Ahlstrom Oyj (AM1S) Q3 2026 earnings summary

Executive summary

• Q3 net sales rose 2.0% YoY to EUR 757.7 million, or 4.2% adjusted for portfolio changes; comparable EBITDA increased 2.0% to EUR 142.2 million at an 18.8% margin.

• Q1–Q3 net sales increased 2.4% to EUR 2,281.5 million and comparable EBITDA rose 9.0% to EUR 403.1 million; strong execution, pricing discipline and improved mix supported profitability.

Financial highlights

• Q3 reported EBITDA was EUR 134.0 million versus EUR 123.9 million; operating result was EUR 83.6 million versus EUR 16.3 million, with lower impairment charges than in the prior-year quarter.

• Q3 net result was EUR 19.7 million versus a EUR 54.6 million loss; result before taxes was EUR 30.6 million versus a EUR 36.8 million loss.

• Q1–Q3 reported EBITDA was EUR 324.5 million versus EUR 330.6 million, as EUR 78.5 million of items affecting comparability offset stronger underlying performance.

• Q1–Q3 net result was a EUR 31.1 million loss versus a EUR 38.6 million loss; net financial items were EUR 167.1 million of expense, including EUR 156.1 million of net interest expense.

• Q3 comparable EBITDA growth excluding prior-year accrual releases was 10% YoY; operating cash flow rose to EUR 49.6 million from EUR 42.3 million.

Outlook and guidance

• Entered Q4 from a solid position, with market trends broadly similar to Q3 and no specific financial forecast stated; focus remained on profitable growth and converting the opportunity pipeline.

• Continued EBITDA growth was expected, supported by strategic improvement initiatives, operational performance and a strong opportunity pipeline.

• 2026 CapEx was expected at EUR 150–160 million, including EUR 40–50 million in Q4; EUR 104 million had been spent year to date, with the same CapEx target for 2027.

• Radcliffe savings were fully harvested at EUR 4 million annually; Mosinee had delivered EUR 3 million, with full run-rate savings expected to reach a double-digit million amount.

• Pro forma adjusted LTM EBITDA was EUR 597.8 million, including estimated savings from 2026 and planned 2027 initiatives; the measure relies on assumptions and is not an IFRS measure.