Kalmar Corporation reported steady sales growth and improved profitability in the first quarter of 2026, although performance was weighed down by continued headwinds in its Services segment.
Sales and profitability rise, orders decline
Kalmar posted 5% growth in sales to EUR 420 million, supported by strength across both Equipment and Services segments.
Key highlights:
- Orders received: EUR 451 million (-6% YoY)
- Order book: EUR 1.01 billion (up from EUR 977 million at end-2025)
- Comparable operating profit: EUR 52 million (+8% YoY)
- Operating margin: 12.3% (up from 12.0%)
Despite the decline in orders, the company said demand remained stable overall, with growth in the Americas and APAC offsetting weaker EMEA activity.
Services segment under pressure
While Equipment profitability improved, the Services segment saw a notable decline:
- Services margin: 16.0% (down from 19.0%)
- Impacted by:
- Tariffs
- Weak spare parts demand in North America
- Sluggish regional market activity
CEO Sami Niiranen acknowledged the challenges, noting that cost optimisation and pricing actions are underway to restore performance.
Equipment segment drives growth
The Equipment business delivered strong improvement, with:
- Operating margin rising to 12.6% (from 11.6%)
- Sales growth across all regions
Kalmar also highlighted a gradual recovery in the US distribution market, supporting demand for equipment.
Sustainability and electrification progress
Kalmar continues to expand its eco-focused portfolio:
- Eco portfolio sales: EUR 187 million (+10% YoY)
- Now represents 45% of total sales
However, fully electric equipment orders remained modest, accounting for just 9% of Equipment orders over the past 12 months, below company expectations.
Strong financial position
The company maintained a robust balance sheet, reporting:
- Net cash position (negative net debt of EUR 36 million)
- ROCE: 24.2%
- Operating cash flow: EUR 67 million
Kalmar also reported EUR 40 million in annualised efficiency gains from its “Driving Excellence” initiative.
Outlook unchanged
Kalmar reiterated its 2026 guidance:
- Comparable operating profit margin above 12.5%
The company expects continued stable demand, but warned that geopolitical uncertainty and trade disruptions could impact market conditions.
Strategic focus remains intact
Kalmar continues to focus on:
- Expanding electric and automated equipment solutions
- Growing aftermarket services and recurring revenue
- Driving operational efficiency and digital transformation
Overall, Kalmar delivered a resilient start to 2026, with solid growth in equipment and profitability gains offsetting ongoing challenges in its Services business.
