Cambi (CAMBI) Q1 2026 earnings summary

Executive summary

• Revenue in Q1 2026 was NOK 179 million, down 21% year-over-year as large contracts neared completion and reflecting solid project progress but a seasonal slowdown in the solutions segment.

• EBITDA rose to NOK 23 million (13% margin), up from NOK 14 million (6% margin) in Q1 last year, driven by improved gross margins and segment performance.

• Net profit for the quarter was NOK 7 million, slightly higher year-over-year.

• Order intake reached NOK 348 million, mainly from two large UK contracts, with an order backlog of NOK 1.2 billion, providing strong visibility.

• The annual general meeting approved a NOK 0.30 per share dividend and authorized additional dividends based on 2025 results.

Financial highlights

• Revenue decreased 21% year-over-year to NOK 179 million due to large contracts nearing completion and new contracts in early phases.

• Gross margin improved to a record 62% from 47% in Q1 2025, reflecting a favorable revenue mix and lower material costs.

• Operating expenses fell to NOK 88 million from NOK 92 million, aided by the exit of soil retail and cost control.

• Cash and cash equivalents at quarter end were NOK 282 million, up from NOK 100 million a year earlier.

• Operating cash flow was NOK -4 million, a significant improvement from NOK -53 million in Q1 last year, though impacted by exchange rate fluctuations.

Outlook and guidance

• Strongest near-term activity expected in the UK and Norway, with a robust investment cycle lasting until 2030 and UK utilities active in solids treatment modernization.

• Operating profits in 2026 are estimated to be lower than in 2025, but long-term growth outlook remains positive.

• Continued focus on expanding services and operational excellence, especially in India and emerging markets.

• Additional dividends will depend on project milestones and capital needs.