BHG Group (BHG) Q3 2026 earnings summary

Executive summary

• Q3 net sales rose 11.7% to SEK 2,901.1m, including 9.3% organic growth; adjusted EBIT increased 32.3% to SEK 122.1m and margin reached 4.2%.

• Adjusted EBIT improved YoY for the 12th consecutive quarter; growth, scale benefits and cost control supported operating leverage.

• Strategic priorities include AI, differentiated assortment, cost efficiency and selective bolt-on acquisitions.

Financial highlights

• Net sales reached SEK 2,901.1m, up 11.7% YoY and 9.3% organically; this was the eighth consecutive quarter of organic growth.

• Adjusted EBIT rose SEK 29.8m to SEK 122.1m, up 32.3%; adjusted EBIT margin increased 0.7pp to 4.2%.

• Operating cash flow was SEK 91.6m, up SEK 39.6m YoY; nine-month operating cash flow reached SEK 379.9m versus SEK 312.1m.

• Q3 net profit was SEK 93.8m versus SEK 28.7m; basic and diluted EPS were SEK 0.41 versus SEK 0.06.

• Nine-month sales rose 8.3% to SEK 8,172.5m; adjusted EBIT increased 29.8% to SEK 300.9m, with margin of 3.7% versus 3.1%.

Outlook and guidance

• Short-term adjusted EBIT margin target remains 5%, with a 7% medium-term target; long-term growth target is 10–15% annually over a business cycle.

• Market growth and rising online penetration are expected to continue, with AI cited as a further driver; preparations for Black Month focused on competitive offers and product availability.

• Organizational costs are intended to grow in line with or below inflation; expected tax rate going forward is 21%–22%.