Here is a company report on Kalmar from Aapeli following the Q4 results release 
Kalmar’s Q4 results slightly missed our expectations due to margin development. On the other hand, orders rising to record levels wiped the floor with both our and the consensus forecasts. The company’s market situation, meanwhile, had remained stable, and it expected the situation to continue somewhat similarly at the beginning of the year. The guidance provided for the current year was, in our opinion, once again conservative, but based on the company’s comments, it indicates floor-level development. Reflecting the overall picture, forecast changes for the coming years remained minor. We see our projected earnings growth continuing to lift the risk-adjusted expected return of this high-quality company to a sufficient level.
Quote from the report:
Minor forecast changes
Reflecting on the report, the provided guidance, and the company’s comments, we made only very small adjustments to our assumptions for the coming years. In light of the order development, we slightly raised our revenue forecasts. In our opinion, one should not draw overly far-reaching conclusions from the results of a single quarter, especially regarding the development of large orders. Based on the actual development, we slightly lowered our margin forecasts for Services, while raising those for Equipment. At the same time, we made small adjustments to our group cost forecasts. In light of the overall picture, however, our earnings forecasts for the coming years remained almost unchanged. We now expect the 2026 adjusted EBIT margin to settle at 13.3% (prev. 13.4%). We have reviewed the background of our forecasts for the coming years in more detail in our recent extensive report.