Kvartalsrapport Q4 2024

===== SIDA 1 =====

YEAR-END REPORT 2024   Q4  
 
 Solid financial improvements in 2024  OCTOBER–DECEMBER 2024  • Order intake increased 51.1% to EUR 61.5 million (40.7) • Revenue decreased -15.1% to EUR 45.4 million (53.5) • EBIT decreased -11.6% to EUR 3.6 million (4.0) and the EBIT margin increased to 7.9% (7.6%) • Net result for the period decreased -30.5% to EUR 1.6 million (2.4)  • Operating cash flow decreased -55.9% to EUR 2.3 million (5.2) • Earnings per share, basic and diluted, decreased  -31.8% to EUR 0.015 (0.022)     
JANUARY–DECEMBER 2024 • Order intake increased 13.0% to EUR 177.8 million (157.4) • Order backlog increased 2.3% to EUR 126.4 million (123.6)  • Revenue decreased -3.2% to EUR 175.0 million (180.7) • EBIT improved 50.7% to EUR 10.9 million (7.2) and the EBIT margin increased to 6.2% (4.0%) • Net result for the period increased to EUR 3.8 million (0.2)  • Operating cash flow increased to EUR 6.2 million 	(1.9) • Earnings per share, basic and diluted, improved to EUR 0.036 (0.002) • Net debt decreased to EUR -15.3 million from EUR  -18.6 million at year-end 2023 and the leverage ratio improved to 0.91x from 1.29x 
 EUR 000s Q424 Q423 Change 2024 2023 Change Order intake 61,454 40,680 51.1% 177,780 157,354 13.0% Order backlog 126,390 123,562 2.3% 126,390 123,562 2.3% Revenue 45,407 53,506 -15.1% 174,952 180,734 -3.2% EBITDA 5,209 6,613 -21.2% 16,677 14,404 15.8% EBITDA margin 11.5% 12.4% -0.9pp 9.5% 8.0% 1.5pp EBITDA, adjusted 5,410 6,613 -18.2% 16,924 14,404 17.5% EBITDA margin, adjusted 11.9% 12.4% -0.4pp 9.7% 8.0% 1.7pp EBIT (operating result) 3,575 4,043 -11.6% 10,893 7,227 50.7% EBIT margin 7.9% 7.6% 0.3pp 6.2% 4.0% 2.2pp EBIT (operating result), adjusted 3,776 4,043 -6.6% 11,139 7,227 54.1% EBIT margin, adjusted 8.3% 7.6% 0.7pp 6.4% 4.0% 2.4pp Net profit/(loss) for the period 1,633 2,352 -30.5% 3,840 180 2033.4% Operating cash flow 2,308 5,235 -55.9% 6,226 1,933 222.1% Basic and diluted EPS, EUR 0.015 0.022 -31.8% 0.036 0.002 1700.0% Net debt (15,257) (18,638) -18.1% (15,257) (18,638) -18.1% Equity/assets ratio 40.4% 36.0% 4.4pp 40.4% 36.0% 4.4pp Leverage ratio 0.91x 1.29x 0.38x 0.91x 1.29x 0.38x 
KEY EVENTS DURING THE FOURTH QUARTER  • Shore power orders for two Mediterranean ports, worth a total of EUR 6.5 million.  • Shore power orders for three Italian ports, worth a total of EUR 7 million. • Shore power order with global shipping company, worth EUR 4 million. • Order for automated mooring system for Port of Dublin. • Order with Qwello for 1,000 spring cable reels for electric vehicle charging stations across Europe.  KEY EVENTS AFTER THE END OF THE YEAR  • 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.  FINANCIAL SUMMARY

===== SIDA 2 =====

Q4 2024 | Year-End Report 2024   
 
 ● cavotec.com 2 
Comment from the CEO Strengthened competitiveness and continued improved profitability We ended 2024 with strong order intake, higher order backlog and improved operating profitability. In 2024, we have established a stronger Cavotec with higher profitability and strengthened financial position. Thanks to the success of our change programs, we have also been able to invest in product development which have further strengthened our competitiveness. With the continued good demand for our climate-friendly solutions there is a clear potential to continue improving profitability. The improved order intake of 51.1% in the quarter to EUR 61.5 million is to a large extent driven by strong demand for shore power solutions in Europe and the need to reduce the negative climate impact of shipping. The order backlog also grew in the quarter to EUR 126.4 million which is an increase of 2.3% from the previous quarter. This good development is confirmed by the shore power orders we have announced with a total value of EUR 17.5 million. Customers include five Mediterranean ports of which three in Italy with a combined order value of EUR 13.5 million and a global shipping company with a contract worth EUR 4 million. All orders are to be delivered over the next two years. These orders are clear signs of the strong need to reduce emissions in marine environments, driven by increasingly stringent regulations. They also reflect our ability to deliver innovative systems that meet the evolving needs of the shipping industry. The order we signed for our automated mooring system for Port of Dublin is a milestone to us since it is the first installation in Ireland and will serve as a benchmark for sustainable port operations in the region. We have seen a stable, consistent revenue improvement between the last three quarters in 2024. Compared to the strong last quarter of 2023, revenue decreased -15.1% in the quarter to EUR 45.4 million. The robust improvements in 2024 are partly driven by our growing service business. However, we cannot rule out fluctuations between quarters in the future, as we are largely a project-driven company. Continued increased profitability In the past two years, we have made significant progress in improving profitability and in the quarter the EBIT margin increased to 7.9%. This is mainly the result of our change programs as well as enhanced cost control and purchasing processes. Through efficient, centrally managed purchasing processes, we have made significant progress in reducing costs for purchased materials. At the same time, we see opportunities for continued profitability improvements, not least in the Industry segment where the change programs started in 2024. Initial outcome from the assessment of moving the registered office As we have previously communicated, we have initiated the investigation of potentially moving the registered office from Switzerland to Sweden. A possible move will benefit us by bringing us closer to our investor base and making it easier to recruit in the region. However, we will need to incur some one-time costs for this project which we report as non-recurring. 
New products to be launched 2025 Operating cash flow improved significantly in 2024 to EUR 6.2 million from EUR 1.9 million in 2023. This has allowed us to both reduce debt but also invest in product development and innovation. In this work, we have listened carefully to our customers and made significant adjustments that strengthen our competitiveness. I look forward with confidence to our pipeline of new products that will be launched in 2025. In 2024, we have also successfully expanded our service offering. We currently have a large installed base globally where we see significant untapped potential. The possibilities are many – for example, we can offer maintenance and control of our installed equipment, take over operations from the customer and act as a system integrator. Strengthened management team We have started 2025 by strengthening the Cavotec Management Team with two new members – Jonathan Eriksson and Nicklas Vedin who have been given responsibility for the Industry and the Ports & Maritime divisions respectively. Patrick Mares, previously head of the Ports & Maritime division, is our new CTO with responsibility for product management. With these changes, we now have a management team and governance model that allow us to work and allocate resources more effectively. 50 years of innovation This year marks 50 years since Cavotec was founded. These years have been characterised by innovation, customer focus and the ability to develop solutions that streamline customers’ processes. Over the past ten years, the focus has increasingly shifted to electrifying customers’ processes to meet the need for reduced climate impact and improved environments with lower noise levels. Today, Cavotec is established as a leading global player in the electrification of ports and other industrial and marine applications. We continue our intensive work to further strengthen our position and create value. The position that Cavotec has established – and not least the improvements we have achieved in recent years – is the result of hard work by our dedicated and professional employees. I would like to conclude by expressing my sincere thanks to all colleagues for a job well done in 2024.       David Pagels Chief Executive Officer

===== SIDA 3 =====

Q4 2024 | Year-End Report 2024   
 
3 ● cavotec.com 
Financial Review – Group  REVENUE – GROUP AND SEGMENTS – VOLUMES, PRICES, CURRENCY  EUR 000s Q424 Q423 2024 2023  Group Ports & Maritime Industry Group Ports & Maritime Industry Group Ports & Maritime Industry Group Ports & Maritime Industry Revenue  45,407 29,860 15,547 53,506 34,867 18,639 174,952 109,925 65,027 180,734 114,689 66,045 Increase/(decrease) -8,099 -5,007 -3,092 6,687 2,694 3,993 -5,782 -4,764 -1,018 32,885 26,431 6,454 Change -15.1% -14.4% -16.6% 14.3% 8.4% 27.3% -3.2% -4.2% -1.5% 22.2% 29.9% 10.8% Of which             - Volumes and prices -15.1% -14.4% -16.7% 16.5% 10.5% 29.7% -3.0% -4.0% -1.3% 25.2% 32.6% 14.1% - Currency effects 0.0% 0.0% 0.1% -2.2% -2.1% -2.4% -0.2% -0.2% -0.2% -3.0% -2.7% -3.3%  OCTOBER-DECEMBER 2024  Revenue and order backlog Revenue decreased -15.1% to EUR 45.4 million (53.5) and has developed steadily over the last quarters. Revenue decreased in both Ports & Maritime and Industry due to the comparison with a strong fourth quarter 2023. Currency effects had no impact on total revenue in the quarter.  Order intake increased 51.1% to EUR 61.5 million (40.7). Order backlog increased 2.3 % to EUR 126.4 million from EUR 123.6 million and increased 14.5% from EUR 110.4 million at the end of the third quarter 2024.   EBIT (operating result) EBIT decreased -11.6% to EUR 3.6 million (4.0) compared with a very strong fourth quarter 2023. The EBIT margin continued its stable improvement and increased 0.3% points to 7.9% (7.6%). The improvement in profitability compared to the fourth quarter 2023 is mainly reflecting lower cost of materials due to improved purchased procedures as well as lower impairment losses.   Adjusted EBIT decreased -6.6% to EUR 3.8 (4.0) million and the adjusted EBIT margin increased 0.7 percentage points to 8.3% (7.6%). EBIT has been adjusted for non-recurring costs related to the investigation of potentially moving the registered office from Switzerland to Sweden.   Profit for the period and earnings per share Net financial income improved to EUR -0.5 million (-0.9), impacted mainly by lower interest expenses and currency exchange differences. Profit before income tax amounted to EUR 3.1 million (3.1). Income taxes amounted to EUR 1.4 million (0.8). Profit for the period decreased -30.5% to EUR 1.6 million (2.4). Earnings per share, basic and diluted, decreased -31.8% to EUR 0.015 (0.022).  Cash flow Operating cash flow decreased -55.9% to EUR 2.3 million (5.2), impacted by higher tax paid.

===== SIDA 4 =====

Q4 2024 | Year-End Report 2024   
 
4 ● cavotec.com 
 JANUARY–DECEMBER 2024  Revenue and order backlog Revenue decreased -3.2% to EUR 175.0 million (180.7) where currency effects had a negative impact of -0.2%.   Order intake increased 13.0% to EUR 177.8 million (157.4) with good development in both segments. Order backlog increased 2.3 % to EUR 126.4 million (123.6).  EBIT (operating result) EBIT increased 50.7% to EUR 10.9 million (7.2) and the EBIT margin improved 2.2 percentage points to 6.2% (4.0%). The improvement in profitability is mainly reflecting lower cost of materials due to improved purchasing procedures.  Adjusted EBIT increased 54.1% to EUR 11.1 (7.2) million and adjusted EBIT margin improved 2.4 percentage points to 6.4% (4.0%). EBIT has been adjusted in the fourth quarter 2024 for non-recurring costs related to the investigation of potentially moving the registered office from Switzerland to Sweden.   Profit for the period and earnings per share Net financial income amounted to EUR -2.7 million (-3.5), impacted by lower interest expenses. Profit before income tax improved 118.1% to EUR 8.2 million (3.8). Income taxes amounted to EUR 4.4 million (3.6). Profit for the year increased to EUR 3.8 million (0.2). Earnings per share, basic and diluted, improved to EUR 0.036 (0.002).  Cash flow Operating cash flow increased to EUR 6.2 million (1.9) due to improved profitability and reduced working capital during the year.   Financial position Net debt decreased to EUR -15.3 million from EUR -18.6 million at 31 December 2023 and was unchanged from 30 September 2024. The leverage ratio, measured as debt-to-adjusted EBITA LTM, amounted to in the quarter to 0.91x compared to 1.29x at the end of 2023 and 0.85x at the end of the third quarter 2024. The equity/assets ratio increased to 40.4% at the end of 2024 from 36.0% at 31 December 2023 and increased from 38.8% at the end of the third quarter 2024.   Employees At the end of the year, Cavotec had 708 (660) full-time equivalent employees. The increase from 2023 is to a large extent related to new recruitments in service.     
Ports & Maritime 
Ports & Maritime Industry 
EBIT margin, % 
EBIT, EUR million Industry 
 - 10 20 30 40 50 60
Q422Q123Q223Q323Q423Q124Q224Q324Q424
Revenue quarterly developmentEUR m
-6%-4%-2%0%2%4%6%8%10%12%14%
-2-1012345
Q422Q123Q223Q323Q423Q124Q224Q324Q424
EBIT and EBIT marginEUR m

===== SIDA 5 =====

Q4 2024 | Year-End Report 2024   
 
5 ● cavotec.com 
 Financial Review – Segments  ORDER INTAKE AND BACKLOG – SEGMENTS EUR 000s Q424 Q423 Change Q324 Change Order intake      Ports & Maritime 43,644 27,740 57.3% 20,966 108.2% Industry 17,810 12,940 37.6% 15,177 17.3% Group 61,454 40,680 51.1% 36,143 70.0% Order backlog 31 Dec, 2024 31 Dec, 2023 Change 30 Sep, 2024 Change Ports & Maritime 102,293 99,801 2.5% 88,527 15.5% Industry 24,097 23,761 1.4% 21,854 10.3% Group 126,390 123,562 2.3% 110,381 14.5%  PORTS & MARITIME  OCTOBER-DECEMBER 2024  Revenue, order intake and order backlog Revenue decreased -14.4% to EUR 29.9 million (34.9) compared to a strong last quarter 2023. Currency effects had no impact on revenue in the quarter.  Order intake increased 57.3% to EUR 43.6 million (27.7). Order backlog increased 2.5% to EUR 102.3 million (99.8) in the quarter and increased 15.5% from EUR 88.5 million in the third quarter 2024. In the quarter, six major shore power orders were signed with a total value of EUR 17.5 million. Of these six, two include several PowerMove shore power systems to support cruise and RoRo vessels at two Mediterranean ports with a value of EUR 6.5 million. Deliveries are scheduled in the first quarter of 2026. The other includes three orders totaling EUR 7 million to Italian ports. Deliveries for these projects are scheduled between early 2026 and mid-2026. The last announced order, worth EUR 4 million, was signed with a leading global shipping company. Deliveries will start in the second half of 2025. A multi-million EUR order for automated mooring for Port of Dublin was also announced. The order marks the first deployment of MoorMaster technology in Ireland. Deliveries will primarily take place in the third quarter 2026.  EBITDA EBITDA decreased -23.4% to EUR 4.6 million (6.0) and the EBITDA margin decreased -1.8 percentage points to 15.4% (17.2%) compared to the strong last quarter 2023. EBITDA and the EBITDA margin developed stable during the year.    
EBITDA Ports & Maritime, EUR million 
EBITDA margin Ports & Maritime, % 
0%5%10%15%20%
01234567
Q422Q123Q223Q323Q423Q124Q224Q324Q424
Ports & Maritime EBITDA and EBITDA marginEUR m
0510152025303540
Q422Q123Q223Q323Q423Q124Q224Q324Q424
Ports & Maritime RevenueEUR m

===== SIDA 6 =====

Q4 2024 | Year-End Report 2024   
 
6 ● cavotec.com 
  JANUARY–DECEMBER 2024  Revenue  Revenue decreased -4.2% to EUR 109.9 million (114.7). Currency effects had a negative impact of -0.2%.   EBITDA EBITDA improved 22.7% to EUR 13.8 million (11.2) and the EBITDA margin increased 2.7 percentage points to  12.5% (9.8%) due to the successful work to implement the change programs.    INDUSTRY  OCTOBER-DECEMBER 2024  Revenue, order intake and order backlog Revenue decreased -16.6% to EUR 15.5 million (18.6). Currency effects had a positive impact of 0.1%.  Order intake increased 37.6% to EUR 17.8 million (12.9). Order backlog increased 1.4% to EUR 24.1 million (23.8) in the quarter and increased 10.3% from EUR 21.9 million in the third quarter 2024.  In the quarter, an order was signed with Qwello for 1,000 spring cable reels for electric vehicle charging stations across Europe.   EBITDA EBITDA amounted to EUR 0.6 million (0.6) and the EBITDA margin improved 0.7 percentage points to 4.0% (3.3%).	Measures are ongoing to improve profitability.  JANUARY–DECEMBER 2024  Revenue  Revenue decreased -1.5% to EUR 65.0 million (66.0). Currency effects had a negative impact of -0.2%.   EBITDA EBITDA increased -8.8% to EUR 2.9 million (3.2) and the EBITDA margin decreased -0.4 percentage points to 4.5% (4.8%).   
EBITDA Industry, EUR million 
EBITDA margin Industry, % 
05101520
Q422Q123Q223Q323Q423Q124Q224Q324Q424
Industry RevenueEUR m
-6%-4%-2%0%2%4%6%
-0.1
0.0
0.1
Q422Q123Q223Q323Q423Q124Q224Q324Q424
Industry EBITDA and EBITDA marginEUR m

===== SIDA 7 =====

Q4 2024 | Year-End Report 2024   
 
7 ● cavotec.com 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 
EUR 000s Unaudited three months  31 Dec, 2024 Unaudited three months  31 Dec, 2023 Unaudited year  31 Dec, 2024 Audited year  31 Dec, 2023 Revenue from sales of goods and services 45,407 53,506 174,952 180,734 Other income 113 911 1,336 2,076 Cost of materials (21,999) (31,312) (85,073) (101,219) Employee benefit costs (12,986) (11,382) (53,428) (47,895) Operating expenses (5,326) (5,110) (21,109) (19,292) Gross operating result 5,209 6,613 16,677 14,404      Depreciation and amortisation (631) (645) (2,462) (2,782) Depreciation of right-of-use of leased asset (811) (941) (3,129) (3,311) Impairment losses (193) (984) (193) (1,084) Operating result (EBIT) 3,575 4,043 10,893 7,227      Interest income 15 9 35 18 Interest expenses (566) (859) (2,605) (3,471) Currency exchange differences – net 44 (110) (113) (16) Other financial item (4) 43 (4) 5      Profit / (loss) before income tax 3,065 3,126 8,206 3,763      Income taxes (1,431) (774) (4,366) (3,583)      Profit / (loss) for the period 1,633 2,352 3,840 180      Other comprehensive income:     Remeasurements of post-employment benefit obligations  (45) (102) (43) (99) Items that will not be reclassified to profit or loss (45) (102) (43) (99)      Currency translation differences 263 (671) (366) (1,836) Items that may be subsequently reclassified to profit / (loss) 263 (671) (366) (1,836)      Other comprehensive income for the period, net of tax 218 (773) (409) (1,935)      Total comprehensive income for the period 1,852 1,579 3,431 (1,755)      Total comprehensive income attributable to:     Equity holders of the Group 1,852 1,579 3,431 (1,755) Non-controlling interest - - - - Total 1,852 1,579 3,431 (1,755)      Profit / (loss) attributed to:     Equity holders of the Group  1,633 2,352 3,840 180 Total 1,633 2,352 3,840 180      Basic and diluted earnings per share attributed to the equity holders of the Group 0.015 0.022 0.036 0.002 Average number of shares 106,696,030 106,696,030 106,696,030 104,103,112

===== SIDA 8 =====

Q4 2024 | Year-End Report 2024   
 
8 ● cavotec.com 
CONSOLIDATED BALANCE SHEET EUR 000s Unaudited 31 Dec, 2024 Audited 31 Dec, 2023 Assets   Current assets   Cash and cash equivalents 11,597 15,056 Trade receivables 26,163 27,942 Contract assets 830 2,862 Tax assets 2,451 4,718 Other current receivables 9,899 4,949 Inventories 35,555 37,429 Assets held for sale - 1,814 Total current assets 86,495 94,770    Non-current assets   Property, plant and equipment 5,362 5,414 Right-of-use of leased assets 12,526 11,529 Intangible assets 35,604 37,315 Non-current financial assets 288 68 Deferred tax assets 6,663 6,897 Other non-current receivables 1,311 1,231 Total non-current assets 61,754 62,454    Total assets 148,249 157,224    Equity and Liabilities   Current liabilities   Bank overdraft (128) - Current lease liabilities (2,566) (2,527) Trade payables (21,900) (26,004) Contract liabilities (17,935) (19,268) Tax liabilities (2,320) (5,111) Provision for risk and charges, current (3,231) (2,171) Other current liabilities (12,857) (11,320) Total current liabilities (60,937) (66,401)    Non-current liabilities   Non-current financial liabilities (13,601) (21,468) Non-current lease liabilities (10,160) (9,167) Deferred tax liabilities (1,442) (1,251) Other non-current liabilities (15) (12) Provision for risk and charges, non-current (1,321) (1,794) Employee benefit obligation (911) (569) Total non-current liabilities (27,450) (34,261)    Total liabilities (88,387) (100,662)    Equity   Share Capital (54,130) (54,130) Reserves (54,783) (55,323) Retained earnings 49,051 52,891 Equity attributable to owners of the parent (59,862) (56,562) Non-controlling interests - - Total equity (59,862) (56,562)    Total equity and liabilities (148,249) (157,224)

===== SIDA 9 =====

Q4 2024 | Year-End Report 2024   
 
9 ● 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 
Audited       Balance as at 1 January 2023 (45,288) (51,633) 53,071 (43,850) - (43,850)        (Profit) / Loss for the period - - (180) (180) - (180) Currency translation differences - 1,836 - 1,836 - 1,836 Remeasurements of post-employment benefit obligations - 99 - 99 - 99 Total comprehensive income and expenses - 1,935 (180) 1,755 - 1,755        Employees share scheme - 58 - 58 - 58 Capital increase (8,843) - - (8,843) - (8,843) Share Premium Reserve - (5,683) - (5,683) - (5,683) Transactions with shareholders (8,843) (5,625) - (14,467) - (14,467)        Balance as at 31 December 2023 (54,130) (55,323) 52,891 (56,562) - (56,562)  Unaudited       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)

===== SIDA 10 =====

Q4 2024 | Year-End Report 2024   
 
10 ● cavotec.com 
CONSOLIDATED STATEMENT OF CASH FLOWS 
EUR 000s Unaudited three months  31 Dec, 2024 Unaudited three months  31 Dec, 2023 Unaudited year  31 Dec, 2024 Audited year  31 Dec, 2023 Profit / (loss) for the period 1,633 2,352 3,840 180      Adjustments for:     Net interest expenses 551 850 2,570 3,453 Current taxes 659 1,205 4,204 4,221 Depreciation and amortization 631 645 2,462 2,782 Depreciation of right-of-use of leased assets 810 941 3,129 3,311 Impairment losses 193 984 193 1,084 Deferred tax 773 (432) 163 (638) Provision for risks and charges (1,827) (418) (460) 69 Capital (gain) or loss on assets (6) (2) 14 (20) Other items not involving cash flows 45 (577) (271) (454) Interest paid (531) (727) (2,729) (3,057) Taxes (paid) / received (3,714) (628) (4,730) (529)  (2,416) 1,841 4,545 10,222      Cash flow before changes in working capital (783) 4,195 8,385 10,402      Impact of changes in working capital:     Inventories 4,321 9,397 1,849 5,451 Trade receivables and contract assets 1,308 531 4,651 4,381 Other current receivables 224 3,525 (4,934) 1,306 Trade payables and contract liabilities (2,620) (11,164) (5,437) (18,979) Other current liabilities (141) (1,249) 1,713 (628) Impact of changes involving working capital 3,091 1,040 (2,158) (8,469)      Net cash inflow / (outflow) from operating activities 2,308 5,233 6,226 1,933      Financial activities:     Increase of equity capital - - - 14,526 Net changes in loans and borrowings (1,915) (180) (7,898) (4,696) Repayment of lease liabilities (1,282) (1,296) (3,136) (3,156) Net cash inflow / (outflow) from financial activities (3,197) (1,476) (11,034) 6,674      Investing activities:     Investments in property, plant and equipment (238) (550) (904) (911) Investments in intangible assets (24) (303) (63) (624) (Increase)/Decrease of non-current financial asset - 38 (220) 38 Disposal of assets 155 8 1,873 29 Net cash inflow / (outflow) from investing activities (107) (807) 686 (1,468)      Cash at the beginning of the period 12,040 12,493 15,056 9,625 Cash flow for the period (996) 2,950 (4,122) 7,137 Currency exchange differences 425 (387) 535 (1,706) Cash at the end of the period 11,469 15,056 11,469 15,056 Cash and cash equivalent 11,597 15,056 11,597 15,056 Bank overdraft (128) - (128) - Cash at the end of the period 11,469 15,056 11,469 15,056

===== SIDA 11 =====

Q4 2024 | Year-End Report 2024   
 
11 ● 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 21 February 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 2023. 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 2023.

===== SIDA 12 =====

Q4 2024 | Year-End Report 2024   
 
12 ● cavotec.com 
SEGMENT INFORMATION  EUR 000s Ports & Maritime Industry Other reconciling items Total  Unaudited Three months ended 31 December 2024     
Revenue from sales of goods and services 29’860 15’547 - 45’407 Other income 64 49 - 113 Cost of materials and operating expenses before depreciation and amortization (24,668) (14,562) (1,080) (40,310) Gross Operating Result (EBITDA) 5,257 1,033 (1,080) 5,209 Unaudited  Three months ended 31 December 2023     Revenue from sales of goods and services 34,867 18,639 - 53,506 Other income 574 337 - 911 Cost of materials and operating expenses before depreciation and amortization (28,652) (17,873) (1,279) (47,804) Gross Operating Result (EBITDA) 6,790 1,103 (1,279) 6,613  Unaudited 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  Audited Year ended 31 December 2023     Revenue from sales of goods and services 114,688 66,045  180,734 Other income 1,048 1,028  2,076 Cost of materials and operating expenses before depreciation and amortization (101,237) (61,903) (5,266) (168,406) Gross Operating Result (EBITDA) 14,499 5,171 (5,266) 14,404

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Q4 2024 | Year-End Report 2024   
 
13 ● 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 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 December 2023 EUR 000s 
   Ports & Maritime 
   Industry 
   Total Revenue from external customer    Timing of revenue recognition    At a point in time 110,712 66,045 176,757 Over time 3,976 - 3,976 Total 114,688 66,045 180,734   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   31 December 2023 EUR 000s  AMER  EMEA  APAC  Total Ports & Maritime 18,239 45,726 50,723 114,688 Industry 4,751 42,228 19,067 66,045 Total 22,990 87,954 69,790 180,734

===== SIDA 14 =====

Q4 2024 | Year-End Report 2024   
 
14 ● cavotec.com 
 PARENT COMPANY – STATEMENT OF COMPREHENSIVE INCOME  CAVOTEC SA EUR 000s Unaudited three months  31 Dec, 2024 Unaudited three months  31 Dec, 2023 Unaudited year  31 Dec, 2024 Audited year 31 Dec, 2023 Other income 52 (227) 2,392 2,352 Employee benefit costs (3) 622 (1,484) (240) Operating expenses (628) (460) (2,502) (2,482) Operating Result (580) (65) (1,594) (370) Interest expenses – net (3,965) (391) (6,946) (1,767) Currency exchange differences – net (8) (11) 9 70 Other financial items - 37 - - Non-recurring income 10,000 - 10,000 - Profit / (Loss) for the period 5,447 (429) 1,469 (2,068) Income taxes (6) (1) (3) (12) Profit / (Loss) for the period 5,441 (430) 1,466 (2,080) Other comprehensive income:     Actuarial gain (loss) 21 - 21 - Total comprehensive income for the period 5,462 (430) 1,487 (2,080)  PARENT COMPANY – BALANCE SHEET CAVOTEC SA EUR 000s Unaudited 31 Dec, 2024 Audited  31 Dec, 2023 Assets   Current assets   Cash and cash equivalents 31 152 Trade receivables 2,217 3,023 Tax assets 16 25 Other current receivables 42 380 Total current assets 2,306 3,580 Non-current assets   Investment in subsidiary companies 93,365 93,365 Intangible assets 92 185 Other non-current financial liabilities 288 68 Total non-current assets 93,745 93,618    Total assets 96,051 97,198    Equity and Liabilities   Current liabilities   Bank overdraft (128) - Trade payables (7,903) (1,279) Other current liabilities (3,789) (4,772) Total current liabilities (11,820) (6,051) Non-current liabilities   Long-term financial debt (28,656) (36,915) Other non-current liabilities - (12) Total non-current liabilities (28,656) (36,927)    Total liabilities (40,475) (42,978)    Total equity (55,575) (54,220)    Total equity and liabilities (96,051) (97,198)

===== SIDA 15 =====

Q4 2024 | Year-End Report 2024   
 
15 ● 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, commercialization 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. Shareholders wishing to raise an issue for discussion at the AGM may do so by submitting their proposal to the Chairman of Cavotec by email: investor@cavotec.com or by post to: Cavotec SA, AGM 2025, Corso Elvezia 16, CH-6900 Lugano, Switzerland. To ensure their inclusion in the notice and thus on the agenda for the AGM, proposals must be received by the Company no later than 17 April 2025.  The Nomination Committee Prior to the Annual General Meeting 2025, the Nomination Committee consists of Henrik Blomquist, representing Bure Equity AB, Fabio Cannavale, representing Nomina SA, Per Colleen, representing TomEnterprise Private, Thomas Ehling, representing The Fourth Swedish National Pension Fund, and Patrik Tigerschiöld, Chairman of Cavotec’s Board of Directors. Henrik Blomquist is the Chairman of the Nomination Committee. Shareholders wishing to submit proposals to the Nomination Committee for the 2025 AGM may do so by sending an email to nomination@cavotec.com 
or writing to: Cavotec SA, Nomination Committee Corso Elvezia 16, CH-6900 Lugano, Switzerland. Proposals must be submitted no later than 17 April 2025.  Dividend proposal The Board proposes that no dividend will be paid to the shareholders for 2024 to further strengthen Cavotec’s  financial position.  Financial calendar  Annual and Sustainability      Week that begins Report 2024                31 March, 2025 First quarter report                25 April, 2025   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 21 February at 10:00 am CET. If you wish to participate via webcast, please use the link https://cavotec.events.inderes.com/q4-report-2024. 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/q4-report-2024/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 CET on 21 February 2025.

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Q4 2024 | Year-End Report 2024   
 
16 ● cavotec.com 
 About Cavotec Cavotec is a leading cleantech company that designs and delivers connection and electrification solutions to enable the decarbonization 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.