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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Karnell Group
Karnell Group (KARNEL) investor relations material
Karnell Group Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary23 Oct, 2026
Executive summary
Record Q3: net sales rose 33.4% to SEK 581.5m and EBITA increased 73.0% to SEK 120.0m, with broad-based organic growth across both business areas.
EBITA margin reached 20.6% and LTM margin 16.7%, above the 15% target; seasonality and temporary factors boosted Q3 results.
Financial highlights
Q3 sales growth comprised 18.8% organic growth, 15% acquired growth and neutral currency effects; organic EBITA growth was 42.6%.
Operating cash flow was SEK 134.8m in Q3 and SEK 255.6m in 9M, versus SEK 46.4m and SEK 88.6m, respectively.
9M EBITA increased 67.8% to SEK 286.4m; net profit was SEK 127.5m, up 24%, and diluted EPS was SEK 2.31 versus SEK 1.89.
Q3 net profit was SEK 45.9m versus SEK 46.4m; diluted EPS was SEK 0.83 versus SEK 0.85.
Outlook and guidance
Q3 is seasonally the strongest quarter; temporary factors mean its results and margin should not be viewed as a new normal.
LTM EBITA margin of 16.7% exceeded the 15% target; leverage of 1.4x was below the normal 2.0x ceiling.
Strong cash flow and balance-sheet capacity support disciplined acquisitions; expansion remains a priority, with a medium-term dividend target of 20–30% of annual net income.
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Latest events from Karnell Group
- EBITA exceeded SEK 100 million, with 36% sales growth and strong cash flow from acquisitions.KARNEL
Q2 2026 - Q1 delivered 27% sales growth, 73% EBITA rise, and expansion via acquisitions in Italy and the UK.KARNELQ1 2026
- Double-digit sales and EBITA growth, margin expansion, and strong cash flow support 2026.KARNELQ4 2025
- 22% sales growth, record margins, and robust M&A pipeline with strong UK expansion.KARNELQ3 2025
- Q2 2025 delivered strong sales and EBITA growth, with margin expansion and UK acquisitions.KARNELQ2 2025
- Q3 EBITA margin hit 15.4% and net sales rose 37.1%, fueled by acquisitions and margin gains.KARNELQ3 2024
- Q2 sales up 23% on acquisitions; product companies excel, niche demand soft.KARNELQ2 2024
- Q1 2025 saw 26% sales and 92% EBITA growth, margin expansion, and strategic acquisitions.KARNELQ1 2025
- Strong sales, margin gains, and cash flow drive expansion, with product companies outperforming.KARNELQ4 2024
Next Karnell Group earnings date
Q4 202612 Feb, 2027
Karnell Group
Next Karnell Group earnings date
Q4 202612 Feb, 2027
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Frequently asked questions
Karnell Group AB is a Swedish investment firm specializing in industrial technology companies. The company focuses on acquiring and developing businesses with strong market positions and growth potential within two main segments: Product Companies and Niched Manufacturers. These sectors include a diverse range of industrial technology firms that benefit from Karnell's strategic and financial expertise. With a proactive acquisition strategy, Karnell seeks companies that align with global industry trends and possess significant cash flows and profitability. Karnell employs a decentralized ownership model, allowing each portfolio company to operate independently while benefiting from strategic and operational support from the central group. This model emphasizes local decision-making and management autonomy, enhancing responsiveness and adaptability in business operations.The company is headquartered in Stockholm, Sweden, and its shares are listed on the Nasdaq Stockholm.