 1,711,108 1,711,108 Result for the period 20,296 -20,590 Other reserves 5,193 5,193 Retained earnings -20,590 0 Total equity 1,717,074 1,696,778 Long-term liabilities Intercompany liabilities 40,489 14,788 Deferred tax liability 42 42 Total long-term liabilities 40,531 14,830 Current liabilities Accounts payable 3,352 5,004 Intercompany liabilities 33,150 8,880 Other liabilities 3,296 1,363 Accrued expenses and deferred income 7,660 4,370 Total current liabilities 47,458 19,617 Total liabilities 87,989 34,447 Total equity and liabilities 1,805,063 1,731,225
Submission of the interim report Stockholm 24 April 2026 David Pagels CEO This report has not been examined by the company’s auditor.
===== SIDA 18 =====
Q1 2026 | Interim Report January–March 2026
18 ● cavotec.com
Definitions of alternative key performance indicators This report includes financial measures as required by the financial reporting framework applicable to Cavotec, which is based on IFRS. In addition, there are other measures (alternative performance measures) used by management and other stakeholders to analyse trends and performance of the Group’s operations that cannot be directly read or derived from the financial statements. Cavotec’s stakeholders should not consider these as substitutes, but rather as additions, to the financial reporting measures prepared in accordance with IFRS. Refer below for a list of definitions of all measures and indicators used, referred to and presented in this report. Figure Definitions Explanation Order intake Value of orders received during the period. Provides a useful measurement of Cavotec’s ability to increase revenue. Order backlog Value of binding orders signed with customers but not yet delivered that represents future revenue. Provides a useful measurement of the total value of order not yet delivered to the customers. EBITDA Operating result before depreciation and amortisation and impairment losses. Stated at Gross operating result in the Consolidated income statement.
EBITDA provide a measurement of Cavotec’s profitability before depreciation, amortisation and impairment losses.
EBITDA exclusive non-recurring items impacting EBITDA (adjusted EBITDA) EBITDA excluding non-recurring items that impact EBITDA. EBITDA excluding non-recurring items provides a measurement of Cavotec’s profitability in its ongoing operations. EBITDA margin, % EBITDA as a percentage of revenue from sales of goods and services. The EBITDA margin is a useful measurement to assess the underlying profitability. EBITDA margin, adjusted EBITDA, excluding non-recurring items, as a percentage of revenue from sales of goods and services. The EBITDA margin, adjusted is a useful measurement to assess the underlying profitability. Operating result (EBIT) Operating result as stated in the Consolidated income statement. EBIT provides measurement of Cavotec’s profitability. Operating result (EBIT), adjusted Operating result, excluding non-recurring items. EBIT provides measurement of Cavotec’s profitability. Operating margin (EBIT margin) Operating result as a percentage of revenue from sales of goods and services. The EBIT margin is a useful measure to asses Cavotec’s profitability, taking into account depreciation, amortisation. Operating margin (EBIT margin) exclusive non-recurring items impacting EBIT (adjusted EBIT) EBIT-margin excluding non-recurring items that impact EBIT. EBIT-margin excluding non-recurring items provides measurement of Cavotec’s profitability.
===== SIDA 19 =====
Q1 2026 | Interim Report January–March 2026
19 ● cavotec.com
Operating cash flow Underlying cash flow from ongoing operations, defined as cash flow before change in working capital including changes in net working capital and excluding investment and financing activities.
Operating cash flow provides a useful measurement of the cash generation of the ongoing operation.
Net debt The sum of cash and cash equivalents, current financial assets, bank overdraft, short-term and long-term debt.
Net debt shows the total debt situation.
Leverage ratio Net debt divided by EBITDA. Leverage ratio provides a measurement of the net debt in relation to the underlying profitability, defined as EBITDA. Non-recurring items impacting EBIT and EBITDA Adjustments for the cost of the redomiciliation. Separating non-recurring items provides investors with a useful tool to measure Cavotec’s ongoing operations.
===== SIDA 20 =====
Q1 2026 | Interim Report January–March 2026
20 ● cavotec.com
Reconciliation tables EBITDA EUR thousands Q1 2026 Q1 2025 2025 Operating result (EBIT) -2,835 754 3,160 (+) Depreciation, amortisation and impairment losses 1,531 1,546 6,011 EBITDA -1,304 2,300 9,171 EBITDA margin -4.0% 5.9% 5.7% Non-recurring items impacting EBITDA EUR thousands Q1 2026 Q1 2025 2025 Costs for redomiciliation 0 242 1,095 Non-recurring items impacting EBITDA 0 242 1,095 EUR thousands Q1 2026 Q1 2025 2025 EBITDA -1,304 2,300 9,171 (-) Non-recurring items impacting EBITDA 0 242 1,095 EBITDA excluding non-recurring items -1,304 2,542 10,266 EBITDA margin, adjusted -4.0% 6.6% 6.4% Operating result (EBIT) EUR thousands Q1 2026 Q1 2025 2025 Operating result (EBIT) -2,835 754 3,160 Operating margin (EBIT-margin) -8.6% 1.9% 2.0% Non-recurring items impacting operating result (EBIT) EUR thousands Q1 2026 Q1 2025 2025 Costs for redomiciliation 0 242 1,095 Non-recurring items impacting Operating result (EBIT) 0 242 1,095 Operating result (EBIT) excluding non-recurring items (adjusted EBIT) EUR thousands Q1 2026 Q1 2025 2025 Operating result (EBIT) -2,835 754 3,160 (-) Non-recurring items impacting EBIT 0 242 1,095 EBIT excluding non-recurring items -2,835 996 4,255 Operating margin (EBIT-margin) -8.6% 2.6% 2.7% Operating cash flow EUR thousands Q1 2026 Q1 2025 2025 Cash flow before change in working capital -1,996 1,160 3,542 Impact of changes in working capital 2,514 4,225 9,015 Operating cash flow 518 5,385 12,557
===== SIDA 21 =====
Q1 2026 | Interim Report January–March 2026
21 ● cavotec.com
Net debt EUR thousands 31 March 2026 31 March 2025 31 Dec 2025 Cash and cash equivalents 14,870 15,774 14,914 Current financial liabilities -13,649 -12,851 -13,702 Bank overdraft 0 -493 0 Short-term debt 0 0 0 Long-term debt -10,000 -14,000 -10,000 Net debt -8,779 -11,570 -8,788 Leverage ratio EUR thousands 31 March 2026 31 March 2025 31 Dec 2025 EBITDA (last twelve months) 5,567 15,557 9,171 Credit facility -10,000 -14,000 -10,000 Obligations under finance lease agreements -13,649 -12,851 -13,702 Other interest-bearing debt 0 -493 0 Cash and cash equivalents 14,870 15,774 14,914 Net debt -8,779 -11,570 -8,788 (-) Leverage ratio 1.58x 0.74x 0.96x
===== SIDA 22 =====
Q1 2026 | Interim Report January–March 2026
22 ● cavotec.com
Webcasted presentation and telco CEO David Pagels and CFO Joakim Wahlquist will present the interim report on Friday 24 April at 10:00 am CEST. If you wish to participate via webcast, please use the link https://cavotec.events.inderes.com/q1-report-2026. 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-2026/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. Annual General Meeting 2026 The Annual General Meeting 2026 will take place on Tuesday 2 June, 04:00 pm CEST, at Kanter Advokatbyrå, Engelbrektsgatan 3, Stockholm. More information about registration and the agenda can be found at https://www.cavotec.com/investors/governance/general-meetings. Financial calendar Annual General Meeting 2 June 2026 Second quarter report 24 July 2026 Third quarter report 6 November 2026 Fourth quarter report 19 February 2027 Annual and Sustainability Report 2026 Week that begins 19 April 2027 Interim reports on cavotec.com The full report and previous interim and annual reports are available at https://cavotec.com/investors/reports. Contact person for analysts and media Joakim Wahlquist, CFO Phone +46 8 556 522 00 Email investor@cavotec.com This is information that Cavotec Group AB (publ) 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 24 April 2026. This is a translation of the Swedish language original. In the event of any differences between this translation and the Swedish language original, the latter shall prevail. About Cavotec Cavotec is a leading engineering company that designs and delivers connection and electrification solutions to enable the decarbonisation of ports and industrial applications. Backed by over 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.