Calviks (CALVIK) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 101% YoY to SEK 716.2m; EBITDA was SEK 52.9m and operating income SEK 45.0m, the strongest quarter to date. Organic growth was 8.7%.

• Expansion through acquisitions and a post-quarter refinancing created a larger, more diversified Nordic business with improved financing terms and stated focus on profitable growth and cash flow.

Financial highlights

• Q3 revenue SEK 716.2m (356.1m); EBITDA SEK 52.9m (20.0m); operating income SEK 45.0m (14.7m); net income SEK 20.4m (6.3m).

• Q3 adjusted net income SEK 26.0m and adjusted EPS SEK 3.37, adjusted for the future bond refinancing premium; reported EPS was SEK 2.34.

• 9M revenue SEK 1,711.2m (890.3m); EBITDA SEK 102.4m (38.6m); operating income SEK 80.8m (27.0m); net income SEK 24.4m (9.4m).

• 9M adjusted net income SEK 40.4m and adjusted EPS SEK 5.62, including adjustment for the future bond refinancing premium; reported EPS was SEK 2.68.

• Pro forma 9M revenue SEK 2,516.3m, EBITDA SEK 174.5m and operating income SEK 148.6m, assuming 2026 acquisitions consolidated from Jan. 1.

Outlook and guidance

• Strategy remains focused on developing acquired businesses profitably, strengthening cash flow, and acquiring well-run businesses at attractive valuations.

• Subshore.No, NøkkelPersonell and Drift Sør were expected to contribute for full Q4; Atrium People had an Oct. 1 economic transfer date, while Safe Bemanning was expected to transfer before year-end.

• The refinancing and acquisition platform were presented as supporting continued profitable growth; five acquisitions financed by the new bonds were expected to contribute ~SEK 119m in annual EBITDA.