Cambi ASA reported a 22% year-over-year decline in revenue to NOK 265 million for Q2 2026, alongside a drop in EBITDA to NOK 26 million from NOK 75 million a year earlier. The EBITDA margin contracted to 10% from 22%, reflecting weaker contract mix and project completion timing. Operating cash flow rose 44% to NOK 156 million, while net profit fell to NOK 18 million.
Order intake surged 442% to NOK 554 million, with Technology orders at NOK 238 million and Solutions orders at NOK 315 million. The order backlog expanded 58% to NOK 1.5 billion, including NOK 836 million in Technology and NOK 643 million in Solutions. Approximately 25% of the backlog is expected to be delivered in H2 2026, 29% in 2027, and 46% in 2028 or later, with 25% of the total conditional.
CEO Per Lillebø noted strong order intake and project portfolio progress, though revenue and EBITDA were constrained by the completion of large technology projects. CFO Mats Tristan Tjemsland highlighted Cambi’s debt-free balance sheet, with cash at NOK 388 million and no long-term liabilities.
The Solutions segment’s revenue remained flat at NOK 96 million, while Technology revenue declined 30% to NOK 169 million. Gross margins contracted across both segments, with Technology at 48% and Solutions at 38%. The company’s biosolids business, Grønn Vekst, sold approximately 102,000 tons of bulk soil during the quarter.
Management maintained guidance that 2026 operating profit will trail 2025 levels due to contract timing and mix, while emphasizing long-term growth prospects tied to international projects, including the U.K.’s AMP8 investment cycle through 2030. Recent contract wins include a NOK 238 million order in India for two THP systems at Mumbai’s Malad plant and a NOK 315 million Solutions order in New Zealand for Auckland’s Rosedale facility.
