Harju Elekter (HAE1T) Q3 2026 earnings summary

Executive summary

• Q3 revenue was €41.0m, down 4.8% YoY, while operating profit reached €2.3m and operating margin was 5.7%, the strongest profitability quarter of 2026.

• 9M revenue fell 6.6% to €118.2m; operating profit declined to €3.9m from €10.1m and net profit to €1.6m from €8.2m.

• A stronger order book, improved capacity utilisation and data-centre demand underpin cautious optimism for coming periods.

Financial highlights

• Q3 gross profit was €6.8m versus €7.5m YoY; EBITDA €3.5m versus €4.8m; net profit €1.3m versus €2.9m; EPS €0.07 versus €0.16.

• 9M gross profit was €17.5m versus €20.6m YoY; EBITDA €7.4m versus €13.4m; EPS €0.09 versus €0.44.

• 9M operating cash flow rose to €7.7m from €1.7m, aided by €10.0m of lower receivables and prepayments; investing cash outflow was €5.2m.

Outlook and guidance

• Order-book growth and improved production capacity utilisation support a more positive outlook, although delivery timing and lower-than-expected workloads remain constraints.

• Priorities include raising Lithuanian factory utilisation, broadening its customer and product mix, and shifting Finnish resources from lower-value contract manufacturing to higher-margin project work.

• Data-centre demand, digitalisation, AI adoption and electrification are viewed as long-term growth drivers for advanced power-distribution solutions.