Financial information

Lamor’s Q3/2025: Solid profitability in January-September

30 October 2025

Lamor’s profitability remained solid in January-September despite revenue being below the comparison period, partly supported by efficiency initiatives accelerated during the summer. Similarly, for January–September, new orders overall were at the comparison period’s level and cash flow improved. One significant milestone in the execution of our strategy was the successful inauguration of a new Service Centre in Saudi Arabia, strengthening the company’s competitiveness further in the Middle East. Also, construction of the Kilpilahti concept plant progressed to the installations of the final process equipment after the reporting period.

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 Lamor Interim Report January–September 2025

July–September 2025 in brief

• Revenue was EUR 22.1 million (30.8), a decrease of 28.3% 
• EBIT was EUR 1.6 million (2.0) or 7.1% of revenue (6.4%), a decrease of 20.7%
• Adjusted EBIT was EUR 1.6 million (2.1) or 7.4% of revenue (6.7%), a decrease of 21.0%
• Net cash flow from operating activities was EUR +6.2 million (-4.3)
• Earnings per share (basic) was EUR 0.01 (-0.01)
• Orders received was EUR 17.3 million (35.4*), a decrease of 51.2%

January–September 2025 in brief

• Revenue was EUR 62.2 million (81.8), a decrease of 23.9%
• EBIT was EUR 4.1 million (3.7) or 6.6% of revenue (4.5%), an increase of 12.9%
• Adjusted EBIT was EUR 4.4 million (3.9) or 7.0% of revenue (4.8%), an increase of 11.4%
• Net cash flow from operating activities was EUR +2.0 million (-15.6)
• Net working capital was EUR 46.1 million (83.7), a decrease of 44.9%
• Earnings per share (basic) was EUR 0.01 (-0.04)
• Orders received was EUR 65.2 million (65.1*), an increase of 0.1%

The figures in brackets refer to the comparison period, which is the same period the previous year, unless otherwise stated.

*Order intake and the order backlog for the second quarter of 2024 have been adjusted in the Q4/2024 report to reflect the updated order for the NEOM project.

Guidance for 2025 (updated on 19 September 2025)

• Revenue is expected to increase compared to the previous year (2024: EUR 114.4 million). 
• Adjusted operating profit is expected to increase compared to the previous year (2024: EUR 6.4 million).

Assumptions (updated 30 October 2025)

Revenue for the final quarter is expected to be at or above the comparison period. The guidance is based on the existing order backlog, known tenders and offers submitted, and the management's view on market demand and customer decision-making timeline. The company is currently negotiating several significant equipment sales and medium-sized service contracts in all its market areas. Although elevated geopolitical risks increase customers’ need to invest in preparedness, they have also slowed down customers’ decision-making, especially regarding larger orders.

Revenue from the continuing large service project in Kuwait is expected to be at a lower level than the previous year, while the growth of other revenue outside of large service projects is expected to continue. For plastic recycling no revenue is expected during 2025.

The company estimates that improved margins and strategic efficiency initiatives will support profitability growth.