Q4 expectations
We expect Cavotec to deliver Q4 sales of EUR 47m (-13% y-o-y, +6% q-o-q) and order intake of EUR 43m (41m in Q4'23). On EBIT, we forecast EUR 3.3m for a margin of 7% (7.6% in Q4'23). Cavotec faces tough comps in Q4, as Q4'23 was a particularly strong quarter for the company. We expect the Ports & Maritime segment to continue to be the margin driver (we estimate a 16.3% EBITDA margin in Q4'24), but for the Industry segment to also start to show small improvements in terms of profitability due to its ongoing change programme.