Kalmar Reports Strong Q2 Amid Global Trade Uncertainty

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Logistics provider Kalmar Corporation has posted solid second-quarter results for 2025, marked by strong order intake and resilient profitability, despite increasing global trade tensions. The company’s half-year financial report, released on July 2,5, highlights continued growth and strategic progress following its 2024 demerger from Cargotec.

Kalmar’s Q2 2025 orders increased by 20% year-on-year, totalling £378 million, driven by growth in both Equipment and Services. The order book reached £865 million at the end of June, up from £802 million at the end of 2024.

Sales for the quarter rose slightly to £353 million, up 1% from the same period last year. Operating profit improved significantly to £45 million, up from £30 million, representing 12.8% of sales. The comparable operating profit margin rose to 13.1%, supported by equipment profitability of 13.9%.

Cash flow from operations before finance and tax totalled £18 million, while net profit for the quarter was £33 million. Basic earnings per share stood at £0.51.

Kalmar maintained its 2025 guidance, aiming for a comparable operating profit margin above 12%.

For the January-June 2025 period, Kalmar recorded a total of £782 million in orders, up from £652 million in the same period last year. However, sales dipped by 4% to £687 million.

Eco portfolio sales rose by 3%, now comprising 43% of total consolidated sales at £296 million. Operating profit increased to £84 million, while comparable operating profit reached £87 million, representing a 12.6% margin.

Cash flow from operations stood at £90 million, with net profit for the period at £61 million. Earnings per share came in at £0.96.

Kalmar reduced its net debt by 42% over the year, from £132 million to £76 million. The company’s leverage ratio (net debt to EBITDA) was 0.4x.

Despite global trade uncertainties, Kalmar made progress on several strategic fronts. Its “Driving Excellence” initiative delivered £13 million in annualised gross efficiency improvements, primarily through sourcing activities.

In terms of product and service development, Kalmar offers advanced automation systems, digital applications, and second-generation lithium-ion battery solutions. These innovations supported strong eco-portfolio sales, which made up 44% of Q2 revenue.

The Science-Based Targets initiative (SBTi) recently approved Kalmar’s emissions reduction targets, confirming its 2045 net-zero goal under the Paris Agreement framework.

Demand remained strong across Europe and AMEA (Asia, Middle East, Africa), while North American distribution sectors saw some weakness due to market uncertainty. Kalmar responded by applying tariff surcharges or related price adjustments for most customers.

With operations in over 120 countries and an installed base of 68,000 machines, Kalmar continues to strengthen its aftermarket services. Its workforce includes approximately 5,200 employees, with 1,400 service engineers.

Kalmar’s business model centres on direct sales, a global dealer network, and four manufacturing facilities supported by two innovation centres. The company maintains strict ethical and legal standards across its supply chain.

Kalmar is focusing on three strategic pillars:

Sustainable innovation: Emphasis on electrification, automation, and digital tools.

Service growth: Expanding aftermarket footprint and increasing recurring service revenue.

Operational excellence: Improving profitability through sourcing optimisation and process refinement.

The Board of Directors has set 2028 targets, including 5% annual sales growth, a 15% comparable operating profit margin, and return on capital employed (ROCE) above 25%.