Kalmar Oyj (HLSE:KALMAR) has reported Q2 2026 revenue of €479.6 million with basic EPS of €0.69, alongside trailing twelve month revenue of €1.8 billion and EPS of €2.71, setting a clear earnings season marker for investors. Over recent periods, the company has seen quarterly revenue move from €420.4 million and EPS of €0.61 in Q2 2025 to €479.6 million and EPS of €0.69 in Q2 2026, while trailing twelve month EPS increased from €2.12 to €2.71, and these results sit alongside a reported net profit margin of 9.5% for the latest trailing period. With earnings over the last year up 27% and margins higher than the prior year, the latest release puts profitability and margin resilience at the center of the Kalmar Oyj story.
See our full analysis for Kalmar Oyj.With the numbers on the table, the next step is to see how Kalmar Oyj's recent performance lines up with the prevailing narratives around its growth, risks, and profitability, and where those storylines might need updating.
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Margins and LTM earnings shift support the bullish Kalmar Oyj story
- On a trailing twelve month basis, Kalmar Oyj reports net profit of €173.4 million on €1.8b of revenue, with net profit margin at 9.5% compared with 8.1% a year earlier and earnings up 27% over that period.
- Bulls highlight that this 27% earnings rise and higher margin fit with their view that profitability can improve further, yet the earlier five year earnings decline of 6.6% per year keeps the historical record mixed and
- the bullish view references margin expansion assumptions, which sit alongside the already reported move to a 9.5% net margin over the last 12 months,
- while the long run decline in earnings growth means the recent trailing strength needs to be weighed against what has been a weaker multi year trend.
Order and pricing risks keep bears focused on earnings durability
- Across the last 12 months, earnings rose 27% while net profit margin moved to 9.5%, yet over the past five years average earnings still declined 6.6% per year, which is what cautious investors tend to focus on when asking whether the latest improvement can last.
- Bears argue that factors such as weaker equipment orders in some periods, heavy reliance on price increases of around 5% to 15% and tariff exposure could limit how long margins stay near current levels, even with the margin at 9.5% and the order book referred to at about €1b, and
- this concern links directly to the multi year earnings decline figure of 6.6% per year, which shows that prior profitability did not follow a straight upward path,
- while the recent 27% earnings rebound tests the more cautious view by showing that, at least over the most recent year, profit levels have recovered from that longer period of weaker results.
Valuation gap stands out against DCF fair value and analyst target
- Kalmar Oyj trades at €37.78 with a P/E of 13.9x, while the DCF fair value is cited at €65.11 and the analyst price target at €43.80, and that P/E sits below the European Machinery industry at 21.6x and peers at 22.4x.
- Supporters of the bullish narrative point to this valuation gap and the 9.5% net margin and 27% trailing earnings rise as reasons the stock could be pricing in the weaker five year trend of 6.6% annual earnings decline and below market forecast growth of about 9% per year for earnings and 4.5% per year for revenue, rather than the more optimistic margin and profit assumptions they model, and
- the contrast between the €37.78 share price and both the €65.11 DCF fair value and €43.80 analyst target is central to that argument,
- while the lower 13.9x P/E compared with industry and peer multiples highlights how much the market is currently discounting the company relative to those reference points.
Next Steps
To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for Kalmar Oyj on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.
If the mix of bullish and cautious takes on Kalmar Oyj feels split, use the full data set to move quickly and form your own stance. Begin with the 4 key rewards for a detailed starting point.
See What Else Is Out There
While Kalmar Oyj now reports stronger margins and 27% earnings growth over the last year, the earlier five year earnings decline of 6.6% per year still raises questions about consistency.
If that patchy long term earnings record makes you want sturdier profit profiles, check out 292 resilient stocks with low risk scores to quickly zero in on companies with more resilient track records.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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