Kalmar Q3 orders climb 22% to €458m as margins slip to 13%

By Elena Vasquez

Kalmar booked €458 million in orders in the third quarter of 2026, a 22% jump from €375 million a year earlier, even as the Finnish cargo-handling equipment maker's operating profit fell 6% to €56.4 million. The order intake, driven mainly by the Equipment segment and strengthening North American demand, pushed the company's order book to €1.004 billion at the end of September, up from €977 million at the close of 2025.

The top-line momentum did not carry through to profitability or sales. Quarterly revenue slipped to €433 million from €436 million, and the comparable operating margin contracted to 13.0% from 13.8%. Reported operating profit came in at €52 million, against €60.7 million in the same quarter last year.

Cash generation told a different story. Operating cash flow before finance items and taxes reached €81.6 million — more than triple the €25.6 million recorded in the third quarter of 2025.

Where did the order growth come from?

The Equipment segment anchored the quarter with €310 million in orders, a 36% year-on-year increase. Equipment sales, by contrast, declined 2% to €281 million, and the segment's comparable operating margin landed at 12.6%.

The Services business grew modestly. It generated €153 million in sales, up 2%, with a comparable operating margin of 17.6% — still the group's most profitable unit, though below the 18.5% posted a year earlier.

How fast is electrification advancing?

Kalmar's eco portfolio won 32% more orders, reaching €216 million and accounting for 47% of all quarterly order intake. The company also reported rising demand for fully electric equipment.

Sales of the eco portfolio moved in the opposite direction, dropping 7% to €187 million and representing 43% of consolidated sales, down from 46% a year earlier. The gap between surging eco orders and softer eco deliveries suggests the electrified share of revenue will build only as the newer orders convert into shipments.

"Despite persistent trade tensions and broad geopolitical uncertainty, market demand remained steady," said Sami Niiranen, President and CEO of Kalmar.

Niiranen also pointed to the opening of Kalmar's fully automated Test Centre in Ljungby, Sweden, a facility built to put electric and diesel-powered material handling equipment through demanding conditions.

Are deliveries running on time?

Not everywhere. Kalmar reported delivery delays in the Asia Pacific region and warned that disruptions affecting freight routes, transit times and component supplies could prolong them. For port and terminal customers in that region, the caveat signals that machine availability may stay uneven even as order books swell.

What does the nine-month picture show?

Across the first nine months of 2026, Kalmar's sales rose 6% to €1.332 billion, while orders received climbed 4% to €1.358 billion. The company held its full-year 2026 guidance, expecting a comparable operating profit margin above 12.5% — a bar the third quarter cleared at 13.0%.

For carriers, terminal operators and forwarders weighing fleet renewal, the numbers point one direction: demand for cargo-handling equipment, particularly electrified units, is firming, and order books now stretch past €1 billion. If North American demand keeps strengthening and the Asia Pacific delivery delays ease, Kalmar's challenge shifts from winning orders to converting them profitably.