Slides
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Fourth quarter 2024 David Pagels, CEO Joakim Wahlquist, CFO
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Slide 2 Cavotec in short – 50 years of innovation - A leading cleantech company with 50 years of experience - Designs and delivers connections, automation and electrification solutions - Enables decarbonisation of ports, mines and other industrial applications - Large installed base globally provides an untapped potential for our service business
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Slide 3 Regulations Strong position in a market driven by megatrends and regulations Leading technology and position in prioritised market segments Leading technology and market positionMegatrends Increasing regulations from authorities to reduce emissions and noise Market driven by the need to reduce greenhouse gases and noise pollution in critical infrastructure
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Slide 4 Our business segments World-leading solutions for ports, ships and other marine applications Unique systems for automated mooring, shore power, crane electrification, and connection and charging systems, significantly improving the environment in ports worldwide Share of revenue 63% Ports & Maritime Solutions that drive productivity and contribute to the customers’ operational efficiency, electrification as well as occupational health and safety The offering includes motorised cable and hose reels, radio remote controls, power connectors, spring driven cables and hose reels Industry 37% 2024 Services is an integral part of our business segments
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Slide 5 Recent business wins - Shore power orders worth EUR 17.5 million in total - Two Mediterranean ports, EUR 6.5 million - Three Italian ports, EUR 7 million - Global shipping company, EUR 4 million - Order for automated mooring system for Port of Dublin - Order with Qwello for 1,000 spring cable reels for electric vehicle charging stations across Europe Cavotec PowerMove solution
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Slide 6 Recent strategy progress - Steady EBIT improvement - Multiple margin improvement projects ongoing - Change programs in Ports & Maritime successful - Acceleration of change programs in Industry - Investing in product development – product launches 2025 - New Cavotec Management T eam in place EBIT, EUR million EBIT margin, % -6% -4% -2% 0% 2% 4% 6% 8% 10% 12% 14% -2 -1 0 1 2 3 4 5 EBIT and EBIT margin EUR m
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Slide 7 Strong order intake, higher order backlog and increased EBIT margin Net profit 2024 EUR 3.8 m (0.2) Adjusted EBIT margin 8.3% (7.6) Order backlog EUR 126.4 m +2.3% Order intake +51.1%, EUR 61.4 million
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Slide 8 Stable revenue improvement in 2024 - Q424: Revenue -15.1%, EUR 45.4 m (53.5) - No impact from currency effects - 2024: Revenue -3.2%, EUR 175.0 m (180.7) - Currency effects -3.0% - 10 20 30 40 50 60 RevenueEUR m Revenue geo split 2024 Europe Asia Pacific Americas
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Slide 9 Strong order intake and backlog development - Q424: Order intake 51.1%, EUR 61.4 m (40.7) - Strong demand across both segments - 2024: Order intake 13.0%, EUR 177.8 m (157.4) - Project-driven business - order intake can fluctuate between quarters depending on timing of the order signing - Order backlog 2.3%, EUR 126.4 m (123.6) - Order backlog 14.5% from EUR 110.4 m Q324 0 10 20 30 40 50 60 70 Order intakeEUR m 0 20 40 60 80 100 120 140 160 Order backlogEUR m
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Slide 10 Adjusted EBIT, EUR million Adjusted EBIT margin, % -6% -4% -2% 0% 2% 4% 6% 8% 10% 12% 14% -2 -1 0 1 2 3 4 5 EBIT and EBIT margin EUR m Stable EBIT improvement - Q424 - Adjusted EBIT -6.6%, EUR 3.8 m (4.0) - Adjusted EBIT margin improved to 8.3% (7.6%) - 2024 - Adjusted EBIT 54.1% to EUR 11.1 m (7.2) - Adjusted EBIT margin improved to 6.4% (4.0%) - Adjustments of EUR 0.2 million in Q424 related to investigation of potential headquarters relocation - Positive effects from ongoing change programs, increased cost control and improved purchasing procedures
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Slide 11 Net profit EUR 4.0 m in 2024 Net result, EUR million EPS, EUR -0.10% -0.08% -0.06% -0.04% -0.02% 0.00% 0.02% 0.04% -9 -8 -7 -6 -5 -4 -3 -2 -1 0 1 2 3 Net result and EPS EUR m - Q424: Net profit -30.5% to EUR 1.6 m (2.4), impacted by taxes - 2024: Net profit 2133% to EUR 3.8 m (0.2) - Q424: Earnings per share, basic and diluted, -31.8% to EUR 0.015 (0.022) - 2024: Earnings per share, basic and diluted, 1700% to EUR 0.036 (0.002)
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Slide 12 Cash flow decreased but leverage ratio improved year-over-year - Q424: Operating cash flow EUR 2.3 m (5.2) - 2024: Operating cash flow EUR 6.2 m (1.9) - 2024: Net debt decreased to EUR 15.2 m (18.6) - Leverage ratio improved to 0.91x from 1.29x - Working capital continue to be in focus 2025 -6 -4 -2 0 2 4 6 Operating cash flowEUR m
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Slide 13 Ports & Maritime – profitability improvement in 2024 - Q424: Revenue -14.4%, EUR 29.9 m (34.9) - No currency impact - 2024: Revenue -4.2% to EUR 109.9 m (114.7) - Currency impact -0.2% - Q424: EBITDA -23.4%, EUR 4.6 m (6.0) - EBITDA margin 15.4% (17.2%) - 2024: EBITDA 22.7%, EUR 13.8 m (11.2) - EBITDA margin improved to 12.5% (9.8%) - The shore power orders signed in Q424 to be delivered coming two years 0 5 10 15 20 25 30 35 40 RevenueEUR m EBITDA, EUR million EBITDA margin, % 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% 0 1 2 3 4 5 6 7 EBITDA and EBITDA marginEUR m
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Slide 14 EBITDA, EUR million EBITDA margin, % Industry – initiatives ongoing to improve growth and profitability - Q424: Revenue -16.6%, EUR 15.6 m (18.6) - Currency impact 0.1% - 2024: Revenue -1.5%, EUR 65.0 m (66.0) - Currency impact -0.2% - Q424: EBITDA EUR 0.6 m (0.6) - EBITDA margin improved to 4.0% (3.3%) - 2024: EBITDA EUR 2.9 m (3.2) - EBITDA margin 4.5% (4.8%) - Accelerating the strategic change programs for increased efficiency and profitability 0 2 4 6 8 10 12 14 16 18 20 RevenueEUR m -7% -5% -3% -1% 1% 3% 5% 7% -1 0 1 2 EBITDA and EBITDA marginEUR m
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Slide 15 Key strategic priorities - Continued execution of the change programs, especially in Industry - Continued sourcing and supply chain improvements - Increased focus on product development and innovation – product launches 2025 - Untap the service potential in the installed base - Focus on working capital development and strengthening of our financial position
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Slide 16 Good foundation for continued value creation - Good underlying market demand and business activity - Strong momentum in the organisation – new Cavotec Management T eam in place - Steadily improved profitability - Clear strategic priorities and efficient change programs to build a stronger Cavotec - A key player in the transition to a more sustainable, emission-free world
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Slide 17 Q&A First quarter report 25 April