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Cambi (OB:CAMBI) Stock Faces Margin Pressure Despite 1.5b Backlog

Simply Wall St · 1d ago

Cambi stock closed at NOK21.70 on Wednesday after a slightly weaker week, yet the real story sits inside the earnings print. Q2 revenue landed at NOK264.9 million with net income of NOK16.7 million, as investors weighed softer profitability against strong project activity.

The market focused on the quarterly squeeze in margins. The longer horizon depends on whether Cambi can convert its NOK1.5b order backlog and NOK388 million cash pile into steadier earnings power. The tension between short term profit pressure and a well funded, contracted pipeline is what will matter from here.

Is Cambi stock pricing in a brief slowdown or a longer reset in earnings momentum? Compare its 25.7x P/E, backlog, and DCF gap with our independent valuation analysis for Cambi

Q2 2026 Earnings Summary

  • Revenue, Q2 2026 vs. Q2 2025: NOK264.9 million vs. NOK341.8 million (declined 22%)
  • Net Income, Q2 2026 vs. Q2 2025: NOK16.7 million vs. NOK90.0 million (declined 81%)
  • Basic EPS, Trailing 12 Months to Q4 2025 vs. Prior Trailing 12 Months to Q4 2024: NOK0.841739 vs. NOK0.8139 (up 3.2%)
  • Net Profit Margin, Trailing 12 Months vs. Prior Year: 13.4% vs. 12.7% (improved 0.7 percentage points)

Prefer clean charts to another dense wall of earnings figures and ratios? Get a full visual view of Cambi's valuation picture and how the market is lining it up against its order backlog and cash position in the company report for Cambi.

OB:CAMBI Trailing 12-Month Revenue & Expenses Breakdown as at Aug 2026
OB:CAMBI Trailing 12-Month Revenue & Expenses Breakdown as at Aug 2026

Cambi backlog strength versus softer earnings

Cambi gives supporters some real positives to point to. Order intake of NOK554 million and a backlog of about NOK1.5b show customers are still signing projects. Cash generation also looks solid, with operating cash flow of NOK156 million and a cash balance of NOK388 million and no long term debt. For a wastewater infrastructure supplier that relies on long contracts, this combination of contracted work and liquidity directionally supports a constructive long term view, even while reported revenue and EBITDA are currently softer year on year.

Profit pressure and timing risk temper optimism

The other side of the story is hard to ignore. Q2 revenue fell 22% year on year to NOK264.9 million and EBITDA margin roughly halved to 10%, which backs up concerns about margin volatility and project mix. Management also expects 2026 operating profit to be lower than 2025 and flags timing of notices to proceed as a key risk. That directly supports worries about lumpiness in municipal project cycles, even if the balance sheet and backlog currently limit near term financial stress.

Compare Cambi's cash rich backlog and softer near term margins with what institutional models are implying for the next leg in the story. Reveal whether analysts are raising or cutting their expectations in the consensus price target analysis for Cambi.

Stay Ahead With Simply Wall St

If Cambi's mix of a sizeable backlog and softer recent margins has your attention, register for free with Simply Wall St and add it to your Watchlist to track price moves against fair value estimates and watch for a better entry point. After you own Cambi or any other stock, use the Portfolio Command Center to cut through market noise and focus on the most important events that could affect your returns. Round out your process by tapping into the Community to see how other investors are thinking about similar risks and opportunities. This way you can surface potential catalysts and red flags early and stay a step ahead of the wider market.

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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.