Lamor cuts 2026 revenue outlook to €65–75 million after customer decisions are delayed

Key Facts

In its business review for January to September, published on November 6, 2026, Lamor said its reduced full-year revenue guidance remained unchanged at €65–75 million, compared with the previous range of €80–92 million. The company cut its outlook on September 29, before third-quarter results, citing weaker performance mainly due to delayed customer decisions in the Middle East and Europe and revenue below expectations. It now also expects adjusted operating profit to be significantly below its 2025 level, whereas previous guidance indicated it would be at or above the 2025 level. The company said some expected orders and deliveries that had been due for completion in 2026 would shift to 2027. This puts pressure on revenue and profitability this year, with some expected activity carried over to next year.

Several customer decisions on major equipment and services projects in the Middle East were delayed longer than Lamor had expected, prompting the company to reconsider the timing of some orders and deliveries. In its profit warning, it said expected orders that were supposed to support 2026 results were now expected to move to 2027. It also said customer decisions that had been expected to give the second half of the year greater weight in revenue and profitability would shift to the next calendar year. The company said security conditions around the Strait of Hormuz directly affected logistics, mobilization and customer procurement procedures. It also said the continuing war in Ukraine had changed European customers’ immediate security priorities. The company linked these factors to delays in purchasing decisions and related procedures, without attributing every case to a delay in executing a specific project.

The cost-cutting program did not offset the effect of deferred revenue on adjusted operating profit, although Lamor said implementation was proceeding as planned. The revenue delays mean that cost-control measures alone are not enough to offset the impact on profitability that the company expects. At the same time, Lamor announced a plan for a directed share issue worth at least €5 million, aimed at meeting a condition in financing arrangements agreed in July 2026 and bolstering liquidity. The company said delays in customer purchases had increased its need for financing. Investors have committed to covering the initial €5 million size, but completion of the issue remains subject to customary conditions, approvals and a board decision. Liquidity improvement therefore depends on executing the plan and completing its requirements.

The proposal includes an issue at an expected price 10% below the share’s 30-day volume-weighted average price, with the measurement period ending when the January–September business review is published, expected on November 6. Lamor estimated in an illustrative calculation that the number of new shares would be about 7.0 million, while the proposed authorization for the board covers the issuance of up to 10 million shares; the authorization itself does not mean a decision has been made to issue that number. Shareholders holding 57.82% of the company’s shares have also committed to vote in favor of the authorization, after which the board will decide whether to proceed and set the final terms following the shareholders’ meeting. Investors’ commitments remain conditional on obtaining a waiver from a financial covenant condition relating to the testing date of December 31, 2026. In its half-year report published on July 28, the company disclosed a material uncertainty regarding its financial position and ability to continue as a going concern, linking it to completion of the share issue by the final financing deadline.

An extraordinary general meeting on November 13, 2026, is scheduled to consider the share issue authorization, while December 15 has been set as the deadline for completing the issue required under the financing arrangements. Following the shareholders’ meeting, the board will decide whether to proceed and set the final terms, according to the company’s disclosure. On operations, Lamor said the Kilpilahti plant produced its first circular oil on October 19, and that production ramp-up work continued, according to a disclosure issued on October 30 after a minor fire during commissioning. The plant is among the factors that could support future activity, alongside the company’s efforts to convert deferred opportunities into orders. This year’s results, however, will remain tied to the timing of customer decisions, while the financing plan depends on completing the specified approvals and conditions before the deadline.